Mining crypto

In response to the OP.....apologies, just seen your question.
Yes, have come across Easy Crypto, and have bought some kit from them.
Reliable, helpful and professional.
Currently rigs are set to Etherium, and currently generating around £50 per day for around 40 units electricity burned.
Very difficult to build a business plan around this - but payback on a new rig ( at current prices for Eth) is around 7-8 months.
However - 6 month waiting time on getting rigs, or components...
 

teslacoils

Member
Location
Lincolnshire
You say that, I bought £100 of Dogecoin on a whim back in Feb after seeing Musk tweet about it.

And today it's 'worth':View attachment 958247

Doge to the moon!View attachment 958248
But that's the point. It's nothing. You can sell a NFT, which is another nebulous nothing, for some ETH, and pretend it's all real. But it isn't, and the second the Chinese or Americans stop tollersting it then there will be tears.
 

Cowlife

Member
In response to the OP.....apologies, just seen your question.
Yes, have come across Easy Crypto, and have bought some kit from them.
Reliable, helpful and professional.
Currently rigs are set to Etherium, and currently generating around £50 per day for around 40 units electricity burned.
Very difficult to build a business plan around this - but payback on a new rig ( at current prices for Eth) is around 7-8 months.
However - 6 month waiting time on getting rigs, or components...
Thanks. I understand its paying at the moment.
Do you think it's worth buying a rig at present?
 
with a 6 month waiting time, that's a really difficult question.
I think we are going to see much more regulation coming in soon, with a necessity to report to HMRC ( you currently need to but it is very difficult for them to enforce - mining proceeds are classed as income with value calculated at time of it hitting your wallet, and on top of that any appreciation between then and you cashing or spending is classed as capital gain. Slightly different if you are mining through a business.).
It is impossible to do a full business model on this stuff - too many variables outwith your control. My rigs are now nearly paid for, and I have ordered another.....that's as close as I can come to answering your question......
 

Cowlife

Member
with a 6 month waiting time, that's a really difficult question.
I think we are going to see much more regulation coming in soon, with a necessity to report to HMRC ( you currently need to but it is very difficult for them to enforce - mining proceeds are classed as income with value calculated at time of it hitting your wallet, and on top of that any appreciation between then and you cashing or spending is classed as capital gain. Slightly different if you are mining through a business.).
It is impossible to do a full business model on this stuff - too many variables outwith your control. My rigs are now nearly paid for, and I have ordered another.....that's as close as I can come to answering your question......
Thanks
Im considering buying one but am trying to get my head round this move from pow to pos .
With my very limited knowledge this seems like it will kill demand for miners. Have I misinterpreted the situation?
 

Daniel

Member
with a 6 month waiting time, that's a really difficult question.
I think we are going to see much more regulation coming in soon, with a necessity to report to HMRC ( you currently need to but it is very difficult for them to enforce - mining proceeds are classed as income with value calculated at time of it hitting your wallet, and on top of that any appreciation between then and you cashing or spending is classed as capital gain. Slightly different if you are mining through a business.).
It is impossible to do a full business model on this stuff - too many variables outwith your control. My rigs are now nearly paid for, and I have ordered another.....that's as close as I can come to answering your question......
So a mining computer connected to our solar system, set to only mine when there is excess power would be eco friendly and pay for itself?

As @teslacoils says, it's all entirely worthless, but so is sterling especially given the way the government has been printing it recently?
 

teslacoils

Member
Location
Lincolnshire
Your essentially converting electricity into Eth, the value of which could be lots or little. That's the risk.

My cousin who hosts many companies websites and databases says bitcoin mining using surplus solar is not very profitable - the rate of mining has slowed so much, and that price of bitcoin is now driven by lots of folk wanting to own something going up in price. The underling tech under bitcoin doesn't seem very fast or efficient for transactions.

Eth will replace bitcoin. But even so, we calculated at current prices 30 to 50 percent of the income was electric costs. Add in that the cost of the kit is now not small. So think a year to pay off the kit, assuming the Eth is sold for "real money".

