Any NY Crypto Miners?

IamSpartacus

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Mar 14, 2016
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With the high costs of electricity in NY (specifically the Hudson Valley) I'm wondering any of you are successfully mining here. I'm interested in getting into it but I'm curious if it's at all worth it. I have illusions of getting rich off it but a small profit would be nice.
 

nkw

Active Member
Aug 28, 2017
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There were a couple of people on /r/gpumining in the last couple of days that were looking for people in NY/NJ area to go in on a shared space so I imagine some people are doing it. Whether or not they are doing it profitably is a question, but there appear to be a fair number on here doing it in CA, so I figure if you can make the numbers work there you can do it anywhere. :)
 

marcoi

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Apr 6, 2013
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Gotha Florida
With the high costs of electricity in NY (specifically the Hudson Valley) I'm wondering any of you are successfully mining here. I'm interested in getting into it but I'm curious if it's at all worth it. I have illusions of getting rich off it but a small profit would be nice.
first find out what your average kwh per cent cost is.

typically this can be done by taking total electric bill and divide by used KHW.
IE
300 dollars / 1350 KWH = .22 Cent per KWH

If you have variable electric rates, it be a bit more complicated, but you can average the last few months to get an idea. Then look up what you what to mine and with what equipment. Many on here are mining aeon using extra cpu power they have.

So example would be 4K hash which would be a set of e5-2680 v2 cpu mining would be about .5 aeon per day average. The electric for 2 cpu would be about 350 watts.
using this link to calculate electric costs
Electricity bill calculator | Energy cost calculator

350 Watts running 24x7 at 22 cents equals to following:
upload_2018-1-10_12-2-48.png

30 days of mining .5 coins would be about 15 coins. At the current value of 8.00 per coin, you would make a total of 120.00.

Minus the power of 56 dollars would leave you a profit of 64 dollars.

This simple forumla doesnt include things like dealing with heat of equipment, costs of equipment, transaction fees at exchanges and finally taxes. But it give you an idea whether it is worth it for you if you do jump in.
 

Joel

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Jan 30, 2015
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There were a couple of people on /r/gpumining in the last couple of days that were looking for people in NY/NJ area to go in on a shared space so I imagine some people are doing it. Whether or not they are doing it profitably is a question, but there appear to be a fair number on here doing it in CA, so I figure if you can make the numbers work there you can do it anywhere. :)
I've been calculating my acquisitions based on $.40/KWh cost (highest marginal rate) since I'll be moving to CA in a few months. GPU mining is still quite profitable at that cost (for now).
 

nkw

Active Member
Aug 28, 2017
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@Joel
Welcome to sunny CA
now hand over your money for high tax , high Cost of Living, high power bill , high gas price , high rent, high mortgage. :(

I am in SF Bay area , welcome
But also high proximity to the ocean and higher average temperatures. Every winter I threaten to leave the frozen tundra of the midwest and then I start running the numbers. Freezing in a large luxurious house gazing at cornfields versus comfortably gazing at the ocean from the back of the van I would have to live in... It is a tough choice. ;)
 
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Marsh

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May 12, 2013
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gazing at the ocean from the back of the van
I spent few years right after high school , living in the back of a 1974 Toyota pickup truck, traveling around the country.
The journey taught me so much more than 4 years college. The nomadic life style prepare for my future career.
I was able to retire when I was 40 years old.

I am 62 years now, a year ago, I brought a 1995 Dodge caravan minivan with 39K miles.
I am hoping that it would become my retirement home, I like to hit the road again someday.
 
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IamSpartacus

Well-Known Member
Mar 14, 2016
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first find out what your average kwh per cent cost is.

typically this can be done by taking total electric bill and divide by used KHW.
IE
300 dollars / 1350 KWH = .22 Cent per KWH

If you have variable electric rates, it be a bit more complicated, but you can average the last few months to get an idea. Then look up what you what to mine and with what equipment. Many on here are mining aeon using extra cpu power they have.

