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No electricity costs, where to start

Discussion in 'Crypto Currency & Mining' started by ItsAllMine, 14 Dec 2017.

  1. ItsAllMine

    Associate

    Joined: 14 Dec 2017

    Posts: 2

    Long story short but for years they are not charging us electricity even after contacting them on several occasions, same for previous tenants. I know some day they might start charging and even may attempt to backdate the costs (however I know someone who was in the same situation with a new terrace and they couldn't backdate them as it was the companies fault) but for now I can mine without any electricity costs.

    I am not going to pull the **** in case I do end up with a backdates bill so ideally I want to get to the point where I am making $1k a month on mining. I am pretty technical so I should be able to figure out how to build a rig but to be honest I know very little about mining. Here are my newbie questions:

    1 - I have a GPU in an old alienware gaming PC and another GPU in a dell XPS machine that I am sure isnt too bad specs. What I dont understand is how it works, I have seen large mining setups where there only seems to be lots of GPU's. Do you need a special PC to run all these GPU's or can you point to a resource that explains how it works for a newbie?

    2 - If my GPU's in the Alienware and dell XPS machine aren't good enough what is the cheapest GPU i could buy that would allow me to build up enough to buy a 2nd GPU quickly. Since electricity isn't an issue starting off I am more worried about power rather than electric efficiency. I see the Nvidia 1070 mentioned a lot but on ebay the price looks close to around €600.

    3 - I was looking on the likes of whattomine.com and others to try and see what I could earn per month. I know 1 GPU wont be enough to get anywhere near $1k a month, plan is to buy 1, invest what I make to buy a 2nd and keep reinvesting. But when I look on whattomine I am struggling to find what I can expect to make without electricity factored in. I see a section for the 1070 but when i change it from 0 to 1 I dont see anything updating. As a base I would like to know what 1,2, or 7 1070's might get me or what 1,2 or 7 machines doing 27 mhs might get me per day or per month. Can someone explain how to do that or is there a better calculator.

    4 - I see that the main site nicehash was hacked and is currently down. Is there a site that makes it easy to mine like them or were they well ahead of everything else. I am fine just mining one crypto currency so if I have to set it up manually that is fine. In that case if there is a good guide on how to do that It would be great.

    5 - Is there a particular crypto currency that is currently the best to mine? I hear mentioning of altcoins and ethereum but not sure what to go for. Sounds like bitcoin is no longer profitable but they would obviously be stable and with the current trend if I hold onto the coins they might well gain in value. Would love to hear insights from more experienced people that have stood in my shoes at one time and knowing what they know might have some good advice.
     
  2. peige

    Mobster

    Joined: 18 Oct 2002

    Posts: 3,374

    Location: Sussex

    In your situation I would start by trying to sort out the electricity bill. This is not free electric, this is "I might get away with it" electric or it could bite me and cause years of agro.
     
  3. skyripper

    Wise Guy

    Joined: 19 Jul 2011

    Posts: 2,094

    Utility company code of conduct says they can only bill you for the 12 months since the last accurate bill. So if they have not billed you properly for many years and they surprise you with a whopping great bill later, complain and go thru the ombudsman.

    Doesn't mean you should factor that into your "gonna make more money" calculations though :)
     
  4. ItsAllMine

    Associate

    Joined: 14 Dec 2017

    Posts: 2

    Thanks guys, as I mentioned I have contacted them on several occasions about sorting it out but they just don't seem bothered. I agree need to be cautious but if nothing else it gives me a bit of extra capital for a few months or longer to invest in equipment with the goal of making it profitable even with electricity.

    Anyway would really appreciate any advice on the questions to help me get started
     
  5. andicole0

    Soldato

    Joined: 12 Sep 2005

    Posts: 6,243

    Location: Robertsbridge

    I'm making about $3 a day with 4 low spec GPU's to get a $1000 a month you'll need 40 low spec GPU's If you had some higher spec cards you could be looking at may be 12 cards requiring maybe 2 rigs to get $1000 a month. 12 X GTX 1070's is £4200 plus the two rigs say another £1000 so you would be looking at 7 months before making any profit. You then have the potential for future electricity costs and then some failures of components.
    Andi.