Cryptocurrencies.. whos in it?

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Tazzi
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Cryptocurrencies.. whos in it?

Post by Tazzi »

Anyone else watching/following or mining cryptocurrencies?

For those who don't know what GPU mining is, basically its the process of verifying online transactions through mathematical calculations. By doing these verifications, a miner is paid a small fee.

Iv been mining coins for about a month which Im actually really happy with the results, I had a few high end graphics cards from previous bruteforce jobbies which Iv got running 24/7. They are currently doing about $45aud per day ($3 per day of electricity used though.. big increase in electricity bill each month :lol: ).

The GPUs were just sitting there in a rig doing nothing as they already completed their initial purpose.. so figured why not. So far.. month down, just off half of costs have been paid for, by end of this month it should have paid itself off.

Anyone else been tinkering in this area?
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Re: Cryptocurrencies.. whos in it?

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:director: Paging Vlad
According to chemistry, alcohol is a solution...
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Re: Cryptocurrencies.. whos in it?

Post by antus »

I used to have 4 bitcoins, then mt.gox were hacked and I lost nearly all. But still have a small fraction of one which in the current market is worth more than my initial investement. I also used to do ASIC mining. What currency are you looking at?
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Re: Cryptocurrencies.. whos in it?

Post by antus »

I used to have bitcoin and now all I have is this lousy document. :lol: Oh well, what can you do. Actually I do know what - keep them in your own wallet and dont entrust them to some dodgy site attempting to do day trading.
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immortality
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Re: Cryptocurrencies.. whos in it?

Post by immortality »

Bugger.

I had thought about setting up mining but I don't have the spare hardware laying about so a decent initial outlay. Maybe when my son upgrades his GPU I might grab his old one which is still fairly decent and re-appropriate it :)
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Re: Cryptocurrencies.. whos in it?

Post by The1 »

i have some litecoin, bitcoin and recently invested in ripple. I am using BTCMarkets to do some trading. I did mine about 4 litecoins, but mining with alot of them now isn't worth the cost of the hardware and electricity vs the return.
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Re: Cryptocurrencies.. whos in it?

Post by Tazzi »

antus wrote:I used to have 4 bitcoins, then mt.gox were hacked and I lost nearly all. But still have a small fraction of one which in the current market is worth more than my initial investement. I also used to do ASIC mining. What currency are you looking at?
Ahhhh, I read about that. Looks like alot of people have been able to be reimbursed by following some documentation, was reading on one of the forums about it. Where people were able to process the claim (or claim it?) using the exchange Kraken or something like that.

As for coins, Iv been floating around a few different ones including Zcash, zencash, intensecoin, hush, bitcoin cash ect.

Everything Iv been mining are 'alternative' coins which can be mined with GPUs, since the algorithms/coin are ASIC resistant. Mining bitcoin is flatout not profitable without using an ASIC. I always use wallet installed onto one of my own laptops. Dont trust the whole online system at reading stories like mt.gox

On my actual rig, I have two USBs, one with a linux setup, another with windows10. Both have their merits and both can be checked remotely. Funny enough, windows10 is using basically same power but has at least 15% better rate with the gpus, which I think comes down to newer drivers on windows.

Joining the correct pool, and using suitable miner program makes a big difference. And online calculators are usually wrong, estimates for my cards would be only $7 per day per card, but Im basically doing double that.. so cant trust everything stated online. You also are rewarded when you find a 'block' of transactions, which gives you normally a good $10-$50 bonus.

Im finding it to be a bit of fun.. playing around with bits and bobs. Should be able to stack up to 6 on one rig so next 3 will be up soon. :thumbup:
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Re: Cryptocurrencies.. whos in it?

Post by Tazzi »

The1 wrote:i have some litecoin, bitcoin and recently invested in ripple. I am using BTCMarkets to do some trading. I did mine about 4 litecoins, but mining with alot of them now isn't worth the cost of the hardware and electricity vs the return.
Not the big players (Bitcoin and litecoin), they have ASIC miners which make it impossible to use a GPU. Coins that are aimed at being used with GPUS (ASIC resistant) have been great :)

For an idea on cost, my setup was about $3000. On average, it makes $40-60 per day, sometimes more if getting a reward.

So even low balling it below that value of say $35.. it would take 85days for its return, just under 3months. Using that kinda logic, the setup would make $15k a year ($12k profit). Its so far been much faster then that for me, half has been recovered. All of it would be recovered if I sell the intense coin Iv mined as its 8x its value when I first started, although that was a gamble as it was new.. but I liked the idea of a VPN mixed with crypto.
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Re: Cryptocurrencies.. whos in it?

Post by The1 »

yeh i dont trust them either, i dont keep alot of coins online, i load and unload them from my wallets where possible and keep cash to small amounts.

How much power do your rigs draw? A decent stack of GPU's going 24/7 these days might use a few dollars in power a day. But looks like your still coming out ontop.

Im mainly holding onto a few coins for the longer term in wallets, then using some to trade with on and off depending on time, trading with small swings. Then using cash on a day like today to get some bargains.
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Re: Cryptocurrencies.. whos in it?

Post by immortality »

Was just talking to my boy about this, he's not happy with the crypto mining community as it's inflating the price of high end GPU's here.
Tazzi wrote:Iv been mining coins for about a month which Im actually really happy with the results, I had a few high end graphics cards from previous bruteforce jobbies which Iv got running 24/7. They are currently doing about $45aud per day ($3 per day of electricity used though.. big increase in electricity bill each month :lol: ).
How much power is that in kwh? (i think power might be cheaper here in NZ).
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