Cryptocurrency

[mattfx]

They still won't buy any - even at what might be the best chance to get in this year... No helping some people...

Got my rig ordered! Just need bits to turn up... I put a 20 EUR deposit on to Coinbase as a test / to setup the link to my bank, which I exchange for some BTC last night. I AM IN THE GAME LADS

[ChimpMaster]

Got my rig ordered! Just need bits to turn up... I put a 20 EUR deposit on to Coinbase as a test / to setup the link to my bank, which I exchange for some BTC last night. I AM IN THE GAME LADS

Give us the details - how much was the rig, what setup, and what monthly $ value will it mine?

I'm looking at spending £8k for a ~ monthly £1k return, so I'd be interested to see if yours is different to this.

[vadhert]

I'm currently a measly 500% up.

[The_Equalizer]

Whip: We need everyone in brace positions. Yes, that is affirm, we are in a dive. We are in a dive. We have lost vertical control. We're gonna need drag, I want you to throw out everything you got, the speedbrakes, the gear, everything.

Lol. I'm still in credit, got another 30% to go before it eats into my initial investment.

That'll be tomorrow then.

[mattfx]

Give us the details - how much was the rig, what setup, and what monthly $ value will it mine?

I'm looking at spending £8k for a ~ monthly £1k return, so I'd be interested to see if yours is different to this.

This was in the Zencash mining thread I made but I shall move some of the content here

[mattfx]

Mining Rig for Equihash based currencies (ZEC, ZEN, ETH, Etc.)

Okay, so the hardware:

6 X 1060 GTX graphics cards
Bioshock 12 PCI-e slot motherboard
Celeron crappy processor - Kaby Lake though.
4 GB RAM
6 PCI Risers
6 80mm fans
64 GB thumb drive for SMOS
1000W Modular PSU with support for 8 PCIe outputs

All that comes in at £1850, all from Scan.co.uk. You can only buy 2 GTX cards at any one time, so be sure to buy the ones which have two fans for cooling purposes.

The math (based around mining ZEN - this was written when it was $52 per coin a couple of days ago):

Rig cost: £1850. Power and SMOS costs = £8.50 per week depending on tarrif.

Returns are based around 2 ZEN per week return. A mate with the same number of GPU's configured in his rig is pulling 2.2 per week currently.

There's three potential outcomes assuming the coin doesn't tank and your rig is up 24/7:

1) Coin value stays at $52/coin and mining difficulty doesn't increase - you break even in week 27, and make £3,500 over the course of the year. Overall you're position is £1,700 up. Not a bad ROI.

2) Coin value increases by an average of $1.60 per week (mean average over time), mining difficulty increases slightly. Assuming you cash out your coins on a weekly basis - You break even in week 21. Overall position £3800 up over a year.

3) You go balls deep - you assume the coin is going to go up based on the same figures as above and you hold everything you mine - You break even in week 17, overall position £7200 up over a year.

Obviously there are a LOT of variables and the only thing I can say for certain is those numbers are wrong, because no-one can predict what's coming. However, an £1800 investment could very easily turn into £7,200 over the course of a year, if the coin just keeps performing how it has been to date. You could then use that ZEN to trade for other coins if you wanted to get on an Exchange and try to do some small time day trading.

Oh, also, this is based on an assumed exchange rate of $1 = £0.73 (this afternoons rate)

Lastly, I have not taken exchange fees into account in my calcs but there will be some. However, these should be minimal, especially if you're only cashing out once at the end.

If you weren't in a fiscal position to shell out nearly £2grand on a mining rig, you could purchase on Scans buy now pay in 9 months finance package. This would get you into the currency and see your finance paid off before it's due using your speculative crypto profits, but PLEASE don't do that without proper consideration and having a plan B to pay for it...

Note: if anyone wants the actual spreadsheet I used for this, I can send it to your email if you pm me.

[_V_]

Okay, so the hardware:
.

Sounds interesting. I was wondering if, having a south facing roof, having solar panel to generate free electricity would help pay off the investment quicker?

I suppose with enough investment you could effectively retire and just mine crypto for a living, or is that ridiculous?

[psychocandy]

FFS under $10K now.....

Still makes my head hurt thinking how much profit I've "lost" in 2 days.....

Always seems to drop at about 2pm. Usa coming online?

[The_Equalizer]

Sounds interesting. I was wondering if, having a south facing roof, having solar panel to generate free electricity would help pay off the investment quicker?

I suppose with enough investment you could effectively retire and just mine crypto for a living, or is that ridiculous?

Yes.

[BoredBloke]

FFS under $10K now.....

Still makes my head hurt thinking how much profit I've "lost" in 2 days.....

Always seems to drop at about 2pm. Usa coming online?

And now just over $9k from a 24 hr high of $12k