Cryptocurrency GPU mining

[GPM]

Hey everyone. So I have had a few people ask me to do this, so here I go. This is not going to be really in depth at the moment as I feel like a chicken running around with its head cut off. My wife just took a part time job, I am watching the toddlers, and I am trying to set up another 10ish new GPU, and I am going through literally everything that I have in order to consolidate it into the most efficient formats on their respective motherboards and power supplies.

I will add some more basics in a few coming posts, or just edit this one to kind of document how I got started. Here it is short and sweet though:

I started mining on a single 1070 GPU back in roughly 2017/2018. I can not remember off the top of my head but I could probably find some old emails that detail this a bit better.

Almost immediately after that first GPU I started adding to it, and started hodgepodge slapping rigs together. The first coins I mined are lost forever lol, I forgot all my passwords to paper wallets, and can't remember the winzip passwords to something which may contain this data. I found some thumb drives with files that could be this, but I can't open them. If anyone knows how to brute force open winzip passwords let me know!!!!!!!!!

I used to live in an apartment, and literally had wires going to every outlet that was on a different fuse in the breaker box in order to run as many machines as I possibly could. I literally had to turn computers off in order to run the blender or the vacuum. My wife got pregnant and we had a little girl, and literally more than half of our apartment was taken up by computers with wires all over - it was time to move. At this time there was like 25ish graphics cards.

We moved into a house, and it did not take me long to tap all the 120v power here, and the existing breakers. My dad and I put in a couple 30a fuses on 240v which about doubled my capacity, which I thought would last me a long time. Well it is now full, and I am worried that this 100amp panel is just about completely tapped out. I am going to add maybe 1-2KW more of usage, but no more than that.

I came to the conclusion that the literal only way for me to continue this is to find some industrial space and rent it out (@GlobalWealth maybe help me out with some ideas?) or I need some land and some sea cans.

At the moment I have 60-70 graphics cards, I am doing about a 70/30 split between Ethereum and Raven at the moment. All my rigs are running on linux mining software, SMOS and HiveOS. Both have their plus and minus, but I like SMOS for ease of accessing crash logs when setting up new cards and stuff. HiveOS seems more advanced and works better on stable rigs.

https://imgur.com/lOtJ6NX

View: https://imgur.com/lOtJ6NX


And here is a shot of a build that I am working on at the moment. This is a b450f Gaming ii motherboard that has 6 PCIE slots, and 2 m.2 that can run PCIE. So it should be able to handle 8 cards, but for the life of me I can not get it to accept the m.2 adapters, so that is something that I am working on figuring out at the moment.

https://imgur.com/eiO5ay1

View: https://imgur.com/eiO5ay1


Here is a beauty of a nighttime photo of some of the stuff I have going at the moment. This requires some massive cooling so I have a lot of fans and an exhaust out the window. In the winter I have the fans blowing the heat into the house, as well as windows open sucking in the cold air at all times. They GET HOT in this small house.

 

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[GPM]

I am not joking when I say this is taking over my life. Here is my home gym/ motherboard staging area. I have 3 wood cases ready to go, and 2 motherboards I am troubleshooting on the ground. Not the best area but my kids don't go down here, and it's out of the way so they are safe there.

Curtains in the back are to blackout my theater room with a projector. I made this amazing legit theater room with blackout curtains on the walls and roof, 5.2.1 Atmos, and a projector. And now I watch like one movie a month if I am lucky.

 

[GPM]

1134 Subs on YouTube now, and I was just accepted for monetization an hour ago. So all my videos have just had that turned on! I am curious to see how this plays out as this is a 100% new area for me that I really don't know anything about and never expected would be something I would pursue.

I need to figure out sponsors, how to make those cards and add that stupid little notification thing, start telling people to watch my other videos... All that stuff that other people all seem to say works. Also need an intro or something. I want to record my own music for the intro and outro, and make it some banging heavy metal riff. Everyone on YouTube seems to always use techno or House music and it kind of drives me nuts. I am going to be the heavy metal miner.

