Mining for the non-profit sector. Need to exceed 2 mBTC per day per 1070…

[adaseb]

30,000 days? Are you kidding me?

You really expect this kind of profit for 30,000 days into the future?

[Tmdz]

My test machine had been mining for 71 days at 2.1-2.4 mBTC, yielding consistent payouts of over $20 CAD per week.

$20 CAD per week / 7 added up to almost $3 CAD per day. Divide that by 3 (these machines would mine in beneficiaries' homes overnight for 8 hours per night during off-peak hours for power rates, all beneficiaries would be living in Toronto Community Housing so their electricity would be paid for) $1 CAD per day for ~30 000 days is about $30 000 per beneficiary family which is enough to subsidize their gifted child's education by about 50%. What a horrifically shitty idea, I know.

And for the absolute final time, and blown up for everybody who wants me to build a model based on mine-and-trade.

MY FUNDERS WILL NOT BACK A PROJECT THAT EXPECTS POOR FAMILIES TO TRADE CRYPTOCURRENCIES. IT WAS LIKE PULLING TEETH TO CONVINCE THEM THAT BITCOINS AREN'T THE DEVIL'S MONEY AND THAT MODERN PCs ARE NOT DEVIL BOXES. *****IF YOU WANT TO WRITE SOFTWARE THAT WILL MINE WHATEVER IS MOST VALUABLE IN A GIVEN MOMENT AND PAYS USERS FOR THEIR EFFORT IN BITCOINS, YOU CAN HARDCODE THE PROCEEDS OF CPU MINING TO GO DIRECTLY TO YOUR OWN WALLETS*****. IF THIS IS NOT A PROJECT THAT SOUNDS INTERESTING TO YOU THEN PLEASE STOP REPLYING TO THIS THREAD.

Wait..

So in 82 years they will have enough for their education, I can't believe I am actually reading this.

Look you really don't need to lie to us, we get it.  You're a scammer using kids as the bait to pull the heart strings of some funders.  We know those computers will NEVER hit any kind of roi, or pay for any college, they will lose value and the gpus will need upgrading as well mining will continue to produce less and less as time goes on...

So to make this work you need some shady as hell programmer and pay em upfront... maybe $10k will get one on board

They do this

1 Set up private pool that is really just a fake front end to look like auto switching super secret max profit pool
2 Cheap computers that mine benchmarks so it looks like they are doing something and transmit some data to look legit
3 Portion of funding goes to the back-end that auto pays btc to the wallets
4 issue comes up where you need more funding
5 exit scam and you disappear
6 Profit!!!

[64dimensions]

My test machine had been mining for 71 days at 2.1-2.4 mBTC, yielding consistent payouts of over $20 CAD per week.

$20 CAD per week / 7 added up to almost $3 CAD per day. Divide that by 3 (these machines would mine in beneficiaries' homes overnight for 8 hours per night during off-peak hours for power rates, all beneficiaries would be living in Toronto Community Housing so their electricity would be paid for) $1 CAD per day for ~30 000 days is about $30 000 per beneficiary family which is enough to subsidize their gifted child's education by about 50%. What a horrifically shitty idea, I know.

And for the absolute final time, and blown up for everybody who wants me to build a model based on mine-and-trade.

MY FUNDERS WILL NOT BACK A PROJECT THAT EXPECTS POOR FAMILIES TO TRADE CRYPTOCURRENCIES. IT WAS LIKE PULLING TEETH TO CONVINCE THEM THAT BITCOINS AREN'T THE DEVIL'S MONEY AND THAT MODERN PCs ARE NOT DEVIL BOXES. *****IF YOU WANT TO WRITE SOFTWARE THAT WILL MINE WHATEVER IS MOST VALUABLE IN A GIVEN MOMENT AND PAYS USERS FOR THEIR EFFORT IN BITCOINS, YOU CAN HARDCODE THE PROCEEDS OF CPU MINING TO GO DIRECTLY TO YOUR OWN WALLETS*****. IF THIS IS NOT A PROJECT THAT SOUNDS INTERESTING TO YOU THEN PLEASE STOP REPLYING TO THIS THREAD.

