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Mining Eviction

January 28, 2014 Leave a Comment

Home Mining Rig

How much does your mining rig cost to run?  Our mining rig has 3 GPU’s  that draw 400 watts each.  That is 1200 watts per hour.    COM Ed charges us .12c/kw during off peak hours, and .20c/kw during peak hours.  That averages .16c/kw on a daily basis.  Our rig runs 24×7, so that is $3.84 per day or $92.16 per month.

Rumors are now circulating that in India there is a mining rig that takes up a whole office, is water cooled, and draws about 1000x the amount of power that we do.

Regardless of whether you are drawing 1200 watts per hour or 1 million watts per hour, someone has to pay for that electricity.  In the UK, one unlucky Bitcoin miner found out the hard way that the flat he leased, which included utilities, didn’t cover the extra $600/month he was drawing in electricity.  He was quickly evicted.

If you are going to operate a large scale mining operation, and you rent, you better make sure your rental unit is not a separate meter or you may find yourself looking for another apartment.  Even if your building has a single meter for multiple units, there better be enough units to ensure the landlord doesn’t notice a few extra hundred dollars per month on his bill.

CoinMonkey

We predict in the next year, or two,  that general lease agreements will includes some sort of mining clause.  Remember, someone has to pay for that electricity and it’s not going to be your landlord.

Filed Under: Cryptocurrency, Mining Tagged With: Mining Eviction, mining operation, mining rig, watts per hour

My 1st Hash

December 6, 2013 Leave a Comment

Mining Rig

While I don’t have a mining rig like the one above(yet), I was able to successfully mine my 1st Hash yesterday. I then downloaded and installed an old CPU miner for my iMAC which I found from this old BitcoinTalk.org thread.

Install was extremely straight forward. I used the Binaries for Mac OS X: http://sourceforge.net/projects/cpuminer/files/pooler-cpuminer-2.3.2-osx64.zip (64-bit) for my iMac.

First, I decided to join a mining pool to get started so that I could see immediate results. For my 1st mining pool I selected Multipool, which allows you to mine the most profitable coin at the moment.

I then signed up @ Cryptsy, which allows me to trade any coins which I have mined through Multipool.

Here is my 1st hash on my 1st mining rig:

1st Hash

Ok, so it’s not much of a hash rate (1.46 khash/s), nor a mining rig. But it’s a start. We are all newbies at one time.

 

 

 

Filed Under: Mining Tagged With: Cryptsy, hash rate, iMac miner, mining rig, Multipool, newbie

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