I've made 0.16 theoretical USD cents playing around with mining.

In recent news, BTC is at an all time high and some are skeptical of a correction soon.

Are any of you still into mining? I thought of picking it up as a past time to learn market trading through cloud based mining services.

 

Really no point to mining now unless you're on specialized hardware and your electricity is cheap.

There's no way bitcoin won't have a major correction soon. It's not being used as currency right now. More like a really weird stock. It's really just going to take 1 or two big owners to decide they've made enough "profit" from it and cash out for the panic cash out to start and have it crash down to the point where you'll actually be able to use it as currency again.

 

^I was under the impression some of the smaller coins are still worth mining with just a powerful GPU. But I haven't built a new rig yet to see.

 

Definitely worth going after smaller coins as far as I can tell. And that's why I want to do cloud based services. I'd just pay maintenance & transaction fees. Hopefully get to a point to where I can just re-use coined profit to keep it going and trade around.

Considered using nicehash for fun, but learned they were the ones who were recently hacked. Even more surprised people don't store their coins locally.

 

I've got some play money in litecoin and ethereum. Both of which have better block chain tech than Bitcoin which reduces transaction costs and time. Of course this could all go to **** and I could lose it all but that's why it's just play money. I like the potential tax efficiency of block chain as currency if it stabilizes and actually becomes more mainstream.

 

Tax efficiency .. I like how you put that.

I am just looking to get into ether myself.

 

Mining ethereum is profitable right now, I started mining it last night. It's getting less profitable, so it'd take a long time to pay for a setup, I figure I just built a gaming rig, why not pay some back. Plus with the ethereum trend lately, could be worth more later on.

I also bought into litecoin at $98, so I'm doing pretty well there.

I'm not really sure where it's going to end up, but a lot of stores are starting to accept bit/altcoins now, so it seems like it could be a real thing in the future. I figure starting out now with a few coins of each could be largely beneficial at some point. Just gotta hodl for years.

 

What program are you using for ethereum mining?

 

https://bitcointalk.org/index.php?topic=1433925.0
https://ethermine.org/

Not to say this is the best or anything, I'm new to this so still learning!

 

Nice!

 

You're having better luck than linus tech tips. They built a crazy 8 card 10x0 nvidia (mix and match 1080, 1080ti, and 1070s from their leftovers bin), and used some program that determines which coin you could mine most progitabily and mines that for you, cloud based. And they figured the setup would break even in like 2 years iirc if electricity was free, and like 6 years while paying for the electricity.

 

With my current hash rate, I should have just around $73 per month with current ETH prices, and assuming my power usage is on par with other single GTX1070 computers I should use $14 on electricity per month. $708 profit per year isn't enough to pay for the machine quick, but it's better than nothing. If I were to mine constantly until my GPU warranty expires, I'd pay for the whole machine back and then some, so I figure why not mine. Plus having a whole ETH after a year could be profitable in the future. For all we know, Ethereum will go to Proof of Share soon and none of this will even matter.

 

At the moment, my system has mined this amount at home. IMO, the difficulty with BTC seems still feasible.


[coingecko.com snapshot]

 

I currently have 9 GTX1070s mining Ethereum. its usually making $20-25 a day, depending on difficulty and the ETH price.
You can use whattomine.com to see what is the most profitable. Ive recently been looking into vertcoin and zcash as a way to diversify a bit, they are frequently more profitable than ETH.

Ill posts some more info when Im back home. Its honestly not difficult to set up.

 

Photos?

 

So there is the main mining rig, which uses a weird "Pro BTC" mining mobo that has lots of 1x PCI-E slots. This is 4 EVGA cards and 2 founders edition cards, they all overclock about the same (same memory chips I'd imagine).


Then I also have an old case, with an old AMD phenom II setup in it that has 2 MSI cards. The MSI cards overclock just like the cards mentioned above, but just run a little hotter.
Finally, my main PC has an EVGA 1070 FTW card which doesnt overclock or mine as well as the other cards, but does benchmark better for gaming. Im guessing it has some different brand memory in it.

Im using the claymore miner and the ethermine pool. This is 8 cards (The one in my main PC has been running vertcoin for a few days):
https://ethermine.org/miners/400fc3d...c3de144d8dc850

 

Very cool !

Did you pick these cards up used or new?

Also,

Where it says 'Your Ethereum Address', would this be my wallet address from coinbase?

 

I bought them all used for mostly between 350 and 400 bucks. SSD, PSU, CPU, and RAM were all used as well. The only things I bought new was the mobo and the PCI-E risers.
The good thing about doing it this way is the stuff hasnt depreciated much. The cards probably havent depreciated at all.

Exactly. Also, be sure to change the payout amount in the pool so it does it more frequently if possible.

 

Good prices, I doubt they've dropped in value at all if any.

Pay amount? Is this the farm recheck? I'm only using Ethminer.exe with a batch file and haven't found a cmd list that explains everything.

 

I really thought there would be more of you guys into this...

I have a few rigs and am sitting right around 400mhs on ETH. A friend is sitting right around 700mhs and uses his rigs to heat his house.