UK diy (uk.d-i-y) For the discussion of all topics related to diy (do-it-yourself) in the UK. All levels of experience and proficency are welcome to join in to ask questions or offer solutions.

Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1   Report Post  
Posted to uk.d-i-y
external usenet poster
 
Posts: 41
Default Bitcoin Mining

All the publicity about the "Bitcoin Bubble" over Christmas got me thinking.

Having discovered a piece of software called *very originally* "Bitcoin
Miner" free in the W10 app store I let it run for a few days and made
about 50p worth of bitcoin.

Next I discovered a free application called "Nicehash Miner", and
proffed a couple of decent graphics cards from the office. Now I'm
making £5.00 to £8.00 per day in exchange for 500 watts of electricity
(about £1.50 per day).

I feel myself being "reeled in" by this brave new world. Anybody else
got this problem?

[I'm sure the bubble will burst soon, but it's fun while it lasts].
  #2   Report Post  
Posted to uk.d-i-y
external usenet poster
 
Posts: 2,704
Default Bitcoin Mining

On 27/01/2018 17:46, Vortex12 wrote:
All the publicity about the "Bitcoin Bubble" over Christmas got me
thinking.

Having discovered a piece of software called *very originally* "Bitcoin
Miner" free in the W10 app store I let it run for a few days and made
about 50p worth of bitcoin.


That doesn't sound like very much.

Next I discovered a free application called "Nicehash Miner", and
proffed a couple of decent graphics cards from the office.* Now I'm
making £5.00 to £8.00 per day in exchange for 500 watts of electricity
(about £1.50 per day).


Are you sure they're real bitcoins? Have you tried buying anything with
them?

--
Max Demian
  #3   Report Post  
Posted to uk.d-i-y
external usenet poster
 
Posts: 41
Default Bitcoin Mining



Are you sure they're real bitcoins? Have you tried buying anything with
them?


I'm sure they're real.

The only practical option is to convert them back to pounds to spend,
not difficult but of course there is always the chance a bitcoin could
be worth £100k in the future. I'll hang on for now.

Really this is a bit of a "first world problem" It's only for fun and
technical interest.






  #4   Report Post  
Posted to uk.d-i-y
external usenet poster
 
Posts: 6,213
Default Bitcoin Mining

On 27/01/2018 20:27, Max Demian wrote:
On 27/01/2018 17:46, Vortex12 wrote:
All the publicity about the "Bitcoin Bubble" over Christmas got me
thinking.

Having discovered a piece of software called *very originally*
"Bitcoin Miner" free in the W10 app store I let it run for a few days
and made about 50p worth of bitcoin.


That doesn't sound like very much.

Next I discovered a free application called "Nicehash Miner", and
proffed a couple of decent graphics cards from the office.* Now I'm
making £5.00 to £8.00 per day in exchange for 500 watts of electricity
(about £1.50 per day).


Are you sure they're real bitcoins? Have you tried buying anything with
them?


Where are they 'coming from', if you aren't actually paying for them ?.
  #5   Report Post  
Posted to uk.d-i-y
external usenet poster
 
Posts: 1,375
Default Bitcoin Mining

On 28/01/18 10:06, Andrew wrote:
On 27/01/2018 20:27, Max Demian wrote:
On 27/01/2018 17:46, Vortex12 wrote:
Next I discovered a free application called "Nicehash Miner", and
proffed a couple of decent graphics cards from the office.* Now I'm
making £5.00 to £8.00 per day in exchange for 500 watts of
electricity (about £1.50 per day).


Are you sure they're real bitcoins? Have you tried buying anything
with them?


Where are they 'coming from', if you aren't actually paying for them ?.


Fossil fuels, Uranium, future power station building costs

Only really free if ye are powered directly from free renewables.

--
Adrian C


  #6   Report Post  
Posted to uk.d-i-y
external usenet poster
 
Posts: 41
Default Bitcoin Mining

On 28/01/2018 10:06, Andrew wrote:
On 27/01/2018 20:27, Max Demian wrote:
On 27/01/2018 17:46, Vortex12 wrote:
All the publicity about the "Bitcoin Bubble" over Christmas got me
thinking.

Having discovered a piece of software called *very originally*
"Bitcoin Miner" free in the W10 app store I let it run for a few days
and made about 50p worth of bitcoin.


That doesn't sound like very much.

Next I discovered a free application called "Nicehash Miner", and
proffed a couple of decent graphics cards from the office. Now I'm
making £5.00 to £8.00 per day in exchange for 500 watts of
electricity (about £1.50 per day).


