hi bitcoin miners and the pub! i do mine coins with my gpu’s on nice hash. i have a buddy that helps me set my rig up as i am not great with computers. i am currently on nice hash as this is easy to run. my question is to the miners…would buying cloud mining hash rates for mining on nice hash a good idea? is it worth taking some of my mined bitcoin and blowing some on cloud mining? has anyone out there done this?
Cloud mining in general is profitable, however more for the company than you the customer.
You must however do a little maths in regards of how much the cloud hashpower costs and how much you will roughly get out afterwards. As an example if you buy with BTC then you must find out whether at the end you will have more BTC than you put in. If you buy with cash, you must compare whether at the end you will have more crypto than you could have bought by buying a coin directly. It should also not just be like 10% profit, as you as the customer take 90% of the risk. If the contract/company/coin goes to shit, the company still has your money and are safe, while you will lose out.
Edit: Also be vary of scam sites! There’s been fake cloud mining sites in the past.
An ideological criticism is that Cloud Computing results in centralisation - ie a few companies will have an enormous amount of computing power, which is dangerous even if you trust them and they are nice and friendly now. If they somehow become corrupt or taken over in several years, the large amount of computing power can be used to attack crypto networks and manipulate the blockchain as they wish if they have enough hashpower. They could essentially spend cryptocurrency to buy stuff or cash out, then rewrite the history of the blockchain and undo these transactions, returning the coins to themselves.
For mining ethereum 3gb cards have stopped working if you are using windows 10 already. Windows uses a chunck of the space in the dedicated memory then the other options. Older version and Linux options like SMOS and ethOS will still work for a bit tho. In as early as a year and a few months the same could end up happening to the 4gb models. Realistically it will be beginning of 2021 till you are forced to upgrade
That said there is a difference in hashing power between 4gb and 8gb models, for example I have 2 rx 570s same manufacturer and brand of internal memory, one 4gb and one 8gb and the 8 gb hashes more then the 4gb without any modifications
waz up Cure ThatAlready, thanks so much for your thoughts on cloud mining. you have helped make my decision on cloud mining. im just gonna hodl my coin that i mine. or buy coin from my mining profits. much grattitude!
I have some rigs with this Mobo - I quite like it.
That’s wise. Most of the current cloud mining contracts are not actually profitable. The early open-ended ones were. Now they’ve shifted to time-limited contracts, and if you look at the daily fees, you actually could end up losing money from the contract. The only way they stand a chance of you making any profit is if the price of the crypto goes up enough - but in that respect, just hodling the crypto yourself would get you better results.
As of today, what is the GPU with the best hashing power to power consumption ratio?
I’m planning my first rig and would love to hear other people’s set up and equipment that they are using.
GTX 1070ti has the best efficiency.
another question, when it comes to brands, do they differ a lot form each other or not too much?
Oh and where’s the best place to get them? I’m thinking about getting 6 but it looks like they are hard to find for a good price.
Brand doesn’t matter really. Not in my opinion.
Where do you live? This will help me determine the best place for you to get them.
What does matter is memory - and you cannot tell by brand/model what memory the GPU has, but it can make 25% difference in the hash rate if you get the ‘wrong’ memory. When I find somewhere that ships me a good model that comes with nice memory - I tend to go there for more rather than order what is apparently the same GPU from somewhere else. This is from experience…
Cool because I saw couple of different brands and I was like huh?
I live in Peru and getting stuffed shipped from the US or Europe to here is sooo expensive that sometimes is cheaper to travel and get the stuff myself, depending on the volume of things so I will be traveling to the US probably to get the hardware I need.
I would really appreciate if you could kinda guide me on the hardware I need for a 6 GPU rig, also brands and models that are most efficient.
The 1070ti is a great card for mining. I think you need to figure out what coin you want to mine first and then buy cards that are best at mining that algo. From my experience Nvidia cards are the easiest to start with and have the best diversity across algos.
To be honest, I have no idea which coin to start with but from my research, like you said nvidia is a good card to start with. I think I’m definitely gonna start with the 1070ti because of its power to hash ratio. I will be posting once I get the parts and get everything set up.
Really appreciate all of your help and also thank you everybody that passed their knowledge into me. So ready to do this thanggg!!
BTCP - Is a good one to start as you have the Pub pool and a large group of both new and vet miners supporting it. BTCP is an equihash algo so the 1070ti’s will really shine.
Wish you the best of luck on getting your hardware and let us know if you need any other assistance.
Thank you my dude, I am pretty excited
Gonna put 5 1070s and 3 1080s on btcp ,
Sorry for the delay on this. This request is a tall order.
There are some things that have changed and have been found to be better to reduce price such as:
- CPU - You can get an Intel Pentium G series chip instead of an i3
- Operating System - You can use Simple Mining Operating System instead of Windows. This will save you on the cost of Windows 10, however, there is a 2% fee for using it. Take your pick.
- RAM - 8 GB minimum. Then set virtual memory to 16 GB.
- Risers should be 6-pin connectors, not sata.
Scour through the Mining and Hardware section. A lot of what you are looking for has already been produced on the pub and it wouldn’t hurt to read through all of them to get up to speed. You can also search under my profile for topics that include “How To” and “Buyers Guide”. We have done A LOT of topics on how to get going.
Yes Invidia’s definitely seem less power hungry too, and some of my AMDs are really noisy and I haven’t found any really noisy Invidia’s so unless you’re focused on ETH then Invidia’s look good.
Really really appreciate the info!!