 

[GPM]

@Kak put me on to some proper recording gear and it just showed up in the mail! I should hopefully be able to walk around and troubleshoot rigs without nuts wind and fan noise going forward!

YouTube is at 1300 subs and fully monetized. I had a proper logo made up, and I'm almost done an intro video right now. I am pretty excited about it!

 

[Kak]

@GPM you are reprehensible. You are singlehandedly destroying the environment. We only have 12 years left until we are all dead because of you… And you’re the reason grown a$$ men can’t find new GPUs so they can play their games better.

 

[Raoul Duke]

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[GPM]

Well I just went out and got a 3080, 3070ti and a 3060ti from a contact. These are really stacking up now. These are going to go on another b450f gaming ii motherboard that I am setting up. First up is to update the bios, and then see if I can get the m.2 to PCIe adapters to work.

I am really trying to find a cheap solution that lets me copy-and-paste these mining rigs to simplify and lower expenses on builds. I am hoping this board works because I can pick them up for $140-170 Canadian at any computer store. Ram is also cheap at about $40. Right now I am having difficulty sourcing cheap cpu's for this system, but I can get some ordered from China for roughly $150. However, they should be costing me no more than $100 locally if anyone ever had any stock.

For now I've been buying cheaper used AMD CPUs off of the local classifieds for roughly $150.

Not including power supplies or graphics cards, I can build out this system with the capability for 6 cards for about $350-400. If I figure out how to get these 2 extra cards working that only adds $12 in adapters. I'm building custom open air frames out of wood, so costs on that is very low.

 

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[GPM]

So at current rates and prices this is bringing in about $13,000 CAD/month with maybe $1,800 in electricity costs. 100% of my profits are going to upgrading cards right now, and I am still expanding like mad.

I am sitting at 90 subscribers right now, and I thought of an awesome way to put out content as well. I am going to be going through each of my rigs 1-by-1 and detailing all my overclocks, card types, power supply and motherboard. The whole thing. Get some good info out there.

I also have at least one of every type of Nvidia 30 series card, and lots of old full hashrate, and newer LHR cards. I am going to make a spreadsheet on costs, profitability, OC settings... Talk about this. Videos like this are usually absolute crap, reference really bad sources from the internet, and are not complete. I actually have these cards in hand and have run through the settings myself. Most of the OC settings online are crap I find. Some guys are getting insanely high numbers that seem fake, and lots of people who actually have the cards are getting really low performance numbers. My numbers will all be based on real cards in hand, with weeks and months of runtime.

 

[GPM]

Just checked my numbers and here is a more exact rundown of how I am doing on each algorithm:

Ethereum:
2,238 MH/s
7,139 watts (-$771)
= 1.55 Ethereum a month @ $4,300 CAD = $6,665
= Total minus electricity = $5,894

Raven:
1,388.5 MH/s
9,438 watts (-$1,019)
= 41,500 RVN per month @ $0.165 CAD = $6,847
= Total minus electricity = $5,828

Total net income per month at todays prices = $11,722

 

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[GPM]

@GPM you are reprehensible. You are singlehandedly destroying the environment. We only have 12 years left until we are all dead because of you… And you’re the reason grown a$$ men can’t find new GPUs so they can play their games better.

I have already been blamed for causing the price increase and shortage of cards lol. I wonder if I caused the chip shortage in vehicles too which is curbing current output!

All part of my master plan my brother.

 

[GPM]

No real changes on the mining front.

I am still dreaming about that commercial space. It would be amazing. I took a drive around a closer industrial location to where I live and got some numbers of a few more places to call. Utility companies are also a bunch or idiots who hate business, so I need to keep calling on them and seeing what I can do to lower my power bill. No one has any idea, and they don't want to answer anything over the phone. So far my results have been "we will call you back", "look online for the rates (which only show regular consumer rates and not commercial rates)". So far they have been useless.

