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RE: Income Idea # 1 | Restarting Crypto Mining
So, I'm a bit confused as to what the whole mining thing is about. I get that it has something to do with finding data for verification/validation in some way through computational calculations; however, I have been wondering more than anything whether you have to personally intervene in this process? or do you set up and let it whirl?
In addition, I'm not familiar with those specific systems (I'm a software engineer and haven't been looking at hardware for a number of years), are they expensive?
Would you even say that you're coming out ahead in this game?
Once you have the systems and app setup it's more like "let it whirl"
I paid about $650 for 3 GPUs and another $300 for other system parts, the system already paid for itself 4 years ago I am basically re-purposing it. So my only hardware costs this time around is about $1300 for 6 GPUs plus electricity costs. At this current ETC price, I should get my return on investment by next month. So ROI is roughly 4 - 7 months for me. ROI will vary on electricity costs, rig costs, and price of coin you are mining. I hope this helps.
Excellent explanation. I may check into this at some point.