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Does anyone know exactly what Crypto GPU mining is? Can you make serious money from it? What sort of equipment and software do you need to get started?
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  • Profile picture of the author hardraysnight
    crypto mining is like life
    you get out of it what you put into it
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    • Profile picture of the author OptedIn
      Originally Posted by hardraysnight View Post

      crypto mining is like life
      you get out of it what you put into it
      And in the end - you die!
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      • Profile picture of the author lanfear63
        Originally Posted by OptedIn View Post

        And in the end - you die!
        Crypto Mining has been around a long time and popularised by Burke & Hare
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        Where ever you go, there you are.

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  • Profile picture of the author Brent Stangel
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    Originally Posted by DURABLEOILCOM View Post

    Does anyone know exactly what Crypto GPU mining is? Can you make serious money from it? What sort of equipment and software do you need to get started?
    Don't you have Google on your Internet?

    Brent
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  • Profile picture of the author DWolfe
    It all depends what you want to mine. Are you going to solo mine or join a pool ? What is your cost of electric in your area. A lot of areas it is not worth mining. . Some projects are better suited for CPU over GPU. If you want to mine Bitcoin you need a ASIC miner or your wasting time.

    With the price of Graphic Cards and the short supplies of the latest Nivida's and other brands you will pay more then list price.

    One final not PC Age or another magazine similar in name had a great article on Crypto Mining back in the Late fall.
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  • Heads Up - Long Post!

    I. Quick & Easy Answers

    a) What is GPU Mining?
    > This is the process of mining coins that are based on an algo designed to be mineable with GPU resources, i.e. Equihash algo like ZCash, Cryptonight like Monero, Scrypt like LiteCoin, etc.

    b) What Hardware Can be Used for GPU-Mineable Coins?
    > A standard computer with NVIDIA or AMD GPUs, which are running on Windows or Mac OSX or Ubuntu among other Linux distros, can be used to mine these coins; and
    > Keep in mind that there are multi-GPU desktop motherboards, as well as multi-socket CPU server boards with multi-PCIe slots where you can place GPUs ...

    c) What Software to Use for GPU-Mineable Coins?
    > There are lots of mining software programs designed for Windows, Mac OSX, Ubuntu and other Linux distros, such as CCMiner, Minerd, XMR-Stak (for both CPU and GPU), XMR-Stak-NVIDIA and so on;
    > Some of these are specifically optimized for GPU-mineable coins, such as CCMiner, XMR--Stak-NVIDIA, XMR-Stak-AMD, etc.; and
    > These are also optimized for certain algos, i.e. XMR-Stak is optimized for CPU and GPU-mining Monero and a few other Cryptonight algo-based coins ...

    II. Checklist

    First, decide on which coins you want to mine - My thinking here is to use the following things to form my decisions:

    a) UTILITY
    > I want coins whose short term objectives and long term goals I'd want to support, i.e. The goals and real world utility targets of (enter certain type of coin here); and
    > I also don't want anything to do with those pump-and-dump coins that are mostly there for day traders and without any real world utility targets in mind ...

    b) MINEABILITY ACCESS & CURRENT / FUTURE COMPETITIVENESS
    > Of course, I want coins that can be mined using relatively straightforward to acquire hardware components based on my currently available resources;
    > I also want coins currently with reasonable mining difficulty levels;
    > Plus, it should be relatively straightforward for me to stay on top of my game along the way through my specialized expertise, technical knowledge and relevant resources in terms of optimizing my mining hardware, software, speculative and business development capabilities;
    > So, I want coins whose future mining difficulty levels could still be reasonable enough to allow me to re-invest some of my earnings to increase my mining capacity over time while I keep on honing my expertise and technical knowledge;
    > I want coins that'd require others to acquire the same specialized expertise, technical knowledge and relevant resources just to keep up with me; and
    > That way, I'd likely be several steps ahead most of them at any point, unless I procrastinate ...

    c> SPECULATIVE VIABILITY
    > I want coins that would most likely increase in value over time as the devs and their partners along with the entire supporter and developer community begin to achieve their common short term objectives and long term goals ...

