How profitable is mining, really?

[auntjemima]

When buying hardware I like to keep the ROI under 6 months. 6 months is an eternity in crypto and people who expect ROI, not even profit, over more than a year are taking a big risk.

 

[idk what to say]

The 3090 does not suffer from the artificial slowdown "Light Hash Rate" applied to 3060,3070, and 3080 drivers by Nvidia. The only source for graphics cards is through scalpers, and scalpers will happily send you a LHR card, knowing that they have no requirement to accept returns. The only solution to this is to buy 3090's, which are LHR free. The price for scalper cards is based entirely on the hash rate; cards that have 50% hash rate of a 3090 sell for half the price. It's a matter of faith in the community that 3090's are a 'bad investment' but I disagree. You're paying for hash rate, but you get the guarantee of no LHR slowdown for free.

yea but you can buy off of craigslist and check it yourself... you can also have bought a bunch of 1070 or somthing non 3000 but still a 3090 is good but not the best compared to other cards

 

[idk what to say]

When buying hardware I like to keep the ROI under 6 months. 6 months is an eternity in crypto and people who expect ROI, not even profit, over more than a year are taking a big risk.

bumpppppppppppp

 

[Archaea]

The 3090 does not suffer from the artificial slowdown "Light Hash Rate" applied to 3060,3070, and 3080 drivers by Nvidia. The only source for graphics cards is through scalpers, and scalpers will happily send you a LHR card, knowing that they have no requirement to accept returns. The only solution to this is to buy 3090's, which are LHR free. The price for scalper cards is based entirely on the hash rate; cards that have 50% hash rate of a 3090 sell for half the price. It's a matter of faith in the community that 3090's are a 'bad investment' but I disagree. You're paying for hash rate, but you get the guarantee of no LHR slowdown for free.

eBay will let a buyer return a purchase for up to six months - seller has no choice. Any other form of scalping would be typically in person - where the buyer has the chance to verify himself what he’s buying. LHR is clearly labeled on the box and model number for EVGA at least. Original cards end in KR. LHR cards end in KL. I don’t know how other AIB partners are handling the labeling.

Interesting there is no LHR version on 3090. I wasn’t aware of that.

 

[Furious_Styles]

eBay will let a buyer return a purchase for up to six months - seller has no choice. Any other form of scalping would be typically in person - where the buyer has the chance to verify himself what he’s buying. LHR is clearly labeled on the box and model number for EVGA at least. Original cards end in KR. LHR cards end in KL. I don’t know how other AIB partners are handling the labeling.

Interesting there is no LHR version on 3090. I wasn’t aware of that.

I don't think they have the option to return it once it goes beyond the return period the seller sets. I have a 30 day window set on mine, beyond that I don't offer returns or refunds.

 

[Archaea]

I don't think they have the option to return it once it goes beyond the return period the seller sets. I have a 30 day window set on mine, beyond that I don't offer returns or refunds.

My cousin had this happen. Someone returned his graphics card at almost exactly six months. My cousin has no option but to accept the return.
This is a known issue if you accept PayPal through ebay

Google search “six month return + eBay” to see all the horror stories you care to see.

 

[Furious_Styles]

My cousin had this happen. Someone returned his graphics card at almost exactly six months. My cousin has no option but to accept the return.
This is a known issue if you accept PayPal through ebay

Google search “six month return + eBay” to see all the horror stories you care to see.

That sucks never had that happen. I use managed payments now though so don't got to worry about PP.

 

[Gabe3]

That sucks never had that happen. I use managed payments now though so don't got to worry about PP.

Buyers can still buy your item with paypal though.

My cousin had this happen. Someone returned his graphics card at almost exactly six months. My cousin has no option but to accept the return.
This is a known issue if you accept PayPal through ebay

Google search “six month return + eBay” to see all the horror stories you care to see.

https://www.paypal.com/us/webapps/mpp/security/buyer-protection-resolution

notice the part "We don't cover buyer's remorse, however. So be sure you really want an item before completing the transaction." They must have added this in since your cousin had it happen. There has to be a reason for filing a dispute now. That's really dumb they let people file a dispute for any reason.

