LitCoin or Altcoin mining setup to earn $1000 per day?

[Catchmeifyoucan]

Hello everyone.

Im currently interested in your suggestions to build a mining rig for other currencies aside from bitcoins (Litcoins and Altcoins). I like the idea of mining currencies who are still not widely know so i can be there for when they shoot up. I have enough budget not to worry about cost but i just want ideas of what i can do with hardware and software setup other than the info i see on youtube and other sources.

I want to build something around a 1 or 2 TeraHash for Letcoins, i just need to get the right components for it, or a suggestion as to the best setup for optimized mining.

Id appreciate the help.

Thanks!

[hellscabane]

Hello everyone.

Im currently interested in your suggestions to build a mining rig for other currencies aside from bitcoins (Litcoins and Altcoins). I like the idea of mining currencies who are still not widely know so i can be there for when they shoot up. I have enough budget not to worry about cost but i just want ideas of what i can do with hardware and software setup other than the info i see on youtube and other sources.

I want to build something around a 1 or 2 TeraHash for Letcoins, i just need to get the right components for it, or a suggestion as to the best setup for optimized mining.

Id appreciate the help.

Thanks!

1-2 TH/s huh? You may as well get together your own R/D and develop your own scrypt ASICs.

[hellscabane]

By the way, 1 TH/s would get you about $6-7M in coins a day.

For $1,000 a day, you only need around 150 MH/s you can accomplish this right now with around 30 mining rigs each with 6 R9 280X cards. That would probably set you back around $100k (assuming you can get several bulk discounts).

[Pangia]

Hello everyone.

Im currently interested in your suggestions to build a mining rig for other currencies aside from bitcoins (Litcoins and Altcoins). I like the idea of mining currencies who are still not widely know so i can be there for when they shoot up. I have enough budget not to worry about cost but i just want ideas of what i can do with hardware and software setup other than the info i see on youtube and other sources.

I want to build something around a 1 or 2 TeraHash for Letcoins, i just need to get the right components for it, or a suggestion as to the best setup for optimized mining.

Id appreciate the help.

Thanks!

First, it's Litecoin not Letcoin.

Second, will you have the electrical capacity to achieve 1 to 2 Terahash for a scrypt coin using GPU's since there aren't any ASIC's out there for scrypt coins that are any better than a GPU.

Third, if you're using GPU's to achieve 1 to 2 Terahas you're going to have a heat issue as well.

So maybe you wait until a viable ASIC is available to mine scrypt coins.

But if you're really interested in moving forward NOW, then maybe you can carry out what I've always wanted to, but lacked the space and finances to achieve.

Here's the idea:

Use metal shipping containers --- set them up with the necessary electrical wiring and essential cooling mechanisms. Do it so that you can just up and move the containers when needed; all you have to do is plug them in to your electrical source.  Once you have that one container set up, then just repeat and stack.

There are plenty of sites out there that will give you instructions on how to build an GPU mining rig. The site I used to learn how to make a GPU rig is www.cryptobadger.com  

Good Luck and make it happen.

[Catchmeifyoucan]

By the way, 1 TH/s would get you about $6-7M in coins a day.

For $1,000 a day, you only need around 150 MH/s you can accomplish this right now with around 30 mining rigs each with 6 R9 280X cards. That would probably set you back around $100k (assuming you can get several bulk discounts).

Wow, then maybe its too early to talk about TeraHashes. Ill look into the setup you´re suggesting. What elevates the cost of each mining rig to a total of 100K? The general components of just the R9 280X cards? I wanna get the rig up running asap.

Thanks!

[Baitty]

Electric costs would be the big problem with mining and you might want to look at your rates.

[Catchmeifyoucan]

First, it's Litecoin not Letcoin.

Second, will you have the electrical capacity to achieve 1 to 2 Terahash for a scrypt coin using GPU's since there aren't any ASIC's out there for scrypt coins that are any better than a GPU.

