Only after moving to NYC from Kansas City did I realize I had it good. The sole reason for not mining then was due to fear of electricity costs, hardware costs, and fire. It surely didn't help when the crypto market went belly up with short term price volatility from it's all time highs in January. After spending hours researching which materials to get, and doing my due diligence, I was paralyzed and eventually let the fear of failure get the better of me. Juggling my full time job and taking care of a sickly pet also compounded upon my fears and I gave up mining for 6 months.
Fast forward to 2018, and the idea sparked again. I wanted to mine in order to take advantage of lower overhead costs from staying with my parents in NYC. But I had the same fears I had previously, but with different applications. This time, the electricity costs in NYC were profoundly greater than in Kansas City, with $0.17/KWH in KC to $0.268 in NYC. Also, the circuit breakers in the NYC house were old and less capable than my loft in KC with brand new circuit breakers and outlets. Since this household was occupied by 4 people, the chance of wattage overload was much greater than when I was living by myself in Kansas City. After doing my due diligence I realized that this was a once in a lifetime opportunity to mine, and that I could no longer wait anymore. I had the same sort of fears that I had previously and squandered an opportunity. This time I could not stop myself.
The greatest fear that I had with mining in NYC was the idea of fire and destruction. Since there were already so many appliances running in this household, and with the circuit breaker not being labeled, I was in the dark with how to navigate. However, this was a limiting belief, and a faulty wiring of the mind. The brain will always rationalize worst-case scenarios in order to preserve the self. It was essentially fight or flight in motion. I simply had to do my best research to make sure I controlled all variables that I could control, and adjust if there were any problems that stymied. So, it took me about a month to pull the trigger but I did. I researched the best possible energy-efficient GPU with the best possible hash-rate, and I ended up choosing the Zotac 1070ti. I nearly chose the Zotac 1060, but I didn't for a few reasons.
The main decision I had to make was choosing between $160 in cost savings per card versus having a higher hash rate per card. Choosing the 1060 would have been the most energy efficient option while also being the most scaleable since they were much cheaper. I knew I wanted a trio-rig, so I simply could have bought 3 1060s for $500 cheaper than the 1070tis. I could have then used the cost savings to purchase more GPU cards to upgrade to a 6 card GPU rig in the future. The downside to this was that 1060s are going to have degraded hash rates much sooner than the 1070tis.
The other option was to choose the 1070ti and have an incremental increase in energy costs of 135 watts, while having higher hash rates per card. They also would have had longer lifespans since they were newer. Since the block reward difficulties are constantly in flux and get higher quickly, higher processing GPUs are necessary to keep up.
Estimated hash rates:
On my next blog post, I will take you on my journey to building my first mining rig, and how I deal with the electricity problem to prevent worst-case scenarios. I will finally pull the trigger and start building up my mining passive income more. Look out for a new video to accomplice the new post! Don't forget to subscribe to my newsletter to get the jump before anyone else!
Zotac Crypto Mining in New York City Despite High Rates (1070ti vs 1060) Reviewed by Dividend Raptor on 5:57 PM Rating: