Official Mining Thread

[Riptide]

Originally Posted by KAC

63 MH is about same as my 3070

Right GDDR6 only takes you so far and ETH, which is what you and everyone else on nicehash mines right now, is memory intensive.

Originally Posted by Leprechaun

There's conflux, Ravencoin, vertcoin, but all still less profitable than eth at the moment..that will change once it goes proof of stake.

Correct, however, those were not as profitable to mine any time recently as the latest run on ETH has been. If they had been as profitable as ETH is currently then we would've seen a boom in mining before now. We didn't, because they didn't make anywhere near the daily profit margin. Things had been fairly quiet for a while.

Originally Posted by SirBaron

Isn't most of the profit on nicehash from etherium?thats all i see when its ever mining.

Correct.

[curio]

You guys should trying staking if you haven't already. Outside of Tezos there aren't a lot of good current options IMO, but it'll probably become far more common when ETH goes to PoS.

It has no need for mining hardware and you can still gain money. It's like making variable interest by having money in an account. Can even do it on a cold wallet.

[Leprechaun]

Originally Posted by curio

You guys should trying staking if you haven't already. Outside of Tezos there aren't a lot of good current options IMO, but it'll probably become far more common when ETH goes to PoS.

It has no need for mining hardware and you can still gain money. It's like making variable interest by having money in an account. Can even do it on a cold wallet.

I'll be staking my load of ADA I think. They let you move/sell your ADA and it's not locked in

[KAC]

Wtf is staking? Nubs guide?

[curio]

Originally Posted by KAC

Wtf is staking? Nubs guide?

So in a nutshell, transactions for crypto is performed by one of two methods: Proof of Work or Proof of Stake


Proof of Work = miners that crunch calculations to validate transactions - and the miner is rewarded for doing so

Proof of Stake = users 'stake' their crypto to the network (ie hold crypto in a wallet for a period of time without being able to use/move it) and by using some kind of magic, the network nodes use that staked crypto to validate transactions and secure the network - and the staker is rewarded for doing so


PoS uses a lot less electricity and doesn't require nearly the same amount of computing power like PoW does. Basically instead of mining, you just stake the crypto to the network for a period of time and you make a variable interest rate return. Currently, most crypto is PoW but that's going to change.

[KAC]

How can I stake? Which website/exchange/program?

[curio]

You can do it on Coinbase:

https://www.coinbase.com/staking

I believe the waitlist signup for Ethereum 2.0 staking just started

[curio]

Originally Posted by Leprechaun

I'll be staking my load of ADA I think. They let you move/sell your ADA and it's not locked in

That's pretty sweet actually

[Leprechaun]

Originally Posted by KAC

Wtf is staking? Nubs guide?

From one nub to another:
Proof of Work --> miners do fancy math calculations/problems. The miner that solves the problem first is the winner and reserves the right to mint the next coin and/or wins the right to write the next block/transaction onto the ledger aka blockchain.

Proof of stake (or mmm steak) --> You stake your coins. I see this as leaving your money or in this case crypto coins locked in. You receive a certain interest on those coins over a certain period. ie: leave them in for a year and they'll give you say 7% interest after a year. The interest is usually paid in that same crypto instead of fiat. So essentially new coins are made from or rewarded to the people who already have the coins. So the rich get richer. This encourages people to hold onto their coins and give it value as opposed to treating it like your mom and tossing it around selling/buying/trading. (I also assume more funding left in the certain coin/token/whatever gives the devs more resources to make it better. Also, should help improve security with more peeps taking part.

As far as staking the coins goes ---> you can delegate which means you're letting someone else do the techie work of having a node open (fancy computer equipment and bandwidth). Plus whatever configuration and software is required to do the work of the node.
--> You can also act as a node yourself where you're an uber nerd and somehow have incredible knowledge of how to set all this up. Take other ppls coins and stake them all for a lot of people. The problem is you need uber smarts on setting this up, you need 24/7 100% uptime, you can't configure it wrong. If you have it wrongly configured and spit out errors everywhere not only will you not get any interest from staking, you might actually be penalized. I think they would even remove you as a node.

ie: To stake etherem (soon) you'll need 32 ETH. Easy to acquire if you have like $50k+ sitting around. These people will collect potentially insane interest and just get richer. (Assuming the ethereum network keeps growing). It will most likely grow, too many projects going 'round. You're locked in for I think 6 months, 1 year or longer. You can't take the ETH out though until the staking period is done. I'm not sure if you have to give up your wallet key though? You can however join a group of peeps and make up 32 eth and join together in a pool.

ie: Cardano (ADA) staking looks better here. You can stake any amount of ADA for any amount of time, can trade/pull out your ADA at any moment, without penalties. Also, you do NOT have to give up your keys if you delegate to a pool.
Plus Cardano to me seems like Ethereum V3.0. It seems to fix all the eth problems like high gas prices and slowing network., etc. (...and overall more dapps more potential and more techie stuff that I couldn't possibly understand after reading it 10x).