    Second, learn about the various algos that are more receptive to certain types of hardware resources, then pinpoint the current and possible future mining difficulty levels that each coins in your shortlist would most likely gain over time. Here are just a couple of examples:

    a) EQUIHASH
    > This algo's mineability is designed for casual users and their home / small office hardware resources, i.e. GPU.

    b) SHA-256
    > ASIC (Application Specific Integrated Circuit) machines have already been built for coins based on this algo, most popular of which is BTC;
    > These ASIC miners mostly come with reasonable price tags when you manage to purchase it a few days upon manufacturer batch release, though after that, expect to pay 3x to 5x more;
    > A lot of commercial groups already have farms with hundreds of these ASIC machines, in which most of their operations are based in countries with cheap electricity; and
    > I for one think that mining coins based on this algo will remain highly competitive for a long time, especially because anyone can purchase an ASIC machine and won't have problems setting it up or optimizing it or doing anything highly technical since these are designed as out-of-the-box mining solutions - By "anyone", I'm more worried of commercial groups buying hundreds or thousands of these machines, especially since manufacturers, even new ones, can design much cheaper machines any time soon ...

    Third, use what you learned at this point to pinpoint the coins you want to mine with the hardware resources you can acquire now and in the future (for re-investment purposes); and

    Fourth, create an initial investment development plan, as well as integrate a set of sustainability and scalability or expansion re-investment goals and plans to achieve your targets, of course with contingencies ...

    P.S. As a hobby because I'm a bonafide geek, I decided to build and operate a mining grid network that now produces 80 kilohashes per second for CPU and GPU-mineable coins - Definitely not BTC nor ETH, though I sometimes rent out some of my hash power for 10 hours or so every 2 to 3 days of the month via MiningRigRentals to get paid BTC (only when I need BTC);
    > This is a combination of CPU and GPU mining machines that I assembled and operate at my home and offices, as well as just several dedicated servers with powerful CPU and GPU resources; and
    > At current market prices, I'm netting a mid 4-digit figure payout each month - Not bad for a hobby ...
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    • Profile picture of the author DWolfe
      Originally Posted by Marx Vergel Melencio View Post

      > At current market prices, I'm netting a mid 4-digit figure payout each month - Not bad for a hobby ...
      What are your electrical costs ? What did all the equipment cost ? Since you are overseas the OP would need a kilowatt hour cost.
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      • Q1: What are your electrical costs?
        A: $0.18 per KWH for the rigs that I operate in my home and $0.20 for those at my offices here in the Philippines, $0.11 per KWH for those that I remotely operate at our office in Edinburg TX, and $0.15 per KWH at my office in Anaheim CA; and
        > On the other hand, power cost is inclusive in the monthly prices that I pay for the dedicated servers I rent from reliable providers, which offer them at insanely ridiculous prices ...

        NOTES: A 9-AMD GPU rig at a 24/7 operation consumes around 734.4 KWH per month, which at $0.20 per KWH is $146.88; and
        > A heavily optimized 9-GPU mining rig for the right coin (reason why it's important to carefully select the right GPU-mineable coin to mine, and "optimization" refers to hashing power and cost-efficiency), earns me an average of $650 gross per month at current market prices (which is down by 25 to 30% since first few weeks of January), and this is the main reason why technical expertise is crucial because you should be able to optimize your CPU and / or GPU mining rigs ...

        Q2: What did all the equipment cost?
        A: $2,300 for a 9-AMD GPU rig including everything (7 PCIe & 2 M.2 port motherboard, standard CPU / RAM / SSD, full tower case, risers, M.2 to PCIe adapters, UPS, 1200w PSU, etc.); and
        > Everything comes with a 1-year warranty, except of course the risers and M.2 to PCIe adapters, which aren't expensive at all and can be quickly and easily changed after every 4 to 5-month period anyway. So:
        > At current market prices, that's a 5-month RoI while your equipment remains under warranty for the next 7 months; and

        * Not bad for a scalable and sustainable hobby, of course in the opinion of many bonafide geeks like me.
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        • Profile picture of the author DWolfe
          Originally Posted by Marx Vergel Melencio View Post


          * Not bad for a scalable and sustainable hobby, of course in the opinion of many bonafide geeks like me.
          Thanks for the complete break down of costs and kilowatt hours.
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      • Profile picture of the author OptedIn
        Originally Posted by DWolfe View Post

        What are your electrical costs ? What did all the equipment cost ? Since you are overseas the OP would need a kilowatt hour cost.
        And - how much do you care about the costs to the environment? This is an important consideration which no one ever mentions. The costs are quite profound.