Youtube is starting to get me more and more excited. I have gone from 320 subs at my last post 2 days ago, to a squeak over 400 today. I am also getting a lot of comments on my videos now, and guys are really enjoying my content and giving me ideas for more, or even helping me with issues or asking me to help them with their issues. It is exactly where I want to be, it is just happening WAY faster than I thought it would.

I am going to be throwing up a bunch of my 10 series cards on eBay this week, and maybe trading a few with a local miner for some 3060 LHR cards that they do not want. The weather is also getting pretty cold at night here (2-6C). I am thinking about building a really high shelf and putting a mining computer in the "toy room" upstairs to keep that room warm. I need it nice and high and 100% away from anywhere the little ones can get at.

I also ordered a GoPro 10 on release date, it should arrive today. I almost got a 9 for mountain biking, but it was not 100% there yet. By the sounds of it the 10 is going to be pretty stellar for mountain biking with a chest rig. I also do not show my face in my YouTube videos, and probably never will. I am going to be making POV videos showing how I build rigs from scratch, and do repairs. I have seen a few of these online and they are really cool for guys just starting out. It should also free up my movements and make it easier for me to work.

I am going to be building a rig from scratch with a 3060, 3060ti, 3070, 3070ti, 3080 and a 3080ti. I think this will be fun to video and then fiddle with in the software as it will have every single 30 series (other than the 3090).

I can also do POV videos of fan repair, thermal pad replacement, and anything else that is hands on in this niche.

 

[AceVentures]

I am going to be building a rig from scratch with a 3060, 3060ti, 3070, 3070ti, 3080 and a 3080ti. I think this will be fun to video and then fiddle with in the software as it will have every single 30 series (other than the 3090).

I've been toying with my 3090 and it's a load of fun.

Dig thru the new Ampere architecture whitepaper if you want to get more technical - but there is a lot to talk about if you're looking for more technical material on the GPUs for your videos.

The performance difference vs previous generation is mind blowing. Tensor cores, Ray Tracing cores, unique memory management, and a shit ton more CUDA cores.

Maybe you could make videos for people on how these GPUs can be used outside of mining, in case anybody worries what will happen to PoW. This gen of GPUs is really phenomenal for machine learning algorithms - perhaps you can point to how they can harness this excess power to contribute to ML networks.

 

[GPM]

New cards are mining raven, ignoring all costs associated with things like cables, cases, ram, motherboard... (these come to about $500 per Rig, and would be split among all the cards it runs)

Depending on which model of card it can run from 5.5-8 months on current coin prices. This also takes into consideration energy costs, which are significant. When I first got into mining I was calculating out 18 month payout times and was happy with that, so with these current prices this is pretty insane.

 

[GPM]

I just went out and got a pretty good haul.

8x Zotac 3060
2x Zotac 3060ti
2x EVGA 3060ti

I won't be able to hook them all up yet due to a lack of power and motherboards, but I can get a lot of them. I ordered 2 more of those sweet 8-card case setups from spiderminer, and these are eventually all going to go in those

 

[Kak]

I have attached the energy usage graph from my utility company, which shows pretty good how I have been expanding my cards.

Personal energy usage was effectively 0 from mid May to mid July, so this was completely from the rigs.

Lol! I just saw this. If you were going to get one, you’d need a serious commercial standby generator for your home to run everything.

 

[GPM]

Well I have done it again, another 6700xt and another 3080ti card today. My family is coming over soon for dinner so I won't be able to set them up until tomorrow though. Or maybe I just stay up after they go home and I will do it then. I'm not gonna lie, I am a bit obsessed.

So my YouTube is up to 110 subscribers now. Not sure how this growth stacks up, but it seems to be moving nicely to me. I have been trying to at least put out a short video every day.

 

[GPM]

Youtube is up to 169 subs, and I have 2 videos uploaded and scheduled to drop over the next 2 days so that I don't need to worry about it. I have still been doing one a day.

My b250 mining expert board might have crapped the bed after a power outage. It no longer connects to the internet through the ethernet cable. I am not sure how to get this fixed, but a clearing of the CMOS has not done anything. Maybe I could try uploading the bios on it again?

