Hey guys! Another Quintessential Finance for you guys. Would love to get your feedback on this. Some food for thought whilst the Bitcoin price skyrockets.
Anything goes here with Ethereum. This will be the official thread for anything related to Ethereum.
What is Ethereum?
Ethereum is a cutting edge blockchain-based distributed computing platform, featuring smart contract functionality. It provides a decentralized virtual machine, the Ethereum Virtual Machine (EVM), that can execute peer-to-peer contracts using a crypto-fuel called Ether.
Read more in this thread for a simple explanation
General White Paper, Technical Yellow Paper (pdf)
Ethereum the world computer (video)
Vitalik Buterin's Ethereum introduction at Devcon 1 (video)
Joseph Lubin's interview on building decentralized applications (video)
BBC explains Ethereum (video)
Techcrunch on Ethereum (video)
Current Ethereum Price
Quote:Even respected publications make mistakes by publishing financial pornography from time to time. In an article written in Fortune Magazine in 1999, a Fortune journalist wrote, “Unfortunately, rational…stories don’t sell magazines, cause hits on websites, or boost Nielsen ratings”. I don’t believe this is completely true.
An example is when a new bitcoin is mined does it have a unique serial number?
When you buy bitcoins say 0.035 how does the system which bitcoin that came from? Or doesn't that matter.
Are the blocks only used recording of transactions rather than what happens to each bitcoin?
This is quite a ramble I trying to get my mind around this and not getting any answers from googling.
But I do like the idea of trading crypto - very volatile, but lot's of resources out there.
So have opened accounts with a couple of exchanges bittrex and poloniex - joined Luno to initially buy some BTC - transfered cash this morning.
Have also joined a crypto trading room - seem like a nice group of guys. at https://discordapp.com/channels/22236737...0528686080
i do trade CFD's on GT247 - have done it for a while and got to a point where I am at least not loosing!
so will be comparing the two types of trading.
Because on crypto my base currency will be BTC, no position is still definitely a position!
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See you there.
GPU = Graphic processing unit
There are currently many debates regarding ASIC mining (Bitcoins) vs GPU mining (Ethereum, Zcash etc). At Leetpro we like to stay on the forefront of crypto currency trends. We have done extensive research in the current market and have come to several conclusions.
ASIC mining in short
A bitcoin machine solves a complex algorithm and receives a reward in the form of a small fraction of bitcoin. The machine is specially built for this purpose and this purpose alone.
GPU mining in short
A graphics card solves a complex algorithm and receives a reward in the form of the current crypto currency it is mining. There are many different types of GPU mining currencies. Computers are the main mining machine in GPU mining.
Why we currently choose GPU
Graphics cards are already being bought and sold second hand globally. This market is huge locally and internationally and easy to reach via advertising. The key here is to use your graphics card until you have recovered your initial investment and made some profit while there is still some warranty left on your card. This would be the perfect time to sell. If the profitability is still sufficient there is no need to upgrade. The usual warranty on a graphics card is about three years. ASIC miners have a warranty of about three months. They are harder to resell as they tend to be more expensive and fall within a niche market.
GPU miners are normal computers. As we write this blog, we are also mining. However, we do sell custom rigs that are built to the extreme and harness the graphics cards’ computing powers to keep costs to a minimum. In contrast, ASIC miners are built only to mine Bitcoin and you cannot use it as a desktop computer.
We have found that GPU mining’s power usage is way lower than that of ASIC miners. Saving power saves money. We have also had success running our rig on a solar-power system. We wouldn’t advise you to acquire a solar-power system for this purpose only as they are expensive, but if you already have one it could probably be utilized. Mining off the grid is possible.
ASIC miners tend to be loud as a result of the large fan that has to run constantly in order to keep the machine cool. There are many videos regarding this problem on the web. GPU miners also have fans but to a much smaller scale and won’t make more noise than a gaming computer.
To upgrade a GPU miner involves upgrading your graphics card. To upgrade a graphics card is easy and usually, you need not buy an entire new computer. To upgrade an ASIC miner you need to buy a new machine completely. Unless you are upgrading on an enormous scale, upgrading your gaming PC with a new graphics card will then also increase your mining capabilities at the same time. Win-win situation.
Return on investment is faster
Since graphics cards are more affordable than ASIC miners, your return on investment is faster. Do the maths.
The cool factor
An impressive graphics card or two just look so beautiful in a custom PC box. In contrast, ASIC miners could be painted, but the warranty would probably expire immediately. They are not cool.
This information is based on current findings. We constantly research crypto currencies and will keep you posted as we come across our findings. In the past ASIC miners were more profitable but times have changed and competition has grown. These are based on our findings for 2016 thus far.
Copied from Leetpro's blog:
If you have questions about what the the best settings for NiceHash are to get the highest profitability ask them here.