        Thank you.
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        • Q: And - how much do you care about the costs to the environment?
          A: More than hardware manufacturers that collectively produce millions of gadgets in a year, game developers who pitch their products to as many as possible, Youtubers who want millions of views each month, affiliates who run dozens of sites 24/7 in dedicated servers, SAAS providers that run dozens of dedicated servers 24/7, and that's just a few of them in the tech space alone - That doesn't even include the transport industry, the real mining industry, the military and so on. I don't think it's profound at all, by the way. I think almost everybody just needs to transition to alternative energy sources, fast. That's the solution, in my opinion - It's bound to happen, especially when everybody starts to realize that we'll all die when we don't transition to these alternative energy sources like solar, wind and other new ones like converting carbon dioxide to electricity and an organic by-product with many industrial applications. Otherwise, even if you kill an industry, there's bound to be a new one because of consumerism and technology among other things. After all, you can't expect everybody to drop whatever they're doing just because they were told to, for any reason.
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          • Profile picture of the author OptedIn
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  • Profile picture of the author tagiscom
    A pick, shovel and Bible should do the trick!

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    • Profile picture of the author DWolfe
      Originally Posted by tagiscom View Post

      A pick, shovel and Bible should do the trick!

      Yep and a hell of a lot cheaper then a GPU Rig
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      • Profile picture of the author tagiscom
        Originally Posted by DWolfe View Post

        Yep and a hell of a lot cheaper then a GPU Rig
        Although this year a shovel, and bible is all that is needed.

        Bitcoin may still be good for short run investments, but long term, lol, you are back to the shovel and bible.

        Odd's on it will go up in a big way this year, and fall one or more times in a bigger way, so much so, the herd will get spooked enough to do a runner for the cashout.

        But it will be pretty hard to sell Bitcoin at face value to people that have lost their nerve.

        A bit like selling Tulips after 1637.

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        • Profile picture of the author DWolfe
          Originally Posted by tagiscom View Post

          Although this year a shovel, and bible is all that is needed

          With half the crap being dumped into these crypto threads we all ready need the shovel.. Especially those who bet the farm
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          • Profile picture of the author tagiscom
            Originally Posted by DWolfe View Post

            With half the crap being dumped into these crypto threads we all ready need the shovel.. Especially those who bet the farm
            Yep, the Tulip craze, commoners were getting on board buying them and reselling at taverns.

            In the late 1920's same thing, "my bricklayer friend made ..... this year, we have to get into this, and apparently spend all we have, blah, blah".

            And we have now, same talk, same bubble, same ending!

            Maybe we should bet on how many posts will show up here this year, starting with,...."I have Lost all l Had on Bitcoin, What Do l Do Now?"

            I would suggest the Bible first!

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  • Profile picture of the author tagiscom
    Originally Posted by OptedIn View Post

    And in the end - you die!
    But they do get to dig their own graves first!

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  • I've heard that mining is no longer viable since a lot of people are doing it now and there are giant mining pools. As far as I know, the more people mine the more complicated the algorithms are. Thus making it harder to obtain a bitcoin.
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    • Originally Posted by JasonTheFreeman View Post

      I've heard that mining is no longer viable since a lot of people are doing it now and there are giant mining pools. As far as I know, the more people mine the more complicated the algorithms are. Thus making it harder to obtain a bitcoin.
      Bitcoin? Yeah, for sure. Other crypto coins? Not all. That's why:
      > You need to know the right coins to mine with the right hardware and the right time to mine each coin and to also know the right mining pools to join and how to efficiently tweak, optimize, modify and customize your entire hardware and software setup ...
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  • Profile picture of the author naviown
    it's really worth to start. Radeon rx560 cards cost about $200 and can produce about 14mh/s. If electricity cost $0.1kwh, you getting $25 per month. So after about 8-9 months you will break even. If you buy 10 such cards an build a rig, it can produce 140mh/s ($2000 per month).

