"blag-it" Forum

Socio-economic and political related discussion => Cryptocurrencies discussion => Topic started by: LISTR-93 on 08 July, 2021, 10:26:32 AM

Title: What is best way to mine crypto currency?
Post by: LISTR-93 on 08 July, 2021, 10:26:32 AM
Hi to all on forum!  So what's the best way to go about actually mining for a crypto currency whichever one it is?  I read quite a few times that one could use a standard desktop with a good graphics card so am thinking of using my own system.  Would this work just be a waste of time?
Title: Re: What is best way to mine crypto currency?
Post by: cybernut on 09 July, 2021, 03:52:34 AM
I'm no expert but I think it depends on which crypto currency you want to mine.  In the early days of the first and biggest, Bitcoin, that type of spec may have been enough but not any more.  Now you would need a dedicated mining setup with very powerful gfx card and ASIC cpu to even have a chance of solving the maths problem.
Title: Re: What is best way to mine crypto currency?
Post by: LISTR-93 on 10 July, 2021, 11:51:26 AM
I'm no expert but I think it depends on which crypto currency you want to mine.  In the early days of the first and biggest, Bitcoin, that type of spec may have been enough but not any more.  Now you would need a dedicated mining setup with very powerful gfx card and ASIC cpu to even have a chance of solving the maths problem.
Ok, thanks.  Yea, I was thinking of bitcoin or ethereum as an alternative.  What's an ASIC cpu?
Title: Re: What is best way to mine crypto currency?
Post by: cybernut on 11 July, 2021, 04:29:12 AM
It means Application Specific Integrated Circuit which can be customized for a specific task, so for crypto mining you would need an ASIC cpu and high-end graphics card, but as said, I'm no expert on either crypto mining or ASIC cpu's and where the latter is concerned, I have no idea how they can be customized - you could google it. :P  But forget standard desktop setup.
Title: Re: What is best way to mine crypto currency?
Post by: a.flynn on 12 July, 2021, 07:39:50 AM
Yea!  No way will a desktop with standard processor mine bitcoin!  At the same time dedicated mining rigs with an ASIC aren't cheap.  You're better off joining a collective mining pool for bitcoin.
Title: Re: What is best way to mine crypto currency?
Post by: ATH019 on 14 July, 2021, 12:55:37 PM
It means Application Specific Integrated Circuit which can be customized for a specific task, so for crypto mining you would need an ASIC cpu and high-end graphics card, but as said, I'm no expert on either crypto mining or ASIC cpu's and where the latter is concerned, I have no idea how they can be customized - you could google it. :P  But forget standard desktop setup.
Actually it's one or the other, not both.  So an ASIC or GPU based mining rig.  But you're right in that a standard desktop won't do, won't solve the math problem for bitcoin or any of the top crypto currencies.


Global Moderator
Title: Re: What is best way to mine crypto currency?
Post by: Susan.W on 15 July, 2021, 12:03:23 PM
Even high-spec mining systems can't mine BTC that quickly.  Saw a youtube video with 10+ dedicated mining rigs that said it took weeks to mine one BTC.
Title: Re: What is best way to mine crypto currency?
Post by: ATH019 on 16 July, 2021, 08:10:54 AM
At the very least I would have thought even with 10 rigs.  Market value for bitcoin is around £23,000 so probably at least a month or even months, during which time the electric cost would be fairly high and the room they're in would get very warm.



Global Moderator
Title: Re: What is best way to mine crypto currency?
Post by: McGaskil on 19 July, 2021, 12:54:50 PM
Yer, anyone would be wasting their time with just one rig mining bitcoin or even ethereum.
Title: Re: What is best way to mine crypto currency?
Post by: LISTR-93 on 29 July, 2021, 07:30:05 AM
What about multiple usb asic mining modules plugged into a powered usb hub that's connected to a Raspberry Pi or similar sbc?
Title: Re: What is best way to mine crypto currency?
Post by: ATH019 on 29 July, 2021, 09:30:42 PM
Novel approach and would be fairly economical on power and take up very little space, but if going for a Raspberry Pi there might be a small learning curve for it's Debian-based OS if you've not used one before and the asic miners could only be used for one crypto.  I think you can get usb asic mods for around 110GBP that have a rating of 333mh/s, so three of those would give you nearly 1gh/s.



Global Moderator
Title: Re: What is best way to mine crypto currency?
Post by: McGaskil on 30 July, 2021, 09:17:07 AM
So min £330, plus the cost of the Pi, powered usb hub, monitor, mouse, keyboard.  You're looking at about £650-ish outlay plus the on-going power costs for a very few bits of a bitcoin a month if you're going it alone.  You'd be better off joining a mining pool with that setup.
Title: Re: What is best way to mine crypto currency?
Post by: blag-it Admin on 30 July, 2021, 12:05:26 PM
A good second-hand 17" display can be had for as little as £80 from the high street and a new Pi 4 for about £75.  Keyboard, mouse and powered hub costs about £60 max, so £545 all in.  That's a lot less than £650, plus you have to start from somewhere.



Admin
Title: Re: What is best way to mine crypto currency?
Post by: A.Jenery on 09 August, 2021, 10:36:51 AM
What about multiple usb asic mining modules plugged into a powered usb hub that's connected to a Raspberry Pi or similar sbc?
I like this idea, plus the electric cost should be lower than for a GPU or even a conventional asic miner.  As an after thought, couldn't you use this setup with a standard laptop instead of a sbc system?
Title: Re: What is best way to mine crypto currency?
Post by: blag-it Admin on 10 August, 2021, 02:27:22 AM
Yes, seems a good way to go, and many powered USB hubs have about six slots so you could have more than three asic modules and would still be fairly economical on power.




Admin
Title: Re: What is best way to mine crypto currency?
Post by: LISTR-93 on 10 August, 2021, 09:43:38 AM
What about multiple usb asic mining modules plugged into a powered usb hub that's connected to a Raspberry Pi or similar sbc?
I like this idea, plus the electric cost should be lower than for a GPU or even a conventional asic miner.  As an after thought, couldn't you use this setup with a standard laptop instead of a sbc system?
Never thought of connecting the hub to a laptop, so thanks for suggestion!  At least then it would have Windows so I wouldn't have to learn the Pi OS which I admit I know nothing about.  I know I can get second-hand laptops real cheap although would be less eco on power than a Pi I suppose...
Title: Re: What is best way to mine crypto currency?
Post by: LISTR-93 on 13 August, 2021, 11:07:03 AM
Yes, seems a good way to go, and many powered USB hubs have about six slots so you could have more than three asic modules and would still be fairly economical on power.




Admin
Thanks! :) I could have say five asic modules in the hub giving 1.665 gh/s (5x333) plus a USB fan in the last one to cool them.
Title: Re: What is best way to mine crypto currency?
Post by: ATH019 on 10 May, 2022, 01:13:03 AM
Yes, seems a good way to go, and many powered USB hubs have about six slots so you could have more than three asic modules and would still be fairly economical on power.




Admin
Thanks! :) I could have say five asic modules in the hub giving 1.665 gh/s (5x333) plus a USB fan in the last one to cool them.
Seems like a good setup idea and fairly economical at the same time.


Global Moderator