Income Idea # 1 | Restarting Crypto Mining
About 4 years ago I rented out an office that offered free electricity and turned it into a mining operation. I had a total of 9 GPU mining rigs with 4 GPUs each. Used a high end portable AC along with the building's central cooling system to cool the space, also popped out the ceiling panels for more circulation. Unfortunately the operation lasted about 6 months and I was mostly mining LTC, DARK and other alt coins. Sold off most of the rigs except for 3. After 4 years of inactivity in mining I decided to re-enter the game. Upgraded the GPUs on 2 of those rigs from AMD 280x to AMR R9 480x. Pointed them to ethereum classic mining pool around March of this year. It has been mining away earning about 2 - 3 ETCs a day. Well since then, ETC price has taken off like a rocket ship and the decision to start mining again is paying off.
Here's what I have mined thus far, electricity cost is about $70-$80 a month with the 2 rigs running with 3 R9 480x each.
Good luck! :)
Not bad! I'm currently using a GPU rig consisting of 5 Titan Xp's for Folding@home. I'm merge folding Curecoin and Foldingcoin and pulling impressive numbers. Might look into mining ETC if anything happens to F@H coins and/or Gridcoin, which shouldn't be a bad idea considering ETH's planned shift to PoS. Nice post!
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Ethereum: 0xC2CB3D4e8bCA9D216e860605A4409263C916a003
Minergate: https://minergate.com/a/79dde2b0cdd1f46b26a5a9f8
Changelly: https://changelly.com?ref_id=6cced04caeda
I used to join pools that auto switch to the most profitable coins and then payout in BTC, but I grew tired of that and just decided to mine ETC. Good luck mining!
@captainbluff
Congratulations on your latest success with mining crypto. I'm sure that it was discouraging back when most of the coins were in a slump. But now that we are seeing the biggest rally ever, mining makes a lot of sense!
Yes after the crash 2-3 years ago it was very painful times to mine, it was like scraping the bottom of the barrel.
I hear ya! Glad it's better now! All the best! :)
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So, I'm a bit confused as to what the whole mining thing is about. I get that it has something to do with finding data for verification/validation in some way through computational calculations; however, I have been wondering more than anything whether you have to personally intervene in this process? or do you set up and let it whirl?
In addition, I'm not familiar with those specific systems (I'm a software engineer and haven't been looking at hardware for a number of years), are they expensive?
Would you even say that you're coming out ahead in this game?
Once you have the systems and app setup it's more like "let it whirl"
I paid about $650 for 3 GPUs and another $300 for other system parts, the system already paid for itself 4 years ago I am basically re-purposing it. So my only hardware costs this time around is about $1300 for 6 GPUs plus electricity costs. At this current ETC price, I should get my return on investment by next month. So ROI is roughly 4 - 7 months for me. ROI will vary on electricity costs, rig costs, and price of coin you are mining. I hope this helps.
Excellent explanation. I may check into this at some point.
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I have always thought about doing this, lol.