Cryptocurrency

[SONO_N54]

Hey, I'm just wondering who in here is a cryptocurrency holder or trader. I haven't been into it long but I have been able to double the value of my portfolio in 3 months since this morning. Does anyone else have success stories or positive outlook for the future? Also, If you're interested in obtaining a position in this market shoot me a PM.

[nyalpine90]

do u mean bitcoin?

[SONO_N54]

Bitcoin is only one of many cryptocurrencies

[Mandi90TT]

I don't trade, but I do mine. Got two rigs, one with 10 GPU (mix of 1080s, 1060s, and 580s) and one with 6 GPUs (4 1080s and 2 1070s).

Fully realize that I would have made more money buying BTC watching the price of BTC go up. Fun hobby though.

[SONO_N54]

Originally Posted by Dave 90TT

I don't trade, but I do mine. Got two rigs, one with 10 GPU (mix of 1080s, 1060s, and 580s) and one with 6 GPUs (4 1080s and 2 1070s).

Fully realize that I would have made more money buying BTC watching the price of BTC go up. Fun hobby though.

Nice, have you thought of mining ALT coins. They are more profitable in general for mining.

[Mandi90TT]

I do, actually. There is no money to be made in GPU mining BTC. Only ASICs can really mine BTC nowadays.

I do my mining through NiceHash, which mines altcoins, and pays the miners in BTC.

[SONO_N54]

Originally Posted by Dave 90TT

I do, actually. There is no money to be made in GPU mining BTC. Only ASICs can really mine BTC nowadays.

I do my mining through NiceHash, which mines altcoins, and pays the miners in BTC.

That's interesting. I may have to look into that.

[geogerf]

My co-worker put $3500 into ETC / ETH earlier this year. That is now $40K. His roommate put in $25K and is quitting his day job.

Me? Like most things IPO related, by the time you hear about the opportunity, it is too late.

[Mandi90TT]

Originally Posted by geogerf

My co-worker put $3500 into ETC / ETH earlier this year. That is now $40K. His roommate put in $25K and is quitting his day job.

Me? Like most things IPO related, by the time you hear about the opportunity, it is too late.

Like I said, if I had invested the money I spent on mining rigs on actual currency, i would likely be significantly better off.

[R3dliner]

Would I get anything running it on my current comp with a single 1080 in a pool? What would you need for a basic solo setup?

[geogerf]

Originally Posted by Dave 90TT

Like I said, if I had invested the money I spent on mining rigs on actual currency, i would likely be significantly better off.

Agree. when there are server farms out in Asia running 24/7, I think investing is the "better" opportunity among the two choices. But overall, I think cryptocurrency is far from being valid. Or at least it is a huge risk.

[Mandi90TT]

Originally Posted by R3dliner

Would I get anything running it on my current comp with a single 1080 in a pool? What would you need for a basic solo setup?

You would probably make about $1.50-$2.50/day, depending on a number of factors, including the cost of electricity where you live.

Go to www.nicehash.com and download the miner there. Interface is pretty easy, and they will provide a BTC wallet for you. If you get into this seriously, you will eventually want to set up your own wallet, but the Nicehash one will work for now.

Also, MSI Afternburner will help you regulate settings on your 1080. You will likely want to reduce the power down to about 80% to help with temps, and overclock the memory a bit, but the overclocking can wait. Just run your card stock for now, on lower power, and see how you do.

[Kolyan2k]

Originally Posted by Dave 90TT

I don't trade, but I do mine. Got two rigs, one with 10 GPU (mix of 1080s, 1060s, and 580s) and one with 6 GPUs (4 1080s and 2 1070s).

Fully realize that I would have made more money buying BTC watching the price of BTC go up. Fun hobby though.

A buddy of mine keeps asking on the profits in mining today. So basically 10 1080s would roughly bring you $600 bucks per month minus electricity costs?

