Daily Mining Profits

[undertaker2k8]

I keep it simple. I buy and hold. I don't trade crypto.
If I thought BTC was dying I wouldn't be selling my equipment to buy more BTC.

As to selling my Ampere cards -- I won't be selling them until the next Crypto boom, as they'll be worth more then, than they are now. Just like in 2020 when Crypto mining was unprofitable, Nvidia 1070 cards were selling for $200, but during this 2021 crypto boom they went back up to $400-$600 used.
My 3080 FHR card is probably worth $750 right now, but if I hold it till the next boom I can probably get $1000 or more, even if it's another year out, and not currrent top gen. So I should mine with it, until that point, and then sell it and begin to replace it with 4xxx series nvidia cards - since I think Crypto is going up in value - covering my current electricity costs now, and keep the cards - because they'll be worth more in the next boom. Double win. (my prediction)

Once ETH goes POS (and now it is inevitable in the next 3-4 months) there may not be a profitable coin for GPU mining for a long long time. BTC may still go up, but not sure of ETH and it's derivatives.

 

[Archaea]

Once ETH goes POS (and now it is inevitable in the next 3-4 months) there may not be a profitable coin for GPU mining for a long long time. BTC may still go up, but not sure of ETH and it's derivatives.

It’s been inevitable multiple hard dates for the last 5 years +

 

[LukeTbk]

Once ETH goes POS (and now it is inevitable in the next 3-4 months)

Is there a significant reason why now it is inevitable versus all the previous time ?

2020:
https://cointelegraph.com/news/eth-miners-will-have-little-choice-once-ethereum-20-launches-with-pos
2017:
https://www.coindesk.com/markets/2017/05/05/ethereums-big-switch-the-new-roadmap-to-proof-of-stake/

I am a complete know nothing at all here and could sound stupid, but seem to me that an healthy attitude by this point would be maybe it will never happen and certainly never have a short windows for which it is inevitable.

 

[undertaker2k8]

History is a good indicator of the future till it isn't, anyhow profitability is so low currently and not getting better even if miners' dream of no POS somehow materializes that it doesn't matter. Also delays aside, it's counterintuitive to bet that the main thing eth developers are working on will never happen, just because it's bad for the mining community...

 

[funkydmunky]

Keep in mind fellows it doesn’t matter what BTC you are mining is worth now, it only matters what it’s worth when you sell it. As long as you are still accumulating it, and believe it will still higher long term than it is now, then keep mining.

Case in point. I stopped mining in 2020 because it wasn’t profitable, but BTC is worth 30K now which is quite a bit more than it was in 2020. In hindsight, all the mining through 2020 would have been profitable if selling now, and extremely more so if BTC hits 100K at the next big upswing, which I still very much expect.

https://coinmarketcap.com/currencies/bitcoin/historical-data/

You should only quit mining (from a historic perspective) if you believe BTC is now on a reverse trend for long term value and is dying.
View attachment 481369

No you should ALWAYS quit mining when it costs more then your hydro if you are not supplementing your household heating. Otherwise you are throwing $$ away as you could just actually buy the coins without the loss. Electric/Hydro bill $500 for $400 in coin. Just buy the $500 in coin and be ahead.

 

[Bigbacon]

yea I'm just about to shut mine off. My daily BTC profits are pretty much just above what I spend in electricity daily to run it...that and my electricity just went up 23%.

Not sure if I just keep it and wait or sell it all off and not worry about it. this is the lowest daily average i've seen since I started and its been low for about 4 days now.

 

[thecold]

With summer coming, it's more likely the average person will lose money. With electricity price increases and summer heat, I wouldn't even think about mining.

While I have the land to put up solar panels, I do not have the capital, it's just going to be a nogo.

 

[skiddy]

I shut mine off the other day. After electricity costs, I would have maybe been netting $2-3 a day, and that's before ETH dropped another $500. I think my mining run is over - grossed ~$8k over the past 15 months which isn't too shabby for not spending any extra money on GPU's or mining hardware.

 

[applegrcoug]

I shut off a rig of RX 580s today. It was in the black, but just barely....and before I factor in the AC runs harder. A month ago I shut down the 4gb rig. All I have running are 3000 series cards and a KD5. Not sure what is next to get shut down.

 

[Gideon]

Seems the crypto market has cratered, unless it recovers I doubt mining with any video card will be profitable anymore.

