Tag: mining

How to Calculate Mining Profitability

Are you serious about mining cryptocurrencies? If so, you need to know how to make the best use of your money and equipment. In this guide, we’ll show you how to mine your digital treasure in the most profitable way.

Obviously, the big money is going into costly bitcoin ASICs. If you are already in that position, you probably know how the process works and are intending to mine bitcoin. However, those of you on a more moderate budget are probably looking at building a GPU miner for scrypt currencies, or a buying a small ASIC machine for bitcoin or other SHA-256 currencies. In that case, you have come to the right place.

How do I start?

Choose your currency

Digital puzzleThe process of mining digital currencies involves solving complex cryptographic puzzles. By doing this, miners are providing ’proof of work’ that is rewarded with digital currency. Broadly speaking, there are two proof-of-work hashing algorithms in use today: SHA-256 and scrypt. Note that there are some lesser-used alternatives, which we will not be looking at in this guide (for example, Primecoin).

  • SHA-256
    The SHA-256 algorithm favours raw processing power. In bitcoin’s very early days, one could mine effectively with the CPUs and GPUs (graphics processing units) that you find in a normal home PC. That time has passed, however, and the difficulty level of bitcoin is so high that specialised processors known as ‘Application Specific Integrated Chips’ (ASICs) are needed to mine it. The use of such powerful processors, along with bitcoin’s exponential increase in difficulty level, have created a technological arms race, which means that even quite recently designed chips can quickly become obsolete.
  • Scrypt
    The scrypt algorithm favours greater amounts of RAM and parallel processing ability, which is why GPU-based rigs are still the way to go. Furthermore, ASICs for scrypt have yet to take off, so the difficulty level of those currencies has not been pushed up as dramatically as has been the case with bitcoin.

The right rig

shutterstock_88988593Depending on your budget and the type of currency you intend to mine, there are two ways to go when setting up your mining system:

  • DIY mining rig
    These can be built from your own PC, with as many graphics cards (ie: GPUs) as you can fit or afford. While some people may use a standard PC case, many use unusual casings, such as beer crates, which allow for increased air flow around the components. A bonus of DIY systems is that you can carry out both CPU and GPU mining at the same time (see our guide to mining altcoin).
  • ASICs
    ASICs are self-contained units (power adapters not withstanding), which come with a USB and/or Ethernet port, and are usually ready made by manufacturers. ASIC miners are usually more expensive than DIY rigs and are mostly produced in the USA, which means those of us in other parts of the world will have to spend a little extra to get them imported.

Power up

Mining rigMining requires electricity – lots of electricity. If you are building a DIY rig, you’ll be getting an ATX power supply unit (PSU) anyway, so it’s worth investing in the most efficient supply you can get.

Consider the following two cases, for example: A PSU that is guaranteed to supply 860W and is 93% efficient would actually draw 925W (860W/0.93). By contrast, a 750W power supply that is only 80% efficient would actually draw 937.5 W (750/0.8) – thus using more power, but supplying less.

When building a mining rig, you will need to take account of the power requirements of all the components you are using – especially all those graphics cards. Plus it’s a good idea to provide some excess capacity to deal with unexpected events and provide the potential to overclock your system.

ASICs, on the other hand, can do far more calculations with far less power because they are highly specialised devices. And since they ship with an appropriate power adapter, you won’t have to worry about doing all the maths to find one that is up to the task.

The mining efficiency of different systems can be compared by taking the ratio of the number of hashes it can perform in a second, divided by the power it consumes:

Hashing speed / power consumption = mining efficiency

Check your bills

After the initial expense of your rig, the essential thing you need to know to calculate your ongoing profitability is the cost of your electricity. Check with your provider, or take a look at your last bill. If the power charges add up to more then you earn, it obviously isn’t a good business model.

Pool your efforts

Rather than go it alone, it usually makes more sense to join a pool, where you combine resources with other miners. By joining a pool, you earn a share of the coins mined by all members of the pool and stand a greater chance of solving a block.

