IS GPU MINING STILL PROFITABLE? - Mining Adventure Part 1

[GodAtum]

what pools would people recommend then? thinking of using cgminer for litecoin

[buffycs]

My mining rig has 12 GTX 1080 Ti Aorus cards in, a low end i3 and the BTC ASRock Intel H110 Pro BTC+ Crypto Mining ATX Motherboard

Electric costs are £0.11 KW/H

We are mining zpool\nicehash\miningpoolhub\ using the profitswitching methord using this software http://www.awesomeminer.com/

 

 

 

[ProngsOldGuy]

make the video already!! and thanks for your info Linus.

[bcredeur97]

11 hours ago, Julian2000nl said:

• NiceHash is terrible and only Crypto noobs use it
• Windows is terrible and only half-brain noobs use it
• Nvidia is terribly overpriced

You should use:

• CGMiner with a pool of your liking
• Ubuntu Server
• Well yeah you already had the GPU's so that doesn't count
• More RGB 

Oh and let met say it. Mine an altcoin, way more profitable. If you don't know and wanna keep shit simple; Litecoin. 

 

11 hours ago, Captain Chaos said:

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. 

 

it's like paying someone to wash your car versus washing it yourself. Washing it yourself is usually the best option, you can spend time paying attention to the detail and always make sure you are using quality products that wont harm your paint one bit. 

On the other hand... most people rather not deal with it when they can pay someone $20 and bring their car through one of their automated machines and be done with it. 

That is nicehash's selling point. You don't have to fool with anything... cards are plug in, benchmark, and play. 

Also keep in mind Linus' is not necessarily doing this for profit... he's doing it for the channel. The money they make from this is a side benefit, and seeing how large of a scale they want to take this project, it may be beneficial to them to just save the time and use nicehash. Time is money. plain and simple.

[PeachyUwUSenpai]

 

17 hours ago, 42thgamer said:

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. 

yep you can just mine eth or zcash

[PeachyUwUSenpai]

12 hours ago, Julian2000nl said:

• NiceHash is terrible and only Crypto noobs use it
• Windows is terrible and only half-brain noobs use it
• Nvidia is terribly overpriced

You should use:

• CGMiner with a pool of your liking
• Ubuntu Server
• Well yeah you already had the GPU's so that doesn't count
• More RGB 

Oh and let met say it. Mine an altcoin, way more profitable. If you don't know and wanna keep shit simple; Litecoin. 

no you shouldn't use cgminer cgminer is mostly just for asic coins and right now ethminer or zminer are way more profitable 

[DutchTexan]

12 hours 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.

And what if you have AMD cards, GDDR5 and GDDR5X Nividea cards? Are you telling me that they are all optimized for mining one specific alt coin for long periods of time? Or are you saying you have the time and attention to micro manage everything, every hour?

 

Sure, if you're really, really into mining and squeezing out every penny-worth a day, then you would do everything manually, figure out a way to run 220V, and run linux. More power to ya, buddy.

 

However, NiceHash isn't obsolete. Neither is it only for idiots like you are making it out to be. Lots of people, including myself, think the services are worth it. You act like a 2% fee is just absolutely unacceptable.

 

And you are acting like like a whopping .0005(~$3.5) bitcoin to move your bitcoin every now and then is also unreasonable.

 

Their fees are absolutely worth it, in my opinion, for the services they provide. Additionally, I'm not interesting in hording anything other than Bitcoin, so the conversions fees are given. Plus, my Trezor is made for bitcoin and that's what I will keep for years to come. Not all alt coins are supported by Trezor or even by the 'more versatile' Ledger wallets. No other crypto is as viable in the long, long run, IMO, like Bitcoin is. I strongly believe all other investments are merely short term (which is totally okay, $$$) Had it not have been for bitcoin, then hardly no one would be interested or engaging in cryptoconcurrency in general.

 

Furthermore, 10 days ago there was a massive spike in profitability with the CryptoNight algorithm. For a couple days straight, my rigs were making several times more than they do on a typical day. I wouldn't have known this if someone didn't bring it to my attention on this forum. But if that didn't happen, I wouldn't have known until maybe 5 days ago, after it was all over. Again, around 8:45pm on November 12th, my mining yields were over 5 times more profitable than they usually are for a brief period of 2 hours. I only know that, because I just now checked to defend NiceHash's legacy miner. 

 

Pool mining alt coins is cool and all, but NiceHash perfectly fits my needs and I'm not wasting my time obsessing on whattomine.com. I'd rather be obsessed with what to buy than what to mine. I think that is a much more intelligent use of all our time 

[PeachyUwUSenpai]

12 hours 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.

whoops nvm missread

[HAMzZzA]

hey guys. i was wondering since i've free electricity, air conditioning and an old barebones old server. before i decided on getting GPUs or not i wanted to know how much in upload and download i'd use a day in average. 