If you have a combination or found a profitable Algorithm on NiceHash share it here with others.
This thread is indented for members to benchmark against each other to ensure everyone gets the highest possible return on investment.
What is NiceHash Miner?
NiceHash Miner is essentially the only tool a miner needs. No need to go through tons of configuration files, various mining software versions, configuration tuning or cryptocurrency coins market analysis. Auto-tuning for best performance and efficiency, automatic selection and runtime automatic switching to most profitable cryptocurrency algorithm are all integrated into NiceHash Miner and will enable you seamless, joyful and profitable mining experience.
How to use it?
All you have to do is download and run the miner, choose the server location that is the closest to your location, run built-in benchmark and enter your Bitcoin wallet address where you want to get your coins sent at - and you are ready to start mining and maximizing your profit.
Where is the profit coming from?
As a back-end NiceHash Miner relies on the NiceHash.com service. By running NiceHash Miner you're essentially selling the hashing power of your CPUs & GPUs to hashing power buyers. Those are using the hashing power to mine various cryptocurrency coins - similar to cloud computing - only that by running NiceHash Miner you're actually being a provider for the cryptocurrency mining hashing power. You are being part of a global compute power network, empowering decentralized digital currencies.
Which devices are supported
In the current version all modern CPUs are supported as well as all recent NVIDIA and AMD GPUs.
Why use NiceHash to sell your hashing power?
- Simple as using a multipool
- Be paid more than any multipool pays
- You are paid on pure no-risk PPS reward system
- No contracts
- Automatic daily, weekly, and monthly payments in Bitcoins
- No registration - just point your miner to our stratum proxy with your Bitcoin address as username
- No limits - use as many rigs as you like
- Transparency - know exactly how much are you earning at any time
- No need to wait for unexchanged coins - you are paid in Bitcoins for every submitted share
- Detailed statistics for up to past 7 days
- Per worker statistics
- Trustworthy service with all-time regular payments
I'd like one with a timer to automagically switch on in the morning 10 or so minutes before we get out of bed or maybe one with a remote so I don't need to leave the warmth of my bed to switch it on (I don't want my tootsies getting cold alright!). The only ones I can find with the features (or close to) are these tower types:
Somehow though I doubt they'll be as effective as one of the oil fins:
Anybody got a recommendation for something else or opinion? Even better would be a unit that can also cool the air (my fan has seen one too many summers ) that is reliable.
Note though - we live in a thatch roof so no open flames, gas heaters or any of those coiled heaters that turn red.
To break it down, you are simply building a custom open-frame computer, but instead of one or two graphics cards (as you would find in a gaming computer), you will be adding SIX to the build requiring riser cables and a frame as shown in the photo. You don't want components sitting on top of each other as there is a fire hazard potentially. You can leave the whole system open air or even build your own case to give it that personalised touch. You can buy off the shelf rigs from a couple of local providers or you can send the dimensions to a woodshop and let them make it for you.
Power Supply – The Gold Rated 1200 watt Power Supply is most ideal, however for this rig we will be runing two very different experiments by undervolting the one and overclocking the other. Therefor we settled on the EVGA 1000 watt and the EVGA 1600 watt – The key here is to have an efficient power supply that will save you over the long run in electricity costs. You want to look for a powesupply that is gold rated (as opposed to silver or bronze). This is the industry standard for rating the efficiency of a PSU.
Motherboard/CPU Combination – What is the best motherboard for mining Ethereum? Finding a Motherboard/CPU combination that is compatible with building a 6 GPU mining rig, can be a challenge of note. There is only a handful of motherboards that works and of that small hand only a few are priced in such a manner that the ROI is viable. In these two rigs we used the Biostar TB250 with an Intel CPU. With that said Biostar has launched a new motherboard for AMD Ryzen processors which is aimed at cryptocurrency miners. The Biostar TB350-BTC is the first professional cryptocurrency mining motherboard designed for Ryzen processors.
6x Graphics Cards (GPUs) - there is a few fan favourites like the Radeon Rx 580, This card can mine at 29mh using only 135 watts of electricity – It is one of the best cards to mine Ethereum with currently. However we have opted for a much more powerful card. The EVGA GTX 1070. The Nvidia GTX 1070 can produce 28mh using only 90 watts of electricity or over 30mh if you have industrial power rates and can run the card optimally. The initial purchase price is a lot, but long term will produce the best ROI. Also make sure your GPU have enough memory to hold and access the DAG efficiently if you are going to mine ethereum directly.
RAM (System Memory) – Depending on your board you can either use 4GB DDR3 1600Mhz RAM (Make sure it matches your Motherboard's speed ratings.) or 4GB DDR4 like in our case – You don’t need a lot of system memory to mine ethereum effectively. 4GB is about as small as a stick of RAM comes these days so just use one of them. A bonus would be to look for RAM with heat spreaders, especially if you think you may overclock the RAM.
