Crypto Currencies ~ " Duck Tales Spin From The Crypt"

I haven't looked a whole lot into cloud mining since most people seemed to strongly recommend you not do it, but I just went and ran some numbers on zcash cloud mining on hashflare, and they charge $2 per 1 h/s. I'm getting 1000 h/s out of my 2 1070s (measured in solutions/s here):



So my rig = $1200 for hardware, $300 for electricity (actuals), for 1000h/s
Hashflare = $2000 for hardware, electricity baked in, for 1000h/s

For a $500 difference.

We can plug the numbers into a calculator and get the following:

https://www.cryptocompare.com/minin...gUnit=H/s&PowerConsumption=300&CostPerkWh=.12

So you end up with a $2500 annual profit, which gives you a $1000 return from your own setup, vs. half that from the cloud mining.

You also have the ability to sell your old cards when it comes time to upgrade to take a bit out of that cost, which you don't have with cloud mining. A year old top-of-the-line gaming graphics card will still usually net you half of what you paid for it.

My assessment is this: cloud miners are mining on the same pools you'd mine on, with the same hardware you'd mine on, at the same block difficulty you'd mine on, using the same electricity you'd use, but they have to make a profit on top of all of that to stay in business. The only real variable is whether you want to buy and build the machine yourself, or pay for the convenience of someone else running it for you. In at least the case I ran the numbers for, that convenience fee is massive.

e: formatting

 

So my numbers above are linear, $440 got me 2 TH/s mining SHA-256. If I put in $1320 (closest factor to $1200), I'd have 6 TH/s. Roughly $3900 mined, meaning $2,580 in profit. Your assessment of someone else doing it is generally correct, but they benefit from an economy of scale. Again, I just haven't really had someone break down the numbers in a method that would show me that a mining rig was the more efficient way to go. Not saying it's not, I'd generally like to go the self-mining route if the math was more beneficial.

 

So if you're looking at SHA-256, that means you're looking at mining bitcoin. That's asic territory now and I don't know anything about that. I edited my post to do a zcash comparison, which I do have experience with, so that may be helpful. It's possible that hashflare is just not good for mining zcash as well, I dunno.

e: I'd also be curious how much these cloud mining companies actually benefit from economics of scale. I wonder if they are actually able to get wholesale prices on graphics cards or if they have to spend the same amounts that we have to spend, since in the grand scheme of business, I imagine these places are pretty small fish.

 

Now that we're on mining.. what is everyone here mining?

 

That's correct, I used Kraken to get my money in. For different reasons it was my only choice. It wasn't too bad all said and done, you have to wire money from your bank account which can cost up to $25 but for the amount I sent it didn't bother me.

I bought everything on there, moved my HODLs to my Ledger and then converted a few to BTC and sent them to my Binance account to day trade.

 

Was doing Electroneum but just swapped back to XMR for now. After next payout might swap it up again

 

Ya I mean I'm not picky on what type of coin I mine, money is money lol. I'm just trying to assess what would be the best return on your dollar. Unfortunately bitcoin is out of the realm of possibility for your average Joe nowadays. That's why I was looking around to see if there was a better value mining another type of coin.

I really don't think these mining co's are buying GTI processors from Microcenter like your average consumer is lol. I'm sure they're probably buying more server grade units. I had looked at getting a rendering farm set up when I was in Architecture school since our renderings would take hours and days to finish sometime. Would've converted over to a nice mining rig lol.

 

subd

 

It's all very interesting. Even a Titan V only gets you about a 10% increase in solutions over a 1080TI, which is laughable given the Titan V is $3k and uses heaps more power. They may very well be using consumer grade cards for power consumption, if nothing else. That's a huge reason why I went with 1070s- they're one of the most power-efficient mining cards on the market and I'm running this shit out of my living room lol

 

am I missing something? -

https://www.ebay.com/itm/5-000-000-...902554?hash=item33de3d785a:g:btYAAOSwY~1aQE7e

Isnt ONE Iota $3.42?

 

That ebay purchase would translate to $3.42 x 5,000,000 IOTA = $17,100,000

 

scam

 

I have $40 that I am willing to not see again in my life.

 

go for it

 

Careful on difference between IOTA and MIOTA- most exchanges use the terms interchangeably, but price the MIOTA- so this person is selling 5 MIOTA for $40. That's only ~$15 worth. At least that's what I'm assuming this is. Sleazy.

 

Figured it out - Not a scam, just need to read it carefully.

They're selling IOTA.

Exchanges sell you the coin as M-IOTA, 1,000 IOTA is $3.42

https://www.reddit.com/r/Iota/comments/7j3an4/psa_dont_buy_or_let_friends_buy_iota_on_ebay/

Either way they're selling it at above market price.

 

Yup just caught on

 

Seems legit lol.

 

Doesn't iota have units that are a millionth?
I'm guessing that's 5 iota that would be $17 or so. So you're paying a premium to not muck around on exchanges?

Edit: I'm slow

 

Yes.

A lot of people have been going thru the ebay avenue due to FOMO.

since some of the exchanges are taking forever to get verified and what not.