CryptoCurrency Mining with GPUs *spawn*

[entity279]

Well we have two indicators to answer that,. The ETH network hashrate (it can't increase out of thin air, needs gpus for that ) - https://etherscan.io/chart/hashrate and the GPU price.

I'd speculate that since the GPU prices have not increased much lately, the rate at which gpus are bought for mining is lower than before.

 

[eastmen]

Well we have two indicators to answer that,. The ETH network hashrate (it can't increase out of thin air, needs gpus for that ) - https://etherscan.io/chart/hashrate and the GPU price.

I'd speculate that since the GPU prices have not increased much lately, the rate at which gpus are bought for mining is lower than before.

didn't dificulty just revert but now you get less shares ?

 

[Rufus]

didn't dificulty just revert but now you get less shares ?

Correct. The metric that matters is USD/day per MH/s.

https://bitinfocharts.com/comparison/ethereum-mining_profitability.html#1y

 

[el etro]

In US energy is pretty cheap. In Brazil, otherwise, ...

 

[entity279]

And these profitability charts consider current prices. You don't always mine intending to sell at those , you can accumulate crypto and sell later (due to laizyness or you want to speculate price increases)

That's why I stand by hashrate being the best indicator (ofc ETH hashrate alone is not enoungh, other important currencies like ZEC need to be accounted as well)

 

[Mize]

so... noob question.

ive been mining ETH and here it shows i have ETH https://ethermine.org/miners/D5726860EeE11FfeFa51796a377b72191586B8B5

but its not a wallet right? how do i put that into my wallet?

I see a balance of zero with zero transactions so you've never received a payout from ethermine.org.

To answer your question, however, that address was generated at the same time a key file was generated. If you have the key file then that address is a "paper" wallet.

 

[Mize]

And these profitability charts consider current prices. You don't always mine intending to sell at those , you can accumulate crypto and sell later (due to laizyness or you want to speculate price increases)

That's why I stand by hashrate being the best indicator (ofc ETH hashrate alone is not enoungh, other important currencies like ZEC need to be accounted as well)

Of course the irony of mining what currently has the highest return is that it will take so long to mine a reasonable amount that, by then, it's anybody's guess what will have the highest value.

 

[Ryan Smith]

So something interesting is happening. Crytocurrency prices are spiking, and yet Newegg is chock-full of not-hilariously-overpriced Polaris 10 cards. What's changed?

 

[entity279]

Innertia ? Also the ROI is still nowhere near June levels.

(i remember my calculations back then would imply i would pay off an 1070GTx in 4 months. Now it's something like 7)

Another reason could be that Vega is really good for mining. I bought 2 liquid ones for Freesync gaming and for reduced noise as well (so they could mine in the night). The absolute performance and efficiency is there (43 mhs eth & 1250 hs xmr) while the power draw is similar to rx580. So in a Vega 56 incarnation, they might be cost effective as well (cause obviously the liquid edition is far, far from that)

 

[BRiT]

So something interesting is happening. Crytocurrency prices are spiking, and yet Newegg is chock-full of not-hilariously-overpriced Polaris 10 cards. What's changed?

Crypto miners away from home on Thanksgiving Holiday?!?!?

 

[Bearslayer]

So something interesting is happening. Crytocurrency prices are spiking, and yet Newegg is chock-full of not-hilariously-overpriced Polaris 10 cards. What's changed?

ASICs are where its at right now....

I have 2 1080 Ti and 2 1070s mining ZEC at 2300 sols which is good for 350$ or so a month after electricity. Thats about 2300$ worth of GPUs that make ~350$ a month at current rates.

I have 4 Antminer S9s, that I bought form bitmain at about 1500$ per unit, including power supply, shipped. Thats about 6000$ worth of Antminer S9s that put out 2600$ a month at current rates.

ROI for GPU mining is largely dead compared to the ASICs, if you can order from Bitmain. Even if you pay 3500-4000$ on ebay for an Antminer S9 it will still pay for itself considerably quicker than any video card would.

 

[entity279]

Also the ROI is still nowhere near June levels.

But I should add for a more complete picture that the estimated mining profit has gone up (i've near equal quantities of nVidia and AMD cards) by about 60% in comparison to last month.

If the trend continues, I also see no reason why we won't return to a an accute GPU crysis. I for one am still interested in adding more rigs in a few months (i'd like to give the next nvidia gen a try )

 

[Deleted member 2197]

Bitcoin approaches $10,000 a piece

Virtual currency Bitcoin hit a record high of $9,700 after jumping 4.5% so far on Monday.
The move takes it to 20% above the level it stood at on Friday, according to the Luxembourg-based Bitcoin exchange, Bitstamp.

http://www.bbc.com/news/business-42135963

 

[Jawed]

But I should add for a more complete picture that the estimated mining profit has gone up (i've near equal quantities of nVidia and AMD cards) by about 60% in comparison to last month.