Still super lame action:

1) My test machine had been mining for 71 days at 2.1-2.4 mBTC, yielding consistent payouts of over $20 CAD per week. Do you not realize that you have been mining during the best bull alt coin market?

2) $1 CAD per day for ~30 000 days is about $30 000 per beneficiary family which is enough to subsidize their gifted child's education by about 50%. What a horrifically shitty idea, I know. ?? Isn't 30,000 days equal to 82 years?  Frankly, it would be some kind of miracle if you could mine this for a year.

[AQBQVF]

Okay, so I left out some details for those equations to make sense. They'd be getting their quad-1070 machine so it would be ~$4 CAD per day from their own machines, ~$1 per day from my organization's in-house miners, all of which would be matched by my funders. So yes, it would be possible to get $30 000 in 3000 days, not 82 years as some people are suggesting. And yes, my models are based on oversimplifications about the fact that bitcoin has a long term growth rate that beats the crap out of inflation but gets harder to do over time, so basically every equation I've given you is based on an assumption that the value of mining capacity to go up approximately at 2/3 the rate of expected cost inflation. Does anyone here think that's not a conservative assumption to make?

[nonpsyco@gmail.com]

My test machine had been mining for 71 days at 2.1-2.4 mBTC, yielding consistent payouts of over $20 CAD per week.

$20 CAD per week / 7 added up to almost $3 CAD per day. Divide that by 3 (these machines would mine in beneficiaries' homes overnight for 8 hours per night during off-peak hours for power rates, all beneficiaries would be living in Toronto Community Housing so their electricity would be paid for) $1 CAD per day for ~30 000 days is about $30 000 per beneficiary family which is enough to subsidize their gifted child's education by about 50%. What a horrifically shitty idea, I know.

And for the absolute final time, and blown up for everybody who wants me to build a model based on mine-and-trade.

MY FUNDERS WILL NOT BACK A PROJECT THAT EXPECTS POOR FAMILIES TO TRADE CRYPTOCURRENCIES. IT WAS LIKE PULLING TEETH TO CONVINCE THEM THAT BITCOINS AREN'T THE DEVIL'S MONEY AND THAT MODERN PCs ARE NOT DEVIL BOXES. *****IF YOU WANT TO WRITE SOFTWARE THAT WILL MINE WHATEVER IS MOST VALUABLE IN A GIVEN MOMENT AND PAYS USERS FOR THEIR EFFORT IN BITCOINS, YOU CAN HARDCODE THE PROCEEDS OF CPU MINING TO GO DIRECTLY TO YOUR OWN WALLETS*****. IF THIS IS NOT A PROJECT THAT SOUNDS INTERESTING TO YOU THEN PLEASE STOP REPLYING TO THIS THREAD.

all i have to say is good luck on mining for that long and good luck to your funders. Stay on nicehash!!!, dont go looking into other pools.

Okay, so I left out some details for those equations to make sense. They'd be getting their quad-1070 machine so it would be ~$4 CAD per day from their own machines, ~$1 per day from my organization's in-house miners, all of which would be matched by my funders. So yes, it would be possible to get $30 000 in 3000 days, not 82 years as some people are suggesting. And yes, my models are based on oversimplifications about the fact that bitcoin has a long term growth rate that beats the crap out of inflation but gets harder to do over time, so basically every equation I've given you is based on an assumption that the value of mining capacity to go up approximately at 2/3 the rate of expected cost inflation. Does anyone here think that's not a conservative assumption to make?

Edit: You should really request a longer warranty from your GPU manufacturer. just a heads up if you are looking to mine that LONG

[AQBQVF]

My model builds in the attrition rate of 80% of the warranties of the specced out parts, but it assumes a revenue rate that was equal to what I've written above. If it's half that, this whole thing blows up.

[newmz]

If you want an alternative to nicehash and you want something that pays in bitcoin for Nvidia mining, you could try NemosMiner:

https://bitcointalk.org/index.php?topic=1777336.0

It's basically a way to use zpool.ca (which I must point out has a bit of a bad preutation around fees) with Nvidia cards, which takes all the algos on zpool that an Nvidia card is good at, benchmarks your rig, then checks these algos for profitability every 10 minutes (I think) and switches miner/algo accordingly. All you have to do is download it, edit the start.bat file to change to your bitcoin wallet, then wait for it to download miners and do all the benchmarking. Then it just does the mine whatever algo based on current profitability thing and pays you out in bitcoin.

