Cryptocurrency world - Selling hashpower, mining, and making money
- Thread starter DirectorGunner
- Start date
zeddie
Space Marshal
I can't really calculate exactly because there's a lot of factors and true costs that I have no idea of.
The way I see it though, is that say, I've spent $900 buying the 1080Ti, I would need to mine/hash for about 9 months at the rate of $100/month (which is relatively easily achievable), but as of this moment, 3 and half months later, I'm already up to $750 because the value of what I've mined has gone way up. Also my hash rate and reward the past week is a lot higher than $100/month. I can probably get to even $200/month. Therefore, the expected time it would take to pay off my card purchase is halved.
I did not take into account the electricity cost however, because that is actually quite hard to calculate. I did have to use A/C to cool my room during the summer, but I don't have to spend as much on heating in the winter. Also, electricity where I am, is averaging 7c/kWh. (CAD)
All these "rates" are highly fluctuating however. There are some bad days where I make almost 0. I could have also gotten the whole card's value paid back last week, but my deposit on NiceHash has been hacked, so I did not get paid for last month.
Mining on Vertcoin is a lot more profitable than on NiceHash by a factor of almost 2. I got a whole 1.8VTC the last 24 hours alone, but I believe it's more a fluke than a trend (although I hope it persists). There were other days where you can barely make 0.5VTC.
As of this moment, 1VTC ~ 10CAD.
The way I see it though, is that say, I've spent $900 buying the 1080Ti, I would need to mine/hash for about 9 months at the rate of $100/month (which is relatively easily achievable), but as of this moment, 3 and half months later, I'm already up to $750 because the value of what I've mined has gone way up. Also my hash rate and reward the past week is a lot higher than $100/month. I can probably get to even $200/month. Therefore, the expected time it would take to pay off my card purchase is halved.
I did not take into account the electricity cost however, because that is actually quite hard to calculate. I did have to use A/C to cool my room during the summer, but I don't have to spend as much on heating in the winter. Also, electricity where I am, is averaging 7c/kWh. (CAD)
All these "rates" are highly fluctuating however. There are some bad days where I make almost 0. I could have also gotten the whole card's value paid back last week, but my deposit on NiceHash has been hacked, so I did not get paid for last month.
Mining on Vertcoin is a lot more profitable than on NiceHash by a factor of almost 2. I got a whole 1.8VTC the last 24 hours alone, but I believe it's more a fluke than a trend (although I hope it persists). There were other days where you can barely make 0.5VTC.
As of this moment, 1VTC ~ 10CAD.
It's very difficult to calculate ROI as it totally depends on exactly when you sell what you mined.
E.g.
1) If I been mining for 1 year and I sold all I mined at an exchange per day every week I may not break even for 6-12 months. ROI would still be better than any other financial investment you can get.
2) If I been mining for 1 year and I kept it all until now, 12 months later and then sold it at a crazy high, my break even would have been ... 5 to 7 days. ROI would be so ridiculously high that no one would believe it.
The reason for this, is as time goes on it gets harder to mine things, so you effectively earn the most, right at the start, and less and less as you go on week after week month after month.
Wheras if you keep it all for 12+ months and then sell on a all time high, you can take advantage of historic price increases of 200 - 1000+% per year to make wild gains.
E.g.
1) If I been mining for 1 year and I sold all I mined at an exchange per day every week I may not break even for 6-12 months. ROI would still be better than any other financial investment you can get.
2) If I been mining for 1 year and I kept it all until now, 12 months later and then sold it at a crazy high, my break even would have been ... 5 to 7 days. ROI would be so ridiculously high that no one would believe it.
The reason for this, is as time goes on it gets harder to mine things, so you effectively earn the most, right at the start, and less and less as you go on week after week month after month.
Wheras if you keep it all for 12+ months and then sell on a all time high, you can take advantage of historic price increases of 200 - 1000+% per year to make wild gains.
if you can have a 2nd key with the same tokens on it then wouldnt be a bad idea. I still prefer a separated token that runs off an algorithm though
Excellent point. I am using 2 rigs with 1070's on them exclusively mining Ethereum for several years and have actually managed to pay off the cards that way.
