Solar panels?

[christoh]

Hi all,

Since yesterday I've been thinking about cryptoming but only using Solar Panels to solely focus on the cryptoming (and maybe my bedroom incase there's load shedding)

I have read a bit about people saying that clouds and night times will play its part with the Solar Panels, but I would like to start out small. I have seen YouTubers with so much equipment, but that's too much for me to start with.

The solar panels might be costly but it would have its benefits, even if cryptoming doesn't work out for me.

Secondly I have a Dell computer that is basically brand new that I don't use, and that I can upgrade its components.

My goal would be to mine any possible crypocurrency and I just wanted to find out if the above is possible for me to start out with.

Further to most other comments, I'll give you a bit more in terms of home mining.

Some background, I started mining about two years ago, most of my rigs ROI was about 4-7 months. Keep in mind that crypto mining is a moving target with a lot of risk.
As an example, I originally started of with CPU and GPU miners. This was very profitable when Bitcoin was above $10k and extremely profitable when it reached 20k.
Keep in mind that I speculate with crypto - day trading - so my profit from mining is increased by trading.

If you already have the rig, cpu and GPU , as well as solar panels and all things stay equal (keep in mind ever-moving target), you would break even 2-3 years later. Really not likely, so this is why most people in the game will tell you to just buy crypto and hold.

Keep in mind, mining is not just the power you use, it is about extra heat generated and noise, lots of it. I have a room with separate power feeds as I melted 15amp plugs etc.

So it is a lot of things to keep in mind.

A Corei7 CPU with a GTX 1070 8GB will earn you a lot less than R50 per month....

 

[Gazed416]

Well, one way would be to run the miner during the day to benefit from the solar energy. I would dedicate a circuit for this purpose, install a grid tie inverter on it (so you don't need to budget for batteries) and have a UPS automatically shut down the PC when the sun sets and there's insufficient solar energy to run it. Then set the BIOS to automatically boot up at 8am

Great idea, however the feedback has not been positive at all. Bummer.

 

[Gazed416]

Further to most other comments, I'll give you a bit more in terms of home mining.

Some background, I started mining about two years ago, most of my rigs ROI was about 4-7 months. Keep in mind that crypto mining is a moving target with a lot of risk.
As an example, I originally started of with CPU and GPU miners. This was very profitable when Bitcoin was above $10k and extremely profitable when it reached 20k.
Keep in mind that I speculate with crypto - day trading - so my profit from mining is increased by trading.

If you already have the rig, cpu and GPU , as well as solar panels and all things stay equal (keep in mind ever-moving target), you would break even 2-3 years later. Really not likely, so this is why most people in the game will tell you to just buy crypto and hold.

Keep in mind, mining is not just the power you use, it is about extra heat generated and noise, lots of it. I have a room with separate power feeds as I melted 15amp plugs etc.

So it is a lot of things to keep in mind.

A Corei7 CPU with a GTX 1070 8GB will earn you a lot less than R50 per month....

Thank you for sharing your experience. Less than R50 isn't worth it. I wasn't expecting to make thousands each month but at least R500 would've been okay (not a lot but better than R50)

I honestly have no idea what to do. What can I do that's worthwhile, you know? Shares and forex are obviously a "better" route when you consider that you don't have to worry about specific equipment such as a dedicated GPU. I do feel like crypto is the future, but more specifically blockchain. I should maybe look into blockchain as a whole instead.

 

[christoh]

Keep in mind, apart from 'natural' difficulty changes, you have continuous development of Asic's, which is your biggest enemy as a GPU miner.
The most profitable algorithm to mine on GPU is Daggerhashimoto - (ethereum), which has been Asic-proof due to the Algorithm's 'memory hungryness'. There is talks that there are already Asics capable of mining on this algorithm - you typically see a steep incline on difficulty (Google it).

Monero was minable on CPU only - they allowed Asics and it upset the ecosystem so much that there are now many different forks, search Cryptonight and asic resistance.

I have a mix of GPU rigs and Cryptonight asics - I can share some more details with you - but most importantly, read forums.

Bitcoin gained around 15% in 1 day yesterday, which might make certain coins more profitable.

As far as your question is concerned, doing day trading is one option normal stocks or crypto, but requires extreme discipline.

Why not learn Python and get into data analytics

 

[Gazed416]

Keep in mind, apart from 'natural' difficulty changes, you have continuous development of Asic's, which is your biggest enemy as a GPU miner.
The most profitable algorithm to mine on GPU is Daggerhashimoto - (ethereum), which has been Asic-proof due to the Algorithm's 'memory hungryness'. There is talks that there are already Asics capable of mining on this algorithm - you typically see a steep incline on difficulty (Google it).

Monero was minable on CPU only - they allowed Asics and it upset the ecosystem so much that there are now many different forks, search Cryptonight and asic resistance.

I have a mix of GPU rigs and Cryptonight asics - I can share some more details with you - but most importantly, read forums.

Bitcoin gained around 15% in 1 day yesterday, which might make certain coins more profitable.

As far as your question is concerned, doing day trading is one option normal stocks or crypto, but requires extreme discipline.

Why not learn Python and get into data analytics

Hi Christoh, thank you. Despite everything, are you making money off mining? I'll assume that all your equipment is paid off already. I keep going back to my initial thought that crypto, but more importantly blockchain, is the future. As for python.. I've looked into it before. Although I know some of its benefits as a computer language, I must confess that my memory isn't the best. Hence, I'd like to look into something more practical as opposed to mostly-theory. Do keep in mind that I'm merely trying to figure out my options right now. I wouldn't expect mining to make me thousands in a week/month. I'd approach it with the same attitude as having a long-term investment.

 

[christoh]

Yes, I'm still making money - keep in mind I'm going the mining not as an income, but as an investment, so your approach as a long-term investment is why I'm mining.
As mentioned, yes, I've paid off my kit in 2017/18 already, even at hugely inflated prices of GPU's at that stage due to world-wide shortage.

If you PM me I'll show you what I have currently and share some more insight in terms of currently what income I get daily.

Also keep in mind that I have a full-time job, so can afford to do this even if it does not work out - (I'm not dependant on mining for income).
With that in mind, that is why I can take some mining profit and speculate