 

[Gilthanis]

Buyers can still buy your item with paypal though.


https://www.paypal.com/us/webapps/mpp/security/buyer-protection-resolution

notice the part "We don't cover buyer's remorse, however. So be sure you really want an item before completing the transaction." They must have added this in since your cousin had it happen. There has to be a reason for filing a dispute now. That's really dumb they let people file a dispute for any reason.

Didn't they add that in when separating from eBay?

 

[Furious_Styles]

Buyers can still buy your item with paypal though.


https://www.paypal.com/us/webapps/mpp/security/buyer-protection-resolution

notice the part "We don't cover buyer's remorse, however. So be sure you really want an item before completing the transaction." They must have added this in since your cousin had it happen. There has to be a reason for filing a dispute now. That's really dumb they let people file a dispute for any reason.

I wonder how it works then. Because I can't see the transaction on PP anymore. I'd almost assume that they HAVE to also file through ebay as well.

 

[Gabe3]

my estimated daily earnings went up past few days I guess because ETH is up but its still up and the estimated earnings are going down. worse than they were when ETH was low days ago. Why aren't the estimated earnings still high?

 

[auntjemima]

my estimated daily earnings went up past few days I guess because ETH is up but its still up and the estimated earnings are going down. worse than they were went ETH was low days ago.

I would move to a coin you determine is the next big one. There will be a lot of people moving video cards to another coin and their share is going to dwindle. Right now eth pays slightly more, but in the long run, other coins are likely a better option.

All opinion, of course.

 

[motqalden]

my estimated daily earnings went up past few days I guess because ETH is up but its still up and the estimated earnings are going down. worse than they were when ETH was low days ago. Why aren't the estimated earnings still high?

Earnings are not purely based on coin price so just because eth goes up does not mean that you will always earn more. You have to look at things like the difficulty level which is basically based on the hashrate (how many are competing for rewards) and also the level of "gas fees" which is the extra amount charged for transfers which can go up and down and effect the block rewards.

 

[Gabe3]

I would move to a coin you determine is the next big one. There will be a lot of people moving video cards to another coin and their share is going to dwindle. Right now eth pays slightly more, but in the long run, other coins are likely a better option.

All opinion, of course.

Isn't eth suppose to go up in value once the EIP 1559 change happens? I guess your saying mine other coins before everyone else does cause those will also go up. What if eth goes up more than the other coins though.

 

[Okatis]

The 3090 does not suffer from the artificial slowdown "Light Hash Rate" applied to 3060,3070, and 3080 drivers by Nvidia.

In the 3080's case it only applies to the updated chip versions from what I can tell, with those being unaffected by drivers. Can't recall if there were any non-LHR 3070s though (and I think the 3060s were released late enough that they were LHR to begin with).

 

[motqalden]

Isn't eth suppose to go up in value once the EIP 1559 change happens? I guess your saying mine other coins before everyone else does cause those will also go up. What if eth goes up more than the other coins though.

There is nothing in the EIP 1559 changes that directly imply the price of eth going up or down, but it eliminates the extra fees that miners make and these are "burned" meaning a slight deflationary effect as this will lower the total amount of ETH in circulation compared to the current method. This will mean less rewards to miners but I believe the "gas fees" are currently pretty low right now, so we might not see much of a difference. The concept of this being deflationary could bring about a price increase as if you know that less of something is being produced then in theory you can make an argument that this increases the value of said item. Additionally further development towards the blockchain is seen as a good thing and a further move towards ETH going POS which if they drag their feet on too much can have a negative effect (again in theory). I will personally stick to mining what is most valuable currently but I convert to BTC as that is what I choose to hold long term. I see no benefit on mining a coin that gets you less profit as you can simply mine the higher profit coin and then trade for whatever coin floats your boat and this should mean you will have more of it then if you were mining it directly.

 

[motqalden]

In the 3080's case it only applies to the updated chip versions from what I can tell, with those being unaffected by drivers. Can't recall if there were any non-LHR 3070s though (and I think the 3060s were released late enough that they were LHR to begin with).

The originally released 3070's were not LHR but I think all the new ones are.

