Hardware to start mining

[fastamdman]

Got NiceHash up and running again, with an R5 1600, RX 470, and RX 570. Even with fan speeds at 3000 RPM, and power limit at -30%, I'm still hitting 90C on the top card.

Anyways, "daily payout fees"? I never used to get daily payouts, I would get... weekly, then bi-weekly, then monthly, as the amount mined kept going down due to difficulty.

Does that mean if you sign up for a NiceHash account, you can get daily payouts?

You get paid out to an internal nice hash wallet everytime you reach .001 btc or higher, which for me is every 2 days. If you are mining to a different wallet, aka not nicehash, you would get paid out every time you hit .01 btc or higher. If you setup nicehash, I would suggest going to there website, setting up the account and using there wallet id. Then simply transfer it to coinbase. I just looked at all of my payments and I have been paid 20+ dollars every 2 days to my nicehash wallet.

 

[fastamdman]

VirtualLarry,

are you running the reference design cards or something? 89C on RX 470/570?

Anyway, you can make more than $150/month with 3 RX 470-class cards. Whattomine says 2 GTX 1080s can do $10/month at least for the top 3 mine, and I've found the site to be pretty accurate.

One thing I'm not sure about is NiceHash. They've got ways to go before they earn our trust. I've got 7mBTC in an external wallet before the hack. I think I'll mine just to get it back but unless they bring back cashing out in much smaller amounts, its doubt I'll go back.

You are slightly confused about the amount of money you can make apparently lol. 2 GTX 1080s do not mine 10 dollars a month. Maybe if they were mining bitcoin they would, but they are mining lyra2rev2, blake2s, equihash, etc etc etc, all the top paying algorithms and then they are paying you in bitcoin. So, with that being said, we are earning roughly 300 a month on 2 gtx 1080s, which is normal. Even if you use nicehash's profitability calculator you would see that. Here is a link. https://www.nicehash.com/profitability-calculator/nvidia-gtx-1080?e=0.1&currency=USD

Here is the info for a 100% STOCK gtx 1080 with electricity costing .1 usd/kWh from nicehash's profitability calculator. Daily earnings would be 5.48 USD per day with just one gtx 1080. WEEKLY earnings would be 38.35 USD and MONTHLY earnings would be 164.36. Please keep in mind this is JUST a SINGLE gtx 1080. If we do some basic math we can see that 164.36x2 = 328.72 take out some fee's and you are at 300 dollars. Or simply overclock the card and make even more. Like I said, I gave you statistics that were perfectly in line with exactly what I was making.

Using this link, which is the base profitability calculator link https://www.nicehash.com/profitability-calculator you will see that the gtx 1080TI earns 7.48 per day and the gtx 1080 earns 5.88 per day. A gtx 1070 earns 5.26 per day etc etc etc.

NVIDIA GTX 1080 Ti
Nist5 at 71.62 MH/s 0.00053113 BTC 7.48 USD
NVIDIA GTX 1080
Equihash at 575.67 Sol/s 0.00041737 BTC 5.88 USD
NVIDIA GTX 1070
Equihash at 514.77 Sol/s 0.00037322 BTC 5.26 USD
AMD RX Vega 64
Equihash at 505.92 Sol/s 0.00036680 BTC 5.16 USD
NVIDIA GTX 1070 Ti
Equihash at 497.92 Sol/s 0.00036100 BTC 5.08 USD

The above is copied and pasted directly from nicehash's website and is exactly in line with what I am seeing.


@VirtualLarry The rx 470 should earn roughly 66.60 per month. Multiply that x 3 and you get 199.8. If you put a slight overclock on all of them you would be able to see north of 200 dollars a month after fees. Again, these statistics are coming from people who are running the cards currently from nicehash themselves. There profitability calculator goes off of people that are running the cards and how much they are currently making. Hence when the site was hacked and everything got reset, the calculator was down for a bit, as it had to rebuild statistics. Here is a link for your cards. https://www.nicehash.com/profitability-calculator/amd-rx-470-4gb?e=0.1&currency=USD

 

[fastamdman]

What are your thoughts on zotac 1070ti cards?

