Passive Income with Cryptocurrency Mining

MVIMG_20180426_075306-300x225 Passive Income with Cryptocurrency MiningIn my last Passive Income Report, I mentioned that I now have a new source of passive income coming in every month. Today I will be talking about that new sources. I am now making passive income with cryptocurrency mining. I will be discussing my upfront cost and my cost to run my mining rig.

And most importantly, I will be discussing the passive income through cryptocurrency mining that I will be collecting every month.

 

 

 

Mining Rig Initial Cost Investment:

The initial cost of the rig can be very expensive. It all depends on what scale you want to go. The biggest cost of any mining rig is the video card which is actually the device that is doing the mining. I currently have one video card installed on my rig, but I plan to add a few more. My goal is to have three video cards total for mining. My computer case can hold up to eight total video cards, but then I would have to start worrying about cooling and power and noise.

The next biggest cost is the building of an actual computer to run the video cards. For this part of the investment, you only really need a good mining motherboard. For example, I have an Asus B250 Mining motherboard that can handle 16 video cards. This motherboard is more than enough for me and my future plans for cryptocurrency mining.

You do not need the fastest Intel processor in the market. I went with an Intel i3 processor. You also do not need 16 GB or more of RAM. In this case, I went with an 8GB memory stick. You just need something that can run Windows OS. However, I do recommend a solid state hard drive. That way the likely hood of a harddrive failer will be nonexistences.

I can go more in detail with this, but that will be more than what I wanted to say on this post. If you guys have any questions or would like for me to write a more detail post please let me know and I can make that happen. Leave a comment below.

Here we have all the items that I purchased to make my mining rig work.

Item Cost
Vega FE (Amazon) $875.07
Leviton DW15A-1BW Decora Smart Wi-Fi Plug-in Outlet $38.75
APC 1500 $159.99
CompuLab Display Emulator $8.50
Fan Hub Splitter $13.88
Ubit 6 Pack Latest PCI-E Riser Express Cable $47.98
ASUS B250 MINING EXPERT LGA1151 $138.99
Thermaltake Engine 27 1U Low-Profile $41.51
Intel Core i3-7100 7th Gen Core Desktop $114.99
Crucial 8GB Single DDR4 2133 MT/s (PC4-17000) $84.47
Corsair CP-9020140-NA HX1200 1200W $229.99
Cooler Master Sleeve Bearing 120mm Silent Fan $12.95
Cooler Master Sleeve Bearing 120mm Silent Fan $12.95
8 GPU Miner Case Aluminum Stackable Mining Case Rig Open Air  $80.00
 SAMSUNG 860 EVO Series 2.5″ 250GB SATA $79.99
Total Cost of Equipment: $1,940.01

So $1,940.01 was my total initial cost to get this passive income from cryptocurrency started. Below is my mining rig at its current state.

IMG_20180501_205917-300x225 Passive Income with Cryptocurrency Mining

 

 

The Cost to Run/Maintain the Mining Rig:

The only cost to run my rig at its current setup is only 332 Watts for 24 hours. This comes to about $29.10 a month. Of course, if I add more video cards, the power consumption goes up. If I were to go at a much bigger scale, then I have more cost to worry about like cooling.

Currently, power is the only cost I have to worry about right now. Maintaining my mining rig is super easy. I just let it sit in a corner and let it do its thing. This is why this is totally passive income while cryptocurrency mining.

So, for now, I am happy to be running my mining rig with the one video card. Like I said above, I do plan on buying two more cards.

Now the question is, Is it worth it?

Passive Income with Cryptocurrency Mining:

You now know my initial investment of $1,940.01. You now know my running cost of electricity of $29.10 a month.

So is it worth it?

The answer is YES! YES, it is!

I am projected to make between $100 to $150 a month minus the electricity cost of $29.10.

If I invested $1940.01 and I am projected to take home $70.90 to $120.90, then I am projected to take home $850.80 to $1,450.80 a year. This then means that I am yielding 43.9% to 74.8%.

Excuses me?!?! I am yielding what?!?!? That is correct. I am yielding between 43.9% to 74.8%. Therefore, in one year and a few months, I can have my full investment back. After that, it is pure profit.

When I first was learning about cryptocurrency mining and punching in the numbers, I finally realized why people have invested hundreds of thousands of dollars on a farm of mining rigs.

At this point in time, I have made $155.53. My rig has only been running for a little over a month.

 

Conclusion:

So there you have it. This is how I am making passive income with cryptocurrency mining. I would not recommend people doing this unless you are not afraid of losing it all if the cryptocurrency world goes to zero. I also would not recommend doing this if you are not willing to learn from your failures and mistakes. Trust me there will be tons before your mining rig is running solid.

I recommend cryptocurrency mining to people that are into computers and have a basic understanding of computers. As well as people who are not afraid to lose their initial investment if the crypto space goes to zero.

With that said, Please make sure to connect with me to follow my progress on Facebook and on Twitter.

If you have any questions or comments, please leave them below. I would love to hear your thoughts.

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Comments

  1. Hi, great update.

    Very interesting – might consider getting into it. What crypto do you mine? Can you share info/websites on how to learn more (i.e. practical details on building it)

    Thank you
    Sergio

    • Hi Sergio, Thanks for reading my post. So far it has been going great with my mining rig. I use nicehash.com for my mining pool and to be paid. As far as building a mining rig, I would recommend watching a lot of youtube videos. There are tons of videos on how to build a mining rig. Let me know if you have any questions. I love helping. 🙂

  2. Felix,

    Super cool. I’ve always built my own computers so I’d enjoy putting together one of these rigs. I just haven’t had the time to see if the economics make sense. The numbers you are getting are great. I’d love to see your updates on how it’s going. It’s super interesting. Good luck!

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