 

[Bigbacon]

I shut mine off the other day. After electricity costs, I would have maybe been netting $2-3 a day, and that's before ETH dropped another $500. I think my mining run is over - grossed ~$8k over the past 15 months which isn't too shabby for not spending any extra money on GPU's or mining hardware.

same here, I think I got a little over 8k in 16 months which was 8k more than I had when I started. Luckily most of my purchases were covered by mining and/or covered by me selling other stuff around the house I didn't need.

 

[Verge]

Seems the crypto market has cratered, unless it recovers I doubt mining with any video card will be profitable anymore.

Whattomine says a 3090 gets almost a dollar per day, summer here though, so it doesn't really calculate electricity properly, as i have to spend more KWh to cool all the heat produced.

 

[DPI]

Nicehash kids, casuals and late-bandwagoners getting the fuck off of ETH and shutting down = Net difficulty falling = yield is up = music to my ears.

 

[atp1916]

~ 2 hours till that hammer drops on Eth.

Who still has their farms?

 

[arnemetis]

~ 2 hours till that hammer drops on Eth.

Who still has their farms?

Running for another half hour or so then I am shutting them down before I go to bed. Hope over the next few weeks something emerges as profitable, but my electric is pretty high ($0.21/kwh) so they might stay off until winter where I can use them to heat my basement vs the regular electric heater.

 

[applegrcoug]

I'm in PDT, so I'm running right until the end. Only 45min to go.

 

[applegrcoug]

And that is that.

 

[funkydmunky]

I'm in PDT, so I'm running right until the end. Only 45min to go.

I thought this would be uncommon as I thought the GPU tsunami would have already happened. It didn't. So are the majority holding till the end? Why such deep stupidity?

 

[TaintedSquirrel]

Having some fun watching these skyrocket today.

https://2miners.com/erg-network-hashrate
https://2miners.com/rvn-network-hashrate
https://2miners.com/etc-network-hashrate

 

[xenium]

Having some fun watching these skyrocket today.

https://2miners.com/erg-network-hashrate
https://2miners.com/rvn-network-hashrate
https://2miners.com/etc-network-hashrate

The real entertainment will be 3000 series prices. All the newbies that bought/kept ampere cards with (even average) residential electric rates are about to dump on the market. Itshappening.jpg

 

[TaintedSquirrel]

Thanks for that pic I should start tracking ebay prices again.

 

[Andrew_Carr]

All the newbies that bought/kept ampere cards with (even average) residential electric rates

I feel attacked

 

[Zepher]

The real entertainment will be 3000 series prices. All the newbies that bought/kept ampere cards with (even average) residential electric rates are about to dump on the market. Itshappening.jpg

View attachment 510307

That is going to push the 40 series back some more probably or cause the price of the 40 series to be more reasonable.

 

[xenium]

I feel attacked

If it makes you feel any better I still have a few ampere cards left myself, but they're more than paid off. It was more directed towards people still buying ampere the last ~6 months, and betting on the idea of POS being perpetually delayed.

On a side note, TRM is developing an ergo bitstream for C1100's. ETC is getting absolutely hammered by hashrate/asics right now, so that should breath some life/profitability back into the C1100's.

That is going to push the 40 series back some more probably or cause the price of the 40 series to be more reasonable.

Nvidia got screwed the last mining boom/bust, and they didn't learn from their mistakes.

 

[Andrew_Carr]

Oh, guess I'll hold onto my C1100 then.

I guess what Nvidia learned is to nerf next gen GPUs for mining and then double the power requirements so gamers need new PSUs and AC units and then you'll destroy demand enough for supply to be sufficient.

 

[Archaea]

Well that went over worse than I expected:


After POS this morning

Before I went to bed last night (before ETH POS)

 

[Archaea]

BTW. Just in case this change does NiceHash in, I just withdrew my balance from them.

 

[auntjemima]

Having some fun watching these skyrocket today.

https://2miners.com/erg-network-hashrate
https://2miners.com/rvn-network-hashrate
https://2miners.com/etc-network-hashrate

This is exactly what I expected to see, although I also expected some increase in RVN price lol

 

[kirbyrj]

BTW. Just in case this change does NiceHash in, I just withdrew my balance from them.

Good idea. Just did the same.

 

[Verge]

Well that went over worse than I expected:

I mean, not sure why people would be surprised. Millions of GPU's sitting idle this morning, looking for random alt-coin hashrates to wreck.

 

[Archaea]

Good idea. Just did the same.