I ended up swapping cards around and taking my 20 and 30 series ones off of it so that I am not down as many hashes, however this still leaves me with 13 cards offline which sucks.

I ordered 2 more of those 8-card server cases. I made a deal with them where I get 25% off all my orders from now on as well. I also made a deal with guy where he can order me thousands of risers and power splitters if need be.

I have some utility companies calling me back hopefully tomorrow on some commercial rates. I guess my usage will qualify me as a large commercial operation lol, so the small potato guys couldn't help me.

I got my 7x 3080ti build up and working. It is bad a$$.

 

[GPM]

Great thread and thank you for writing everything out. Love to see something like this instead of the usual response to mining, "You're too late" or "iTs nOt WoRth iT". Congrats on your accomplishments!

I've lurked on the forum throughout the years but decided to make an account.

I might have missed this in the thread, do you use any mining pools?

Yes, you have to use a mining pool on anything established.

I have tried lots of different pools for Ethereum and Raven and whatever else I mined back in the day. I settled on Ethermine for Ethereum, and Flypool for Raven. Both are owned by the same team I am pretty sure.

I know it has barely been any time at all from my last post, but I am up to 430 subs now. Looks like something stuck, if this keeps up maybe I can hit my 1,000 subs in a week? Fingers crossed!

 

[GPM]

1440 subs and 82.2k views in the last 28 days. This is growing pretty fast.

I stood around in the cold for a few hours and picked up a 3090 founders edition graphics card. This should be good for 115-120 MH on Ethereum, and I'll need to swap around a whole bunch of cards in order to make it fit.

My cousin who lives way out on a farm and has a big shop with 200a power and some fun power farming rebates wants me to start building a mine out there so she can use the heat. I guess there is a transformer thingy or something on some wires right at her property so it should be a breeze if we want more power. This should be good for 50-100a right away, so as long as I can get some cash for cards I have some power to grow!

I want to get a bunch more of these server cases and set those up out there. Those are nice and easy to look after, so will be the best bet for having stuff like 9 hours away from me.

 

[GPM]

These guys really crack me up!

 

[Antifragile]

the above all sounds like English but I don't understand it.
You guys are smart ppl. Cheers.

 

[hexelbyte]

I wanted to say this for everyone to read.

NOTE:
I built 2 rigs back in 2017-2018.
6x RX480s @ 4gb
4x 1070s @ 8gb

Used Nanopool to mine ETH, ETC, RVN, Haven, TUBE

I am going to tell you the negatives that no one else is talking about.

1. Power is not cheap. You will have to calculate the cost and usually is 50% of your expense. Depending on the crypto market, you might not even earn enough to pay for the power bill.

2. Noise. A rig is not quiet. Basically it's a space heater.

3. Power breaker. Countless times the rig in my attic would trip the breaker box. Now that is probably my fault but that is something nobody else seems to mention.

4. Hardware degrades overtime. Do you think my 1070s that I bought back in 2018 are the same in 2022? No way. The value of hardware depreciates overtime.

5. Opportunity cost. So my mining rig costed me $2000 and made me $50/ month. IF I just bought $2,000 worth of ETH @ $100 (back in 2017) instead of mining for ETH, I would have $60,000 ($2,000 x 3,000 per ETH ATLEAST). Would you really care about that $50/month anymore?

6. Your earnings are STILL reliant on the crypto market. Do you think I made that much when ETH was $100 vs $3000? No way. The value of mining comes from the total hashrate (from others mining) and the value of the coin I'm mining (ETH).

7. Software issues. I have to sit in my attic during freezing winters and steaming hot summers just to get the damn rig working. And sometimes, it takes days before you fix it.

8. Broken equipment. I had to replace my power supply and raising cables over the lifetime of mining. It's not just a one-time investment and you're good.

Closing Words:
IF you want to be invested in crypto, just buy the damn coin. Refer to number 5 (opportunity cost).

Mining crypto is just a parallel to investing in dividend stocks. You get monthly income but in the grand scheme of things, that investment is just not worth it.

