Official Mining Thread

[curio]

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]

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]

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]

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]

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]

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]

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.

[curio]

Not my fault paypals been broken for weeks. I can't even add a credit card in there without it being messed up and those are major banks too.

As far as taxes go the miners have it the worst. Every time you take a payout from a pool or nicehash or whatever they want you to keep track of the value of that payout in USD and then claim at the end of the year as income. Some pools payout a dozen or more times a day. That is a giant PITA to keep track of.

If you can queue up the payout on demand instead of it being on a schedule you can take some of the work out of that. I have my own way of getting around that which will involve paying more in taxes than I'd like. It does however greatly simplify things.

A lot of people are just going to try and skate around this and not claim anything.

As far as having report the income by January 31st. That basically means you MUST file your entire tax return by January 31st. This is not practical. You should be able to claim the income along with the rest of your income in the report by the April deadline. Ditto on the capital gains.

Holy necro here batman but it's tax time and I remember you saying this - anyway I've been using Cointracker for a couple years now; works great with TurboTax.

They've got a few price options depending on how many transactions you do a year but it calculates the entire year for you. Connects to the major exchanges, or wallets, or upload your own csv.

Plus when you cash out to USD you end up having to pay capital gains on TOP of the income reported..

From my understanding, if you hold for over a year before you sell you are only subject to either a 0%, 15%, or 20% capital gains tax depending on your filing status and income bracket.

[Leprechaun]

3060 bios mod to let it mine is out in China apparently.

https://wccftech.com/chinese-cryptoc...s-in-ethereum/

[Trunks0]

3060 bios mod to let it mine is out in China apparently.

https://wccftech.com/chinese-cryptoc...s-in-ethereum/

There was zero chance, this wasn't going to be defeated.

[KAC]

BTC is climbing like crack. Damn.

[Nascar24]

There was zero chance, this wasn't going to be defeated.

Well so much for that idea making any difference, Only way for this to work would be doing it someway by hardware, and they probably would still figure some other way around it. I find it pointless if a quick BIOS flash defeats it.

[SirBaron]

3060 bios mod to let it mine is out in China apparently.

https://wccftech.com/chinese-cryptoc...s-in-ethereum/

It seems like the mining algorithm used here wasn't Ethereum but Octopus which is a different cryptocurrency coin and based on an algorithm that NVIDIA might not have limited its hash rate for yet. So as of right now, the hash rate limiter remains in place but if other crypto-currencies can give out similar profits as ETH, then that doesn't stop miners from consuming the card for mining purposes.

not quite yet

[andino]

So I had some BTC setting in my wallet for the last 2 years. I had stopped mining and knew that I left some in but decided it wasn't that big of a deal. Went in today and looked at the amount. Yeah, it was $1,100.00.. So I cashed that **** out.

[curio]

So I had some BTC setting in my wallet for the last 2 years. I had stopped mining and knew that I left some in but decided it wasn't that big of a deal. Went in today and looked at the amount. Yeah, it was $1,100.00.. So I cashed that **** out.

Like finding $100 in an old jacket pocket

[andino]

I may regret selling early but I can really use that money to replace a bunch of trees that were killed in the big freeze a few weeks back.

[curio]

I may regret selling early but I can really use that money to replace a bunch of trees that were killed in the big freeze a few weeks back.

Maybe you could have doubled it to 2k at best by the end of the year but nothing wrong with cashing out now at 50k+ either; especially if you need it

[Leprechaun]

Like finding $100 in an old jacket pocket

heh, even Steven. He's like Seinfeld finding $20 in his jacket pocket.
vvveeerryyyy nniiiiccceee!!

I wonder how much it was years ago when you left it? Probably $200?

[KAC]

So I was supposed to be at about 360$ by this time in the week and I am already at $394. Not bad at all. Just need to hit that magic $2700 number. Btw this does reduce my gaming time a lot. I guess I should go through my GP games on XSX to keep the 3090 mining.

[Leprechaun]

So I was supposed to be at about 360$ by this time in the week and I am already at $394. Not bad at all. Just need to hit that magic $2700 number. Btw this does reduce my gaming time a lot. I guess I should go through my GP games on XSX to keep the 3090 mining.

There are 2 important rules in life:
1. Never wake a sleeping baby
2. Never disrupt a mining GPU

[KAC]

Almost 60 Gs now. Meanwhile I am still thinking whether I should buy some BTC.

[Leprechaun]

Almost 60 Gs now. Meanwhile I am still thinking whether I should buy some BTC.

You will buy Bitcoin at the price you deserve.

[SirBaron]

I've been converting a little to Etherium in the hopes it will one day also reach 50k

[Leprechaun]

Doubled my $$ on MANA in 2 days. Unfortunately I don't slap alot of $$ down so that means nothing.
I'm probably the only one with no faith in ethereum

[KAC]

Slept. Woke up and now peanuts are worth 484 bucks. That means between last week and this one I have already added 184$ (Current prices). Even without the hike at 45K (base case) it is over 120$ in a week. That’s pretty cool. I remember running 8 1080 Tis and adding about 24$ a day so getting 17-18$ is not bad.

[Nunz]

How are you guys running this with Nicehash? I just opened the program and it started going. Is that all ya'll do?

I'm testing this out for mining while I'm traveling. I'm at -200 core/+500 mem, 50% power limit. 90-92 MH/S, 480 efficiency. 188-192watts

88-90c TJunction temps

I have joined .... the dark side ....

is it worth turning on the CPU? drawing 180watts for what looked like very minimal return.. meh

[KAC]

CPU is whatever. But card mining is good. Hashrate seems a bit low as you might be drawing too little watts. Don't mess with power in AB but instead run NH in administrator mode and at bottom right it should say view stats online or something. Click that and once in you can select Medium profile from NH (make sure in settings the toggle to disable power control is "off"). Then with that you will probably get 100 MH/s hash rate on average and about 330 watts of power. I find it the best balance between temps, hashrate, and efficiency.

I also wouldn't clock the memory especially since I remember your card not doing too well over 500 MHz on memory.

[Leprechaun]

How are you guys running this with Nicehash? I just opened the program and it started going. Is that all ya'll do?

I'm testing this out for mining while I'm traveling. I'm at -200 core/+500 mem, 50% power limit. 90-92 MH/S, 480 efficiency. 188-192watts

88-90c TJunction temps

I have joined .... the dark side ....

is it worth turning on the CPU? drawing 180watts for what looked like very minimal return.. meh

This is the light side. Or the enlightened side?
This is a 3080 you're running? Core anywhere between -200 and -400 you'll have to mess with it. Mem I've gone as high as +1300 but don't do it it's not worth it. +1100 is probably more than enough and you'll hit 97mh/s for sure.

Don't do CPU mining. Lotsa power/heat/electricity/$$ for pennies in return.

[Nunz]

Yeah I'm rolling at 95mh/s at 250watt. -200 core, +800mem (which puts it at 10000 Mhz, which is really +500, so thats weird), 66% power limit. With the monitor off it goes up to 97-98.

I'm fine with it like that.

[acroig]

https://wccftech.com/nvidia-geforce-...-rigs-spotted/

[Leprechaun]

Yeah I'm rolling at 95mh/s at 250watt. -200 core, +800mem (which puts it at 10000 Mhz, which is really +500, so thats weird), 66% power limit. With the monitor off it goes up to 97-98.

I'm fine with it like that.

That's perfect. Some peeps OC the memory even more just to hit 100mh/s, but to me it's not worth it. What the memory ends up actually being after say +800 men will depend on your card since some are already factory overclocked.