Are you sure they're real bitcoins? Have you tried buying anything
with them?


Where are they 'coming from', if you aren't actually paying for them ?.


Start he https://bitcoin.org/en/how-it-works



  #7   Report Post  
Posted to uk.d-i-y
external usenet poster
 
Posts: 13,431
Default Bitcoin Mining

On Sun, 28 Jan 2018 10:06:40 +0000, Andrew
wrote:

On 27/01/2018 20:27, Max Demian wrote:
On 27/01/2018 17:46, Vortex12 wrote:
All the publicity about the "Bitcoin Bubble" over Christmas got me
thinking.

Having discovered a piece of software called *very originally*
"Bitcoin Miner" free in the W10 app store I let it run for a few days
and made about 50p worth of bitcoin.


That doesn't sound like very much.

Next I discovered a free application called "Nicehash Miner", and
proffed a couple of decent graphics cards from the office.* Now I'm
making 5.00 to 8.00 per day in exchange for 500 watts of electricity
(about 1.50 per day).


Are you sure they're real bitcoins? Have you tried buying anything with
them?


Where are they 'coming from', if you aren't actually paying for them ?.


And has mining become more efficient as my mate had a fairly big
mining rig (10 video cards or summat) but it was costing more in
electricity than he was mining at the time?

Cheers, T i m


  #8   Report Post  
Posted to uk.d-i-y
external usenet poster
 
Posts: 41
Default Bitcoin Mining



And has mining become more efficient as my mate had a fairly big
mining rig (10 video cards or summat) but it was costing more in
electricity than he was mining at the time?

Cheers, T i m



Any graphics card worth using seems to consume 100-200 Watts.

Furthermore the it is a 3.3 volt supply that GPU's need, (the yellow
wires on your PC cable harness) so they require 30 amps or more! If
you're not careful with the wiring there is a very real risk of I
squared R's causing issues.

D



  #9   Report Post  
Posted to uk.d-i-y
Jim Jim is offline
external usenet poster
 
Posts: 2,176
Default Bitcoin Mining

Vortex12 Wrote in message:
All the publicity about the "Bitcoin Bubble" over Christmas got me thinking.

Having discovered a piece of software called *very originally* "Bitcoin
Miner" free in the W10 app store I let it run for a few days and made
about 50p worth of bitcoin.

Next I discovered a free application called "Nicehash Miner", and
proffed a couple of decent graphics cards from the office. Now I'm
making 5.00 to 8.00 per day in exchange for 500 watts of electricity
(about 1.50 per day).

I feel myself being "reeled in" by this brave new world. Anybody else
got this problem?

[I'm sure the bubble will burst soon, but it's fun while it lasts].


How deep are you in?
--
Jim K


----Android NewsGroup Reader----
http://usenet.sinaapp.com/
  #10   Report Post  
Posted to uk.d-i-y
external usenet poster
 
Posts: 41
Default Bitcoin Mining

On 28/01/2018 11:08, jim wrote:
Vortex12 Wrote in message:
All the publicity about the "Bitcoin Bubble" over Christmas got me thinking.

Having discovered a piece of software called *very originally* "Bitcoin
Miner" free in the W10 app store I let it run for a few days and made
about 50p worth of bitcoin.

Next I discovered a free application called "Nicehash Miner", and
proffed a couple of decent graphics cards from the office. Now I'm
making 5.00 to 8.00 per day in exchange for 500 watts of electricity
(about 1.50 per day).

I feel myself being "reeled in" by this brave new world. Anybody else
got this problem?

[I'm sure the bubble will burst soon, but it's fun while it lasts].


How deep are you in?


Just self indulgence, in my old age. Not risking much and it keeps me
out of the pub. The few quid I spend on electricity (maybe a tenner a
week at the moment) would otherwise be spent on beer.

I am utterly convinced that in 10 years time this will have evolved into
something completely globally transformational (and almost impossible
for anybody to regulate).

D




  #11   Report Post  
Posted to uk.d-i-y
external usenet poster
 
Posts: 7,829
Default Bitcoin Mining

Vortex12 wrote:

Any graphics card worth using seems to consume 100-200 Watts.


There are dedicated 'mining' motherboards that will take 19 graphics
cards and 3 ATX power supplies

https://youtu.be/ZM1vaHflxFE

Furthermore the it is a 3.3 volt supply that GPU's need, (the yellow
wires on your PC cable harness) so they require 30 amps or more!


