Cryptocurrencies

[steveandpenny]

If you were Warren buffet, now is the time to buy

Repect to warren buffet . Hes a safe long term type of buyer. But keep in mind he told his investers to stay away from apple, mircosoft, amazon , and goggle. In fact to stay away from most all tech stocks.
So to answer you question Warren Buffet would not buy into bitcoins at this point.

 

[Jamu]

If you were Warren buffet, now is the time to buy

Warren Buffett is certain crypto currencies will come to a bad end, and would never buy at any price.

https://www.cnbc.com/2018/01/10/buffett-says-cyrptocurrencies-will-almost-certainly-end-badly.html

 

[El_Goretto]

So, I've taken things "a step further": I am now mining my own cryptocurrencies.

2 weeks ago, I offered jokingly to my friends that we should set up a mining rig. One of them came on board and we're sharing the cost of the hardware.

Here's what it looks like:

I ordered most of the parts on Tokopedia which also led me to some troubles with the power supplies. Long story short, it took me a whole day in Mangga Dua, a few motorbike rides to various service centers, all to find out that the batch of power supplies I got is defective. So I bought another pair and will return the defective ones today.

I designed and build the frame myself, this is what it looks like without the gear on:

I don't have many power tools so this also took a couple trips to the tukang las (to cut the metal bits) and tukang kayu (for the wood bits).

Here are the specifications:

CPU: Intel Pentium G4400
Motherboard: Biostart TB250-BTC
GPUs: 6 x Manli GTX 1060 6GB Gallardo
RAM: 4GB DDR4 2400Mhz
SSD: 120GB Kingston M2 SSD
Power Supplies: 2 x 650W


Some more numbers:

Power draw: 720W
Temperature: 68C
Profitability: +/- $17/day at today's rate including electricity cost
Total cost: +/- Rp 37jt


What does it mine?

A bit of everything but no Bitcoin or Ethereum directly.

We joined a pool that mines various coins and we have a software that automatically switches to whichever coin is the most profitable at the time. So it may mine one coin for a couple hours and suddenly switch to another one. We get rewarded in those various coins which are automatically exchanged to a more stable coin like BTC (bitcoin), ETH (ethereum) or LTC (litecoin) which is easier to exchange to USD or IDR.

I've only switched it on for the first time yesterday and so far so good.

Now that it's all working, I need to build an enclosure for it with an exhaust blowing the hot air outside. More pics when this is done.

 

[El_Goretto]

I forgot to mention that to get your hands on graphic cards (GPU) and power supplies is extremely difficult right now. All stocks are empty and whatever is left is prohibitively expensive.

In fact, any power supply over 1000W is extremely difficult and/or expensive to get. So much so that I had to get 2 smaller power supplies and join them together.

For the GPUs, I was ok with the type (GTX 1060 6GB) because that's what I was aiming for but had to settle on the Manli brand which is not very well known (as opposed to ASUS or MSI). In the end they're working fine, so it's not so bad.

 

[Smallworld]

Your mining rig looks hot and "sexy"...

Why do you have SSD there? Cannot just run in RAM from pendrive?

One more thing: this 17$ is per hrs/day?

 

[El_Goretto]

Your mining rig looks hot and "sexy"...

Haha yeah that's the gaming LED bullshit at work (those graphic cards are for gaming after all). But those LEDs do serve a purpose though. When blue, it means the GPUs are idle, when Green it means they are under load. So I can see at a glance if the rig is mining or if one card has a problem.

Why do you have SSD there? Cannot just run in RAM from pendrive?

The rig is running Windows so we need at least 60GB to comfortably run it.

USB drives are ok but may not be as strong as a SSD for 24/7 operation.

A 120GB M2 drive wasn't much more expensive than a traditional SATA SSD and it saves me from using a sata power cable from the PSU. Note that this M2 SSD is not nvme, but sata speeds. So quite cheap.

One more thing: this 17$ is per hrs/day?

Oops, it's $17 per day! I edited the post now.

 

[Bikerbule]

I'm mining with 2x1060 6Gb at the moment. Not 24/7 because sometimes I game on a weekend.
Averaging about 0.0004 bitcoins a day through a pool.

No need to build an enclosure, open air is fine as long as the temps are reasonable. 68c is decent for 1060s.
Find the sweet spot for power limit usually somewhere between 65-80% depending on the card brand and temps.
Most 1060s will overclock +100 on the core and +500 on the memory with no power or temp issues.