I believe he also has one that runs on MiningPoolHub too.

I can't make any promises about how much you can/will make for all the reasons everyone else has been trying to explain to you - but it does seem to favour Nvidia specific hardware more than nicehash does.  I also can't tell you how well it works because I've only been using it myself for about 16 hours. I thought I'd try it for maybe 48 hours and see how well it does compared to just mining ETH using nvOC which is what I was doing with that particular rig.

I suggest that if you want more information have a look at the thread and/or PM @minerx117 who is the OP for that thread. Not sure why he isn't called "Nemo" but who knows....

best of luck.

[adaseb]

If you want some real world facts...

Back in Nov-Dec 2013, a R9 280X made about $10/day.
Jan-Feb 2014, a R9 280X made about $7.50/day
March-April 2014, a R9 280X made about $5.00/day
May-June 2014, about $2/day
July-Sept, < less than $1/day
Nov-Dec 2014, around $0.25/day


I know because I lived thru it. You are not going to be able to make $1/day with a 1070 for 3000 days.

We are all giving you good advice but you think we are lying. The last 70-80 days you were mining, were probably the most profitable times to mine, ever. Even more profitable than Nov 2013.

[sirslayer]

yes, we were in the golden days of mining..  the gold rush is over..  will there be a third time a charm?

[nonpsyco@gmail.com]

My model builds in the attrition rate of 80% of the warranties of the specced out parts, but it assumes a revenue rate that was equal to what I've written above. If it's half that, this whole thing blows up.

Well then, good luck on your RMA if any of your cards get fried or fails unexpectedly. .just remember to keep the temps cool and keep them mining for how ever long you will be able to mine.

p.s: guys, just wish this guy luck, he clearly does not need our advice as he has clearly gotten it all figured out.it would be better if you guys contribute your advice to the people who deserve it rather then wasting it here. This guy clearly is not listening to any of the advice you people are giving him.

[AQBQVF]

It's not that I'm not listening, it's that my funders have already rejected the options you were giving me AND I'VE BEEN TELLING TOU GUYS THAT OVER AND OVER AND OVER AND OVER AND OVER AND OVER AGAIN but no one is listening to me. The only path forward they've given me is "an app that is as user-friendly as NiceHash but without the commercial license limitation."

My first proposal for this project was built around mining Zcash and converting it to bitcoins to CAD on behalf of beneficiaries, but they rejected on the grounds that: (1) MY organization can not touch the value mined in beneficiaries' homes, and (2) training beneficiaries' parents and guardians in cryptocurrency trading is completely off the table. This is why every "solution" that says "then all you have to do is edit a .bat file" or "all you have to do is exchange it for bitcoin" I've been ignoring because I've already bashed my head against that brick wall with my funders several times already. I know. It sounds crazy and stupid and pointless but it's not my money so it's not up to me and I feel like everyone in this thread is just shooting the messenger.
Everyone here would rather tell me how crazy and stupid my funders are being and not one of you wants to leverage the power of potentially thousands of core i5's to mine from without having to worry about electricity costs. I don't know how no one on here doesn't see this as a sweetheart deal but we've all already acknowledged that if you represent charitable organization with conservative governance and ethics rules that you're an idiot who doesn't deserve anyone's help or the chance to help anyone else. Mods, please lock, delete, and kill this thread with fire… assuming all the previous flaming has left more than ashes.

[Cereberus]

The maximum the GTX 1070 can do nowadays is by mining LBRY. You can choose that selection via the Nicehash device/algorithms options and tick only LBRY. With a bit of overclocking you can do up to 1.35 mBTC or just a bit more.

Here are my data regarding the best overclock with MSI Afterburner for a GIGABYTE G1 GAMING GTX 1070

Core clock +65
Memory clock +750
Power limit 75
Fan 70%

Mining LBRY at 0.279 GHS.

[nonpsyco@gmail.com]

It's not that I'm not listening, it's that my funders have already rejected the options you were giving me AND I'VE BEEN TELLING TOU GUYS THAT OVER AND OVER AND OVER AND OVER AND OVER AND OVER AGAIN but no one is listening to me. The only path forward they've given me is "an app that is as user-friendly as NiceHash but without the commercial license limitation."