Yellow wires on ATX power supplies are +12V, the orange wires are +3.3V,
and the 6 or 8 pin PCIe connectors only have +12V

  #12   Report Post  
Posted to uk.d-i-y
external usenet poster
 
Posts: 41
Default Bitcoin Mining

On 28/01/2018 11:40, Andy Burns wrote:
Vortex12 wrote:

Any graphics card worth using seems to consume 100-200 Watts.


There are dedicated 'mining' motherboards that will take 19 graphics
cards and 3 ATX power supplies

https://youtu.be/ZM1vaHflxFE

Furthermore the it is a 3.3 volt supply that GPU's need, (the yellow
wires on your PC cable harness) so they require 30 amps or more!


Yellow wires on ATX power supplies are +12V, the orange wires are +3.3V,
and the 6 or 8 pin PCIe connectors only have +12V


I stand corrected.

They still get hot if you're not careful!
  #13   Report Post  
Posted to uk.d-i-y
external usenet poster
 
Posts: 39,563
Default Bitcoin Mining

On 28/01/18 10:29, Adrian Caspersz wrote:
On 28/01/18 10:06, Andrew wrote:
On 27/01/2018 20:27, Max Demian wrote:
On 27/01/2018 17:46, Vortex12 wrote:
Next I discovered a free application called "Nicehash Miner", and
proffed a couple of decent graphics cards from the office.* Now I'm
making £5.00 to £8.00 per day in exchange for 500 watts of
electricity (about £1.50 per day).

Are you sure they're real bitcoins? Have you tried buying anything
with them?


Where are they 'coming from', if you aren't actually paying for them ?.


Fossil fuels, Uranium, future power station building costs

Only really free if ye are powered directly from free renewables.

And which renewables are more 'free' than free coal oil gas or uranium ore?


--
How fortunate for governments that the people they administer don't think.

Adolf Hitler

  #14   Report Post  
Posted to uk.d-i-y
external usenet poster
 
Posts: 7,829
Default Bitcoin Mining

jim wrote:

Vortex12 wrote:

I'm sure the bubble will burst soon, but it's fun while it lasts.


I actually thought the electricity cost/coin was a lot higher, hence the
endless racks if servers in Iceland where thermo electricity is cheap
and cooling even cheaper.

If you're turning £500/year of electricity into £3,000 of BTC, something
will give, if it had a lower "markup" of 10% might stand a chance of not
bursting, but 600% forget it, I predict an interesting finale for the
greedy sods who have hundreds of millions invested ...

How deep are you in?


If he's borrowed the GPUs rather than bought them, that avoids the six
month payback period for hardware, I'd be cashing enough out to cover
the electricity bills and the fees for cashing those out.

When a conference about BTC stops accepting payment in BTC because
transaction fees are too high, that's not a good sign

Collectively the miners have found about half of the 22 million coins to
date, who's going to leave tens of thousands of machines running to keep
the blockchain alive after that? Transaction fees will rocket to cover
the electricity.

  #15   Report Post  
Posted to uk.d-i-y
Jim Jim is offline
external usenet poster
 
Posts: 2,176
Default Bitcoin Mining

Andy Burns Wrote in message:
jim wrote:

Vortex12 wrote:

I'm sure the bubble will burst soon, but it's fun while it lasts.


I actually thought the electricity cost/coin was a lot higher, hence the
endless racks if servers in Iceland where thermo electricity is cheap
and cooling even cheaper.

If you're turning 500/year of electricity into 3,000 of BTC, something
will give, if it had a lower "markup" of 10% might stand a chance of not
bursting, but 600% forget it, I predict an interesting finale for the
greedy sods who have hundreds of millions invested ...

How deep are you in?


If he's borrowed the GPUs rather than bought them, that avoids the six
month payback period for hardware, I'd be cashing enough out to cover
the electricity bills and the fees for cashing those out.

When a conference about BTC stops accepting payment in BTC because
transaction fees are too high, that's not a good sign

Collectively the miners have found about half of the 22 million coins to
date, who's going to leave tens of thousands of machines running to keep
the blockchain alive after that? Transaction fees will rocket to cover
the electricity.


Indeed. I also understood the mining cost in electric was
increasing with every transaction & discovery of "new" BTC.


I am cynically thinking the OP is already losing on their BTC
"investments" (cough) /gambling so was doing his bit to try to
stimulate another bubble to recoup losses...