My feathercoin wallet corrupted because Windows 10 forced a restart from a forced windows update. Didn't even ask me, just did it.
So after digging, I found a working solution. This will stop windows 10 from doing forced automatic restarts of your system.
So after digging, I found a working solution. This will stop windows 10 from doing forced automatic restarts of your system.
DarthMatter
Space Marshal
How do you guys get your crypto-currency into FIAT currency?
I have (for now) a Exodus wallet (with nothing in it because my set up is bad and just for testing, so I haven't gotten paid yet), and no real idea of how to get my earnings into my bank account.
I have a friend that really likes TenX (You keep the coin in crypto form and get a card you can use, from what I can tell) any idea if it or a similar service could be useful?
I have (for now) a Exodus wallet (with nothing in it because my set up is bad and just for testing, so I haven't gotten paid yet), and no real idea of how to get my earnings into my bank account.
I have a friend that really likes TenX (You keep the coin in crypto form and get a card you can use, from what I can tell) any idea if it or a similar service could be useful?
zeddie
Space Marshal
you transfer it into an exchange like CoinBase, or what I use is CoinSquare.io (Canadian based, so I can take out CAD)
DarthMatter
Space Marshal
But I have to create a wallet on CoinBase, send my coins to it, then sell them and then transfer the money to my bank account, right?
I just want to be sure that I don't miss any steps (preferably I would want to miss all steps with transfer fees, but not miss them in calculations).
zeddie
Space Marshal
yep, that's pretty much it. I don't know how to get money out of CoinBase, as they don't let you take out CAD, so I never done it, but for CoinSquare, I can use Interac eTransfer, or Direct Deposit to get it into my bank account.
Uh huh... tried to educate you folks on this... there is are many reasons bad actors like crypto currencies. Its a dog eat dog world.
I'm doing well with awesome miner, clean app.. only 2 crashes I know of so far which I haven't absolutely narrowed down to video cards. Only 1 of the crashes made a mini dump and need at least 2 to analyze to narrow down the culprit of the crash. bug Error code 307, watchdog. Saw windows give on the 2nd crash which I was kind of present for, say it blocked a program from accessing video hardware and when I clicked on the notif it just went away instead of giving me more info... fing windows 10.. smart and stupid design and the same time.
I've also been mining alt coins directly via pools like miningpoolhub and coinotron, instead of doing auto exchanges. I figure if I hold coins and don't consolidate into BTC, I diversify my holdings while also increasing my potential earnings to maximum (perhaps? lol). Cash out about 50% of holdings a month maybe.. or a little bit less... and just keep mining whatever is best to mine for my video cards. I haven't cashed out yet because my holdings aren't enough for that to make sense yet because of the fees during the process to convert to fiat. I figure when I have about $500 worth of coin, then it's time to do the first fiat conversion at ~ 50% of holdings.
Japan is working on 7nm GPU solutions specifically for mining, like ASIC solutions... which if the hashrate they claim is accurate.. that could be a problem for the individual miner. It's amazing how much the profit rate fluctuates hourly for mining. You really have to stay on top of everything to maximize your hardware time and work.
That sounds awesome... I've always been gambling adverse except for (Star Citizen), so I am a little skeptical. Guess I do not understand how the value works with the real world assets that are supposed to provide value to the currency. Can my house have a bitcoin value... I suppose so but my mortgage is backed by the US Dollar. It seems more of a shell game right now... kinda like musical chairs, and when the music stops, I'd suppose you do not want to be the one left standing. I guess my concerns are, the goods, services and assets do not seem to be tangible. Most people exchange normal currency for crypto... they do not get paid in crypto, although I am sure if someone wanted to they could. Just kinda seems like a scam to me... built to bypass normal currency requirements and regulation. Heck, if I were evil, i'd stand up a new currency, with an exploit I only know about, market the hell out of it, get people buying it, then say someone hacked it and run off with all their money. Just really weird.
