Tag: Ethereum

Cloud mining worth it in 2017…?

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Okay so I have researched this topic a bit extensively and I believe I have come to a conclusion, maybe some of you have came to the same one as me, who knows, lets see… Bitcoin is basically the entire backbone of all cryptos. I honestly could see bitcoin outperforming gold this year. If it’s possible than there could be way more barriers being broken for all cryptos I’d imagine.

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Now back to the topic at hand…

So the cheapest “top of the line” miners are not only insanely large, noisy, and power hungry for the consumer market, that it really isn’t the most profitable investment in the long term. The hardware needs to not only be maintained by you but any damages as well. Then there’s powering them which isn’t cheap unless you have an unlimited supply of free energy. It’s a lot of stake to put in for people who are still just grinding just to survive.

All of these factors scare me from attempting to get into owning any mining equipment.

Now cloud mining is what is revolutionizing. It brings the convinience of mining except none of the physical requirement for doing (hense the name cloud mining). Now I know most on here are at least somewhat familiar with mining, see people constantly talking about it, of course we’re on a crypto platform! This is just a comparison to put it simply.

So to answer the question…

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Is cloud mining worth it in 2017…?

Yes, this year is the year for cloud mining. The rates for gh/s have only gone down and making returns has never been easier.

Getting started is even easier and here is my list of favorite cloud mining sites that I approve of and have some merit to them (Note all mining companies have some slight risk but as does all crypto).

#1 Hashflare

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HashFlare is the number one site with easy withdrawals. buy hash power and start mining. Sit back let the system work for you.

 

All in all, crypto is only growing as an idea, just as our consciousness is ever increasing with each passing day. So it’s best to be a part of it now early on so you can be ahead of the rat race. Decentralized currency is the future, time to embrace it.

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Genesis Mining Cloud The Way Forward

With recent rise of bitcoin and other Alt coins the way forward to mining and earning is cloud mining. You get a good return and steady income. I have been using them for a couple months and there is big returns.

They have released some new contracts plus you can get 3% on every purchase if you use this code: QRryi0 

Use that code its from Genesis they offering 3% on all purchases for life on any purchases

Genesis mining offers great mining contracts to suit all. To build a mining rig will cost you at least £4000 for a good one. With that amount money I cant afford that but with Cloud mining you could spend £100 and still earn a good return and build it up.

Get a Genesis account now

Use the code: QRryi0 

Enjoy and Start investing for the future as bitcoin will surpass new levels in months too come

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6 GPU Ethereum Mining Rig Build Guide

Building a 6 GPU Ethereum mining rig is a fun project and a great source of passive income. This guide will help you find and assemble the best Ethereum mining hardware to build your very own Ethereum mining rig. Assembly time is about 3 hours.

6 GPU Ethereum Mining Rig Hardware Build List

Listed below are the components you will need to assemble your GPU mining rig.

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1x Power Supply –  1000 Watt Power Supply – The key here is to have an efficient 1000 watt power supply that will save you over the long run in electricity costs. Look for Gold or Platinum rated (as opposed to silver or bronze). This is the industry standard for rating the efficiency of a computer’s power supply unit (PSU).

1x Motherboard/CPU Combination – What is the best motherboard for mining Ethereum?  I’ve listed below my favorite motherboard and processor combo that is compatible with 6 video cards. This is the ethereum mining motherboard that is used in large scale mining deployments. If the pros use it, you know it’s good.

If the motherboard listed above is out of stock or difficult to find, these motherboards will work equally well with the Intel G3900 Skylake processor:

6x Graphics Cards  – Nvidia GTX 1070 –   The very efficient Nvidia GTX 1070  can produce a hash rate of 30Mh/s using only 100 watts of electricity and is the best GPU for mining in 2017. It is much more power efficient than most of the AMD cards available on the market. My favorite model of this GPU is the Gigabyte GeForce GTX 1070 Windforce OC (model # GV-N1070WF2OC-8GD). It has a twin fan design and seems to run cooler than most of the other 1070 models I’ve tested, so I put this card in all the rigs I build currently. If that specific model is unavailable, any of the twin fan overclocked Gigabyte or EVGA cards work great out of the box.

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1x RAM (System Memory) –  4 GB RAM – You don’t need a lot of system memory to mine ethereum effectively. 4GB is about as small as a stick of RAM comes these days, so I recommend just picking up a cheap one as long as it is DDR 4 desktop memory.

