Explain miner how to scale it

  • Vic Laranja has started mining cryptocurrency after being in lockdown for more than a year.
  • He started using his computer at work and will turn it on all night when he’s not using it.
  • He eventually built a separate GPU miner that would mine Ethereum and reward it in BTC.

Almost a year after the shutdowns, Vic Larania found himself suffering from “Covid boredom”. He was working on social media content for marketing campaigns and wanted an extra hobby. So in October of 2021, he decided to try his luck in mining cryptocurrency from his home in Sarnia, a town in Ontario, Canada. Since he loves to build things, he thought it might be a fun project to pass the time.

Cryptography was nothing new to him. He has been investing continuously in Bitcoin, Ethereum, and XRP since April 2020. A year later, the crypto rally occurred in 2021, which prompted Laranja to sell all of his ether, XRP, and most of his bitcoin at all-time highs.

“I have been reinvesting back in it ever since because I had a very profitable move,” Larania said. “With my mining rig, I really wanted to build a dollar-cost averaging machine where I was able every day to pay for electricity and hardware and convert that into cryptocurrency. So it’s not more of an income stream for me than an investment automation tool.”

By mining cryptocurrency, Laranja has been demonstrating the power of its computers to help maintain the blockchain, or protocol network. He and other miners are doing this to reward them with cryptocurrency, although it may take some time to recoup equipment costs, and their electricity consumption has been a source of controversy.

How did it start

Laranja started with equipment he already owned and a good technical knowledge base. As the founder of a digital marketing agency called Social Gravity, one of his main tasks was to edit videos. This means keep a powerful gaming computer close at hand. Gaming computers have high-quality graphics cards that can often be used to mine different types of cryptocurrencies.

Additionally, Laranga said he took a computer class in high school where his teacher would take computers apart so the students could put them together. Those who finished early were able to play a computer game against each other. From this class, Laranja learns the elementary functions of a computer, and how to build and diagnose problems in one class.

These skills will eventually help him build his mining rig. However, his first approach was to test the waters by mining a cryptocurrency called ravencoin (RVN) because it only required software to be downloaded. This means that he can use his work computer and run the program all night long when he does not need his desktop.

Ravencoin is a peer-to-peer blockchain based on a fork of the Bitcoin code. As of Monday, RVN is trading at around $0.05.

Around the time it started, in October of 2021, RVN was one of the most profitable coins to mine after Ethereum, depending on its trading price. I felt single

Photographers card

You won’t be able to handle ether mining. He told Insider he followed an online tutorial and soon after, it was up and running.

He downloaded an open source program called NB miner through Github but noted that the earnings were very low, around $1 a day. The desktop I was using only had an AMD RX 570 8GB graphics card. So I only ran that for two weeks.

Mining platform sizing

Larania later learned that his friend was also mining RVN, but using three different mining rigs. So he decided he wanted to try and expand. He started by using recycled parts from an old computer, taking the motherboard, RAM and

hard disk

. They would become the bare bones of his drilling rig.

“It’s just a computer with a bunch of different graphics cards,” Laranga said.

Other parts he added included a power supply, as well as PCIe power extension cables to power graphics cards and PCIe Splitters to connect more cards, both of which sell for less than $25. He also purchased risers for the GPUs that add more card space on the motherboard and can retail for about $40.

“I knew I could probably spend a lot very easily, especially with the way the market is and how expensive GPUs are,” Laranga said. “So I wanted to get away from spending as little as possible while still having something profitable and good.”

The biggest challenge when building a GPU miner is the graphics cards themselves. Because they are in high demand, they can be expensive and rare. A friend of Laranja advised him to try and get Nvidia’s RTX 3060s at close to retail value. This was because they made quite a bang for the buck. It’s cheaper than the newer 3090 models, but it has good performance.

One of the things Laranja noticed is that speculators, brokers who arbitrage graphics cards by buying them from the retailer and reselling them at a high price, were flooding the market. To remain profitable, he had to find cards that weren’t very expensive.

He spent two weeks messaging online message sellers and remembered seeing about 10 new cards posted per day. But about 90% of the people I sent to didn’t reply because they would sell out quickly. The whole process, including finding and building the excavator, took about a month.

“That’s why all my cards are different because it was very difficult to get them at the time,” said Laranga.

Purchase prices

Here are the prices he paid for his cards in Canadian dollars. He turned to both the eBay marketplace and Facebook for his purchases.

$360 for GeForce GTX 1060 6GB card ($281)

$350 used for GeForce GTX 1060 6GB ($273)

$400 used for GeForce GTX 1660 6GB card ($312)

$840 for GeForce RTX 3060 12GB ($656)

$850 for GeForce RTX 3060 12GB ($664)

One hurdle he encountered was that both RTX 3060s had a light hash rate (LHR). This is the rate that measures the speed at which mass calculations are solved. Nvidia added the feature to make the cards less attractive to miners in an effort to combat chip shortages caused by mining.

In response, Laranja downloaded an open source program from GitHub called T-Rex miner. The new version of this code has the LHR unlock version. Although he does not believe it removed the entire card limit, he remembers that it increased the hash rate per second (MH/s) by about 10 MH/s per card, from about 22 MH/s to more than 30 MH/s.

By the time he was all together, Larania estimates he’d spent about C$3,000, or about $2,343.

learning curves

He noted that one of the biggest challenges to building the rig is not frying the hardware. This can easily happen when the hardware is pushed to maximum capacity, as many graphics cards are running 24/7.

One way to avoid appliance burnout is to ensure good air flow. Laranja hangs his leaves on a shelf and separates them. It also keeps the hardware away from walls, while adding simple PC fans it got from older PCs.

This is a picture of the mining rig Victor Laranga.

He places them away from any walls and keeps the cards apart so they don’t get too hot.

Victor Larania

The second hurdle was learning how to overclock the cards to maximize their performance beyond what the manufacturer intended. This is done by changing some variables in the mining software which for him was T-REX. He went back to YouTube and directed his friend to find out. The downside of doing this is that it may void the manufacturer’s warranty.

For the mining pool, use Laranja 2 miners that can pay in Ethereum, bitcoin or nano. He chose Bitcoin because he didn’t want to pay the Ethereum fee and didn’t buy or use Nano. Based on the last four-month moving average, starting from December 2021, he received 0.01487789 BTC which is around $562 or $140.50 per month.

In terms of electricity charges, its monthly costs fluctuate because the rates change throughout the day based on usage. It can go from about $0.08 to about $17 a kilowatt in Canadian dollars. He remembers that it comes in between $30 to $50 CAD or $23 to $39 a month.

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