Mining for Noobs - stealing electricity 101

CrunkLord420

not a financial adviser
Supervisor
True & Honest Fan
kiwifarms.net
I know in general that's true, but is there anything you can think of that might be of additional concern not applicable to regular hardware?
I'm not aware of anything, but I've never used that specific card. The power supply used is often more important than the motherboard of chassis, so consider that.
 

LocalFireDept

kiwifarms.net
So I'm a little curious about Gridcoin because I think a cryptocurrency based around BOINC is interesting and valuable. I know most mining gives rewards based on proof of work, but how does proof of stake and proof of research work differ and does it have big differences in required hardware? I just like the idea of getting some digital monopoly money for folding at home.
 
  • Informative
Reactions: BillionBisonBucks

CrunkLord420

not a financial adviser
Supervisor
True & Honest Fan
kiwifarms.net
So I'm a little curious about Gridcoin because I think a cryptocurrency based around BOINC is interesting and valuable. I know most mining gives rewards based on proof of work, but how does proof of stake and proof of research work differ and does it have big differences in required hardware? I just like the idea of getting some digital monopoly money for folding at home.
PoS is stuff like Dash masternodes, but Dash also has X11 mining. The folding stuff is just PoW plus some folding data, it doesn't really make sense from a blockchain security perspective but people like the idea of useful hashrate.
 

AnOminous

Really?
True & Honest Fan
Retired Staff
kiwifarms.net
https://blog.sia.tech/the-state-of-cryptocurrency-mining-538004a37f9b

@CrunkLord420 you should read this as should anyone else interested in GPU mining or buying or investing any money into mining equipment.

TLDR: the game is rigged
Very good article. Of course, I've been saying this too, but I didn't have the technical knowledge or inside information to basically prove it.

I'd bet the vast majority of anyone who actually did manage to eke out a profit with GPU mining in the last couple years did it during the huge run-up in price and that it would be virtually impossible to turn a profit doing this now.
 
  • Agree
Reactions: Orange Rhymer

neger psykolog

moon goons for communism detection
True & Honest Fan
kiwifarms.net
Very good article. Of course, I've been saying this too, but I didn't have the technical knowledge or inside information to basically prove it.

I'd bet the vast majority of anyone who actually did manage to eke out a profit with GPU mining in the last couple years did it during the huge run-up in price and that it would be virtually impossible to turn a profit doing this now.
The GPU mining side of things is still relatively small. There are large numbers of people who have bought ASICs and other miners and this article reveals to what extent the game is rigged.

I'm kind of divided on it, on one hand making the system "fair" is a nice thing but on the other hand if you try to restrict innovation then its as good as saying "why don't we just keep using dial up internet"

tfw still mining on free electricity
I don't have "free" electricity but its included in my rental money and if I use a lot more than what I normally do it doesn't matter. Even with 2 1080 TIs its simply not worth mining even when I'm not using my PC because the current profitability is like $1 a day.
 

AnOminous

Really?
True & Honest Fan
Retired Staff
kiwifarms.net
The GPU mining side of things is still relatively small. There are large numbers of people who have bought ASICs and other miners and this article reveals to what extent the game is rigged.
It used to be much bigger. It's going to continue shrinking as it is completely unsustainable. There were enough idiots buying GPUs to mine various cryptocurrencies that it drove the price of the ones gamers use through the roof, and gaming-oriented GPUs are far from niche. The gamers who threw shit fits about this will be pleased if most of those people turn out losing money.
 

wylfım

To live a lie, or die in a dream?
kiwifarms.net
Noob question: will mining ruin my hardware? I know if it gets too hot (~80C IIRC?), it can damage things, but what if i keep it under that threshold and just mine nonstop? Monero specifically.
 

CrunkLord420

not a financial adviser
Supervisor
True & Honest Fan
kiwifarms.net
Noob question: will mining ruin my hardware? I know if it gets too hot (~80C IIRC?), it can damage things, but what if i keep it under that threshold and just mine nonstop? Monero specifically.
I've never had any hardware damaged. People get issues from abused power supplies blowing up. I suspect most problems that develop in video cards during mining were factory defects that were only revealed with high temps, which is why people have used "Burn In" software on new hardware for decades.
 

