CryptoCurrency Mining with GPUs *spawn*

Discussion in 'Architecture and Products' started by CarstenS, Jun 1, 2017.

  1. Mize

    Mize 3dfx Fan
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    Another avenue for those with the time is trading on more than one currency exchange rate. For example you'll find times when you can get a higher return by converting ETH to BTC then USD than directly trading ETH for USD (make sure you include the fees!).
     
  2. sir doris

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    A couple of questions to the miners here if you please.

    What exchanges are people using to change ETH to Bitcoin? I need to convert about 1ETH. Are there any good comparison sites?

    Also has anyone used localbitcoins to get FIAT currency? Is it safe? It seems converting Bitcoins to GBP isn't too easy without some scary looking fees from some places.
     
  3. Mize

    Mize 3dfx Fan
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    Exchanges vary by country and even locality. I've been using GDAX since it's tied to Coinbase, but Gemini and Kracken seem well regarded. I also have some funds in Cryptopia for lesser known tokens. There's also Shapeshift. I have NOT yet exchanged back to USD though GDAX supports it.
     
  4. Mize

    Mize 3dfx Fan
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    So here is what I'm confused about lately. Yesterday ETH spiked to over $300 and over 90 mBC. As a results of that miners threw everything they had at ETH as evidenced by the realtime pricing for hash/sec from cloud miners. The only logical explanation for mining spiking when the price spikes is that miners have enough hash speed to generate coins in hours (so GH/s levels) *AND* they plan on cashing out to USD or BTC as soon as they generate the coins.

    Seems strange since it means these miners are not interested in any long-term gains.
     
  5. Rootax

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    I'm not sure I understand your point. Cashing out does not always means not thinking long term. You can re-invest later, when prices go down again. Using the money you get via mining, in trading.
     
  6. Mize

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    Yeah, you're right, but for miners with low-end rigs (<20 GPUs) you cannot suddenly generate all sorts of ETH and cashing out to USD seems odd owing to the very high costs if you remove USD from exchanges and the sinking USD. Any cash out requires a "stable" currency and right now I'm not sure what that is :) Maybe Euros.
     
  7. Rootax

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    Well for "casuals" miners, you just take the money when you can I guess :D It was 150e before last weekend. I sold at 210, it was still getting higher but you never know...
     
  8. Rufus

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    Overall network hashrate has been rising steadily. There was a step down after the ice age difficulty steps a few days ago and 2 weeks ago, but the last few days has been just a steady climb.

    https://www.coinwarz.com/network-hashrate-charts/ethereum-network-hashrate-chart

    Cloud mining in general is a scam - they'll adjust their prices so you the consumer makes a minimal profit if lots of assumptions hold. Basically you shoulder all the downside risk, they don't care what happens to network difficulty or price or anything in the long term - they already have your cash.
     
  9. Mize

    Mize 3dfx Fan
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    So I had originally set up my rigs to use ethpool simply because it was touted as so great on many forums. As a result, once I realized the payout scheme I already had a fair number of credits (~500) so, rather than wait 3-infinity months to accumulate enough credits for a payout (approx 1600) I decided to use Nicehash to power through and get paid for those credits and then never use ethpool again. Short version: it worked. Longer version: I had to play day-trader to minimize the cost of my move. In the end those credits were worth about 1.5 ETH ($450 right now!) and I likely spent half that in exchange losses and Nicehash fees, not to mention my time constantly watching and changing orders. But I got my credits out with only a 7 credit overshoot and I learned a ton of things the hard way!

    EDIT: Cryptocurrency trading is 24/7 which sucks!
     
    #189 Mize, Aug 9, 2017
    Last edited: Aug 9, 2017
  10. ToTTenTranz

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    Conclusion: better to just fire and forget (set up mining rigs and cash out periodically)
    ?
     
  11. orangpelupa

    orangpelupa Elite Bug Hunter
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    I just set eth miner and... Why it randomly goes up from 7megahash to 10?

    Its an rx550
     
  12. entity279

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    So 80 TH would mean that there are more than 4 bilion graphic cards hashing ethererum ? ... (if 20 mh were the average hashpower)

    So big this number that I can't make sense of it.. how many cards would nVidia & AMD produce per year?
     
  13. Jawed

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    Sigh. This is the internet, not some deprecated technology.

    ---

    On another topic, maybe it should be a new thread: mine shitcoins, auto-convert to bitcoin and send bitcoin to B3D. I wonder if Rys would like getting bitcoin from "donated hash power".
     
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  14. Jawed

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    Everyone, run away! He's going to break all the cryptos! Their chains will get all tangled up and before we know it, there'll be ETHs in our BTC, NYANs in DOGE and MINT flavoured MOON coins.
     
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  15. Mize

    Mize 3dfx Fan
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    Time for a B3D ICO!
     
  16. Rufus

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    You're off by 1 order of magnitude. 80 TH / 20MH = 80*10^12 / 20*10^6 = 4*10^6 = 4 million.

    But yes, there's an obscene number of cards out there. Especially when you consider the hashrate 3 months ago was 25TH, so over 2 million cards have been added in 3 months.
     
  17. eastmen

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    So i decided to look into my case to find out why my 290 was getting up to 90c and getting a hashrate of 8-12 . Turns out the fan came unplugged from the card so the water pump was working but the fan for the vrms was not. plugged it back in and cleaned out the radiators. Now its getting a stable 21-23 mh/s and the best part ... it doesn't go past 70C so far.

    I think i'm going to put the 290 into my old bobcat machine and just get a $30 power supply for it. I will just use it for mining so it should be good .
     
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  18. entity279

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    Actually, I was off by 3 orders :)

    So yeah, I just can't get my head around how exactly were these many cards supposed to be used for gaming. Maybe, while not officially being admited, GPU production is increased to a certain degree due to crypto mining
     
  19. Jawed

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    Millions of mid-range graphics cards sold in the last quarter or two - sounds entirely normal to me.
     
  20. chavvdarrr

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    You should get 25-26 mh from 290... running at 950/1250, and 330-350 sol/s for equichash
    There are mem strap mods @techpowerup forums give'em a try
    2 weeks ago i sold my last 4 290s for 250e each and bought 4*1060s
    Almost same eth speed , much lower power usage, 3y warranty and better value in case of crypto meltdown :)

    2 mize, small miners usually need the profit (or part of it) to reinvest&pay bills.
     
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