The CryptoCurrency Thread

[TheGothamChampion]

43 minutes ago, Right said:

What if pool money and build a mining rig?

25k per person — 20 person in pool.

 

How long will it take to recover cost?

I've no clue how it works. But I can pool 25k 

 

[TAZ]

Its better to invest than to get into mining. People who got in early got the best out of it. If you build a 3060-3070 Rig which would cost you around 1.25L & you can expect a return of 9-10K (depending on ETH price & Difficulty). You would need to mine for 1 year to break-even, ETH 2.0 will be launched in 2022 Q4 or Q1 2023 thats when ETH cannot be mined. Other Cryptos don't give much rewards at this point. CHIA is another coin that can be mined using SSD, without GPU so that option can be explored but won't suggest. 

 

Rather build a portfolio in crypto, Cant say its the best time but still a good dip in the market to buy. ADA-MATIC-HBAR-1INCH-UNI  these are good coins that I am invested into. NOT AN FINANCIAL ADVICE, DO YOUR RESEARCH BEFORE INVESTING  

[Right]

13 hours ago, Thegothamchampion said:

I've no clue how it works. But I can pool 25k 

 

 

I am just fascinated. I want to learn how it works. Bigger the pool smaller the risk and more mining machines.

[TheGothamChampion]

1 hour ago, Right said:

 

I am just fascinated. I want to learn how it works. Bigger the pool smaller the risk and more mining machines.

Same here. 

 

[TAZ]

2 hours ago, Right said:

 

I am just fascinated. I want to learn how it works. Bigger the pool smaller the risk and more mining machines.

 

1 hour ago, Thegothamchampion said:

Same here. 

 

 

Its not that tough. You just need to build one rig, Give it a LAN cable stable internet connection & One separate room as it gets quite loud. Yes bigger the pool better the rig and better higher returns. 

Rig can be built depending on the GPU, 3060-3060ti-3070 these 3 are most commonly used GPU for mining. Prices are up 50% from what they were in December. 3060 was around 45k now retails for about 65k. You can check the profitability on www.whattomine.com , Its the best tool as it gives an idea how much hashes a gpu can produce and return per day. You can build a rig with 3-4 GPU then you can expect good returns. 

[Right]

18 minutes ago, TAZ said:

 

Its not that tough. You just need to build one rig, Give it a LAN cable stable internet connection & One separate room as it gets quite loud. Yes bigger the pool better the rig and better higher returns. 

 

You look like the guy who can lead this pool. 

[TAZ]

4 minutes ago, Right said:

 

You look like the guy who can lead this pool. 

 

 I was very eager to setup a rig but after knowing that the GPU prices are already 50% up I dropped the idea. New GPU are coming which will be specially for mining, Lets wait till those come out. Secondly 1 must build a rig keeping in mind 2 cryptos that can be mined. What people do is setup a rig only thinking about ETH mining and if they increase the difficulty then u need better gpu which leads to losses. I am still researching about this and getting the info. As soon as I gain all the knowledge, We can definitely invest. But we would need at least 5-8 people contributing 50k each as there's no point setting a rig which gives 15-20k returns. IF we can that many people and investment. We should expect returns of about 12-14% Per month and reaching Break even in 8-9 months. I have 3 friends from IVG (Not active anymore) who were ready to invest. 

 

I planned to get a rig in march end of 6 x 3060 but that time cost was around 55k each & total rig would have costed under 4 lacs. Returns were about 23-25$ per day ($750 per month). Now same rig is costing around 6 lacs , returns are pretty much the same cos ETH price has gone up since then and Difficulty has also gone up balancing the returns. 

[KunjanPSD]

8 minutes ago, TAZ said:

 

 I was very eager to setup a rig but after knowing that the GPU prices are already 50% up I dropped the idea. New GPU are coming which will be specially for mining, Lets wait till those come out. Secondly 1 must build a rig keeping in mind 2 cryptos that can be mined. What people do is setup a rig only thinking about ETH mining and if they increase the difficulty then u need better gpu which leads to losses. I am still researching about this and getting the info. As soon as I gain all the knowledge, We can definitely invest. But we would need at least 5-8 people contributing 50k each as there's no point setting a rig which gives 15-20k returns. IF we can that many people and investment. We should expect returns of about 12-14% Per month and reaching Break even in 8-9 months. I have 3 friends from IVG (Not active anymore) who were ready to invest. 

