has the rate at which you mine ethereum gone down?

Charlie5277

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Jun 7, 2021
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We all know the market has tanked, and earnings - when converted to US$ - are half what they were a couple months ago. That's not what I'm talking about here.

For those of you mining Ethereum in mining pools - are you earning less Ethereum now than you were a month or two ago? Or has your daily earning rate stayed about the same?

Because I'm not mining Ethereum. I'm mining Bitcoin, through the mechanism of using Nicehash. And my daily earnings, over the last month, have absolutely fallen off a cliff.

I used to average about .00007200 bitcoin in 4 hours; in 24 hours, that works out to .000432 bitcoin. That was as recently as the last week in December. Since then, my mining rate has fallen disastrously. I'm now averaging about .00006300 bitcoin in 4 hours; in 24 hours, .000378 bitcoin. That's a reduction of 12.5%.

Mining Ethereum has always been slightly more profitable than using Nicehash. But if my productivity is going to be slashed as well, then it might be time to give up on Nicehash and mine Ethereum.

So: what has your experience been mining Ethereum in a pool? Has it remained about the same? Or are you earning less Ethereum now than you were a month or two ago?
 

Zepher

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Sep 29, 2001
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19,390
We all know the market has tanked, and earnings - when converted to US$ - are half what they were a couple months ago. That's not what I'm talking about here.

For those of you mining Ethereum in mining pools - are you earning less Ethereum now than you were a month or two ago? Or has your daily earning rate stayed about the same?

Because I'm not mining Ethereum. I'm mining Bitcoin, through the mechanism of using Nicehash. And my daily earnings, over the last month, have absolutely fallen off a cliff.

I used to average about .00007200 bitcoin in 4 hours; in 24 hours, that works out to .000432 bitcoin. That was as recently as the last week in December. Since then, my mining rate has fallen disastrously. I'm now averaging about .00006300 bitcoin in 4 hours; in 24 hours, .000378 bitcoin. That's a reduction of 12.5%.

Mining Ethereum has always been slightly more profitable than using Nicehash. But if my productivity is going to be slashed as well, then it might be time to give up on Nicehash and mine Ethereum.

So: what has your experience been mining Ethereum in a pool? Has it remained about the same? Or are you earning less Ethereum now than you were a month or two ago?
Actually, you are mining Ethereum with Nicehash, they just pay you in Bitcoin.
I noticed my rates dropped a lot, down to like $2-3/day so I turned off Nicehash for the time being.
I only mine with my single 3080 in my gaming PC.

Bitcoin might end up hitting $10k in the next week or so and chill at that level for a few months before going back up and exceeding the $69k peak.
 

Schro

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Mar 15, 2002
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You've got apples and oranges that you're asking about. I'll see if I can address both:

Direct Ethereum Mining: Let's take two steps back - Ethereum's block chain has a general target of producing 1 block every 15 seconds (which pays a reward that pays you). At a given difficulty level, the more hash rate thrown at it, the faster a block will be found (and of course, less hash means a slower block). The limiter applied to keep the block timing steady is difficulty (of finding a block). As hash rate increases, so does difficulty to keep the block time constant-ish. As Verge pointed out with his link, hash rate has doubled over the past 6 months. At a rough cut, that means if you had X hash rate earning Y Eth 6 months ago, you'd be earning about half of Y today for the same hash rate.

Nicehash: You're not mining Bitcoin. You're renting your GPUs' time out to other people who are purchasing the right to use your hashing power using Bitcoin and in absence of that, you're mining whatever Nicehash thinks will be most profitable, then they exchange it into Bitcoin before paying you. That coin's price in relation to BTC will impact your earnings in addition to factors mentioned with direct mining.

In case you haven't noticed, the whole crypto market has tanked in the past couple of days. It's a sign that winter could be coming.
 

Charlie5277

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Jun 7, 2021
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Schro, thank you for a great post! That was very helpful.

So, as a general observation, the more people that are mining Ethereum, the less profit each individual will earn. This would sort of imply that returns would be hard to predict, because you simply don't know how many people will be mining ethereum tomorrow. You can make a statistical guess, but it's only a guess.

I did know that I wasn't mining Bitcoin through Nicehash, but I didn't make that clear. I've been watching my mining returns dwindle on Nicehash, and was wondering if i might find some stability in a mining pool. But it sounds like things are kinda sucky there, as well.

I dunno. Are there any obvious benefits to abandoning Nicehash and moving to a Pool?

>Charlie
 

Bigbacon

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Schro, thank you for a great post! That was very helpful.

