Bitcoin Mining

[Andy Burns]

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

still only 3p/day

[Andy Burns]

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

[Cursitor Doom]

Well here's one for you:

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

[Theo]

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

[Andy Burns]

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

[Vortex12]

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:

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

[Andy Burns]

Yes

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.

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

[Thomas Prufer]

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

[Vortex13]

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

No chance. Leave that to the Chinese and Russians.

[Dave Liquorice]

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.

[Andy Burns]

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 ...

[T i m]

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

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

Cheers, T i m

[T i m]

You could run it on anything but you wouldn't typically get the processing power without using optimised kit.

Quite. The thing is, if the CPU is working hard(er) it will typically use more lekky than when idle so it's the law of diminishing returns.

If you wanted to actually make your otherwise idle server more 'useful' you could sign it onto one of the 'Community Grid' projects and have it searching for cures for human illnesses or extra terrestrials etc. ;-)

I did wonder if bitcoin mining was just another community grid but working for the dark web, cracking passwords or whatever?

Cheers, T i m

[Andy Burns]

At which point he should either turn off the GPUs and give up, or join the big boys and buy an ASIC miner, because their existence pushes the difficulty factor up to compensate, so that bitcoins are still generated at the rate of about 1800/day, just that his share of them goes down by about 5 orders of magnitude compared to when he was only competing with other GPU owners, and his power bill remains the same.

I suspect the reason why most "home miners" didn't give up was that at the same time the ASICs started eating the GPUs breakfast, the BTC exchange rate was ballooning, so earning fewer BTC/day still looked like a lot of GBP/day ...

[T i m]

He did, a few of years ago. ;-)

Ok. I think he's moved onto other things now. ;-)

Ok.

Cheers, T i m

[Theo]

Likely. But if you're watercooling GPUs through traditional watercoolers then it'll come out a lot hotter than river water. So it depends how much water you can use to cool, and how you mix it with the rest of the river. If you squirt hot water into the river it'll harm the wildlife in the vicinity, even if it'll cool down as it mixes downstream.

Theo

[Andy Burns]

Maybe jezza should include BitCorbyn in his next manifesto?