My first proposal for this project was built around mining Zcash and converting it to bitcoins to CAD on behalf of beneficiaries, but they rejected on the grounds that: (1) MY organization can not touch the value mined in beneficiaries' homes, and (2) training beneficiaries' parents and guardians in cryptocurrency trading is completely off the table. This is why every "solution" that says "then all you have to do is edit a .bat file" or "all you have to do is exchange it for bitcoin" I've been ignoring because I've already bashed my head against that brick wall with my funders several times already. I know. It sounds crazy and stupid and pointless but it's not my money so it's not up to me and I feel like everyone in this thread is just shooting the messenger.
Everyone here would rather tell me how crazy and stupid my funders are being and not one of you wants to leverage the power of potentially thousands of core i5's to mine from without having to worry about electricity costs. I don't know how no one on here doesn't see this as a sweetheart deal but we've all already acknowledged that if you represent charitable organization with conservative governance and ethics rules that you're an idiot who doesn't deserve anyone's help or the chance to help anyone else. Mods, please lock, delete, and kill this thread with fire… assuming all the previous flaming has left more than ashes.

i dont care about your proprosal and suggest that you be more realistic about your incomes. as some people have said, there are a lot of variables when it comes to mining. income can vary heavily depending on these variables. if you stick to the 3000 day plan, your warranty will be way passed their coverage. if you are able to mine for 3000 days straight, then that will create outstanding returns. but all that is if you are able to mine 3000 days straight on those cards . by reading you proposal, i already know this is not something i would like to invest in, even if i was funding it for fun. get real about your incomes before going into mining.

[modzer0]

It's not that I'm not listening, it's that my funders have already rejected the options you were giving me AND I'VE BEEN TELLING TOU GUYS THAT OVER AND OVER AND OVER AND OVER AND OVER AND OVER AGAIN but no one is listening to me. The only path forward they've given me is "an app that is as user-friendly as NiceHash but without the commercial license limitation."

My first proposal for this project was built around mining Zcash and converting it to bitcoins to CAD on behalf of beneficiaries, but they rejected on the grounds that: (1) MY organization can not touch the value mined in beneficiaries' homes, and (2) training beneficiaries' parents and guardians in cryptocurrency trading is completely off the table. This is why every "solution" that says "then all you have to do is edit a .bat file" or "all you have to do is exchange it for bitcoin" I've been ignoring because I've already bashed my head against that brick wall with my funders several times already. I know. It sounds crazy and stupid and pointless but it's not my money so it's not up to me and I feel like everyone in this thread is just shooting the messenger.
Everyone here would rather tell me how crazy and stupid my funders are being and not one of you wants to leverage the power of potentially thousands of core i5's to mine from without having to worry about electricity costs. I don't know how no one on here doesn't see this as a sweetheart deal but we've all already acknowledged that if you represent charitable organization with conservative governance and ethics rules that you're an idiot who doesn't deserve anyone's help or the chance to help anyone else. Mods, please lock, delete, and kill this thread with fire… assuming all the previous flaming has left more than ashes.

Hi,

I can see that you're frustrated here, so I would recommend you take a deep breath, walk away from this thread for a little bit and come back with a clear head. While some of the responses you've received maybe could have been said with a little more tact, you have no control over whether or not other people post in your thread or what they say. I mean nothing malicious by saying that, it's just a fact. You do have control over how you take in what they say. I would suggest you try to see past anything you find offensive or aggressive, because there is still useful information in there, whether you agree with how it was communicated or not. Going off on rants telling people not to post isn't productive to your goals either, and that behaviour is something you do have control over.

With that said, I'll say again what people have been trying to communicate... your financial model just isn't currently feasible, and even if it was, it wouldn't be sustainable. Even if current prices did allow you to make your 2 mBTC per day, there's no way to guarantee it would continue to do so for the timeframe you need. Even if some amazing programmer was able to give you a 2 mBTC/day solution, there's still no way to guarantee it would last for any amount of time. This isn't about the software, it's about how all this works in general. There are no guarantees.

