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[Official] BitCoin LiteCoin DigitalCoin and all Crypto Currencies Club And General Information Thread - Page 2210

post #22091 of 22313
lol i say high cap coins don't pump as hard. . .

Zen up 50% today

Good call

$$$$$
post #22092 of 22313
Quote:
Originally Posted by Juicin View Post

lol i say high cap coins don't pump as hard. . .

Zen up 50% today

Good call

$$$$$

It's nice my $50 of mined coins has jumped to $100 now smile.gif

Holding them long term though
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post #22093 of 22313
Hey all,

So, I have an investor friend who's been pretty fascinated with CryptoCurrency who wants to get into it. Well, when he heard that BT Gold was coming out and was wondering about mining it, in general, I told him mining is not very profitable, from my understanding anyways... especially if you're a hobby/solo miner.

He then asked what if it was something that was set up as a small mining operation, like an investment of about $10,000 into mining rig(s) or however you want to number crunch profit vs loss. Being a pretty big investor, he would understand that wouldn't see a profit for a year or so and so on.

Basically, a small back story. I've read/heard that some people who still mine are doing okay even with ethereum based on a small mining operation, where he was producing about 0.36 Eth every day, so roughly 1 ETH every 3 days, due to the fact he had like 6-10 1060's and 6ish 1070's or so... all pumping away.

I'm newer at this and have been out of the loop for a while, but I'd like to potentially take a stab at it. That said, what would it take to turn something into a successful mining operation. He's willing to invest if that's what it takes... or should he just look elsewhere?

Any guidance would be appreciated!
     
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post #22094 of 22313
What is profitable shifts every day based on hardware and market rates

he would make his money back a lot faster than a year

Eth mining is over.

Tell him to go to bitcointalk if he wants more info. Pretty much teh center of the crypto wo0rld

Just look in the altcoin section
post #22095 of 22313
Quote:
Originally Posted by Balsagna View Post

Hey all,

So, I have an investor friend who's been pretty fascinated with CryptoCurrency who wants to get into it. Well, when he heard that BT Gold was coming out and was wondering about mining it, in general, I told him mining is not very profitable, from my understanding anyways... especially if you're a hobby/solo miner.

He then asked what if it was something that was set up as a small mining operation, like an investment of about $10,000 into mining rig(s) or however you want to number crunch profit vs loss. Being a pretty big investor, he would understand that wouldn't see a profit for a year or so and so on.

Basically, a small back story. I've read/heard that some people who still mine are doing okay even with ethereum based on a small mining operation, where he was producing about 0.36 Eth every day, so roughly 1 ETH every 3 days, due to the fact he had like 6-10 1060's and 6ish 1070's or so... all pumping away.

I'm newer at this and have been out of the loop for a while, but I'd like to potentially take a stab at it. That said, what would it take to turn something into a successful mining operation. He's willing to invest if that's what it takes... or should he just look elsewhere?

Any guidance would be appreciated!

With the right setup you could break even in less than a year. The real determining factor is the price of electricity. Where would he keep these at? They make a fair amount of noise unless you liquid cool them but then you don’t really have a miner as much as a hobby PC that also mines at that point.

A dedicated miner will use the lowest power consumption CPU if not using the CPU to mine. (CPUs can still mine monero but not worth much more than the electricity it consumes on Broadwell and newer Inter processors) so a low power consumption cpu with as many PCIe lanes as you can get. More than four GPUs on a single board requires riser cables. The standard dedicated miner has six GPUs but some of the new motherboards have upwards of 16. It really is nice to be able to use more GPUs on a single board as non mining components are not duplicated across multiple systems and their power consumption is minimized.

The down side to these systems is that all of the power consumption is on a single circuit. Even with multiple power supplies, you need to be able to get the power to them. Running them in your house? Need to have the amperage to support that power draw. Standard house power is 15A per circuit. So 15A*120V=1800W. Going above that on a single circuit will cause your breaker to trip. So a larger mining setup will need much higher amperage rating for the circuit. Something to keep in mind.

As far as GPUs, while the AMD cards are popular for mining ETH, there are so many cards running it that the big profits of 4-6 months ago are gone. GTX1070 seems to have the best performance. 1060 can be profitable if you are running more than 6 on a single board. The 1060 is much cheaper than the 1070 with a performance to price ratio greater than the 1070 with decent power consumption.

If I were to invest 10K I would probably just put $2K on each of the big cryptos and trade along the margins.
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post #22096 of 22313
come on now, don't tell me you can't cross 6000 with that sharp correction!
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post #22097 of 22313
Quote:
Originally Posted by HarrisLam View Post

come on now, don't tell me you can't cross 6000 with that sharp correction!

There is a massive resist wall at 5.000 Euros. Right at that $6K level.
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post #22098 of 22313
Quote:
Originally Posted by Dagamus NM View Post

There is a massive resist wall at 5.000 Euros. Right at that $6K level.
it rose so high my Kraken graphs stopped working

man BTC is the only thing rising right now, wish my full investment was on it. My alts aren't helping.
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post #22099 of 22313
Hey guys, I'm doing some reasearch for my job and wanted to get your thoughts on it - as you're the experts on this:

Do you think people are building new mining rigs at the same pace as they were earlier-to middle of this summer now that the price of Ethereum has settled down (as compared to its May run-up)?
 
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post #22100 of 22313
Quote:
Originally Posted by StillClock1 View Post

Hey guys, I'm doing some reasearch for my job and wanted to get your thoughts on it - as you're the experts on this:

Do you think people are building new mining rigs at the same pace as they were earlier-to middle of this summer now that the price of Ethereum has settled down (as compared to its May run-up)?

If they were, GPUs would still be in short supply wink.gif.

Payback period went a lot longer to reach ROI.
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