Can we still make significant amount of $$ from mining bitcoins in 2017?

[Skanky Sylveon]

4 minutes ago, noobee said:

So you made about $33 profit from doing nothing? That's pretty good..

Kinda makes me wonder how hot multiple cards get.  Running a bunch of GPUs instead of a space heater during the winter might be a better decision financially.

[rn8686]

Just now, noobee said:

wow so, it's about $60 a month, with just a single 1070?

Then the question now is why don't everybody mine?

They do, thats why Graphics cards are out of stock everywhere (Used to be even more profitable before, used to get $5-$6 after power as I said).

[Mr.Meerkat]

36 minutes ago, JDE said:

Talking to someone else. Yeah, this site has two themes, night and day. You can change at the bottom of the page. Default is day. Try them. A lot of people copy and paste and Google Chrome makes it black automatically, and not auto change.

No, I don't. I do know that you can make quite a bit. The amount you can make in a day depends on your GPU.

I'm pretty sure its about $7-8/day with a 1070/RX580 right now (last time I checked, they had a very similar hashrate) so...its not much but its still something  

 

I mean you could potentially break-even a RX480/RX580 in like 30~ days (disregarding how you can also sell the card afterwards) so its not bad. 

 

On a side note, I remember when I could break even my used 7950s with only 2.5-3 weeks of mining (sub £55 investment per GPU, cheapest was £30, most expensive was £54.5)...oohhhhhh, back in the days of $12-14/eth and 50-60TH~ difficulty (its 1.6PH per block right now), mined a total of 4 blocks in less than a month...fun tiems  

[noobee]

1 minute ago, CUDA_Cores said:

not everyone knows about it. Not everyone cares to do it. Not everyone wants to burn up their GPU and at least for me, a measley $60 a month for a machine I have to set up, check and periodically maintain would take at least 5-6 hours over the course of a month. I can earn the same amount of money working 1-2 hours at my job.

Do you really need to maintain it for about 5-6 hours? We can just do it in our free time, and get a free $60, maybe more with more GPU

[noobee]

3 minutes ago, rn8686 said:

They do, thats why Graphics cards are out of stock everywhere (Used to be even more profitable before, used to get $5-$6 after power as I said).

Do you know the most money one made from mining? Did anybody become at least a millionaire from mining?

[rn8686]

3 minutes ago, Mr.Meerkat said:

I'm pretty sure its about $7-8/day with a 1070/RX580 right now (last time I checked, they had a very similar hashrate) so...its not much but its still something  

You sure? Only earning $2 after power (Using nicehash so it should switch, perhaps less buyers but still). 

[noobee]

4 minutes ago, Mr.Meerkat said:

I'm pretty sure its about $7-8/day with a 1070/RX580 right now (last time I checked, they had a very similar hashrate) so...its not much but its still something  

 

I mean you could potentially break-even a RX480/RX580 in like 30~ days (disregarding how you can also sell the card afterwards) so its not bad. 

 

On a side note, I remember when I could break even my used 7950s with only 2.5-3 weeks of mining (sub £55 investment per GPU, cheapest was £30, most expensive was £54.5)...oohhhhhh, back in the days of $12-14/eth and 50-60TH~ difficulty (its 1.6PH per block right now), mined a total of 4 blocks in less than a month...fun tiems  

Do you still mine?

[rn8686]

Just now, noobee said:

Do you know the most money one made from mining? Did anybody become at least a millionaire from mining?

Hard to do long term from mining, good to do in the short term when its profitable. If you started mining (Or rather buying) BTC when it was new, then you may well have a lot now. 

[noobee]

41 minutes ago, Mooshi said:

Because it's dumb, burns electricity for pointless calculations, harms the environment, causes an artificial inflation spike so gamers get screwed over, burns more holes in wallets than fills them, makes less than a minimum wage job, takes over your PC's resources if you don't have a dedicated rig, is more unstable than a crazy ex, requires perfect timing to get in where most people hop on late and later flood eBay with abused cards.

 

If that same power was focused on actually helping others like the scientific community instead of some stupid fad, the computing power would actually be worth while.

Will you start mining after hearing all these?

[rn8686]

4 minutes ago, noobee said:

Do you really need to maintain it for about 5-6 hours? We can just do it in our free time, and get a free $60, maybe more with more GPU

No, I leave my PC on when I'm not using it, only stop mining to play games or watch HD videos (Is fine for basic browsing). 

[noobee]

2 minutes ago, rn8686 said:

Hard to do long term from mining, good to do in the short term when its profitable. If you started mining (Or rather buying) BTC when it was new, then you may well have a lot now. 

Please ping me when there is any new crypto comes out, and easy to mine.

[rn8686]

1 minute ago, CUDA_Cores said:

Personally i think of mining being akin to the california gold rush. Lots of people flooded with the promise of easy money, but few achieved that.

 

However, the california gold rush was MUCH more profitable for an "average" miner. On average, a gold rush miner made about $500 USD adjusted for inflation today.

 

Coin miners on the other hand only make around 5-10 USD per day, and that is after you have to spend tons of money on the hardware and electricity.

