1. #1
    HurryUpAndDrink
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    Cryptocurrency Mining

    I have been doing lots of reading and studying.

    Questions to those familiar with mining please.

    a. Is it worthwhile to start small doing pool mining at one of the pool sites?
    b. which poolsite do you recommend? looking for user friendliness mostly (played a bit yesterday with slushpool, btcpool, kanopool and F2pool... tried antpool and the confirmation email never arrived).
    c. is there any crypto forum/site you can recommend? a reddit thread? a youtubechannel? im using reddit lots atm
    d. id love to know what setup is recommended for a newbie that has not much budget.

  2. #2
    ans61201
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    Same question asked in a different way, probably going to end up with the same answers

  3. #3
    HurryUpAndDrink
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  4. #4
    CWD
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    bitcoin mining been a waste of time for several years

    google china bitcoin mine and look at pics , ill try post one in a min

    Not sure about the other coins

  5. #5
    CWD
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    im guessing the pools are a waste of time for 1000000 reasons and here is your competition, one of many



  6. #6
    HurryUpAndDrink
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    Quote Originally Posted by CWD View Post
    bitcoin mining been a waste of time for several years

    google china bitcoin mine and look at pics , ill try post one in a min

    Not sure about the other coins
    I hear ya! Thats why I liked F2pool because you can mine 5+ alts besides btc... and yeah ive seen those crazy hardwares in China


  7. #7
    CWD
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    i never looked into pools and i would never trust them

    maybe if you can get in super super cheap take a shot but im guessing its rigged

  8. #8
    mngambler
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    from what I've read the "small frys" basically make little to nothing after expenses

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    HurryUpAndDrink
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    Quote Originally Posted by CWD View Post
    i never looked into pools and i would never trust them

    maybe if you can get in super super cheap take a shot but im guessing its rigged
    I have a close friend that says he uses slushpool.com to mine BTC here in Costa Rica... he has 3 miners at 220V that mine 0.00380214BTC a day... which is roughly $31.42 a day, which is $942.60 a month minus electrical power ($40-$60)... 1k a month is totally worthwhile for me living in Costa Rica and all.


  10. #10
    The Kraken
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    Do you know what his initial investment was to get up and running?

  11. #11
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  12. #12
    HurryUpAndDrink
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    Quote Originally Posted by The Kraken View Post
    Do you know what his initial investment was to get up and running?
    He says setting up his place with high quality electric wiring to prevent accidents costed around $700... and then just a matter of buying the miners and paying the high tax delivery to Costa Rica... so maybe $2-$4k per miner... starting with two to make it worthwhile... $5k-$8k so start running properly

  13. #13
    eidolon
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    Quote Originally Posted by HurryUpAndDrink View Post
    I have a close friend that says he uses slushpool.com to mine BTC here in Costa Rica... he has 3 miners at 220V that mine 0.00380214BTC a day... which is roughly $31.42 a day, which is $942.60 a month minus electrical power ($40-$60)... 1k a month is totally worthwhile for me living in Costa Rica and all.

    But it cost $10k for a rig, and I've heard the sales for the rigs are backed up.
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  14. #14
    HurryUpAndDrink
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    Quote Originally Posted by eidolon View Post
    But it cost $10k for a rig, and I've heard the sales for the rigs are backed up.
    You can buy used... and 10k no way...

    most expensive per rig id heard is 4k... guy setup 4 for 16k... little search on ebay I found good quality rigs for 2k-3k

  15. #15
    mngambler
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    Quote Originally Posted by HurryUpAndDrink View Post
    You can buy used... and 10k no way...

    most expensive per rig id heard is 4k... guy setup 4 for 16k... little search on ebay I found good quality rigs for 2k-3k
    so you seem to have all the answers why the f*ck did you create this thread? like you said go buy 2 rigs and make an easy 1k a month like you stated and report back in 6 months and let us know how it's going

  16. #16
    The Kraken
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    That seems about right. It generally takes about 200 days for a full ROI. It used to be 30 days.

    My bro and I looked into it and decided against it, figured our money was better spent investing in btc vs mining. But neither of us had the skills to troubleshoot the rig if things weren’t running efficiently so we decided against it.

    Good luck if you go through with it, let us know

  17. #17
    HurryUpAndDrink
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    Quote Originally Posted by The Kraken View Post
    That seems about right. It generally takes about 200 days for a full ROI. It used to be 30 days.

    My bro and I looked into it and decided against it, figured our money was better spent investing in btc vs mining. But neither of us had the skills to troubleshoot the rig if things weren’t running efficiently so we decided against it.

    Good luck if you go through with it, let us know
    Thanks man!


