help? Newbie to wanting to Mine Ethereum.

[tikker]

52 minutes ago, _Grid21 said:

No I want to mine the newer one, not the older one. What's the code line I need to put for that one? (I just realized I was mining the wrong thing! D: UGH! Welp, I'll take it as a test then and count my loss).

 

What does this "FAIL" section mean? Is my GPU not working or did something else happen?

It's in the first of what you quoted. FAIL means something went wrong, but since you aren't interested in ETC anyway first just see what happens when mining ETH.

[_Grid21]

2 minutes ago, tikker said:

It's in the first of what you quoted. FAIL means something went wrong, but since you aren't interested in ETC anyway first just see what happens when mining ETH.

So apparently my "dag-build-mode" may have been wrong. I changed it from 2 to 0. And double checking here, "ethash" is Ethereum 2.0 right? Because that is the one everyone us using and the one I am interested in mining. 

[tikker]

1 minute ago, _Grid21 said:

So apparently my "dag-build-mode" may have been wrong. I changed it from 2 to 0. And double checking here, "ethash" is Ethereum 2.0 right? Because that is the one everyone us using and the one I am interested in mining. 

ethash is the Ethereum algorithm. Ethereum 2.0 is the coming upgrade for Ethereum. Ironically that will kill off mining, but it's ETA has been "soon" for a long time and is now set for the beginning of 2022 I believe.

[_Grid21]

Just now, tikker said:

ethash is the Ethereum algorithm. Ethereum 2.0 is the coming upgrade for Ethereum. Ironically that will kill off mining, but it's ETA has been "soon" for a long time and is now set for the beginning of 2022 I believe.

Why would it kill off mining exactly? Did I start mining at a bad time here? Also, I have a spare EVGA 980 Ti FTW that's a 6GB card, I know it's older, but could I throw that into a computer and have that at least help my efforts for mining along with my RTX 3060 12GB till I can some how make enough money off this to get a better GPU to take over mining operations?

[tikker]

9 minutes ago, _Grid21 said:

Why would it kill off mining exactly? Did I start mining at a bad time here? Also, I have a spare EVGA 980 Ti FTW that's a 6GB card, I know it's older, but could I throw that into a computer and have that at least help my efforts for mining along with my RTX 3060 12GB till I can some how make enough money off this to get a better GPU to take over mining operations?

Mining is unsustainable as the network grows, prime example being Bitcoin and its energy usage. Therefore they are going to switch to proof of stake, which means you'll get the opportunity to mine based on a random chance determined by how much ETH you hold versus the one with the most mining power mining the most. You can still mine until it switches, no problem in that, though you are in the tail end of building up ETH from mining if that's what you are after. There are other coins that can be mined though.

 

Not sure if and how profitable a 980 Ti still is, probably borderline break even if at all after considering power cost. There's no harm in plugging it in and seeing how it performs.

9 minutes ago, _Grid21 said:

help my efforts for mining along with my RTX 3060 12GB till I can some how make enough money off this to get a better GPU to take over mining operations?

Yeah no, that's not realistically going to happen with a single 3060. As I showed earlier you basically make ~0.001 ETH per day, which is about $3 (before electricity). It'd be 266 days to have mined $799 to even hypothetically buy a 3080 at MSRP if you had 0 electricity cost.

[_Grid21]

2 minutes ago, tikker said:

Mining is unsustainable as the network grows, prime example being Bitcoin and its energy usage. Therefore they are going to switch to proof of stake, which means you'll get the opportunity to mine based on a random chance determined by how much ETH you hold versus the one with the most mining power mining the most. You can still mine until it switches, no problem in that, though you are in the tail end of building up ETH from mining if that's what you are after. There are other coins that can be mined though.

 

Not sure if and how profitable a 980 Ti still is, probably borderline break even if at all after considering power cost. There's no harm in plugging it in and seeing how it performs.

Well I didn't get into mining because I couldn't see how it was really worth anything, and I feel a little stupid now. Also, I realized I was running the wrong batch file and found the one for ETH. How hard is it to stay on top of the "next thing" with this proof of stake and how can I prepare for the 2.0 change and have better luck with it?

[tikker]

7 minutes ago, _Grid21 said:

Well I didn't get into mining because I couldn't see how it was really worth anything, and I feel a little stupid now. Also, I realized I was running the wrong batch file and found the one for ETH. How hard is it to stay on top of the "next thing" with this proof of stake and how can I prepare for the 2.0 change and have better luck with it?

