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Old 14-06-2018, 20:18   #1
kins
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Mining crypto at home

Just thought I'd stick up a thread to see if anyone on here has an interest in mining crypto / dabbles in it all / would like to share your experience in the subject.

Here's my crypto journey so far...

At the start of the year I started a project to build a new PC for general purpose use, a bit of 3D CAD and gaming. At the time I was building bitcoin had just finished hitting an all time high of over 19,000 USD and there was a GPU shortage (and still is to some extent). Around mid Feb I had built the PC and had it up and running. Having had a dabble in building a decent spec PC - the crypto gold rush did not escape the attention of many including myself. A month or so later I thought I'd have a dabble.

First the gaming rig grew - in went a bigger PSU and another 1080 Ti.


Next was the hunt for parts for a mining rig - more of the same with 5 x 1080 Ti and a 1080 (planning to swap this out for another 1080 Ti when I can). I have been running this for a few months now.



I've recently finished (well nearly) a 6 x 1070 Ti rig although I only have 5 running as of today as I'm waiting for a M.2 adapter for the 6th one.



I'm running everything at 60% power - here's my progress to date:



I'm thinking about getting 1 more rig and then calling it a day although I'm in no rush for it an might wait out for the 1180 GPU's. I hope the price of BTC picks up in the meantime as it's a bit rough right now at $6,400 USD. In it for the long haul and I don't plan on selling for a bit.

Something that's been holding an interest for me - any one else?
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Old 14-06-2018, 20:32   #2
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Absolutely no ‘king idea what your on about, does this make me an old [email protected]?
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Old 14-06-2018, 20:49   #3
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Absolutely no ‘king idea what your on about, does this make me an old [email protected]?
Potentially - nah not really it's just like any other subject - take modding an Evo for example... it only starts making sense when you get into it.

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Old 14-06-2018, 22:24   #4
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Old 15-06-2018, 09:20   #5
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So, is the graph saying that so far you've mined just over a tenth of one bitcoin?
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Old 15-06-2018, 09:29   #6
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Absolutely no ‘king idea what your on about, does this make me an old [email protected]?
No just normal
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Old 15-06-2018, 09:36   #7
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So, is the graph saying that so far you've mined just over a tenth of one bitcoin?
Yes that's correct Phil - you should work in banking!

Although technically I haven't mined any bitcoin, however I have been paid for mining other alt coins in bitcoin.

Last edited by kins; 15-06-2018 at 09:39..
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Old 15-06-2018, 09:48   #8
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Nope, still not getting it
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Old 15-06-2018, 09:52   #9
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Interesting as was talking about this the other night in a chat with some old mates, something that came to light was the cost of the energy to do this and they had some rough numbers of costing something like £4K in energy to mine a £6K bitcoin what are your findings on this ?
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Old 15-06-2018, 10:05   #10
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Interesting as was talking about this the other night in a chat with some old mates, something that came to light was the cost of the energy to do this and they had some rough numbers of costing something like £4K in energy to mine a £6K bitcoin what are your findings on this ?
It's nowhere near those sorts of costs. If they're getting that sort of effeciency something is wrong. I'll run through the power usage and costs later - I keep track of it but don't have the details to hand right now.

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Old 15-06-2018, 10:13   #11
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Interesting as was talking about this the other night in a chat with some old mates, something that came to light was the cost of the energy to do this and they had some rough numbers of costing something like £4K in energy to mine a £6K bitcoin what are your findings on this ?
Yes it was just rough numbers from someone they knew who had been doing it and no doubt miles off so wondered what real world numbers were, be interesting to know yours

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Old 15-06-2018, 11:03   #12
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Nope, still not getting it
Oh dear Tom, do try to keep up!!

As far as I understand these wretched crypto thingies, the only way that additional "currency" can be created is by a process known as "mining". So think about something like physical gold metal and how more of that can get into active ownership and trading - yes, by being extracted from the ground ie mined.

Now, in the case of cryto currency mining, the way you go about this "mining" is to make computing power available to actually carry out crypto transactional activity (blockchain and distributed ledger stuff, and all that clever stuff). So you make available this processing capacity - which you have to buy, maintain and supply with electricity, and in return you are rewarded for this "mining" effort with newly created crypto currency. This is then yours to hold on to or sell or spend etc.

In my view the only true long-term winners in the crypto game will be the miners, although there are many who will no doubt disagree.
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Old 15-06-2018, 20:53   #13
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I have been mining Ethereum for a few months now using claymore dual miner through nanopool.

I have 2 mining rigs set up, one Rig has 6 1070 cards and the other rig has 4 1080 and 2 1070. Shame that the crypto market has taken a dive this year but I am also in it for the long term. Have quite a few different cryptos but my main ones are:

Xrp - Around 15000
Tronix- around 480,000

also invested in reddcoin, bitcoin gold, bankera,envion,ethereum classic and a few others here and there, Hopefully 2019 is a better year for cryptos.
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Old 15-06-2018, 20:59   #14
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Interesting as was talking about this the other night in a chat with some old mates, something that came to light was the cost of the energy to do this and they had some rough numbers of costing something like £4K in energy to mine a £6K bitcoin what are your findings on this ?
Bitcoin is probably the least profitable coin to mine nowadays, ethereum is probably the most profitable at the moment. The amount of hash power you need now to solve the algorithims to unlock the blockchain to release a bitcoin just doesn't make it profitable to mine
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Old 16-06-2018, 02:55   #15
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I don't do mining but i do a lot of crypto buying at the ICO stage. Its a little slow with the down at the moment but there are still opportunities to flip straight away for multipliers.
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