Official Mining Thread

[Riptide]

Haha yah. All the financial prognosticators who thought 20K plus sure have egg on their face.

I think it could hit 20K some day, if just the right conditions happened. Question is, if it does, will it be in less than 400 years?

EDIT: Over 11k just now when I checked. IT'S HAPPENING!!! haha

[MaxSt]

45K one year from now.


P.S.
IT'S HAPPENING for gold and silver too, so it's almost like behind the scenes... someone knows something... big.

[Riptide]

Wow you're right silver. First time I've seen it well over $20 in a long time now.

I'm not buying gold until it drops off a cliff. It is WAY high.

[curio]

Any gay still mining?

I tore down my rig last week and am selling everything now and should make some decent coin for that.

In the end I turned out alright and I have a decent portfolio of BTC, ETH, and XMR.


edit: still debating on whether to buy more btc with my hardware sales

[curio]

45K one year from now.


P.S.
IT'S HAPPENING for gold and silver too, so it's almost like behind the scenes... someone knows something... big.

It's just fear when speculating. Dollar dropping, futures not looking good - people then move their usd to liquid assets. Happens every time.

[MaxSt]

Maybe. But what's so special about July 20th, why it all started on July 20th? Strange.

[curio]

Well then why don't you tell us since you seem to know why. Is it a state secret or something?

And there was just a bump on the 20th - on that date it went from 9164 to 9393; big whoop. The 26th had a much bigger jump when it went from 9941 to over 11000 in a day.

[Seyiji]

Any of y'all winning right now?

Over 19k right now :3

[KAC]

I really should have bought a coin start of the year. Feel bad about it.

[Seyiji]

22.8k any of you gais still winning?

[KAC]

I should’ve bought it. Too late now.

[Seyiji]

32k any of you gais freakin out?

[Dave]

Been mining on my 3090 for two weeks now. Made just over $85

[Leprechaun]

Been mining on my 3090 for two weeks now. Made just over $85

Worth mining on a 3080? What are you mining?
How does a noob get started and what do I need to do?
Any useful guides?

[Taman Linkin]

in since 19301. still hodling.

[Dave]

Worth mining on a 3080? What are you mining?
How does a noob get started and what do I need to do?
Any useful guides?

https://www.nicehash.com/profitability-calculator/nvidia-rtx-3080

Nicehash is the simplest and easiest way to mine these days. There's multiple guides on their website but basically install Nicehash, create a secondary profile in MSI Afterburner where you have the core offset at -200 and the memory as far as it will go and your power at 75%. Keep an eye for "rejects" in the miner window, if you are getting any rejects, it means your memory is overclocked too far.

[Tyr-Sog]

"Michigan average rate of 14.13¢/kWh"

I plug this info into that Nicehash calculator and it shows a negative return.
So how is $$$ made?

Sorry I'm a complete noob but from time to time this stuff interests me.

Happy New Year

[KAC]

It is cheaper to enter the market and make dime on trades rather than mine. If you are looking to get “free” money.

[Riptide]

ROI looks great right now.

When the market absolutely craters again, which it will, it won't look so great. Question is how long will the bull run last? It's already gone further than I thought it would. Last time we were at an ATH ROI on gpus was excellent, and then within a few months when it took a dive we were looking at years to ROI. People sold everything and got out at that point.

Mining is not really all that different from a real gold rush.

I've noticed a lot of talk now on ATR stonks chat about mining, looks like a lot of people trying to get into it right now. Seems like we've been here before. lol

[SirBaron]

Surely mining 24/7 will cost more than you make in nicehash right? Otherwise everyone would be doing it.

I wonder how my 10kw solar system will handle bitcoin mining, I will ahve to do one day in the summer with 24/7 mine vs one day without to see how much power it drains.

[Tyr-Sog]

I see paypal is involved in bitcoin.

[Riptide]

Surely mining 24/7 will cost more than you make in nicehash right? Otherwise everyone would be doing it.

Yes, it is profitable. Right now, extremely profitable. $4-5 per day per gpu.

It won't last though, just like every other time we've been here. After some unknown period of time, the market will crash and there will be a major sell-off. At that point, profitability per day per gpu will be a fraction of what it is now.

And then all the people who took part in the gold rush and helped drive scarcity and pricing up, will sell everything at fire sale prices.

It's almost like history is going to repeat itself..

[KAC]

Yes, it is profitable. Right now, extremely profitable. $4-5 per day per gpu.

It won't last though, just like every other time we've been here. After some unknown period of time, the market will crash and there will be a major sell-off. At that point, profitability per day per gpu will be a fraction of what it is now.

And then all the people who took part in the gold rush and helped drive scarcity and pricing up, will sell everything at fire sale prices.

It's almost like history is going to repeat itself..

Hence the reason I suggest playing in the market if you have the risk appetite. The 8 GPU build I did was completely pointless and am pretty sure it will be pointless if I did it all over again. It would’ve been cheaper to get in at 15K when I was looking but as with all things my risk appetite for Bitcoin is done. I don’t want to indulge in it further.

