Is GPU mining worth it?

[Bobbysixjp]

For the past week I’ve been mining via NiceHash and have made around 45 USD (excluding electricity costs) on a 6800XT. The price of bitcoin has dropped quite a bit in the last week and this got me thinking if it is worth it to continue mining or just wait until it gets more profitable again. 

[TheBean]

you can withdraw your money and trade it in for a stable coin. that way you keep your earnings in crypto without loosing value. preferably withdraw to your own private wallet where you have control over your private keys. 

 

not sure about you, but for me, as long as it's even slightly profitable, keep going. even if it dips a lot, some money is better than none. 

[Mick Naughty]

Can’t say what’s worth it to you. 
Id never mine off a single card myself. Unless it was a 3090 or something. 
you either want the money or don’t. 

[Rym]

If it was not worth it people would not pay 2000$ for a 700$ card just to mine with it.

 

[Bobbysixjp]

15 minutes ago, Rym said:

If it was not worth it people would not pay 2000$ for a 700$ card just to mine with it.

 

Good point but those people must live in a place with cheap electricity.

[Mick Naughty]

North America has cheap power. And I don’t think anyone is paying 2k for a $700 card when they can get a 3090 and make double. If they do, they just aren’t that bright. 

[tikker]

On 2/28/2021 at 3:57 AM, Bobbysixjp said:

For the past week I’ve been mining via NiceHash and have made around 45 USD (excluding electricity costs) on a 6800XT. The price of bitcoin has dropped quite a bit in the last week and this got me thinking if it is worth it to continue mining or just wait until it gets more profitable again. 

This only really matters if you sell immediately for fiat. In the end it doesn't matter if you've mined 1 BTC when it was $50k or when it was $40k. It's worth now what it is worth now. So it really comes down to two questions:

1. Have you actually made 45 USD, or do you just own BTC currently worth 45 USD? In the latter case you haven't made anything. Not until you cash out.
2. Are you in for a quick buck, or long term gains?

Crypto is not a get rich quick scheme and drops like this are normal. If you're in for the long run and believe it will go up again it's effectively on discount now, so you could consider buying some* instead of mining. Mining rewards will not get more as difficulty will probably keep increasing.

 

*Not financial advice. Don't invest what you can't afford to lose and do so at your own risk.