Cryptic Crypto- How can I make $5 per day efficiently?

[Surferdudemi]

I completely understand.

The issue is GPU prices which currently approach twice the MSRP.

As designed, the rig is somewhat scalable and built for the possibility of using more GPU's as discussed in post #14.

I'm just not willing to pay those prices at this point, especially with Ethereum going from proof of work to proof of stake, perhaps as early as Q1, 2022.

IF GPU prices return to earth and there is still profitable work to be done with them I can scale up at that time.

Yup. totally understand. Just wanted to toss in a couple of key points that I learned. Good luck!

 

[JoeHam]

Yup. totally understand. Just wanted to toss in a couple of key points that I learned. Good luck!

Thanks, and whattomine will also be a good resource on other coins to mine IF I proceed further.

For now, it's great that NiceHash can look for profitable ways for me to earn my 0.25 USD/day and is willing to take care of it all.

But they are handsomely rewarded with 2% of my 0.25 earnings I understand .

 

[madsci1016]

Just if your curious on what I'm working with. Though this morning Bitcoin is up. My true average is around $11 per day.


All are LHR (Low Hash Rate) cards so they only mine 70% as well as the original release model.

 

[JoeHam]

Thanks ! That real-world data is nice to see.

My pieces/parts continue to arrive daily and I should be generating some real info by this time next week.

Here are my goals with this project:

First, to learn something about this subject. Since I learn best hands-on this is how I choose to proceed. I predict 100% success here. Whether I like what I learn is another matter altogether !

Second, one of the following three things will happen and I assign each of them a 33.33% probability:

1. I will lose money

2. I will break even by covering the cost of equipment and be left with a nice gaming rig

3. I will make money

I think the mainstream press paints crypto with a broad brush that only criminals and nuts try crypto mining. I hope I am neither of those.

In addition, I would expect to pay taxes if I generate income. In fact, I would like to pay a lot of taxes cuz that would mean I made a lot of money!

However, I will be happy to have learned something along the way.

 

[madsci1016]

Given infinite time at the current conditions you most certainly will get to (3). The question is what happens to the cryptocurrency markets around the ETH POS day coming. It's anybody's guess.

 

[curiouscarbon]

2. I will break even by covering the cost of equipment and be left with a nice gaming rig

This aspect is one upside of GPU hashing. If you were to buy an ASIC, you would be left with a useless brick when the winds change.

 

[@irweezyy]

Like tens of thousands of other folks who viewed Wills latest video on crypto it got me thinking. I noticed a mention of NiceHash by him and thought of starting there.

In a few minutes, I set up an account and put to work a computer that is not being used during the week. The computer is a Hades Canyon NUC with an i7-8705G CPU running at 3.1 GHz and a Radeon RX Vega M GL GPU with 4 Gb of RAM. The machine has 8Gb of RAM and runs Windows 10.

So far it has been in continuous employ for 36 hours and I have made 0.25 USD. Slightly underwhelming but given my minimal efforts so far and extremely limited understanding I am not completely surprised. IF I am going to pursue this it looks like a purpose-built rig is the way to go.

After more hours of research I want to set $5/day as a goal and build something to accomplish that.

I want to mine, or get paid, in Bitcoin due to a number of reasons.

My current understanding is that the GPU is the main driver for success and likely building up to a multi GPU open frame system is the best with 6 GPU's as a reasonable long-term goal but the GPU's are crazy expensive currently.

Will has a good starting list of components on his video.

That makes me think of building a system with scalability to 6 GPU's but I may start out with 1 GPU if it will generate a reasonable return.

Can anyone with experience say if 1 GPU can make this happen or do you need multiple GPU's to get a $5/day target return?

PS- My preference is not to use inefficient and loud ASIC miners.

I just built a rig with only 1 GPU about 3 weeks ago. Totally new to mining but am clearing a little over 7$ per day. Still waiting for electricity bill to come in and see how profitable this is.

 

[JoeHam]

Finally got the rig I described earlier in post # 16 built and running.

On the Ryzen 5600g CPU graphics it was generating 0.14 USD per day. Underwhelming.

The RX 6600 XT GPU is generating an additional $2 per day.

It looks like I would have to add at least one more GPU to get closer to my $5 per day target but I’m not going to pursue that with GPU prices as high as they are now.

This will take too long to pay for itself even when I ignore my sunk costs to generate electricity. ?

 

[robby]

Just if your curious on what I'm working with. Though this morning Bitcoin is up. My true average is around $11 per day.
View attachment 67101
View attachment 67102
All are LHR (Low Hash Rate) cards so they only mine 70% as well as the original release model.

Just out of curiosity how many KWh is that setup consuming everyday?

 

[curiouscarbon]

usd to kwh

good currency conversion

 

[JoeHam]

Update:

I just couldn't stop short of the stated goal so I added one more RX 6600 XT GPU and now am mining just over $5 per day with about 300 W draw at the outlet for the whole rig.