If I had to do it all over again, I would've just bought $2,000 worth of ETH back in 2017. Far better returns than have a hunk of hardware up in the attic wasting countless hours troubleshooting.

 

[GPM]

Curious, that 6 card 3090 rig, what sort of returns are you getting from it mining?

Based on this seconds data, that rig will bring in ~ 0.30 Eth per month. That is worth about $1000 USD. Electricity would be something like $130 USD/month.

So that particular rig flows roughly $870 USD/month after electricity, and straight raw costs for me to build it would be about $15,000 USD. Earnings are down significantly compared to the mad times 6 months ago.

The 3090 is also more of a show piece. There are far more efficient cards per $ spent. The hashes you get per dollar are a lot less than other cards, but they take up a lot less space.

For example, a 3090 does ~ 120MH and costs ~ $2600 CAD. A 1660s/ti costs $470 and does $32-35 MH. I can easily get 5 1660s/ti cards for the same price as a single 3090, but it would do over 160mh

 

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[MoneyDoc]

Based on this seconds data, that rig will bring in ~ 0.30 Eth per month. That is worth about $1000 USD. Electricity would be something like $130 USD/month.

So that particular rig flows roughly $870 USD/month after electricity, and straight raw costs for me to build it would be about $15,000 USD. Earnings are down significantly compared to the mad times 6 months ago.

Assuming the price of ETH stays flat or increases, that's a minimum 70% return (assuming no major downside). Impressive.

I've always wanted to get into mining, but I always thought it was saturated or not worth it anymore...

 

[GPM]

Assuming the price of ETH stays flat or increases, that's a minimum 70% return (assuming no major downside). Impressive.

I've always wanted to get into mining, but I always thought it was saturated or not worth it anymore...

Well I guess this is where someone like me comes in! I can make it easy for someone who doesn't want that learning curve to build something but has the money for it.

Anyone can ship you the parts, but putting them together, and getting them to run together with no issues is where the magic is. With like 2-4 weeks of run time I could get that rig running about as optimally as possible, and downtime would be reduced to essentially zero, with a manual reset being able to fix almost everything.

 

[Antifragile]

The amount of crypto I bought ... but I have no interest in doing the actual work of mining (learning, setting it up etc.). My business is my only focus, but what can we do to help you launch that next level stuff?
I am in @GPM and maybe with @MoneyDoc, all Canada!

 

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[GPM]

@GPM Curious, how will ETH 2.0 affect all this?

They're moving to PoS, no? Won't this make mining obsolete?

Mining will just change to a different algorithm and coin. I have my eyes on several. Ergo, ravencoin, ethereum classic, firo....

Something will take all of the GPU power that is current on ethereum, which just happens to be the most profitable at the moment.

So all this hash going somewhere else will do a few things. Difficulty will increase on those coin, thus reducing payouts. And increased interest will probably drive the price up. Eventually the market will stabilize and there will be a few major players who take all that hash power.

As it is these alternative algorithms are anywhere from 50% all the way up to like 95% as profitable as ethereum is to mine, depending on what you are using to mine it with. It's not the Doomsday people are making it out to be. Hell, there are ways to mine any number of algorithms and have your rewards pay out in Bitcoin automatically if that is what you want.

 

[GPM]

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Thank you sir! One of these days soon I am going to try this out and see what is on that file!

 

[BizyDad]

How do you decide what to mine?

 

[GPM]

It depends on what gives me the best payout. I regularly check out whattomine.com for a rough idea of how the cards perform.

Right now it is split between Raven and Ethereum. I am thinking about building a rig that will mine Ergo and payout in Bitcoin though as I currently have no Bitcoin holdings and I feel foolish.

I am selling Ethereum as I mine it to aquire new cards. I have a small stack that I won't touch, and anything over that gets liquidated for new purchases. I might be getting 5-8 3060ti cards next week depending on how this one performs. I have never used this card before, but I am setting it up on Raven since it is an "LHR" card that is nerfed on Ethereum.