CD
well think of it this way your mortgage may be in USD but that is because you borrowed money from the bank. If you had borrowed bitcoin from lets say an exchange or someone it would be in BTC instead of USD. You never know a seller of a house might accept bitcoin. I hear about people buying cars with bitcoin these days alot more than i did last year. Another way to think of it is like this You have Japanese yen and you want to pay off your mortgage. You cant pay it in JPY unless you exchange it for USD. Its pretty much the same principle except BTC is more internationally accepted(bye bye exchange rates, travlers checks, and visa cards).
In Montoya terms... I'd give it 25% existing in its current form in 20 years. I'd give it a 95% chance of melt down / bubble burst within the next 3 years. People will play as long as they are making money to inflate the value, but in the end... there is nothing there to support it - people could play this game with rocks and have. Buy low/sell high etc. The stock markets have real brick and mortar... real jobs... real stuff behind them. When the tech or housing bubble burst it was because the market did not reflect reality and it will need to correct. I am not an economist... I am an engineer - I let my financial advisers advise me. But I can see systemic deficiencies from a mile away. Make as much as you can while you can... I'd say have fun. Just don't end up in a cardboard box asking for change.
DarthMatter
Space Marshal
Are any of you guys using PCIe extenders/raisers/x1-to-x16-converters?
If so, what are you using?
All alternatives I find online look sketchy. Or at least look like they would cut the performance of a GPU in half...
If so, what are you using?
All alternatives I find online look sketchy. Or at least look like they would cut the performance of a GPU in half...
DarthMatter
Space Marshal
I downloaded Awesome miner and let it run with my already configured Claymore miner. Then I set up what think was the automatic-switch-to-most-profitable miner in Awesomeminer and compared the two.
I'm trying to figure out the reason behind the difference, as I really like the idea of a program automatically mining the most profitable. (Especially if ETH-mining is going to go down in profitability with future updates)
The best hypothesis I have right now is that the difference is caused by an automatic conversion into Bitcoin with the Profit-miner...
Would that be it, or is there another reason?
I'm trying to figure out the reason behind the difference, as I really like the idea of a program automatically mining the most profitable. (Especially if ETH-mining is going to go down in profitability with future updates)
The best hypothesis I have right now is that the difference is caused by an automatic conversion into Bitcoin with the Profit-miner...
Would that be it, or is there another reason?
Profit check, are these numbers for daily profit accurate? I need an average total daily value from each Algo at the listed hash rates. I really need to learn how to calculate the average value that each hashrate will bring for each algo. Very hard to figure out
I've tried adding Nanashi ccminer for faster lyra2 hashing but I can't get it to run in awesome miner. Instead awesome miner will default to it's own ccminer. Even though I only enabled lyra2 algo on the custom miner. gah!
I've bought these ones
https://www.amazon.com/gp/product/B074PS39BK/
For full length cable risers, use the thermaltake shielded ones. They're a bit expensive though.
I'm trying to figure that out as well. Did you setup a custom miner exe for awesome miner to use?
I've tried adding Nanashi ccminer for faster lyra2 hashing but I can't get it to run in awesome miner. Instead awesome miner will default to it's own ccminer. Even though I only enabled lyra2 algo on the custom miner. gah!
I will only buy the pcie extenders with 4 capacitors, others are cheap and not as stable in power delivery.
I've bought these ones
https://www.amazon.com/gp/product/B074PS39BK/
For full length cable risers, use the thermaltake shielded ones. They're a bit expensive though.
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DarthMatter
Space Marshal
I set up what they call "Profit miner". From what I could tell it is the "swap automatically to the most profitable"-miner, but I may have read something wrong. Since I am using the free version I can't get more miners than the overview of my manual Claymore and the Profit-miner to see if the Profit-miner only switches between other miners that are already set up.
DarthMatter
Space Marshal
Looks like you calculated the cost per month using 31 days/month and the profit using 30 days/month.
Other than that the calculations match with what I got, (5.08166666) and 48.6675 on average per day.