Tekforums
Chat => Entertainment & Technology => Topic started by: Walrusbonzo on April 02, 2016, 19:00:39 PM
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I know some of you have been involved with Bitcoin in the past, so maybe this will be of interest for you.
There is a newer crypto currency on the scene called Ethereum, and it is currently very profitable to mine on graphics cards and it's also the second largest crypto-currency by market cap.
Official Site - https://www.ethereum.org/
Wiki Page - https://en.wikipedia.org/wiki/Ethereum
Microsoft like it - http://www.coindesk.com/microsoft-ethereum-3-million-developers/
Mining Guide - https://www.cryptocompare.com/mining/guides/how-to-mine-ethereum/
Although I initially followed this mining guide, I now mine for a pool rather than solo mine. The pool is here - http://eth.nanopool.org/ There is sufficient help on there on how to mine for the pool.
I've been mining it for 5 weeks now. For the first two weeks of mining I used a couple of Radeon 7950s. I set my payment address to my account on https://poloniex.com/ and mined directly to it, selling every day whatever I mined. In two weeks that netted me 0.48 BTC, around £140. Electricity cost is naturally a fraction of this.
I've since added two more Radeon 290x and a Radeon 7970 and for the last three weeks I set my payment address to my account at https://www.bitfinex.com/ where there is now a ETHUSD market. Everyday I sell what I mine directly for USD. After three weeks I now have over $400 in my account there.
Essentially, in 5 weeks I've mined around £400, even with the first two weeks only being with 2 graphics cards. Note: 2 x 7950s gave me about 45mh/s. I now get 127mh/s across all 5 cards.
As you can see, this is very worthwhile whether you already have the equipment or not. Hopefully there are enough links here to help anyone out that fancies giving it a go.
Good luck. :ptu:
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have you been mining the whole time ? I thought mining was long dead
I mined about £2500 worth back in the day, then lost it all in MtGox and gave up after that
if I can just set it going and forget about it I'll give it a go again
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have you been mining the whole time ? I thought mining was long dead
I mined about £2500 worth back in the day, then lost it all in MtGox and gave up after that
if I can just set it going and forget about it I'll give it a go again
Nah, I quit mining about 18 months ago because it wasn't profitable any more. Then Ethereum came along and changed all that.
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I'm tempted to get back into it as my GTX 970 seems to get a steady return but got I stung badly with BTC, losing out to the tune of about 10k in profit which puts me off bothering again. Have you looked into the cloud mining contracts? Are they worth it if you did't want the hassle of building a dedicated rig?
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I'm tempted to get back into it as my GTX 970 seems to get a steady return but got I stung badly with BTC, losing out to the tune of about 10k in profit which puts me off bothering again. Have you looked into the cloud mining contracts? Are they worth it if you did't want the hassle of building a dedicated rig?
nVidia cards aren't great at mining. I believe 7950s are as quick as a GTX 970.
I've never bothered with cloud mining contracts, they appear to cost as much as what you get in return, which means, whatever crypto currency you mine you need to go up in value to profit. Whereas mining Ethereum on my own PCs is netting me 5~6x electricity costs and having been mining for 5 weeks now I've covered the costs of the 3 graphics cards I bought. To me, it's a no brainer. Build a PC!
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what the hell, I'll give it a go
downloading the block chain now... it's taking forever ?
linked my nephew to this, he set his going yesterday and it's still going now ?
are you auto-sending to bitfinex ? when they auto sell, can you make it auto cash you out to your bank (or whatever) too ?
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what the hell, I'll give it a go
downloading the block chain now... it's taking forever ?
linked my nephew to this, he set his going yesterday and it's still going now ?
are you auto-sending to bitfinex ? when they auto sell, can you make it auto cash you out to your bank (or whatever) too ?
You don't need to download the blockchain, f**k that. Mine off the pool and get payments directly to an account on an exchange like Polo or BitFinex. When you've installed the ethereum wallet I never bothered firing it up to download the blockchain, it's not needed. I should probably make it clear, you only need to download the blockchain if you want to solo mine or you actually want an Ethereum wallet on your PC.
All you need to do is create a .bat(Assuming you're using Windows) file to run the miner on the pool. Here is mine for example.
setx GPU_MAX_ALLOC_PERCENT 100
setx GPU_USE_SYNC_OBJECTS 1
"C:\Program Files\Ethereum 0.9.41\Release\ethminer.exe" -F http://eu1.nanopool.org:8888/0x9c4545befe9bfec17ffcdfbebe34a7ecc80e9165/Main/walrusbonzo@gmail.com -G
There is no auto-sell on BitFinex, at least not that I've noticed. I just use zTrader app on my phone, or login to BitFinex website to sell when I think the price is right. I don't think there is an auto-cash to your bank feature. Remember you'll have USD on there, and there may be charges to have it paid to your account. What I'm doing is leaving the USD on BitFinex, and when the time is right I'll buy BTC to send to Coinbase, which is where I normally cash out in GBP. But at the moment I'm happy for it to remain in USD. The landscape is much different now to how it was with MtGox. I wouldn't say it was likely that BitFinex goes the same way as MtGox.