Miners earn a share of the rewards if the difficulty level of the blocks they solve is greater than the level set by the pool operator. That level is always somewhere between 1 and the difficulty level of the currency.

Problems to be aware of

Spend to earn

shutterstock_96423176Inevitably, the difficulty level of all currencies increase with time – a fact that will reduce the chances of your equipment earning coins or mining shares. As a result, it is important to start with the best equipment you can afford, in order to mine profitably over the longest period of time.

The volatility of the currency being mined also affects your long-term profitability. If the price suddenly drops, you will be faced with the choice of either selling at a low price or hanging onto your coins until their value increases. In the former case, you would have to keep mining for longer to recoup your expenditure on equipment and electricity.

Keeping cool

Mining rigWhichever way you mine, it’s a computationally intensive operation that creates lots of excess heat. Mining efficiency decreases as temperature increases, so make sure your rig has adequate ventilation and cooling. As mentioned above, this is why some mining rig builders  use beer crates rather than PC cases – to maximise airflow around their components. Even a standalone desktop fan can help to keep your kit cool.

Power problems

When building a DIY mining rig, it doesn’t make sense to save money by buying a cheap PSU. Any instability in the power supply could hit performance, or even cause a system crash that will lead to downtime, so do invest in a high-quality unit.

Avoiding downtime

If your hardware isn’t mining, you are losing money. Here are some ways to minimise downtime:

  • Get the best power supply you can afford.
  • Consider using an uninterruptible power supply (UPS), so that, if your electricity supply cuts out for a moment, it won’t affect your miner.
  • Configure your mining computer to automatically start mining on start-up, so that if the system crashes and reboots, it will automatically start mining again. (This applies to DIY rigs and computers hosting an ASIC.)

Hidden costs

Losing moneyThere are costs involved with mining, of course, like the rig and the ongoing electricity costs for starters. However, some extras are less obvious:

  • Delivery and customs
    We imported a Jalapeno ASIC miner from Butterfly Labs to the UK. The delivery cost £53 ($88), and UK customs charged £46.09 in duty (around $76). These costs are significant, and if you’re importing an item, try to work out beforehand what costs it might incur.
  • Accessories
    Will you need cables, adapters, etc, for what you are planning to use and/or build?
  • Cooling costs
    It’s not just the cost of your miner’s power use. What about the electricity of running any extra cooling system, such as fans or air conditioning?

Doing the sums

Profitability calculators

shutterstock_135890222For assistance with some of the calculations miners need to make, there are several websites that provide profitability calculators. You can input parameters such as equipment cost, hash rate, power consumption, and the current bitcoin price, to see how long it will take to pay back your investment.

As a test, we entered the specifications of two mining systems into the calculators below. For our Scrypt GPU mining rig, we used the system described, and for our SHAS-256 ASIC miner we used the specifications of a Butterfly Labs miner.

With a UK electricity price set at £0.20 per KWh (which equated to $0.33), these are the recommendations and profits that the following sites presented

 

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They are a team of experts in the digital currency sector, and their core service is to provide the most efficient and reliable mining rigs for rent.

No matter which package you choose, you are renting the latest technology, which guarantees profitability for as long as possible. Also, the rigs you rent consume very cheap electricity and are cooled efficiently, thanks to the optimal locations of their farms. To top this, there is no waiting for delivery and no downtime, which means you are not wasting even a second of mining.

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Nicehash Mining Update

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Continue reading "Nicehash Mining Update"

Nicehash Mining Ethereum 46Mhz

What is Ethereum?

source: Ethereum Youtube

I have been mining for couple years when I started Ethereum was only worth about $5. I mine other coins and I have a great site that gives you best results to find out which coin to mine with your setup. Check it out: Whattomine.com

I recently built a Rig and I am trialing it as I am not super rich and I couldn’t afford 6 GPU’s. But don’t let that restrict you. You can mine with one or more cards. You will get returns. My ROI on my two cards are as follows:

RX480 8GB Radeon Powercolor – 28mhz 55Days

RX580 4GB Radeon Gigabyte – 22mhz 75Days

I am using a AMD setup you can use Nvidia and Intel but i Find AMD Radeon cards better and cheaper .