 

[auntjemima]

There is nothing in the EIP 1559 changes that directly imply the price of eth going up or down, but it eliminates the extra fees that miners make and these are "burned" meaning a slight deflationary effect as this will lower the total amount of ETH in circulation compared to the current method. This will mean less rewards to miners but I believe the "gas fees" are currently pretty low right now, so we might not see much of a difference. The concept of this being deflationary could bring about a price increase as if you know that less of something is being produced then in theory you can make an argument that this increases the value of said item. Additionally further development towards the blockchain is seen as a good thing and a further move towards ETH going POS which if they drag their feet on too much can have a negative effect (again in theory). I will personally stick to mining what is most valuable currently but I convert to BTC as that is what I choose to hold long term. I see no benefit on mining a coin that gets you less profit as you can simply mine the higher profit coin and then trade for whatever coin floats your boat and this should mean you will have more of it then if you were mining it directly.

I switched over because the payout period on my pool is slow. Mainly because the drop in gas fees. I can get paid out 12 times a day on rvn or once every 10 days on eth. I will sacrifice a small amount of profit to be able to have the coin now, with the ability to sell it for other coins and not have to wait to play for 10 days.

 

[Gabe3]

The originally released 3070's were not LHR but I think all the new ones are.

the 3070 I bought from bestbuy 3 weeks ago is non LHR

I switched over because the payout period on my pool is slow. Mainly because the drop in gas fees. I can get paid out 12 times a day on rvn or once every 10 days on eth. I will sacrifice a small amount of profit to be able to have the coin now, with the ability to sell it for other coins and not have to wait to play for 10 days.

which pool were you using on eth? on ethermine pool it looks like I'll be getting paid once a month. there are way to get paid more frequently but I think it costs more.

on the list of pools for ETH here: https://whattomine.com/coins/151-eth-ethash?cost=0.1&hr=58.1&p=130.0

how much does hashrate % effect what you make? I'm wondering if I should switch pools.

 

[auntjemima]

the 3070 I bought from bestbuy 3 weeks ago is non LHR


which pool were you using on eth? on ethermine pool it looks like I'll be getting paid once a month. there are way to get paid more frequently but I think it costs more.

on the list of pools for ETH here: https://whattomine.com/coins/151-eth-ethash?cost=0.1&hr=58.1&p=130.0

how much does hashrate % effect what you make? I'm wondering if I should switch pools.

I use 2miners.

 

[Gabe3]

I use 2miners.

hm, looks like they have a payout threshold of .05. that would take me about the same amount of time to reach as the .01 monthly payout threshold ethermine has. flexpool has a .01 but there might be a high fee with that.

EDIT: I didn't read the policy change very well or didn't know how much I would be making per week but I hit .012 ETH in a week and ethermine is getting rid of the monthly payouts so I'm wrong about getting paid once per month. after aug 5th I'll be getting paid once every 6 days probably. I will probably do it once every 2 or 3 weeks depending how much it costs.

https://ethpool.freshdesk.com/suppo...rg-payout-policy-starting-at-block-12-965-000

 

[Agent_N]

Current profitability that was hovering around $8-9.

Cards mining:
RX480
1070
1070 Ti
2080 Super

 

[idk what to say]

Current profitability that was hovering around $8-9.

Cards mining:
RX480
1070
1070 Ti
2080 Super

View attachment 381539

did you try nicehash?

 

[Agent_N]

did you try nicehash?

I tried NiceHash, but I prefer direct mining at the moment.

 

[Agent_N]

the 3070 I bought from bestbuy 3 weeks ago is non LHR


which pool were you using on eth? on ethermine pool it looks like I'll be getting paid once a month. there are way to get paid more frequently but I think it costs more.

on the list of pools for ETH here: https://whattomine.com/coins/151-eth-ethash?cost=0.1&hr=58.1&p=130.0

how much does hashrate % effect what you make? I'm wondering if I should switch pools.

I use 2miners. They claim to cover fees and you can get a payout every .05 ETH, which for me is about every two weeks.

 

[idk what to say]

I tried NiceHash, but I prefer direct mining at the moment.

i see, what is more profitable?

