[ 3 / biz / cgl / ck / diy / fa / ic / jp / lit / sci / vr / vt ] [ index / top / reports ] [ become a patron ] [ status ]
2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

View post   
File: 40 KB, 1101x221, mining rigs.jpg [View same] [iqdb] [saucenao] [google]
27797202 No.27797202 [Reply] [Original]

An $8000 investment in GPUs pays for itself in 3 months.

>> No.27797277

>>27797202
What are electricity costs?

>> No.27797341

I don't live in a third world country with cheap electricity. sadly

>> No.27797363

not a burger so no cheap electricity
mining rewards are unironically a big problem for eth and it's downright maddening most people are passive about it. the sell pressure is cataclysmic

>> No.27797413
File: 130 KB, 398x398, 1cat.png [View same] [iqdb] [saucenao] [google]
27797413

>>27797202
i dont know how to mine

>> No.27797604

>>27797277
Non existent compared to profits.

>> No.27797682

>>27797202
what cards and how many? I'm using my 3080 during downtime right now, thinking of picking up some 3060 TI's

>> No.27797696

>>27797604
What cards are you running? I'm just ramping up my mining right now and am looking to pick up some.

>> No.27797756

>>27797202
Or buy 8000 of BTC and be in profit from day one

>> No.27797778

what are you mining? did you make an entirely new pc or did you buy one of those pre-made mining rigs?

>> No.27797852

>>27797696
Just set up a 5 3060 ti rig. Paying 8.5c per kwh in Ontario. As of today mining pool said $1250 USD payout a month.

>> No.27797888

>>27797202
Because I'm a relative poorfag and my 2070S would chug.

>> No.27797963

>>27797852
are you mining ETH?

>> No.27797972

>>27797202
do you mine on regular computer or have a professional digger? do you run it 24/7 ?

>> No.27797987

>>27797202
Electricity costs too much here.

>> No.27798112

>>27797202
also, what pool are you using? and finally, what programe?

>> No.27798144

>>27797202
>>27797852
Can one of you explain to me exactly what to do / buy to get a mining rig
I could realistically put down about $10k and I can get free electricity by putting a rig at my office, what should I buy to make the free gains bros?
t. Smooth brain

>> No.27798188

Mining is only profitable if BTC is growing, otherwise you're fucked if there's a large dip

>> No.27798290

>>27798188
Couldn't you just swap the bitcoin proceeds of mining for Tether to hedge against BTC/USD fluctuations?

>> No.27798365

>>27797963
Yes
>>27798144
Build gaming rig, add as many gpu as there are pcie slots.

>> No.27798402

>>27797202
.24/kwh

>> No.27798457

>>27798365
I have only 2 pcie slots. I'm currently mining on my own 1070ti and it dug me 0.002 eth for last 2 days and I switched it off for the night. I'm really concerned about the electricity bills

>> No.27798477

>>27798290
not really. it constantly fluctuates, like few weeks ago I had $7 per day profit with eth; now it's $11 but with price and difficulty changes that will change. The best time to mine is mining during a bear market without selling, and then just straight dumping it all during a bull run top.

>> No.27798570

>>27798477
oh yea pretty sure that's what the big miners do too, they mine and hoard, operate at a loss for as long as possible during relatively low prices and then unleash it all during periods like now

>> No.27798589

>>27798144
build a seperate pc, get a mobo with as many pcie slots as possible. one with 7 1x slots should be easy to find. get some 1x pcie riser cards (since most gpus are 2-3 slots unless watercooled so you wont be able to plug them all into the mobo directly). CPU doesn't matter.

As for what GPU's to get, you want high hashrate and high efficiency, so 3060ti, 3070, 3080, not sure about AMD cards, but shouldn't be hard to google.

>> No.27798609

>>27798477

So if the USD/ETH rate declines then mining will get more profitable? Sounds like buying ETH + mining ETH is a nice hedge against one another.

>> No.27798618

>>27798457
1x slots are fine. you attach cards with gpu risers.

>> No.27799079

>>27798618
the problem is with card prices and availability. the rx 5800 costs here like 1500 $.