6x USB Riser Cables –  USB Riser Cables – These are to connect the 6 graphics cards to the motherboard and allow spacing between cards for heat dissipation. These are necessary when building a rig with this many GPU’s.

1x Hard Drive (SSD)  –  Solid State Drive  for installing operating system and your mining software.

1x Custom Mining Case –  I’d recommend an Open Air 6 GPU Mining Case.I’ve built several of these 6 GPU rigs for family and friends using this particular mining case works quite well for airflow and ease of building.

1x Operating System –  If you are using the Nvidia 1070 GPU’s, I recommend mining on Windows 10, since it has the best driver support for those graphics cards.

MonitorMouse and Keyboard to configure all the software settings, initially.

Assembling the Custom Ethereum Mining Hardware

  1. Un-package everything
  2. Build / assemble the Open Air 6 GPU Mining Case
  3. Install processor and RAM on motherboard
  4. Plug in all riser cables
  5. Place motherboard in custom open air mining rig case and connect motherboard PSU connector (leaving PSU unplugged from the wall of course)
  6. Plug in SATA hard drive (or optional Linux on USB stick)
  7. Connect all GPUs to riser cables and fasten them to custom case. You might need to experiment for optimal spacing to keep the cards cool.
  8. Plug in all power supply connections.
  9. Connect mouse, monitor and keyboard and an internet connection (I use a USB WiFi adapter)
  10. Check all connections once more
  11. Fire it up! Install ETH OS.
  12. Make sure fans are fully functional. Start the mining software, tweak settings for maximum hash rates and let it run!

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Motherboard, Windows and Mining Software Configuration

  1. Update the motherboard to the latest BIOS using a USB thumb drive. You can find the latest BIOS for the Z170 SLI Plus motherboard here.
  2. Configure Motherboard BIOS with the following settings changes:
    • Settings > Advanced > PCI subsystem Setting: PEG 0 and PEG 1 set to Gen1
    • Above 4G Decoding (cryptocurrency mining) should be set to Enabled
    • OS settings: disable Windows 7, enable Windows 10
    • Save and reboot
  3. OS / DRIVERS / MINING Setup:
    1. Boot from Windows 10 USB install media (you can buy it pre-loaded or build your own on the Microsoft website).
    2. Install Windows 10 Pro x64
    3. Install Nvidia Drivers
    4. Install MSI Afterburner and set memory clock to 600, and power to 70. This will give you 30Mh/s per 1070 GPU
    5. Install any system drivers that didn’t auto-install (check device manager)
    6. Rename PC to mining worker name. Something like Minion001, Minion002, etc.
    7. Install Claymore Dual Miner, edit the config file with your Ethereum address and miner name. Drop a shortcut to the mining software .exe file in your system startup folder if you’d like to auto-start mining when Windows boots up. You can find the system startup folder in Windows 10 by going to: Start > Run  and entering ‘shell:startup’.
    8. Disable windows update using this guide.
    9. Set power profile to ‘always on’
    10. Install your favorite remote access software, especially if you plan to have more than one rig to manage.
    11. Fire up the mining rig and rake in those crypto coins!

Something I’ve done when building out a whole mining farm, is to do the OS/DRIVERS/MINING setup and then just clone the solid state drive using a 2 bay hard drive dock with offline clone feature built in.

Congratulations! You are now the proud operator of your very own custom built 6 GPU ethereum mining rig.

Sidenote: If mining isn’t your thing, and you are just interested in purchasing some cryptocurrency as part of your investment portfolio, I personally use and recommend Coinbase. I would also recommend keeping your coins safe using the Ledger Nano S hardware wallet, since even the best crypto exchanges can be hacked through a variety of methods. 

Checking Out the NiceHash Service for Selling and Buying Hashrate

nicehash-homepage-580x342NiceHash is an interesting and relatively new service that allows users to sell the hashrate that their mining hardware generates or to buy such to mine a specific coin at a user set pool with one of the supported crypto algorithms. This service however is not a mining rig leasing or cloud mining from a centralized service provider, it is more like something in between these two and the result you get is actually pretty nice as an alternative to the other two services. We have tried the service for both selling some hashrate ourselves as well as buying some to see how are thing and to also get a good idea on how well it operates for both buyers and sellers. We are also going to share some useful tips that we have discovered during our testing of the service, so that you might get a better start should you decide to check it out yourself.