So, as a general observation, the more people that are mining Ethereum, the less profit each individual will earn. This would sort of imply that returns would be hard to predict, because you simply don't know how many people will be mining ethereum tomorrow. You can make a statistical guess, but it's only a guess.

I did know that I wasn't mining Bitcoin through Nicehash, but I didn't make that clear. I've been watching my mining returns dwindle on Nicehash, and was wondering if i might find some stability in a mining pool. But it sounds like things are kinda sucky there, as well.

I dunno. Are there any obvious benefits to abandoning Nicehash and moving to a Pool?

>Charlie

Nicehash will put you on the most pofitabke coin usually....

Im seeing mine all over the place today but it is close to what it was a few days ago.

I think everyone is suffering but as you said, the more that stop mining, the more coin there is foreveryone else, the more you gain in the long run.

Edit: i should day the amount of btc i am getting hasnt changed.
 

Charlie5277

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I'm just horrified at the reduction in mining capability I've experienced on Nicehash. I just finished a 4 hour block, and earned a net .00005350 BTC - that's a 25% reduction from what I was earning a month ago. This is from 3 - 3090 cards generating a net 355 MH.

I dunno. Maybe I just need to grow a spine, or something. But are there any mining pools that can outperform this? Heck, this is a $10,000 rig and I'm not even earning 50 cents an hour on Nicehash.
 

jmilcher

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Feb 3, 2008
Messages
5,671
Actually, you are mining Ethereum with Nicehash, they just pay you in Bitcoin.
I noticed my rates dropped a lot, down to like $2-3/day so I turned off Nicehash for the time being.
I only mine with my single 3080 in my gaming PC.

Bitcoin might end up hitting $10k in the next week or so and chill at that level for a few months before going back up and exceeding the $69k peak.
Great guesses.
 

Andrew_Carr

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Feb 26, 2005
Messages
2,554
I'm just horrified at the reduction in mining capability I've experienced on Nicehash. I just finished a 4 hour block, and earned a net .00005350 BTC - that's a 25% reduction from what I was earning a month ago. This is from 3 - 3090 cards generating a net 355 MH.

I dunno. Maybe I just need to grow a spine, or something. But are there any mining pools that can outperform this? Heck, this is a $10,000 rig and I'm not even earning 50 cents an hour on Nicehash.

I noticed nicehash being about 7-10% less income versus an eth pool such as ethermine. On the other hand, if something like ravencoin becomes more profitable for your GPUs for more than a day or so then nicehash is nice because it should automatically switch without you having to do much. But no, basically switching between pools will usually results in a very small difference in income and it's not going to fix what's going on, which is pretty normal. Unless something changes, less profitable miners are going to be squeezed out of the game by miners with more efficient hardware and/or cheaper electricity. We might see a decrease in the overall network hashrate as less profitable miners quit if profitability continues to plummet, resulting in more ETH earned but still less in USD terms, but on the other hand a large share of the hashrate comes from ASICs now and they're still very profitable and probably get cheap electricity so they'd be the last to shut down.

Some other notes on nicehash: I think previously they had free deposits with coinbase which is pretty good if you're a small-time miner and can make up for some of that difference.
 
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N4CR

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wolfy.png
 

Bigbacon

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I noticed nicehash being about 7-10% less income versus an eth pool such as ethermine. On the other hand, if something like ravencoin becomes more profitable for your GPUs for more than a day or so then nicehash is nice because it should automatically switch without you having to do much. But no, basically switching between pools will usually results in a very small difference in income and it's not going to fix what's going on, which is pretty normal. Unless something changes, less profitable miners are going to be squeezed out of the game by miners with more efficient hardware and/or cheaper electricity. We might see a decrease in the overall network hashrate as less profitable miners quit if profitability continues to plummet, resulting in more ETH earned but still less in USD terms, but on the other hand a large share of the hashrate comes from ASICs now and they're still very profitable and probably get cheap electricity so they'd be the last to shut down.

Some other notes on nicehash: I think previously they had free deposits with coinbase which is pretty good if you're a small-time miner and can make up for some of that difference.

I think the free coinbase is done again with NH
 

DPI

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Gotta love the late bandwagoners in every cycle.

"Muh profits are down, am I the only one?" like every kid posting the same thread on reddit. It's usually code for "I haven't bothered to research anything, the get rich quick youtube said its literally FR33 MONEY"
 

Archaea

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your eth hashrate hasn't changed. The profit tied to that same hashrate has changed, and will continually decline as more hashrate is added to that pool.
 
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