10 cents to transfer. Happened within just a few minutes from nicehash to cold wallet. Early this morning about 6AM central.

Long live BTC. And good luck to NiceHash -- I think they are gonna need it.

 

[kirbyrj]

10 cents to transfer. Happened within just a few minutes from nicehash to cold wallet.

Long live BTC. And good luck to NiceHash -- I think they are gonna need it.

I have a feeling it's getting a little tighter for them. It took them 45 minutes to process my withdrawl.

 

[Bigbacon]

Running for another half hour or so then I am shutting them down before I go to bed. Hope over the next few weeks something emerges as profitable, but my electric is pretty high ($0.21/kwh) so they might stay off until winter where I can use them to heat my basement vs the regular electric heater.

electric costs was the whole reason I dumped my miner. If it hadn't gone up like 33% in the last 5 months I would have probably stayed just to stay in the game while something else slowly takes over ETH for the coin to mine. I dumped my cards early enough where I was at least getting most of my money back.

 

[pclausen]

I switched my rigs from ETH to ERG before going to bed last night. I was making $70/day last night on ETH. Today, I seem to be holding steady at right around $35/day. So a drop of 50%, not nearly as bad as I expected, but it will probably take several days or maybe weeks before things truly settle. As a bonus, my power consumption for my rigs dropped from about 8kW to 6.5kW and all my rigs run much cooler as a result. Still running with clocks optimized for ETH, so I'm sure I have room to tweak things for better hash rates/efficiencies. ps. my power cost is $0 since my rigs are 100% solar powered.

 

[Archaea]

I switched my rigs from ETH to ERG before going to bed last night. I was making $70/day last night on ETH. Today, I seem to be holding steady at right around $35/day. So a drop of 50%, not nearly as bad as I expected, but it will probably take several days or maybe weeks before things truly settle. As a bonus, my power consumption for my rigs dropped from about 8kW to 6.5kW and all my rigs run much cooler as a result. Still running with clocks optimized for ETH, so I'm sure I have room to tweak things for better hash rates/efficiencies. ps. my power cost is $0 since my rigs are 100% solar powered.

I hope the profits continue for you - but unless these other PoW coins marketcap grow, they'll not be able to support all the miners heading your way.

RedPandaMining did a video clip on this last week.
Eth paid out 24 million USD per day on average to miners
all the other PoW coins combined (COMBINED he said - excluding BTC) pay out 2.5 million USD per day to miners.

That's a 21.5 million USD daily payout shortfall. I don't see how the other PoW coins can cover. Your best hope is there are a bunch of hobby miners that just don't care to pursue the small stuff and stop mining. I have no idea how many miners are hobby miners vs. professional miners.

 

[kirbyrj]

That was last night. I'm sure this morning things aren't looking quite as good. I was down to maybe 15-20% of what I was pre-merge. Time to shut 'er down until the winter. I'll turn them on again just for the heat then.

 

[TaintedSquirrel]

Eth has been bleeding all morning, just dumped 5% instantly a few minutes ago.

edit: Just dumped another 1%. Testing 1.5k.

edit: Another 1%. Blew right through 1.5.

 

[applegrcoug]

I switched my rigs from ETH to ERG before going to bed last night. I was making $70/day last night on ETH. Today, I seem to be holding steady at right around $35/day. So a drop of 50%, not nearly as bad as I expected, but it will probably take several days or maybe weeks before things truly settle. As a bonus, my power consumption for my rigs dropped from about 8kW to 6.5kW and all my rigs run much cooler as a result. Still running with clocks optimized for ETH, so I'm sure I have room to tweak things for better hash rates/efficiencies. ps. my power cost is $0 since my rigs are 100% solar powered.

I think Erg has a lag on the adjustment of like two days. Look out Friday.

 

[TaintedSquirrel]

I think Erg has a lag on the adjustment of like two days. Look out Friday.

Mining software on PC's can switch coins automatically, ofc that's the big spikes we saw last night at 3 am.
But what about ASICs? If they have to be turned manually, it will take a few days.

 

[applegrcoug]

This is exactly what I expected to see, although I also expected some increase in RVN price lol

it is interesting now as hashrate has now come off those.

The one that is really interesting is ETC with its something like 290th. That is where gobs of hashrate have gone. That is working out to be about 30% of the peak eth hashrate. Some of those asic machines have gone from $75/day profitability to like $2.00. Ouch.