microlost
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Is MAGI mining profitable?

Sun Nov 05, 2017 12:16 am

I am looking into setting up a mining operation on a raspberry pi. I would be using a 3b. I am not trying get rich or anything, I am just interested in cryptocurrencies and want to try mining. Based on my research, the best currency for this would be Coin MAGI. Is this true? Is there a better one for this kind of solo mining operation? Would it cover the cost of its own electricity?
Last edited by microlost on Mon Nov 06, 2017 4:17 pm, edited 1 time in total.

microlost
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Re: Is MAGI mining profitable?

Mon Nov 06, 2017 4:15 pm

Also, would a different version of rpi be better for this?

S0litaire
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Re: Is MAGI mining profitable?

Tue Nov 07, 2017 3:25 pm

I'm currently mining Magi using 4 zeros and a pi3

At the moment It's NOT profitable by any means, but things can change and it's not adding a huge amount to my electricity bill.

it's a nice hobby.

Quick stats on my 4 zeros :
2 x rpi0w = 0.71 khash/s
2 x rpi0 = 0.69 khash/s
In total they are pulling 5.28v @ 0.99a = 5.17w
so uses a kw/h in 8 days

Pi3 gives me 11 khash/s don't have an energy meter attached to it so not 100% sure of it's usage.

It currently taking me around 8-10 days to make a single magi coin.
each coin is roughly worth the same as I get charged for 1kwh of usage so it's safe to say I'm only getting back, at best, 50% of the costs.

But the coin is slowly rising in price by few pence every week or so (Also might make a jump in price later this month!)

So Coin-Magi is not a "Get rich Quick" scheme! It's more of a slow steady increase over the long term...
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microlost
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Re: Is MAGI mining profitable?

Wed Nov 08, 2017 5:22 am

S0litaire wrote:
Tue Nov 07, 2017 3:25 pm
I'm currently mining Magi using 4 zeros and a pi3

At the moment It's NOT profitable by any means, but things can change and it's not adding a huge amount to my electricity bill.

it's a nice hobby.

Quick stats on my 4 zeros :
2 x rpi0w = 0.71 khash/s
2 x rpi0 = 0.69 khash/s
In total they are pulling 5.28v @ 0.99a = 5.17w
so uses a kw/h in 8 days

Pi3 gives me 11 khash/s don't have an energy meter attached to it so not 100% sure of it's usage.

It currently taking me around 8-10 days to make a single magi coin.
each coin is roughly worth the same as I get charged for 1kwh of usage so it's safe to say I'm only getting back, at best, 50% of the costs.

But the coin is slowly rising in price by few pence every week or so (Also might make a jump in price later this month!)

So Coin-Magi is not a "Get rich Quick" scheme! It's more of a slow steady increase over the long term...
thanks, what are your electricity costs per kwh? Also, because of the more powerful? cpu and more ram, would the pi3 have better or worse hash rate/electricity usage?

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DougieLawson
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Re: Is MAGI mining profitable?

Wed Nov 08, 2017 8:58 am

Last time I looked at eletricity prices running a RPi3B for 24/365 cost about £4.38.
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S0litaire
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Re: Is MAGI mining profitable?

Wed Nov 08, 2017 9:47 am

microlost wrote:
Wed Nov 08, 2017 5:22 am

thanks, what are your electricity costs per kwh? Also, because of the more powerful? cpu and more ram, would the pi3 have better or worse hash rate/electricity usage?
I'm paying £0.16($0.21) per KW/h
Each coin is worth between $0.21 - $0.25.

I'm currently doing tests with the 4 zeros to see how much they make, compared to power used, in 24 hours by themselves, I'll do the same for the pi3 tomorrow. (Only have one usb energy meter).
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microlost
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Re: Is MAGI mining profitable?

Wed Nov 08, 2017 3:13 pm

thanks, cant wait to see the numbers

microlost
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Re: Is MAGI mining profitable?

Wed Nov 08, 2017 3:18 pm

also, my electrifity is only 7c /kwh, so that might make the difference between profitable and not

S0litaire
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Re: Is MAGI mining profitable?

Wed Nov 08, 2017 3:28 pm

quick 'n' dirty calculations :

the Pi3 uses 1kw/h in 10 days @ 11.0khash/s
4 x zero uses 1kw/h in 8 days @ 2..8khash/s

So with the higher hash rate of 11khash/s the pi3 is the more efficient choice.

Will have a better write up at the weekend, with the amount of coin generated per device, that will give a better indication
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hippy
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Re: Is MAGI mining profitable?

Wed Nov 08, 2017 3:56 pm

S0litaire wrote:
Tue Nov 07, 2017 3:25 pm
In total they are pulling 5.28v @ 0.99a = 5.17w
It currently taking me around 8-10 days to make a single magi coin.
My electricity bill states it's 15.74p per kWh, so your usage would cost me £7.13 a year. At a coin every 9 days that would be a cost of 17.58p per coin, $0.23.

Of course that's not including the cost of running the Pi3B. Maybe halfway to breaking even at present as you say.

With microlost's electricity at just 7c (5.3p) per kWh that should turn a profit.

S0litaire
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Re: Is MAGI mining profitable?

Wed Nov 08, 2017 4:51 pm

looking into building a solar + battery setup for my r-pi...
;)

£60 worth of equipment to make £7 per year... lol

but it *is* free energy...
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DougieLawson
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Re: Is MAGI mining profitable?

