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Ask HN: How much recurring income do you generate and from what?

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Re: Ask HN: How much recurring income do you generate and from what?

#11

Post by meiraleal »

adamhp wrote: post #7
Trias11 wrote: post #2

Lately getting excited about crypto mining. Current project is to complete the rig that generates profits equal to my monthly mortgage payments. Well on a way. And it's lots of fun - i never assembled computer before :) To summarise: Currently $10k investment in crypto mining generates about $1k/mo profit. You can proportionally scale it to desired outcome.

I ask this passing no value judgment myself: how do you feel about the ethics of crypto mining?

You use the electricity, you pay for it. Why are you implying an ethics issue with that? Someone wasting the same amount of electricity to play games 10 hours a day is doing anything better?

Re: Ask HN: How much recurring income do you generate and from what?

#12

Post by ctvo »

Trias11 wrote: post #10
ctvo wrote: post #9

Earlier quoted context omitted.

Say a possible way to extract gold is to run a hose outside your window and let it wash away the dirt. Sometimes flakes of gold are found after enough dirt has washed away. It's true that many other people use water in other ways. I'm sure industry uses a lot of water. Are you comfortable with this approach yourself?

I'm comfortable with crypto mining.

I got that already.

Is it only the use of energy that's OK or is it other natural resources like fresh water too? Fresh water is much more renewable than some forms of energy so it's a curious distinction.

Re: Ask HN: How much recurring income do you generate and from what?

#13

Post by Trias11 »

ctvo wrote: post #12
Trias11 wrote: post #10

Earlier quoted context omitted.

I'm comfortable with crypto mining.

I got that already. Is it only the use of energy that's OK or is it other natural resources like fresh water too? Fresh water is much more renewable than some forms of energy so it's a curious distinction.

Sorry, not sure I understand your question. What about fresh water?

Re: Ask HN: How much recurring income do you generate and from what?

#14

Post by Trias11 »

meiraleal wrote: post #11
adamhp wrote: post #7

Earlier quoted context omitted.

I ask this passing no value judgment myself: how do you feel about the ethics of crypto mining?

You use the electricity, you pay for it. Why are you implying an ethics issue with that? Someone wasting the same amount of electricity to play games 10 hours a day is doing anything better?

Exactly.

Musk and others spread fud about energy usage and I'm sure that made lots of people to guilt trip themselves when they turn on the light in their bedrooms or use computer.

I'm pretty immune to fuds and clickbaits, thus mining never was an issue for me.

Re: Ask HN: How much recurring income do you generate and from what?

#15

Post by [deleted] »

Trias11 wrote: post #2

Lately getting excited about crypto mining. Current project is to complete the rig that generates profits equal to my monthly mortgage payments. Well on a way. And it's lots of fun - i never assembled computer before :) To summarise: Currently $10k investment in crypto mining generates about $1k/mo profit. You can proportionally scale it to desired outcome.

[deleted]

Re: Ask HN: How much recurring income do you generate and from what?

#16

Post by djshah »

Trias11 wrote: post #2

Lately getting excited about crypto mining. Current project is to complete the rig that generates profits equal to my monthly mortgage payments. Well on a way. And it's lots of fun - i never assembled computer before :) To summarise: Currently $10k investment in crypto mining generates about $1k/mo profit. You can proportionally scale it to desired outcome.

Where are you based that it allows you to generate this profit? These days, it’s pretty hard to get hands on crypto mining hardware as well!

Re: Ask HN: How much recurring income do you generate and from what?

#17

Post by sydthrowaway »

Trias11 wrote: post #5
rcavezza wrote: post #3

Earlier quoted context omitted.

I'm very unfamiliar with this, but is there additional ongoing costs in terms of extra energy consumption? Do you know if this rig is changing your monthly energy costs?

Yes, and my calculations are after electricity costs of about $0.12 kW/h

where the hell is electricity that low..

Re: Ask HN: How much recurring income do you generate and from what?

#18

Post by adamhp »

meiraleal wrote: post #11
adamhp wrote: post #7

Earlier quoted context omitted.

I ask this passing no value judgment myself: how do you feel about the ethics of crypto mining?

You use the electricity, you pay for it. Why are you implying an ethics issue with that? Someone wasting the same amount of electricity to play games 10 hours a day is doing anything better?

As I said, I'm not placing any value judgment myself. There has been some debate around the energy consumption of crypto mining. Some are arguing that there is some environmental impact to that. I'm simply asking what this person's thoughts on it are.

https://techcrunch.com/2021/03/21/the-debate-about-cryptocur...

https://www.bbc.com/news/technology-56012952

https://hbr.org/2021/05/how-much-energy-does-bitcoin-actuall...

Re: Ask HN: How much recurring income do you generate and from what?

#19

Post by jp42 »

Trias11 wrote: post #6
strongvigilance wrote: post #4

Earlier quoted context omitted.

What kind of depreciation do you get on crypto mining hardware though? Will that setup still be profitable in x months, when better performing hardware exists?

The hardware pays for itself with current conditions remain constant (which is never the case!) in about 8 months. It uses high end graphics cards RTX 3060Ti and RTX 3080 that shouldn't go to zero resale value even in a year or two. Mining for the same coin typically produces less and less of that coin due to difficulty increase. However difficulty increase for the same coin typically associated with it's price incre…

Curious to know where you are running your mining rig? in your house/apartment or you rented some other place? Also is there any limit on how much electricity you can use in apartment/House?

Re: Ask HN: How much recurring income do you generate and from what?

#20

Post by coralreef »

meiraleal wrote: post #11
adamhp wrote: post #7

Earlier quoted context omitted.

I ask this passing no value judgment myself: how do you feel about the ethics of crypto mining?

You use the electricity, you pay for it. Why are you implying an ethics issue with that? Someone wasting the same amount of electricity to play games 10 hours a day is doing anything better?

IMO the source of electricity matters. Generally we should aim to reduce carbon emissions, so if your electricity comes from a coal power plant, then there is greater consequence for the usage compared to renewable energy usage.
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