I'm mining on the Ethereum blockchain….want to watch?
Admit it. You’re curious. Right? I get it.
So for your voyeurism pleasure, I’ll share with you what I’m doing for my own little ‘mining’ shop in my basement. I’ve got two pc’s – each with their own AMD gaming video cards.
I’ve given them the unoriginal name ‘rig1″ and “rig2′. I have them joined to the mining pool called “ethpool” (Ok so we don’t win points for creativity with naming in crypto world). You can watch my results in real time – here:
Ok, great – what are we looking at?
The Account – is my ethereum wallet. That is the only information I need to give. When I run the small miner program available on their site, I just enter my account wallet number in so they know where to send my newly minted ethereum. In fact the entire command line I use is this:
qtminer.exe -u 0xf37f75855ceb24f0cdf16d5074c14ac152a41e76.rig2 -G -cl-local-work 128 –cl-global-work 8096
I just created a small script with this line in it so I don’t have to type it in my ‘run’ line in Microsoft Windows every time.
There are tricks to being a good miner for being able to add the right strings of settings including overclocking your video card and under-volting it so it doesn’t get too hot or run up the electric bill. It’s an art when you balance all of these factors. I use MSI Afterburner software to control my voltage, fan speed and over clocking adjustments I’ve learned over time.
My estimated hashrate:
This number is my average combined hashing power of my two miners over the last 60 minutes. For my two video cards 50 megahashes is pretty good. (around 25 megahash for an AMD 290x video card is common).
credits: This pool awards per share of overall hashing power of the entire pool. Each miner is awarded credits to keep track of where they are at ‘in line’ for their turn. Normally this is about 16t when it is your turn. If the pool itself is unlucky and the competing pools win more than their fair share (it evens out eventually), you may see other miners go over the 16t cutoff, but their over-work gets credted to them for their next round.
Approximate time to next block; This is the time estimate based on my current hashing power that it will be ‘my turn’ again in getting the entire award of five ethereum coins.
Based on that – it gives estimated earnings. Dayweekmonth. In my experience, these have been underestimated by 20% or more.
Graphs to track your miners. You can see how my two miners are doing. If I have an internet outage, it will show. If my computer rebooted and didn’t come back on line – you’ll see that too. Rig1 always seems to be a little faster than his little brother Rig2.
You can see the record of every time I was awarded the credit for the entire block reward. This is awarded on average of about 17 seconds somewhere in the world. At today’s price, a block of five coins is worth around $70. I am averaging about every 4 days between right now.
This is a competition. The money will draw in more people and AMD will run out of video cards again. Sorry, no other video card maker can compete even close to the AMD for technical reasons.
Should you go buy the equipment to mine? I wouldn’t recommend it. I’ve been doing it when profitable for a few years with various ‘alt-coins’ and it won’t be long before the big industrial size mining farms show up and take it over. Slowly I’ll see my estimated days go from four – to five, then to six ….ten etc. How long will it last? Probably a few months. Since I already had the equipment, this will be more than plenty to pay the electric bill. And if the price keeps rising – I’ll only sell enough to pay the bill and keep the rest as profit and the price increase might be my future swimming pool.
Amazon has a good deal on AMD model 380 video cards. They will do around 20 megahashes and they cost around $160 (less if you buy with bitcoin but that’s another story). I’ll squeeze two per machine and see if I can get up to 90 – 100 megahash with tweaking. That should put me in about $800 per month profit at today’s rate. Since I already have very powerful power supplies and pcs that can take it, I might as well. Most people won’t likely have a strong enough motherboardpowersupply or tower case to fit it all.
I could change this to a new wallet address at any point and you wouldn’t know which…but I’ll leave it here for you curious watchers to keep tabs as you learn more about this technology.
Send me a message if you happen to notice one of my rigs ‘sleeping’
Thank you for the insight into mining for Cryptos..
To see how my little tiny mining operation compares to the 'big boys' Go to this page:
Look at the Hashrate column for those that have the most power. Click on their wallet link.