The first impression when you open the website of NiceHash can be a bit misleading if you are not sure what to expect, so we do recommend to start with the FAQ section of the website to learn about the service and how it operates in order to get to know how things work. The FAQ section should give you most of the answers you might have, and you should also check the page with information about compatible software miners with the service and make sure you are using one of the recommended miners in order to avoid possible problems. In short what NiceHash does for you is act as a stratum proxy between you and the pool that your hardware is mining at for the moment. So all you have to do is to set the right stratum server for NiceHash in your miner, depending on the algorithm that the miner uses and just run the miner as usual with your Bitcoin address as a username and enter any password. It is as simple as that and you don’t even need to register in order to be able to sell your hashrate, though for buying hashrate you will have to make an account, because you will be depositing Bitcoins that you will use for purchase. Currently NiceHash supports Scrypt, SHA-256, Scrypt-Adaptive-Nfactor and X11 algorithms and you can purchase hahsrate and point it at the pool you want to mine at if you are buying hashrate. All purchases and payments are made in Bitcoins, no other crypto currency is currently supported by the service. So you can say that when selling your hashrate it is almost as if you are mining in a multipool where regardless of what is being mined you get payed in Bitcoins in the end.

 

 

nicehash-deposit-btc-580x336Now, we have started with the buying part where we have decided to get some X11 hashrate as DarkCoin is currently booming, so the interest in X11 hashrate is high at the moment. We have started with depositing a small amount of Bitcoins to our wallet address in NiceHash and we quickly got the deposit available as only two confirmations are required for you to be able to use the deposited Bitcoins for orders. Again, in order to be able to buy hashrate you will need to register as the procedure is a bit more complex and can be even a bit confusing the first time you go through the whole process, but after that it is easier as you know what to do and how.

 

 

nicehash-create-an-order-580x302The page where you create an order is the hardest to go through the first time, especially if you haven’t familiarized yourself with the way the service operates and checked how things work with the orders. Here you need to select the algorithm you are going to be purchasing hashrate for, then select how much you are going to pay (you need to have the Bitcoins already deposited and confirmed), the minimum you cans pend for an order is 1 Bitcoin cent (0.01 BTC). You can select to limit the maximum hashrate you are getting per second, something that is a good idea actually, but we’ll get back to that in a moment. And then you also need to set the price you are willing to pay in Bitcoins per Gigahash per Day, you can find the current rates for the different algorithms on the front page. Calculating this can be a bit confusing, and you need to be careful and watch how the market price is moving with the currently available orders. Based on your settings you will get an estimation for the total hashrate you will get and the duration you will have the purchased hashrate mine for you. Do note that the service charges 2% fee on the purchase of mining hashrate.

 

 

After that you need to enter the pool details, make sure you are setting the right pool that uses the algorithm you are purchasing hashrate for and also make sure to use pools that are working stable and can handle a lot of hashrate coming to them. If you do not limit the hashrate you are going to be getting and you have the highest price you ma end up throwing an enormously high hashrate at the pool of your choice and thus you may bring it down if it cannot handle the load. This is one of the reasons you need to use some sort of a limit to the hahsrate you are going to be using, regardless of the total amount you purchase. One of the nicest things about NiceHash is that you can purchase 1 GHS worth of X11 hashrate for example and have that mining for you for 10 minutes, 60 minutes, a day or more… it all depends on the total amount you are spending and the limit (if any) you have set. So you can purchase ridiculously high hashrate for short period of time and get it right away instead of purchasing just a few megahashes that will mine for you for months – the end result should be similar. The first option of getting a lot of hashrate for shorter time does have some more advantages however as yo do not have to worry about difficulty increase as much as when mining for longer time, but it also has drawbacks. You must always set limits in the hashrate if you are mining for crypto currencies such as Bitcoin or DarkCoin that do have pretty high difficulty and finding block make take up to 30 minutes, an hour or even more. The reason for that is to have the hashrate mine for you for long as if you get some bad luck and the block finding time is over the average your mining profit may be less if you throw a lot of hashrate for just a few minutes. Spreading the hashrate with a limit for longer time would cover better for bad luck at the pool and will also minimize the risk of you bringing the pool down, so do consider setting the limit for hashing speed.

 

 

nicehash-active-order-580x289When you activate an order you can see the progress and you can also edit some of the parameters or cancel the order before it is fully executed and get back the remaining Bitcoins that are still not spent. What you can edit here is the price you are paying for GH per Day, though there is a catch here and it is that you can only increase the price, not get it lower than your initial offer. This is a plus for the people selling hashrate, but not so good for maximizing efficiency for people buying hashrate, though you can cancel the order and recreate it with lower price if suddenly the market price for the hashrate drops significantly under your set price. The other thing you can change on the fly is the limit of the hashrate you have set, or if you haven’t set one you can add it here. Changing both settings may take a bit before they are activated and if you are changing the limit significantly it may also take a bit longer before the active hashrate adjusts to the new value.