At 80% with +150 +550 i'm seeing power draw down to a steady 95w per card.

Question... if you are on Nicehash where are you transfering to? Coinbase has fee free exchange with Nicehash but doesn't allow buyer/sellers in Indonesia.

For those interested in Mining remember you are not getting dollars, so counting in dollars per day is not a good idea. You should be counting in the crypto you are getting which can go up or down. ROI at the moment is roughly 4months on hardware.

 

[rabbit_39]

Repect to warren buffet . Hes a safe long term type of buyer. But keep in mind he told his investers to stay away from apple, mircosoft, amazon , and goggle. In fact to stay away from most all tech stocks.
So to answer you question Warren Buffet would not buy into bitcoins at this point.

Mostly just referencing the buy low sell high and being a contrarian (when everyone sells and prices are low, time to consider buying)

 

[Jamu]

I'm mining with 2x1060 6Gb at the moment. Not 24/7 because sometimes I game on a weekend.
Averaging about 0.0004 bitcoins a day through a pool.

I must be missing something because at this rate, if you mine for a whole year you'll have 0.146 bitcoin, which as of today is worth around $1,700. Surely you will pay more in electricity than this? Hardly seems worth the effort and how do you get a positive ROI at this rate?

 

[El_Goretto]

I'm mining with 2x1060 6Gb at the moment. Not 24/7 because sometimes I game on a weekend.
Averaging about 0.0004 bitcoins a day through a pool.

Excellent! What do you play if I may ask?

No need to build an enclosure, open air is fine as long as the temps are reasonable. 68c is decent for 1060s.

I think I'm at 68C because I set the temperature limit to 70C in Afterburner, so the card must be throttling itself a bit (I have a fixed fan speed). Still, I sit between 1911Mhz and 1923Mhz on the core clock, which is fine in my opinion.

At 80% with +150 +550 i'm seeing power draw down to a steady 95w per card.

I'm pretty much on the same settings:
80% power limit
+150Mhz on the core clock
+500Mhz on the memory clock

Question... if you are on Nicehash where are you transfering to? Coinbase has fee free exchange with Nicehash but doesn't allow buyer/sellers in Indonesia.

Actually, Coinbase doesn't allow you to buy and sell but you can receive and send bitcoins, like a normal wallet. So you may be able to send your BTC from Nicehash wallet to a Coinbase wallet and then to the exchange of your choice. Personally, I think bitcoin.co.id is pretty good because the rate is favorable compared to other USD or EUR exchanges.

I must be missing something because at this rate, if you mine for a whole year you'll have 0.146 bitcoin, which as of today is worth around $1,700. Surely you will pay more in electricity than this? Hardly seems worth the effort and how do you get a positive ROI at this rate?

I think his profit takes into account electricity cost.

You can use this calculator: https://www.nicehash.com/profitability-calculator

WIth a cost per kWh of 0.109USD where I live, 6 x GTX 1060 would earn me about $16.86 per day if I was using Nicehash.

 

[El_Goretto]

No need to build an enclosure, open air is fine as long as the temps are reasonable.

Forgot to reply to this bit.

The rig is sitting 1m away from my desk and the noise is driving me crazy. There is nowhere else in the house it would be safe from my kid, my cat or scolding from my wife (I kid, I kid, she's been very supportive and excited about this little project) aside from our storage room (1.5m x 2.5m or so).

So I plan on building an enclosure with triplex where I'll install the 120mm fans as an intake behind a mesh (to reduce dust getting inside) on one side and on the other side there will be a bathroom ceiling fan with a 4 inch exhaust. I'll connect the exhaust to the ceiling with flexible aluminium ducting.

Well, that's the idea, hope it works.

 

[Bikerbule]

I must be missing something because at this rate, if you mine for a whole year you'll have 0.146 bitcoin, which as of today is worth around $1,700. Surely you will pay more in electricity than this? Hardly seems worth the effort and how do you get a positive ROI at this rate?

My electricity bill for the whole house last year was roughly $600
Computer uses around 250w when mining so the cost is not very high. Roughly 6kwh per day costs about 60cents.

Basically the computer pays for itself, although I am just collecting crypto and not cashing out as it is only just really getting going.
I may expand a little more in the next few months as I can run up to 4 gpus on my current motherboard.