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You would be much better off going with gtx 1080s for the long term versus the 1070TI as once your ROI is met back you will be earning an extra 62 cents per day. They also are easier to sell in case the market crashes and you need to recoup your costs back quickly in my opinion. The gtx 1080ti's can make 7.50 per day, but they cost a ton. Personally I will be sticking with the gtx 1080s for now. My plan is to fill both of the two rigs in my house with as many 1080s as I can, and then build a dedicated mining rig with 8 gtx 1080s using the asrock btc motherboard.

 

[IntelUser2000]

You are slightly confused about the amount of money you can make apparently lol. 2 GTX 1080s do not mine 10 dollars a month.

Nope. I'm not confused, but made a mistake. Should have said $10/day, which is $300/month.

Nicehash at the moment needs 0.1BTC to get paid to an external wallet, and 0.01 for internal.

 

[fastamdman]

Nope. I'm not confused, but made a mistake. Should have said $10/day, which is $300/month.

Nicehash at the moment needs 0.1BTC to get paid to an external wallet, and 0.01 for internal.

That is much better lol. I was like 10 dollars a month is ludicrous, I don't know what you are looking at, but it's no where near that. 10 dollars a day for 2 gtx 1080s is completely accurate though. Glad we are on the same page

 

[VirtualLarry]

So, one machine with R5 1600, RX 470 + RX 570, is showing between $4.99 and $5.49/day. The other box, with an R5 1600, RX 460 4GB, is showing $1.99 to $2.49/day. So on a good day, I could make $8/day between my machines, and electric costs are probably $1/day.

 

[fastamdman]

So, one machine with R5 1600, RX 470 + RX 570, is showing between $4.99 and $5.49/day. The other box, with an R5 1600, RX 460 4GB, is showing $1.99 to $2.49/day. So on a good day, I could make $8/day between my machines, and electric costs are probably $1/day.

I highly doubt your electric costs will go up 30 bucks a month. Mine have barely increased at all, but it depends where you live. I thought you said you had free electricity earlier though...maybe that was someone else.

 

[VirtualLarry]

I do have "free" electricity, it's included as part of the rent. But if I'm ever required to give an accounting of the electricity I used for mining purposes, I would like to have that.

And I think that you would be surprised how much electricity PCs use. I was paying $200/mo between several machines doing DC work in my old apt., where I paid for my electric. (Didn't have electric heat, but I heated my apt. in winter with my PCs anyways.)

 

[fastamdman]

@VirtualLarry Our electric bill changed by about 5 dollars from our normal use to running both machines 24/7 at full load. I guess its different for everyone though, luckily mining isn't costing us much more than we were before. The wife and I are getting ready to move into a new place soon where we will have a much much cheaper electric bill as well, it's going to be great.

 

[tvfreak]

Depends what area u live on. Living on Cali, they like charging u an arm and a leg

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[tvfreak]

I read the Vega 56 cards are much superior. But they are constantly sold out and the price has gone up from its msrp

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[fastamdman]

I read the Vega 56 cards are much superior. But they are constantly sold out and the price has gone up from its msrp

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Depends how and what you are mining. A lot of the AMD cards can dual mine, which would be more profitable. However, my approach is more along the lines of going with amazing gaming hardware, that can also mine. That way I can have a great gaming system / mining system and if the market crashes I know I can easily and quickly sell the gtx 1080s for close to what I paid for them. The vega cards on the other hand aren't nearly as good for gaming and are over priced currently. Who knows when they will reach msrp again, which makes reselling interesting to say the least. But, the amd cards can be much more profitable depending on how you are mining and what you are mining for. Personally though, I am sticking with nicehash and the gtx 1080s. Soon I will have 8 of them making me 45 to 50 dollars a day depending on there overclocks. It will take less than 3 months to pay off the cards and show profit. Roughly 85 days and it will be pure profit. An extra 350 a week or 1400 a month is going to be great. I just gotta get to that point, which will hopefully be in just a couple of months

 

[tvfreak]

Depends how and what you are mining. A lot of the AMD cards can dual mine, which would be more profitable. However, my approach is more along the lines of going with amazing gaming hardware, that can also mine. That way I can have a great gaming system / mining system and if the market crashes I know I can easily and quickly sell the gtx 1080s for close to what I paid for them. The vega cards on the other hand aren't nearly as good for gaming and are over priced currently. Who knows when they will reach msrp again, which makes reselling interesting to say the least. But, the amd cards can be much more profitable depending on how you are mining and what you are mining for. Personally though, I am sticking with nicehash and the gtx 1080s. Soon I will have 8 of them making me 45 to 50 dollars a day depending on there overclocks. It will take less than 3 months to pay off the cards and show profit. Roughly 85 days and it will be pure profit. An extra 350 a week or 1400 a month is going to be great. I just gotta get to that point, which will hopefully be in just a couple of months

So ur going with 8gpu 1080ti cards?
What PSU, mobo, memory and CPU r u going with?
From what I read, u don't need the nicest CPU or memory correct?