Assuming you are legit, your cause is admirable. But a good long-term business plan with backers and investors, non-profit or for-profit, is going to need some reasonable amount of guarantee. The only guarantee with crypto currencies is that there are no guarantees. You need to understand this one thing, if nothing else.

The last thing I'll point out is that you keep mentioning you're against trading to Bitcoin. It's already been mentioned that there are several pools that can pay in Bitcoin. I use miningpoolhub myself, which will auto-trade to Bitcoin for you, before it ever hits your wallet. So nobody has to do any trading, and the conversion to Bitcoin is all done for you automatically and your profits come to you as Bitcoin. Miningpoolhub can also do multi-algo mining so that you're always mining the most profitable coin.

I know this stuff has been said already, but I thought I'd throw in my 2 satoshis worth, in hopes that it might help you.

[adaseb]

It's not that I'm not listening, it's that my funders have already rejected the options you were giving me AND I'VE BEEN TELLING TOU GUYS THAT OVER AND OVER AND OVER AND OVER AND OVER AND OVER AGAIN but no one is listening to me. The only path forward they've given me is "an app that is as user-friendly as NiceHash but without the commercial license limitation."

My first proposal for this project was built around mining Zcash and converting it to bitcoins to CAD on behalf of beneficiaries, but they rejected on the grounds that: (1) MY organization can not touch the value mined in beneficiaries' homes, and (2) training beneficiaries' parents and guardians in cryptocurrency trading is completely off the table. This is why every "solution" that says "then all you have to do is edit a .bat file" or "all you have to do is exchange it for bitcoin" I've been ignoring because I've already bashed my head against that brick wall with my funders several times already. I know. It sounds crazy and stupid and pointless but it's not my money so it's not up to me and I feel like everyone in this thread is just shooting the messenger.
Everyone here would rather tell me how crazy and stupid my funders are being and not one of you wants to leverage the power of potentially thousands of core i5's to mine from without having to worry about electricity costs. I don't know how no one on here doesn't see this as a sweetheart deal but we've all already acknowledged that if you represent charitable organization with conservative governance and ethics rules that you're an idiot who doesn't deserve anyone's help or the chance to help anyone else. Mods, please lock, delete, and kill this thread with fire… assuming all the previous flaming has left more than ashes.

You do realize you can mine to a ZEC address and each home would have a different worker. And then you would sell the crypto yourself at the end of the week and send them CAD.

However this won't work long term. You do realize that GPUs crash? You do realize that sometimes you need to perform a software update? If you want something that you can set and go, get an Antminer R4. Those you never have to touch and they run forever.

[fanatic26]

Lets summarize this:

1. OP floats idea that will cause him financial ruin.

2. People warn him of this.

3. He screams like a child and starts throwing out insults to everyone and anyone. (Sounds like the kind of person I want working with my gifted child for sure)

4. People point out all the different ways in which his idea is no good.

5. Ignores all answers, throws out even crazier numbers, gets laughed at more.

6. People still try to patiently explain how wrong he is about these ideas, attempting to save him from a huge mistake.

I think that about covers it.


P.S. If people are too lazy to learn about a method of funding that could change their child/families life and expect you to magically make it happen for them....do they really deserve the help?

[puwaha]

It's not that I'm not listening, it's that my funders have already rejected the options you were giving me AND I'VE BEEN TELLING TOU GUYS THAT OVER AND OVER AND OVER AND OVER AND OVER AND OVER AGAIN but no one is listening to me. The only path forward they've given me is "an app that is as user-friendly as NiceHash but without the commercial license limitation."

I don't understand this restriction around the commercial license.  Why is this a hang up?  Plenty of non-profits use commercial software with much more restrictive EULAs.  Do any of them use Apple products?  How about Microsoft?  Did any of them read the terms for Facebook, or Youtube?

But once again.  Why can't you mine using Nicehash, convert from BTC to fiat, and just donate the proceeds?  You've stated that they don't want want the benefactors trading cryptocurrencies, but you are expecting them to cash out $30,000 of bitcoin one day down the line?  BTC may be more accepted and used by that time, but it will still be confusing to most people.  And what about the tax implications of exchanging that much BTC to fiat?  How will the charity or the benefactor prove that this is a legitimate donation?