Cryptomining Descrepancies

[Z_OG3]

After buying a 3080 at the start of this year, I started crytpomining and was making a consistent rate of.00002100-.00002400 BTC/24hr.

I stopped during the crypto crash and summer months and started up again in the middle of November. Unfortunately, I am now only making  .00000600-.00000800 BTC/24hr.

My guess is this number may be lower due to the amount of people that have taken up crypto mining again is diluting my pay rates, but I am not crypto savvy enough to make that my full conclusion. 

Most of all I'm little that my hardware (RTX 3080) might be having an issue (again, not crypto savvy), it works fine in games, but I also feel it's lacking there too.

What are ya'lls thoughts?

[YoungBlade]

Mining on graphics cards now involves mining a revolving door of minor currencies. Bitcoin hasn't been minable by GPUs for over a decade at this point. And Ethereum moved to proof of stake, so you can't mine that.

 

The most profitable coins today according to WhatToMine for a 3080 are Telestai, Meowcoin, and Nirmata - none of which are particularly desirable on the open market, so your efforts aren't worth that much. However, you'd be making even less if you were mining something like Ravencoin, because the profitability is even lower due to the difficulty.

 

Mining profits rise and fall all the time. Right now, it's not very profitable. At the start of the year, it was more profitable. I'm sure at some point in the future, profitability will rise again, and then it will fall again after that. It's just the nature of the beast.

 

The main thing you need to check is your cost of electricity vs the amount your making - at just $0.15/kWh, according to WhatToMine, the RTX 3080 is not profitable. You're losing a few cents a day mining at that cost of electricity.

[manikyath]

i'm not into crypto at all, but i understand the technology enough to make the answer here really simple:

 

essentially, boiled down to a very surface level, the amount of bitcoin awarded per timeframe is a constant. the way it is divided is quite literally a numbers game. the payout you get is essentially the percentage of the total amount of mining effort you are. if you compute more you get more, if the world computes more and you remain the same, you earn less.

 

so if you are doing a constant of X computes for a payout of Y, and the total network goes from Z computes to Z*1.5 computes, your payout will essentially be Y/1.5.