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Forum Index : Microcontroller and PC projects : Crypto Mining
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Bryan1 Guru  Joined: 22/02/2006 Location: AustraliaPosts: 1343 |
G'Day Guy's, Well one of my hobbies is playing with crypto so thru this week I have done some research on mining the crypto as a long term goal. So basically once it's all setup it just runs 24/7 and earns crypto coins  which can be easily converted to cash.So all one needs is a solid internet connection and skylink will do fine for me, also it is reported the setup uses lots of power. Now for us off the grid that will cost nothing. I did a search on Ali just using 'gpu asic' and got a heap of motherboards and gpu units to choose from. Now typically with Ali they only sell one piece of the puzzle so getting this right so a plug and play setup is done. So do any members on this forum crypto mine. Regards Bryan |
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| Volhout Guru Joined: 05/03/2018 Location: NetherlandsPosts: 4213 |
No, With energy prices in Neterlands, mining with GPU's means loosing money, using asic's might still be profitable. My son in law mined for 2 years using GPU's and that is how I know. Het thought about using spare energy from his (recently bought) solar panels to do so, but hasn't come to it yet. Volhout Edited 2024-11-15 18:14 by Volhout PicomiteVGA PETSCII ROBOTS |
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CaptainBoing Guru Joined: 07/09/2016 Location: United KingdomPosts: 2074 |
I am in UK and we have the most expensive energy on the planet - mining with anything other than off-grid juice would be financial suicide. this guy is well known in the off-grid/battery/diy circles here and he has done quite a few vids on mining from solar using an "Ant Miner" ASIC based rig, but the returns are quite pathetic Edited 2024-11-15 19:59 by CaptainBoing |
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Mixtel90 Guru Joined: 05/10/2019 Location: United KingdomPosts: 6761 |
All you need is a Cray 1 emulator running on a CMM2... ;) Mick Zilog Inside! nascom.info for Nascom & Gemini Preliminary MMBasic docs & my PCB designs |
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| Volhout Guru Joined: 05/03/2018 Location: NetherlandsPosts: 4213 |
Bryan1, Well, the movie shown is educating, but with the selected equipment it was target to give this result. - when there is no moment in the day your PV panel supplies sufficient energy that is needed by the rig, it is hopeless to see what you can earn in a day. - when the rig is running minimal clock (100MHz) it is using 230 watt. So how much when it is running intende speed (650MHz). It earns 6.5 times more money. If that requires 330 watt, it is a clear win, and should be exploited. So.. the solar system is inadequate, and no optimization was done .. Still it is educating. Even if you would be able to run 24/7 for free at max speed, you would earn best case 36 cents per day. Your return on investment would be 20 years (if the bitcoin price would not drop any further). Growing 1m2 potatoes brings more income. Volhout Edited 2024-11-15 23:40 by Volhout PicomiteVGA PETSCII ROBOTS |
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| lizby Guru Joined: 17/05/2016 Location: United StatesPosts: 3150 |
I admit that my ignorance on this subject is profound, but why would anyone with a home system (solar and compute) think that there is free money to be picked up in any significant amount? If there was, much bigger players than we could ever be would gobbling it all up. PicoMite, Armmite F4, SensorKits, MMBasic Hardware, Games, etc. on fruitoftheshed |
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| Mixtel90 Guru Joined: 05/10/2019 Location: United KingdomPosts: 6761 |
The big lads are already skimming off any money that there ever was to be made. Unfortunately the more that is found the harder it is to find the next one, so things have progressed from a reasonably high powered PC to banks of GPU-based high power machines with massive electricity bills. Mick Zilog Inside! nascom.info for Nascom & Gemini Preliminary MMBasic docs & my PCB designs |
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| Bryan1 Guru Joined: 22/02/2006 Location: AustraliaPosts: 1343 |
Thanks for all the replies guy's anyway for a bit of fun I went and had a look for crypto mining software and downloaded easy miner and the fan on my desktop is going flat out  Well I thought why bother with buying new hardware when a 64 bit computer only idles along with normal use. I did buy this SFF HP computer for $35 at auction so no outlay to try this out. It did say 2 hours before the next update of earnings so lets see just see what I earn over a day. Eh this is all good fun and a huge learning process as the top mining software uses the command line so alot more research needs to be done. I will be looking at auction in the next week to get a few more SFF computers and well like our house array is on float by lunchtime everyday power isn't a issue. Regards Bryan |
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| Bryan1 Guru Joined: 22/02/2006 Location: AustraliaPosts: 1343 |
OK this software updates payments every 2 hours When I joined it has defaulted to LTE (litecoin) which is trading at US$64.78 and I got 0.000000315871 LTE for joining. So after 2 hours got 0.0000006405 LTE Well I'm just going to leave it going and see how it goes, now on further reading it is said crypto mining can be done on a FPGA so if one could say load linux on then for the first time the FPGA may need a heatsink and fan. With my research my goal is mine dogecoin as on the website it does say it uses layer 1 where the larger coins use layer 2 which is way more complicated. OK by far the PEPE MEME coin has the best guide to crypto mining and it does go down to the source level which a good read on learning just how this all works. Regards Bryan Edited 2024-11-16 10:39 by Bryan1 |