The luck has already passed really. The lucky ones were the people that loaded up when it was $70 a pop, but as they say the best day to join was yesterday. The next best day is today. You can always buy it directly in the hopes the price will keep going up long term. Just be aware to treat anything crypto related as a highly risky investment, so don't put money in you can't lose.

[_Grid21]

3 minutes ago, tikker said:

The luck has already passed really. The lucky ones were the people that loaded up when it was $70 a pop, but as they say the best day to join was yesterday. The next best day is today. You can always buy it directly in the hopes the price will keep going up long term. Just be aware to treat anything crypto related as a highly risky investment, so don't put money in you can't lose.

Should I still bother mining it? Or just say forget it and wait till 2022 and try again?

[tikker]

1 minute ago, _Grid21 said:

Should I still bother mining it? Or just say forget it and wait till 2022 and try again?

Up to you. Check your electricity cost, but generally mining is still very profitable. That's at the current rate of course, so I'd figure out if you just want some extra cash now or collect some as an investment. In the latter case current value doesn't matter much, as you expect long term returns. Stuff is slumbering a bit at the moment so I'm not quite sure whether we are in a bull or bear market (i.e. a high/rising or low/falling market).

 

Personally (so don't take this as any sort of professional financial advice, I take no responsibility) I think it's fine to invest in it and to still mine. Waiting will get you nowhere, because if it rises high in 2022 you'll be too late if that is when you join in. This is why investing is a guessing game. Crypto is extremely unpredicatble and volatile, so you see big profits and equally big losses in short time frames.

[_Grid21]

3 hours ago, tikker said:

Up to you. Check your electricity cost, but generally mining is still very profitable. That's at the current rate of course, so I'd figure out if you just want some extra cash now or collect some as an investment. In the latter case current value doesn't matter much, as you expect long term returns. Stuff is slumbering a bit at the moment so I'm not quite sure whether we are in a bull or bear market (i.e. a high/rising or low/falling market).

 

Personally (so don't take this as any sort of professional financial advice, I take no responsibility) I think it's fine to invest in it and to still mine. Waiting will get you nowhere, because if it rises high in 2022 you'll be too late if that is when you join in. This is why investing is a guessing game. Crypto is extremely unpredicatble and volatile, so you see big profits and equally big losses in short time frames.

I see. Also, I've noticed some weird issue, I don't know if this is a glitch? But some times 2miners acts like my "worker" is offline even though the Batch file is still running.

EDIT: Also on 2miners, some time it shows I am owed money, and some times that value disappears and doesn't come back for hours. 2miners miner pool kinda makes me frustrated. 

Edited September 12, 2021 by _Grid21
Additional Question.

[tikker]

10 hours ago, _Grid21 said:

I see. Also, I've noticed some weird issue, I don't know if this is a glitch? But some times 2miners acts like my "worker" is offline even though the Batch file is still running.

EDIT: Also on 2miners, some time it shows I am owed money, and some times that value disappears and doesn't come back for hours. 2miners miner pool kinda makes me frustrated. 

That sounds a bit weird, I haven't encountered that issue. Are you on the correct page? Something like https://eth.2miners.com/account/<wallet address> I'd check the T-rex output for the last share and compare that to your last share reported on 2miners. 

[_Grid21]

7 hours ago, tikker said:

That sounds a bit weird, I haven't encountered that issue. Are you on the correct page? Something like https://eth.2miners.com/account/<wallet address> I'd check the T-rex output for the last share and compare that to your last share reported on 2miners. 

-------------20210912 15:03:20 -------------
Mining at eth.2miners.com:2020, diff: 8.73 G
GPU #0: EVGA NVIDIA RTX 3060 - 18.22 MH/s, [T:60C, P:127W, F:77%, E:143kH/W], 114/114 R:0%
Shares/min: 0.403 (Avr. 0.086)
Uptime: 22 hours 47 secs | Algo: ethash | T-Rex v0.21.6
WD: 22 hours 50 secs, shares: 114/114

20210912 15:03:22 ethash epoch: 440, block: 13212729, diff: 8.73 G
20210912 15:03:30 [ OK ] 115/115 - 18.20 MH/s, 106ms ... GPU #0

-------------20210912 15:03:35 -------------
Mining at eth.2miners.com:2020, diff: 8.73 G
GPU #0: EVGA NVIDIA RTX 3060 - 18.19 MH/s, [T:60C, P:127W, F:78%, E:143kH/W], 115/115 R:0%
Shares/min: 0.426 (Avr. 0.087)
Uptime: 22 hours 1 min 2 secs | Algo: ethash | T-Rex v0.21.6
WD: 22 hours 1 min 5 secs, shares: 115/115

20210912 15:03:40 ethash epoch: 440, block: 13212730, diff: 8.73 G

This is what I am seeing in the console. Also, this image I posted, the unconfirmed Balance, does this mean I am owed money? I am not really share what all these stats mean and how I know when I can get paid finally. 