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getting this error
Creating one big buffer for the DAG
Allocating/mapping single buffer failed with: clCreateBuffer(-61). GPU can't all
ocate the DAG in a single chunk. Bailing.
clEnqueueWriteBuffer(-38)
googled it, means not enough gfx ram
gave my 7990 to my nephew, only have a 2gig card now :-s
the block you need to work on is 1.3gig, but the miner programs tries for more free space too (or something like that)
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How much ram has your gfx card got? I know a lot of people are struggling with 2gb cards and less.
Sent from my GT-I9195 using Tapatalk
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I just looked up your gfx card code name, Bonaire. Honestly, I think that'll be too slow to mine anything worthwhile.
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R7 360 ?
no worries, I bought a cheap card after the 7990 because I play naff all games, and even with the 7990 I played everything on min. settings :-o
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did you mix up £ and $ in first post ?
45mh/s for 2 weeks and £140
then 3 weeks at 127mh/s £260 (for £400/5 week total)
3x hash, 1.5x time, should be £630
and £770 for the 5 week total ?
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No mix up. What I put is exactly what I meant.
Remember, the price of Ethereum can change at any time, and it has been volatile the last few weeks. Also, like any crypto-currency, the difficulty of mining can and will increase, as has happened with Eth. So you can't do pure mh/s calculations to establish how much you will earn.
Calculator here which takes into consideration current price and difficulty - https://etherscan.io/ether-mining-calculator
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that calculator with default settings says I'll be earning 20p an hour? :/
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What is your hash rate?
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What is your hash rate?
Sent from my GT-I9195 using Tapatalk
single R290 seems to be getting 20 MH/s
miner 11:55:58|main Mining on PoWhash #a737c661 : 20091328 H/s = 11010048 hashes / 0.548 s
miner 11:55:58|main Mining on PoWhash #a737c661 : 18588392 H/s = 10223616 hashes / 0.55 s
miner 11:55:59|main Mining on PoWhash #a737c661 : 16712276 H/s = 9175040 hashes / 0.549 s
miner 11:56:00|main Mining on PoWhash #a737c661 : 20128058 H/s = 11010048 hashes / 0.547 s
miner 11:56:00|main Mining on PoWhash #a737c661 : 19134598 H/s = 10485760 hashes / 0.548 s
miner 11:56:01|main Mining on PoWhash #a737c661 : 19192685 H/s = 10747904 hashes / 0.56 s
miner 11:56:01|main Mining on PoWhash #a737c661 : 19577238 H/s = 10747904 hashes / 0.549 s
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You should get over 25mh/s with a 290
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the calculator has 25 MH/s in as default, but still says 20p an hour, £100 a month
(http://dl.dropboxusercontent.com/u/14206619/calculator.png)
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Sounds about right.
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so 20c an hour is about 14p, electricity will be about 5p (~500W @10p/kWh), minus various fees about the place, I'll probably profit 7-8p an hour, £58 a month.
I'm not going to bother :D
thanks for letting me know, anyway. If I still had all my bitcoin stuff it might have been worth doing, but I stuck it all on ebay ages ago.
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so 20c an hour is about 14p, electricity will be about 5p (~500W @10p/kWh), minus various fees about the place, I'll probably profit 7-8p an hour, £58 a month.
I'm not going to bother :D
thanks for letting me know, anyway. If I still had all my bitcoin stuff it might have been worth doing, but I stuck it all on ebay ages ago.
500w from one PC with one 290? How do you work that out? Are you measuring that at the wall? Is the CPU at full load also?
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so 20c an hour is about 14p, electricity will be about 5p (~500W @10p/kWh), minus various fees about the place, I'll probably profit 7-8p an hour, £58 a month.
I'm not going to bother :D
thanks for letting me know, anyway. If I still had all my bitcoin stuff it might have been worth doing, but I stuck it all on ebay ages ago.
500w from one PC with one 290? How do you work that out? Are you measuring that at the wall? Is the CPU at full load also?
it was a rough guess to make the numbers easy, it'll be less than 500W but then I'm pretty sure I pay more than 10p per kWh. Even if I got the full 14p per hour it wouldn't be worth the hassle.
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Fair enough. More for me. Lol
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As more people move in, especially the ones with farms, this is going to go the same way as Bitcoin. Which will also mean small players will get shut out.
Don't forget that some large Bitcoin farms were shut down due to an unprofitable market.
It may already be too late to join
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As more people move in, especially the ones with farms, this is going to go the same way as Bitcoin. Which will also mean small players will get shut out.
Don't forget that some large Bitcoin farms were shut down due to an unprofitable market.
It may already be too late to join
Still profitable right now, 4x leccy at least. No ASICs exist for it, so only GPU mining.
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You need to figure in wear and depreciation costs too. Those two can reduce profits.
On the other side you won't spend as much on heating.
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The best way to invest today is ICOs! Choose a project with the biggest hype = short-term profit %%%!!