The Bank of England says Bitcoin could become 'worthless'

CybaGirl

Posts: 90   +36
Also, in case you are interested, here is what my little mining rig currently outputs with just the 3060Ti. My only regret is that I wish I had bought another two of these when I won the first one.

nicehash_output-01.jpg
 

Avro Arrow

Posts: 2,206   +2,610
TechSpot Elite
Hello again. You don't need a fancy CPU or anything that is powerful. Any basic CPU will do the job. I went with the AMD 3100 as they said it was the best CPU to mine with. Plus, it is cheap to run power wise.
Yeah, that's why I was going to disable 6 of the FX-8350's 8 cores. It would drop the TDP from 105W TO 26W. I already own the FX CPU and the 990FX motherboard for it. I'll be using Linux so the software overhead will be really low. I'd imagine (or reckon, as you Aussies say) that a dual-core Vishera (FX-8000) CPU should be just fine because I see people mining with old dual-core Celerons and Semprons.
But from what I read also you can use anything. I was mainly looking at the power consumption, as power isn't cheap over here in Australia.
Yeah, we have an embarrassment of riches in Canada when it comes to electricity because we have more hydroelectric potential than pretty much the rest of the world combined (over 2,000,000 lakes and over 8,500 named rivers) so it tends to be both cheap and clean (as long as you don't live in the provinces of Alberta or Saskatchewan that is). In the province of Quebec they pay literally HALF what I do because Quebec produces about as much hydropower as the entire country of Brazil. I did some fancy math to calculate my average cost per kWh over a typical week and switched it from CAD to USD with this insane equation that I concocted:
0.78*{5[(6*$0.17+6*$0.113)+(12*$0.082)/24]+2(48*$0.082)]/(7*24)} = 7.96¢
Not too sure if I would use the hardware that you have? As the power draw on those components will be high, and the return will be very little. If I was you, I would probably try and sell what you have and buy something more power efficient and something that will make you more money.
Honestly, it's not worth it to me at this juncture. The cost of decent mining equipment is just too high because mining is still a risk. Hell, if I make even a tiny amount of money per day, I'm ahead of the game and I can tell you that the performance of twin R9 Furies is no joke. The numbers that I got on 3DMark exceeded that of the RTX Titan with two R9 Furies in Crossfire. Now I know that mining doesn't use Crossfire but I'll still have more computational power than a Radeon Pro Duo.
BTW your power costs are very cheap compared to what we pay over here. I pay $0.23 per kilowatt. But some States and other power companies are charging as much as $0.35 per kilowatt.
Yeah I know, because (as TheJuiceMedia puts it), the "Australien" Government is made up of Big Oil thralls. TheJuiceMedia are absolute geniuses when it comes to their videos:
I have to assume that the rates of 23¢-35¢/kWh that you posted is in AUD so you're paying 17¢-26¢USD which is double to triple what I pay.
Have you looked at the NiceHash calculator? It's a great tool for working out what is the best hardware cost to performance. The last time I checked, the 3060Ti (NON LHR) was the best GPU to mine with as per power usage and the return.

Here is a link to the calculator.
Well, that's definitely a nice calculator but the problem is that it doesn't have a single component that I have in its list. No FX CPU and no R9 Fury (I can try the Fury Nano instead but my cards are Sapphire factory OC). I took at look at what I'd get with my R5-3600X and RX 5700 XT and it said that I'd be pulling in about $2.92USD per day which is $112.20CAD per month on average. That's pretty impressive because my ENTIRE hydro bill per month isn't that high (and I use electric water heating) so I'd probably be ok.
Once again, if you have any further questions or need help with something, please let me know.
Well, I really appreciate your input and you've been a great help to me. It's also always nice to talk to one of my Commonwealth siblings from down-under. I'll continue to research what I need to do and if I have any further questions I'll send you a PM if you don't mind me following you.

Cheers!
 
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Avro Arrow

Posts: 2,206   +2,610
TechSpot Elite
Also, in case you are interested, here is what my little mining rig currently outputs with just the 3060Ti. My only regret is that I wish I had bought another two of these when I won the first one.

nicehash_output-01.jpg
I'm afraid that the image is broken and I can't see it. I'm kinda like you, wishing that I had bought another RX 5700 XT. Nicehash says that my RX 5700 XT will earn more than the two R9 Furies and the R9 Fury can still run most games out there so maybe I'll put that in my mining rig and game with an R9 Fury until I literally no longer can.

I have a little ace in the hole with the fact that I game on my 55" 4K 60Hz TV. My TV seems to have built-in hardware upscaling (which makes sense since nobody broadcasts in 2160p yet) and I honestly can't tell 720p from 2160p when gaming (and I've had my face less than 10cm from the panel, searching for differences in things like water and texture quality to no avail).

Having my video card running at 720p while my TV ups it to 4K means that I can use the older card for gaming. Since I don't run my games 24/7, it would be more profitable that way.
 

Danny101

Posts: 2,026   +838
Bank of England as well as all central banks are ponzi schemes and are at the heart of a manipulated global system. Bitcoin in my view is primarily a proof of concept and is currently serving as a model of a sound currency system. It's only volatile because of people's reaction to it in comparison to the value of other currencies, primarily the federal reserve currency. Very similar to gold. Bitcoin is digital gold. The central banks are panicking because the end of their power is close at hand. You can also say that talking down Bitcoin and getting it to drop down in price is often self-serving. The same will purchase it after it drops. Allow for the price to rise again through various methods and then cash in. Getting into the why's they say these things is far more important than the things they say. Anything the powers at be say have ulterior motives.