If you’re like me and have only recently stumbled into the mining scene, you’re probably a bit intimidated right now. Depending on how much reading you’ve done, you might also be feeling a bit technologically inadequate 🙂 Don’t worry about it – it’s normal. It’s easy to compare how much hardware and profit others are making and decide that it’s never going to possible to get your foot in the door. I’m hoping that’ll turn out to be wrong.
So with that in mind, let’s figure out what my starting point is here. In the mining world, only a few factors matter:
- Hashrate – the power you have to dedicate to mining, directly dependant on your computer components.
- Electricity cost – can you EVER make a profit? Usually yes, happily.
- Disposable income – we’re building, right? My budgets are outlined below.
Of all the above, hashrate is both the most techy-sounding and at the same time easily determined factor here. As things stand at the moment, you will actually have two hashrates – one for a system called SHA256 (Bitcoin and derivatives – measured in Megahashes, or MHash) and SCRYPT (Litecoin and derivatives – measured in Kilohashes, or Khash). We’re not venturing into the SHA256 world in this journal, so we’ll be talking about Khashes a lot. You can look up your own potential hashrate at this link:
My setup is as follows (this is my normal everyday gaming/leisure machine, which I will use as a basis for my eventual aim.
- CPU – Intel i5-2500K
- Motherboard – Asus P8-P67M Pro mATX
- RAM – 4GB generic 1600Mhz
- HDD – 64GB SSD (which I’ll be using for this) and a 1TB mechanical
- PSU – Corsair 750W
- GPU – Zotac GTX 570
From the chart above, we can see that I should expect about 190 Khash from the GPU. In fact, when I run it, it comes in at about 240Khash.
At this point, I should be factoring in electricity. The card pulls about 200W, and the rest of the machine about 100W, so 300W per hour total. Where I live that comes in about €0.05 per hour, or €1.20 per day. The reality at this point is that I couldn’t give a common catshit about the power cost – winter is over and the worst bills of the year are already paid. The bill will go down in the spring and summer months, and if I can cover it now as it is, I can cover it then. Not a factor – yet.
Putting my hashrate of 240KHash into perspective, it’s miserably low. Plugging the number into the Coinwarz calculator and reading the potential profit for a day, it makes those millionaire playboy pipedreams seem a long way off. So we’ll be upgrading this ASAP, and the best way to do that is adding graphics cards. I am lucky enough to work fulltime and my income allows me a bit of money to spend on toys, so I’m going to budget €350 per month for the first 2 months, then see how I stand. Much more detail on that in the Roadmap.
- Hashpower: 240KHash
- Electricity costs: Don’t care
- Budget in the short term: €350 per month
Time to get cracking – release the hounds!