Bitcoin Mining

[eytonxav]

OK, so has anyone here attempted to setup a home bitcoin mining farm?
https://dfw.cbslocal.com/2021/10/13...aming-computer-cryptocurrency-mining-machine/

 

[ERObjd]

I dont know how to set up computer to mine bitcoin. I will just stick with an index fund and call it a day. might one day invest in a crypto mutual fund but probably only a small amount maybe $100 and if it does good great if not I wont lose much. i dont know anyone who has profited from bitcoin or crypto. when it is mainstream it will be taxed.

 

[donheff]

I would guess the amount of processing power and electricity needed to win a Bitcoin competition puts it out of reach for home users. Would have been inice to set up a spare PC in the early days.

 

[Blueskies123]

I would guess the amount of processing power and electricity needed to win a Bitcoin competition puts it out of reach for home users. Would have been inice to set up a spare PC in the early days.

This is correct, BC miners have expensive and specialized rigs in areas with low electricity costs. Your PC will be an ox cart in a Ferrari race.

 

[sengsational]

^ This is certainly the case now (love that analogy!) That's not to say you might not just be lucky and strike gold in the first hour. It's possible, just extremely unlikely.

 

[MRG]

Get rich slow?

 

[eytonxav]

This is correct, BC miners have expensive and specialized rigs in areas with low electricity costs. Your PC will be an ox cart in a Ferrari race.

What was smart, the kids in this story outsourced most of their computing power. The biggest bitcoin mining operation in the country is located in Texas and I believe it is the largest consumer of electricity in the state. They also keep adding more processing power.

 

[51notout]

“Home” miners don’t mine directly and try to mine a BTC.
Rather they invariably join a mining pool and contribute the hash power that they have from their machine(s). The whole pool then shares the BTC rewards among the pool participants depending upon the percentage of the total hash power contributed by the individual members.

One such pool is NiceHash. You receive your share in Bitcoin but most likely mine Ethereum using GPUs rather than Bitcoin ASIC miners.

The kids in the video mentioned buying a number of GPUs. Those are for ETH mining.

 

[Out-to-Lunch]

The kids in the video mentioned buying a number of GPUs.

Yeah, north of $440k worth of them!

 

[51notout]

Haha. I thought I heard a large number of GPUs @ ~$3k each…like over 140 of them [emoji33]

Can’t imagine loaning my 14 year that much [emoji15]

GPUs are difficult to get hold of in any numbers too, especially at MSRP.

So, if I use the top end GPU that is 122 Nvidia 3090 GPUs @ ~$3500 MSRP each is $430k. Each GPU is 121M/h paying about $9.50 per day depending upon the pool and the ETH price.

122 GPUs x @9.50/day = $35k/month.

They could use cheaper GPUs and get more of them but less $/day each. Of course they could have some ASIC BTC miners in their mine too which would change the calculations.


You can build a small 6 or 8 GPU rig that generates profit. But it depends upon which GPU for the cost and the profit. Red Panda Mining and VoscCoin on YT are nice channels to learn about the processes involved.

 

[Teacher Terry]

About 8 years ago my son and husband had mining set up in our basement. The electric bills were huge. I think it was profitable for about 4 years. It also gave us a lot of free heat in the winter.,

 

[SecondAttempt]

when it is mainstream it will be taxed.

It is already taxed in the US.

 

[REWahoo]

OK, so has anyone here attempted to setup a home bitcoin mining farm?
https://dfw.cbslocal.com/2021/10/13...aming-computer-cryptocurrency-mining-machine/

What a wonderful "enhancement" this is to the already stressed ERCOT electrical grid in Texas.

 

[eytonxav]

What a wonderful "enhancement" this is to the already stressed ERCOT electrical grid in Texas.

Hopefully their power can be turned off quickly if there is a future grid usage problem.