[HAMzZzA]

On 11/13/2017 at 3:39 AM, Injected_Pie said:

Mining on GPUs is hard for the average Users / Gamers there are some better ways to "mine"  like Storj and Burstcoin (Using what everybody has some hdd capacity).

 

I Run 1TB Storj Fileshare on my Nas (took 4ever to fill up that 1TB) because it is 24/7 online anyway.

It covers the electric costs of the Nas and gives me some Returns for future HDD Upgrades.

 

I also use  Solar powered rigs to mine Burst on broken HDDs (out of Warranty with Bad Smart but works) getting some cash out of the untrusted HDDs.

 

GPU and even CPU mining is only profitable if you mine some "unknown" coins with big and active development and growing community (basicly mining "eth" now what was 15usd back then) 

so how mush do you make of a 1TB per month and how do you get paid? 

[buffycs]

13 hours ago, hamza.abdulwali said:

hey guys. i was wondering since i've free electricity, air conditioning and an old barebones old server. before i decided on getting GPUs or not i wanted to know how much in upload and download i'd use a day in average. 

The data transfer is minimal. The hardwork is done in work on the GPU\CPU of the machine and only the answers are sent back. The GPU's only require 1x PCI to run at full speeds as there isnt even much data transfer done in system either.

[42thgamer]

5 hours ago, Alaradia said:

 

yep you can just mine eth or zcash

I know it is possible but should you do it

[Uzume]

18 hours ago, Julian2000nl said:

• NiceHash is terrible and only Crypto noobs use it
• Windows is terrible and only half-brain noobs use it
• Nvidia is terribly overpriced

You should use:

• CGMiner with a pool of your liking
• Ubuntu Server
• Well yeah you already had the GPU's so that doesn't count
• More RGB 

Oh and let met say it. Mine an altcoin, way more profitable. If you don't know and wanna keep shit simple; Litecoin. 

 

If you are using a gaming machine to mine with during the off-time, then you use what you have which is likely to be windows and what cards you have.

 

You seem to think that being a "noob" is an insult, but everyone is a noob in everything at one point. Many will try crypto and decide it is not for them, so it makes no sense for them to buy dedicated hardware and set up different operating system until they decide to get serious.

 

And if/when they get serious, they will find for themselves good sources of information that don't suffer from the low social bandwidth you appear to be hampered by.

 

[buffycs]

OK so just to update you on the max 8 nividia GPUs in windows. The latest big windows update should have changed that. I am currently testing 9 1080 Ti on one rig. They all install correctly however its a new rig and its not yet stable. 

[buffycs]

[Daniel644]

On 11/13/2017 at 7:52 PM, Captain Chaos said:

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. 

so someone like me who has lowered the power target to 72% and fan speeds around 50-60% with temps around 60* C plus or minus 3*C would be the kind of person you would buy from?

[Daniel644]

13 hours ago, buffycs said:

damn son, just buy a damn ASIC like an Antminer S9 and be done with it, it would be cheaper and more efficient in the long run.

[DutchTexan]

7 hours ago, Name Taken said:

 

Glad I moved all my bitcoin and started selling off my GPU's on ebay  

 

I wonder how bitcoin prices will react or if NiceHash will die off in the near future. 

 

Sad news though

[Apati]

@jakkuh_t How has the hack changed your mining plan?

[PeachyUwUSenpai]

On 11/15/2017 at 5:02 AM, 42thgamer said:

I know it is possible but should you do it

if you want to make money other wise no 

[buffycs]

On 12/6/2017 at 12:39 AM, Daniel644 said:

damn son, just buy a damn ASIC like an Antminer S9 and be done with it, it would be cheaper and more efficient in the long run.

My cards dont mine bitcoin, an antminer wont help my business model. Also my GFX cards all have resale value. Infact I can sell them second hand for more than they cost to purcahse. When an antminer s9 becomes not profitable it has no resale value my cards can still game. If bitcoin dies my cards dont care, other coins work just as well. 

[buffycs]

On 12/7/2017 at 9:29 PM, Apati said:

@jakkuh_t How has the hack changed your mining plan?

Lost 2k (GPB) in the nicehash hack.  We started with nicehash and had a meeting planned this week to discus moving away from the nicehash storage and when to transfer to fiat currines. We missed the window, luckly we have already transfered over 1k (GPB) out already.

[buffycs]

Current figures:

 

[BuckGup]

2 minutes ago, buffycs said:

Current figures:

 

What kind of GPUS

[Daniel644]

3 minutes ago, buffycs said:

My cards dont mine bitcoin, an antminer wont help my business model. Also my GFX cards all have resale value. Infact I can sell them second hand for more than they cost to purcahse. When an antminer s9 becomes not profitable it has no resale value my cards can still game. If bitcoin dies my cards dont care, other coins work just as well. 

but an Antminer S9 will pay for itself FASTER then any video card will and will produce so much more profit vs. electricity used that over the course of a year or 2 it will be far more profitable then mining with the GPU's and even if you can get above list price now for a GPU doesn't mean it will be the same in a year from now, let alone 2 years.