Edited to add: This is a gaming computer that I would have bought anyway so its not really and investment. I have been into computers all the way back to my first which was a Dragon 32. Been custom building PCs since the early Voodoo days. So basically it is just working away when i'm not using it and paying for itself.

 

[Bikerbule]

Actually, Coinbase doesn't allow you to buy and sell but you can receive and send bitcoins, like a normal wallet. So you may be able to send your BTC from Nicehash wallet to a Coinbase wallet and then to the exchange of your choice. Personally, I think bitcoin.co.id is pretty good because the rate is favorable compared to other USD or EUR exchanges.

.

I just play single player games to relax when my wife and daughter go to moms house at the moment i'm playing Skyrim, again. Not many new games out that interest me, last ones were Wolfenstein and Shadow of War. Waiting for the new Farcry to come out.
Hellblade was good too.

Thanks, I will checkout bitcoin.co.id. At the moment i'm just collecting coin and hodling for a while.

 

[Bikerbule]

The rig is sitting 1m away from my desk and the noise is driving me crazy. There is nowhere else in the house it would be safe from my kid, my cat or scolding from my wife (I kid, I kid, she's been very supportive and excited about this little project) aside from our storage room (1.5m x 2.5m or so).

So I plan on building an enclosure with triplex where I'll install the 120mm fans as an intake behind a mesh (to reduce dust getting inside) on one side and on the other side there will be a bathroom ceiling fan with a 4 inch exhaust. I'll connect the exhaust to the ceiling with flexible aluminium ducting.

Well, that's the idea, hope it works.

Sounds like a good plan, I noticed a lot of guys building on those stackable shelves you can get from ACE hardware and having them in a spare room.
So far i'm not out of the case yet and its in our living room, have to think about what to do next.
Also have a look at server power supplies if you have trouble with your pc supplies. Server supplies are platinum rated and designed to run 24/7

 

[El_Goretto]

@Bikerbule

Have you ever played The Witcher 3? I think if you like Skyrim it might be right up your alley

I ended up getting some Antec EA650G Gold rated PSUs. Those server ones might blow the budget a bit.

 

[Davita]

According to Jakglobe....
Bali is a haven for CryptoCurrency transactions mainly the Bitcoin and the Gov't has cracked down on cafes accepting Bitcoin for a coffee....http://jakartaglobe.id/business/bitcoin-use-scrutiny-bali/

"One of the cafes used bitcoin only for transactions of more than Rp 243,000 ($18), or about 0.001 bitcoin. A single transaction took about one and a half hours to be processed and included a fee of Rp 123,000 so this had discouraged its wider use for payments.

I didn't know whether to put this post on the CC thread or maybe it would be more appropriate to be in the Jokes one.

I imagine someone spending an hour and a half fingering his smartphone so he could pay for his coffee then finding there was a 50% service charge.....I wonder what chance would the waitress have of getting a tip...

 

[scouser59]

funny ,ha ha !

 

[Supir Angkot]

I forgot to mention that to get your hands on graphic cards (GPU) and power supplies is extremely difficult right now. All stocks are empty and whatever is left is prohibitively expensive.

In fact, any power supply over 1000W is extremely difficult and/or expensive to get. So much so that I had to get 2 smaller power supplies and join them together.

.

Why don’t you diversify and invest also say in GPU/ASIC/PS manufacturers? something akin to California Gold Rush saying “you can mine for gold or you can sell pickaxes.”

 

[El_Goretto]

Why don’t you diversify and invest also say in GPU/ASIC/PS manufacturers? something akin to California Gold Rush saying “you can mine for gold or you can sell pickaxes.”

Smart!

 

[Bikerbule]

@Bikerbule

Have you ever played The Witcher 3? I think if you like Skyrim it might be right up your alley

I ended up getting some Antec EA650G Gold rated PSUs. Those server ones might blow the budget a bit.

Big fan of Witcher 3, I think I put about 200 hours into it, and can't wait for Cyberpunk 2077 to be released

Antec are great, I always bought their cases and PSUs in the UK. I've got an Antec Neopower 550w that has been running daily since 2009. It originally powered an overclocked Wolfdale to 4.5 and has never given in after many upgrades. I should probably change it out at some point and will need to if I add any more gpus. Will definitely buy Antec again.