Mining Rig Help

[reyazjunior]

I want to make a new mining rig. I have no previous experience in building mining rigs. My budget is 3500 USD or 2.3 lakhs in INR. Please help me. Electricity cost is 0.232/kWh in India. Please use a profit calculator to see if the rig will give me any profit or not. List all components with amazon.in links.

 

[vrumor]

Do you want someone to build it for you too? You can im sure calculate your own costs and profits, if there are any. There is also a sticky at the top of this forum you use when asking for help.

 

[MrN1ce9uy]

I mined crypto earlier in the year. It was much more profitable then than now, at least for ETH. Looking at the profit calculators you'd profit $100/month more or less. Is that really worth it? What if electricity costs you more than you think? What if there are extra fees you didn't know about or consider?

https://www.cryptocompare.com/mining/calculator/eth?HashingPower=150&HashingUnit=MH%2Fs&PowerConsumption=700&CostPerkWh=0.232

PCPartPicker part list / Price breakdown by merchant

CPU: Intel - Pentium G4400 3.3GHz Dual-Core Processor (₹4087.00 @ Amazon India)
Motherboard: Gigabyte - GA-Z170X-Gaming 5 ATX LGA1151 Motherboard (₹7499.32 @ Amazon India)
Memory: Corsair - 4GB (1 x 4GB) DDR4-2133 Memory (₹3299.00 @ Amazon India)
Storage: SanDisk - SSD PLUS 120GB 2.5" Solid State Drive (₹3894.00 @ Amazon India)
Power Supply: Corsair - Professional 1200W 80+ Platinum Certified Fully-Modular ATX Power Supply (₹17044.77 @ Amazon India)
Other: SYNTRONIC Pack Of 6 Card Pci-E 16X To 1X Adapter Usb3.0 Usb 3.0 Riser Card Adapter Cable (₹3999.00)
Other: ZOTAC GeForce GTX 1070 Mini 8GB GDDR5 VR Ready Super Compact Graphics Card (ZT-P10700G-10M) (₹37800.00)
Other: ZOTAC GeForce GTX 1070 Mini 8GB GDDR5 VR Ready Super Compact Graphics Card (ZT-P10700G-10M) (₹37800.00)
Other: ZOTAC GeForce GTX 1070 Mini 8GB GDDR5 VR Ready Super Compact Graphics Card (ZT-P10700G-10M) (₹37800.00)
Other: ZOTAC GeForce GTX 1070 Mini 8GB GDDR5 VR Ready Super Compact Graphics Card (ZT-P10700G-10M) (₹37800.00)
Other: ZOTAC GeForce GTX 1070 Mini 8GB GDDR5 VR Ready Super Compact Graphics Card (ZT-P10700G-10M) (₹37800.00)
Total: ₹228823.09
Prices include shipping, taxes, and discounts when available
Generated by PCPartPicker 2017-10-14 19:40 IST+0530

PCPartPicker part list / Price breakdown by merchant

CPU: Intel - Pentium G4400 3.3GHz Dual-Core Processor (₹4087.00 @ Amazon India)
Motherboard: Gigabyte - GA-Z170X-Gaming 5 ATX LGA1151 Motherboard (₹7499.32 @ Amazon India)
Memory: Corsair - 4GB (1 x 4GB) DDR4-2133 Memory (₹3299.00 @ Amazon India)
Storage: SanDisk - SSD PLUS 120GB 2.5" Solid State Drive (₹3894.00 @ Amazon India)
Power Supply: Corsair - Professional 1200W 80+ Platinum Certified Fully-Modular ATX Power Supply (₹17044.77 @ Amazon India)
Other: SYNTRONIC Pack Of 6 Card Pci-E 16X To 1X Adapter Usb3.0 Usb 3.0 Riser Card Adapter Cable (₹3999.00)
Other: MSI RX 580 GAMING X 8G Radeon RX 580 GDDR5 8GB CrossFire VR Ready FinFET DirectX 12 Graphics Card (₹31203.41)
Other: MSI RX 580 GAMING X 8G Radeon RX 580 GDDR5 8GB CrossFire VR Ready FinFET DirectX 12 Graphics Card (₹31203.41)
Other: MSI RX 580 GAMING X 8G Radeon RX 580 GDDR5 8GB CrossFire VR Ready FinFET DirectX 12 Graphics Card (₹31203.41)
Other: MSI RX 580 GAMING X 8G Radeon RX 580 GDDR5 8GB CrossFire VR Ready FinFET DirectX 12 Graphics Card (₹31203.41)
Other: MSI RX 580 GAMING X 8G Radeon RX 580 GDDR5 8GB CrossFire VR Ready FinFET DirectX 12 Graphics Card (₹31203.41)
Other: MSI RX 580 GAMING X 8G Radeon RX 580 GDDR5 8GB CrossFire VR Ready FinFET DirectX 12 Graphics Card (₹31203.41)
Total: ₹227043.55
Prices include shipping, taxes, and discounts when available
Generated by PCPartPicker 2017-10-14 19:45 IST+0530

 

[King Dranzer]

Here in India mining is much more complicated unless you have already done some background research regarding the taxation on it. Do some research regarding the taxes implied on it and how or what should you file it under and what is the amount you have to pay under taxation. Have a chat with your CA or try out accounting forums for more info.

Do some research.

 

[reyazjunior]

King Dranzer,
You are correct
However, I will only have to show my profits in my IT file if I do a business transaction over 3.5 or 5 lakhs with crypto currency. If I transfer to my bank account, tax will be cut according to GST(I supposed).

 

[reyazjunior]

MrN1ce9uy,
The build you showed is very good. Exactly my budget. I saw one GTX 1070 giving 30.9 Mh/s at power target 65% and wattage 101 watts. 6.of them will use less than 1000 W. The RX 580 build will take more power and give less hashrate, even if undervolted. So the first build is good. I'll check a profit calculator after finding my total hashrate. Thanks a lot. If Eth switches to PoS then I'll mine LTC or some Altcoin.

 

[King Dranzer]

King Dranzer,
You are correct
However, I will only have to show my profits in my IT file if I do a business transaction over 3.5 or 5 lakhs with crypto currency. If I transfer to my bank account, tax will be cut according to GST(I supposed).

Yes when you transfer it to bank account TAX will be deducted but according to IT slabs not the GST. So yes please do check on that.

Hope you earn some profits from it. All the best with the project.