[tikker]

1 hour ago, _Grid21 said:

-------------20210912 15:03:20 -------------
Mining at eth.2miners.com:2020, diff: 8.73 G
GPU #0: EVGA NVIDIA RTX 3060 - 18.22 MH/s, [T:60C, P:127W, F:77%, E:143kH/W], 114/114 R:0%
Shares/min: 0.403 (Avr. 0.086)
Uptime: 22 hours 47 secs | Algo: ethash | T-Rex v0.21.6
WD: 22 hours 50 secs, shares: 114/114

20210912 15:03:22 ethash epoch: 440, block: 13212729, diff: 8.73 G
20210912 15:03:30 [ OK ] 115/115 - 18.20 MH/s, 106ms ... GPU #0

-------------20210912 15:03:35 -------------
Mining at eth.2miners.com:2020, diff: 8.73 G
GPU #0: EVGA NVIDIA RTX 3060 - 18.19 MH/s, [T:60C, P:127W, F:78%, E:143kH/W], 115/115 R:0%
Shares/min: 0.426 (Avr. 0.087)
Uptime: 22 hours 1 min 2 secs | Algo: ethash | T-Rex v0.21.6
WD: 22 hours 1 min 5 secs, shares: 115/115

20210912 15:03:40 ethash epoch: 440, block: 13212730, diff: 8.73 G

This is what I am seeing in the console. Also, this image I posted, the unconfirmed Balance, does this mean I am owed money? I am not really share what all these stats mean and how I know when I can get paid finally. 

Under account settings you can find and change the threshold above which you can get paid out. Regarding what the numbers mean, the circled ! are clickable and provide an explanation. Unconfirmed balance means more blocks need to be mined before your share of ETH earned from mining a certain block can be spent, which is a safety mechanism. Unpaid balance is, well, funds not yet paid out to your wallet.

[_Grid21]

1 minute ago, tikker said:

Under account settings you can find and change the threshold above which you can get paid out. Regarding what the numbers mean, the circled ! are clickable and provide an explanation. Unconfirmed balance means more blocks need to be mined before your share of ETH earned from mining a certain block can be spent, which is a safety mechanism. Unpaid balance is, well, funds not yet paid out to your wallet.

So how do I finally get a payout? I feel like I've been mining for days and nothing has been given to me, should I use a different mining Pool like Ethermine instead of 2miners?

[tikker]

13 minutes ago, _Grid21 said:

So how do I finally get a payout? I feel like I've been mining for days and nothing has been given to me, should I use a different mining Pool like Ethermine instead of 2miners?

You haven't been paid out yet, because you haven't reached the pool's payout threshold. They'll pay out automatically once you reach the threshold. There's a progress bar in the unpaid balance square. 2miners' minimum payout is 0.005 ETH, but their default is 1 ETH so you should definitely go into account settings and change that.

 

According to WhatToMine at the 18 Mh/s reported by T-rex you should see about 0.0004 ETH per day (the hashrate on 2miners' dashboard will of course need a day or two to stabilise to a proper estimate), so the effecte 11 Mh/s on the pool matches the ~0.0002 ETH you see in your 24h rewards.

 

Assuming you'll reach that average of 0.0004 ETH per day and you change your payout to the minimum of 0.05 ETH, you'll be mining for 13 days before you get paid out. Keep in mind transaction costs will swallow up around 0.003 ETH as our calculation on the first page of this thread, so only about 0.002 ETH (~$6.60) will make it to your wallet every 2 weeks.

[_Grid21]

1 minute ago, tikker said:

You haven't been paid out yet, because you haven't reached the pool's payout threshold. They'll pay out automatically once you reach the threshold. There's a progress bar in the unpaid balance square. 2miners' minimum payout is 0.005 ETH, but their default is 1 ETH so you should definitely go into account settings and change that.

 

According to WhatToMine at the 18 Mh/s reported by T-rex you should see about 0.0004 ETH per day (the hashrate on 2miners' dashboard will of course need a day or two to stabilise to a proper estimate), so the effecte 11 Mh/s on the pool matches the ~0.0002 ETH you see in your 24h rewards.

