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RE: #1 GPU Mining Guide. Set and forget. A guide to Making profit - Aimed at Gamers
In fact you can profitably mine #gridcoin on your CPU, and you won't be wasting time on pointless hashes it's real scientific work like helping find cures for childhood cancers, AIDS, Ebola and much more.
You can use GPU too on Gridcoin, but if you prefer other coins for your GPU then just use your CPU for it.
SOUNDS AWSOME! @scalextrix @evilmonkey nice job with your first couple posts! people loving$ this info obv.
I wish i was really smart enough to understand mining already and had a pc or something other then old white MacBooks lying around (?)
wait so your saying if electricity is freeee? mining is profitable!!! omg
can you do this with solar power?
or under your slumlord building owners electricity tab?
i want to mine so bad i see all this cool gear on craigslist in just don't understand
-the $$ input $$ output investment/profit scale
-what gear is needed
-the bigger picture
Irrespective of which type of cryptocurrency you want to mine there are some general principals when thinking about profit.
Cost of equipment: If you have to buy new equipment, then before you make a profit you need to pay that off, typically this will be in your home fiat currency.
Cost of electricity: All mining takes power to run the equipment, the more power efficient the mining process, the less power used and the more profit is available, typically this will be in your home fiat currency as well.
Price of the crypto-currency: This is where it gets more variable, your home fiat currency will constantly fluctuate against Bitcoin, and the cryptocurrency you are minig will also constantly fluctuate agains Bitcoin; this means its hard to know what profit you are likely to make on a weekly basis. However if you spend some time in the markets, you will notice that currencies go through cycles of high/low prices, the wise miner holds onto his/her mined crypto-currency until the next high price cycle, before selling, to maximise profit.
Yes you can mine Gridcoin on those old macbooks, though it probably wont make you much money at all. Yes Yes, if you have free power as part of your rent this will maximise any profit, and yes if you have enough solar power you can mine for free, at least in the daytime. The great thing about Gridcoin apart from being able to use old/unused kit, is you will be doing real scientific research, so even if your profit is insignificant, you will have done something good for humanity.
I would advise you to start small with kit you already have, and as you learn you can then choose to buy more powerful equipment.
Thank you for the mention. I don't guess I had heard of it before.
Most GPU miners have not realised they are missing this profit opportunity.
Researching it now haha. Have a good night.
I just had another look at it. Consensus seems to be its not profitable to GPU mine and that it is random and depends on what project you join etc on your returns. There is no stable returns.
No CPU mining except maybe in specialised farms is profitable unless it is combined with GPU mining, in home setups at least. I have actually looked into gridcoin and its not profitable at all or barely and sometimes would not even cover the power. This was a while ago now.
Hashing power is not wasted because of what you choose to put it on. I choose the most profitable one for myself and I am making profit on 3 cards right now that are paid off. I can donate that money to child cancer funds if I wanted to. Anyone can rent hashing power to use it for whatever they want, grid coin is a cool idea though and I used to do something similar with SETI on the playstation 3 for free once upon a time.
Profit is based on the price of the coin, so if you hodl your mined Gridcoin, and sell on the highs, you can actually make a lot of money; look at the price of Gridcoin two weeks ago, now and you will see you missed a massive profit opportunity.
The point is while you are GPU mining you may as well use your CPU for something that's going to pay you back.
I looked its not profitable. You can do exactly the same thing with BTC yet you can start with alot more and its constant not sure what your push on grid coin is. All I see is a single pump and dump on that coin. It went up one cent its trending the same as pretty much every other coin except worse. I would love to be wrong on this one but its near impossible to find real data on mining it because no one seems to have any real decent data.
I have shown you real time video of how much money you can make following the MOST profitable coin to mine. I could also show you real time video of manually mined coins by showing you the hashing power then putting it into a calculator, which you can do with pretty much any coin except gridcoin. Too risky sorry man these cards cost alot of money.
How many grid coins are you mining a day and off what hardware? Just one of your CPU's Or GPU setups. I found some data where people had 4 GPUs and were averaging $0.33 a day. Two of those were were GTX 980's which are really powerful cards. I also note some of the large communitys all seem to convert over to BTC. So it's not really any different from mining/holding/selling any other coin.
I started a long reply explaining how my rewards were calculated, but to be honest as you take all your info from undisclosed web searches, I have run out of patience, I was trying to help you and your follwers with an option to use their CPU to make some additional return. However it appears you already have the confirmation bias that I am wrong, and keep talking about GPUs when I was very specific this is about CPUs.
I wish you the best, I wont try and help again.
The fact is that it is very tricky to find any decent info on gridcoin because no one seems to be able to relaibly work out their profits. But your poster below does an ok job at explaining what he can make. He is mining around 220 coins a day on undisclosed hardware so I can't make any comparison as to how optimised his hashing is per algroithm. But the fact he says hes making less than the top earner on whattomine tells me it is generally not worth it. Just like mining a single coin is not worth it with the way I do it. I never just mine one coin. I mine algorithms that mine several different coins and I switch around them during the day or daily to max profits. Doing this manually I can always beat the top payer on whattomine. If you use nicehash.exe you will always be around the top earner. If you just mine gridcoin you will end up wining on some days and losing on others and really risking everything on the price of gridcoin. But thanks for the info about it I am interested enough to set one of my smaller rigs up and see how fast it comes in and how it translaters to BTC.
Id would still like to know how many you are mining per day or week on what hardware. That really is not a hard figure to give out.
mind blown. i want to be better friends.. can I come over?
Ok simply then I have an i7-6700k with a GTX 780Ti, an old i5-430m laptop that overheats and has to be kept at 40% CPU, 2 raspberry Pis and 3 Android phones. All the kit except the RPis only runs about 12 hours a day!
The total power draw is 230 watts (measured from the wall) and I get 40 GRC per day, 20 from mining and 20 from staking, so that is $2.40 per day in total or $1.20 just from mining.
The reasons it's hard to pre estimate is because it's not hashes, you are doing real work, there is some variability. Project selection is critical to maximise earnings, you are awarded on your % share of work done in the projects you choose, so finding projects that suit your kit and that have the lowest competition is also critical. Also important is that the credit awarded is based on a recent weekly average, you need to run consistently for two weeks to start getting an idea of your output potential and ideally 4-6 weeks to get a really good idea of your total output.
So in summary from my bunch of CPUs I'm making 60 cents a day running 12 hours, and my GPU nets me another 60 cents a day.
Is your power free?
Kind of, I have solar power which is why I run only about 12 hours a day, but I gave you the total power draw (230W) so you could infer a profit metric if you wanted to.
Assuming I didnt have free energy then 0.23kWh x 12h = 2.76 kWh/day x 0.16$/kWh = $0.44 per day in energy, or $1.96 per day total profit
One of the GPU miners on Gridcoin made a post https://steemit.com/beyondbitcoin/@xaqfields/how-gridcoin-mining-compares-to-other-cryptocurrencies-nvidia-gtx-gpus
can you mine on macs?
Yes, only iPad and iPhone dont work because Apple lock them down