Third, if you're using GPU's to achieve 1 to 2 Terahas you're going to have a heat issue as well.

So maybe you wait until a viable ASIC is available to mine scrypt coins.

But if you're really interested in moving forward NOW, then maybe you can carry out what I've always wanted to, but lacked the space and finances to achieve.

Here's the idea:

Use metal shipping containers --- set them up with the necessary electrical wiring and essential cooling mechanisms. Do it so that you can just up and move the containers when needed; all you have to do is plug them in to your electrical source.  Once you have that one container set up, then just repeat and stack.

There are plenty of sites out there that will give you instructions on how to build an GPU mining rig. The site I used to learn how to make a GPU rig is www.cryptobadger.com  

Good Luck and make it happen.

Sorry about that, google kept correcting me with Litecoin and i didnt pay atention. Your idea sounds very practical. As for the electrical capacity, im planing on basing the righ in Mexico city, they have low eletric rates and an extrodinary hability for selling cheap hardware (Dont ask me where they get it from) and also there are a few set ups that can spare me some free electricity.

I think 1 or 2 terahash is too early not that ive researched but not too far away from now. But ill look into the link you sent and well, we all know that mining is one side of the business and the other is trading your coins at the right time, so i want to build up as many coins as possible for the right time.

Cheers!

[MisO69]

By the way, 1 TH/s would get you about $6-7M in coins a day.

For $1,000 a day, you only need around 150 MH/s you can accomplish this right now with around 30 mining rigs each with 6 R9 280X cards. That would probably set you back around $100k (assuming you can get several bulk discounts).

Wow, then maybe its too early to talk about TeraHashes. Ill look into the setup you´re suggesting. What elevates the cost of each mining rig to a total of 100K? The general components of just the R9 280X cards? I wanna get the rig up running asap.

Thanks!

If you are not technically inclined then I would recommend trading instead of mining.

[Catchmeifyoucan]

By the way, 1 TH/s would get you about $6-7M in coins a day.

For $1,000 a day, you only need around 150 MH/s you can accomplish this right now with around 30 mining rigs each with 6 R9 280X cards. That would probably set you back around $100k (assuming you can get several bulk discounts).

Wow, then maybe its too early to talk about TeraHashes. Ill look into the setup you´re suggesting. What elevates the cost of each mining rig to a total of 100K? The general components of just the R9 280X cards? I wanna get the rig up running asap.

Thanks!

If you are not technically inclined then I would recommend trading instead of mining.

I know what your saying and i guess most of my lack of knowledge in IT proves that but i want to do both at the same time. Theres a lot of more wiser agents than me that can help me with the technical details but ill keep that in mind!

[hellscabane]

Electric costs would be the big problem with mining and you might want to look at your rates.

To be honest, I wouldn't worry about electric costs (~$180 a day).

You need industrial infrastructure (or at least commercial) to support 50KWh. And setting this up and avoiding shorts and possibly worse is no easy task.

[Pangia]

By the way, 1 TH/s would get you about $6-7M in coins a day.

For $1,000 a day, you only need around 150 MH/s you can accomplish this right now with around 30 mining rigs each with 6 R9 280X cards. That would probably set you back around $100k (assuming you can get several bulk discounts).

Wow, then maybe its too early to talk about TeraHashes. Ill look into the setup you´re suggesting. What elevates the cost of each mining rig to a total of 100K? The general components of just the R9 280X cards? I wanna get the rig up running asap.

Thanks!

If you are not technically inclined then I would recommend trading instead of mining.

I will politely disagree. You can learn how to build a rig and set the configs without much technical knowledge. I know because I hadn't a clue about this stuff but after reading a few how-to guides and then reading this blog and others, I successfully set up my first Litecoin rig back in April. Several months later, I've got my own little GPU farm.

[Catchmeifyoucan]

By the way, 1 TH/s would get you about $6-7M in coins a day.