>> No.27799541

>>27799079
try 3060 ti

>> No.27799576

>>27797202
What are you mining? Do you need a complete build for that? Never mined before.

>> No.27799971
File: 40 KB, 482x427, 1610609371223.jpg [View same] [iqdb] [saucenao] [google]
27799971

>>27799541
867 USD and not available

>> No.27800546

>>27799971
I know they are hard to find, but $867 usd? fuck that's expensive. They are $550-700 cad in Canada when you can find them

>> No.27800692

>>27800546
I know. that's the problem. what is you electricity cost?

>> No.27800760

>>27797682
>>27797696
4x 3060 Ti (these are my preferred card)
7x 3070 (these work just as well and are more widely available)

>>27797778
>>27797972
You can mine by putting 2-3 GPUs in any PC. I've got 3x 3060s running on a 2008 PC. Once you get the hang of it you will want to start building a rig.

>>27799576
>>27797778
Mine ETH. Get while the getting is good because once ETH 2.0 hits its game over for miners.

>>27798457
You're only using 115 watts of power on a 1070 (~$8/mo). And you'll be mining $105/mo in ETH.

>>27799079
>>27799971
Your mining profits will pay off these cards in 3 months. 3060s are selling on Offerup for $750. They mine ~$7.50/day in ETH. The cards cost $0.30/day in electricity.

>> No.27800822

>>27800546
I'm in Ontario which is under a Covid relief rate freeze of 8.5c 24/7
But more specifically I am paying 0, my rent includes utilities.

>> No.27800844

>>27800760
how much is your electricity bill per month?

>> No.27800858

>>27800822
It won't for long if you're mining lol.

>> No.27800898

>>27800858
lol, probably not, trying to fly under the radar for a bit while a get money to ramp up

>> No.27800921

>>27800760
do you use the same PC for personal use and mining? the temperature must be insane with 3 gpus in one case

>> No.27800976

>>27800546
>They are $550-700 cad in Canada when you can find them

$550 to $700 CAD? You'll have to add sales tax, but even then, only in your dreams. The market price for scalped 3600 Ti's is around $950 CAD.

>> No.27801035

>>27800760
>once ETH 2.0 hits its game over for miners

Doesn't ETH 2 already exist? Organic adoption will be gradual, not a big sudden event. Which brings me to the question - won't there be a decline in mining profitability over time? How long can the current $ rate last? 2 weeks? 2 months? 6 months? 12 months? More?

>> No.27801070

>>27800976
That's why I said when you can find them, I don't pay scalpers. CC let's you order. Got a 3080 for msrp with a 2 week wait.

>> No.27801479

>>27801070

What's MSRP for your 3080? You can buy them on craigslist for around $1450 (no tax) which is around $1295 before-tax. In the two weeks you're waiting for your card to arrive, a 3080 can generate around $210 CAD (~$15 per day). That means your MSRP better be $1085 or less, or the scalper + card-in-hand-today is a better deal.

>> No.27801545

OP what will you mine once ETH is no longer an option?

>> No.27801728

>>27801479
I paid $1109+tax. I bought it back in October when it was even harder to get. Not sure what wait times are now.

>> No.27801848

I have a RX 580 4GB, is there anything I can mine during downtime? Electricity costs are pretty high where I live though.

>> No.27801901

>>27801728

> $1109
> less than $25 away from market optimum

damn, free market price discovery is efficient AF

>> No.27801949

>>27801901
actually wait you paid $1109 + tax so you overpaid by around 14% ouch not sure if you're gonna make it bro

>> No.27802007

>>27797202
>buy mining rig
>electricity bills rape you monthly
>by the time bullrun ends you haven't made even your money back
Eth was 90$ few months back and once the bullrun is over its going back to 200$ territory, mining long term is unprofitable

>> No.27802053

>>27797202
Not in today's gpu prices it doesnt.

>> No.27802260

>>27801545
Probably Ravencoin

>> No.27802711

>>27801848
Doubt it. I have an RX 590, these cards are extremely inefficient. A 30XX would have almost 4x the perf per watt

>> No.27802767

>>27797202
I dont know how to mine or where to start.
I was in same position when people told me to mine bitcoin back in 2011

>> No.27802980

>>27802260
>Ravencoin

Why? There are 7 cryptos on whattomine that are more profitable to mine with a 3070 than raven. CFX seems to be the logical choice after ETH, currently it's 74% of the profitability which isn't terrible at all as an ETH backup for miners

>> No.27804127

>>27797852
>8.5c per kwh
tfw

>> No.27804577

I have 2x rx 580
Is it worth to mine with these cards?