 

Assuming you'll reach that average of 0.0004 ETH per day and you change your payout to the minimum of 0.05 ETH, you'll be mining for 13 days before you get paid out. Keep in mind transaction costs will swallow up around 0.003 ETH as our calculation on the first page of this thread, so only about 0.002 ETH will make it to your wallet ever 2 weeks.

Ooof, and then if I go to sell that 0.003 ETH, what would the sale price be if I wanted to convert it to USD to make money from it? Should I switch to something better?

[tikker]

9 minutes ago, _Grid21 said:

Ooof, and then if I go to sell that 0.003 ETH, what would the sale price be if I wanted to convert it to USD to make money from it? Should I switch to something better?

You can sell only 0.002 ETH, which I just told you is worth around $6.60 at the moment. To see how much it's worth, just check the exchange rate or ETH to your wanted currency. To sell it you need to register at an exchange. Be aware that you'll need to transfer your ETH to the exchange before you can sell, which will again incur those transaction fees (which in your case wouldn't be possible, because with a balance of only 0.002 ETH you can't afford the 0.003 ETH transaction costs).

 

If you don't care about an investment and just want to sell it, I think NiceHash may be the better option for you. You'll get paid in Bitcoin to your NiceHash wallet, but that doesn't matter for you since you only care about the fiat money, it's paid out every 4 hours and allows free transfers to Coinbase. Coinbase is one of those exchanges where you can sell and buy crypto.

 

Finally check your local tax laws regarding crypto transactions on how it will be taxed. For example, sSelling it you may incur capital gain taxes, or your country may consider mining as extra income and hence tax it as being paid for work.

[_Grid21]

1 minute ago, tikker said:

You can sell only 0.002 ETH, which I just told you is worth around $6.60 at the moment. To see how much it's worth, just check the exchange rate or ETH to your wanted currency. To sell it you need to register at an exchange. Be aware that you'll need to transfer your ETH to the exchange before you can sell, which will again incur those transaction fees.

 

If you don't care about an investment and just want to sell it, I think NiceHash may be the better option for you. You'll get paid in Bitcoin to your NiceHash wallet, but that doesn't matter for you since you only care about the fiat money, it's paid out every 4 hours and allows free transfers to Coinbase. Coinbase is one of those exchanges where you can sell and buy crypto.

 

Finally check your local tax laws regarding crypto transactions on how it will be taxed. For example, sSelling it you may incur capital gain taxes, or your country may consider mining as extra income and hence tax it as being paid for work.

I had heard about Coinbase, but don't you need some Pro account though to sell stuff? Also, I was watching this video just now, and he mentioned NiceHash, but is that a mining software, or what is it exactly? 

 

[tikker]

11 minutes ago, _Grid21 said:

I had heard about Coinbase, but don't you need some Pro account though to sell stuff?

You can technically sell on Coinbase, but Coinbase Pro is the better place. You won't escape an account and having to go through ID verification for any exchange, if that is what you are after.

11 minutes ago, _Grid21 said:

Also, I was watching this video just now, and he mentioned NiceHash, but is that a mining software, or what is it exactly?

NiceHash is a hashrate market place. Their software is a way to mine and get paid in BTC. LTT or other channels have videos that explain it in more detail.

 

Basically in your situation I would only continue the way you are mining now if you intend on keeping your ETH for a while. If you want to sell immediately, the NiceHash/Coinbase route is the most profitable as it lets you keep the most of your funds that would disappear into transaction costs otherwise. Or you can use Binance and mine on their pool, they pay out every 24 hours, but don't allow to mine to external wallets, only your Binance wallet.

[_Grid21]

13 minutes ago, tikker said:

You can technically sell on Coinbase, but Coinbase Pro is the better place. You won't escape an account and having to go through ID verification for any exchange, if that is what you are after.

NiceHash is a hashrate market place. Their software is a way to mine and get paid in BTC. LTT or other channels have videos that explain it in more detail.

 

Basically in your situation I would only continue the way you are mining now if you intend on keeping your ETH for a while. If you want to sell immediately, the NiceHash/Coinbase route is the most profitable as it lets you keep the most of your funds that would disappear into transaction costs otherwise. Or you can use Binance and mine on their pool, they pay out every 24 hours, but don't allow to mine to external wallets, only your Binance wallet.

I guess I was just trying to get a payout a little faster since I am only using an RTX 3060 but not lose a lot with exchange and all that. 

[tikker]

5 minutes ago, _Grid21 said:

I guess I was just trying to get a payout a little faster since I am only using an RTX 3060 but not lose a lot with exchange and all that. 

Fast and crypto only go together if you're talking about losing money, not making money (unless you have a couple dozen cards going).

