I Tried Mining Bitcoin For a Week

in this video we're gonna try building a full-on solid real bitcoin mining rig go through the whole entire process and i'll reveal exactly how much i paid for all of the parts involved and exactly how much we end up making with it all in order to figure out if mining cryptocurrency is a good opportunity and also in this video i may have an exclusive interview with satoshi nakamoto the creator of bitcoin or maybe i don't only one way to find out right so first off i'm not a crypto channel not a crypto expert by any means but from my understanding building a bitcoin mining rig is the same exact thing as building a custom pc only difference is you add in a bunch of graphic cards which i've never built fpc closest thing i've done is connect my laptop to this monitor through an hdmi cable so we're starting from scratch here and giving a real honest opinion on what this whole process is like and whether it's even worth it or not and now apparently when you're mining bitcoin you're just using software on a computer to solve complex math problems and are being rewarded bitcoin for doing so and you're also proving or verifying bitcoin transactions so miners get paid for generating new bitcoin by solving these problems and then also when they verify transactions they get a little tiny piece of the pie i believe that's how bitcoin mining works in a nutshell but you need a pretty powerful setup to solve these equations as they keep getting harder as more people join in on the network and start mining so there's this upfront cost for the actual setup but then running the rig takes a good amount of electricity back in the early days of bitcoin you could mine a couple hundred bitcoins just on like a cheap spare laptop whereas today i read somewhere online that it would take you like a hundred years to mine one bitcoin on the same laptop again because more miners joined in the network and those math problems automatically the way bitcoin is built became more complex so at this point it takes a pretty serious and expensive rig to make any significant amount of money mining bitcoin so those are my two main concerns how long will it take for me to make the upfront money i'm putting into this bag and then how much the electricity will actually run me could this even be profitable in the current landscape normally i would head to youtube to find all this out which already slightly did but my brother's homie richard apparently has a crazy nasty mining setup at his house so we're gonna check that out and see if he can help answer some of my questions and i'm not saying richard is satoshi nakamoto but i've never seen them in the same room at the same time and mans does know a suspicious amount about bitcoin so is this the first interview with the creator of bitcoin i didn't say that who said that could be i don't know okay so i'm here with richard thank you so much for showing me around your rigs uh you have the one that's in the video and then you have two more of basically the same one right yep okay so how much did those three rigs cost you in total currently i spent around 15 000 on those three rigs on the three rigs okay and how much do they make per day like on average on average right now i'm making about 160 dollars per day pre-electricity or raptor uh pre pre-electricity yeah what's like the electricity cost approximately fifteen dollars a day hold on let's crunch some numbers here so we're talking about 150 per day yeah minus 15 15 000 divided by 135. so 111 days and you're completely profitable wow that's crazy yeah it is and then you're making 135 dollars just completely passively yeah wow okay i don't have to do anything that's amazing yeah and then what happens if the price of bitcoin falls or rises how does that affect the mining i mine at the same rate so every day i'm mining point zero one bitcoin or point zero two bitcoin my rings are gonna mind the same amount but if the price of bitcoin fluctuates uh the price may go up or down but i don't care because i'm still mining point zero one every day one bitcoin equals one bitcoin yeah exactly for the for the fiat folks out there dollar amount wise if the price of bitcoin goes up you're mining more per day with the same setup no so i'm mining the same amount but right but it's more money right more money so let's say i'm mining point zero one of bitcoin and bitcoin doubles right so basically my profitability is gonna go from 150 to 300. so that makes a lot of sense okay yeah you don't rock with bitcoin i do write with bitcoin hey we rocking with bitcoin yes sir subscribe show us some love hey you heard it here first folks smash that like button next good morning bless up welcome back to youtube this is now the next day so much knowledge was gained talking to richard if you guys are interested in his future ventures i'll drop a link to his youtube channel in the description below right above the link to my drop shipping course but seriously driving home my mind was racing so hyped on this whole concept so many potential benefits of getting into this business but uh the big problem is like i was saying to mine bitcoin you need to build a computer and then attach a bunch of graphic cards to it now these are also called gpus and are incredibly difficult to come by right now there's a huge demand for them and a shortage and supply so if you want to get one for retail prices you have to pay for a bot to buy it for you it automatically will check out whenever they come in stock somewhere online pretty much no other way around it if you want retail prices or second option you buy these gpus from a reseller but you will have to pay quite the premium which is what i'll be doing for this video i was able to order all the parts for this build online very easily but when it came to the gpus i found a local reseller on craigslist met up with them and purchased an rtx 3060 for 800 and a 30 60 ti for 1200 so 2 grand total for the two gpus and then the rest of the parts we're talking power supply cpu different cords fans the motherboard the frame all of that combined ran me 1145 145 could have probably gotten that well under a thousand if i shopped around and didn't pay for expedited shipping to get it all here on time for this video but thing is on the one thousand one hundred dollar base i can fit up to six graphic cards i got two just to get things up and rolling test it out for the other four i'm gonna try to shop around and actually hopefully finesse my way into