Ethereum Mining on 1060's

  • 3D

    Convinced my parents to invest into mining hardware for ethorium.

    They are looking to buy 6 more GTX 1060’s to bring the price to 3500$


    *Edit Noticed card was declined For psu >w>

  • The risers are super overpriced. They are worth about $3-4 each. Buy spares, they fail often.

    I’d swap out that power supply @ColeVanD . I have a small mountain of dead EVGA’s they are not producing rated power at full load without blowing up. Some of them catch fire. Also their RMA people are a pain in the ass to deal with, and they’re only 80% efficient power supplies.

    You can get a 94% supply, that runs on 240 easily. Look for the HP 1200 watt. Losing 14% profitability on your input power because you are using the less efficient power supply blows out your payback time. You’re going to make something like $15/day doing Etherium on that rig after power and cooling costs, so about 7 months to pay for the gear before you start to profit. You need a breakout board, get one where the connector is perpendicular to the board…

    Not these:

    By soldering the pins tight to the board they don’t push out when you put the connector on. I have a pile of bent X6’s to demonstrate where they fail.

    Finally get yourself a DC power supply to run the rig itself:


    If you can wait until after people are back in the office, I’ll ask what we’d charge to sell out a rig full of 1070’s. Mobo, power supplies, GPUs, all connectors. I think I can push you into the $20-40 per day profit for not much different pricing… (Hint: Etherium is not the only cipher you can mine on a GPU, and it is not trading well this week compared to some others…)

    It is funny, I’m not even particularly into the “Burning power to make crypto currency” aspects of this. That’s just how to keep the rig warm, or test gear between selling time on it to someone who has useful work to do on a massively parallel computing array. Also, in winter, it will keep your building warm.

  • 3D

    @pierre Parents wanted before Christmas so they crapped out more money for the risers. Ill talk to you about getting a system for under around 4000-5000$ If i can get the same performance per watt and price out of the 1070’s.
    I canceled the entire order on newegg.

    Maybe next time I go and ask other people to invest money into hardware Ill ask someone who does this as there job Or post on the forum and have someone run me over with higher knowledge in the subject that sounds good.

    Reason I picked etherium is because it is “Resistant to ASIC miners”, Z-cash also look good Ill look at getting the best MHps to dollar and spend further time looking at the fancy graphs of difficulty to dollar
    If I could get a system for 3000$ Cad that is what the profits look like

    - GTX 1070’s getting 58+ mh/s per card on Ethereum mining (Stock is about 27-30 Mhash/s)**

  • 3D

    Soo… Ethorium is 930$

  • What does the power consumption vs $ earned mining
    look like over an average month on this?

  • Personally, I would not even consider doing this in a house. The payouts are not worth the risk. But I’m extremely risk averse. The profit margins are 3-4 times higher if you have 3-phase power and are paying commercial rates. I also hate the whole concept of burning electricity to … prove that you have done something difficult but fundamentally meaningless.

    I enjoy building a giant, parallel processing, number crunching supercomputer array. But I really want to use it to do protein folding, or SETI, or analysis of complex systems to find harmonics that will destroy bridge designs, searching for large primes…

    I was talking to Matt at h4ck night and he suggested I look into grid coin. It is an attempt to build an alt-coin where proof of work is actual world-improving research.

  • Just wondering as a proof of concept in regards to payback period on solar for the house. Would excess power at peak solar be better to run a bit coin mine than to go to the hassle of tying in to the grid? Does all that waste heat become a useful byproduct within your home’s hot water needs or secondaries like running a pool or hot tub?

    In short, whats the costs/return and can that subsidize a move to getting off the grid or substantially reduce the payback period?

  • 3D

    @pierre I bought 1500 GRC for 20 CAD a year back I think and was having fun mining them and losing money on power with the two IBM servers consuming 500 watts of which one is at the space.

    Grid-coin isn’t really as profitable as some of the other crypto’s as far as I’m concerned, It is for a good cause though. Hop on there IRC

  • 3D

    @GHunter How off the grid do you want to get, you still need internet…

  • Not looking to get off the grid to be self reliant, just to reduce dependence on it and generate my own power because I think it’s the right thing to do.

  • My thoughts on the subject are:

    • solar has a pretty long pay back period, largely because it generates the most power when you use it the least
    • also suspect like most things costs/watt do down substantially as you scale up
    • solar hot water heaters also has long payback
    • bitcoin mining from what I know (limited) is super power intensive, and makes a ton of heat that needs to go… somewhere.
    • my house is entirely electric & geothermal

    Would bundling all these things together make sense for myself or a tech savvy consumer?
    Just a thought that needs a couple numbers to go into a spreadsheet…

  • 3D

    @GHunter Risk - 100%

    There is a high risk that this could all go downhill and that crypt could be work nothing because of crashing markets and not be profitable. I mean Ethorium jumped from $547.39 CA to C$889.02 CA
    Tl;Dr Crystal ball out of calibration can’t tell future.

  • Yep. Totally a risk. Is the mining hardware usable with multiple crypt currencies?
    Could always read up on it on my own I guess.

  • The bigger problem is that you have to constantly stay on top of the news and do stock-trading type “What should I mine next, which pools should I join” stuff if you want to maximize profit. Like the difference between $20/day and $40/day per rig you have running. For one rig, I would not get out of bed to spend that type of effort though. I’ve essentially concluded that you need about 50 GPUs to make it worth putting in the effort. At that point, after 3 months initial “working for free” to pay off the hardware (good rates, commercial power prices) you can start making enough income to be worth the effort. For $600/month take home (single rig, shitty rates, still commercial power pricing) just get a job, it is way too much work to bother with at the small scale, unless it is just a hobby you do for fun.

  • Sounds like something that may be worth it for a collective operation, borderline solo. Good info, thanks.

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  • Holder

    Checkout hashgraph, it seems like this is set to replace the block chain soon.

    Skip to 39:00 main for the hashgraph content.

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