 

[Zepher]

Got $50 in Chia after 1 month in Space Pool.
at this rate it will be almost 2 years before my friend makes any money, lol. He spent $1000 on the drives that I have in my machine.

 

[auntjemima]

i see, what is more profitable?

From my own experience and reading others via online forums and Reddit, mining directly, via a pool, is between 7% and 10% more profitable.

Nicehash pays in BTC, what he is running pays in ETH directly at a 0.05 payout interval. Depends if you want BTC or ETH, or whatever other coin you can mine directly, outside of Nicehash.

 

[Agent_N]

i see, what is more profitable?

Mining directly tends to be more profitable. That and I get ETH directly which from what some are saying, could get up around $10,000 within a year and some are speculating it could go higher once it gets switched to Proof of Stake. Who knows what will happen, but I am collecting ETH and diversifying my Crypto portfolio to make some money, eventually.

 

[idk what to say]

Mining directly tends to be more profitable. That and I get ETH directly which from what some are saying, could get up around $10,000 within a year and some are speculating it could go higher once it gets switched to Proof of Stake. Who knows what will happen, but I am collecting ETH and diversifying my Crypto portfolio to make some money, eventually.

i was thinking of mining in the background can i do that in a pool?

 

[Agent_N]

i was thinking of mining in the background can i do that in a pool?

My cards run 24/7. Only have to stop to play PC games on my main PC. However, since I started mining it is soooo hard to stop! I play game son Xbox and don't bother stopping PC from making money! The only way to mine is in a pool. Solo mining will take way to long unless it is some alt coin that very few are mining. BitcoinZ I think has so few mining that you could mine solo and might make a little more. Mining in a pool gives you steady and shared rewards for pooling together.

 

[idk what to say]

My cards run 24/7. Only have to stop to play PC games on my main PC. However, since I started mining it is soooo hard to stop! I play game son Xbox and don't bother stopping PC from making money! The only way to mine is in a pool. Solo mining will take way to long unless it is some alt coin that very few are mining. BitcoinZ I think has so few mining that you could mine solo and might make a little more. Mining in a pool gives you steady and shared rewards for pooling together.

cool would i be able to put all my gpu power while using my pc's integrated gpu? so like pluging my hdmi to my motherboard and still use it?

 

[Agent_N]

cool would i be able to put all my gpu power while using my pc's integrated gpu? so like pluging my hdmi to my motherboard and still use it?

Yes, that should work.

 

[idk what to say]

Yes, that should work.

do you know what is the best way i can do this? sorry im still new at this and i dont know much

 

[Gabe3]

I use 2miners. They claim to cover fees and you can get a payout every .05 ETH, which for me is about every two weeks.

the fees part probably changes today, aug 5 at 8am est with eip 1559.

 

[Agent_N]

do you know what is the best way i can do this? sorry im still new at this and i dont know much

I'll reply this weekend if I don't forget

 

[idk what to say]

I'll reply this weekend if I don't forget

haha ok

 

[idk what to say]

I'll reply this weekend if I don't forget

a reminder of the weekend! lol

 

[Archaea]

cool would i be able to put all my gpu power while using my pc's integrated gpu? so like pluging my hdmi to my motherboard and still use it?

You shouldn't need to do that. Depending on your GPU.
With my Ampere cards (30 Series), a 3080 for instance. I have my GPU running at 225 watts, 1200 memory, and can play indie titles without even stopping mining. I can use the desktop, surf the web, watch youtube, and if I didn't see the program open, I wouldn't even know I was crypto mining for there is no noticeable performance difference. I recently played 30 hours of Kingdom Rush Vengeance for instance, and never stopped mining, and had no issues.

I do stop mining when I want to play a triple A title with difficult demands, but for most simple games you can just mine while you play.

Now if you have a Pascal card (10 series), you might notice more performance hit - I did with 1070 or 1080TI, but you could still play the most simple games or browse the web while mining.

I never mined with Turing (20 Series), so I can't speak to that, but no need at all to stop mining with Ampere generation.

 

[Bigbacon]

It really not woth it, sort of, unless you have lots of 1000s cards or 3000 series cards.