“Last year we found 387 cases of illegal child labour.” How many cases of children creating bitcoin? Care to elaborate?
I always find it strange that people say “[Insert scam] is not bad! LOOK OVER THERE! CHILD SLAVERY! now whatever I do isn’t that bad… oh wait, it is lol, wait, lets get another smoke bomb/deflection mirror before anyone finds out” and when you think more than a second you go “But… wait a minute, that’s what you also do but in bigger numbers and in most cases getting poor families in debt when they get their electricity bill.”. Please stop the comparisons, it makes me really want to end bitcoin immediately. Also, I don’t like chocolate lol.
I do drink coca cola. ( Government officials in Brazil have accused a Coca-Cola manufacturer of subjecting nearly 200 workers to slave-like labor conditions. I hope they didn’t loose sleep watching their cryptocoin portefolio) It’s scary that the single crypto industry has so many “volunteer” slave like situations, now that you brought that up.
That aside, I’m going to check out the system you proposed and will also try and get some old PC and see if that one is cost effective as I can afford a few $3000 PC’s but the average person that needs the ‘second job to pay the bills’ does not have that budget. I will try to at least to get one system mining bitcoin so I can stay up later checking evrything goes well and becoming a crypto-slave too. Just to make a clear example. I just work with the provided information here, so it’s not bad if I make a loss, The idea is to check if a poor person has a chance to make some money. Then I will compare with the awesome PC/rig I can afford and see if that one makes money prooving that poor people and rich people are equal under the Holy Cryptocoin .
Well I’m happy to see you’re are trying to get more of a perspective and some experience, I respect that.
So, Get your USB fob and install Windows 10 Pro, It must be the Pro version because you will want to set some policies so that the pc wont restart while mining due to windows update.
You’ll want to use Nicehash, they make it easy for beginners to make a start mining. Google Nicehash and go from there.
You will need an 8 GB graphics card due to the Mining files that need to be loaded into the vram of your GPU’s being larger than 4gb.
Get yourself a coinbase account.
Security - Always enable 2FA on Nicehash account and Coinbase account, we should know what that is due to Eve having this feature. - Also scammers will try to pose as Coinbase and send you fake emails, do all your checks to make sure your junk email filter is active and double check where the emails were sent from.
Set your graphics card to “compute” mode, it varies from AMD to Nvidia cards. If you’re already good with computers you’ll be fine. reddit/nicehash is helpful,
If you do start to get more involved always follow safety, If you are building/using any device over 1000w make sure you follow all safety precautions and get a qualified electrician to verify the fuses on your electric supply can handle high wattage that is constantly on.
I’ll pop the invoice in the Eve mail and will expect payment within 60 days,
I had a couple of quick thoughts, make sure you consider older graphics cards like the RX 580 will use around 120watts at full power, while the rx6600xt uses around 60 to 70watts for the same performance,
Also consider that if you are using one RX 580 for example then the wattage you’re using is also supporting the entire system (CPU and HDD) so to save a few watts get your self a £20 2.5inch SSD, Find an online computer power consumption website and get a rough idea, a system with one 8GB GPU at load should use around 300watts, so when you plug in a 2nd GPU the power consumption will go up by about 120watts and this is where you start to see profit.
I get the sense you know a bit about computers so look around and find the lowest powered intel cpu you can,
Also, maybe we are viewing this wrong. Perhaps the rich people have now become the ones generating bitcoins value by trading it and investing and the little guy benefits from having a mining rig in their garage which supports the crypto platform. Is this a chance for the poor to reclaim some wealth from the rich in a fair and legal way?
Let the investors continue to buy low sell high with bitcoin and try to make profit, now the little guy gets a cut of the transaction if they mine crypto. The world has never seen anything like this before and it will have a huge impact on society.
It’s clear that the crypto convo is more than just “it’s a scam!”
Also, what about the countries who are banning crypto what does this really say about their leadership? Some of these countries who banned crypto are even proposing their own digital type of currency. There is a lot to discuss with regard to NFT’s and Crypto currencies.
Be sure to use risers where you can plug a 6 pin pci-e plug directly into the riser and an 8 pin directly into the graphics card, use a splitter so you can use 1 PSU PCI-e slot per GPU/Riser. It isn’t good to have too much power flowing through the motherboard. this method powers the GPU’s without extra power going through the motherboard.
