What's new
  • This thread contains opinions and information that likely IS NOT ACCURATE. Do your own research on such an important topic on a site other than JazzFanz.com, please.

The *OFFICAIL* Jazzfanz Crypto Mining Thread


Gameface

Well-Known Member
Contributor
2018 Award Winner
2020-21 Award Winner
I loved this!

For the record I have zero faith in crypto and don't value it as a thing.

But I have been making steady money mining it since March 2021. It has been paying my house payment consistently.
 


Gameface

Well-Known Member
Contributor
2018 Award Winner
2020-21 Award Winner
Sweet! How much did you spend on your rig?

So at this point I have 2 rigs that are dedicated to mining. But that's not at all how I started. I have 12 GPUs that I use for mining right now, but three of them are in gaming PCs. When I started I had already purchased an RTX 3080 for my personal PC, moved the card I was using to my kid's PC, which was a GTX 1070, and we had an RTX 2070 Super in our family/VR PC. So when I started I used those.

I got on a list on EVGA for several different cards and pretty quickly got an RTX 3090. I move that to the VR PC. Then I got another RTX 3080 in the Newegg Shuffle and Put that in my kid's PC. I used a super old intel i7 980 CPU on an ASUS P7P55 WS Supercomputer motherboard to run the extra GPUs. Those were just old PC parts I had laying around.

Since then I've gotten a non-locked 3070, three 3080Tis (I use these in all the PCs we game on since they are LHR cards) a 3070Ti and three 1660 Supers.

I do about 785MHs with everything going. I have never paid scalper prices for anything. MSRP or retail. A lot of what I have is stuff I would have bought because I have three high-end gaming PCs in my house anyway. I've been able to use old stuff that I've had in boxes in storage for years.

I also built my BIL 4 PCs over the summer. one for him, one for each of his girls and then another better one for him, all used at least 50% of their parts from old PC parts I just had sitting in boxes. Charged him about 50% of what the stuff was worth.

If you want an actual breakdown of what I have into all my current equipment I can do that, I'm going to need to for tax reasons pretty soon anyway. It's a lot. I'm not all the way ROI yet, but it's close. So yeah, to say it's paying my mortgage, not exactly as it's getting closer to paying for itself really. I've spent a lot I wouldn't have if I wasn't going to use it for mining, but I've historically spent a lot on PC stuff and haven't gotten any hard ROI on it until I started mining.

It's looking like ETH isn't going to go 2.0 until about June 2022. I will easily be fully ROI'd by then and that's when it'll get fun figuring out where to point my mining potential and doing more holding instead of mine and cash out. But like I mentioned, I don't personally value crypto. I think it's more or less a bunch of ****, but other people disagree, and that's awesome. So I hope I can be average smart about it and still make money after ETH goes 2.0, and I fully understand that I will be bringing in around 25% of what I am now if things are good.
 

Gameface

Well-Known Member
Contributor
2018 Award Winner
2020-21 Award Winner
Sweet! How much did you spend on your rig?
So I checked my numbers last night. I've made $7718 so far and I've spent $10726. I have $3008 to go before I hit ROI and I'm currently making $1770/month, so less than 2 months from ROI and I should have 6 months after that before Ethereum goes proof of stake. If earnings stay the same that would mean I would make 10K - 11k.

At that point I can decide if I want to switch to mining other stuff or if I want to sell some of the cards I have. If the choice is to sell I'll probably want to do that before ETH goes PoS while the prices are still high. Right now I could sell all the cards I have for more than I paid for them, after ETH goes PoS that will probably not be the case.
 

Avery

Well-Known Member
So I checked my numbers last night. I've made $7718 so far and I've spent $10726. I have $3008 to go before I hit ROI and I'm currently making $1770/month, so less than 2 months from ROI and I should have 6 months after that before Ethereum goes proof of stake. If earnings stay the same that would mean I would make 10K - 11k.

At that point I can decide if I want to switch to mining other stuff or if I want to sell some of the cards I have. If the choice is to sell I'll probably want to do that before ETH goes PoS while the prices are still high. Right now I could sell all the cards I have for more than I paid for them, after ETH goes PoS that will probably not be the case.
It seems like the next logical thing would be going into organized crime. Every kingpin starts hustling small before they've become infamous - you ready to become the new Fentanyl king of the western states?
 

Gameface

Well-Known Member
Contributor
2018 Award Winner
2020-21 Award Winner
It seems like the next logical thing would be going into organized crime. Every kingpin starts hustling small before they've become infamous - you ready to become the new Fentanyl king of the western states?
I'm not.

Funny thing is that it does feel like I'm doing something sketchy in a way, but I'm not. There isn't anything even sort of illegal about what I'm doing. I convert ETH to USD and withdraw USD to my bank on Coinbase and they do full KYC and send tax forms to the IRS, so I will have to pay taxes on the income. That's why I formed and LLC because as I understand it, that will make it easier to claim my costs against the income.
 

Ron Mexico

Well-Known Member
Contributor
So at this point I have 2 rigs that are dedicated to mining. But that's not at all how I started. I have 12 GPUs that I use for mining right now, but three of them are in gaming PCs. When I started I had already purchased an RTX 3080 for my personal PC, moved the card I was using to my kid's PC, which was a GTX 1070, and we had an RTX 2070 Super in our family/VR PC. So when I started I used those.

