Topic: Planning Mining - Need help and suggession (Read 237 times)

In india, there are a few very important things to consider before starting your mining operation:

1) The cost of electricity based on which city you are located. (Currently i am paying Rs. 5.78/unit including GST i.e $0.085)

2) Weather condition in your city, how hot it gets and how much more effort/cost you will have to put in to keep your rig cool. More cool your rig is, longer its lifespan and better hashing stability.

3) Availability of parts at reasonable rates with prompt service.


Most important reasons why Mining makes more sense in India vs Buying crypto:

1) Crypto scene is still unclear, whether exchanges will be able to operate or not via fiat. Supreme court is suppose to decide in next 2 months on the validity of RBI ban instructing banks to shutdown bank accounts of crypto holders and exchanges. So using bank accounts / cards to buy crypto is not a wise decision just now.

2) Cost of buying crypto from exchanges is very costly compared to international markets. Cost on Indian exchanges are higher by 5-10% on an average plus the spread between buy and sell prices is also huge.

3) By mining rather than buying, you are staying away from indian exchanges/banks and you can directly sell those mined cryptos in international exchange without risking banking ban.

4) Cost of mining 1 coin is very less compared to buying that coin (theoretically) if you have enough hashing power. For e.g. average electricity cost of mining 1 BTC in india is close to $3300-$3400 and buying 1 BTC is close to $7000-$7200 at current rates. Same goes for other coins as well.

first, I don't know whether in your country can be profitable for now with considerations an electricity cost still friendly.

I assumed for building mining rig from zero if you want you can buy some part like this:
The motherboard TB250-BTC Ver. 6.x
The Processor Intel Celeron
The RAM DDR4 4GB
The PSUs Corsair (adjusting with the number of GPUs)
The USB Riser Ver008c
The GPUs (AMD Cards: RX series 470 to above; NVIDIA cards: 1070 to above)

For the coins:
ETH, ETC, CLO, XMR, Zcash or Equihash algorithm

I would also recommend building a GPU Rig.
Go with gtx1070 or if you want to get the best hashrates with cryptonight (Monero and Forks) get a vega 56/64 !

I dont know why but many peoples prefer build mining rig.
Maybe because its physycally stay in your home maybe because your bought crypto goes down you cant do anyting when rig you can forward to other coin.

- If you want building rig buy nvidia cards its have less problems and can work on more algo, and last way its playing games better

Thankyou
yours is very genuine suggestion.
You are right , i would like to get in to stream and also earning may be for future too.
I will be looking in to what you said.

Consider about your funds for mining, that's hard to say what mining rig will build, because for now gpu with goor hashrate price very high and for the others too expensive to. But if you really want to build rig with that funds, you can try to buy used rig to make more cheaper cost.

Thank you for all your suggestions.

But it even confused me more.

I will put my question specifically -

Lite, Ether, Dash, Monero and Zcash - which one would be better for mining in India?

I have Lite in my mind - is that right choice or are they any suggestions?

I have mining in mind because of i would like to keep this as long term plan.
For power consumption - i am planning to install solar power system.

I will keep upto 10-15 machines.

I think above details even help you guys more to suggest better

Please?

Asics are definitely too loud and hot. I have 48 GPU cards running in my office right now and don't mind them but I have one ASIC and I couldn't even stand listening to it in my garage. It is in a separate detached building.

GPUs are not hard to maintain and I haven't experienced failures. I am running 8 rigs each with 6 1070s and have been for about a year. To date I have had to replace one $10 USB flash drive. No other failures. With the 8 running 24/7 I have to reboot a single rig (not always the same one) about 2-3 times a month.

My suggestion is to buy 2 mining computers, you can buy at your local market and that will be the best option but if you can't you should buy here from trusted member in Computer Hardware section.

The consensus from many miners is that you should go with RX 570 or RX 580 series. They are quite easy to maintain after you set them up properly with the proper softwares.

Now investing in mining is not the best idea. Mining profit is reduced, the price of all cryptocurrencies is also falling. Asics attacks all algorithms. The GPU loses its relevance and the purchase of asic does not allow to return the money invested in the purchase. I recommend that you wait until the situation clears up.

For starting, you can start with solid coins first (the biggest altcoins, whichever) Then while you are in mining, you can learn how to choose the most profitable coins for you with your way.

Since this is will be your first time mining, you should choose devices with a better lifespan. That mean GPUs rig will suitable for you, but as the comments above say:

"GPU -  EXPENSIVE and HARD TO MAINTAIN (OS crashes, PCIe connectors failing, power supplies getting dusty, cards failing)"

-)More technical skill need. (Learning by doing are the best way, trust me)

-)Need extra patience. (you will face a few kinds of problem, but when you has experienced enough with a various problem, it wouldn't be a big deal for you)


Then why does GPUs have a longer lifespan?

These not related to the device's failure (broke or whatever) This is related to devices flexibilities and productivities (productive time), as we know that ASICs limited by the algorithm. Maybe, you can ROI faster with ASICs. Using GPUs, your ROI will be longer (but not always). ROI (Capital Return) just giving you the cost that you spend at the first time. After it, you have the devices as your asset.

ASIC = Low resell value = Low asset value
GPU = The resale value is pretty good = Pretty good asset value

Besides that, it is necessary to take into the productivity level of the devices after ROI. With a more flexible choice of algorithms, GPUs will more productive than ASICs.

But,

If you don't want to be bothered with various problems that must be faced, Maybe ASICs with more simple operation could be your choice. My few statements above doesn't mean GPUs rig better than ASICs. It will depend on your mining passion (which kind of person are you?). As I always said, whatever the devices you are using, it will depend on "Whose behind the machine." 

Given the current situation on the markets, you might be better off directly buying some cryptocurrencies on an exchange, rather than mining.

But, I get it, probably you want to learn the mining business and earn some coins along the way.

You mentioned you are going to mine altcoins, so ASICs are probably not the best option. They are loud and draw a lot of power.

That leaves you with graphic cards. My suggestion is to take a look at Nvidia GeForce GTX 1070 (1060) or AMD Radeon RX580 (480) series.

They are moderately priced and have a decent hashrate.

You will have to consider the currently most profitable coins for each of these cards. You can do that here.

Then calculate in advance how long it will take running these GPUs in order to return your initial investment.

It's tough business overall, especially given the current conditions. Best of luck.

If you plan to start in India you will earn 300 USD in every month and power consumption is more than 1500 units in every month so this condition is okay for your career you will start mining. But before to start you will check processor slot and hash rate of the graphics card then only you will pick the good mining platform. My suggestion is better you should invest in trading you will earn more profit.

Hi mate, this is such a hard question to answer, I dont think anyone can due to the price fluctuations and the release of new ASICs, GPU's. All you will get is guesses from people.

If it were me now... without my mining operation I would spend the money on crypto ETH XRP BTC EOS ZENCASH TRX and anything else you can research and understand.

ASIC - TOO LOUD TOO HOT
GPU -  EXPENSIVE and HARD TO MAINTAIN ( OS crashes, PCIE connectors failing , power supplies getting dusty, cards failing)

Hope that helps

Hi Bros,
I am planning to mine any one of altcoin.
But i amconfused which one to choose.
So, Could you guys please suggest which one would be profitable and which miner is best to start?

I am planning to invest approximately - INR 3,00,000 - MAY BE 4500 USD

Please help me to choose
Thanks in advance