I wasted a bunch of time due to some bad Patriot brand RAM. After going through 3 motherboards (I ended up with a ASUS Tuf Gaming B550-plus), and two of the AMD CPU's I finally tried replacing the RAM and it turns out that was the problem all along.

Grrr. Ended up with Corsair Vengence RAM.

So a lot more time and effort than I planned but now I know exactly what it takes to mine $5 per day.

Total rig cost was around $2050 and with my current stats and bitcoin price it will take around a year to break even. Faster if Bitcoin goes up, slower if Bitcoin goes down. Who knows what happens when POW changes to POS but NiceHash should be able to find something for me to mine since it is also in their best interest.

 

[curiouscarbon]

thank you for documenting your experience and allowing us to learn from the experiment

commendations for the rigor ??

the bottom line to me is that it is strictly possible to export excess solar power by computation, and be financially compensated for it at this time. this transmits it over the internet instead of a power transmission line.

 

[sunday]

Some guys from Russia posted a video who used so many PCs to calculate bicoin they didn't need any additional traditional heating for a lot of the winter months.

 

[Nobodybusiness]

While I have no experience with bitcoin, it is my understanding that complexity increases with time so the amount of bitcoin that can be mined per unit time with given hardware decreases. Value may increase to offset that. But as hardware follows Moore's Law, I would expect dollar return from given hardware to decline. So you need to account for that when estimating payback horizon.

Bitcoin Difficulty Chart - BTC Difficulty

The Bitcoin difficulty chart provides the current Bitcoin difficulty (BTC diff) target as well as a historical data graph visualizing Bitcoin mining difficulty chart values with BTC difficulty adjustments (both increases and decreases) defaulted to today with timeline options of 1 day, 1 week, 1...

www.coinwarz.com

That’s exactly what happens.

That’s why way back when I saw the 1-2ghz asic coming on line I got out because you are in an eternal loop of mining then using profits to get bigger miners as the difficulty increases.

 

[Surferdudemi]

That’s exactly what happens.

That’s why way back when I saw the 1-2ghz asic coming on line I got out because you are in an eternal loop of mining then using profits to get bigger miners as the difficulty increases.

It's slightly more complicated than that. The "difficulty" is adjusted to maintain a certain block time (i.e., time between blocks mined). It has generally gone up over time as more miners and faster miners join the network. There's another "feature": the reward for a mined block is cut in half at certain points in time. Not sure when the next halving is scheduled to occur, but that also puts the screws to miners. IIRC two halvings have occurred in the past 4 years.

 

[Nobodybusiness]

It's slightly more complicated than that. The "difficulty" is adjusted to maintain a certain block time (i.e., time between blocks mined). It has generally gone up over time as more miners and faster miners join the network. There's another "feature": the reward for a mined block is cut in half at certain points in time. Not sure when the next halving is scheduled to occur, but that also puts the screws to miners. IIRC two halvings have occurred in the past 4 years.

Sure but it all ended up being reinvesting all your time and profits to keep up with with the difficulty.
Now I don’t know being what the price is because back then BTC was $200.

 

[Hedges]

... Just to make sure everyone is aware of the potential for scams, including (especially) crypto/stock/trading related. Keep your antenna up.

I was just listening to a speaker who described someone reading casual mention of a crypto site from an on-line acquaintance. He checked it out, risked $5000 in it, couple weeks later had $6500, was able to pull all the cash out (making $1500 cash). So it put that back in. Added more ...
Long story short, once he put everything he had in, and was up millions (according to the bits displaying numbers on his computer screen), it all evaporated.

Kind of like Madoff, who pulled it off to the tune of billions.

 

[Hedges]

Hey @xerato, where are you?

I though you were joining DIYSolarForum to share in our discussions, learn some new things and share your knowledge.

xerato​

New Member
Joined Dec 3, 2022
Last seen Dec 3, 2022

Why did you disappear, and after just one enlightening post?

 

[Eastgip]

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[abdlgafar]

... Just to make sure everyone is aware of the potential for scams, including (especially) crypto/stock/trading related. Keep your antenna up.

I was just listening to a speaker who described someone reading casual mention of a crypto site from an on-line acquaintance. He checked it out, risked $5000 in it, couple weeks later had $6500, was able to pull all the cash out (making $1500 cash). So it put that back in. Added more ...
Long story short, once he put everything he had in, and was up millions (according to the bits displaying numbers on his computer screen), it all evaporated.

Kind of like Madoff, who pulled it off to the tune of billions.

Your story highlights the classic "get rich quick" trap that some fall into. Making $5 a day efficiently in crypto isn't impossible, but it often requires careful research, patience, and risk management. Diving in without due diligence can lead to costly mistakes.
For those interested in cryptomixer, consider starting small, learning about various projects, and staying informed about market trends. And as you mentioned, using a crypto mixer can add an extra layer of protection, especially when dealing with privacy coins.