 

Personally I am waiting for the coin hype train right now to crash and burn. Then i'll buy and hold bitcoins and wait for them to go up.

It already did crash, otherwise a single card would be earning $5/day (BTC was under 2K a week or so ago before Segwit 2X was locked it). 

[Mr.Meerkat]

2 minutes ago, rn8686 said:

You sure? Only earning $2 after power (Using nicehash so it should switch, perhaps less buyers but still). 

Hmmm...maybe not then...ah well, still $60 per month for doing not very much  

 

Now if you had 20 of them running...$1200 per month....

 

1 minute ago, noobee said:

Do you still mine?

Nawh sold all my mining stuff a year or so back, when the price of ETH dropped below $10 and continue to drop plus it was noisy and produced wayyyy too much heat while I was living in an apartment with no garage...yeah, not fun when your living room is like 40C  

 

I used to have 7 7950s, 2 290Xs and a 7990, that outputted over 200MH/s, somewhere around 225MH/s if I recall correctly, ah well, made like £225~ after all expenses and what not so it wasn't too bad, well worth the 20 odd hours I spent setting up and buying/researching cards. 

[noobee]

How much can you profit with the new VEGA 56?

[rn8686]

2 minutes ago, noobee said:

How much can you profit with the new VEGA 56?

Not available yet, cant know, but I dont believe HBM2 is that great for mining (Think it falls somewhere around a 580, not good value given the price). 

[noobee]

3 minutes ago, Mr.Meerkat said:

Nawh sold all my mining stuff a year or so back, when the price of ETH dropped below $10 and continue to drop plus it was noisy and produced wayyyy too much heat while I was living in an apartment with no garage...yeah, not fun when your living room is like 40C  

 

I used to have 7 7950s, 2 290Xs and a 7990, that outputted over 200MH/s, somewhere around 225MH/s if I recall correctly, ah well, made like £225~ after all expenses and what not so it wasn't too bad, well worth the 20 odd hours I spent setting up and buying/researching cards. 

Considering all these efforts and sacrifices, yes, it sucks to just made 225 from mining... Overall it's a wasteful effort if you're going extreme on it.

But it might be good if you just use an average gaming PC, and only mine while you're sleeping.

[EPENEX]

It's not a good idea to kill your hardware for a few dollars.

[noobee]

Just now, EPENEX said:

It's not a good idea to kill your hardware for a few dollars.

will it really kill your hardware? isn't it what they are built for? to process data!

[LienusLateTips]

Just now, noobee said:

will it really kill your hardware? isn't it what they are built for? to process data!

Yeah but it will pin your GPU at 100% 24/7

[Mr.Meerkat]

17 minutes ago, noobee said:

Considering all these efforts and sacrifices, yes, it sucks to just made 225 from mining... Overall it's a wasteful effort if you're going extreme on it.

But it might be good if you just use an average gaming PC, and only mine while you're sleeping.

Nawh, I made enough IMO however the thing that pisses me off was instead of getting $12~ per ETH, I could have gotten mother fucking $400~ per eth...fucking $8000 instead of $240...

Ah well, that's just life  

 

Thing is, for 20 hours in a minimum wage job, I would have only gotten roughly £80 as the UK's minimum wage for under 18s are pure bull (i.e. we are paid literally nothing) although we have an anti-discrimination act which includes age...hmmm...

 

6 minutes ago, noobee said:

will it really kill your hardware? isn't it what they are built for? to process data!

depends  

[rn8686]

4 minutes ago, noobee said:

will it really kill your hardware? isn't it what they are built for? to process data!

 

5 minutes ago, EPENEX said:

It's not a good idea to kill your hardware for a few dollars.

Depends on the temperature you keep it at, if constantly high (80-90c) it would, or large temperature fluctuations, should be fine otherwise. Isnt a problem for me, I keep it in the 40s and pretty stable. 

[noobee]

14 minutes ago, JDE said:

Yeah but it will pin your GPU at 100% 24/7

GPU is a machine! not a human! so it should be able to work like a machine for 24/7!

[LienusLateTips]

Just now, noobee said:

GPU is a machine! not a human! so it should be able to work like a machine for 24/7!

And...

 

it will die from heat a year or two later

[noobee]

12 minutes ago, Mr.Meerkat said:

Nawh, I made enough IMO however the thing that pisses me off was instead of getting $12~ per ETH, I could have gotten mother fucking $400~ per eth...fucking $8000 instead of $240...

Ah well, that's just life  

 

Thing is, for 20 hours in a minimum wage job, I would have only gotten roughly £80 as the UK's minimum wage for under 18s are pure bull (i.e. we are paid literally nothing) although we have an anti-discrimination act which includes age...hmmm...

 

depends  

240 is not enough for what you have done I think.

why didn't you make the $8000?

[rn8686]

Just now, JDE said:

And...

 

it will die from heat a year or two later

That would depends on the temperate you keep it at, would be true if high but I can keep my 1070 in the 40s so I dont see how that could be an issue.