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The *OFFICAIL* Jazzfanz Crypto Mining Thread

Gameface

Gameface

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A few of us @leftyjace @Ron Mexico and me @Gameface are talking about possibly starting a group of jazzfanz who are interested and involved in mining crypto currency. At the moment Ethereum is the most profitable and that's what I've been focused on so far, but there are several other options that might become more interesting.

If you're interested join in the discussion here and let's see where this goes!

Ethereum Ticker
 
I'm interested in learning how it works and maybe doing it. I honestly have no idea what all goes into it. But i had a friend who mined a bunch of bitcoin and sold it right before it shot up. He made some money but not near what he could have.
 
So I can't give a really good technical explanation of how a blockchain works, but what I can say is from a mining perspective, what you do is:

1 -- Create a wallet where you will store/trade/sell your mined crypto currency. I used coinbase. If anyone wants to use my referral code both of us will get $10 if you buy/sell at least $100 using that platform. https://www.coinbase.com/join/young_3q7

2 -- Pick the currency you want to mine and decide how you want to mine it. The link leftyjace provided for honeyminer sounds like a very easy one stop solution for picking a currency and using them to get you set up. I think if you do use them you can skip step 3. Otherwise it is generally a good idea to mine with a pool and take a small share of the rewards as opposed to solo mining which on a small or even a moderate scale would only get rewards maybe once every month or so. So if you decided to mine Ethereum you can join a pool like ethermine.org. That's the one I'm using. I'll get a bit more into it later.

3 -- You download a mining application. I'm using Phoenixminer 5.5c. Follow the instructions from your pool and modify the .bat file so that your shares are credited to you.

4 -- PROFITS $$$$

Lot's of good info about mining Ethereum using phoenixminer found here https://bitcointalk.org/index.php?topic=2647654.0
 
I should add that there are some crypto currencies that you can mine using your GPU (aka graphics or video card). Most of them now, as far as I have learned so far, require at least 4GB of video memory.

Some can be mined using your computer's CPU (aka processor). This is not super common, but there are some that do use your CPU.

The most well known crypto currency, Bitcoin, cannot be effectively mined using home PC equipment anymore. It requires an ASIC (application-specific integrated circuit) system. Even then, in pretty much all of the U.S. it will cost more in electricity to run the ASIC than it will generate in bitcoin. But ASICs can be used to mine other crypto currencies profitably. They are pretty expensive and most that I have looked at require a different power source than your standard U.S. 110V 60Hz 15A wall outlet, but they pack some serious crypto mining power. As the name implies, they are very specifically targeted at doing a certain type of calculation, so you have to buy the right ASIC to mine the specific type of crypto currency you're interested in.
 
The biggest challenge at this moment are crypto mining assets. Modern GPUs are almost completely unavailable unless you want to pay scalper prices. Even ASICs are sold out on pre-order. Pretty soon Nvidia and possibly shortly thereafter AMD are going to launch CMPs (crypto mining processors) but who knows what they will cost and if they'll be any easier to get than GPUs.

That's the biggest advantage I see in joining forces. The ability to put multiple people to work finding and purchasing the equipment at prices that make sense.

The challenge in that is how do we combine investment resources, acquire mining assets, use said mining assets and distribute the revenue in a way that makes sense? It MUST be secure, there must be transparency and verification, some people would have to host the equipment, operate, maintain, troubleshoot and repair it.

It's complicated. It could be incredibly profitable. But it's complicated.
 
Okay, I was using T-rex mining software but after @Gameface mentioned Phoenix Miner I noticed its fees are .65% instead of 1%. So I switched over to that. I also realized I was on the USA servers so I switched to an asia one so hopefully it goes faster.

No I am trying to decide if I should spend a little money and buy a second graphics card and bridge it with mine. I have a 2070 super. I think I can buy another one for $700 or less. But I think that would only make me about $50 a month more. So that is 14 months just to pay it back. That is probably not worth it.
 
Ron Mexico said:
Okay, I was using T-rex mining software but after @Gameface mentioned Phoenix Miner I noticed its fees are .65% instead of 1%. So I switched over to that. I also realized I was on the USA servers so I switched to an asia one so hopefully it goes faster.

No I am trying to decide if I should spend a little money and buy a second graphics card and bridge it with mine. I have a 2070 super. I think I can buy another one for $700 or less. But I think that would only make me about $50 a month more. So that is 14 months just to pay it back. That is probably not worth it.
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SonofaTech recommends T-Rex for Nvidia cards. The fee might be higher but I guess he feels like it's worth it because it works better. I might give it a shot just to see, but it seems like it'd be hard to make up the difference 0.65% vs 1%
 
I posted in the PC gamers unite thread, but I got an RTX 3090 FTW3 Ultra by being on a waiting list on EVGA's website. It can supposedly do 122 MH/s which means at current Ethereum value it can generate over $12/day!
 
So this has really been a pretty crazy journey so far for me. I only "tried" mining about a week and a half ago. Seeing the "free money" roll in has been a bit addicting. I've been consuming crypto mining info as fast as I can but there is a lot I don't know and every day I'm finding out things I thought I knew were wrong.

I want to caution anyone interested in doing this that there are risks. Not just that it might suddenly become unprofitable, but that you're involved in crypto currency, using software (that requires your security be disabled on it) and having accounts that are tied to a currency that is all about anonymity and evading detection.

I will continue to try to understand this better and at this point I'm kind of hooked. But I'm not an expert and nothing I say in this thread should be taken as undisputed fact. Please always understand what you're getting into and take risks with your eyes open and with an understanding of what is at stake.

I think there are big opportunities, but there are also opportunities to lose. I hope people follow this thread and participate in helping all of us understand this environment better.
 
