Cryptocurrency and Mining

[Lazybones]

( also, kinda me, to myself 4 years ago, maybe... considering this thread http://forums.righteouswrath.com/index.php/topic,9923.msg76436.html )

if only Tom had kept his 10BTC!

I had up to 80 at one point. no joke.

Man, 80 at today's prices would make you a millionaire.  Of course, you never know which way it's gonna go, so it's always hard to time those sales right.

Well when it come to trading it is better to get out while you are ahead than to try to escape as the ship sinks.

I believe Blockchain technology has a strong future but Bitcoin it self has stagnated and is hardly worth the attention it has been getting.

[Melbosa]

( also, kinda me, to myself 4 years ago, maybe... considering this thread http://forums.righteouswrath.com/index.php/topic,9923.msg76436.html )

if only Tom had kept his 10BTC!

I had up to 80 at one point. no joke.

Man, 80 at today's prices would make you a millionaire.  Of course, you never know which way it's gonna go, so it's always hard to time those sales right.

Plus you would have to find someone to convert that into CDN and that could be even tougher...

[Darren Dirt]

( also, kinda me, to myself 4 years ago, maybe... considering this thread http://forums.righteouswrath.com/index.php/topic,9923.msg76436.html )

if only Tom had kept his 10BTC!

I had up to 80 at one point. no joke.

"Sorry girls, he's married!"

[Melbosa]

Looks like NiceHash will be back in Biz tomorrow.

[Lazybones]

( also, kinda me, to myself 4 years ago, maybe... considering this thread http://forums.righteouswrath.com/index.php/topic,9923.msg76436.html )

if only Tom had kept his 10BTC!

I had up to 80 at one point. no joke.

Man, 80 at today's prices would make you a millionaire.  Of course, you never know which way it's gonna go, so it's always hard to time those sales right.

Plus you would have to find someone to convert that into CDN and that could be even tougher...

That isn?t a problem.
You can make fairly large direct deposits from QuadrigaCX.

https://www.quadrigacx.com

[Melbosa]

NiceHash is back... and cause lots of people jumped ship or haven't started back up, I'm doing almost 8 USD / day with my 3 GPU setup at home!  Yay for as long as that lasts lol.

[Thorin]

NiceHash is back... and cause lots of people jumped ship or haven't started back up, I'm doing almost 8 USD / day with my 3 GPU setup at home!  Yay for as long as that lasts lol.

Any idea how much electricity you're using per hour or day?

[Melbosa]

NiceHash is back... and cause lots of people jumped ship or haven't started back up, I'm doing almost 8 USD / day with my 3 GPU setup at home!  Yay for as long as that lasts lol.

Any idea how much electricity you're using per hour or day?

That calculation / day is based on a 0.10/kWh, which is higher than what we pay in Edmonton AFAIK.  As per what it is using, the Kill-A-Watt I bought doesn't calculate that over time - bought a cheap on to just see what I could run off my 1000W PSU.

I'm going to monitor my Electricity usage over the next two months to really see what it turns into.

[Tom]

I had an ASIC miner for a while. I think it wanted somewhere along the lines of ~400W. I thought it was more but I just looked it up... It did 250Gh/s or better. Not sure if that's even good anymore. I did how ever sell it for twice what I paid for it after it mined a bunch of btc.

[Lazybones]

GPU mining runs between 85 - 350W per card depending on many factors.

Hashrate is fairly meaningless to discuss without mentioning a specific coin being mined.

I haven?t had to run my 900/1500W space heater in my basement all month but by bill is still up from last year since the heaters don?t run 100% of the time.

[Tom]

GPU mining runs between 85 - 350W per card depending on many factors.

Hashrate is fairly meaningless to discuss without mentioning a specific coin being mined.

I haven?t had to run my 900/1500W space heater in my basement all month but by bill is still up from last year since the heaters don?t run 100% of the time.

It's an asic miner from BTCs heyday. it only does coins that use the same hash algorithm as bitcoin. The nice thing is you could do merged mining with it to mine multiple coins at the same time with some pools.

I believe its SHA-256.

[Mr. Analog]

The ROI is only apparent when you cash out, otherwise its a monthly expense.

Do you guys withdraw enough BTC to supplement your power bill?

[Thorin]

NiceHash is back... and cause lots of people jumped ship or haven't started back up, I'm doing almost 8 USD / day with my 3 GPU setup at home!  Yay for as long as that lasts lol.

Any idea how much electricity you're using per hour or day?

That calculation / day is based on a 0.10/kWh, which is higher than what we pay in Edmonton AFAIK.  As per what it is using, the Kill-A-Watt I bought doesn't calculate that over time - bought a cheap on to just see what I could run off my 1000W PSU.

I'm going to monitor my Electricity usage over the next two months to really see what it turns into.

I think it's gonna be pretty impossible to get a clear idea of how much extra electricity you're using just looking at the monthly bill.  There's so many things to balance out - how many Christmas lights are on this month?  How much more or less are you watching TV?  With the warmer winter, how much more or less are you plugging in your car?  etc

If all three cards work off your 1kW power supply, then that's your upper limit, so you could say you're using 1kWh/h or 24kWh/day or 720kWh/month.  EPCOR is currently charging $0.03287/kWh, so that's $23.67/month.  But wait, there's more!  EPCOR creates the electricity, but then a company transmits it and distributes it.  In my case, that's Fortis Alberta, here's their most recent rates.  There's a daily charge of $0.7577 per day, you pay it no matter what.  Then there's a charge of $0.037009/kWh for transmission, and $0.021342/kWh for distribution.  Add that to the cost of the actual electricity and you've got $0.03287 + $0.037009 + $0.021342 = $0.091221/kWh.  That works out to $65.86 per 30 days, or $2.19 per day.

So $2.19 per day is the upper limit of cost, and that's in CAD, and you're getting paid in USD, and the exchange rate is around USD$1.00 = CAD$1.25, so you're making about CAD$10 and spending about CAD$2 or less on the electricity.  So you'll make about $240 by the end of the month.  Given that you are using old hardware you'd already bought anyway, that's not bad, it's some pocket change, but if you'd had to buy the video cards, it'd take several months before you even break even...

[Lazybones]

There are other factors to consider.

- BTC /all crypto value is highly unstable so how much it is worth when you cash out could vary. BTC has been pumped a lot by new interest and is down / levelling off a bit this week. Monero is up 35% this week and up 199% in the last 30days. This makes picking a cash out time tricky as holding could net huge gains
- BTC is incredibly expensive to move and slow. It is actually a horrible coin right now. It can cost $8-20 USD equivalent to move funds between wallets if you need to do so to cash out.

Personally I am mining Monero directly and holding on to it for the time being.  It however is harder to cash out as it will probably need an intermediary exchange to BTC/ETH/LTC in order to then cash out in CAD but both ETH and LTC are faster and cheaper to move than BTC.

[Tom]

I'm not worrying about it. I found it was more headache than it was worth to me. Even after making over $10k on it.