What about miners like this one? Any money in them?

https://shop.bitmain.com/antminer_s9...coin_miner.htm

[Mandi90TT]

There is money in ASIC miners (of which the Antminer S9 is one). The Profitability calculator at Nicehash is relatively accurate, and says that at a cost of 10 cents/kwh, the S9 will make roughly $23.68/day. Also, it shows that a 1080 would make roughly $100/month before electricity.

The issue with ASIC miners, though is that they are hard to come by. If you order them direct from Bitmain, there is about a 2-3 month wait, in which profitability WILL go down, and you will also not be earning money during that time. If you buy them secondhand or from a reseller, there are huge markups.

Plus, you need to buy the power supply (usually $200-300) and they are LOUD and HOT. More so than a GPU mining rig. From what I am told (I don't have any ASIC miners), you would not want to have one in your apartment, but if you have a house with a basement, you could put it in the mechanical/furnace room in the basement and be okay with the noise.

Finally, if you decide to get out of mining, it's much easier to resell GPUs to gamers than it is to resell an ASIC miner. Even after GPUs are no longer profitable for mining, there is still a market for them for use in a PC, but once an ASIC miner is no longer profitable, there is no resale market for it.

All and all, GPU mining is easier to get into, and less risky. Bottom line: do your research before getting into mining, GPU or ASIC.

[TurboSid]

Can PC's do double duty? Mining when not in use overnight and used for daily tasks during the day?

[Mandi90TT]

Of course. I have 4 mining rigs at home, now, and 1 desktop. The mining rigs mine 24/7, and the desktop rig mines whern I am not using it, on its single GPU, a 1080ti.

Of course, if your desktop does not have a relatively modern, discrete GPU, you won't be able to mine much, and will likely use more electricity than you earn on mining. The profitability calculator I linked above will show you how much a GPU can make in mining.

[TurboSid]

Originally Posted by Dave 90TT

Of course. I have 4 mining rigs at home, now, and 1 desktop. The mining rigs mine 24/7, and the desktop rig mines whern I am not using it, on its single GPU, a 1080ti.

Of course, if your desktop does not have a relatively modern, discrete GPU, you won't be able to mine much, and will likely use more electricity than you earn on mining. The profitability calculator I linked above will show you how much a GPU can make in mining.

Yea i have 2 gtx1080 pcs. One at home and the other at work. So you basically just have to start and stop the mining software each time?

also if i do build say a dedicated 6gpu rig with 1060s do i just multiply the calculator's estimates?

[Mandi90TT]

If you use NiceHash, there is an option to have it start mining when idle, and stop when not idle. It's a little buggy, though. However, what I have found is that unless I am doing something graphics heavy (gaming, or image file manipulation), the 1080ti I have in my desktop has enough left over horsepower to allow me do work normally. The 1080 would be that way as well.

Yes, a 6 GPU rig would earn roughly 6 times what a single GPU rig would earn.

Finally, if I was starting out now, I would probably go with all 1070ti's for the GPUs. They seem to have the right combination of power, price-point, and predicted resale-ability that makes sens to me, as long as you can get them at a decent price. Amazon has 1070ti's for $465 right now.

[Unknown_Car]

Interesting stuff, where do you guys buy cryptocurrancy, can I get a link.

[geogerf]

Originally Posted by Roma_335i

Interesting stuff, where do you guys buy cryptocurrancy, can I get a link.

https://www.coinbase.com

[Mandi90TT]

Coinbase is what I use, but I don't do much trading, only taking my proceeds from my Nicehash wallet and putting them in the Coinbase wallet, which I can then use directly, or convert to USD. Coinbase can only hold Bitcoin, LiteCoin, and Ethereum, so if you are looking to mine and/or trade other cryptocurrencies, you need to find a different exchange, which I can't give you a recommendation for.

[NickyC]

Whatever you do, do not keep your coins on an exchange like Coinbase. You can use that site to buy/sell coins, but get them the hell off there and into your own private wallet.

Use Trezor or something.