Un Platano

big blatano xDDDD
True & Honest Fan
kiwifarms.net
Noob question: will mining ruin my hardware? I know if it gets too hot (~80C IIRC?), it can damage things, but what if i keep it under that threshold and just mine nonstop? Monero specifically.
Barring a unit that was defective in the first place, running at 80 C shouldn't damage a typical video card. For a lot of cards (especially from before the newest generation of cards which have had a lot of emphasis put on efficiency) that's a completely normal temperature. It's not till you hit 90 or better that temperature can become a problem for certain cards. On any card made in the past couple years, their coolers are good enough that 90 C shouldn't even happen unless you've got bad airflow. Older cards can usually go higher than that, and it wasn't that long ago that running an r9 290 at 95C was completely normal, but you shouldn't be mining with those cards unless you intend to use them as space heaters.

It's a common misconception that computer hardware performance can degrade over its lifespan, but that's only true of hard drives. (And even then it's more likely bloated old software slowing it down than the disk itself). For GPUs, the only thing you might break from mining are the fans, but those are cheap and easy to fix.
 

Sexy Potoo

Sexiest bird on the planet
kiwifarms.net
I can't run xmrig to mine monero on my windows 10 PC. The security keeps trying to block it.
 

Leo Bonhart

Words of truth are not pleasing.
True & Honest Fan
kiwifarms.net
I can't run xmrig to mine monero on my windows 10 PC. The security keeps trying to block it.
If you want a quick and easy Windows-based GPU + CPU miner for XMR, Minergate.com is a decent solution. Download their win64 software and edit the batch file to include GPU mining with a sting like:
minergate-cli --user email@email.com --gpu --xmr 2

If you're really new to things, they also have GUI software which all you have to do is enter your email address.
 

CrunkLord420

not a financial adviser
Supervisor
True & Honest Fan
kiwifarms.net
If you want a quick and easy Windows-based GPU + CPU miner for XMR, Minergate.com is a decent solution. Download their win64 software and edit the batch file to include GPU mining with a sting like:
minergate-cli --user email@email.com --gpu --xmr 2

If you're really new to things, they also have GUI software which all you have to do is enter your email address.
Minergate has a reputation for doing shady stuff, and basically underpaying their miners.
 

Leo Bonhart

Words of truth are not pleasing.
True & Honest Fan
kiwifarms.net
Minergate has a reputation for doing shady stuff, and basically underpaying their miners.
As I said, it's a simple, 'decent' solution for beginners; he could be up and running in 5 minutes.
Personally, I use Minergate on my work computer where more advanced solutions are not an option, and I've mined a decent chunk of XMR over time with the free electricity running 24/7. One can withdraw without fees after mining 0.005 XMR. The only shitty bit is being forced to withdraw to their partner Freewallet, but it's yours to do what you want with after it hits there. Anyway, take the information as you like; I have no vested interest in Minergate, but if it's a challenge getting xmrig past Windows Defender, then this is probably as easy an introduction to mining there is.
 

wylfım

To live a lie, or die in a dream?
kiwifarms.net
Depends on the coin, and especially on whether or not you think the price will increase in the future. Bitcoin, definitely not. Monero, probably? Calling at @CrunkLord420 for more expertise
 
Tags
None

About Us

The Kiwi Farms is about eccentric individuals and communities on the Internet. We call them lolcows because they can be milked for amusement or laughs. Our community is bizarrely diverse and spectators are encouraged to join the discussion.

We do not place intrusive ads, host malware, sell data, or run crypto miners with your browser. If you experience these things, you have a virus. If your malware system says otherwise, it is faulty.

Supporting the Forum

How to Help

The Kiwi Farms is constantly attacked by insane people and very expensive to run. It would not be here without community support.

BTC: 1DgS5RfHw7xA82Yxa5BtgZL65ngwSk6bmm
ETH: 0xc1071c60Ae27C8CC3c834E11289205f8F9C78CA5
BAT: 0xc1071c60Ae27C8CC3c834E11289205f8F9C78CA5
LTC: LSZsFCLUreXAZ9oyc9JRUiRwbhkLCsFi4q
XMR: 438fUMciiahbYemDyww6afT1atgqK3tSTX25SEmYknpmenTR6wvXDMeco1ThX2E8gBQgm9eKd1KAtEQvKzNMFrmjJJpiino