Overview
From February 2021 to September 2022, I built and operated a cryptocurrency mining rig using repurposed computer components.
The rig was housed in a server rack and powered by five NVIDIA GTX 1660 graphics cards. I used NiceHash to sell the rig’s mining computing power, generating approximately NZ$80 per week during profitable periods.
The project recovered its initial costs before Ethereum transitioned from Proof of Work to Proof of Stake in September 2022.
What I Did
- Sourced and repurposed existing computer components to minimise initial costs.
- Designed and assembled a five-GPU mining system within a server rack.
- Configured and managed the hardware and mining software.
- Used NiceHash to monetise the rig’s computing power.
- Monitored performance, reliability, and profitability.
- Evaluated the impact of cryptocurrency market conditions and Ethereum’s transition to Proof of Stake.
Key Takeaways
This project developed my understanding of GPU hardware, system configuration, and maintaining a computer running continuously over an extended period.
It also provided practical experience evaluating an investment based on upfront costs, operating expenses, and ongoing revenue. Managing the rig through changing cryptocurrency market conditions demonstrated how external technological and economic developments can affect the viability of a project.