There's actually other forms of minting new coins besides PoW and PoS and I can't remember them and they are weird.

This is pretty much what my noob brain has gathered thus far

edit: forgot ADA links for staking:
https://cardano.org/calculator/?calculator=operator
https://cardano.org/stake-pool-delegation/

[Riptide]

Originally Posted by Leprechaun

ie: To stake etherem (soon) you'll need 32 ETH. Easy to acquire if you have like $50k+ sitting around.

ETH POS = plutocracy

[curio]

lol one has to be rich to play with ETH even with PoW - fees & gas prices are ridiculous

Seriously though 32ETH min is a ton

[KAC]

New ads I came across locally. A dude looking for 100 3080s willing to pay 1770 each.
A dude selling 35 3070s at 1457 each.

Pretty sure both will get what they are looking for.

I have been mining now for a month on a 3070. Doesn’t seem like a fruitful enterprise. Some days I am making only 4-5 bucks. At this rate how does a 1457 graphics card justify itself?

[SirBaron]

https://www.nicehash.com/blog/post/s...er-immediately

Stop using phoenix miner.

[KAC]

Thanks for the heads up. Just nuked Phoenix Miner.

[Leprechaun]

Originally Posted by KAC

New ads I came across locally. A dude looking for 100 3080s willing to pay 1770 each.
A dude selling 35 3070s at 1457 each.

Pretty sure both will get what they are looking for.

I have been mining now for a month on a 3070. Doesn’t seem like a fruitful enterprise. Some days I am making only 4-5 bucks. At this rate how does a 1457 graphics card justify itself?

I was using the native excavator before, but lately T-rex only. Very consistent on 30 series cards and up time is unreal.

You don't make your $$ back for a year at those prices. My 3070s were $890-960 $CAD with taxes. Made half the $$ back on very profitable Jan and Feb alone. By end of April I will have my ROI on all my cards. Thereafter it's all bonus.

ETH Proof of Stake officially coming July. The devs are always late so we will see.

[SirBaron]

I will make as much money as possible before July

[Leprechaun]

Originally Posted by SirBaron

I will make as much money as possible before July

I'm thinking it'll be longer. The eth developers are always late with everything. They always have deadlines and are always late.
Take your profit$

[Exposed]

Is it worthwhile to mine with a single 3080 these days?

[KAC]

Yes

[Leprechaun]

Anyone trying to get rich off NFT tokens? There's a few I wanted to invest In and dump quickly. I would have done good but had no grapefruits to try it.

[KAC]

Originally Posted by KAC

So a report after almost 3 weeks of mining. I do on and off mining plus was without a card for a few days in between. Started on 7th of February and in the short month I managed to score a little over $200 (at $45K rate). I also checked my electricity bill and the increase was barely noticeable (maybe $20) but that includes A/C usage that would’ve happened regardless. So overall, pretty satisfied with this. February is just an indication and if things continue as they were (which they won’t) then it seems $350-400 should be doable per month. My target is to really try and make at least $2700 boners with this ordeal. This would imply that I have paid off all incremental costs of purchasing hardware this year ($1430 for kid’s computer, $770 for my 3090, and $500 for my 5900X).

That is the only motivation to get back in this shite.

Another week and another $100 boners (@ 45K exchange rate).
Not bad at all given that I do play in between and at least my 3090 is not running 24/7 mining operation.
Plus I wasted almost half a day in kit installs etc.

[curio]

Originally Posted by Leprechaun

Anyone trying to get rich off NFT tokens? There's a few I wanted to invest In and dump quickly. I would have done good but had no grapefruits to try it.

I thought about it but haven't bought any yet

Eventually I'll probably invest in some digital baseball card nft's when they become more mainstream

[Leprechaun]

:Looks like Bitcoin especially ETH is ready for another run up up up. I find I keep selling my BTC for altcoins in hopes of a quick buck.