Bitcoin mining with RX 470 4GB

[AP_97]

Hi guys, since Bitcoin prices really have shot up (10000 USD for one) i really want to have a crack at it because my rig has an RX 470 4GB in it. now before that i have a few questions

 

1. what risks am i taking here?

2. is the RX 470 capable?

3. should i wait until the price drops to maximize profit?

 

Thank you in advance

[Streetguru]

2 minutes ago, AP_97 said:

 

You need about 9 more GPUs to make a low profit.

Otherwise just run Nicehash

[AP_97]

Just now, Streetguru said:

You need about 9 more GPUs to make a low profit.

Otherwise just run Nicehash

Yeah but... i'm a 20 y/o student who really don't have a budget for electricity and a dedicated mining rig, so... yeah it'll be slow, but just how big of a risk is it still?

[vanished]

I'm pretty sure any GPU is completely pointless at this point, even despite the value

[AlTech]

6 minutes ago, AP_97 said:

Hi guys, since Bitcoin prices really have shot up (10000 USD for one) i really want to have a crack at it because my rig has an RX 470 4GB in it. now before that i have a few questions

 

1. what risks am i taking here?

2. is the RX 470 capable?

3. should i wait until the price drops to maximize profit?

 

Thank you in advance

You're basically not going to make a profit.

 

Linus made a 1st part of a series on this and what he found so far is even with immensely awesome horsepower the profit margin was practically nonexistent.

 

Also, AMD and Co are threatening to void warranty if they can prove that people are using it for mining.

[Streetguru]

Just now, AP_97 said:

Yeah but... i'm a 20 y/o student who really don't have a budget for electricity and a dedicated mining rig, so... yeah it'll be slow, but just how big of a risk is it still?

There are no risks unless your PSU is crap. Just run the GPU under Nicehash until it dies.

[AlTech]

Just now, Streetguru said:

There are no risks unless your PSU is crap. Just run the GPU under Nicehash until it dies.

Warranty could be voided by OEM.

[QuantumBit]

Your biggest risk is potentially ruining a perfectly good card for gaming at 100% 24/7 only to make a few cents profit.

[Streetguru]

Just now, AluminiumTech said:

Warranty could be voided by OEM.

Like anyone really cares about their GPU warranty anyways...

[AP_97]

Just now, AluminiumTech said:

You're basically not going to make a profit.

 

Linus made a 1st part of a series on this and what he found so far is even with immensely awesome horsepower the profit margin was practically nonexistent.

 

Also, AMD and Co are threatening to void warranty if they can prove that you used it for mining.

Okay, so it's not worth it?

[AlTech]

Just now, Streetguru said:

Like anyone really cares about their GPU warranty anyways...

 

Just now, AP_97 said:

Okay, so it's not worth it?

 

In general it's not financially worth it. If you find it fun then you can do it but it's really not worth killing a GPU over.

[Streetguru]

1 minute ago, AP_97 said:

Okay, so it's not worth it?

No, you need a time machine, if anything toss $50 into bitcoin, but I bet the moment you decide to jump in is when it's going to finally crash.

[AP_97]

Just now, AluminiumTech said:

 

 

In general it's not financially worth it. If you find it fun then you can do it but it's really not worth killing a GPU over.

Yeah when you put it that way it's not worth it. My PC is a prebuilt i got as a gift with an VS450 PSU, so i don't wanna risk it

[AP_97]

Thanks for the input everyone

[WkdPaul]

2 minutes ago, AP_97 said:

Thanks for the input everyone

Mining Bitcoin using your GPU is useless.

 

But mining other coins might be profitable, check the Tutorial or the Folding/Mining section if you're really interested.

[mariushm]

1 minute ago, AP_97 said:

Thanks for the input everyone

AMD cards are good at mining Ethereum.

 

You don't mind Bitcoin, the complexity is too much and you have no chance with a single video card.

 

Mining Ethereum, you're probably gonna mine 0.1 ETH in about 40 days, or basically around 30$ a month, and your electricity bill is probably gonna jump up by around 5$

I'm using this number because that's the minimum threshold at which most mining pools will transfer the mined ETH to your wallet.

Right now, as an experiment, I'm mining Ethereum Classic using ethermine.org 's pool - they pay at minimum threshold of  0.1 ETC and that's achievable in around 2 days but the value of the Ethereum Classic is only around 25$, not 475$ as the ETH

Basically, every couple of days or so, i get 0.1 ETC in my wallet and that's worth around 1.3-1.4 euro ... basically around 25 to 40$ a month depending on exchange rate.

[Hugh_Mungus]

Unless you cave a ASIC miner like the Antminer s9 you won't make that much the S9 is like $2000.... mine one whole bitcoin in 5 months.....

 

You will Actually make more money buying and selling Bitcoin related stocks on the Stock Market

 

For example DIGAF bought 2,500 shares for $400 @.17 a share, Sold it today for .38 A share with a nice 130% return

 

My point being is you can make more money trading shares / crypto coin then mining it.

[BuckGup]

If you mine alt coins it's worth it. Also don't be worried about killing it. I have had my 7950 and 280X running 100% 24/7 for over a year now

[8uhbbhu8]

I mine monero on my RX 480 GTR and my 4790k. Both oc'd. I use about 300w from the wall. At a cost of 7c/kwh and average hash rate of {[740h/s]/24h] (it's only running when I'm not using it and have seen it go down to 200h and upwards of 1.3kh but not for very long) if I paid for my electricity I would make at current mining difficulty about $50/month currently projected to make about $65.

 

BUT. That 7c/kwh is only if my household is drawing less then 200amps from their lines. Every time we go over that 200 mark it doubles to 14.56c/kwh. If worst case scenario that was happening 24/7 and I paid for the electricity, I'd only be making about $35/month off my rig. Considering we have 2 deepfreezes and 2 fridges on 24/7 I'd say it probably goes past that quite frequently

 

Remember it will only be even remotely profitable as long as the difficulty curve does not go too high compared to how much it's worth on the market which is highly unstable. The difficulty curve will only increase as more people mine it.