[_Grid21]

Just now, tikker said:

Fast and crypto only go together if you're talking about losing money, not making money (unless you have a couple dozen cards going).

So making any profit off Ethereum is gonna take time? Also, does Coinbase support Exodus wallet since that is where my Ethereum is going to be, I assume, transferred too, then I assume I go to Coinbase and give it the "send" address from my Exodus wallet to convert to USD to bank transfer?

[tikker]

18 minutes ago, _Grid21 said:

So making any profit off Ethereum is gonna take time?

Yes. Crypto isn't the magic get rich quick scheme people think it is. There is the odd gamble that people succeed in, but generally just like investments long term is where you make the profit (with long being months to years). Crypto is extremely risky however, so profits are rather unpredictable. To see if you are even making a profit:

1. Check your electricity cost, i.e. how much USD, EUR or whatever your currency is do you pay per kWh.
2. Check the power usage of your GPU/system. Your revenue is currently 0.0004 ETH/day or about $1.3. Your profit will be revenue - (power usage in kWh * power cost). If your electricity is expensive it may be that it's even costing you money to mine. In other words, as an illustrative example, you might be paying $50 for electricity to earn $30 in crypto.
3. If mining is profitable or on the edge, tweak power limit, core clock and memory clock with something like Afterburner to make it more efficient and profitable.

20 minutes ago, _Grid21 said:

Also, does Coinbase support Exodus wallet since that is where my Ethereum is going to be, I assume, transferred too, then I assume I go to Coinbase and give it the "send" address from my Exodus wallet to convert to USD to bank transfer?

You misunderstand how wallets work. Firstly they don't store fiat money, only crypto. Secondly, there is no "send address" of your wallet. The send button in Exodus is to enter the address where you want to send ETH to. If you want to sell on Coinbase, you'll have to transfer it to your Coinbase wallet, which will incur transaction costs. That's why I suggested the NiceHash route, as that pays out BTC to your NiceHash wallet and offers free transfer to Coinbase from there. Once it's on Coinbase you can exchange it for ETH, USD or whatever you want. To get your USD out you can then choose to withdraw through e.g. a bank transfer on Coinbase.

[_Grid21]

29 minutes ago, tikker said:

Yes. Crypto isn't the magic get rich quick scheme people think it is. There is the odd gamble that people succeed in, but generally just like investments long term is where you make the profit (with long being months to years). Crypto is extremely risky however, so profits are rather unpredictable. To see if you are even making a profit:

1. Check your electricity cost, i.e. how much USD, EUR or whatever your currency is do you pay per kWh.
2. Check the power usage of your GPU/system. Your revenue is currently 0.0004 ETH/day or about $1.3. Your profit will be revenue - (power usage in kWh * power cost). If your electricity is expensive it may be that it's even costing you money to mine. In other words, as an illustrative example, you might be paying $50 for electricity to earn $30 in crypto.
3. If mining is profitable or on the edge, tweak power limit, core clock and memory clock with something like Afterburner to make it more efficient and profitable.

You misunderstand how wallets work. Firstly they don't store fiat money, only crypto. Secondly, there is no "send address" of your wallet. The send button in Exodus is to enter the address where you want to send ETH to. If you want to sell on Coinbase, you'll have to transfer it to your Coinbase wallet, which will incur transaction costs. That's why I suggested the NiceHash route, as that pays out BTC to your NiceHash wallet and offers free transfer to Coinbase from there. Once it's on Coinbase you can exchange it for ETH, USD or whatever you want. To get your USD out you can then choose to withdraw through e.g. a bank transfer on Coinbase.

I also saw a video that you can transfer your crypto to CashApp, is there an difference in using that, i.e. fees or not, vs going the other route you mentioned above?

[tikker]

11 hours ago, _Grid21 said:

I also saw a video that you can transfer your crypto to CashApp, is there an difference in using that, i.e. fees or not, vs going the other route you mentioned above?

Well the video probably explains that no? I don't use Cash App so I don't know. A quick browse seems to suggest it only supports Bitcoin and it charges a fee for buying/selling (as will everything), which will be shown when you attempt to sell. A transfer to Cash App would still cost network fees, because it's a transfer. Most cryptos have transaction fees, which you pay for every transaction. A standard transfer from Cash App to another Cash App address seems free, but that's basically useless apart from sending friends and people money.

 

The only time you get free transfer of crypto is if you use a coin that has no transaction costs (or a very low one for almost free transfers) or if the entity swallows transaction costs, like some pools used to do.