Thu Nov 09, 2017 3:03 am

S0litaire wrote:
Wed Nov 08, 2017 3:28 pm
quick 'n' dirty calculations :

the Pi3 uses 1kw/h in 10 days @ 11.0khash/s
4 x zero uses 1kw/h in 8 days @ 2..8khash/s

So with the higher hash rate of 11khash/s the pi3 is the more efficient choice.

Will have a better write up at the weekend, with the amount of coin generated per device, that will give a better indication
So at £0.16 per KWh that's £5.76 for 360 days. How do you know it's using 1KWh in ten days - have you measured it?
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rpdom
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Re: Is MAGI mining profitable?

Thu Nov 09, 2017 6:16 am

DougieLawson wrote:
Thu Nov 09, 2017 3:03 am
S0litaire wrote:
Wed Nov 08, 2017 3:28 pm
quick 'n' dirty calculations :

the Pi3 uses 1kw/h in 10 days @ 11.0khash/s
4 x zero uses 1kw/h in 8 days @ 2..8khash/s

So with the higher hash rate of 11khash/s the pi3 is the more efficient choice.

Will have a better write up at the weekend, with the amount of coin generated per device, that will give a better indication
So at £0.16 per KWh that's £5.76 for 360 days. How do you know it's using 1KWh in ten days - have you measured it?
Presumably so, using the USB energy meter mentioned previously in this thread.. Not that they are always that accurate.

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Re: Is MAGI mining profitable?

Thu Nov 09, 2017 7:57 am

rpdom wrote:
Thu Nov 09, 2017 6:16 am

Presumably so, using the USB energy meter mentioned previously in this thread.. Not that they are always that accurate.
But that's never going to be accurate as it gives an instantaneous value. You need to track power usage over time to get an average, it's probably a good idea to track CPU busy over the same timebase. Then you can come up with a microwatts value that correlates to CPU busy. From there it's simple maths to get an annual cost versus number of hashes calculated for the blockchain currency you're attempting to mine.
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rpdom
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Re: Is MAGI mining profitable?

Thu Nov 09, 2017 8:25 pm

DougieLawson wrote:
Thu Nov 09, 2017 7:57 am
rpdom wrote:
Thu Nov 09, 2017 6:16 am
Presumably so, using the USB energy meter mentioned previously in this thread.. Not that they are always that accurate.
But that's never going to be accurate as it gives an instantaneous value. You need to track power usage over time to get an average, it's probably a good idea to track CPU busy over the same timebase. Then you can come up with a microwatts value that correlates to CPU busy. From there it's simple maths to get an annual cost versus number of hashes calculated for the blockchain currency you're attempting to mine.
Most of them also give a cumulative power usage figure in mAh too.

S0litaire
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Re: Is MAGI mining profitable?

Thu Nov 09, 2017 8:31 pm

Yup it's a cheap and cheerful usb power meter, it keeps a running total of power used a well as a few other measurements.
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JF002
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Re: Is MAGI mining profitable?

Sun Nov 19, 2017 6:13 pm

S0litaire wrote:
Tue Nov 07, 2017 3:25 pm
Pi3 gives me 11 khash/s don't have an energy meter attached to it so not 100% sure of it's usage.
How do you achieve 11 Kash/s?
I've just compiled it, and it runs @ 4.4Khash (4*1.1). Did you use special compile options? Overclocking?

Thanks
My web site : https://codingfield.com

S0litaire
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Re: Is MAGI mining profitable?

Sun Nov 19, 2017 6:34 pm

JF002 wrote:
Sun Nov 19, 2017 6:13 pm
S0litaire wrote:
Tue Nov 07, 2017 3:25 pm
Pi3 gives me 11 khash/s don't have an energy meter attached to it so not 100% sure of it's usage.
How do you achieve 11 Kash/s?
I've just compiled it, and it runs @ 4.4Khash (4*1.1). Did you use special compile options? Overclocking?

Thanks
Nothing special other than using the 64bit OS
https://github.com/bamarni/pi64

And this version of the miner:
https://github.com/magi-project/m-cpuminer-v2/releases

Compile it as normal (In the first Makefile change the “-march=native” to “-mcpu=cortex-a53” )
then run as normal.
I'm NOT overclocking it because i've only passive cooling with a heatsink.
It seem a bi of a waste to use extra power for a fan that can cancel out the gains from OC'ing ;)

Also the energy usage is 5.2v @ 0.74A giving 3.8w (+/-0.1w)
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JF002
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Re: Is MAGI mining profitable?

Sun Nov 19, 2017 6:49 pm

S0litaire wrote:
Sun Nov 19, 2017 6:34 pm
JF002 wrote:
Sun Nov 19, 2017 6:13 pm
S0litaire wrote:
Tue Nov 07, 2017 3:25 pm
Pi3 gives me 11 khash/s don't have an energy meter attached to it so not 100% sure of it's usage.
How do you achieve 11 Kash/s?
I've just compiled it, and it runs @ 4.4Khash (4*1.1). Did you use special compile options? Overclocking?

Thanks
Nothing special other than using the 64bit OS
https://github.com/bamarni/pi64

And this version of the miner:
https://github.com/magi-project/m-cpuminer-v2/releases

Compile it as normal (In the first Makefile change the “-march=native” to “-mcpu=cortex-a53” )
then run as normal.
I'm NOT overclocking it because i've only passive cooling with a heatsink.
It seem a bi of a waste to use extra power for a fan that can cancel out the gains from OC'ing ;)

Also the energy usage is 5.2v @ 0.74A giving 3.8w (+/-0.1w)
Wow that's impressive! It seems that the 64bits OS improves the perfs a lot!
My web site : https://codingfield.com

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