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| Bryan1 Guru Joined: 22/02/2006 Location: AustraliaPosts: 1343 |
Well as the PEPE needed a ant miner in order to mine where it will mine PEPE DOGECION and LITECOIN decided to buy this 3off ASIC boards and power supply. So it may take a year or so to break even and it can just sit there mining away and with only 1300 watts power draw the house array won't even feel any harm. As it is ethernet based it is time to get a new router for my starlink as the wifi range aint what it used to be and with me having the round dish I can upgrade the router where with the square dish later version one is stuck with hardware. Regards Bryan Edit: Well just saw one of my crypto boom and started falling so cashed it in and tempted off the profits to buy another one of these ant mining machines. Well I will keep this easy miner software going until that asic gets here so I can mine one litecoin and on the current price of $90 I'm way ahead of that guy on youtube Edited 2024-11-16 17:19 by Bryan1 |
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| PhenixRising Guru Joined: 07/11/2023 Location: United KingdomPosts: 853 |
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| JohnS Guru Joined: 18/11/2011 Location: United KingdomPosts: 3797 |
Much bigger players have been and are gobbling up lots. Also, people who believe in these (unreal) "coins" quite often gamble real money (oh, that's "fiat" money lol). And there are the criminals laundering money... The latter don't much care the exact value so long as laundering works. Reminds me of Ponzi. All good until it isn't. John |
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| lizby Guru Joined: 17/05/2016 Location: United StatesPosts: 3150 |
But as for just playing with "mad money", as my Newfoundland wife would say, "Fill yer boots". PicoMite, Armmite F4, SensorKits, MMBasic Hardware, Games, etc. on fruitoftheshed |
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| CaptainBoing Guru Joined: 07/09/2016 Location: United KingdomPosts: 2074 |
we are all entitled to our opinion... If you had US$1.00 in 1900, it had only the spending power of US$0.04 a hundred years later in 2000... "fiat" is the biggest scam we all ignore with ineffable power to lose people money. Does that Remind you of a Ponzi? - it should because it so evidently is. If everyone wanted their GBP or USD or whatever from thier banks right now... (it's called a "run"), the entire world banking establisment would collapse in a single day - BTW that is coming - prepare. 2013 Europe: 47.5% of all bank deposits above €100,000 were seized BTC - the grand-daddy of them all has grown by 450% in the last two years, 150% in the last 12 months and 34% in the last month alone. It is no more "unreal" than the £ in your bank account. e-coin is no more a scam than countless stocks n shares deals that have either gone south or done well. Replace "BTC" with "Boeing" in any spec. report. Conversley to banked "money", if everyone wanted their BTC into spendables right now, they could have it (because there is always someone who'll buy it). Market economics would push the price down - at which point "people" start snapping it up benefitting from the cheap coin and prepared to wait a few years before selling. It might take years to get your investment+ back (or not), but you'll recognise that as simple speculation... As for the criminals... show me a clean dollar Bankers: "wah it's not fair, someone else is doing what we've been doing for centuries and now everyone can play and we don't have control. Let's lobby govt. to outlaw them trying to stop us making money which we can devalue at outrageous rates so we get to keep it". mmmmm Nescafe! EDIT: There is much truth in the old adage "Speculate to accumulate, Gold to hold." If you have a significant amount of money in a bank current account or paying a pathetic interest rate, you need your brains looking at. Buy Gold coins (Sovereigns or Britannias in UK). Do not buy foreign coins (Kiwis, Pandas, Maples, Krugerrands), bullion bars or other precious metals as bullion as they can attract VAT and capital gains tax. Native coins do not as they are proper Money. e.g. a Britannia coin has a face value of £100, but contains 1ozt of gold which means as scrap you'll get about £2000 for it. "Buying" Britannias (sadly it won't be for that £100 ) is like going into the bank and giving over a £5 note and asking for 5x £1 coins in return - it is all coin of the realm and there is no charge for changing or holding.So what to do... if you have a ton of money in a bank, let's say £1M... (dare to dream). You could buy £970K worth of Britannias, and keep a slush fund of 30K in the bank. Each time you get down to your last 10K, you sell 30K's worth of your Britannias to top things up. Your gold never loses value. WHEN the banking system goes pop and your funds are seized, you've lost that 30K but you didn't lose the £1M. A study in 1979 by a guy in New york (can't find the details but will keep looking) who was curious about the price of gold found that 2000 years ago a Roman nobleman could buy good quality robes, sandles and a belt for 1oz of gold. In 1979, $500 (price of an ounce then ~) could buy a man a good quality suit, belt, tie and shoes - the buying power was the same... across 2 millennia. Gold does not increase in value in real terms (it only goes up as the value of fiat drops), but it immunizes your wealth against the fiat scam of the banks. h Edited 2024-11-17 07:10 by CaptainBoing |
