The recent circular from Reserve of India warning about risks of Cryptocurrencies like Bitcoin, BBQCoin, Litecoin, Dogecoin, etc. has only rekindled the interests among tech savvy Indians. Everyday news articles about cryptocurrencies are becoming a norm in business section of newspapers. One quick thought strikes everyone's mind – ‘Can I become rich with Cryptocurrency?'. I’d like to answer your questions in this post.
Total Cost : Rs.53,846
If you want to make up to Rs.15,000 per month just go for the above configuration, But you need additional Rs.50,000 investment for two more graphics card. So your total investment would be Rs.1,00,000 which you can recover in less than 1 Year.
Total Cost : Rs.41,726
Please note that you save Rs.10,000 by above configuration but with a drawback of not being upgradable to extra graphics cards.
Beyond these hardware costs we have a dynamic exchange rates of cryptocoins which often determines the profit factor. So always choose a wise coin to mine. I mine BBQCoin and I have talked about it in my previous post. If you have any queries regarding setting up a miner, configuring a miner or choosing a cryptocoin, No matter what cryptocoin you are mining you can always exchange them at Cryptsy or Bter
Whom this post is for?
- Those who want to make a part time income from Cryptocurrencies rather than totally depending on it.
- Those who are ready to make a one-time investment of Rs.40,000 to Rs.50,000 in mining hardware. Please note, even in the worst case scenario if your mining adventure flops you still get a high end PC, which you can use for graphics designing or gaming.)
- Those who are patient enough to get their return from one-time investment in 1 Year.
My experience
Before writing this post I tested my mining hardware for 12 days with short breaks in-between. Here is the result.| Number of Days of Mining | 12 Days |
| Money earned | Rs.3,000 |
| Cost of electricity | Rs.30 |
| Total Profit Made | Rs.2,970 |
| Cryptocurrency | BBQCoin |
| Hashing Power | 640 Kh/s |
What kind of PC I use?
When I started to learn about Cryptocurrencies like Bitcoin I just lived in a dreamworld of making up to Rs.60,000 per month. But very soon reality hit me hard because I couldn’t make much from Rs.50,000 investment that I made in the hardware. But still I realized that its a much profitable business. Here is the configuration of the PC I bought (All the parts were ordered from Flipkart).
Component
|
Buy Online
|
Cost
|
Reason Why I Bought
|
Graphics Card
|
Rs.24,750
|
HD7950 with processing (hashing) power of 640 kh/s is most ideal card for mining. There are also other model with higher hashing power but with extra cost and power consumption.
| |
Processor
|
Rs.1,908
| Processor doesn't play much role in a mining hardware, So I opted for a cheapest one. | |
Motherboard
|
Rs.8,348
| ASRock motherboard has three PCI-E 3.0 slots. So its open for future addition of 2 more graphics cards. | |
RAM
|
Rs.3,150
| 4 GB is good enough for mining or any other use. | |
Power Supply
|
Rs.9,500
| Power Supply plays an important role in keeping you electricity costs low. 850W power supply can seamlessly power up to 3 graphics cards. | |
Hard Disk
|
Rs.2,575
| This is one of my biggest mistake. I bought this 32GB Solid State Hard Drive by blindly following an online tutorial. I could have better gone for Disk Drives. | |
Cabinet
|
Rs.3,615
| I just bought the cheapest cabinet available online. You can even use the old one if you have any. |
Total Cost : Rs.53,846
If you want to make up to Rs.15,000 per month just go for the above configuration, But you need additional Rs.50,000 investment for two more graphics card. So your total investment would be Rs.1,00,000 which you can recover in less than 1 Year.
What PC you can build?
If you want to start with a lesser investment in hardware and a monthly return of Rs.5,000 here is a configuration for you.
Component
|
Buy Online
|
Cost
|
Graphics Card
|
Rs.24,750
| |
Processor
|
Rs.1,908
| |
Motherboard
|
Rs.2,975
| |
RAM
|
Rs.2,745
| |
Power Supply
|
Rs.2,279
| |
Hard Disk
|
Rs.3,454
| |
Cabinet
|
Rs.3,615
|
Total Cost : Rs.41,726
Please note that you save Rs.10,000 by above configuration but with a drawback of not being upgradable to extra graphics cards.
Beyond these hardware costs we have a dynamic exchange rates of cryptocoins which often determines the profit factor. So always choose a wise coin to mine. I mine BBQCoin and I have talked about it in my previous post. If you have any queries regarding setting up a miner, configuring a miner or choosing a cryptocoin, No matter what cryptocoin you are mining you can always exchange them at Cryptsy or Bter
Please feel free to drop me a message in Wechat. Here is my QR Code
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