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Author Topic: Kinda new to mining cryptocurrency but have spent a few months researching  (Read 752 times)
jacobmayes94
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September 19, 2015, 01:46:05 PM
 #1

Hi guys. I am kinda new to actually mining cryptocurrency but have spent a few months researching it.

Me and about 15 others are willing to pool resources on this as a hobby, but also have £1.5k we can invest in equipment if we wished to take it further. Although investing in actual coins seems an idea too. The be fair due to our climate in the winter i wouldn't mind setting up a mining rig and setting it so the exhaust fans help contribute to the house heat : ) 1.2kW of power for some of the 4.8 TH/S rigs i saw is sure to chuck out a large amount of heat! So using it for dual-purpose depending on how much heat one actually chucks out, almost like a makeshift fan heater. Users of these would know about the heat output you would expect from one of those highly expensive but high powered rigs! Or in my case my landlord usually plugs a fan heater into the communal hall (this house is converted into 4 seperate complete flats with their own living rooms, bedroom bathroom and kitchen) and there is a hall with a socket that he usually uses a fan heater for in the winter, i would consider asking him if we could substitute it for that if it still does the same task!

Now mining bitcoin seems like even with the best mining hardware of a few Th/s we could struggle to make a profit, although we were debating to set up our own pool if we got dedicated hardware. However ONE of us has solar panels which is a 3kW array, so in the day there is no charge as they only use about 1kW in the day. At night we in the UK have a tariff called economy 7, which is off-peak electricity at 0.07 pence per kWh. This is very reasonable and combined with the solar panels means a mining rig could be run for the cheap however it does mean he would get a bit less off national grid : ) (you sell your unused electricity back to the grid) one of us also has free electricity as he is in supported accommodation.


Now we have also looked at mining altcoins such as bytecoin and distributing our resources so it runs in the background on all of our computers, which are of varying specification. Minergate seemed to have a good distributed pool and we guessed we can use multiple computers on one account to pool mining resources for this or setting a command line miner to start up automatically and be on the same pool account as a different worker. Then sell the bytecoins for bitcoins when we reach say 5 million. Most of us have half decent GPUs as they like to keep current! CPUs for all of us minus my desktop is at least an i5 / i7. My best GPU though is a nvidia GTX 970M as my laptop is a gaming one but my desktop PC has a nvidia geforce 9500 as its aging a bit (core quad) which I use as a file server and webserver I didn't want to spend out on hardware i didn't need in terms of computers although this is due an upgrade soon. I understand mining with the CPU or even GPU is pointless for bitcoin, or litecoin for that matter so we were looking at mining bytecoin (BCN not BTE) and selling it for bitcoin when we have got enough of it. Maybe buying a few litecoins and bitcoins here and there to see where it takes us! Or if mining bitcoin with dedicated hardware could be profitable, we might consider that too. Although id see any money spent on the hardware as a form of gambling at this point so we wouldnt spend what we cannot afford to loose. I don't see this as a 'get rick quick' scheme, we are just enthusiasts and are quite interested in this.

I am also interested in getting something like this if we do equipment : Bitmain ANTMINER U3 BITCOIN ASIC MINER 63 GH/s as a starter point with equipment to test how it works, etc before going onto bigger babies. I also read someone found a block solomining with something similar, and as electricity is free for one of us, its worth leaving one of those running indefinitely anyhow to play the lottery. if anyone has one of these they are willing to sell in the UK i would be happy to look. The ebay prices are high if you compare it to the better mining rigs out there.

If there are any recommendations it would be great to hear any recommendations for hardware, software or any advice that can be given. Also 1 more thing, if one wanted to solo mine, is this site: securepayment.cc genuine?

Thank you in advance!

Jacob Smiley






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torepia
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September 19, 2015, 08:20:16 PM
 #2

Hi!

What are you trying to achieve? This might seem like a simple question, maybe its not tho?
unholycactus
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September 19, 2015, 08:29:08 PM
 #3

0.07 GBP is the best rate you can get if I understood correctly? It will be hard to ROI even with very efficient hardware.
If you recycle the heat created by your miners like you said, you should be able to make it worth the trouble.

If you want to buy hardware to test before going to the big scale, you can check out the computer hardware section of this forum: https://bitcointalk.org/index.php?board=75.0

Prices should be better than anything you could find on Ebay/Amazon.

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September 19, 2015, 09:34:08 PM
 #4

Have you tried to use mining calculators to calculate your predicted mining income ? Following two links are of two mining mining calculator. Find them handy, if you have not used one before...

i. http://www.cloudmining.website/calculator.php

ii. https://alloscomp.com/bitcoin/calculator

Please note that, bitcoin mining difficulty has increased almost 170% in last one year and it is still on the rise...
jacobmayes94
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September 19, 2015, 09:39:26 PM
 #5

Our intentions are more for fun really, a learning curve and maybe with the potential of making some money but i treat it the same as if i were to gamble on the lottery.


The difficulty is a problem... I can see new hardware becoming obsolete fast... I remember in 2011 thinking bitcoin would never catch on... in the days of CPU mining... :/

We have checked the calculators as well. I might see if anyone here has any equipment available as well.

Jacob


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torepia
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September 19, 2015, 10:29:33 PM
 #6

Sweet!

Id' get some Antminer S7's for heating your home, if you can handle 70-80dB. I'm pretty sure 98-99% of power consumed by miners are passed off as heat, some power are consumed by the fans.(Please someone correct me if I'm wrong. With sources Cheesy)
You could try to make a cabinet/case that looks like a regulat heater, that could hold second-hand S3/S5 hash-blades. This would be a great heater substitute!

PS: Generally you are better off buying coins.
jacobmayes94
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September 20, 2015, 02:40:20 PM
 #7

Tbf doing the research I agree on the  buying coins. However, that we are going to do. I am also going to accept bitcoin for payments for services as I have a small business and we were able to get 3 of the lowly 63GH/s miners for free from someone in my uni as one of my friends has solar panels and will split the reward between us if we get a block by a miracle we are using the securepayment.cc one as that seems to be good from what ive read here, we will point it to my wallet, leave them to run and... well ya never know! solo mining is the way to go with these as any payout from a pool will be next to noting and it means were 'in it to win it' at (almost) 0 cost. Yes i know the chance is very very low, but like the lottery you gotta be in it to win it and 63 watts of consumption isn't going to matter in the long run for us. As far as mining equipment goes we do feel investing in coins will be better, especially before the halving. The antminer U3 is the one we were give... so we will hook em up and just let it sit... the chances of finding a block are so titchy but  still it was free and 63W is nothing

Jacob


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