IMO it's a lot late on the curve for starting mining without Chinese electricity pricing (nearly free) with reasonable prices for equipment. The global chip shortage doesn't help either.

True...

 

Anyone else here a miner?

I'm sticking a toe in the water if I can get the right equipment. The days of CPU and GPU mining are fading or already long gone and there's virtually no way to make money without a dedicated ASIC machine. A computer that does just one thing, at full bore all the time. It's not easy to find a competitive ASIC machine without paying a prohibitive price.

It's an interesting market. There's a global supply/demand balance for hashing. That determines how many pennies you make per megahash or gigahash. If there's a lot of capacity online, the price goes down. When capacity dips, you get paid more.

Where I live, I have variable rate electricity and that, along with the hardware specs, determines my costs per gigahash. Back of the napkin analysis looks pretty good. I think I can pay off the rig in well under a year and then maybe make a little.

My goals are just knowledge and fun, but a buddy is looking at building a genuine business out of this. If you locate where electricity is cheap and leverage other resources (friends that do electrical work, family with outbuildings and spare electrical capacity, etc.), it looks like it could work.

Any words of wisdom?

Not really... 3x RX 580 can generate $6-$8 per day, without electricity cost

 

Not really... 3x RX 580 can generate $6-$8 per day, without electricity cost

huh? What’s an RX 580?

 

huh? What’s an RX 580?

GPU

 

GPU

But it's very rare now, and very expensive

 

It didn’t take long but I’ve pretty much thrown in the towel before even starting. I can’t find the hardware at a cost that makes sense, new or used. My friend has identified space and capacity at good electrical rates. If I find the hardware I’ll rent space from him rather than DIY it in my basement. I’m only interested in DOGE but he’s willing to mine whatever he can. It looks like competitive hardware might be available if you’re not picky about the algorithm.

He’s a Marine with service in Iraq, and looking to bring a new source of business to rural America where he grew up. I suspect he can secure funding based on that story and make a good go at it. Me, I’m probably better off just buying DOGE.

 

huh? What’s an RX 580?

In US maybe you can use free electricity from wind turbine or something..., 3x RX 850 needs only about 700 watt, if you make wind turbines that produce 6 kwh/day + solar panel that produce 8 kwh/day, I think electricity cost can be minimalized

 

It didn’t take long but I’ve pretty much thrown in the towel before even starting. I can’t find the hardware at a cost that makes sense, new or used. My friend has identified space and capacity at good electrical rates. If I find the hardware I’ll rent space from him rather than DIY it in my basement. I’m only interested in DOGE but he’s willing to mine whatever he can. It looks like competitive hardware might be available if you’re not picky about the algorithm.

He’s a Marine with service in Iraq, and looking to bring a new source of business to rural America where he grew up. I suspect he can secure funding based on that story and make a good go at it. Me, I’m probably better off just buying DOGE.

I am mining ETH but it is converted automatically to BTC, its still worth with GPU

 

But it's very rare now, and very expensive

The GPU mining days are over. Even the ASIC machines are struggling.

 

At least 24x RX 580 can fund my research in electronics and electricity

 

The GPU mining days are over. Even the ASIC machines are struggling.

Not really... but with cheap electricity cost

 

I am mining ETH but it is converted automatically to BTC, its still worth with GPU

Didn't see this before posting. Interesting

 

Didn't see this before posting. Interesting

ETH is easy to mining with GPU... not really worth it with ASIC

 

The problem with Bitcoin is that distributed 'control' is a myth. China controls mining and miners control Bitcoin because the money is in mining not transaction fees. Mining will end when 21 million 'coins' are mined. The block-reward regime will then end and maybe turn in to a transaction-reward regime with a small fraction of the profits made before. What's to stop miners from just increasing the number of coins by X times to keep the gravy train rolling or saying old coins that have never been traded will be mined again? If coin holders don't go along they can't make new transactions without miners, only view old ones in the Blockchain ledger.

And there there is always the insider problem on the whole network.
https://decrypt.co/51042/a-hypothetical-attack-on-the-bitcoin-codebase

Only six men can approve changes to Bitcoin’s code. Here’s what might happen if some—or all—of them were compromised.

Unlikely but a more likely attack will be on directly the cryptographic “one-way function” system. If a 10 minutes mark crack is found on the factoring system by a future QM code cracker all bets are off the table.

Yes... if quantum computing is finished yet... maybe bitcoin is gone... I think that crypto can be cracked easily with quantum computer...