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IS GPU MINING STILL PROFITABLE? - Mining Adventure Part 1

4 hours ago, Teddy07 said:

I doubt it is worth here in Germany. 0,235 cent per kW/h. Fucking green energy revolution made it rise like crazy.

you'd still make profit just only 1/3rd instead of the 2/3rds profit people with 12 cent power  still profitable

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what ever card you use it will sit around 60-80 you can get it lower with decent fans though 8000 cfm fans ftw

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4 hours ago, bindydad123 said:

1:50 Is Linus Media Group in trouble? Why couldn't they contact a GPU vendor and ask for 8x of the same gpu? 

Why waste resources? They are all 1070 and better, however i would of wished they threw in a amd or 2 in there for proper measuring of gpu's.

my ccminer separates each gpu's speed so regardless what they use to mine (software) if it does the same the results should be close to real world for each card.

 

6 hours ago, Cinnabar Sonar said:

Even if you don't make a profit, if they can replace a space heater during the winter...

Yup they can, my 1070 runs at about 80-87. It's a very expensive space heater tho if anything fails :P

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7 hours ago, Cinnabar Sonar said:

I have a suggestion.  Can we test GPUs thermal output while mining?  Even if you don't make a profit, if they can replace a space heater during the winter...

Puget Systems did a comparison between a gaming PC and a space heater, and found the PC to be putting out just as much heat for the same power draw.  So yeah, it's perfectly possible to use a PC to heat a room.

https://www.pugetsystems.com/labs/articles/Gaming-PC-vs-Space-Heater-Efficiency-511/

 

For those criticizing the use of Nicehash, I can understand why Linus & Co. decided to use them.  Even though they do take a larger cut, it's more convenient to be paid in BTC rather than having to worry about conversion rates and which exchanges to use for converting etc.  It's also real easy to set up.

 

My only real gripe with this video is the setup itself.  Cards running that hot will wear out a lot faster.  Those are the mining cards that are almost completely worn out by the time their owners put them on Ebay. 

Using PCIe extension ribbons will allow you to mount them in a mining rack (easy enough to DIY with minimal woodworking skills) with plenty of space in between the cards, which together with some undervolting allows you to keep the cards at around 60°C on default fan profiles.  But then you can't use that rack in the server room anymore, of course.  So I do kinda understand that decision as well. 

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20 minutes ago, Captain Chaos said:

My only real gripe with this video is the setup itself.  Cards running that hot will wear out a lot faster.  Those are the mining cards that are almost completely worn out by the time their owners put them on Ebay. 

Yes, server rooms that are hotter experience more failures, but I think its like, barely double the failures.  Not even a full order of magnitude.  There aren't continuous thermal shock cycles, just the 1 while it gets hot, then thermal stresses hopefully equalise.

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@FlatBrokeRacing @Ithanul @Egg-Roll @Captain Chaos

 

Thanks for the informative responses.  That would mean if you were using a space heater during the winter, if you have enough spare cards, you could fully replace the heater, and even if you don't make a profit, some of the cost to run the hardware will be offset by mining.  Now the question is, whether or not buying used GPUs would be worth the initial investment?

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1 minute ago, Cinnabar Sonar said:

That would mean if you were using a space heater during the winter, if you have enough spare cards, you could fully replace the heater, and even if you don't make a profit, some of the cost to run the hardware will be offset by mining.

I need to use a space heater in my workshop because not all of my house has heating.  I am now using a mining rig instead of a space heater there. 

The power consumption is the same and hence the electricity bill will be the same.  However now I'm not only getting the same amount of heat, but I get Bitcoins on top of that. 

 

I'm considering it free electricity really, at least as long as I'd otherwise be using my space heater.

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17 hours ago, Alaradia said:

no 1 tb in burst doesn't make much (.64 usd a month) and a gamer even if they game 12 hours a day can still make around 20-30 usd a month with a gtx 1060

1tb storj

 110tb broken hdds in burst

image.png.592a8e6bf8c160939bbea6e17096d123.png

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@Cinnabar Sonar All except two of my GPU's are used. some even came from previous miners that didnt want the long term investment. IMHO as long as the people previously were not idiots and running stuff at super high temps, there should not be any issues (While mining 24/7 i keep my hardware between 48*C and 65*C (generally on cooler days i run them at the higher 65*C to suppliment heat. Anyone that runs their hardware over 70*C for 24/7 use IMHO is not doing the hardware any good. Although i have no proof of testing, i just do not see why to run them that hot, all of my cards are pretty easy to control the heat on.