  18. #18
    HurryUpAndDrink
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    Quote Originally Posted by eidolon View Post

    But it cost $10k for a rig, and I've heard the sales for the rigs are backed up.
    Eidolon, yeah it depends, you can get some immediately depending on the model, obv the higher the price the higher the performance... My friend showed me a link to the top rig out there for ETH... is worth 17k. I aint doing that... no way... I'm buying used or new for less than 4k.


    Quote Originally Posted by mngambler View Post

    so you seem to have all the answers why the f*ck did you create this thread? like you said go buy 2 rigs and make an easy 1k a month like you stated and report back in 6 months and let us know how it's going
    Man why so angry? Nobody has answered the questions I asked on the OP so far... this things I know are things you can read anywhere with a little research, I'm more interested in someone with the experience or at least who made a lot of digging themselves!

    But Im open to any advice.

  19. #19
    mikejamm
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    Quote Originally Posted by HurryUpAndDrink View Post
    I have a close friend that says he uses slushpool.com to mine BTC here in Costa Rica... he has 3 miners at 220V that mine 0.00380214BTC a day... which is roughly $31.42 a day, which is $942.60 a month minus electrical power ($40-$60)... 1k a month is totally worthwhile for me living in Costa Rica and all.
    You're out of your fuk'in mind if you think the electrical cost will average $40 to $60 a month! The electricity required to run these mining rigs alone, eats up any chance of a decent profit, unless, like the Chinese, you have a shit ton of them. Plus like Kraken said, you better know your shit on how to troubleshoot these machines. They run extremely hot and if not set up properly, you're in for a big fuk'in meltdown. And yeah, buying old, worn out, damaged or fried used gear, equates to flushing money down the toilet.

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  20. #20
    Optional
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    Quote Originally Posted by HurryUpAndDrink View Post
    He says setting up his place with high quality electric wiring to prevent accidents costed around $700... and then just a matter of buying the miners and paying the high tax delivery to Costa Rica... so maybe $2-$4k per miner... starting with two to make it worthwhile... $5k-$8k so start running properly
    From the prices of electricity there you posted the other day, I'd guess a mining rig RUNNING HARD all day, as they have to, will use over $10/day in electricity. Maybe up to double that depending on the efficicency of the equipment you choose.

    Here is Australia a friend setup one rig with 3 GPUs without thinking about the electricity, and when he received his next quarterly bill found it had cost him around $3000 more than normal for the period during which he had earned about $2000 from the mining.

    Your prices appear to be about half ours down here. So I'd guess each rig will cost around $500/mth in electricity there.

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  21. #21
    mrpapageorgio
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    How many kWh does one rig use in a month? Electricity costs about 6.5 cents/kWh where I live so just curious.
    Last edited by mrpapageorgio; 02-11-18 at 09:16 PM.

  22. #22
    TPowell
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    As an IT pro, I looked into this but just not worth the headaches for less than a few hundred a month. If you have access to some old equipment like server grade CPU's or somehow powerful GPU's, then you can make some money doing it but you aren't going to get rich off it unless BTC or the alt you are mining (XMR) explode like crazy or you literally have this equipment by the warehouse load
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  23. #23
    gauchojake
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    In CR I am pretty sure you just hang an extension cord off the pole and voila free electricity

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    Fire in da hole
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    Quote Originally Posted by gauchojake View Post
    In CR I am pretty sure you just hang an extension cord off the pole and voila free electricity
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  25. #25
    HurryUpAndDrink
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    Quote Originally Posted by gauchojake View Post
    In CR I am pretty sure you just hang an extension cord off the pole and voila free electricity

  26. #26
    HurryUpAndDrink
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    Quote Originally Posted by TPowell View Post
    As an IT pro, I looked into this but just not worth the headaches for less than a few hundred a month. If you have access to some old equipment like server grade CPU's or somehow powerful GPU's, then you can make some money doing it but you aren't going to get rich off it unless BTC or the alt you are mining (XMR) explode like crazy or you literally have this equipment by the warehouse load
    Its tons of work... equipment is noisy as fukk, also the shit needs tons of cooling/ventilation (my friend showed me his setup, he has those rigs freaking tubed up to the ceiling for ventilation.... this is fukkin insane...

    I remember seeing other setups with much less work put into them so at this point, while not 100% discouraged I cant put in these fukkers in my current apartment the way it is... need a whole electric rewiring to run 220V all day... and not lose my house to a fire when I go out to MMA classes LMAO.

    This week is gonna be crucial for me... tons of researching, budget making... I can handle a 2k-4k investment eventually BUT I do need that ROI in 6-8 months!