So example would be 4K hash which would be a set of e5-2680 v2 cpu mining would be about .5 aeon per day average. The electric for 2 cpu would be about 350 watts.
using this link to calculate electric costs
Electricity bill calculator | Energy cost calculator

350 Watts running 24x7 at 22 cents equals to following:
View attachment 7542

30 days of mining .5 coins would be about 15 coins. At the current value of 8.00 per coin, you would make a total of 120.00.

Minus the power of 56 dollars would leave you a profit of 64 dollars.

This simple forumla doesnt include things like dealing with heat of equipment, costs of equipment, transaction fees at exchanges and finally taxes. But it give you an idea whether it is worth it for you if you do jump in.
Thanks for the nice breakdown @marcoi. My servers all run on Xeon D's so those wouldn't be profitable. I'm in the process of specing out a new workstation / gaming build and was just thinking of throw 2-3 GPU's in there that I could use to mine when I'm not gaming (95% of the time).
 

Marsh

Moderator
May 12, 2013
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Marcoi is correct pointing out today's profit.

There is different aspect to crypto profitability . Buy and Hold "hodlr"

Sept 2017, start mining Aeon, average payout for me was about 14-18 Aeon a day. At the time, Aeon was worth about $1 each or $18 per day == No profit after cost of power. Many days , I wonder why I spent time and money mining.

I mined about 1,200 Aeon since Sept.
Fast forward today, Aeon is worth $8 , my holding is worth $9,600 , plus free heat.
 
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Joel

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Jan 30, 2015
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Marcoi is correct pointing out today's profit.

There is different aspect to crypto profitability . Buy and Hold "hodlr"

Sept 2017, start mining Aeon, average payout for me was about 14-18 Aeon a day. At the time, Aeon was worth about $1 each or $18 per day == No profit after cost of power. Many days , I wonder why I spent time and money mining.

I mined about 1,200 Aeon since Sept.
Fast forward today, Aeon is worth $8 , my holding is worth $9,600 , plus free heat.
I'm trying to be a bit more mercenary about it; I continually remind myself that I am not in the crypto speculation business (though I'm certainly investing in hardware!!!) and cash out frequently (usually every 3-4 days or so to balance exposure vs. transaction costs). So if I'm not earning vs. the power meter, I'm not mining. I know I'm missing out on some gains, but I'm trying to reach ROI as fast as possible, especially since I don't trust that the crypto bubble will last.
 

Marsh

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May 12, 2013
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I agree with you completely .

There were many days , I only generated 18 Aeon at $1 each, I was wondering why bother.
Same goes for mining XMR in 2016.

It takes lots of time and effort to learn effective mining.

When the price took off in 30 days, there isn't time to shop for cheap hardware or learn "how to mine correctly".
I am seeing folks paying 2 x the higher end price range of GPU, when difficulties double in 2-4 weeks,
Coins payout is cut in half every 30 days.

Mining is equivalent to gambling in casino. Don't bet more than you are comfortable with.
 

Joel

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Jan 30, 2015
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The other thing lots of folks forget/don't know is that market capitalization is a complete fiction.

The calculation is based on liquidating every single coin at the current market value; however if that were actually attempted the price would approach $0 pretty quickly.
 

Evan

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Jan 6, 2016
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@Joel
Welcome to sunny CA
now hand over your money for high tax , high Cost of Living, high power bill , high gas price , high rent, high mortgage. :(

I am in SF Bay area , welcome
Have some family in the Bay Area and from just visiting thing it looks like a nice place to live, certainly has advantages over frozen NY.

Anyway for now living in Asia it’s permanently warm :)
Minimum ~77 maximum ~92 any time of day all year round. (Excluded the odd extremes)
 
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IamSpartacus

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Mar 14, 2016
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Any recommendations on which GPUs to go for if one wants to mining/gaming ration of 90/10? Basically I'm building a new workstation that is way overkill for my everyday use but that will be an excellent gaming PC (for the few times I need it) as well as a decent miner.

Looking at dual 1080 Ti's and an i7-8700K at the moment but open to suggestions.
 

Joel

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Jan 30, 2015
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That'll work but I find 1060s hash at about 1/2 a 1080Ti for 1/3 as much money (in ZEC).
 

Joel

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3GB. Note that they won't work with ETH these days due to blockchain height. ZEC they hash about the same but the 6GB cards are getting too expensive IMO.