mining: which cryptos to mine with which gadget and calculate

[dariesi]

Hi,

im very new to cryptocurrencies... i think i understand  more or less how they work and im interessted in owning some and collect more knowledge.
it seems that mining is only a good idea if you have efficient hardware and cheap power. so it will be hard to try some things without burning money, or is there an easy way without purchasing extra hardware when having a low performance notebook?

thats why i am looking for a way to get some cryptocurrencies and "play" with them and i found a possibility to buy a "Antminer D3" at a mining farm for EUR 3.300
The guy who is offering that machine wrote that it is able to mine 17 GH/s at a power consumption of 1000W, and 1KWh will cost 13 Euro cent, in addition 50 Euro for the place per month. He also gave me a link to a calculator (cryptocompare) for Ethereum (ETH).

So, does that mean that only Ethereum can be mined with the Antminer D3? Or can it be configured anyhow else to mine other crytocurrencies? Can it be split to earn for example 4 different cryptocurriencies simultanously?
I am not sure if this calculation is correct:
Power: 1 kWh * 24 hours * 365 days * 0,13 cent/kWh = 1.138,80 Euro/year
ETH 17 GH/s mines
If i fill in these data into the calculator it tells me that it would create a profit of 285k USD per year. Whats my mistake? 

Thanks for any help!
dariesi

[1715573263]

1715573263

[AdolfinWolf]

Hi,

im very new to cryptocurrencies... i think i understand  more or less how they work and im interessted in owning some and collect more knowledge.
it seems that mining is only a good idea if you have efficient hardware and cheap power. so it will be hard to try some things without burning money, or is there an easy way without purchasing extra hardware when having a low performance notebook?

thats why i am looking for a way to get some cryptocurrencies and "play" with them and i found a possibility to buy a "Antminer D3" at a mining farm for EUR 3.300
The guy who is offering that machine wrote that it is able to mine 17 GH/s at a power consumption of 1000W, and 1KWh will cost 13 Euro cent, in addition 50 Euro for the place per month. He also gave me a link to a calculator (cryptocompare) for Ethereum (ETH).

So, does that mean that only Ethereum can be mined with the Antminer D3? Or can it be configured anyhow else to mine other crytocurrencies? Can it be split to earn for example 4 different cryptocurriencies simultanously?
I am not sure if this calculation is correct:
Power: 1 kWh * 24 hours * 365 days * 0,13 cent/kWh = 1.138,80 Euro/year
ETH 17 GH/s mines
If i fill in these data into the calculator it tells me that it would create a profit of 285k USD per year. Whats my mistake?  

Thanks for any help!
dariesi

If you're willing to split your power(k) between those 4 crypto's, i guess it could theoretically be possible, but it really isn't something you want to do.

About the Antminer X11:

it can only mine X11 coins, of which there are not too many around these days. The number of profitable X11 coins in high demand is effectively limited to Dash right now, although that situation may change over time.

http://cryptomining-blog.com/8913-new-bitmain-antminer-d3-asic-offering-15-ghs-x11-hashrate/

Which means it can only mine DASH, if you're looking for popular altcoins.

This is what you'd get yearly, https://www.cryptocompare.com/mining/calculator/dash?HashingPower=15&HashingUnit=GH%2Fs&PowerConsumption=1200&CostPerkWh=0.12



That still seems pretty high to me, so i'm wondering if that actually is right...

[GMule]

Hi,

im very new to cryptocurrencies... and i found a possibility to buy a "Antminer D3" at a mining farm for EUR 3.300

That still seems pretty high to me, so i'm wondering if that actually is right...

Are you taking into account the cost of the Miner in the calculations?  It sounds like it would take a couple of years to make a profit (or maybe I am reading things wrong as well)?

[Bitfort]

Hi,

im very new to cryptocurrencies... and i found a possibility to buy a "Antminer D3" at a mining farm for EUR 3.300

That still seems pretty high to me, so i'm wondering if that actually is right...

Are you taking into account the cost of the Miner in the calculations?  It sounds like it would take a couple of years to make a profit (or maybe I am reading things wrong as well)?

Yea, thats how it is. What did you expect? ROI in 2 months? 
The only way you can make profit earlier is when the coin you mine skyrockets (proven this happened with LTC or BTC.... but not sure if that happen again with other coins) or when you are able to sell the miner later for higher price.