I'm looking at hosting my friends rig, simply as my electric cost is 2/3 of his. And how do you structure it? Currently in someone's house, you're not able to offset the rig and electric as a cost - so is all the Eth declarable as income on your tax form?

While folk are making money it's worth a look. But I'm more keen to shove some cash to a miner who knows what hes doing and seeing what that generates.
 
A modern 6 card rig costs £14k or thereabouts.
Power consumption 1.8 kW, so 44 units per day.....so on a 'normal' 14p per unit about £6 per day in electric.
No idea how you work out a depreciation on these rigs... Depending who who you believe anything from 1 to 5 years.....so even at 5 years that's £3000 per annum nearly... So rig depreciation far outweighs electricity costs.

As to income..... Well currently getting around 0.15 ether coin per week from this rig....
Put your own value per coin to that to see if its viable....

The Easy Crypto rigs I have are very reliable, with an availability of over 99% so far for 18 months use. The few problems I have had have been sorted quickly. And they give advice on software and strategy.
Not all providers will be the same

( edit to figures - got them wrong when originally posted)
 
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Cowlife

Member
A modern 6 card rig costs £14k or thereabouts.
Power consumption 1.8 kW, so 22 units per day.....so on a 'normal' 14p per unit less than £4 per day in electric.
No idea how you work out a depreciation on these rigs... Depending who who you believe anything from 1 to 5 years.....so even at 5 years that's £3000 per annum nearly... So rig depreciation far outweighs electricity costs.

As to income..... Well currently getting around 0.15 ether coin per week from this rig....
Put your own value per coin to that to see if its viable....

The Easy Crypto rigs I have are very reliable, with an availability of over 99% so far for 18 months use. The few problems I have had have been sorted quickly. And they give advice on software and strategy.
Not all providers will be the same
Couple of us with turbines going to give them a try. They sound legit enough. I reckon that worst case scenario it breaks even. Using export power will obviously help.
 
Stability is key. They use very little data, but do need to be connected all the time otherwise they won't be able to contribute to the pool
The rigs i bought from Easy Crypto were all set up ready to go. Simply plug them into a LAN cable and they connect themselves. I am no tech wizard...all I can do is turn them off and on, and reset them if need be!!

They can log in and check them too, and they can remotely set where the mining proceeds go - I have a few wallets, and they change them for me ( currently mining into one of the kids wallets as they have a personal tax allowance and CGT allowance to use up!).

Give them a call and suss them out. But 18 months in I still find them there for support and help.
 

PSQ

Member
Arable Farmer
Location
Scottish Borders
This explains why RTX3080 and 3090 graphics cards are like, well, gold dust.

I’m looking at a new gaming computer, would it be possible to use something like a Ryzen9 with RTX3070 to mine crypto at the same time or when the computer is otherwise not being used???
 
This explains why RTX3080 and 3090 graphics cards are like, well, gold dust.

I’m looking at a new gaming computer, would it be possible to use something like a Ryzen9 with RTX3070 to mine crypto at the same time or when the computer is otherwise not being used???
Yep.... that's why even second hard cards are almost impossible to find.
Should be possible, but as stated earlier, I am no techie so no idea how!!!
 

farmerm

Member
Location
Shropshire
Finite quantity of units of bitcoin but infinite units of crypto currency can be generated.... Cryptocurrencies having a value is like me declaring the top soil from my garden is a limited and precious resource and then selling wheelbarrow units of it to speculators as "Farmerm's ultra limited, super rare, one of a kind, garden soil"!
 
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Could a ‘Meat Tax’ be on the cards in the UK?

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Written by Richard Halleron from Agriland

The latest machination coming from the so-called ‘opinion formers’, who seem to have the ear of government advisors in London, is the introduction of a ‘Meat Tax’ at consumer level.

This approach, it is argued, would have the combined impact of reducing meat consumption levels (I can really see the health benefits coming through now), while also helping to reduce the overall carbon footprint of production agriculture.

What absolute drivel! In my opinion, none of this makes sense at any level. This is a scurrilous and unfounded attack on livestock farming in this part of the world.

Yet, it has to be taken seriously. I make this point because economists at Rothamsted Research have already crunched the numbers where the introduction of a ‘UK...
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