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Since we cannot beat the mining mania, I am considering joining in...

20 hours ago, Jtalk4456 said:

yikes... I had only ever heard of the proof of work part, and not in those terms, that sucks

Well, here has to be some compromise somewhere. PoW is the current situation we're in, PoS is where you're only allowed to mine up to your % of coins held, so let's say you hold 5% of a specific cryptocoin, under PoS, you can only 'mine' 5% of every block you receive, so it's not about your hardware power anymore since the % is always the same regardless of the hardware you have.

 

PoS miners would have to hoard large amounts of coins to get returns, hardware becomes irrelevant and electricity usage plumets to a few % of what it currently is.

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On 2/17/2021 at 12:34 PM, wkdpaul said:

Sorry, but that's either uninformed, or disingenuous, nobody is mining BTC with GPUs, everyone is mining altcoins and converting them to BTC. Altcoins are going up with BTC.

 

Mining is profitable, if it wasn't, miners wouldn't be snatching up GPUs.


I know that what I do with regards to mining upsets some people, but regardless of what anyone thinks or feels, the fact is, it is not only profitable, it's extremely profitable.  Even when the market is low and supposedly "unprofitable", most of us that have been doing it for years know that we mine for tomorrow's profits, not today's.  

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Yea, a 10k investment 3 years ago is now buying a 215k house. Best return I’ve ever seen. 

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On 2/16/2021 at 7:28 PM, ShrimpBrime said:

How long does a guy mine with a 3090 to pay off the card and energy used before making a profit.

 

Also, a question I have no idea the answer to. Please tell me some one knows.....

 

F@H folds simulated proteins for example......

 

What EXACTLY are you processing (mining) to achieve a "coin"? 

 

 

you're de-hashing blocks of verified transactions, in order to receive a small percentage. 3090 depends on electricity, depending on what your electricity cost is, it varies widely.

 

On 2/16/2021 at 6:36 PM, Vitamanic said:

You'll spend more on electricity than you will gain in profits. There's no point.

if you think that, you are more than wrong.

 

On 2/16/2021 at 9:17 PM, Jtalk4456 said:

i'd love to see your calculations
This is a calculation based on the 50k price, a cheaper than average 10c power cost, the top end probably theoretical hash rate of a 3090 and basically not having a pool fee
image.png.6849c7837efff0c6f2297cbddb28c45b.png

Even with this, you're losing money every month. This hasn't taken into account a few things
1. Realistic numbers for electric cost (avg 13c), hashrate (The current hashrate is maxed out at 120 MH/s with a +1350 memory clock and a 100% power limit.) and adding a pool fee in there

2. how about the power consumption of the rest of the system using the gpu? also i put in the standard wattage of the card, and finding that hashrate quote I redid the numbers with a 300W and we saved $4 of losses per month, still very much losing money. 

3. Lots of times before i looked into it earlier on and you know i might make a few bucks a day back then, not anymore, but point being it was almost negligible. The cost of entry is super high, it's terrible for the environment, your electricity bill and heating your room, so extra AC costing more electricity. All for a few bucks a day? You'd make far more money getting a second job and throwing everything from the second job into a mutual fund, almost guaranteed to net 10% returns. Which brings us to the most important point. 
4. All of this is based off a temporary high price. Not a single stock in history has run it's course without diving at times, bitcoin is no exception to this rule, and due to the way it gains value, it's actually an exaggerated example of how stocks rise and dive.

 

While I think technology will make bitcoin continue to rise over the long term, mining it simply isn't worth it. I don't condone investing in something that's such a literal gamble all the time, but if you must, don't waste your time mining, just buy some and see if it goes up. Also def don't do any of this rn when the price is super high, buying when the price is high is one of the quickest ways to lose money

 

you're off your rocker and have done something wrong. https://minerstat.com/hardware/nvidia-rtx-3090

On 2/18/2021 at 6:41 AM, 5terky said:

The people who will turn a profit on a 30 series mine are flipping their old 20 and 10 series. You can't just jump in when the market is hot like this, your just helping the long term miners get ROI on their old equipment.

The best time to get into mining was last summer when the last mining craze chaser capitulated and sold their cards at the low.


Good time to learn, put some old hardware to work. Investing in a mine right now has too much premium.

no, you can get into mining, just buying a 3060ti, and that's what's great about it right now, mining has almost never been more profitable

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Numbers are way off this is what I get on the calculator.  Also its bad form to not tweak the power settings down for efficiency.  I only have my 3080 at 59% power target and its getting nearly the full potential.  Factoring in what I sold the 2080 for (which also was purchased through mining mostly) it took less than 3 weeks to have a free 3080 since I got it in October at retail.

 

3090 stats on the nicehash calculator shows $511/mo based off 10 cents electricity

💵 Income 0.00027833 BTC
15.87 USD
0.00199465 BTC
113.70 USD
0.00936768 BTC
533.96 USD
⚡ El. costs 0.00001263 BTC
0.72 USD
0.00008842 BTC
5.04 USD
0.00039065 BTC
22.27 USD
💰 Profit 0.00026570 BTC
15.15 USD
0.00190623 BTC
108.66 USD
0.00897703 BTC
511.70 USD

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Yeah mining is crazy profitable right now, I could easily see it as a good way for someone to easily mine off the scalpers fee if they really want a GPU right now. I see nothing wrong with that, seems pretty viable.

 

Additionally, I don't see buying a GPU for mining as super risky. If you got ridiculously unlucky, and you bought a GPU and the day it arrives crypto crashes and mining is now totally useless, you are still left with a fairly valuable GPU in a market where they are in high demand (not the end of the world). In the worst case scenario where they also become immediately more available (which, lets be honest, it doesn't work like that) you are still left with a brand new GPU you can use or resell. So I see this as a way safer investment than actually investing in the coins which could crash overnight and turn a large chunk of your investment into nothing.

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