Isn't there another website other than nicehash?
What about pool mining?

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[Red Squirrel]

Didn't nicehash get hacked? Probably would not trust that. Idealy you want to mine to an offline wallet... I assume that's possible right? The minute you rely on another site your money is in the hands of them and not you. And these arn't regulated banks so they won't exactly have the best security or guarantees etc. If they get hacked then it's too bad so sad.

 

[fastamdman]

So ur going with 8gpu 1080ti cards?
What PSU, mobo, memory and CPU r u going with?
From what I read, u don't need the nicest CPU or memory correct?

Isn't there another website other than nicehash?
What about pool mining?

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I am going with 8 gtx 1080s, non ti's. I am going to do sli 1080s in my rig and my wifes rig and then do another entire build with the asrock btc motherboard with 8 gtx 1080s, so i guess a total of 12 1080s is the goal in the end.

As far as the memory, cpu, psu I will be going with the absolute cheapest processor I can find. The processor is irrelevant, same with the ram. I will toss in a single 4gb stick and call it a day. For the power supplies I will probably run 2 of the 1500 watt corsair axi's or something along that line. I haven't finalized the power supply yet, but that is what I am leaning towards.

For mining there are plenty of programs. I have ran at least 10-15 different mining programs, but nicehash has been the best profitability for me. I tried awesome miner, winminer, kryptex, etc etc etc and none of them paid as well in the end. I did a lot of batch file mining as well with zpool and mutlipoolmininghub and neither of those paid out very well either. I made a hell of a lot less with mpmh and I am glad that I moved away from them. It works for some, but it wasn't for me. The only GUI based miner that I liked out of all of them was nicehash, I absolutely hated computta and a few others. Pool mining can be profitable, but it wasn't as profitable as nicehash.

I would suggest that once you get the hardware that you give a few of the programs a shot. Just remember that down time is literally wasted money, so don't spend to long on it. There are a lot of really good videos about this subject on youtube as well. Several investors got into computer building, mining etc. One of the main ones I watched was a guy that had never built a computer before, but him and his friend decided to invest A LOT of money into mining. Talking 70,000 dollars type of money. Regardless, it was an interesting serious. They used nicehash on linux originally but swapped over to windows as it was just easier to deal with and didn't have as many issues / updates to mess with. I run both linux and windows, but for mining I am using just windows. Honestly I haven't even used my linux partition in a while. I try to leave my pc on 24/7 mining, I only shut it down every now and then. So far so good for me.

If you have any other questions please let me know. I would be more than happy to help you out. I absolutely love mining and I have been following the cryptocurrency market pretty closely. I haven't made myself rich off it yet, but I have a feeling I will end up doing pretty well with it in the end I wish you the best of luck as well!

 

[DrMrLordX]

Idealy you want to mine to an offline wallet... I assume that's possible right? .

You can mine to any valid crypto address you like (certain rules apply based on the coin; for example, when mining ZCash, you have to mine to a t-address rather than a z-address).

I do not agree that nicehash is always the best way to go. The best mining pays you in a cryptocurrency that is an appreciatory asset. If I recall correctly, nicehash pays out rewards in BTC. If you had committed the majority of your hashpower between Dec 2016 and now to ETH, you would have made more money overall than if you got paid in BTC, just due to changes in price. But that only applies if you hold your crypto long enough for it to rise in value, AND if you pick the right crypto asset.

Looking back at the 2017 year, I think only one mine-able crypto outperformed BTC, and that was ETH. There were plenty of other coins you could have mined and held that would have netted you lower profits.

If all you are doing is dumping your crypto for fiat as soon as you mine it, then something like nicehash might be the way to go.

