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Easy way into Zencash CryptoCurrency via Mining Rig?

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    Easy way into Zencash CryptoCurrency via Mining Rig?

    Was talking to a couple of friends of mine about Zencash. One of them went on to build his own mining rig - a £1200 investment. However, he has worked out that he will receive approximately 9-10 coins per month based on his build. He has purchased the rig on 0% finance and spread it over the year, so assuming the coin carries on above the $30/coin mark and the mining difficulty doesn't greatly increase all of a sudden, even with the finance he's immediately making money from the currency.

    I think the power consumption worked out at a couple of quid a day... Even with that considered, you'd still be quite well up on your investment, especially once the rig was paid off.

    #2
    Originally posted by mattfx View Post
    Was talking to a couple of friends of mine about Zencash. One of them went on to build his own mining rig - a £1200 investment. However, he has worked out that he will receive approximately 9-10 coins per month based on his build. He has purchased the rig on 0% finance and spread it over the year, so assuming the coin carries on above the $30/coin mark and the mining difficulty doesn't greatly increase all of a sudden, even with the finance he's immediately making money from the currency.

    I think the power consumption worked out at a couple of quid a day... Even with that considered, you'd still be quite well up on your investment, especially once the rig was paid off.
    So about $300/month. Or £220. Minus £60 for power. So about 14% ROI per month.

    Not bad, a contract with a miner might do better. My Genesis Bitcoin contract is returning about 29% per month and no charge for power.
    My subconscious is annoying. It's got a mind of its own.

    Comment


      #3
      And if Zencash is worth around $300 dollars by the end of 2018, how would you feel then?
      "Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark Twain

      Comment


        #4
        Originally posted by pjclarke View Post
        So about $300/month. Or £220. Minus £60 for power. So about 14% ROI per month.

        Not bad, a contract with a miner might do better. My Genesis Bitcoin contract is returning about 29% per month and no charge for power.
        Have you got your initial investment back yet?

        A number of these mining schemes are either known or suspected to be scams, Ponzi schemes.

        At 29% ROI per month you will have your money back in 3 months, all going well.

        Comment


          #5
          Originally posted by ChimpMaster View Post
          Have you got your initial investment back yet?

          A number of these mining schemes are either known or suspected to be scams, Ponzi schemes.

          At 29% ROI per month you will have your money back in 3 months, all going well.
          Started 1st August, breakeven date was 11 November at current prices. Initial investment was £887, current profit £454, almost all due to the skyrocketing price. Mining about 0.085% of a bitcoin / day, no measurable reduction in mining rate.

          Some of my earnings were reinvested, but they seem to have stopped doing the open ended contracts now. Never had any issues with payouts.
          My subconscious is annoying. It's got a mind of its own.

          Comment


            #6
            Is mining affected by the imminent Intel 'meltdown' patch or the Intel/AMD 'spectre' patch, that may cause a predicted 'up to 30%' slow down?

            Lots of unhappy miners if so. Though I guess they just won't bother installing the patch.
            Maybe tomorrow, I'll want to settle down. Until tomorrow, I'll just keep moving on.

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              #7
              Originally posted by Hobosapien View Post
              Is mining affected by the imminent Intel 'meltdown' patch or the Intel/AMD 'spectre' patch, that may cause a predicted 'up to 30%' slow down?

              Lots of unhappy miners if so. Though I guess they just won't bother installing the patch.
              So plan B is to hack them.....

              Comment


                #8
                I'd sooner set up a secure node to make more zens rather than mining them...
                "Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark Twain

                Comment


                  #9
                  Is your friend considering tax as well in his calculations?
                  'CUK forum personality of 2011 - Winner - Yes really!!!!

                  Comment


                    #10
                    Originally posted by northernladuk View Post
                    Is your friend considering tax as well in his calculations?
                    Is today 'Crypto tax day'?
                    "Is someone you don't like allowed to say something you don't like? If that is the case then we have free speech."- Elon Musk

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