--
Jim K


----Android NewsGroup Reader----
http://usenet.sinaapp.com/


  #16   Report Post  
Posted to uk.d-i-y
external usenet poster
 
Posts: 1,375
Default Bitcoin Mining

On 28/01/18 11:52, The Natural Philosopher wrote:
On 28/01/18 10:29, Adrian Caspersz wrote:
On 28/01/18 10:06, Andrew wrote:
On 27/01/2018 20:27, Max Demian wrote:
On 27/01/2018 17:46, Vortex12 wrote:
Next I discovered a free application called "Nicehash Miner", and
proffed a couple of decent graphics cards from the office.* Now I'm
making £5.00 to £8.00 per day in exchange for 500 watts of
electricity (about £1.50 per day).

Are you sure they're real bitcoins? Have you tried buying anything
with them?


Where are they 'coming from', if you aren't actually paying for them ?.


Fossil fuels, Uranium, future power station building costs

Only really free if ye are powered directly from free renewables.

And which renewables are more 'free' than free coal oil gas or uranium ore?



Most of them once ye have paid the infrastructure costs, and got them
off the subsidy bandwagon.

There are huge bitcoin farms built next to hydroelectric plants.

Chinas secret Bitcoin mine
https://www.youtube.com/watch?v=2Hh-nAg4YOk


--
Adrian C
  #17   Report Post  
Posted to uk.d-i-y
external usenet poster
 
Posts: 2,783
Default Bitcoin Mining

On Sun, 28 Jan 2018 11:22:45 +0000, Vortex12 wrote:

I am utterly convinced that in 10 years time this will have evolved into
something completely globally transformational (and almost impossible
for anybody to regulate).


I've got some tulip bulbs for sale if you're interested. ;-



--
This message may be freely reproduced without limit or charge only via
the Usenet protocol. Reproduction in whole or part through other
protocols, whether for profit or not, is conditional upon a charge of
GBP10.00 per reproduction. Publication in this manner via non-Usenet
protocols constitutes acceptance of this condition.
  #18   Report Post  
Posted to uk.d-i-y
external usenet poster
 
Posts: 2,783
Default Bitcoin Mining

On Sun, 28 Jan 2018 12:56:59 +0000, jim wrote:

I am cynically thinking the OP is already losing on their BTC
"investments" (cough) /gambling so was doing his bit to try to
stimulate another bubble to recoup losses...



It's going to take rather more than one Usenet post to stimulate a bubble!



--
This message may be freely reproduced without limit or charge only via
the Usenet protocol. Reproduction in whole or part through other
protocols, whether for profit or not, is conditional upon a charge of
GBP10.00 per reproduction. Publication in this manner via non-Usenet
protocols constitutes acceptance of this condition.
  #19   Report Post  
Posted to uk.d-i-y
external usenet poster
 
Posts: 267
Default Bitcoin Mining


"Vortex12" wrote in message
...

Now I'm making 5.00 to 8.00 per day in exchange for 500 watts of electricity (about
1.50 per day).


[I'm sure the bubble will burst soon, but it's fun while it lasts].


What you described above is the situation with bitcoin in the early days,
before the exchange rate started to climb.

At present there are around 1384 cryptocurrencies of which bitcoin is simply
the best known.

https://en.wikipedia.org/wiki/List_of_cryptocurrencies

If you check again I think you'll find you're generating one of the newer varieties.

Otherwise if something looks to good to be true - such as making 5-8 (50-80) per day
at a
cost of only 1.50 (15) worth of electricity, while lying in bed or whatever - it
usually is.


michael adams

.....






  #20   Report Post  
Posted to uk.d-i-y
Jim Jim is offline
external usenet poster
 
Posts: 2,176
Default Bitcoin Mining

Cursitor Doom Wrote in message:
On Sun, 28 Jan 2018 12:56:59 +0000, jim wrote:

I am cynically thinking the OP is already losing on their BTC
"investments" (cough) /gambling so was doing his bit to try to
stimulate another bubble to recoup losses...



It's going to take rather more than one Usenet post to stimulate a bubble!


I did say "bit".
I suspect desperate measures are called for...

(This is post #20...)

--
Jim K


----Android NewsGroup Reader----
http://usenet.sinaapp.com/


  #21   Report Post  
Posted to uk.d-i-y
external usenet poster
 
Posts: 7,829
Default Bitcoin Mining

Vortex12 wrote:

I'm making £5.00 to £8.00 per day in exchange for 500 watts of electricity


I think you're into 'schum mishtake schurely' territory ...