 

 

nicehash-blue-own-order-580x316You can also track your order in the list of orders on the homepage, your active orders are marked with blue, so they are easy to spot and keep track of. This is the place where you can track the current market price and especially if you do not want to rent all of the available hashrate, but only some part of it there is no need to set the highest price, with a lower offer you can still get the amount of hashrate you need and as we’ve mentioned if the price increases you can also adjust it up or cancel the order and recreate it if the price gets lower. It is a wise idea to keep track of the market in order to really get the maximum for the Bitcoins you pay for renting hashrate and if needed do adjustments to your order. Also do check the expected return of investment based on the price you pay and the hashrate you get and if the market price goes too high then you can cancel your order and wait for the price to drop before reactivating the order as in the end you want to end up with more than you have spent.

 

In our test we have spent 0.01682019 BTC for renting X11 hashrate at 1.1 BTC per GH per Day and the resulting mined DarkCoins wih the rented hashrate was a little over 1.2 DRK which converted on the DRK/BTC exchange rate was 0.01595322 BTC. We could’ve made a bit more if we have spread our hashrate for longer period of time with a lower limit than and we’ve started without a limit at first, so initially we got about 1 GHS worth of hashrate thrown at the pool and it was able to handle it. Again we advice to use a limit and not set the limit too high, even better start with a small limit and adjust it based on the results you are getting. Once you make a few orders you will get better, so do the first ones with a small amount so that if you mess up the order parameters the loss will be small in the worst case scenario.

 

 

nicehash-selling-hashrate-stats-580x199Moving on to the renting part, we have decided to test out renting a single GeForce GTX 780 Ti video card that produces about 4.6 MHS for mining X11 crypto coins such as DarkCoin. Do note however that it is not that wise to rent Nvidia GPUs for X11 hashrate as you need to use ccminer and it currently does not support backup pools, so if NiceHash is not providing work for you the card cannot switch to a backup pool and will stay idle and this is something that you do not want. Still this may not happen if you keep selling your hashrate, unless you decide to set a minimum for the price you are going to be selling your hashrate. Normally, unless there are no orders left your hashrate will be sold, though it might not be at the highest market order for the moment – this is something you can keep track in the status page for your account. Since selling of hashrate does not require you to register at NiceHash you need to find your status page by looking for your username which is also the Bitcoin payment address that you have set at the software miner. Do note that the service applies 2% fee for renting hashrate as well as for buying it, you will notice the subtraction of the fee when payment is processed. Also payments are made few times a day if your balance exceeds a certain minimum, different for each algorithm and you can read about them in the FAQ.

 

In our first 24 hours selling our hashrate of about 4.6 MHS we’ve managed to earn 0.00490318 BTC, so not so bad. Do note that the market price was about 1.1 BTC when we started renting the hashrate and in the next 24 hours with the market price increasing to about 2.6 BTC at the end of the period we have earned 0.0079467 BTC or significantly better than for the first day. In fact if you want to make some good profit it may be wise to sell your X11 hashrate than to directly mine for DarkCoin for example as at the moment the interest is high and in the short term you can get more BTC than directly mining for DRK and exchanging them immediately after that or for using a multipool with direct BTC payout.

 

Our conclusion, NiceHash is really a good alternative to multipools and cloud mining service providers or mining rig leases and if used right it can give you some nice profit, regardless if you buy hashrate or sell your hashrate. It provides you with a great opportunity to mine a lot of a new coin at launch time if you do not have a lot of hashing power yourself or to maximize the profit from the hashrate you currently own easier than to always look for new coins to throw your hashrate at. There are also some things that can still be improved, for example if you have registered to link your account to the selling hashrate functionality and thus be able to use the generated BTC from selling for buying hashrate as well should you wish to do so. Generally however we’ve had no problems using NiceHash and we like how things are working out already. So if you still haven’t checked out the service we do recommend to do so now.

 

– To check out the NiceHash service for buying or selling hashing power…

7 Day Free Trial Now On Offer

Great new membership site just out. Giving users the chance to learn about crypt-currency. Newbies to advance with new updates weekly. Great new tool to use to gain some well deserved knowledge and training on how to setup your miners.

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How to Cloud Mine Profitably

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Getting a Return on a low budget

The Pro’s and Con’s of cloud mining

 

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