Then look at their monthly estimate. Do you think it Is worth it to mine on an industrial level? How many $400 video cards to get 25-30 Megahashes does it take to get a Gigahash? Doing the math. If they are very wise they can fit four video cards into one rack pc with no case and expensive cooling. One mining rig with four cards and just good enough RAM and CPU and a high end power supply (1500 watts minimum) – might run $2500 per rig to get you around 100 megahash. So 10000 megahash would require ten of these.
We can figure $25,000 per gigahash.
There is one miner pulling over 15 gigash. So he has likely spent $25,000 time 15. = $375,000 investment. Plus the cost of electricity.
Here is his page to see how he is doing and his estimates:
His estimated monthly income is over $110,000 right now.
If you click on his wallet address it will show you how often he is getting rewarded and his history on that wallet address:
He is getting his reward three or four times and hour.
Then you can see he is transferring his income out to a different wallet in chunks of 150 eth coins regularly:
If the price of ether jumps another 10 fold as it just did the last few months, that $110,000 per month would be over one million per month.
Remember that everything you do is recorded forever. We can then follow the money to the wallets it went (or will go to) after that.
The tools, technology, companies, regulation, governance, and laws will all eventually adjust to account for all this new ability.
Is averaging 15 GIGahash on my pool. You can track how much his monthly earning estimate is being displayed (Currently over $110,000 per month). Click on his wallet to show the history of how often and how much he is being paid.
That link takes you to the blockchain explorer for ethereum where all transactions take place and are recorded in history forever. We can follow how he spends these and where he transfers them.
Many companies are organizing to be able to utilize this technology to use the data in ways you probably can't think of yet.
How many miners is he using? Good miners can fit four video cards in one machine in a rack. Figure $2500 per machine that can do 100 megahashes. aT 1000 mghsh – this would be 10 rigs or $25,000 invested. To get 15 times 1000 megahash – he is likely running 150 rigs totol with four video cards each.
150 rigs at $2500 each… $375,000 invested in hardware alone. Could pay for itself in three to four months at the current eth value.
i had heard a while back that mining bitcoin was getting to the point where the electric costs made it not worth it to mine bitcoin, unless you had a cheap source of electricity, correct? is that the case for ethereum as well? which of the altcoins is most economically viable to mine right now, any idea?
i understand that bitcoin and ethereum mining are gpu-intensive, but some other altcoins are cpu-intensive. i have a bunch of intel 15-core xeon cpus sitting around that i'm thinking about putting to use in mining, what would be a sensible thing to mine with them?
There are a few alternative coins that are likely worth mining if you already have the right kind of hardware. This almost exclusively AMD high end GPU Graphic cards. They will run over twice as fast as the most expensive Nivida video card. There are no CPU's that can come close. The massively parallel units can handle billions of calculations per second as is needed rendering 3d textured landscapes and objects including real time lightingshadows and all special effects. A warehouse of CPU's wouldn't compete with a single AMD Radian R 390x
But mining is all game-theory. As soon as it is profitable an army of new people enter the race and it quickly becomes a race of who can get theirs before it all becomes obsolete. It then becomes a race of who can get their electricity the cheapest. Here's a website to help you calculate if it is profitable for each coin.
If you don't already have the hardware – and you aren't a gamer that can put the graphic card to use when it becomes unprofitable I wouldn't recommend it unless you are technically minded and want to understand how blockchains works inside-out. Ethereum will be changing to "proof of stake" and for that blockchain all this work and horsepower will become moot. This may be six months to a year. Just the threat of this though is likely keeping out the big mining farm corporations that realize they will never see a return on their investment. This does give home-miners some hope and leverage that they will stay relevant a little longer. More often than not, most people I know that have done home mining have regretted it and never recouped their investment in hardware.
Not even the government supercomputers have a chance to keep up with GPU's.
As this National Science Institute computer administrator found out (and was fired for).