[bill dennison]

GPU Shortages Will Worsen Thanks to Coin Miners

The root cause comes from the recent upward trend in Bitcoin and Ethereum pricing, which in turn impact the prices of all of the other alternative cryptocurrencies. Bitcoin saw relatively (for Bitcoin) stable prices of around $9,000-$10,000 during the first nine months of 2020, before going ballistic starting in October. Late December saw BTC surpass the previous high of around $20,000, and a brief surge saw prices hit nearly $35,000 this past week.

Gains in Ethereum are even more dramatic. Early 2020 saw prices of under $200 before ETH jumped to $400 around August. November broke $600, and the cryptocurrency settled in around that mark in December, but it spiked to over $1,000 during the past week.

https://www.tomshardware.com/news/gpu-shortages-worsen-cryptocurrency-coin-miners-ethereum

well that's the reason ebay has less than half the 3080 they did

[Dave]

Been mining on my 3090 for two weeks now. Made just over $85

3 days later -

[Leprechaun]

https://www.nicehash.com/profitabili...vidia-rtx-3080


Nicehash is the simplest and easiest way to mine these days. There's multiple guides on their website but basically install Nicehash, create a secondary profile in MSI Afterburner where you have the core offset at -200 and the memory as far as it will go and your power at 75%. Keep an eye for "rejects" in the miner window, if you are getting any rejects, it means your memory is overclocked too far.

Started mining just now. How do I know if I've pushed my video card to the max efficiency? I made an MSI Afterburner profile:
Power Limit 75%
Core Clock -200
Memory Clock +225

Got 82 MH/s with 290 kH/J efficiency. I know it can be more efficient. How?

[Dave]

you can keep lowering the power limit until you reach a $ amount you are comfortable with. all depends on your electric cost - my cost is $0.047

[SirBaron]

My cost is something like 0.28 kwh lol. Winter = lack of solar

[Leprechaun]

you can keep lowering the power limit until you reach a $ amount you are comfortable with. all depends on your electric cost - my cost is $0.047

Thanks Dave. You da man!
0.128 kwh here.
I'll have to mine for a whole month before I can withdraw my coin. All is good.
Runing at 50% fan speed and GPU@62C steady. This shouldn't damage the card over the long term I assume?

[KAC]

For some reason my ASUS TUF fans are bumping all the way to 85% while mining. I put -150 core offset, 80 power and 0 on memory. Wtf?

There used to be an option in Nicehash Miner (old one) where you could disable fan control through the miner. I can't find that option in the new UI.

[Leprechaun]

https://www.wsj.com/articles/nvidia-risks-blowback-from-new-crypto-bubble-11609934404?mod=flipboard

Apparently a change is coming in ethereum mining algorithm??? This will make video cards not as useful in about a year's time?? So 3080s to flood the market this time in 2022?

They'll buy up all the 3080 20gb/3080ti as well

[Dave]

3 days later -

1 day later

[Leprechaun]

How? $20 USD in 1 day?
I made just under $10 $CAD in my first day with an rtx 3080.
Finally figured out how to link all my accounts.
I'll have to wait about a week before I get enough bitcoin to exchange to CAD.

you have more tips?

[Dave]

thats with bitcoin going up too

[Riptide]

Apparently a change is coming in ethereum mining algorithm??? This will make video cards not as useful in about a year's time??

Is this the move to proof of stake? They've been talking about that for years now, since the last time this whole boom/bust cycle happened.

I'm not sure what the hold-up here is, but they seem to be delaying this over and over.

[demo]

1 day later

After seeing your initial post I gave it a go and am up to $30 after 3 days of intermittent mining between gaming etc.

So yesterday it got up to $22/24h profitability for a few hours, but is now at $8 today. Is this because of market prices, or the algorithm I happen to be using (IE- should I change miner?), or a combination of both? I assumed there was a spike in BTC prices but it hadn't changed much when I checked market value. I guess it's also related to the amount of computing power available on the network too?

Any tips on how to improve hash rates? And should I change algorithms regularly? I assume nicehash picks the most profitable automatically but I suspect there's more to it than that. What about 3rd party miners? Any benefits?

Cheers

[KAC]

No need to change algos. Nicehash would change them. The profitability spike is due to BTC price but then also rising difficulty leads to drops. Mine is also down from original 10 bucks to 6.5 bucks.

Also what Nicehash reports is usually not correct and you will see the number up and down. Best thing to check is unpaid balance and convert it to actual BTC value.

[Leprechaun]

Now I'm looking at another 3060ti or 3090 to mine in 2nd PC. My son would love it to game on when not mining.
Good luck getting one.

Okay..

Well I just acquired a few more video cards.
Gonna run them until it makes sense then my son and bro can have em.

What are the CoD codes worth when sold?

[Dave]

No need to change algos. Nicehash would change them. The profitability spike is due to BTC price but then also rising difficulty leads to drops. Mine is also down from original 10 bucks to 6.5 bucks.

Also what Nicehash reports is usually not correct and you will see the number up and down. Best thing to check is unpaid balance and convert it to actual BTC value.

This. Set it and forget it.


Bitcoin is on the verge of 40K

[Leprechaun]

This. Set it and forget it.


Bitcoin is on the verge of 40K

You're responsible for this Dave! I have 4 ampere GPUs mining now. 3090s are getting 123 MH/s. What about yours?