some better deals or at least figure out which kind make the most sense for me to buy for now though all the parts have come in so we're gonna try to get this sucker up and running i got some coffee a good attitude and richard hopefully coming by to help me out so the first part of this build was to assemble the frame no biggie just on some ikea furniture type vibes i paid for an overpriced special frame for this rig looking back i could have just bought a metal shelf for a third of the price and used that for like five different rigs but from there we mounted the motherboard onto the frame and then all of the parts to the motherboard i won't go into too much detail here there's a lot of really good hour-long type videos online that can take you through the whole process step by step after that mounted the gpus these are the important parts and then moment of truth what's supposed to happen it's supposed to turn on [Music] yeah so it turns out the lack of turning on was simply due to the switch being plugged in ron after we got that figured out the setup booted right up next step was installing windows then a bunch of updates and finally the mining software i'm using nice hatch which by far is not the most efficient way to mine but definitely the easiest you basically make an account and press start it's finished between mounting everything building the frame some troubleshooting installing all the windows updates and then getting the soft running over cooking the gpus the whole process kind of took all day pretty fried right now i'm talking about myself not the setup definitely don't want that but i think doing this a second time it would go way quicker it's a very doable build i don't want to scare anyone away it's completely reasonable you just got to be a little patient the first time around but i'm so hyped to see this thing in action it just feels like we entered a new age like i've honestly just been sitting here just mesmerized watching this thing run it's like sitting by a fire it kind of captures you except the fire is generating bitcoin this is mad weird but mining bitcoin just it just does something to you man i started drinking espressos oh and kind of a major issue i ran into was one of the graphic cards i have here the regular 3060. the manufacturers nvidia actually limited the hash rate on it because they don't want people using it to mine so it's not running to its full potential which sucks there's workarounds for it but i just haven't figured it out just yet it's like a human with self-limiting beliefs this graphic card is just not tapping into its full potential anyways i'll see you guys in a few days to break down all of the numbers involved how much all this cost me how much i make by then what the future projections are going to be looking like and my overall thoughts on the business okay [Music] so it's been two days the initial rig you saw me build costs three thousand one hundred forty five dollars and that was making around ten eleven dollars every 24 hours and that's with one of the gpu still being limited on that same day that we set everything up i ordered three rtx 3090 gpus for a total of 9815. and a 3080 for 2400. i then found out that to power all these new much more intense cards i'm gonna need another power supply box so i bought one of those for 350 and a splitter to get that on the motherboard for eleven dollars all of that actually ended up coming in within these last two three days so i now have all of that running here which was actually the biggest roadblock of this whole video and like you have roadblocks the key is to overcome it the motherboard perfectly handled four gpus but those last two were a pain a solid five six hour headache had to tweak the bio settings get jiggy with the wiring enable some power limiting and just do all kinds of wacky troubleshooting activities but anyways we got that running the total price of this build here is now 15 774 and it's currently making 60 and 22 cents per day so if you divide that up it's gonna pay itself off in 261 days so that was actually a very conservative estimate after optimizing and letting this rig run overnight i was seeing numbers in the 80s even well over a hundred dollars per day at times so really this could pay off as quickly as 150 days of the current bitcoin price more pepperoni than i expected and that's a good sign and after that boom 60 bucks a day profit doing nothing which sounds amazing the roi here is insane but the big risk is the price of bitcoin if it falls fifty percent i'm gonna making half the amount in us dollars and it would take fifty percent longer for this rig to be paid off i'll be sitting on a bunch of used gpus that i bought at a ridiculous price but the bitcoin price could also double and we'd be making twice as much paying it off twice as fast always guess respect the pump so end of the day should you do this the kind of depends on your financial situation the barrier to entry is kind of high you can build a less powerful setup but then you might not be making all that much and risk wise this is kind of similar to making an investment into crypto it's all pretty risky but if you believe in bitcoin long term or at least are willing to make the bet that it will stay at its current level or higher for the next 200 days and have money you are somewhat okay with potentially losing i think this could be a very interesting opportunity to consider not a financial advisor and let's say in a year the price of bitcoin drops significantly by then the rigs are paid off and as long as the amount you're making is more than the electricity cost you're printing money no jerome but that said i will probably continue building up this whole mining thing and we'll maybe make a follow-up video in a month or so to show you guys how things ended up going for me and what my setup is looking like by then and maybe even buy another one we're gonna have to run down by the accounting team though because i really just spent like 16 15 000 on this i am never gonna financially recover from this oh man this video better get some views and the price of bitcoin better stay at its current level for now thank you for watching hope you enjoyed this video and have an amazing beautiful positive blessed thriving productive rest of your day peace you

Channel: Biaheza

Views: 579,424

Rating: 4.9133062 out of 5

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Id: ldYSizaSPJ4

Length: 12min 38sec (758 seconds)

Published: Sat May 08 2021