Okay so the above post aside, I'm in a bit of a whirlwind. Getting the opportunity to buy an RTX 3090 was completely unexpected and not something I would have done 2 weeks ago except to resale (this model goes for $3500, easy). But right now I see it as a money printer. Who in their right mind would sell a device that prints money? Yeah it might take a little while for it to pay for itself, but once it does...

I'm fortunate enough to have an RTX 3080, which for mining is a MUCH better all around card than the 3090. For efficiency and initial cost the RTX 3090 is a bad idea. But the market is sooo good right now, any hashrate you can generate is good. Power consumption is nothing compared to what you can earn. I was able to buy the 3090 at retail price while people are buying a $400 3060 Ti for $1200. So while I would have taken a second 3080 all day every day over a 3090, I'll take whatever hashrate production I can get. A little bonus is that my VR PC will have a RTX 3090 in it and I'm looking forward to the difference. I get nauseous in some games and from what I've learned frames per second has a lot to do with that. Well, I'll have the best possible experience with the RTX 3090.

Small note on why I will NOT be putting the RTX 3090 in my main PC. First, I have a custom water loop and have already spent money on a waterblock for my RTX 3080. I have also spent time and energy installing, re-installing and then improving my custom water loop. I don't want to start over so that I can get 5-10% improvement in games. Second, I want to see what VR is like in the best case scenario. Third, the VR PC is the least used PC in the house. It's downstairs in the cooler part of the house and I can run the miner on it uninterrupted for days at a time.

Smaller note. The RTX 3090 is a weird card. It doesn't make sense, really. They wanted to market it to gamers but it costs twice as much (MSRP) as the RTX 3080 while just barely outperforming it in real world gaming. It has more than twice the VRAM, yet that doesn't help much at all in games that don't even use all of the RTX 3080s VRAM. That VRAM is useful for productivity tasks and professional users but the RTX 3090 doesn't offer the certifications that professional targeted cards do. It pulls off the amazing feat of being a tweener, while also being the best of the best, but not by much.
 
Don't dig too deep, I was doing stuff on all three systems the hour before I took this. The point is the estimated monthly earnings, which is MUCH higher after adding the 3090 to the mix.

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Currently I'm projecting at least $800/month running: 1 RTX 3090, 1 RTX 3080, 1 RTX 2070 Super, 1 GTX 1070.

2 weeks in and I just cashed out for $220. Left a little in the wallet. I've increased my hashrate a lot in just the last 3 days, but I have to get my 1070 back in action. I gained 122 MH with the RTX 3090 but lost 21 MH because the GTX 1070 is not running. I'll get it back up and running using a very old Intel i-7 860 (first generation of what they are on generation 11 of now) on an ASUS P7P55 WS Supercomputer motherboard. The P7P55 will be my first fully focused mining rig system. I actually have two Intel i-7 860/P7P55 combos. Back when they were new I built twin gaming PCs for me and my daughter on them.
 
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Gameface said:
Currently I'm projecting at least $800/month running: 1 RTX 3090, 1 RTX 3080, 1 RTX 2070 Super, 1 GTX 1070.

2 weeks in and I just cashed out for $220. Left a little in the wallet. I've increased my hashrate a lot in just the last 3 days, but I have to get my 1070 back in action. I gained 122 MH with the RTX 3090 but lost 21 MH because the GTX 1070 is not running. I'll get it back up and running using a very old Intel i-7 860 (first generation of what they are on generation 11 of now) on an ASUS P7P55 WS Supercomputer motherboard. The P7P55 will be my first fully focused mining rig system. I actually have two Intel i-7 860/P7P55 combos. Back when they were new I built twin gaming PCs for me and my daughter on them.
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This is what my SiL did, he took cards out that he was upgrading and put them in a dedicated mining rig. He's doing pretty well so far.
 
After 1 week of running this I'm at about $120 a month earning rate, which is much more than I expected. This is with it running about 22 hours a day. But about 6 hours of that running is with me using the computer for other things, which brings it way down during that time. this is probably about the ratio I'll continue unless I'm out of town. If it stays like this I'll almost for sure buy a second graphics card. $240 a month will pay it off in less than 3 months and be well worth the money. I plan to keep my money in ethereum and hope the worth goes up.

I'll plan to be back in the usa late summer assuming the borders reopen. I might look into bringing computer parts back.

One unexpected downside of mining is the heat it generates. It's not a big deal now but my apartment isn't big and in the summer I'll have to run the AC a lot more to make it feasible to be inside. Right now I am having to open the window a lot. Although there was a sandstorm yesterday and the few days before were awful pollution days so I kept it closed and it was warm inside.
 
Ron Mexico said:
After 1 week of running this I'm at about $120 a month earning rate, which is much more than I expected. This is with it running about 22 hours a day. But about 6 hours of that running is with me using the computer for other things, which brings it way down during that time. this is probably about the ratio I'll continue unless I'm out of town. If it stays like this I'll almost for sure buy a second graphics card. $240 a month will pay it off in less than 3 months and be well worth the money. I plan to keep my money in ethereum and hope the worth goes up.

I'll plan to be back in the usa late summer assuming the borders reopen. I might look into bringing computer parts back.

One unexpected downside of mining is the heat it generates. It's not a big deal now but my apartment isn't big and in the summer I'll have to run the AC a lot more to make it feasible to be inside. Right now I am having to open the window a lot. Although there was a sandstorm yesterday and the few days before were awful pollution days so I kept it closed and it was warm inside.
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Yeah, it definitely generates a lot of heat. In winter it's "free" heat, as it is every bit as efficient as an electric heater, but in summer it's a good idea to isolate the PC as much as possible and push the heat outside your living space.
 
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