 

I planned to get a rig in march end of 6 x 3060 but that time cost was around 55k each & total rig would have costed under 4 lacs. Returns were about 23-25$ per day ($750 per month). Now same rig is costing around 6 lacs , returns are pretty much the same cos ETH price has gone up since then and Difficulty has also gone up balancing the returns. 

I'll invest if this ever comes to fruition.

[KnackChap]

count me in too. 

[TAZ]

2 minutes ago, KnackChap said:

count me in too. 

 

2 minutes ago, KunjanPSD said:

I'll invest if this ever comes to fruition.

 

Sure . I will keep updating in this thread. 

 

Edit: Anyone from lucknow, Theres this one shop thats still selling GPU at reasonable rates. 

Edited June 4, 2021 by TAZ

[Rey]

11 minutes ago, TAZ said:

I have 3 friends from IVG (Not active anymore) who were ready to invest. 

 

 

 

Add me too if you ever plan to go forward with this.

 

Also, would the release of LHR cards impact mining? As the normal cards would be even harder to find?

[TheGothamChampion]

Can we open a joint account for profits?

[TAZ]

11 minutes ago, Rey said:

 

Add me too if you ever plan to go forward with this.

 

Also, would the release of LHR cards impact mining? As the normal cards would be even harder to find?

 

LHR cards is focused for gamers only, Likewise they are launching GPU for miners. Rest I am waiting for 3070ti & 3080ti launch as it would result in 3060-3070 price coming back to normal and also easy availability. 

 

Also in India the mining fever is very very low. But the retailers are just using this as an excuse to bump up the prices cos thats what they are hearing from other countries. 

Edited June 4, 2021 by TAZ

[Right]

4 minutes ago, Thegothamchampion said:

Can we open a joint account for profits?

 

Step 1: Get interested people on board

Step 2: Setup one separate Discord

Step 3: Finalize a rig

Step 4: Create share based ownership based on investment 

Step 5: Finalize rig-owner

Step 6: Purchase the components for Rig

Step 7: Setup a shared account

Step 8: Setup monthly payout schedule

 

I think long way to go, lets keep hustling.

 

[TAZ]

Just now, Right said:

 

Step 1: Get interested people on board

Step 2: Setup one separate Discord

Step 3: Finalize a rig

Step 4: Create share based ownership based on investment 

Step 5: Finalize rig-owner

Step 6: Purchase the components for Rig

Step 7: Setup a shared account

Step 8: Setup monthly payout schedule

 

I think long way to go, lets keep hustling.

 

 

No need. just open an Wazirx account or any other crypto exchange account. The rewards are paid in crypto only. So they can be sent in crypto form only, no need to get into bank transactions. 

[Right]

2 minutes ago, TAZ said:

 

No need. just open an Wazirx account or any other crypto exchange account. The rewards are paid in crypto only. So they can be sent in crypto form only, no need to get into bank transactions. 

got it.

But rest of the stuff still needs to be done. 

[KunjanPSD]

17 minutes ago, TAZ said:

 

LHR cards is focused for gamers only, Likewise they are launching GPU for miners. Rest I am waiting for 3070ti & 3080ti launch as it would result in 3060-3070 price coming back to normal and also easy availability. 

 

Also in India the mining fever is very very low. But the retailers are just using this as an excuse to bump up the prices cos thats what they are hearing from other countries. 

Mining specific cards will have some sort limitation built in. Nvidia won't just hand away the money. Or their price will be too high.

Best will be as you said, sticking to non-limited 3060-3070.

[TAZ]

7 minutes ago, KunjanPSD said:

Mining specific cards will have some sort limitation built in. Nvidia won't just hand away the money. Or their price will be too high.

Best will be as you said, sticking to non-limited 3060-3070.

 

Yes, That will drive away hard core miners to the high end mining cards. Expect the prices to be north of 1L. Rest most of the cards have limits that can be increased using tweaks. Like 3060 was set at a limit of 26 HSPS but using a tweak it performs at 48 HSPS which obviously reduces the life of the card. 

[TheGothamChampion]

Electricity cost is pretty low in my city and also the temperatures are not so high. But I've no idea how it works. 

[eddy4823]

Mining is easy to setup if you have a good GPU and I did for 3 months and got around 40k. After the rewards (ETH per day) reduced, I stopped. It was not about the ETH price drop. ETH was 1500USD when I started mining and is still a lot more than that now, but TEH per day has reduced since GAS fee has been reduced. Keep an eye on GAS fee before you make any investment.