Which Crypto currency is better?

[Chiyawa]

Hi,

 

I'm looking for a good crypto currency to mine. I'm new here so I'm not familiar with this yet.

 

So far, here's my system specs (my current gaming rig):
Processor: AMD Ryzen R5 3600

RAM: 2x 8GB DDR4 3600MHz RAM

GPU: Gigabyte RX Vega 64 Gaming OC

SSD: Kingston A400 2.5inch SATA 1TB, free space about 500GB

HDD: Seagate Barracuda 3.5 inch SATA 2TB (SMR), free space 800GB

HDD: Toshiba X300 3.5 inch SATA 4TB (CMR), free space 600GB

 

I wonder if my system is worth for the operation.

 

Regards,

Chiyawa

[mariushm]

It's not worth mining with your computer. After paying for electricity at best you'd make the equivalent of a few dollars at the end of the month nut it would take you several months to earn the minimum to get a payment transferable to you (if you don't use a service like nicehash).

these days, you need multiple video cards or specializing mining hardware (ASICs) to coin something in a  reasonable time.

[Eigenvektor]

You can use a calculator like https://www.nicehash.com/profitability-calculator/amd-rx-vega-64 to see how profitable your card is. Just make sure to enter the correct amount of money per kWh for your area. At 0.1 USD/kWh the RX Vega 64 would make about $2.39 per day.

[Chiyawa]

@mariushm@Eigenvektor

 

Thanks for your input.

 

Yeah, in my area, electricity rate increases the more you use, so it's hard to calculate.

 

Anyway, what about Internet? I'm sure mining operation needs it, right? How much will it consume?

[rkv_2401]

3 hours ago, Chiyawa said:

I'm looking for a good crypto currency to mine.

Mine Monero using MoneroOcean's algo-switching software. I used to make around 0.05XMR(18$ at that time, XMR was around 400$) before electricity costs every fortnight with my gaming rig, despite my 3GB graphics card - you'd probably make more than that.

[Eigenvektor]

6 minutes ago, Chiyawa said:

Anyway, what about Internet? I'm sure mining operation needs it, right? How much will it consume?

You mean in terms of bandwidth?

 

On this one page from Nicehash they're citing around 50-70 MB per day for a machine with 6 GPUs. I don't know how this scales per GPU, but I'd maybe calculate with 50 MB per day?

 

~edit: I've found another page that says they had around 75 MB per day for Ethereum:  https://gpu0.com/how-much-internet-bandwidth-does-a-mining-rig-use/

[Chiyawa]

@Eigenvektor

 

Okay, noted. Thank you for the info.

[Moonzy]

29 minutes ago, Chiyawa said:

Yeah, in my area, electricity rate increases the more you use, so it's hard to calculate.

Just take the highest value which is rm0.57 per kwh I think

[Eigenvektor]

2 minutes ago, Moonzy said:

Just take the highest value which is rm0.57 per kwh I think

If I use the mining calculator and enter $0 per kWh, it tells me the card should earn approximately 3.02 USD/day. If I enter $1/kWh, earnings drop to -2.27 USD/day.

 

The difference between 3.02 USD/day and -2.27 USD/day is 5.29 USD. Since I was using $1/kWh that means the card should be using around 5.29 kWh/day or around 160 kWh per month. Maybe you can use this value to estimate the average cost per kWh you'd have to pay with your provider.

 

If energy price is 0.57 as Moonzy said, earnings would drop to $0.02 per day.

[Moonzy]

10 minutes ago, Eigenvektor said:

energy price is 0.57 as Moonzy said, earnings would drop to $0.02 per day.

That's in MYR, our local currency, which is around 0.14 USD or so

 

If you click on the gear icon beside the GPU, you can see about how much power it'll consume, multiply it by 0.72 (24*30/1000) and you should get monthly kwh

 

Of course, this is only the GPU, there's system idle and psu efficiency too

[Eigenvektor]

2 minutes ago, Moonzy said:

That's in MYR, our local currency, which is around 0.14 USD or so

Gotcha, didn't know Mars used MYR

 

I was thinking the site showed power draw somewhere, but for some reason I couldn't find it. Good to know they don't include system power draw, so that's something to watch out for as well.

[artuc]

The real kicker is how the market may fluctuate also if you don't cash out and how you use the crypto

 

You could be break even and the market is on a bull run and suddenly you're hugely profitable or in a bear market or crypto winter you could go from being up initially to in the red as the value wipes.

 

You also get changes in difficulty, total hash rate and transaction count that can vary how profitable it is also.

 

There are various options with the crypto say staking, savings, liquidity pools and so on. Stablecoins can hedge against fluctuations.

 

Long term mining may be on the way out as some of the top alt coins are now proof of stake and ETH 2.0 is coming

 

 

[Chiyawa]

@artuc

 

Yes, definitely a risky business when it comes to crypto currencies, including mining. I was thinking of the risk as well, but since my gaming PC was like off for the most time, I think I can convert it into a small cash cache over time. Still, I just want a stable cryptocurrency mining, but it proves that even mining has its risk.

 

But with that said, I think I'll put mining on hold for a while as I'm still researching for the best option available.

 

@Moonzy

Yeah, my GPU, when running a high intensive game could hog about 300W of power, total power draw from the socket could reach close to 600W. I do really need to take into account of that as well.

 

Oh, I didn't realised you have changed your profile picture. I used to see your old picture having a cat slap on the girl's forehead.

[artuc]

On 6/11/2021 at 3:59 PM, Chiyawa said:

Still, I just want a stable cryptocurrency mining, but it proves that even mining has its risk.

 

But with that said, I think I'll put mining on hold for a while as I'm still researching for the best option available.

 

Well the mining itself can be profitable, it's the crypto that is volatile. 

 

I think it depends on your power draw mainly, my 1660S is profitable, makes at least a few dollars a day profit, but it is a very power efficient card.

 

I still am gambling somewhat on what I choose to then 'invest' my mining profits on, I have put in a small chunk of change as well usually to just meet some minimums or move things around.

 

I think if the numbers crunch out at breakeven or better I'd personally probably still mine, however if it's effectively deeply negative you'd be better off just buying small amounts of crypto directly if you're dabbling and not bother with mining.

 

Potentially just do a test run for a week or so and see how power draw, temps etc. are, how much you're actually mining, hashrate and so on. Then make an informed decision on those numbers and see if you want to proceed.