For $1,000 a day, you only need around 150 MH/s you can accomplish this right now with around 30 mining rigs each with 6 R9 280X cards. That would probably set you back around $100k (assuming you can get several bulk discounts).

Wow, then maybe its too early to talk about TeraHashes. Ill look into the setup you´re suggesting. What elevates the cost of each mining rig to a total of 100K? The general components of just the R9 280X cards? I wanna get the rig up running asap.

Thanks!

If you are not technically inclined then I would recommend trading instead of mining.

I will politely disagree. You can learn how to build a rig and set the configs without much technical knowledge. I know because I hadn't a clue about this stuff but after reading a few how-to guides and then reading this blog and others, I successfully set up my first Litecoin rig back in April. Several months later, I've got my own little GPU farm.

Im not way to out of the logic of understanding just how to go about mining any criptocurrency but its more like the build up and tech specks that get me out of balance.

In your opinion, what would be the cost of building 30 mining rigs each with 6 R9 280X cards, just as my above fella mentioned? Im looking fwd to building a powerful mining rig with time, just before ASICs come into play and the coin value (if it does) shoots up.

[Pangia]

By the way, 1 TH/s would get you about $6-7M in coins a day.

For $1,000 a day, you only need around 150 MH/s you can accomplish this right now with around 30 mining rigs each with 6 R9 280X cards. That would probably set you back around $100k (assuming you can get several bulk discounts).

Wow, then maybe its too early to talk about TeraHashes. Ill look into the setup you´re suggesting. What elevates the cost of each mining rig to a total of 100K? The general components of just the R9 280X cards? I wanna get the rig up running asap.

Thanks!

If you are not technically inclined then I would recommend trading instead of mining.

I will politely disagree. You can learn how to build a rig and set the configs without much technical knowledge. I know because I hadn't a clue about this stuff but after reading a few how-to guides and then reading this blog and others, I successfully set up my first Litecoin rig back in April. Several months later, I've got my own little GPU farm.

Im not way to out of the logic of understanding just how to go about mining any criptocurrency but its more like the build up and tech specks that get me out of balance.

In your opinion, what would be the cost of building 30 mining rigs each with 6 R9 280X cards, just as my above fella mentioned? Im looking fwd to building a powerful mining rig with time, just before ASICs come into play and the coin value (if it does) shoots up.

My GPU farm has 30 rigs but they don't have 6 R9 280x. Instead, they only have 3 280x each (MSI 280X cards)  Each card cost me about $380 - Microcenter store (that's the biggest expense per rig).  The price for the other parts are approximate estimates, the CPU $30, Motherboard $120, Memory $50, Power Supply Unit $250 and milk crate (case) $5. So each rig costs approximately $1600. If you add another 3 R9 280x that's another $1140 -- so a rig with 6 R9 280x would be about $2740.

Each one of my rigs gives me from 1800 to 2000 KH/s and pulls about 1000 watts (maybe a little less).

I hope this helps. It can be done, don't believe otherwise.

Good Luck.

Edit:

If you add another 3 280x cards, you'll need a different type of Motherboard than the one recommended by www.cryptobadger.com and it will cost more.  Additionally, you'll need another Power Supply Unit, so you have to add that cost also. So the rig you want will cost more than $2740, maybe more like $3100.

[iampingu]

I haven't mined letcoins in forever ^_^

[Catchmeifyoucan]

My GPU farm has 30 rigs but they don't have 6 R9 280x. Instead, they only have 3 280x each (MSI 280X cards)  Each card cost me about $380 - Microcenter store (that's the biggest expense per rig).  The price for the other parts are approximate estimates, the CPU $30, Motherboard $120, Memory $50, Power Supply Unit $250 and milk crate (case) $5. So each rig costs approximately $1600. If you add another 3 R9 280x that's another $1140 -- so a rig with 6 R9 280x would be about $2740.

Each one of my rigs gives me from 1800 to 2000 KH/s and pulls about 1000 watts (maybe a little less).