    Radeon rx570/580 producing about 30mh/s, but these cards cost more.

    So all in all its really worth to start and it's really nice way to earn money.
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    • Originally Posted by naviown View Post

      Radeon rx560 cards cost about $200 and can produce about 14mh/s.
      Yeah, and if you dig deeper, you can find brand new RX 560s at $130 each; and
      Depending on memory type (Hynix, Samsung, Micron or Elpida) - You'll be able to mod its BIOS and overclock the thing to generate up to 15.2 MH/s; plus
      You'll also be able to tweak and optimize your mining software and OS to improve stability and hash acceptance percentages ...

      Originally Posted by naviown View Post

      Radeon rx570/580 producing about 30mh/s, but these cards cost more.
      Yeah, and if you look hard - You'd most likely find brand new RX 580s at around $240 each; and
      Again depending on memory type - You'd be able to BIOS-mod and overclock this thing to 31.5 MH/s; plus
      You can again tweak and optimize your mining software and OS to produce the best results in terms of stability and hash acceptance percentages ...

      Originally Posted by naviown View Post

      So all in all its really worth to start and it's really nice way to earn money.
      I think so, especially if you know the right coins to mine with the right hardware along with the right time to mine it, and also if you know the right ways to tweak and optimize your setup for each coin, not to mention the right mining pools to join for each coin that you decide to mine ...
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  • Profile picture of the author Jefay
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  • Profile picture of the author niftystats
    you know it is a risky, we have bitmain minners also gpu minners .... well for example card gtx 1080 now mine only 4 usd .... bitmain minner L3+ only 10 usd per day ....
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    • Profile picture of the author naviown
      Originally Posted by niftystats View Post

      you know it is a risky, we have bitmain minners also gpu minners .... well for example card gtx 1080 now mine only 4 usd .... bitmain minner L3+ only 10 usd per day ....
      your gtx 1080 mine eth and making 4usd a day ??
      It's too much, one such card can't make about 60mh/s.
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      • Profile picture of the author niftystats
        man you are right, now checked the mining rig, 3 usd per one card


        Originally Posted by naviown View Post

        your gtx 1080 mine eth and making 4usd a day ??
        It's too much, one such card can't make about 60mh/s.
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        • Profile picture of the author naviown
          Originally Posted by niftystats View Post

          man you are right, now checked the mining rig, 3 usd per one card
          impossible.
          gtx 1080 hashrate is about 25mh/s which is about $1.5 daily
          GTX 1080 Ti hashrate is about 35mh/s which is about $2 daily.

          these cards just unable produce more.
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  • Profile picture of the author naviown
    Yeah, and if you look hard - You'd most likely find brand new RX 580s at around $240 each; and
    Again depending on memory type - You'd be able to BIOS-mod and overclock this thing to 31.5 MH/s; plus
    You can again tweak and optimize your mining software and OS to produce the best results in terms of stability and hash acceptance percentages ...
    i dont think its possible to find rx580 for $240, mate if you find for $240, I could buy hundreds of these for $300 from you
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    • Originally Posted by naviown View Post

      i dont think its possible to find rx580 for $240, mate if you find for $240, I could buy hundreds of these for $300 from you
      No, it's possible, i.e. Here in the Philippines, someone in TipidPC just posted an ad last month selling his 10 brand new RX 580s, Hynix memory, 8Gb, for 12,000 PhP each, which is around 240 USD. However:

      The problem is finding hundreds of them at that price.
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  • Profile picture of the author Jefay
    Are there some new ways to mine cryptocurrencies? Maybe there are some more efficient and cheap solutions?
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  • Profile picture of the author trevordd
    I think there will be some interesting mining units out soon. I hear that Intel are working on something... I have recently found an interesting device on http://mineunit.com/ but it is still yet to come. Anyway, I would like to try it out, it looks really promising
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