Using an online mining calculator, assuming you have two top spec 1070Ti
GPUs capable of 60MH/s together, that are free because you borrowed
them, and burning 500W of power at 14p/kWh, at current BTC difficulty
and reward rates, you're losing $2.40/day

https://99bitcoins.com/bitcoin-mining-calculator/?current_difficulty_factor=1590896927258&hash_rate =60&hash_rate_grade=MH%2Fs&btc_reward=12.5&btc_exc hange_rate=11646.1888&pool_fee=5&power_watts=500&p ower_cost=0.2&hardware_costs=0&action=99btc-bmc-calucalate

Nicehash also seems to have a 5% service fee for you selling your GPU to
them, plus a 0.0005 BTC fee for transferring from their wallet to your
wallet, then whatever fees it would cost you to buy hard pounds or
dollars from your wallet.

  #22   Report Post  
Posted to uk.d-i-y
external usenet poster
 
Posts: 41
Default Bitcoin Mining

On 28/01/2018 18:43, Andy Burns wrote:
Vortex12 wrote:

I'm making £5.00 to £8.00 per day in exchange for 500 watts of
electricity


I think you're into 'schum mishtake schurely' territory ...

Using an online mining calculator, assuming you have two top spec 1070Ti
GPUs capable of 60MH/s together, that are free because you borrowed
them, and burning 500W of power at 14p/kWh, at current BTC difficulty
and reward rates, you're losing $2.40/day

https://99bitcoins.com/bitcoin-mining-calculator/?current_difficulty_factor=1590896927258&hash_rate =60&hash_rate_grade=MH%2Fs&btc_reward=12.5&btc_exc hange_rate=11646.1888&pool_fee=5&power_watts=500&p ower_cost=0.2&hardware_costs=0&action=99btc-bmc-calucalate


Nicehash also seems to have a 5% service fee for you selling your GPU to
them, plus a 0.0005 BTC fee for transferring from their wallet to your
wallet, then whatever fees it would cost you to buy hard pounds or
dollars from your wallet.



Not quite. Look at https://www.nicehash.com/profitability-calculator/

I set up the experiment to validate the claim because I did not believe it.

I've actually been using 3 x nVidia GTX1060's which appear to generate
between 1.6 and 2.5 quid a day each (after charges) minus leccy cost no
more than 1.5 per day. Actually 400 watts consumption for this setup
with the monitor off!

Feeless transfer to coinbase.com wallet.

Certainly there is no loss going on based on the balances I see. But
you could regard this as a very elaborate fan heater in the limit.




  #23   Report Post  
Posted to uk.d-i-y
external usenet poster
 
Posts: 352
Default Bitcoin Mining

On Sunday, January 28, 2018 at 7:16:36 PM UTC, Vortex12 wrote:
On 28/01/2018 18:43, Andy Burns wrote:
Vortex12 wrote:

I'm making £5.00 to £8.00 per day in exchange for 500 watts of
electricity


I think you're into 'schum mishtake schurely' territory ...

Using an online mining calculator, assuming you have two top spec 1070Ti
GPUs capable of 60MH/s together, that are free because you borrowed
them, and burning 500W of power at 14p/kWh, at current BTC difficulty
and reward rates, you're losing $2.40/day

https://99bitcoins.com/bitcoin-mining-calculator/?current_difficulty_factor=1590896927258&hash_rate =60&hash_rate_grade=MH%2Fs&btc_reward=12.5&btc_exc hange_rate=11646.1888&pool_fee=5&power_watts=500&p ower_cost=0.2&hardware_costs=0&action=99btc-bmc-calucalate


Nicehash also seems to have a 5% service fee for you selling your GPU to
them, plus a 0.0005 BTC fee for transferring from their wallet to your
wallet, then whatever fees it would cost you to buy hard pounds or
dollars from your wallet.



Not quite. Look at https://www.nicehash.com/profitability-calculator/

I set up the experiment to validate the claim because I did not believe it.

