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(Cancelled) Cryptum Mining

(Cancelled) Cryptum Mining

This article is now obsolete and is being moved to the archives.

The mining project is a secondary project we will develop with 30% of the ICO funding only if we sell 150 000 or more CRTM (outside bonuses). Our sale is limited to 1.1 million of CRTM, incl. bonuses, and the mining project funding is 30% of the total, so the maximum is somewhere around $1.8 million, and this is a number that mostly refers to our capability of managing the project.

Funding with between 30% of 150 000 to 1.1 million CRTM means the mining project can spread between around $250 000 and $1 800 000. It is impossible to put up a plan for each given amount, and the difference is striking, so we had to develop a plan covering everything between quarter of a million and nearly $2 million. Not an easy task, but we have some ideas:

Choice of hardware (based on the amount of funds raised)

First, in case the ICO hits a higher target, we decided to go for mixed GPU and ASIC mining (to fight availability issues), with an emphasis on GPU hardware. If the we raise an amount closer to the lower mark, we will still invest in both ASIC and GPU mining, but with much more emphasis on available ASIC hardware. There is now a fundamental difference in how fast the returns and long-term profitability from the two different types interact.

ASIC miners are suffering from availability issues, but in case with a new release, and there are few expected before the end of the year, we would be able to get much faster return of investment. Problem is that with each new and more powerful miner release, the difficulty catches up pretty fast, and these miners quickly become much less profitable compared to their release profitability. Of course, this is a general trend.

At the same time, GPU mining also has some availability problems, even if it is much less pronounced, and it’s on the expensive side if we are talking about higher-end graphic cards. At the current profitability rates we would be able to pull out 300-450% the cost of electricity with GPU mining even if the mining continues the trend of becoming less viable, for at least 2 years with the latest hardware. Adding GPU mining gives us the ability to jump on opportunities like new coins and such (including our own) with a proper software support.

Our GPU choices are NVIDIA cards from the top range, like GTX 1080 Ti and GTX 1080, depending on the availability. While they are considered sub-par for Ethash and Equihash mining because of memory latency, their performance for skein, blake2s, lbry and any other GPU-heavy algorithm is superior to any other GPU. And both cards work well after reducing their core voltage and memory speed, reducing their power requirements by as much as 15-20% with zero reduction of speed or even additional performance over stock values. In addition, these cards offer superior hashrate density compared to GTX 1070 and most AMD cards (again, depending on the algorithms we mine).

GTX 1070 is still one of the best cards for certain cryptocurrencies, but they fall short in mining GPU-heavy algorithms, and are mostly preferred for ETH (+dual) or Equihash mining, which are not always the top choices in terms of fast profitability (Ethereum mining is viable because the Ethereum price is expected to rise with time), even if they are preferred because of the lowered power requirements compared to other algorithms.

We are pretty much ignoring AMD cards. Their availability is abysmal, and their management is much more engaging. As it all depends on availability and we want the project to run at full speed as fast as possible, we would separate it into few types of uniformed rigs, ming either whatever is most profitable, or supporting the project by mining ETH, which would be needed for the shared profits.

All of the NVIDIA top GPUs are extremely easy to manage and nearly 100% of them work well with much reduced core voltage, resulting much lower spending on electricity and consequent heat reduction. A simple voltage reduction could lower a single card power requirements with as much as 30+%, without sacrificing anything in terms of processing power and stability, depending on the mined algorithm

  • GTX 1080 Ti are the least profitable in terms of initial investment because of their high price, but they are oriented towards long-term mining. They also allow much better response to opportunities that rise with new currencies or unexpected market changes, and are top choice in regards of space conserved – which is also an issue with such a number of rigs. These cards also offer absolutely superior density for nearly all algorithms.
  • GTX 1080s are the easiest to manage and in many regards they scale nearly the same way as 1080 Ti in power efficiency, except for the number of slots; yet they would require less of the PSUs, which is another limited availability rig component.
  • GTX 1070s are, as we already pointed out, a top choice for Equihash and Ethash mining, but if we want to jump on an opportunity, like new coin launch, the management and possibly the hashrates won’t be anywhere near what we could expect from the top cards. There is also the issue of their availability, as they are rarely found in the required quantity in the distribution network in Europe.
  • ASIC mining is much more straightforward, as there are far less choices of algorithms and we only have to choose among the available miners at the time of the token sale end.

With electricity cost on the lower side (0.13 EUR less VAT for data center facility with cooling included), we would only care for how much more it can push for a month. Currently we are looking at few miners, but this decision would have to wait for the conclusion of the sale because we cannot predict the number of miners we would require, nor their availability.

Mining project management

Our partners at HardwareBG have been into mining long enough to even develop some tools for rig management of their own, and by partnering with other companies they already have tested countless ways to fight daily chores. All of the rigs will come with both redundant software remote management capability and hardware monitoring and power management.

Crypto Mining Blog involvement means we will always have the latest compiled miners, and also get news of new opportunities even before they gain much attention. They will also advise on ASICs as we will be looking into them at any of the projected funding goals.

All of the hardware will be hosted at managed and secure mining-related datacenters that already have good experience with mining hardware. Such hosting is readily available in the country, but we have been approached by a company opening a new facility and reduced per kW prices already. Bulgaria is famous for its fast Internet access and great many data centers are already located here or being developed. We have a few offers, and all of them are based on electricity spent, so we would probably diversify the locations in order to minimize the risk of power outages.

Further details can be found in our Whitepaper and the Cryptum Blog.

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