 

[IntelUser2000]

Nicehash for me was ok during times when your focus coins weren't giving as much, and you wanted a short term profit boost. Otherwise, I didn't use them.

That hack and the policy they have now is retarded though. 0.1 BTC for payout to external wallets, however short that policy may be. I almost agree with the people that think its a type of a Ponzi scheme where the payout levels are so high the low level miners abandon, and they use that money to pay their "real" customers, the big miners. They haven't yet fulfilled their promise of paying people for the original loss due to the hack, nevermind the newest way of doing things.

 

[fastamdman]

Didn't nicehash get hacked? Probably would not trust that. Idealy you want to mine to an offline wallet... I assume that's possible right? The minute you rely on another site your money is in the hands of them and not you. And these arn't regulated banks so they won't exactly have the best security or guarantees etc. If they get hacked then it's too bad so sad.

Nicehash did get hacked, for 65 million dollars. They went to investors though, got the money and they are paying everyone back. A lot of very large cryptocurrency companies have been hacked at some point or another. The fact that nicehash is paying its users back is great, nothing to worry about there. Considering you get paid every 2 days (depending on your hardware) to your nicehash wallet, you can then exchange it to coinbase free of charge and then into your paypal account. Once it's in your paypal account you can transfer it to your bank account and it is 100% secure and FDIC insured like the rest of your money. Considering the amount of money nicehash is making with the millions of users they have, it's extremely safe to say that they would rather repay 65 million dollars than they would lose all further business. After this hack they increased security drastically. Without a person physically being there and allowing a transfer of funds to go through, it can't go through. I don't see them being hacked ever again honestly. There security now is much better than it was.

 

[fastamdman]

Nicehash for me was ok during times when your focus coins weren't giving as much, and you wanted a short term profit boost. Otherwise, I didn't use them.

That hack and the policy they have now is retarded though. 0.1 BTC for payout to external wallets, however short that policy may be. I almost agree with the people that think its a type of a Ponzi scheme where the payout levels are so high the low level miners abandon, and they use that money to pay their "real" customers, the big miners. They haven't yet fulfilled their promise of paying people for the original loss due to the hack, nevermind the newest way of doing things.

I agree 0.1 btc for external wallets is to high, but if you simply transfer it to your coinbase wallet it's free of charge. From coinbase you can transfer it to paypal or you can let it rise in value. The only people that are getting screwed so to speak are people that it takes to long to mine the .1 or the people that don't have access to coinbase. But even then, if they just use the nicehash wallet and accept the small fee that comes with it, you can still transfer that out to any account you would like. I've been with nicehash since way before the hack and they have never missed a payment to me. Immediately after the hack the showed that all of my funds were still there and that they were going to pay it back. I have full trust in the company. If they were stealing bitcoin or doing it in a ponzi scheme, we would have heard about it by now. They have millions of users, if even a handful were missing payments we would have heard about it.

 

[fastamdman]

@DrMrLordX I agree nicehash isn't always the best way to go, however it was the best in my situation. I tried all of the other programs and pool mining, but nicehash had the highest dollar per day payout for me. I suggest that the op and everyone tries several different mining programs and pools to see what works best for them. Nicehash isn't the end all be all by any means, but it has been extremely profitable for me. If you got into mining early enough, with any program, you made a lot of money. I was lucky enough to get on it before the big boom and was able to watch my coinbase wallet just grow and grow and grow. I keep transferring funds from my nicehash wallet into coinbase every time it dips down and when it comes back up, I enjoy the benefits of it.

As far as other crypto's being better than bitcoin, it's kind of a toss up. The market is so volatile that it depends on the month, day, time of day etc. There have been plenty of times where ethereum has made a killing and bitcoin went down. There have been other times where bitcoin sky rocketed and ethereum stayed the same. There is a big difference between investing and mining though. If you are mining specifically to get paid daily / weekly / monthly in fiat, I think nicehash is a great way of doing that. But if you want to mine and hold onto it in the hops that its worth a lot more later on down the line, I feel as if nicehash isn't the BEST option. Mining ethereum would probably be much more profitable. However, the majority of people don't have the funds to drop a ton of money into mining and then simply say "I will hold onto all of the alt coin until it hits X amount". A lot of the people getting into mining are doing it to make the profit instantly so to speak, which is where nicehash does a really good job.

