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Discussion Starter #104 (Edited)
Here...




Kracin, any idea/info, how much money (in dollars) would 6 1070s earn a month, at the current BC value of ~$8k?
depends on whats being mined. 1070 ti are more efficient at mining zcash as far as i know right now vs ethereum which is what i have my 1060s mining.


the markets change and the difficulty of the mining changes so zcash was the best for them. but whattomine is showing ethereum is back on top for easiest and most profitable to mine. http://whattomine.com/ is typically a reliable starting point if you don't have any test gpus sitting around.

right now. at 120w per card you could expect to get 220-270 month, only a couple month ago that was along the lines of 700 per month. and just because the profitability is low right now doesn't mean it won't be later. cryptocurrency is a waiting game right now. keeping the currency you mine in crypto form means once it starts turning up in price again you can sell and not worry about the time you spent mining at a low profitability.

after its all paid off, its nothing but free money anyway as long as you're paying for your electric bill.




i feel like it should also be mentioned that certain currencies are better than bitcoin because of the way they were designed. ethereum for one is asic resistant, meaning that the mathematical calculations are much better performed with a GPU than an asic that can be designed for it, so ethereum won't have the issue that bitcoin has where no regular person can mine bitcoin directly due to the massive farms in place and people using ASICs to mine them as soon as the ASICs are released. the other good point is that eventually the profitability will drop and people will turn to other currencies, and when there are less people mining and solving blocks of ethereum the difficulty will go down. so you may be earning small amount of money, you'll earn more ETH per day, which can mean much much larger profits later if you stay invested in that one coin instead of chasing the daily cash.
 

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Discussion Starter #105
The blockchain, or the cryptography behind bitcoin, you earn a fee for doing it. If that still doesn't make sense, good, it shouldn't. Needless to say, NVidia are strong supporters of bitcoin.;)
might as well just think of it as investing. you don't need to know the ins and outs of an industry in order to invest in it, you just need to know the principles of it.

if you mine, you invest in removing banks from the system of currency exchange in favor of people using their investments to run the system instead, and getting paid for it.

when you put money into a bank, they take that money and use it to loan to other people and make money with your money. but it's still a flawed system, the bank bailouts is a good example of why we need less power in the banks and more power for the people.
 

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Trust In Trance
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right now. at 120w per card you could expect to get 220-270 month

But your small 1060s (i assume you have 3GB one since you said small) you said are 70W and you make $240 a months. So its making the same money as 1070?

So i have to spend $3000 for the cards alone (now even more since the cards went almost double because of this mining) or $4000 per computer and earn like 100-150$ a month after the electricity? How does that make any sense investment wise? I dont think numbers are correct....1070s must be making more then 220-270 unless something changed in this mining process.
 

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So let me get this straight, I can either buy bitcoins at the daily going price, or invest a bunch of money in buying a dedicated computer(s) and extra hardware to help process daily bitcoin transactions and earn bitcoins in the process?

Why do you need advanced graphics cards to do a bitcoin transaction? Isn't it just a calculation that doesn't need video?
 

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It's to verify the transactions to make sure nobody spends them twice. Graphics cards have enormous compute power, which is used in gaming for matrix calculations which move shit around the screen, or robotics to move shit around off the screen. However, the same cards can also be used in supercomputers for working on computational problems, which often have no analytical solutions and require iterative methods to solve.
 

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Discussion Starter #110 (Edited)
But your small 1060s (i assume you have 3GB one since you said small) you said are 70W and you make $240 a months. So its making the same money as 1070?

So i have to spend $3000 for the cards alone (now even more since the cards went almost double because of this mining) or $4000 per computer and earn like 100-150$ a month after the electricity? How does that make any sense investment wise? I dont think numbers are correct....1070s must be making more then 220-270 unless something changed in this mining process.
the profitability fluctuates a lot based on the price of the coin being mined and the difficulty that the coin sits at for mining.

i get 24mhs on each card, 3 3ghz and 3 6ghz cards, the 3 gig have samsung memory and run better than the 6ghz ones with the overclock.

1070 ti can get about 32mhs per card. and the lower the price of the currency, the lower the spread between the two will be since the power consumption remains the same.

the 1070s will do other currencies better than the 1060s. thats why i stick with ethereum, or ethereum classic. the 1070s are more efficient on something like equihash mining zcash. but since the drop in price that profit per day has dropped as well... the difference in sols for the 1060 and 1070 is much large than the difference in mhs for ethereum. the price drops have evened them out
 

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Discussion Starter #112
That must save you some money on heating bills.
its not that hot. on one of the coldest nights of the year, my heaters igniter broke in the middle of the night. the room with the mining setup in it wasn't much better than any other room lol.

some people have to add extra cooling from the heat though, or at least ventilation.
 

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Discussion Starter #117 (Edited)
waste of money. 1050ti in my regular computer only gets 12.3 mhs on ethereum, 15.7 when memory overclocked 1000mhz (maxed out). there isn't another more profitable currency for it right now either.

it's basically only being sold because other cards are so high priced that people are flocking to the worse cards in order to try to cash in on dumb people. the ROI is what people should be looking at when buying. the the ROI can trick people because it's constantly changing. when i started, ROI for my setup was about 3 months, now it's about 7 months (if i started from scratch). and it's going to keep changing.

you could still get 1060s (3g cards) for the same price as the 1050ti right now because they are being bought up.

when i bought my cards, they were all 240-275 for the 1060's. and my 1050ti for my regular computer was only 135. prices have skyrocketed where you have to not like getting money back very quick to invest in it now. currently 1060s are 360-399. and 1050ti look like they are 260-275. all because as something goes out of stock, people are buying everything they can to cash in.

take a look at the sold listings to see what people are buying used mining setups for. looks like you could get a prebuilt 1060 6 card for about 2-3k


TL ; DR if you are going to get invested, go big. the ROI is close to the same, but once ROI is hit, the payoff is much larger.

if you want to get in, wait til the end of the year and try to snag the new Nvidia volta or whatever the fuck they are gonna be called line of cards. get a 2070 ti or 2060 or whatever they end up being.
 

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Discussion Starter #118

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Trust In Trance
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Why would you go with slow 1050s.....here is 5 1070 TIs for half the money - https://www.ebay.com/itm/5-Geforce-GTX-1070-w-TI-Mining-Rig-BTC-ETH-BTG-ZCash-NR/123028633197?_trkparms=aid=888007&algo=DISC.MBE&ao=1&asc=44040&meid=8861e4395df8402389ad3933c83d66dc&pid=100009&rk=1&rkt=1&sd=183132822500&itm=123028633197&_trksid=p2047675.c100009.m1982


Im looking now...there are bunch of sales for these "mining rigs". Are people giving up on mining?


if you want to get in, wait til the end of the year and try to snag the new Nvidia volta or whatever the fuck they are gonna be called line of cards. get a 2070 ti or 2060 or whatever they end up being.

I was reading that Nvidia will be making 2 types of cards - one for mining , one for gaming. There are still unsure will they mark them as "11xx" or "20xx"
 

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Wonder how the emergence of new cryptocurrencies will affect the value of bitcoin and other cryptocurrencies. It seems logical that they would drag each other's value down.
 
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