I got on a list on EVGA for several different cards and pretty quickly got an RTX 3090. I move that to the VR PC. Then I got another RTX 3080 in the Newegg Shuffle and Put that in my kid's PC. I used a super old intel i7 980 CPU on an ASUS P7P55 WS Supercomputer motherboard to run the extra GPUs. Those were just old PC parts I had laying around.

Since then I've gotten a non-locked 3070, three 3080Tis (I use these in all the PCs we game on since they are LHR cards) a 3070Ti and three 1660 Supers.

I do about 785MHs with everything going. I have never paid scalper prices for anything. MSRP or retail. A lot of what I have is stuff I would have bought because I have three high-end gaming PCs in my house anyway. I've been able to use old stuff that I've had in boxes in storage for years.

I also built my BIL 4 PCs over the summer. one for him, one for each of his girls and then another better one for him, all used at least 50% of their parts from old PC parts I just had sitting in boxes. Charged him about 50% of what the stuff was worth.

If you want an actual breakdown of what I have into all my current equipment I can do that, I'm going to need to for tax reasons pretty soon anyway. It's a lot. I'm not all the way ROI yet, but it's close. So yeah, to say it's paying my mortgage, not exactly as it's getting closer to paying for itself really. I've spent a lot I wouldn't have if I wasn't going to use it for mining, but I've historically spent a lot on PC stuff and haven't gotten any hard ROI on it until I started mining.

It's looking like ETH isn't going to go 2.0 until about June 2022. I will easily be fully ROI'd by then and that's when it'll get fun figuring out where to point my mining potential and doing more holding instead of mine and cash out. But like I mentioned, I don't personally value crypto. I think it's more or less a bunch of ****, but other people disagree, and that's awesome. So I hope I can be average smart about it and still make money after ETH goes 2.0, and I fully understand that I will be bringing in around 25% of what I am now if things are good.
I switched to Ravencoin and am making slightly more money mining it. Although my setup is far behind yours. I cashed in all my Ethereum with the last jump a few weeks ago at a good time. But, ill probably hold on ravencoin until Ethereum shuts down in hopes it takes a jump. Any jump makes a huge difference with it since its worth next to nothing. Also it feels more satisfying to get a bunch of it each day instead of working forever towards a 1/100 of a coin.
 

Gameface

Well-Known Member
Contributor
2018 Award Winner
2020-21 Award Winner
I switched to Ravencoin and am making slightly more money mining it. Although my setup is far behind yours. I cashed in all my Ethereum with the last jump a few weeks ago at a good time. But, ill probably hold on ravencoin until Ethereum shuts down in hopes it takes a jump. Any jump makes a huge difference with it since its worth next to nothing. Also it feels more satisfying to get a bunch of it each day instead of working forever towards a 1/100 of a coin.
Any worries about recent actions there? I know they have announced "bans" and so fourth many times but I almost believed it this time.
 

Ron Mexico

Well-Known Member
Contributor
Any worries about recent actions there? I know they have announced "bans" and so fourth many times but I almost believed it this time.
Bans in China? Yeah I believe those. Other bans its been an issue since 2020 that its been an issue, but I think that it will outlast Ethereum for mining and will take a upward bump when that happens and then ill cash out. If I lose out, oh well its not enough money to get upset about and worth the risk for me.
 

Al-O-Meter

Well-Known Member
I'm not.

Funny thing is that it does feel like I'm doing something sketchy in a way, but I'm not. There isn't anything even sort of illegal about what I'm doing. I convert ETH to USD and withdraw USD to my bank on Coinbase and they do full KYC and send tax forms to the IRS, so I will have to pay taxes on the income. That's why I formed and LLC because as I understand it, that will make it easier to claim my costs against the income.
Nice set-up and I'm pulling for you. As far as being sketchy, you seem about as far from it as you can possibly be. You aren't even a college kid financing your operation off $50k worth of dorm room electricity. You've made a capital investment to purchase equipment capable of doing blockchain maintenance and have contracted out that service for which you are paid above board and you pay your taxes. Business doesn't get any more squeaky clean than that. I say that as someone who if I were to have any holdings, speaking entirely hypothetically, would be tumbled and have no KYC.
 

LogGrad98

Well-Known Member
Contributor
2020-21 Award Winner
I switched to Ravencoin and am making slightly more money mining it. Although my setup is far behind yours. I cashed in all my Ethereum with the last jump a few weeks ago at a good time. But, ill probably hold on ravencoin until Ethereum shuts down in hopes it takes a jump. Any jump makes a huge difference with it since its worth next to nothing. Also it feels more satisfying to get a bunch of it each day instead of working forever towards a 1/100 of a coin.
Where are you mining it? I am currently mining ethereum as well, but my rig is nowhere near GFs, but I am clearing a few hundred a month. Good to save for upgrade money. I would be interested in checking out other options.
 

Ron Mexico

Well-Known Member
Contributor
Where are you mining it? I am currently mining ethereum as well, but my rig is nowhere near GFs, but I am clearing a few hundred a month. Good to save for upgrade money. I would be interested in checking out other options.
I'm using the 2 miners mining pool. The tool I'm using is the same I used for Ethereum gminer.
 

Top