  #24   Report Post  
Posted to uk.d-i-y
external usenet poster
 
Posts: 7,829
Default Bitcoin Mining

Vortex12 wrote:

I've actually been using 3 x nVidia GTX1060's which appear to
generate between 1.6 and 2.5 quid a day each (after charges)

That's the bit I don't see, two different calculators say you'll mine
0.000005 BTC per week = 4/100th of a penny with 54MH/s of GPU power

https://www.cryptocompare.com/mining/calculator/btc?HashingPower=54&HashingUnit=MH%2Fs&PowerConsum ption=400&CostPerkWh=0.14&MiningPoolFee=1

https://99bitcoins.com/bitcoin-mining-calculator/?current_difficulty_factor=1590896927258&hash_rate =54&hash_rate_grade=MH%2Fs&btc_reward=12.5&btc_exc hange_rate=11646.1888&pool_fee=5&power_watts=500&p ower_cost=0.2&hardware_costs=&action=99btc-bmc-calucalate

Exactly what amount in what currency have you earned? (if you don't mind
me asking)
  #25   Report Post  
Posted to uk.d-i-y
Jim Jim is offline
external usenet poster
 
Posts: 2,176
Default Bitcoin Mining

pamela Wrote in message:
On 17:46 27 Jan 2018, Vortex12 wrote:

All the publicity about the "Bitcoin Bubble" over Christmas got me
thinking.

Having discovered a piece of software called *very originally*
"Bitcoin Miner" free in the W10 app store I let it run for a few
days and made about 50p worth of bitcoin.

Next I discovered a free application called "Nicehash Miner", and
proffed a couple of decent graphics cards from the office. Now
I'm making £5.00 to £8.00 per day in exchange for 500 watts of
electricity (about £1.50 per day).

I feel myself being "reeled in" by this brave new world. Anybody
else got this problem?

[I'm sure the bubble will burst soon, but it's fun while it
lasts].


I remember watching "Startup" on Amazon Prime. It's more of a seedy
thriller than a typical film about digital currencies and high tech
startups. Complete with Haitian and Russian gangs.

Quite good if that's your sort of thing. Terrible first episode
though.

https://www.amazon.co.uk/dp/B01MF9Q7X0


Whatever cranks your handle pammy.... ;-)
--
Jim K


----Android NewsGroup Reader----
http://usenet.sinaapp.com/


  #26   Report Post  
Posted to uk.d-i-y
external usenet poster
 
Posts: 7,829
Default Bitcoin Mining

pamela wrote:

Are bitcoins becoming harder to mine as we approach the 21 Million
limit?


Yes the difficulty factor increases every couple of weeks, to limit
supply to 1 block every 10 minutes and at the moment the reward is
12.5BTC per block (which halves every 4 years)

We must be about 80 percent of the way there.


Under 10m of the 22m coins have been mined so far.
  #27   Report Post  
Posted to uk.d-i-y
external usenet poster
 
Posts: 7,829
Default Bitcoin Mining

Andy Burns wrote:

the difficulty factor increases every couple of weeks, to limit
supply to 1 block every 10 minutes


Perhaps I should say "changes" rather than "increases". At the moment
the worldwide horsepower dedicated to mining is increasing, so the
factor increases, if people were to shut down a sizeable number of
mining rigs then the difficulty will decrease to keep the rate athe same.
  #28   Report Post  
Posted to uk.d-i-y
external usenet poster
 
Posts: 7,829
Default Bitcoin Mining

pamela wrote:

Are bitcoins becoming harder to mine as we approach the 21 Million
limit?


The total hash rate of all BTC miners is 22 quintillion hashes/sec this
week (up from 15 quintillion hashes/sec a month ago)

https://blockchain.info/charts/hash-rate?timespan=2years

1440 minutes/day = 144 blocks/day = 1800 coins/day = £14.5m/day

so Vortex's fractional share of that is
54,000,000 / 22,000,000,000,000,000,000
or 0.0000025 * £14.5m = 0.0003pence/day

That's why I can't see where the £5/day number comes from.





  #29   Report Post  
Posted to uk.d-i-y
external usenet poster
 
Posts: 7,829
Default Bitcoin Mining

Andy Burns wrote:

54,000,000 / 22,000,000,000,000,000,000
or 0.0000025 * £14.5m = 0.0003pence/day


I must have lost a sackful of zeroes behind the settee there

https://www.google.co.uk/search?q=(54+million+%2F+22+quadrillion)+*+14.5+mi llion

still only 3p/day
  #30   Report Post  
Posted to uk.d-i-y
external usenet poster
 
Posts: 7,829
Default Bitcoin Mining

Andy Burns wrote:

pamela wrote:

We must be about 80 percent of the way there.


Under 10m of the 22m coins have been mined so far.


Don't know where I read 10m from earlier, but it seems it's over 16m to
date, so close to 70%



  #31   Report Post  
Posted to uk.d-i-y
external usenet poster
 
Posts: 2,783
Default Bitcoin Mining

On Sun, 28 Jan 2018 11:48:40 -0800, misterroy wrote:

Any pitfalls I am not seeing.