 

[Red Squirrel]

Nicehash did get hacked, for 65 million dollars. They went to investors though, got the money and they are paying everyone back. A lot of very large cryptocurrency companies have been hacked at some point or another. The fact that nicehash is paying its users back is great, nothing to worry about there. Considering you get paid every 2 days (depending on your hardware) to your nicehash wallet, you can then exchange it to coinbase free of charge and then into your paypal account. Once it's in your paypal account you can transfer it to your bank account and it is 100% secure and FDIC insured like the rest of your money. Considering the amount of money nicehash is making with the millions of users they have, it's extremely safe to say that they would rather repay 65 million dollars than they would lose all further business. After this hack they increased security drastically. Without a person physically being there and allowing a transfer of funds to go through, it can't go through. I don't see them being hacked ever again honestly. There security now is much better than it was.

Wow did not realize they were able to repay everyone. TBH I was surprised to hear they were still around, I just kind of assumed that hack pretty much ended them. But yeah that's the issue a lot of these sites get hacked so don't want to leave your coins there too long. Probably good to have several separate wallets and not just one too.

 

[fastamdman]

Wow did not realize they were able to repay everyone. TBH I was surprised to hear they were still around, I just kind of assumed that hack pretty much ended them. But yeah that's the issue a lot of these sites get hacked so don't want to leave your coins there too long. Probably good to have several separate wallets and not just one too.

Ya the fact that they took the time to get investors to pay people back helped them a lot with the communities trust. I generally won't leave more than 100 to 150 in there wallet at a time. When it reaches that I simply toss it into coinbase and leave it there until I feel the market is at a good point to pull it out and put it into paypal. Rinse and repeat and enjoy the "free" money. I just love how well mining scales with more gpu's. The fact that you earn 100% more for each gpu you add is great. It's not like SLI in the sense where you don't go from 150 fps to 300 fps for example. Kind of a bad analogy but you know what I mean. Now that they have increased there security, have 2FA, free transfers to coinbase and are repaying there customers back after 65 mil was stolen....I will be staying with them.

I'm not the most loyal person by any means, but I do trust this company enough to stay with them. However if friends, family, random people start saying oh hey X is paying out more than nicehash, then I will swap over and give it a shot. But from my own personal experience, I haven't found a single mining program that is paying more per day than nicehash is. I do recognize that holding onto ethereum could create to more money in the long run, but I am looking to ramp up to 12 gtx 1080s as fast as I can, so the extra fiat is needed asap for this project.

 

[Red Squirrel]

Nice to know the scaling works that well. I'm probably going to get that mobo that has all those slots and build a case that can handle it. Start with like 2 and then grow from there. Heck if it turns out that I do make money it will also mean free heat. Just need to get a hydro upgrade lol, I only have 100 amps.

 

[fastamdman]

Nice to know the scaling works that well. I'm probably going to get that mobo that has all those slots and build a case that can handle it. Start with like 2 and then grow from there. Heck if it turns out that I do make money it will also mean free heat. Just need to get a hydro upgrade lol, I only have 100 amps.

There are several different asrock btc boards, here are a couple for ya to look at.
https://www.newegg.com/Product/Prod...srock_h110_pro_btc-_-9SIAEUY6R27144-_-Product
https://www.newegg.com/Product/Prod...8&cm_re=asrock_btc-_-9SIAD7H5EX1738-_-Product

Before going with the asrock board, I would start with your own system. Just toss a gtx 1080 into your current system and then when you get enough money toss in a 2nd one. Rinse and repeat for any other computers you have in your house and then when all of those are full with 1080s, start the mining build. It's much cheaper to add a 1080 to a current system thats already built, than it is to buy everything from scratch. The investment cost upfront is a lot less this way. This is the exact reason why I am using my 8700k gaming system to mine with. The best part of doing it this way, is that when you are gaming, you can have 1 gpu mining, while the other gpu you are using for gaming. This won't impact your gaming performance at all.

 

[Red Squirrel]

Hmm that's a good point too, may as well just use existing systems for now. My gaming machine sits idle most of the time anyway and is already in my server rack on UPS power. Can just throw in 2 cards in there and get a graphic upgrade at the same time.