Don’t use any 4 pin molex for anything, they don’t provide enough power and can be dangerous if a GPU is drawing more power than the 4 pin molex can support. Steer clear and use 6 and 8 pin pci-e. PCi-e cables should have a gauge of 16 or 18, a lower gauge supports a higher current, so 18 gauge is safe, and 16 gauge is super safe.
All of this info is on youtube, some popular guys are Red Fox and Voskcoin.
* Labour initiating the 'system', doing purchases,...
I assume 8 hours will cover it. I will perform maintenance for about an hour every month. I guess I will install a free hardware monitoring and reporting tool.
8 x € 125 = 1000 once
12 x € 125 = 1500/year
* Hardware
The hardware will be written off over 5 years. We have a 1 year factory guarantee, 2 if we buy it preteding to be consumers and not a business.
Some of the hardware have different guarantees those are usually longer but will need proof of 'good handling'.
2x €160 PSU Corsair Platinum (you’ll need 2 of these)
1x €150 Mining Frame to fit 6 gpu’s
1x € 99 Motherboard
1x € 75 CPU
1x € 40 RAM
1x € 12 CPU FAN
2x €500 RX 6600 XT GPU - £500 (6 of these are £3,000, but poor people don't usually have tons of money)
1x € 80 Set of PCI-e risers/Cables/Dual PSU Connector
To have a steady and low temperature I will put it in the cellar near the wine bottles. A poor person can do that too but they probably have cheap €1 wines stored.
price SOURCE
RX660XT 679 euro https://tweakers.net/pricewatch/1732072/gigabyte-radeon-rx-6600-xt-gaming-oc-pro-8g.html 80w
https://www.kryptex.org/nl/hardware/amd-rx-6600-xt?eth=32.5&exp=32.5&ubq=32.5&grin=0.0&rvn=16.6&beam=0.0&price=899.00&watts=80.0&cost=10¤cy=USD
RX580 8gb 320 euro https://tweakers.net/pricewatch/763723/gigabyte-radeon-rx-580-gaming-8gb.html 140w
https://www.kryptex.org/nl/hardware/amd-rx-580-8gb?eth=32.2&exp=32.2&ubq=32.2&grin=0.0&rvn=14.0&beam=13.5&price=625.00&watts=140.0&cost=0.08¤cy=USD
EXPENSES:
One time 5-yearly
Wages : 1000 7500
Hardware : 1776 1776
INCOME : An estimated value of 3650~7300?
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So do can I make a profit? No. I would make a loss. And I am not going to hire an employee to manage the bitcoin farm in my basement as you’d say I’m an evil slaver.
I guess if it’s a hobby you can make €20 to €40 a month but this will include you spending an enormous amount of time keeping up with the pricecomparison ‘what you mine vs bitcoin’, bitcoinhalving cycles of about 4 years that will cut in your 5 year plans,…
I’m not young but I would rather spend 2~4 hours in a nearby city’s McDonalds than waste time and money over 5 years with this scam. But if it’s a hobby or a kink, why not?
I still have left out more effort and costs but I stopped once I saw that Half a day in the local McDonalds looks more than a dream compared to slaving for the bitcoin industry.
Your numbers are wrong, Why do you include a labour cost? This is the kind of work you do for yourself in your downtime when you’ve got a couple of hours in the evening. Even then, once it’s set up the only thing you really have to do is power it down and dust it off using a blower. this doesn’t take as long as you’re suggesting. Yes some people do strip down their GPU’s and clean and re-apply thermal paste but that would be once a year if that.
Mining is classed as a passive income, so you would have your miner working in the background while you’re at work. Yes it is something you can give up a normal job for if you have enough mining rigs to generate a good wage.
At no point have you included any numbers relating to the value of bitcoin and how much such a machine would generate, you haven’t even speculated what the earnings could be if the bitcoin value went up or down. You’ve just created a fictitious labour cost and compared it to a hardware value and quit. Since electric is essential to mining why wouldn’t you include electric costs and usage figures? If you were trying to work out if a trucking company was worth doing would omit the petrol/diesel cost too?
Listen, if you’re not going to consider all aspects of crypto and ignore much of it then why do you bother to have an opinion? Of course you’re going to think something is a scam if you’re not bothered to investigate it properly. Have a good day.
Some nations literally accept it as legal tender and if I earn some online, I can have it converted into my local currency and literally pay my mortgage with work that was paid with bitcoin as it currently stands.