Well here's one for you: https://tinyurl.com/ybc5r5qy

It had never occurred to me that Bitcoin can be as vulnerable as cash or
gold watches to old-style robberies!




--
This message may be freely reproduced without limit or charge only via
the Usenet protocol. Reproduction in whole or part through other
protocols, whether for profit or not, is conditional upon a charge of
GBP10.00 per reproduction. Publication in this manner via non-Usenet
protocols constitutes acceptance of this condition.
  #32   Report Post  
Posted to uk.d-i-y
external usenet poster
 
Posts: 1,264
Default Bitcoin Mining

misterroy wrote:
I visited a friend last night. He has a 9kw micro hydro scheme, and below his house he has a basement kind of flat. In the flat there is an electric heater set to 16 degrees, no-one is in the flat just now.
The heat could be supplied by the graphics cards, the electricity is being burned in a dumb heater to keep the place dry already. To him the cost would be the mining rig.
Any pitfalls I am not seeing.
The scheme yields pretty close to 9kw continuously.


That heater isn't on 24/7. It heats it up to 16 degrees then turns itself
off. When the temperature drops lower, it clicks back on again.

If you dump a constant 9kW into an enclosed space it'll get warm rather
rapidly. This is why server rooms are air conditioned.

If he can heat exchange into the river, then he might be onto something.
Though the fish probably won't like him for that.

Theo
  #33   Report Post  
Posted to uk.d-i-y
external usenet poster
 
Posts: 7,829
Default Bitcoin Mining

michael adams wrote:

If you check again I think you'll find you're generating one of the newer varieties.


I suspect Nicehash are using the O/Ps GPUs to mine ETH, and paying him
in BTC ...

  #34   Report Post  
Posted to uk.d-i-y
external usenet poster
 
Posts: 41
Default Bitcoin Mining

On 28/01/2018 19:48, Andy Burns wrote:
Vortex12 wrote:

I've actually been using 3 x nVidia GTX1060's which appear to
generate between 1.6 and 2.5 quid a day each (after charges)

That's the bit I don't see, two different calculators say you'll mine
0.000005 BTC per week = 4/100th of a penny with 54MH/s of GPU power

https://www.cryptocompare.com/mining/calculator/btc?HashingPower=54&HashingUnit=MH%2Fs&PowerConsum ption=400&CostPerkWh=0.14&MiningPoolFee=1


https://99bitcoins.com/bitcoin-mining-calculator/?current_difficulty_factor=1590896927258&hash_rate =54&hash_rate_grade=MH%2Fs&btc_reward=12.5&btc_exc hange_rate=11646.1888&pool_fee=5&power_watts=500&p ower_cost=0.2&hardware_costs=&action=99btc-bmc-calucalate


Exactly what amount in what currency have you earned? (if you don't mind
me asking)


What I can say is that the balance right now is 0.01078427 BTC.
Quantifying in £ is meaningless because of volatility. Could be £75 one
day and £100 the next: https://www.gdax.com/trade/BTC-GBP

Did not play with graphics cards until 2nd week in January, and a
variable number of them since then....so can't give objective info on
income per card.

Nicehash actually mines with various currencies (automagically selected)
but pays out BTC.

Intention is to keep it stable for February and get a proper measure of
income versus energy usage. Also want to investigate the alleged
benefits of using a newer PC with SSD (which will no doubt involve a
whole day of fannying about) before that.

Of course it's all one bubble burst away from having been a pointless
exercise. Under no illusions here.

D
  #35   Report Post  
Posted to uk.d-i-y
external usenet poster
 
Posts: 7,829
Default Bitcoin Mining

Vortex12 wrote:

What I can say is that the balance right now is 0.01078427 BTC.
Quantifying in £ is meaningless because of volatility. Could be £75 one
day and £100 the next: https://www.gdax.com/trade/BTC-GBP


Yes

Did not play with graphics cards until 2nd week in January, and a
variable number of them since then....so can't give objective info on
income per card.

Nicehash actually mines with various currencies (automagically selected)
but pays out BTC.


Just looked at the "profitability" they calculate for a single GTX1060
seems that using daggerhashimoto to mine ETH (ethereum) is what earns
£1.95/day [at an electricity cost of 63p/day] so then they convert that
to BTC (times 3 in your case) and that's what you're earning - not
direct BTC mining.

Intention is to keep it stable for February and get a proper measure of
income versus energy usage. Also want to investigate the alleged
benefits of using a newer PC with SSD (which will no doubt involve a
whole day of fannying about) before that.