I hope this helps. It can be done, don't believe otherwise.

Good Luck.

Edit:

If you add another 3 280x cards, you'll need a different type of Motherboard than the one recommended by www.cryptobadger.com and it will cost more.  Additionally, you'll need another Power Supply Unit, so you have to add that cost also. So the rig you want will cost more than $2740, maybe more like $3100.

Ok so after doing some math (Not sure if my numbers are correct), according to the current difficulty rate of litecoin network, each of your rigs would produce 229.12 LTC / Year. The current value of a litecoin is roughly around 16 dlls pr ltc... so thats $3665 per year. but the cost of each rig is 2740?

Maybe my calculations are wrong but how is that working for you?

I would expect to tripple the earnings compared to the investment.

[Pangia]

My GPU farm has 30 rigs but they don't have 6 R9 280x. Instead, they only have 3 280x each (MSI 280X cards)  Each card cost me about $380 - Microcenter store (that's the biggest expense per rig).  The price for the other parts are approximate estimates, the CPU $30, Motherboard $120, Memory $50, Power Supply Unit $250 and milk crate (case) $5. So each rig costs approximately $1600. If you add another 3 R9 280x that's another $1140 -- so a rig with 6 R9 280x would be about $2740.

Each one of my rigs gives me from 1800 to 2000 KH/s and pulls about 1000 watts (maybe a little less).

I hope this helps. It can be done, don't believe otherwise.

Good Luck.

Edit:

If you add another 3 280x cards, you'll need a different type of Motherboard than the one recommended by www.cryptobadger.com and it will cost more.  Additionally, you'll need another Power Supply Unit, so you have to add that cost also. So the rig you want will cost more than $2740, maybe more like $3100.

Ok so after doing some math (Not sure if my numbers are correct), according to the current difficulty rate of litecoin network, each of your rigs would produce 229.12 LTC / Year. The current value of a litecoin is roughly around 16 dlls pr ltc... so thats $3665 per year. but the cost of each rig is 2740?

Maybe my calculations are wrong but how is that working for you?

I would expect to tripple the earnings compared to the investment.

I'm not mining Litecoins, I use to. The guide from the site I sent you says Litecoin mining rig, but it can be used for any script coin. I'm minig Dogecoin.

Like you, my goal is to acquire a crypto-coin before it gets big. I don't know if Dogecoin will get huge, but from when I started to now, it's gotten bigger. I started mining in December when it first came out.

The calculations you did are correct for Litecoin, but remember, you can actually end up with LESS coins than than if the Difficulty increases.  Back in the summer of 2013 I wanted to build my farm, but got discouraged after reading several blogs. The mining Difficulty was increasing and Litecoin was around $1.50 to $2.  so mining (like in your calculations) wasn't profitable at all. Because of the mining Difficulty level, my electricity was costing more than I was earning in coins (no 3x return ROI). Well I didn't build the farm in time and as you might know, Litecoin went from around $2 to almost $50.  Had I eaten the cost of electricity and just mined and stocked the Litecoins away, I'd have gotten much more than 3x ROI.

So we're facing a similar situation again. If you chose to mine Litecoin, you know that based on your calculations, you might at best break even within a year if you're lucky and the mining Difficulty doesn't increase to put you completely in the negative category in terms of profit beyond the year. So you have to decide if you believe enough in Litecoin or any coin to eat the cost of the hardware and electricity in the hopes that Litecoin or any coin you mine, increases enough in the near future to give you that 3x ROI.

I am currently on the plus side right now with Dogecoin. I'm not 3x ROI, but I'm doing okay.  If Dogecoin goes mainstream and some of the projects that are being worked on takeoff, then my ROI will be much much more than 3x.

Give this Reddit ( /r/dogecoin )site a quick look, they are much more welcoming and share lots of info. BitcoinTalk.org isn't very friendly.
 

