At the beginning of 2022, I worked on crypto mining, primarily ETH, for a client. Below are the anonymized order (1), rough calculations (2), a shopping list (3), and some photos of four laptops used as a test system. The test system ran stably, and I would have scaled it up, but in my assessment, it was not worthwhile or too uncertain at the time.

Impressions

Fig. 1: A laptop as part of the mining system for ETH Fig. 1: A laptop as part of the mining system for ETH


Fig. 2: Three connected laptops as mining workers, mining ETH together with the first laptop Fig. 2: Three connected laptops as mining workers, mining ETH together with the first laptop


1. Order

Development, construction, commissioning, testing & documentation of a functional prototype for use as a mining system. The following tasks will be carried out:

  1. Review and, if necessary, correction of the initial rough calculation
  2. Hardware
    • Shopping list for mining rig components
    • Assembly of components
    • Documentation
  3. Software
    • Operating system
    • Drivers
    • Security software
    • Stress tests, benchmarks
    • Mining software
    • Remote maintenance software
    • Crypto wallets, etc.
    • Documentation
  4. Handover of a functional and ready-to-use mining system, including documentation and instructions

My working time will be recorded, and an invoice will be issued after successful handover. It is estimated that 20 hours will be required. My work ends with the handover. Further work is optional.

2. Report

2.1 Project Objective

The objective of the project is to have a fully set up and spontaneously deployable mining system that operates or remains idle depending on certain factors such as the exchange rate of a cryptocurrency, electricity costs, or computational effort.

Details

  1. Once started, the system should operate autonomously and without user intervention for any length of time and only shut down in case of overheating.
  2. When not started, the system should remain idle for any length of time without incurring costs or requiring user intervention.
  3. The system should be able to be started and shut down without special expertise and only with the help of a clear operating procedure.

2.2 Rough Calculations Regarding Hashrate, Hardware Costs, and Amortization Period

  • Reference Value: Max. 2000 watts (entire mining rig)

    • Graphics Card: Nvidia RTX 3060 ti (8 units)
      • Efficiency (Hashrate/W): 0.46 (second-best value of all GPUs)
      • Hashrate (ETH MH/s): 528
      • Power Consumption: 1760 watts (+ X for CPU, MB, etc.)
      • Price: 6400 EUR
    • Motherboard, CPU, RAM, PSU, etc.
      • Price: 600 EUR
    • Total Hardware Costs: 7000 EUR
    • Value of Mined ETH per Month: 740 EUR (@3333 EUR/ETH; current computational effort; 0 EUR for solar power)
      • Amortization Period: 10 months
    • Value of Mined ETH per Month: 336 EUR (@3333 EUR/ETH; current computational effort; 0.32 EUR/kWh)
      • Amortization Period: 20 months

  • A Mining PC should be considered in terms of computing power as a mining rig with only one GPU, otherwise:

    • Disadvantages:
      • 1 motherboard (1 PC) = 1 GPU; high redundancy; multiple efforts for monitoring, maintenance, cooling
    • Advantages:
      • Unobtrusive; relatively mobile

2.3 Proposal for Gradual Approach to Project Objective

  1. Complete ONLY one PC or an 8-GPU mining rig with ONLY one GPU (1000 EUR)
  2. Conduct a test phase (a few weeks)
  3. Documentation (start, shut down, component replacement, algorithm switch, remote maintenance)
  4. Possible courses of action: Operation / Scaling up (additional PCs / additional GPUs) / Idle state / Sale of components on eBay

2.4 Further Discussion

The following points need to be discussed next:

  • Location
  • Responsibility
  • Task distribution
  • Ratio of effort (time, costs, risk) to profit
  • Worst-case scenario

2.5 Personal Opinion

IMHO, a mining system in continuous operation should not be left unattended. I would not take responsibility. I would set up a minimal test system for you, test it, document it, set up remote maintenance, and otherwise remain fundamentally uninvolved. For this and for possible scaling up & algorithm changes, I would want a profit share of X.

3. Shopping List

  • Case / Frame
  • Graphics Cards
    • Only from Nvidia and preferably only RTX 30 series, NOT LHR version!
    • Combination of RTX 3060 & RTX 3070 without problems
    • Preferred
      • Nvidia RTX 3060ti
      • Nvidia RTX 3060 (as of 20.01.22 ETH 2850 EUR = 1.5 EUR profit/day)
      • Nvidia 3070
      • Nvidia 3080
  • Motherboard
    • Desktop ATX form factor
    • Examples
      • Asus B250 Mining Expert
      • ASRock H110 Pro BTC+
      • Gigabyte GA-H110-D3A
      • Biostar TB250-BTC Pro
      • MSI Z170A Gaming Pro Carbon
      • Asus ROG Strix Z270E
      • ASRock MB ASRock Q270 Pro BTC+ 12xPCIex1 1151 DDR4
      • ASRock Q270 PRO BTC+ S1151 Q270 DDR4 12x PCI-Ex1 1xPCIE16 Retail
  • RAM
    • 8 GB DDR4
    • Frequency compatible with motherboard
    • Example
      • 8GB G.Skill Aegis DDR4-2400 DIMM CL17 Single
  • CPU
    • Same socket as motherboard
    • Whether Intel or AMD depending on availability
    • Example
      • Intel Core i3 8100 4x 3.60GHz So.1151 TRAY
  • PSU
    • Only brand products, only new
    • Preferably fully modular cable management
    • One 6+2 pin connection per graphics card
    • Should be 50% to 60% utilized in operation
    • Calculation example
      • 12GB MSI GeForce RTX 3060 Gaming X
        • 170 watts in standard operation
        • If also in optimal temperature operation & fans at approx. 60%
        • With 8 graphics cards = at least 1360 watts
        • PSU should be 2266 watts
        • Per RTX 3060: 283 watts power supply power
    • Example
  • Shopping List & ROI Calculation
    • Intel Core i3 8100 4x 3.60GHz So.1151 TRAY – 113 EUR
    • 1200 Watt Corsair HX1200 Modular 80+ Platinum – 242 EUR
    • ASRock Q270 PRO BTC+ S1151 Q270 DDR4 12x PCI-Ex1 1xPCIE16 Retail – 199 EUR
    • 8GB G.Skill Aegis DDR4-2400 DIMM CL17 Single – 29 EUR
    • 12GB MSI GeForce RTX 3060 Gaming X (Retail) 3 units – 2128 EUR
    • 12GB KFA2 GeForce RTX 3060 EX 1-Click OC PCIe GDDR6 192-bit DP*3/HDMI – 700 EUR
    • Connections between motherboard and graphics cards – 4 units – 50 EUR
    • Open mining rig frame for 4 – 8 graphics cards – 130 EUR
    • Total Hardware Costs: 3591 EUR
    • ROI after approx. 20 months (3591 / (1.5430))
      • With 4 RTX 3060 graphics cards, full load, ETH@2800 EUR

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