Currently I am using a Site called Nicehash If you interested in it follow this link.

Nicehash

You can buy power with them or sell it by mining. They support many Algorithms. So any one can mine there. I am mining ethereum through DaggerHashimoto.

Here is my Daily stats:

Ethereum day

I think If you can afford more GPU you have better options. Or Start off small. There are other coins Like :

coins.png

These stats are on two RX480 Radeon 8Gb Cards. But I am not far off.

So I said i would show what I have used in my Rig setup:

  • Gigabyte Radeon RX 580 Gaming 4096MB GDDR5 PCI-Express
  • Power color Radeon RX 480 Gaming 8GB
  • EVGA SuperNova P2 850W ’80 Plus Platinum’ Modular Power Supply
  • Kingston Fury Black 8GB (2x4GB) DDR3 AM3+
  • Kolink PCI-E 1x to 16x powered Riser Card Mining Rendering Kit Pro – 1m
  • Motherboard GA-990FXA-UD3 Ultra
  • Kigston 120GB SSD Drive

Roughly Total Price of this setup is £800+

If you cant afford that then there is other ways Like I also mine on Hashflare Check it out. Best Cloud Mining site.

Cloud Mining Is another great way to mine with out the hassle of building a rig and having to build one. so You need to decide what best suites your needs. I recommend both.

 

So If you want mine with your own Rig then Click Here to use Nicehash Miner

Or

 

If you want to Cloud mine Then Click Here

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2. Coinpayments

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Other pool I recommend

https://miningpoolhub.com/

https://www.nicehash.com/

https://ethermine.org/

Hope you enjoy mining as much as I do. If so Subscribe to My YouTube Channel for further updates:

Michael van breda Youtube

Or

Follow This Guy He is Amazing and knows his things

IMineBlocks

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Ethereum More Profitable Than Ever Before Wow…..

What is Ethereum?

Ethereum is an open-source, public, blockchain-based distributed computing platform featuring smart contract (scripting) functionality. It provides a decentralized virtual machine, the Ethereum Virtual Machine (EVM).

Sourced from

Ethereum – Wikipedia

So I have been mining Ethereum for some time now. I mine it on a Cloud site and I mine it with my GPU. Depending on what suits you. I think they both work. I prefer cloud mining as less cost and easier to mine but more risk as sites can go down.  But I have found a Site I use and Recommend as I have used them for a year and half with no faults and no issues. I recommend HASHFLARE.

What is Hash Flare?

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HOW IT WORKS?

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So That is Cloud mining. But you can also Mine With your GPU.

What Is GPU Mining?

A Bitcoin mining module is usually a worker as assigned in the Bitcoin miningsoftware. For example, four GPUs are plugged into the motherboard constituting the Bitcoin mining hardware. Then the Bitcoin mining software identifies each GPU as a unique worker.

So this example is about Bitcoin but I am using my GPU to mine Ethereum which is more profitable. As it works better with a GPU processor. So in order to mine with your GPU.

You will need to mine with a pool or solo. I prefer Pool mining which this is about if you want to solo mine you will need to research on youtube.

The pool I am mining with is called ethereum.miningpoolhub.com

Its easy to join its free. Get your self setup then all you need is a good GPU. and you willl need a GPU miner. Ether for Nivida or Radeon. What ever you have you need one. I use QTminer or Claymore miner.

There are many videos on how to get setup I have made a video on my proof of progress and how I use qtminer to mine I will post it below this to show you how to get started.

Well i hope this will help you get started and to the future of ethereum.

If you need a wallet then I recommend Coinpayments as it supports 50+ coins. And works well easy to setup multiple wallets Free to join.

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Whattomine.com is a great Site that can assist you in choosing the right coin that suits your setup.

Join me on youtube

 

Subscribe to my blog for Future Updates

Enjoy

Michael