>> No.27804850

>>27804577
they're not super energy efficient but yes it's still well worth it, but you'll be spending about 20% of your revenue on electricity rather than 10%

>> No.27805454

>>27804850
can you help me get started in this? is there a good link that teaches mining

>> No.27805593

I am and have been mining since 2012 on bitcoin with a laptop.

>> No.27805657

>>27801035
He's wrong anyway, it'll just mean miners search for the next options, probably ETH classic since it's familiar

>> No.27805836
File: 1.51 MB, 2894x4093, 1548540568179.jpg [View same] [iqdb] [saucenao] [google]
27805836

i'm too dumb to figure that stuff out by myself and i'm not sure what to trust on the internet. there's prebuilt shops like shark mining and mineshop.eu. does anyone have experience with them and can tell me if they are trustworthy? if not is there a good site that describes how to build your own rig and set it up? appreciate any advice!

>> No.27806484

>>27797202
I actually have free electricity so I could. Redpill me on what's the quickest ROI GPU.

>> No.27806539

>>27798570
Are you fucking retarded? Why would you operate at loss when you can just buy the coins?

>> No.27806722

>>27797202
Cause you make more per day just putting that money in a random coin and double it by sunday + the difficulty will kill you in the end so your roi is brainfead

>> No.27806952

>>27805657
When eth goes pos, mining becomes instantly unprofitable for everyone above 3ct/kwh. Selling your cards at a profit wont work as well as thousands of cards enter the market in a blink of an eye. 99% of the gpu income is based on eth

>> No.27807037

>>27806952
> When eth goes pos

eth2 already exists, people just aren't using it so eth1 is still doing well. it will be years before eth1 declines. seethe.

>> No.27807072

i've got a 3080 how do i get into this my dude

>> No.27807261

>>27807072
it's all very complicated, you should sell your 3080 to me friend

>> No.27807308

>>27797202
Tell me how and I send you 5% of profits

>> No.27807436

>>27807037
>What are gas fees

>> No.27807630
File: 43 KB, 679x391, 1611134472976.jpg [View same] [iqdb] [saucenao] [google]
27807630

Wish I could buy a gpu. It's scary to buy on eBay from the scalpers. What if it is doa? Ur fucked bruh. I'm mining with my 1070 rn and I bought 1050ti because you can still get them near msrp on Amazon but they are barely profitable compared to current Gen cards.

>> No.27807634

>>27807037
I said when eth goes pos not now, but either way the profitability will decline tremendously over time now as retards buying cards again at 100-200% over msrp. I can sell a 1080 ti for 1200 $, bought at 200 bucks

>> No.27807923

>>27807634
>1080 ti for 1200
no you can't, you can buy a 3800 for that kind of money

>> No.27809137

I would love to mine but electricity in germany is like 0.3Eur per kwh

>> No.27809586

>>27809137
irrelevant. 0.3 eur per kwh means you pay about 1,22 eur per day, with a profit of 7.5 eur, that means youre merely losing 17% to electricity costs. Would be cool to have it cheaper, but its not gonna matter much.

>> No.27809979

Best mining software with gui?

>> No.27810000

>>27797604
what's your cost per kWh and what's the total wattage of your equipment. My landlord pays for electricity, move into an apartment that takes care of this for you and keep 100%

>> No.27810225

>>27798402
0,055 Eur/kWh rip u

>> No.27810473

>>27797202
>getting a mining rig frame
i have looked all over but ones on amazon and aliexpress are ridiculously priced, i also can't make anything myself

>> No.27810744

>>27809979
nicehash

>>27810473
just retrofit em in any old atx case, its easy

>> No.27810859

>>27806484
you'd have to be a retard to not do it, voskcoin on YouTube is half decent, do more research if you're going all in.
>>27806539
the only retard here is you

>> No.27810907

>>27810744
>atx case
in that case you can only fit about 4 in max, I have two at the moment doing fine in a case, but for scale and to keep heat down you really need a proper setup

>> No.27811237
File: 10 KB, 288x450, 6BE831EB-6BAC-4571-92E6-9D7C7250B59C.jpg [View same] [iqdb] [saucenao] [google]
27811237

>>27797202
My work blessed me with 10 K20 cards. Anyone know if there’s a calculator or guide to figure out cost/gains?