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| Mixtel90 Guru Joined: 05/10/2019 Location: United KingdomPosts: 6761 |
[RAMBLE MODE] Interesting stuff, gold. The conditions for this element to be formed are at the early stages of the creation of the universe. There is a finite quantity on Earth which has remained constant since the beginning. Eventually, if we continue to use it without recycling every scrap, we will run out and, unless we can mine it from somewhere currently inaccessible, it won't be replenished. Several of the elements are like this, including Helium, which people love to use in escaping toy balloons and to make themselves talk like Donald Duck. [/RAMBLE MODE] Mick Zilog Inside! nascom.info for Nascom & Gemini Preliminary MMBasic docs & my PCB designs |
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| lizby Guru Joined: 17/05/2016 Location: United StatesPosts: 3150 |
I knew some gold bugs along about late 1979 who believed that.  100-year trend in gold prices NOTE: "Inflation-adjusted"--if you bought at the peak, nearly 45 years later you would not have recovered your cost (in inflation adjusted terms). ~ Edited 2024-11-17 08:21 by lizby PicoMite, Armmite F4, SensorKits, MMBasic Hardware, Games, etc. on fruitoftheshed |
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| Bryan1 Guru Joined: 22/02/2006 Location: AustraliaPosts: 1343 |
Well I've played with crypto for a long time, now thing I did find was meme coins being created and I decided to put a grand on Shiba Inu before it had any real value. Looked one morning and nearly fell out of my chair 26K so couldn't get to the sale button quick enough The next day it dropped and lost over 60% of it's value. Anyway I saw starlink was finally available so bought it and installed it. Now the days of 1 second lag and capped data was gone and never looked back. Left the computer going overnight and one zero gone replaced with a 1, so with this desktop it may take month or more to get enough to transfer to another wallet. Now for most crypto is a one way street where one has to wait and buy for a low price and wait for it to rise. Crypto has a correction builtin and when it does happen if one is with a CFD broker putting a sell on can get some nice profits. My record with selling crypto was making $100 in less than 90 seconds when Etherum lost 2K in one day. So the talk has gotten on to ponzie schemes eh well back in the late 60's the US came up with an idea to create paper money and start another fiat currency. Well a fiat currency does have a true value of nothing zip zada. This is the longest running fiat currency and it is easy to see it is in the last throws the value get less and less every day. I did scan thru that youtube and could clearly see this guy doesn't have a clue trying to mine only using 240 watts really Now as crypto mining is done in pools one has to complete enough scripts to get shares, now with my computer I'm getting around 50 shares every 2 hours. CPU mining is the slowest by a country mile and if a ant mining needs 1300 watts then give it what it needs as the more scripts it does means more value to the mining. More and more crypto ATM's are being built so cashing in a wallet is a few touch's away on the ATM. Now I just worked what it going to take to finally get this litecoin wallet to US0.01 and basically it is 0.000014 based on a $95 crypto price. So in theory by the time the ant mining machine gets here I may have enough to transfer wallets. Regards Bryan |
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| lizby Guru Joined: 17/05/2016 Location: United StatesPosts: 3150 |
Well, the U.S. did issue a "fiat" "greenback" paper currency in the 60s, but it was the 1860s, not the 1960s: Greenbacks were emergency paper currency issued by the United States during the American Civil War ... A form of fiat money, the notes were legal tender And yet, using that dollar, the U.S. is the richest large country in the world in per capita terms. To say the dollar has a "true value of nothing" depends altogether on what you think the meaning of "true value" is. Should the collapse come that many who inveigh against "fiat currency" anticipate, it's likely that bullets and clubs will have more "true value" than crypto. PicoMite, Armmite F4, SensorKits, MMBasic Hardware, Games, etc. on fruitoftheshed |
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phil99 Guru Joined: 11/02/2018 Location: AustraliaPosts: 2129 |
Yes, it is only international confidence in the US$ that gives crypto any value at all. If that confidence declines crypto may evaporate entirely. |
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| JohnS Guru Joined: 18/11/2011 Location: United KingdomPosts: 3797 |
Money (aka fiat - a misleading and mostly wrong term - money, or currency) is best regarded as a medium of exchange i.e. for buying & selling. You're generally unwise to keep it long-term. For that, buy assets of some kind, preferably ones likely to be attractive long-term, with increasing value; a mix of assets is wise. Stating or graphing the value of money (e.g. the $) over a long time to demonstrate something the money isn't good for is daft and apt to mislead. The graph may even be shown deliberately to distract from the useful feature of money (a short term, temporary, store of value). Also, the claim "a fiat currency does have a true value of nothing zip zada" is plain wrong since you can buy assets with it (and as I have said, long term you should). To the adage "Speculate to accumulate, Gold to hold." I would advise "invest in a mix of assets". Speculation is gambling. John |
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