Cryptocurrencies

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TwistedKestrel said:
Technically yes (mining altcoins), but net is currently like less than a dollar a day. My older machine is not slow, but it is definitely not power efficient. Keeping it switched off unless it bounces back, but for only playing around with it for like two months I made about a hundred bucks (CDN in pocket, not imaginary spacebucks) for doing very little, and most of that was made in the first month. Had I clued in earlier last year probably could have done a lot better
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I'm sure there are many households where mom & dad are wondering why their hydro bill sky-rocketed out of the blue due to little Timmy's experiment for this reason.
 
I doubt it. If I left my PC mining 24/7 and didn't touch it for a month, that maybe would have been another $12. Timmy wouldn't do that because they would want to use their gaming PC for games at some point
 
Bitcoin is good for paying for illegal good and services. Or so I'm told =|
 
TwistedKestrel said:
I doubt it. If I left my PC mining 24/7 and didn't touch it for a month, that maybe would have been another $12. Timmy wouldn't do that because they would want to use their gaming PC for games at some point
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Was referring to those who invested in an actual mining rig which consists of 10 video cards for the sole purpose of mining.

P.S. I'm also considering a 20 year old living with their parents with lots of disposable income.

That being said, I just had a chat with a window cleaner at work yesterday that runs an 8 card mining rig all the time, but I'm not all too interested in cryptocurrencies and had no real input. He was trying to convince me that investing in a mining rig was a great idea.
 
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The segment on John Oliver on his last show about cryptocurrencies was pretty good. There are companies who will help you pump and dump your own cryptocurrency, all they exist for is building fervour on social media so the price goes up (pump) and then you dump your alt currency to cash out, they provide the timing down to the minute it seems to registered clients. All totally legally right now.
 
jc100 said:
I'm looking forward to a big crash so I can get a decent video card or laptop with one in cheap
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I think your going to be waiting a long time. I'll try to find the article I read that also stated ram shortages and market manipulation by the chip providers were also playing a significant factor.

If you really want to keep an eye out for one use nowinstock.ca, you might get lucky and snag one for a decent price.
 
PLau said:
Was referring to those who invested in an actual mining rig which consists of 10 video cards for the sole purpose of mining.

P.S. I'm also considering a 20 year old living with their parents with lots of disposable income.

That being said, I just had a chat with a window cleaner at work yesterday that runs an 8 card mining rig all the time, but I'm not all too interested in cryptocurrencies and had no real input. He was trying to convince me that investing in a mining rig was a great idea.
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The people "building" those mining rigs are the last people that turned a respectable profit on this. I see them all over Kijiji for like $5-8K and wonder who the hell was buying them. Maybe you if bought them before December you could have gotten some kind of ROI but I am reasonably sure that nobody who bought them after that will make a dime of profit
 
TwistedKestrel said:
The people "building" those mining rigs are the last people that turned a respectable profit on this. I see them all over Kijiji for like $5-8K and wonder who the hell was buying them. Maybe you if bought them before December you could have gotten some kind of ROI but I am reasonably sure that nobody who bought them after that will make a dime of profit
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As of today, a return of approx $12 USD/day income, minus 1.2 KW/h electricity costs. Based on 6-1080ti's. So yeah, better chance to just buy crypto and play the margins.
 
PLau said:
Was referring to those who invested in an actual mining rig which consists of 10 video cards for the sole purpose of mining.
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I know nothing about these "mining rigs". Why do you need so many video cards? I thought all a video card did was display stuff on a screen.

I'm not a computer geek. I sit in front of them and type at them.
 
The most efficient way to mine various cryptocoins now is to purchase a purpose-built machine, rather than using video cards or a standard PC. They are expensive to purchase, but at current prices, they pay for themselves within a few months, then it's just all profit. The downside is that they use a lot of power and create a lot of heat/noise. You could use one rather than using your furnace, basically. In China, where power is cheaper, some guys rent out a warehouse area and run their miners.
 
Brian P said:
I know nothing about these "mining rigs". Why do you need so many video cards? I thought all a video card did was display stuff on a screen.
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Rendering graphics in real-time for computer games is very processor-intensive. Video cards have powerful processors that supplement the computer's CPU. That kind of horsepower is also suitable for mining cryptocurrency.
 
Brian think of each video card (GPU) as an engine that has to perform work. The work done is a cryptocurrency reward. The more engines working together the faster and greater the reward.
 
Gotta wonder if all the costs are figured into the equation. Rig, power and data usage, etc...is the ROI really that much?
 
Riceburner said:
Gotta wonder if all the costs are figured into the equation. Rig, power and data usage, etc...is the ROI really that much?
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There are ROI calculators out there. Depending on what you're running, and the price of the coin you are mining, you could make money, or you could lose it. Data usage isn't a big concern, it's mostly the processing power of your unit, the cost of power, and the price of the coin.
 
I considered getting into this last month but reasons.

CPU, Mainboard, RAM, Hard Drive, Power Supply and GPU's.

Say $400 for CPU,Mainboard and RAM. Power supply is expensive depending on how you configure, but figure $500-700.


Nvidia GTX 1070ti or GTX 1080ti GPU's are $900-1000 and $1200-1400 each.

So, a 6 GPU mining rig is $7-9K.

Punching in GPU's at whattomine.com, current return is $10-15 USD a day. That can rise or drop depending on mining difficulty and Bitcoin prices. Electrical consumption is 1-1.3 Kw/h.

Power supplies are 80% to 94% efficient. So electrical costs are even higher than stated.

Not worth it it all.
 
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wtf? I'd think you were a spambot but you have made other posts not related to crypto.
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