  27. #27
    HurryUpAndDrink
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    Quote Originally Posted by mrpapageorgio View Post
    How many kWh does one rig use in a month? Electricity costs about 6.5 cents/kWh where I live so just curious.
    for 6x rx 480 8gb without overclock or undervolt, running windows 10, mining ETH are having a pick of around 1225 watts and an average of 1150 watts approximately, so cut down in half for what I intend to start with... 600watts

    which would cost me $90-$120 a month... if 3 rigs make $940 a month thats a $800 free profit (if you dont need to replace more shit, and can fix all problems by yourself)

  28. #28
    Sam Losco
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    Quote Originally Posted by HurryUpAndDrink View Post
    for 6x rx 480 8gb without overclock or undervolt, running windows 10, mining ETH are having a pick of around 1225 watts and an average of 1150 watts approximately, so cut down in half for what I intend to start with... 600watts

    which would cost me $90-$120 a month... if 3 rigs make $940 a month thats a $800 free profit (if you dont need to replace more shit, and can fix all problems by yourself)
    how about rewiring the electrical? where are you gonna get 220V from?

  29. #29
    HurryUpAndDrink
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    Quote Originally Posted by Sam Losco View Post
    how about rewiring the electrical? where are you gonna get 220V from?
    The cost of rewiring is $700 down here... pain in the ass but must be done... what worries me the most is the noise and the heat. Need to set up a noise cancelling room for that shit if you are gonna have them at your crib...

    My friend is even thinking about cutting the mining to just 12hrs a day when electricity here is $0.05 kwh! rest of the day it fluctuates around $0.18 on avg... peak hours which are 4-5 hrs a day (lunch time, diner time) goes to $0.25 which is freaking expensive...

    My pal is giving me tremendous data just based on seeing his setup live... and else... and he actually he just let me know he spends $400 in electricty which cuts his profits in half and his ROI is 12 months to recover.


    Basically this aint easy, safe or guaranteed. Tons of work and if BTC falls to 6k or 4k you are left with zero yield basically... on the contrary when btc was 16k he was making a killing!

    He has an office for a different venture so he destined a room for said rigs ... I dont have an office, id need to sleep with the fukkin righs 1 door away
    Last edited by HurryUpAndDrink; 02-11-18 at 10:03 PM.

  30. #30
    illiteratepotato
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    i would invest in mining again if i could get power for under 10 cents/kwh. Otherwise i'd just buy coins.

    Do GPU mining if you plan on living with your miners. Theres a few auto-switching pools that will mine the most profitable alt coins and payout in btc, eth, ltc... your choice. You lose a few % in profits for this convenience but the time and hassle you'll save from having to sell the alts on exchanges yourself with the best timing is worth it.

  31. #31
    HurryUpAndDrink
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    Quote Originally Posted by illiteratepotato View Post
    i would invest in mining again if i could get power for under 10 cents/kwh. Otherwise i'd just buy coins.

    Do GPU mining if you plan on living with your miners. Theres a few auto-switching pools that will mine the most profitable alt coins and payout in btc, eth, ltc... your choice. You lose a few % in profits for this convenience but the time and hassle you'll save from having to sell the alts on exchanges yourself with the best timing is worth it.
    Thanks man, we get 8 hrs here of $0.05 kwh... the rest is an average of $0.18 approximately... I'm still crunching numbers... my current place is not big enough for setting up a "mining room" so will have to move.

    Considering renting a 4 bedroom with one associate and live there kill 3 birds with 1 stone.

    Its all in utero anyway... I need to make a precise budget and realistic estimations for ROI with BTC price scale.

  32. #32
    SharpAngles
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    You should build your own rig if you plan on this venture. You will need the experience when things break, which they will. Good luck finding parts for reasonable prices though this cat flew out of the bag years ago. GPUs that are worth $200 are going for 5x that because of the miners. It’s to the point you might consider investing in mining rig companies or just buying BTC to make the same or better profits.

    Dont forget the mining fees are split every couple years with the next one expected 2020 so you’re going to be priced out eventually unless you scale.

    If you do go for it good luck. I looked into mining a few years back but am paying one of the highest rates in the US at .36-.46/kwh depending on time of day! No way I could make money.

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  33. #33
    HurryUpAndDrink
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    Thanks Angles...

    I dont take what you are saying lightly, too many variables and thats why I am doing everything mathematically and not, well, stupidly.

    Numbers, numbers, numbers, once those are done, double done and accepted just a matter of talking with my possible partner and start in this venture.

    At this point is a 50/50 for me. Im not married to the idea. And if I do go for it... Id go all in...

    A decision not to be taken lightly.

  34. #34
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  35. #35
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    Who's BigBear? Sounds important

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