>> No.27811338

>>27797202
good luck being raided by police thinking you're growing marijuana

>> No.27811554

>>27810225
holy shit that's good
maybe i should move out of the united kuckdom to whatever shithole you're in

>> No.27811582

>>27810744
Nicehash seems to only pay out in BTC
My electricity price changes by the hour, averaging 0.08€/kWh

Any gui miner for ETH?

>> No.27811795

where can i buy GPU with shitcoins? asking for a friend.

>> No.27811890
File: 1.10 MB, 706x757, asic_fren.png [View same] [iqdb] [saucenao] [google]
27811890

i miss the old comfy 2011 - 2015 days of mining

>> No.27811949
File: 186 KB, 1600x900, $_57.jpg [View same] [iqdb] [saucenao] [google]
27811949

>>27811582
prohashing pays you in any altcoin you want, nicehash also recently sent out a survey asking if people are interested in alt payments too so that's coming soon i'd guess

>> No.27811956

>>27810859
I was willing to give you the benefit of a doubt but
>watching crypto youtubers
No, you're the retard after all, I'm afraind.

>> No.27812035

>>27797852
>8,5c
>mfw when I have to pay 28c/kWh in my socialist shithole
>28 eurocent that is
>mfw I don't even have a face anymore because the commies also gave that to niggers

>> No.27812188

>>27797202
is it still worth mining ETH after EIP-1559 comes online? I'm thinking about getting myself a rig but if I spend 5k and my investment isn't paid before ETH 2.0, it might not be worth it

>> No.27812328

>>27812188
it doesn't even matter, miners will just shift to ethereum classic or another proof-of-work coin, and even then you still have nicehash to generate good income, if anything the smart miners have already moved to begin accumulating coins that still have quite low hash rates in comparison to when eth2.0 is finally out and pow is over

>> No.27812596

>>27797202
What about asic miners?

>> No.27812658

>>27812328
No, these coins wont be profitable. They are barely profitable now, imagine hundreds of thousands of gpus raiding such a low network

>> No.27812744

>>27812596
dead meme

>> No.27812816

>>27811582
you dont want to mine ether. what would happen if you want to move your eth? thats 1 week of mining gone. better to mine btc and then send to exchange (for pennys on the dollar, tx fee wise) and buy eth (but eth is dying so Idk whyd u want that shiet)

>> No.27813152

>>27800760
>once ETH 2.0 hits its game over for miners.
could you elaborate? how does it kill mining

>> No.27813273

>>27813152
you wont be able to mine ether anymore, since they are changing to proof of stake, or more aptly described, proof of "vitalik gets all the money and gas fees wont go down"

>> No.27813289

>>27812816
That makes sense, taking the fees into account.
I'll figure Nicehash out later today, and set it to mine when the electricity prices are low.

>> No.27813499

>>27812658
eth classic is often more profitable than eth, anon, and miners are the ones often driving price in these coins; to think miners won't just move to other coins and instead give up mining entirely is utterly retarded
>>27813289
don't listen to that idiot, he's clearly braindead

>> No.27813719

>>27812035
it's alright bro, you germans deserve this shit that's happening to you. same if you're french, i guess

>> No.27813789

>>27797202
Cryptomining is a complete waste of resources that produces nothing of real value.

>> No.27814023

>>27811956
>No, you're the retard after all, I'm afraid.
good, do research on /biz/ then

>> No.27814049
File: 18 KB, 400x400, 1494966010393.jpg [View same] [iqdb] [saucenao] [google]
27814049

>>27813789
yet it still produces something with more worth than you

memes aside, it keeps the networks decentralised while offering an incentive and ensures good distribution of the supply, if you don't see the importance there then you're a brainlet