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people are saying dont use nicenash. what other easy to sue GUI tools are there?

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Just now, GodAtum said:

so they had 8 GPUs and earning $20 a month??

That doesn't sound right lol... Using DGB i make about $14 (CAD) They should be pulling down at least $115 a month.

 

http://whattomine.com claims about $6 a day profit.

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2 hours ago, Cinnabar Sonar said:

So the initial investment for the hardware would probably be worth it?

That depends. 

 

I spent $1500 on graphics cards in June (near the end of the Ethereum boom).  I already had the rest of the hardware, so I only count the cards themselves as a cost. 

I have a simple spreadsheet that keeps track of the mining rig's electricity consumption and adds the initial investment to the cost of said electricity, so I can track how much I've actually spent on mining on a day-today basis.  Last week my wallet's balance exceeded my cost for the first time. 

Had I invested that $1500 directly in BTC (which was just a little over $2400 back then), I'd have around $4100 in that wallet right now.  That's $2600 more profit than I have now. 

 

Sure, I can probably sell the cards for around $1000, but that still doesn't make it the best investment.  But you never know how these things go.

 

So yeah, given enough time you can make your money back and probably make a little money too.  But there probably are better ways. 

 

-------------

 

EDIT :

 

2 hours ago, GodAtum said:

so they had 8 GPUs and earning $20 a month??


I didn't really watch his graphs in detail (watching the vid again right now), but I can already say that that number is very unlikely.  I did see a similar number, but that was the cost of electricity per day. 

 

 - EDIT 2 : At 8:33 into the video the screen shows that the rig is making 22.42 USD/day before electricity.  With 8 GPUs working and 2 CPUs idling, I estimate that he's at 1400W or thereabout, which translates to 33.6KWh per day.  According to the webpage shown at 10:51 and Linus' explanation, LMG pays 0.1028 USD per KWh, so his daily electricity cost would be 3.454 USD.

That's almost 19 USD per day in profit, give or take $3 because the numbers shown on the Nicehash miner can vary from one minute to the next. 

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2 hours ago, Captain Chaos said:

That depends. 

 

I spent $1500 on graphics cards in June (near the end of the Ethereum boom).  I already had the rest of the hardware, so I only count the cards themselves as a cost. 

I have a simple spreadsheet that keeps track of the mining rig's electricity consumption and adds the initial investment to the cost of said electricity, so I can track how much I've actually spent on mining on a day-today basis.  Last week my wallet's balance exceeded my cost for the first time. 

Had I invested that $1500 directly in BTC (which was just a little over $2400 back then), I'd have around $4100 in that wallet right now.  That's $2600 more than I do now. 

 

Sure, I can probably sell the cards for around $1000, but that still doesn't make it the best investment.  But you never know how these things go.

 

So yeah, given enough time you can make your money back and probably make a little money too.  But there probably are better ways. 

Keeping the pipes warm would be #1 priority, the money that I would make is just a bonus.  Since I would be running space heaters anyway, it may be worth looking into.

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4 hours ago, GodAtum said:

people are saying dont use nicenash. what other easy to sue GUI tools are there?

Agree i was wondering what software to use in windows, where to download it from that has no virus attached to it!!

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Since this video covered the fact that miners tend to sell their "used" cards on after an upgrade. There is the topic of whether having a card used in a mining rig 24/7 for so long degrades the card as I see the topic come up quite often of people wanting to know if a card was used for mining as they can sometimes end up with a dud.

 

So maybe some tests to see what a card that's been running in a mining rig for a few months to see if the card degrades in performance.

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48 minutes ago, Pyrii said:

So maybe some tests to see what a card that's been running in a mining rig for a few months to see if the card degrades in performance.

Performance doesn't tend to degrade, but excessive heat will cause components to fail earlier and some GPU fans will also get noisy or start to rattle after extended high-RPM usage (I've encountered this primarily on MSI TwinFrozr fans). 

 

Personally I wouldn't mind buying cards from a miner, as long as I know that the owner used it responsibly.  In fact I'd rather buy a second-hand card from a responsible miner than from a gamer.   