[dariesi]

ok, the Antminer D3 mines about 2,5 Dash per month worth about 700 USD (current price 285 USD) - lets calculate with 550 EUR
monthly mining place rent will be 50 EUR
monthly power costs will be around 100 EUR
that means that each month the net profit will be about 400 EUR if the price per Dash remains stable

the Antminer D3 will cost 3.300 EUR
divided through 400 EUR monthly profit
tells me that in approximately 8 month the invest should have returned...
correct?
and no - i did not expect an ROI in 2 month 
also the 8 months seem (to?) short for me...

do i have to calculate other costs? for example for a mining pool, exchange to other cryptocurrencies, exchange to fiat money, other fees....?

can you recommend something/a provider that fits all my requirements (mining pool for dash and the possibility to exchange to other currencies (automatic))
including a wallet?

[Bitfort]

ok, the Antminer D3 mines about 2,5 Dash per month worth about 700 USD (current price 285 USD) - lets calculate with 550 EUR
monthly mining place rent will be 50 EUR
monthly power costs will be around 100 EUR
that means that each month the net profit will be about 400 EUR if the price per Dash remains stable

the Antminer D3 will cost 3.300 EUR
divided through 400 EUR monthly profit
tells me that in approximately 8 month the invest should have returned...
correct?
and no - i did not expect an ROI in 2 month  
also the 8 months seem (to?) short for me...

do i have to calculate other costs? for example for a mining pool, exchange to other cryptocurrencies, exchange to fiat money, other fees....?

can you recommend something/a provider that fits all my requirements (mining pool for dash and the possibility to exchange to other currencies (automatic))
including a wallet?

Ok, sorry for being offensive. I was expecting you are just another naive newbie miner (there is lot of them) but now I see you mean it seriously (making calculations). Good for you.

8 months sounds to me realistic. I would guess a little more (10 - 12 ??) but you never know.

Another things to consider:
- mining pools charge fees. 1-2% normal pools,  3-4% advanced pools ( those which automatic exchange mined coins to others e.g. BTC)
- number of miners "on the way". There is huge amount of miners ordered. After these join the network the profitability most likely drops a lot (lurk around this topic - you'll see people are complaining everytime when new batch comes online).
- Antminers are famous for their unreliability. You will be lucky if you get miner which can mine for months without issues (usually just one of the three hashing boards fails, so you will mine with 30% reduced power during the repair )

As of where to mine. You can try e.g.  granatgas pool, prohashing or nicehash (all these will exchange mined coins to others, but not to fiat)

BTW Where did you get price 3300 EUR? As far as I know bitmain was selling the last batch around 1500 USDs ( 3300 EUR seems to me well overpriced ).

[dariesi]

no problem, thanks a lot for your input!

very interessting that antminers are famous for their unreliability... can you recommend  others?
i got the offer for the antminer D3 from a guy who is running the mining farm. he told me that its difficult to get a miner because of high demand, but he can offer this single one to me for 3.300 starting end of november

the topic that more miners are leading to a decreasing profability is ok for me as i expect some cryptocurrencies to  increase furhter in their price for years. thats why i want to mine and diversify to some currencies. i also want to get some for my son because of this meaning. but its hard for me to find a good option to do that.

the last point which is very unclear for me is how to get fiat money for cryptocurrencies, especially anonym?

[Bitfort]

no problem, thanks a lot for your input!

very interessting that antminers are famous for their unreliability... can you recommend  others?
i got the offer for the antminer D3 from a guy who is running the mining farm. he told me that its difficult to get a miner because of high demand, but he can offer this single one to me for 3.300 starting end of november

the topic that more miners are leading to a decreasing profability is ok for me as i expect some cryptocurrencies to  increase furhter in their price for years. thats why i want to mine and diversify to some currencies. i also want to get some for my son because of this meaning. but its hard for me to find a good option to do that.

the last point which is very unclear for me is how to get fiat money for cryptocurrencies, especially anonym?

True. Demand for miners is very high (but that does not mean you should be paying such excesive ammount (who knows, maybe bitmine comes up with new batch in few days, weeks ....  I kinda doubt that as bitmain already released too much of them IMO ).
Just don't let desperateness (to become a miner) to overhelm common sense. But it's definitely your decision.

As of the reliability I might exaggerate it but have seen lot of complains about faulty miners (do some investigation in this are as well). I have only few S9 and never had issues (hope it will stay).
EDIT:  There is not much of choice. I personally not believe much in success of X11 coins, I believe in ETH (GPU mining), LTC, and of course BTC. (my opinion... take it with giant grain of salt)
Bitmain competitors are ibelink, innosilicon, baikalminer (in altcoins) and canaan, ebit (in BTC area).    
You might want to consider purchasing GPU rig instead (it's more versatile). But these are shortage as well so not easy to get some at reasonable price.


If you want to stay anonym then you should avoid exchanges (all exchangers dealing with fiat has to comply with AML/KYC).
Other options are localbitcoins (find trader nerby and schedule personal meeting) or search around maketplace section.