Mining Profits Decreasing?

[Massimo480]

Hello Linus Tech Tips Community

 

So I am currently testing out a mining rig that consists of 3x 1080 Ti's, 2x 1080's, and 1x 1070.

A few months back I saw a YouTube video where the individual was consistently mining ~$20 a day with 2x 1080 Ti's. Here I am with much more video card power, but I am only able to mine about $~12 a day with the NiceHash Miner.

Is this just the way it goes, profitability decreasing over time? Or am I doing something wrong. My Biostar mining motherboard's BIOS was also adjusted accordingly. 

 

Any ideas? Thanks. 

[Mr.Meerkat]

Well lets see...

Harder difficulty->more valid shares (aka hashing power) required to get the same result (or a block)

Lower value of ETH now (as a couple of months ago, it hit $400~ per eth)

 

The combination of a higher difficulty and a lower value of ETH, earning less is expected. 

[knightslugger]

it decreases over time because difficulty increases with the power of the pool. The more miners there are online, the harder it is for each unit to mine.

 

And thanks largely to some tech bloggers opening their big fat mouths about it to every Tom, Dick, Sally, and Susan highschool gamer, you now have over half a million more high powered GPUs mining than just a few months ago. I was mining at about $7/day per 1070. I'm now down to just over $1.50/day.

 

to get paid for the time and effort, you're now looking at ASIC miners.

[DutchTexan]

2 minutes ago, Massimo480 said:

Hello Linus Tech Tips Community

 

So I am currently testing out a mining rig that consists of 3x 1080 Ti's, 2x 1080's, and 1x 1070.

A few months back I saw a YouTube video where the individual was consistently mining ~$20 a day with 2x 1080 Ti's. Here I am with much more video card power, but I am only able to mine about $~12 a day with the NiceHash Miner.

Is this just the way it goes, profitability decreasing over time? Or am I doing something wrong. My Biostar mining motherboard's BIOS was also adjusted accordingly. 

 

Any ideas? Thanks. 

Difficulty is always increasing. So, it is more and more work for the same result. Then more and more people are mining every single day. Expect a steady decrease in returns overtime. 

 

Take a look at the coin market here: https://coinmarketcap.com/ If bitcoin stays up they will all keep climbing too, that's where your profitability actually comes from. 

 

[piemadd]

2 hours ago, Massimo480 said:

Hello Linus Tech Tips Community

 

So I am currently testing out a mining rig that consists of 3x 1080 Ti's, 2x 1080's, and 1x 1070.

A few months back I saw a YouTube video where the individual was consistently mining ~$20 a day with 2x 1080 Ti's. Here I am with much more video card power, but I am only able to mine about $~12 a day with the NiceHash Miner.

Is this just the way it goes, profitability decreasing over time? Or am I doing something wrong. My Biostar mining motherboard's BIOS was also adjusted accordingly. 

 

Any ideas? Thanks. 

difficulty increases over time

 

it sucks

[Ithanul]

Difficulty increases the more compute power working on crypto coins.

 

Also, with mining, you must calculate your power draw per card and system for the cost of running.  Another tip, lower TDP on Nvidia cards unless you don't pay for the electric bill.

 

I run two of my GTX1070s at 65% TDP with a slight OC on the RAM with NiceHash miner (you can also select the miners you want NiceHash to run).  You can still make money, just not a whole lot with huge amount of newbie miners on NiceHash at the moment.  Pretty much covers my monthly bill for my two computers with a bit of profit (my 2nd rig is a 24/7 F@H/BOINC setup).