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Our Monero Mining Rig: The Numbers

Jon Sellars Wednesday, March 7, 2018

Our Monero Mining Rig: The Numbers, Building the rig was the easy part. Once we had gone through the motions of incrementally testing the GPUs, we put in the SSD we had previously installed Windows 10 and MinerGate (Our Mining software of choice) on and booted the machine up. It ran like a charm, the SSD and the fresh installation of Windows working in perfect tandem, lights flashing and fans whirring in a dissonant orchestra that is music to any techie’s ears. Of course, no machine of this significance can be complete without a name. So we put it to a vote, and in traditional British Spirit with Riggy McRigFace.


We signed in to the machine and ran MinerGate, the simple yet effective GUI perfect for our needs. We immediately fired up a benchmark test to see what we could do. Our hardware was up to spec to allow us to mine at a decent enough hash rate, results from our tests showed that we would achieve approximately 2.5 KH/s. With a hash speed like this, we would find ourselves mining a total of roughly 0.01057 coins daily, 0.07396 coins weekly and 3.9 coins yearly. Considering that each coin is worth roughly £280(Fluctuating constantly), this would see a total of £1092 yearly, assuming prices stayed consistent (Which they don’t). With this has rate, it would take a total of 94.6 days, or roughly three months to mine a single Monero coin.


This was not good enough. Without taking into account electricity costs but considering the £2,500 it cost to build this beast of a machine and Riggy McRigFace would only allow us to produce enough coins to produce a total profit of US$17.80 yearly, according to Minergate’s benchmark, which would take a total of 140 years running this Ol’ Riggy at full blast in order to see a return in our investment, of course this is not taking into consideration the unstable nature of the crypto market. With prices rising and falling daily, who is to say whether or not we would ever see a return on our investment? It would be all well and good to say that we could see an eventual return if the price of Monero were to skyrocket, as Bitcoin did throughout 2017, which is what brought the cryptocraze into the mainstream spotlight. Of course, that would also rise and fall in an extremely unpredictable pattern; as people lost thousands, even millions on bitcoin investments, who is to say the same could not happen to us?

 

Deciding we wanted a more in depth look at the projections of our mining prospect; we used to an online CryptoCalculator to determine how much we would really be making of this venture, and the results were harrowing to say the least. As you can see from the above image, the projections in terms of profit are non existent, we would be paying more than £1200 yearly just to run this machine, which would leave us paying roughly £348.73 annually. 


We greatly enjoyed building and testing Riggy, we found that at the end of the day that we had gained more from our experience building and configuring it than we would have if we had used it for the intended purpose of mining. Of course, we could have taken its digital pickaxe to other currencies, but the same worry would remain; would we see a definite return in investment, if we were to dedicate these resources to crypto-mining?

 

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