Powered GPU Riser and Cables – You need a 6 pack of PCI Express 1X to 16X Powered Riser Cables per rig – These are to connect the 6 graphics cards to the motherboard and allow spacing between cards for heat dissipation. Powered risers are necessary when building a rig with this many GPU’s.
Hard Drive preferably an SSD – You need a hard drive to store your operating system and your software for mining. A standard SSD drive will do (an SSD hard drive is just a storage device and is called solid state as there aren't moving bits which can break). The size will depend on what you are planning to do when mining. If you are planning to download the entire blockchain - then you will need to take into account how big the blockchain will become and need to spend a little more. If you are just going to mine ethereum as part of a pool then you don't need to store the blockchain and can get a smaller SSD drive. In our case we will be using the Samsung EVO SSD drives, but could only get stock of the Western Digital 500GB 2.5 inch Harddrives. The SSD drives that we will be switching too should consume less power as a bonus.
Networking - If you are only going to build one rig then this isnt much of an issue. However in our case we are running a mining farm and keeping all these machines connected is as important as a reliable power source. Your rig does not make you any money if it is not able to connect to the internet. We use a couple of the TP-Link 48-Port Gigabit switches (Spefically TL-SG1048). The auto features of this gigabit switch makes installation plug and play and hassle-free. No configuring is required. Auto MDI/MDI-X crossover on all ports eliminate the need for crossover cables or uplink ports. Auto-negotiation on each port senses the link speed of a network device (either 10, 100, or 1000 Mbps) and intelligently adjusts for compatibility and optimal performance. Most importantly the TL-SG1048 features a non-blocking wire-speed architecture with 96Gbps switching capacity for maximum data throughput.
Operating System – Windows 10 supports 6 GPU’s, but if you’re familiar with Linux you can of course download it for free (some folks consider Linux to be the best OS for Ethereum mining, since it keeps your overall costs down, improving your Ethereum mining ROI or return-on-investment). Keep in mind that undervolting/overclocking works better in Windows vs Linux for mining due to better drivers in the Windows world.
Extra Cooling - You will see some poople putting little 12 volt PC fans on the rig or even liquid cooling. Cooling is a must, but we prefered to just stick an AC into the host location and will add box fans should the need arrise. This will greatly depend on your own setup if you are running 1 or 2 rigs then adding the PC cooling makes sense, however in our case we will be running closer to a 100 rigs so we opted for a more industrial cooling solution.
How to build the mining rig:
- Un-package everything
- Build / assemble custom open air mining case
- Install processor and RAM on motherboard (Remeber to apply some thermal paste to the CPU)
- Plug in all riser cables
- Place motherboard in custom open air mining rig case and connect motherboard PSU connector (leaving PSU unplugged from the wall of course)
- Plug in SATA hard drive (or optional Linux on USB stick)
- Connect all GPUs to riser cables and fasten them to custom case. You might need to experiment for optimal spacing to keep the cards cool.
- Plug in all power supply connections.
- Connect mouse, monitor and keyboard and an internet connection (We are using a USB WiFi adapter to when setting up each rig before it gets added to the grid.)
- Check all connections once more
- Fire it up! Install the OS if needed. Install Graphics card drivers. Install mining software.
- Make sure fans are fully functional. Start the mining software, tweak settings for maximum hash rates and let it run!
- Reuse old parts. If you can reuse ram, hard drives, or CPU's do that. Be careful reusing your old power-supplies since they may not be powerful enough, in fact do not use old power supplies.
- Price shop. Don't be too committed to one store. Shop around. The idea here to increase the ROI rate. buy as cheap as possible.
- Don't be too cheap. Cut costs where you can but try to get quality hardware. A R700 difference in your PSU can be the difference between your miner running smoothly for the next 10 years and frying your computer and burning out your GPU.
- Map out your build before you start.
Congratulations! You are now the proud operator of your very own custom built 6 GPU ethereum mining rig.
If you’ve read this far and the technical aspects of building a mining rig scared you off, you can simply purchase Ethereum or Bitcoin directly and hold them as part of your investment portfolio. Read more here in The Bitcoin Thread
If there are any questions on how to get your rig up and running - or any part of the process - Join the forum and share your thoughts - our resident mining guru @androux123 will help you out along with others. You can also post in our Cryptocurrency Forum and one of our community members should be able to help you out! Also if we've spot something wrong or it can be explained better let us know!
We will update this thread with our new builds and configurations on a regular basis. Feel free to share your own builds as well.
This will be the official thread for GPU mining in South Africa and GPU mining rigs.
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