[Catchmeifyoucan]

I'm not mining Litecoins, I use to. The guide from the site I sent you says Litecoin mining rig, but it can be used for any script coin. I'm minig Dogecoin.

Like you, my goal is to acquire a crypto-coin before it gets big. I don't know if Dogecoin will get huge, but from when I started to now, it's gotten bigger. I started mining in December when it first came out.

The calculations you did are correct for Litecoin, but remember, you can actually end up with LESS coins than than if the Difficulty increases.  Back in the summer of 2013 I wanted to build my farm, but got discouraged after reading several blogs. The mining Difficulty was increasing and Litecoin was around $1.50 to $2.  so mining (like in your calculations) wasn't profitable at all. Because of the mining Difficulty level, my electricity was costing more than I was earning in coins (no 3x return ROI). Well I didn't build the farm in time and as you might know, Litecoin went from around $2 to almost $50.  Had I eaten the cost of electricity and just mined and stocked the Litecoins away, I'd have gotten much more than 3x ROI.

So we're facing a similar situation again. If you chose to mine Litecoin, you know that based on your calculations, you might at best break even within a year if you're lucky and the mining Difficulty doesn't increase to put you completely in the negative category in terms of profit beyond the year. So you have to decide if you believe enough in Litecoin or any coin to eat the cost of the hardware and electricity in the hopes that Litecoin or any coin you mine, increases enough in the near future to give you that 3x ROI.

I am currently on the plus side right now with Dogecoin. I'm not 3x ROI, but I'm doing okay.  If Dogecoin goes mainstream and some of the projects that are being worked on takeoff, then my ROI will be much much more than 3x.

Give this Reddit ( /r/dogecoin )site a quick look, they are much more welcoming and share lots of info. BitcoinTalk.org isn't very friendly.
 

I figured that was your objective, it is a some what tough decision because the projection is not quite clear at this moment, at least not for any other crypto currencies besides Bitcoin. Actualy my original investment was opted for BITCOIN, given the current coin value and the powerful ASIC miners in the market.

THE PROBLEM IS, its too much of a scam right now out there to get my hands on miners with enough power to build a 24 terahash rig. Like i said, the money is not the problem, theres always a way to finance, but its too damn risky to deal with people who are offering complete scams. Im going to keep an eye open but i made calculations based on the bitcon hashpower of 24 Terahases and the dificulty and if i get my hands on a rig that costs me $300K  ASIC miner optimezed, by the end of the year, working in a pool and that kind of power, lets just say, id have enough to buy any kind of hashpower id like.

It sucks that too many people are currently trying to scam you when talking of serious dope, but i think your on the right track, just keep eyes open for what happens in the market and im sure ull be able to trade your coins at the right time!

Ill look into the info u sent.

[r0ach]

Managing that many GPU rigs is a full time job and not something you can just plug in for free money.  You need someone on call 24/7 to redirect GPU power when pools go down, or are DOS attacked, amongst the other million issues you will encounter like overheating, risers going bad, etc.  Auto switching profit pools will most likely be extinct in the future as well.  We are currently moving away from having a bunch of clone coins that all work with one miner and settings.  This will increase the work load required to keep everything running at top profit margins, and reduce the ability for people to leave things on auto pilot.  A full time IT guy just like what you would need to manage a render farm is needed basically.

This is why there are a lot of people who own huge mining rigs.  I currently own around 7-8 mhash with 8 290s.  The amount of work required to keep everything pointed at the right pools, the most profitable coins, and everything else, is similar to the amount of work I'd have to put in to run 100 of them.  So it makes sense to scale up for higher reward for the same work.  

The only difference is, if you let a hundred or thousand cards go offline while you're sleeping, that's a major profit loss.  Hence the need for someone on call 24/7 just like any other IT project.

I was thinking about moving into some kind of industrial building to create one of these GPU monster rigs like what you're talking about.  I would personally be living in the building to prevent all the problems I was talking about above.  An unstaffed GPU monster rig would just not work well.