New to mining

[carlosdanger4444]

Hi all I have 0 experience mining crypto. I just started mining doge on my laptop to familiarize myself with the process. Im interestedin this subject because I am pretty good at electronics and I recently came into 1200 watts of solar panels for free. im not interested in doing a grid tie and I have no batteries. Ive been trying to think of a use for 7.2 kwh (1200 watts available for 6 hours a day). the idea of running a small mining rig came to mind. can anyone give me a recomendation for a 1kw mining rig, what crypto would be best to mine with it and roughly how much I could make running it for 6 hours a day? also any advice on getting the rig and program to start up automatically after intermittent power losses.

 

[trog100]

1200 watts is a theoretical maximum for perfect conditions.. in practice you will not get that.. you will need a fair bit more solar power to make mining worth while..

trog

 

[TheoneandonlyMrK]

Hi all I have 0 experience mining crypto. I just started mining doge on my laptop to familiarize myself with the process. Im interestedin this subject because I am pretty good at electronics and I recently came into 1200 watts of solar panels for free. im not interested in doing a grid tie and I have no batteries. Ive been trying to think of a use for 7.2 kwh (1200 watts available for 6 hours a day). the idea of running a small mining rig came to mind. can anyone give me a recomendation for a 1kw mining rig, what crypto would be best to mine with it and roughly how much I could make running it for 6 hours a day? also any advice on getting the rig and program to start up automatically after intermittent power losses.

As trog said , it won't be worth the investment , I have two PC's mining one my main rig at 41MH/s for 400 watts though it crunches too and on cold nights folds at the same time.
It earns about £2 a day at the minute it's electric bill is effectively free or it would not be worth it.

Plus the hardware is too expensive to buy to invest in this effort unless you already own it anyway.

My laptop does 23Mh/s and comes with a battery attached which could allow continuous running since it's less than 200 watts all in.

And their are OS just for mining based on Linux but having it autostart in Windows is easy enough.

I'm using nicehash since it's a piece of piss to use.

 

[phanbuey]

It's not really a static value.

Mining is really not so much an investment for right now. With all factors considered, crypto is expected to continue to rise in value, so if you can spare the power and cover the bill then mine, understanding that it's probably not going to be worth a ton at this moment, and you may even incur losses in the short term.

I would ballpark a few bucks a day profit after taxes, cost, etc. is likely in the beginning with a smaller setup that is part time. But look back after 12 months in the middle of a spike and that few bucks can retroactively turn into $100, $200, $500 / day easy.

Power relay -> application wouldn't be a bad idea. I am sure some APCs have this feature. Not sure of the best way to implement this, but maybe starting the machine and having the mining software run at boot with auto login then it just have the APC api/software shut down when it hits apc power for 3 mins would probably be the simplest way to go. Perfection is the enemy of progress -> start simple then improve from there.

Start with whatever is easiest and gives you a good $/ time spent. Probably raptoreum on CPU while ethereum on GPU would be my guess. Seems like you know the crypto side of it already enough to get started tho.

 

[cvaldes]

Even with free electricity, the break even point is probably about 12 months considering the cost of GPUs today. Naturally this will stretch out longer if you have to price in the cost of the rig itself. And note that's mining 24x7. If you're mining 6 hours a day, it'll take about five years to break even.

Mining is for peasants. It's like trying to get rich from Amazon by driving one of their delivery vans. It's better to just buy shares of AMZN.

In the same way, if you want to get rich from cryptocurrency, just trade the currency. Forget trying to mine it. If you swing trade crypto and earn +30% ROI three times a year, you're basically doubling your ROI (after the exchange fees which are about 2%).

Commodities: peasants farm soybeans. Rich people trade soybean futures.

Crypto is the same.

 

[trog100]

Even with free electricity, the break even point is probably about 12 months considering the cost of GPUs today. Naturally this will stretch out longer if you have to price in the cost of the rig itself. And note that's mining 24x7. If you're mining 6 hours a day, it'll take about five years to break even.

Mining is for peasants. It's like trying to get rich from Amazon by driving one of their delivery vans. It's better to just buy shares of AMZN.

In the same way, if you want to get rich from cryptocurrency, just trade the currency. Forget trying to mine it. If you swing trade crypto and earn +30% ROI three times a year, you're basically doubling your ROI (after the exchange fees which are about 2%).

Commodities: peasants farm soybeans. Rich people trade soybean futures.

Crypto is the same.

you are right but small scale mining is more a fun thing.. i built a miner back in 2017 just because i fancied building one.. it has earned me money and is still doing so.. but it should not be viewed as a way of making money..

trog

 

[trog100]

i am in the process of "solarizing" a couple of my garden sheds.. i will end up with 20 x 150 watt panels.. a theoretical 3000 watts..

more a something to do thing than anything else thing.. the return on investment will take a long time.. i live in the UK not much sunshine but very high energy prices..

i have already done one 14 panel shed and the bits are coming for a smaller 6 panels shed giving me the 20 panels in all..

the sheds should help with my mining leccy bill.. more so during the summer..

trog