Of course it's all one bubble burst away from having been a pointless
exercise. Under no illusions here.


Fair enough, I'll worry if you report back that you've bought a room
full of Antminers :-)



  #36   Report Post  
Posted to uk.d-i-y
external usenet poster
 
Posts: 1,048
Default Bitcoin Mining

On 29 Jan 2018 01:38:26 +0000 (GMT), Theo
wrote:

If he can heat exchange into the river, then he might be onto something.
Though the fish probably won't like him for that.


Actually, this will not heat the water: the power comes from the micro hydro, is
extracted, (slowing the river), and via various lossy generators etc., returned
to the river water as heat.

Wouldn't this energy have ended up as heat in the river water anyway?

Thomas Prufer
  #37   Report Post  
Posted to uk.d-i-y
external usenet poster
 
Posts: 19
Default Bitcoin Mining

On 29/01/2018 08:21, Andy Burns wrote:

Nicehash actually mines with various currencies (automagically selected)
but pays out BTC.


Just looked at the "profitability" they calculate for a single GTX1060
seems that using daggerhashimoto to mine ETH (ethereum) is what earns
£1.95/day [at an electricity cost of 63p/day] so then they convert that
to BTC (times 3 in your case) and that's what you're earning - not
direct BTC mining.


The algorithm changes through the day. Neoscrypt and Equihash are the
main ones. Dagger Hashimoto less so.

Intention is to keep it stable for February and get a proper measure of
income versus energy usage. Also want to investigate the alleged
benefits of using a newer PC with SSD (which will no doubt involve a
whole day of fannying about) before that.

Of course it's all one bubble burst away from having been a pointless
exercise. Under no illusions here.


Fair enough, I'll worry if you report back that you've bought a room
full of Antminers :-)


No chance. Leave that to the Chinese and Russians.


  #38   Report Post  
Posted to uk.d-i-y
external usenet poster
 
Posts: 14,085
Default Bitcoin Mining

On Sun, 28 Jan 2018 10:47:48 +0000, T i m wrote:

Where are they 'coming from', if you aren't actually paying for

them ?.

And has mining become more efficient as my mate had a fairly big
mining rig (10 video cards or summat) but it was costing more in
electricity than he was mining at the time?


I know there is some fairly hefty number crunching required, hence
the use of multiple GPUs. Do you need GPUs or is mining something
that could run on an basic PC that is on 24/7 (acting as a server)
that spends most of it's time doing basically nothing except using
electricity. Obviously it's not going to yield very much but the
lecky will be used anyway.

--
Cheers
Dave.



  #39   Report Post  
Posted to uk.d-i-y
external usenet poster
 
Posts: 7,829
Default Bitcoin Mining

Dave Liquorice wrote:

I know there is some fairly hefty number crunching required, hence
the use of multiple GPUs.


I really don't understand the people who buy e.g. 10 GPUs at £400 to
£800 each, when for £4,000 they could buy an ASIC miner with 250,000
times the hash power of one GPU.

I don't understand people who buy ASIC miners either, but if you're
determined to be in the game ...
  #40   Report Post  
Posted to uk.d-i-y
external usenet poster
 
Posts: 13,431
Default Bitcoin Mining

On Mon, 29 Jan 2018 10:49:20 +0000, Andy Burns
wrote:

Dave Liquorice wrote:

I know there is some fairly hefty number crunching required, hence
the use of multiple GPUs.


I really don't understand the people who buy e.g. 10 GPUs at 400 to
800 each, when for 4,000 they could buy an ASIC miner with 250,000
times the hash power of one GPU.


In this case it was because he (my mate) was just ahead of that game
and such products didn't exist.

I don't understand people who buy ASIC miners either, but if you're
determined to be in the game ...


Quite ... like coarse fishing ... or football ... ;-)

Cheers, T i m

Reply
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules

Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
OT Bitcoin pyramid harry UK diy 14 January 8th 18 12:34 PM
OT, Bitcoin, OMG! Uncle Monster[_2_] Home Repair 0 May 23rd 17 11:06 AM
OT Bitcoin firm CEO found dead in suspected suicide BurfordTJustice Home Repair 1 March 5th 14 08:21 PM
Virtual metalworking - Bitcoin mining Tom Gardner[_6_] Metalworking 18 March 5th 14 03:52 PM


All times are GMT +1. The time now is 07:32 AM.

Powered by vBulletin® Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
Copyright 2004-2024 DIYbanter.
The comments are property of their posters.
 

About Us

"It's about DIY & home improvement"