If the trend continues, I also see no reason why we won't return to a an accute GPU crysis. I for one am still interested in adding more rigs in a few months (i'd like to give the next nvidia gen a try )

Guessing: perhaps mining has become so fragmented and fiddlesome to do that it's defeating the casual miners with its complexity?

 

[entity279]

Fair point, this must be one of the factors too. Maybe most of the people who had some technical skills (picking pc parts, assembling rigs, running batch files, managing private keys, following markets) for this got in already. And boy is some the software immature and early acess grade!

(There's also Nicehash as a one stop shop for mining. You just click an .exe file, surrender your computer to it and it will yield periodical increments of BTC in an account )

Fragmented in the sense that there are so many coins now? No, not really. One can still mine well known coins (ethereum, zcash) and get similar profit in the short term. That is because miners are after profit and if too many mine the same coin the profit will decrease. So some will just move to a less mined coin as response. Equilibrium is reached in this way. (of course this is a simplistic view on profit, valid if one doesn't just hold the coins for months, searching for best prices)

 

[Jawed]

I found

https://miningpoolhub.com/

to pay much better than NiceHash. It's funny though, even setting up auto-switching amongst 3 or 4 coins gets tedious because each coin has to be optimised on your rig separately, first. So software which benchmarks itself and dynamically switches based upon market prices is the way to go. If you can navigate the maze of powershell apps...

I agree it's reasonable that the "sufficiently expert" users have probably mostly jumped into mining by now.

 

[tongue_of_colicab]

I agree it's reasonable that the "sufficiently expert" users have probably mostly jumped into mining by now.

I still don't see why, living in a western country, you wouldn't just buy some coins instead of bothering with buying hardware and investing time in managing all that.

Wouldn't that be more profitable?

 

[pcchen]

I still don't see why, living in a western country, you wouldn't just buy some coins instead of bothering with buying hardware and investing time in managing all that.

Wouldn't that be more profitable?

It can be quite risky investing into one single cryptocurrency. Investing into a GPU mining rig, seems to be much more flexible and therefore less risky.
Buying into a basket of cryptocurrency might be a better idea, but coins other than Bitcoin and Eth have much less liquidity though.

 

[entity279]

I still don't see why, living in a western country, you wouldn't just buy some coins instead of bothering with buying hardware and investing time in managing all that.

Wouldn't that be more profitable?

What do western country have to do with anything?

Profitability is hard to compare; it doesn't make too much of a diference that you buy in or mine into a coin that is goind to explode in time.

IMO, it's rather a personal preference and the presence (or absence) of some technical skills that's going to be the deciding factor between the two methods

 

[Jawed]

I still don't see why, living in a western country, you wouldn't just buy some coins instead of bothering with buying hardware and investing time in managing all that.

Wouldn't that be more profitable?

In general a mined coin costs less than a purchased coin - unless you stop mining prematurely for some reason. Mining doesn't prevent you from buying, too. Space to mine is a problem if you want a lot of coins, so then buying becomes an attractive way to satiate your appetite.

Mining at home with GPUs will cost about 2 weeks' effort a year, including keeping up with the latest software, pools, configurations, optimisations etc. Obviously if you want to setup a major mining operation that'll cost more effort...

Right now mining bitcoin is the most profitable it's been for about 4 years (not on GPUs though). In general profitability diminishes over time as people compete. But in this shitcoin explosion there's enough different flavours of the week that coins can oscillate wildly in profitability and simply being an agile miner is the way to obscene profits. The ICOs have brought a lot of attention, too, and have arguably grown the crypto space as well, which naturally increases value across the board (even Dogecoin!).

Now, think back to the middle of 2011 when it was about $10 to buy a bitcoin and it was about $1 to mine one (nice round numbers). 6 years or so later, that $1 bitcoin is $10,000. So, what does one do with 1,000,000% return?... Back in 2011 it was possible to mine hundreds of bitcoin at home on your own with a single graphics card. HD 5870s were hard to buy, remember...

These are pretty motivational thoughts, but I admit, the vast majority of people find some way to dismiss them. That's why it's still so easy to make mindbogglingly huge amounts of money, because most of your competitors don't even join the race. Even after you've tried your best to persuade them to get a bit of the action...

The ETH craze started over two years ago. Where were you?

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Oh and then there's the people who think they can trade crypto...