Good for you. You make money. I asked someone else how it makes money so “poor” people that can’t find a job could get rich that way. I got every incomplete information and also even making 60 euros a month will ask a very large investment… that poor people can’t even do. So the sheer arrogance and deliberate lies about ‘how good it is for the poor’ reeks like ‘salon marxists’. Remember how Karl Marx never worked, and was a journalist and bitter richkid? Yes, I can see why poor people never get a chance. But at least I’m honest about it, I don’t go around peddling complex scams to the weak/poor while claiming I’m their Holy Saviour. You can scream and insult as a reply or try and explain that Bitcoin solution you have that will help everyone get rich. We are still waiting, 188 posts in.
OMG! I’m going to mine Veldspar in High Sec in a Venture! I’m gonna be space rich in 5 years.
There are sites dedicated to calculating it. Maybe they are liars? Scammers? All of them?
Damn, you are in some nasty business but thankfully you are the only dependable guy in it.
True, if we remove all costs from the equation, there is a lot of profit. Anyways, enjoy your billions of dollars. I guess you earned them by “finding the way”…
That’s what I charge my customers, I only once sent a credit note (for around 600 euros) to a customer that was facing bankruptcy. I should have mentioned “Aaron says my hourly rate is a fictitious labour cost…” on that credit note, lol.
Lets not waste any more of our time, you don’t seem to understand Bitcoin could be worth £100k or £150k each soon. All i was asking is that you drop the labour cost (you seem to want to charge yourself money) and then work out how much electric you would use and the cost, then put that against how much Bitcoin the rig would actually generate. This is the only way I know how to asses a business, you calculate ALL the costs then compare them to the income generated.
It is impossible to show you anything I am finding, you dont seem to want to even do a basic expenditure vs income analysis. If you think this is how intelligent adults determine if something is worthwhile you are mistake. Please carry on thinking Bitcoin is a scam while people like me analyse it properly and earn additional money from it.
Last time i checked…It’s possible to generate electric from the ocean, waterfalls, volcano’s wind…And guess what if this is used to power computers that mine crypto then guess what…That crypto becomes cheaper to mine. But I don’t expect you to understand this. Anyway, I will save my energy for “real talk” here.
Money isn’t coming from the weak and poor. They’re too busy doing a 9 to 5 with no savings. Bitcoin at least allows them an opportunity their work will never provide for them.
I know what sites these are, but posting a link is not the same as including an analysis of expenditure vs income in a business plan… Complete the business plan and include some number for how much electric costs and how much you will use. once you’ve done that compare it against the current value of bitcoin and how much bitcoin your rig will generate.
Once you done this, you can speculate… what if Bitcoin is worth 50k or 60k or 70k and so on.
It sound like you fix computers and you have your own store, LOL, you don’t even realise you have everything needed to earn 500 or more Euros a month AFTER electric is paid, and the only labour youd do once it’s build is keeping a tab open on another computer to make sure it is still mining.
The computer with 6 RX 6600s would have earned you around 6 Euros per day at current Bitcoin value which is around 180 Euro per month. If the Bitcoin Price goes back to £50k the earnings are 360 Euro per month. Also you have the option of keeping all bitcoins you are paid for 5 years if you choose, if only I had a crystal ball.
Now, tell me how much euros your electric company would charge using a 500 watt computer for 24 hours per day to power a 6 x RX6600xt mining rig? then subtract it from the 360 Euros per month.
Now, lets say if you had 4 or these rigs in your computer shop. in total youd have 4 computers with a total of 24 GPU’s. in total they use 2000 watts and on 24 hours per day. These 4 machines would generate 1440 Euros per month with current bitcoin value minus the cost of a 2000watt 24 hour device. That is all. Hope this helps.
It is really your choice, continue earning just from fixing pc’s, or find an additional use for the space you have in your pc shop for some mining rigs. Let me know your plans. I know you can see you are only investing in hardware which can easily be sold on due to the chip shortage, again I am struggling to see where the scam is.
I’ll take some more time to look at it in the weekend. Income valued on 2~6 euro a day (depending on the value of the coin that can go up or down -depending on what mood the CEO of my car is- doesn’t look (with the data I have) like a good passive income as you’ll need active involvement with more than “just running a pc and running a mining program” like people advertise it.
My idea was to first test and use and old PC, two cards, then show people that don’t have a job or just a bad paying job and make something extra with just a little check every day on the rig. Not sure why I am the only guy who is trying to do this though. Not sure if the average person can gamble 6000 euro on the future while struggling to pay their bills. Would be a nice thing to promote if it’s somewhere near true.
