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Any Crypto Miners out there?


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Any Crypto Miners out there?

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  #1 (permalink)
 GFIs1 
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2018! Looks like time for mining crypto's has come right now.

Are you a miner with some background to discuss the matter?

Instead of trading coins I see as an economist some chances to make a step forward to invest into mining crypto currencies. Of course not as a hobby but rather in a larger and scaled form as a business.
My background as a founder of a internet company back in 1995 (when nearly nobody knew about eMail) is to take the chances for new ventures when the time is right.

What does it mean for crypto currencies?
• cryptos are established and new coins come into the market every week
• more using of cryptos means more calculation needed (extensive power consumption ahead)
• prices of those cryptos are rising
• cryptos will not stay for paying/investing reasons but will rather be in very different areas - like medicine apps etc.

Therefore some decision making with risk management included is the base here to discuss.

If you are a miner or you are interested in the vast stuff (technical and economical...) then please join this thread.

Thanks - GFIs1

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  #2 (permalink)
 rleplae 
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It would make sense to make an analysis/assessment of :

- which coins can be mined
- which coin is easiest to mine (highest ROI)
- what is the underlying techno / tool to mine / hardware

any other points ?

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  #3 (permalink)
 CenFlo 
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rleplae View Post
It would make sense to make an analysis/assessment of :

- which coins can be mined
- which coin is easiest to mine (highest ROI)
- what is the underlying techno / tool to mine / hardware

any other points ?

Hardware cost(s), power consumption (i.e. cheap power) and heat creation / dispersion are also factors on the physical side of the mining process.

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  #4 (permalink)
 GFIs1 
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A new technology made by Kodak is the Kodak coin:
With blockchain tech they want to copyright each picture taken - and follow theft of rights in the future.
The stock of Kodak jumped literally right up after yesterday's introduction.

https://www.coindesk.com/kodak-launching-cryptocurrency-photographers/

For sure much more like this to come...

GFIs1

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  #5 (permalink)
 GFIs1 
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There is much information on trading coins.
Also some interesting regular updates like
https://cointelegraph.com/news/several-bitcoin-related-etf-proposals-withdrawn-at-secs-request

On the other hand there is a big question about the mining which means excessive consumption of electricity.
Those numbers are to find here
https://digiconomist.net/bitcoin-energy-consumption
As China and other countries are trying to forbid mining within their country we will see some new countries
to join. Of course with a higher price for consumption. All this might lead in middle term to higher coin prices
even when there will be no new ones to mine.

Not so much stuff to read about regulations, supporting blockchain tech and other related things...

Things will be very interesting to follow.
GFIs1

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  #6 (permalink)
 GFIs1 
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For good conditions on running coin mining means having a look at reliable energy prices and good internet connections.

Here some links:

https://de.wikipedia.org/wiki/Strompreis (EU-Study in german, prices in €cents)

https://www.ovoenergy.com/guides/energy-guides/average-electricity-prices-kwh.html

https://en.wikipedia.org/wiki/Electricity_pricing (World-Study in english, prices in $cents)

more to come
GFIs1

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  #7 (permalink)
 GFIs1 
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Mining means monster machines running 7/24.
What are the costs for mining? What is adequate machine? What farm will get most profitable?
Many questions.
Starting here with some domestic computers (sorry for the term):
https://99bitcoins.com/best-bitcoin-miners-2016-hardware-reviews/?current_difficulty_factor=1590896927258&hash_rate=22&hash_rate_grade=TH%2Fs&btc_reward=12.5&btc_exchange_rate=13510.9650&pool_fee=&power_watts=&power_cost=&hardware_costs=&action=99btc-bmc-calucalate

Of course a business plan for a farm we are miles away

Anyway the idea of dispersed calculating centers might be very interesting.
GFIs1

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  #8 (permalink)
 maddie 
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there are a few coins that can still be cpu mined if you have some cpu cycles such as verium hodlcoin due to the hashing algorithim and the way it uses memory..other then that you are looking at open air gpu setups which with the price of gpu now is barely a breakeven venture...the next step are asic miners from china such as bitminer s9 and others that are coming out..risky venture tho these are dedicated machines and if the price of bitcoin plummets they become $2500 paperweights

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 Neo1 
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GPU Mining has been very profitable over the last 6-12 months. It's the most profitable it's ever been. Anywhere from 2-5 month ROI. Where else do you find a business like that? The hardware prices are crazy though, GPU's are selling for 50% + over MSRP. Cards that are years old are selling for more than the MSRP. The common belief was mining wasn't profitable due to electricity costs etc etc, which is not true at all. The general consensus was wrong, and more efficient Algos were implemented that were ASIC resistant( BTC/ BCH are primary mined on power hungry ASIC miners which are centralized to a smaller group of people), where as coins like ETH/ XMR use more efficient algos( Ethash & Crytonight) and can only be mined on GPUs- Because of this the mining is far more decentralized and profitable for the average Joe paying 10-15c per kw.

FYI I have several mining rigs ruining right now.

"Free markets work because they allow people to be lucky, thanks to aggressive trial and error, not by giving rewards or incentives for skill. The strategy is, then, to tinker as much as possible and try to collect as many Black Swan opportunities as you can"
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 Neo1 
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rleplae View Post
It would make sense to make an analysis/assessment of :

- which coins can be mined
- which coin is easiest to mine (highest ROI)
- what is the underlying techno / tool to mine / hardware

any other points ?

-Any Proof of Work coin can be mined. However, there is different algorithms implemented which are suited for different types of architecture

-It depends on what you're mining with. A CPU will suit a different coin to a Nvidia GPU, and a Nvidia GPU will suit a different coin to a AMD gpu and vis-versa. At present though the most efficient mining card is a AMD Vega 56 or 64, however, they are sold out world wide, and when they come back in stock the generally sell for 50%+ over the MSRP. There is a huge demand for GPUs at the moment, so it's hard to get anything at a reasonable price let alone a Vega.

Here is a website that gives you an idea of the profitability of common GPU's- https://whattomine.com/

-You use a "mining" application that was created/ optimized to work with certain GPUs/CPUs on certain algos. Eg XMR Stak, CAST XMR, Claymore. These application point your hashing power to a pool( eg Nanopool), where you basically service transaction and get rewarded as per your input. Or you could use something like Nicehash, who benchmark your system and then determine which algo is the most profitable to mine at any given time of the day, and then automatically move in and out of different coins/ mining pools.

"Free markets work because they allow people to be lucky, thanks to aggressive trial and error, not by giving rewards or incentives for skill. The strategy is, then, to tinker as much as possible and try to collect as many Black Swan opportunities as you can"
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  #11 (permalink)
 TWDsje   is a Vendor
 
 
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I've been GPU mining with just my Nvidia 1060 GTX. I've been exploratory mining on smaller coins. Made a good profit on Siacoin for instance.

NiceHash is by far the easiest way to get going. They run the benchmarks and decide what the most profitable coins for your machine will be. However, my recommendation is to always do it all yourself, and don't trust what you just read. The average hash rate for each card is going to be different, and can even change between algos. So what is true for someone else might not be true for you. Which version of the mining software, and the miner's configuration matter as well. There are algos out there that are profitable but aren't shown on calculators like the front page of whattomine, and aren't in nicehash. So set up a bunch of different coins that you are interested in, benchmark them all, and then do your calculations.

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