If a miner keeps his card at a reasonable temperature through undervolting and not cramming them together, and doesn't overclock the memory to the limit, it is likely in a better shape than a card that has been used for gaming an hour per day.  The latter will have gone through a lot of temperature cycles, heating up and cooling down again with each gaming session.  That is another very likely cause of GPU failures because it can cause solder to crack. With mining cards you don't have to worry about that because they haven't gone through anywhere near as many cycles. 

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well having bought used hardware, i wouldnt hesitate to buy used hardware from a miner, most miners are viewing this as a business and and investment, so keeping temperatures under control are a must, also maintenance is a must (keeping the cards clean, dust free is a weekly task. I know in my mining system its constant maintenance and monitoring of temps etc. All of my AMD cards are undervolted with lower clock speeds but higher memory speeds. All of my Nvidia cards are overclocked with the TDP turned down to help with power draw and temperature.

 

as for investing to use as a heater, thats up to you, but if you are running space heaters it costs you regardless, atleast with mining you are getting a return (and hardware) for your investment. Atleast that is MY point of view.

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I have a little question that can maybe be implemented in part 2

If you do not factor in the cost of a new gpu can you make some money? I think lots of gamers don't buy there GPU for mining but just for gaming, so if they can make some money with it while there are not using it that is a big bonus. 

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18 hours ago, FlatBrokeRacing said:

@Cinnabar Sonar All except two of my GPU's are used. some even came from previous miners that didnt want the long term investment. IMHO as long as the people previously were not idiots and running stuff at super high temps, there should not be any issues (While mining 24/7 i keep my hardware between 48*C and 65*C (generally on cooler days i run them at the higher 65*C to suppliment heat. Anyone that runs their hardware over 70*C for 24/7 use IMHO is not doing the hardware any good. Although i have no proof of testing, i just do not see why to run them that hot, all of my cards are pretty easy to control the heat on.

Agree, I am the same way.  I try to keep my hardware temperatures down.  Also, the cards tend to stay stable when I do folding and boinc runs with them when I keep the temps down.  I actually have lower temps when I do mining since I tone the TDP % down and run the cards differently compare to F@H/BOINC.  PrimeGrid runs though, woooo, those really make the cards toasty but finds real quick if a card will hold the OC.

 

2023 BOINC Pentathlon Event

F@H & BOINC Installation on Linux Guide

My CPU Army: 5800X, E5-2670V3, 1950X, 5960X J Batch, 10750H *lappy

My GPU Army:3080Ti, 960 FTW @ 1551MHz, RTX 2070 Max-Q *lappy

My Console Brigade: Gamecube, Wii, Wii U, Switch, PS2 Fatty, Xbox One S, Xbox One X

My Tablet Squad: iPad Air 5th Gen, Samsung Tab S, Nexus 7 (1st gen)

3D Printer Unit: Prusa MK3S, Prusa Mini, EPAX E10

VR Headset: Quest 2

 

Hardware lost to Kevdog's Law of Folding

OG Titan, 5960X, ThermalTake BlackWidow 850 Watt PSU

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25 minutes ago, Julian2000nl said:

NiceHash is terrible and only Crypto noobs use it

Yeah yeah yeah. 

 

When you're mining with a handful of GPUs the extra time needed to set up the whole thing, the time spent looking at exchange rates to figure out when to convert your altcoins to optimize your profit etc just doesn't make up for Nicehash's ease of use. 

It's a perfectly acceptable way to get started and still a valid option for those who just can't be bothered to spend every free moment looking at crypto-related graphs. 

 

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8 minutes ago, Julian2000nl said:

Are you a experienced miner? Nicehash takes a 4% fee, compare that to the 0.3% fee I paid in my pool. The "time spend looking at exchange rates to figure out when to convert" is also pretty stupid. Yes, you can do that, but you could just quickly sell. Just sell yourself when you reach a threshold unless the coin has a massive dip, and you're still making way more than with NiceHash.

 

Nicehash has a pretty good idea. Take adventage of all the gamers that don't even know what a blockchain is who mine crypto with their gaming hardware by building a noob application with a massive fee so they can extremely profit off it. 

 

Setting up an account in a pool and then just running CGMiner takes 10-15 minutes at max for a new miner.

 

@LinusTech talks about it like he knows what he's doing, whilst he really isn't.

Can confirm, have build blockchains myself for various purposes.

Well would love to use cgminer but every version i find as a virus attached to it. So would you like to tell us where we can download this program with out getting out computer infected???

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