Has anyone here tried mining?

[mossmotorsport]

I was curious to see what all the hype was about surrounding mining, Etherium in particular.

After 24 hours, I've made $11, with my 3090 under volted and under clocked, producing a hash rate of ~100M\hs.

My take away is that the memory junction sits way too hot for my liking, at 90-92 degrees, the GPU core temps are fine at around 50 degrees, fan speeds on 75% all of the time.

I've not bothered to calculate electricity costs, and I'm below the threshold for a payout, which would require around another 4-5 full days to achieve - somewhere in the region of £26.

My gut feel is that this is a relatively low volume earner for the hobbyist, and I really can't shake the thought of hammering the GPU for any major length of time. I'm hopeful that for 24 hours I won't have caused any harm, as I've kept a very close eye on temps and safe limits. Is anyone else mining, do you find it a good passive income? Or it this now really only suitable for the big players, with multi GPU rigs and air conditioned setups?

 

[NoddyPirate]

My gut feel is that this is a relatively low volume earner for the hobbyist, and I really can't shake the thought of hammering the GPU for any major length of time. I'm hopeful that for 24 hours I won't have caused any harm, as I've kept a very close eye on temps and safe limits. Is anyone else mining, do you find it a good passive income? Or it this now really only suitable for the big players, with multi GPU rigs and air conditioned setups?

I would fully expect ETH to crash in the near term - it is oversold in an unbelievable way really - up about 1,000% on just a few short months ago - to put that in context, your 24 hours worth of effort would have netted you £1.10 last December! In that case your electricity costs would certainly have exceeded any possible profit most likely.

BTC is the only coin I would consider likely to hold any value long term - and to mine that in an economically productive manner would require resources than no casual miner could even contemplate!

Other than for fun, I don't see any use for it for the average person. How much ETH would you have to mine to cover the cost of your 3090 should it suffer and die through being stressed 24/7 also?

I put in the same category as Stock Photography - gives you something to do with stuff that's just lying around unused, but netts you nearly nothing if you don't commit everything you have to it!

 

[mossmotorsport]

Couldn’t agree more. It was fun learning about it, and I can say I’ve done some mining. But that’ll be the end of my journey!

 

[Bigfoot]

I have been down a tin mine in Cornwall, but didn’t do any work. So, I haven’t tried mining.

 

[jamiephillips909]

Couldn’t agree more. It was fun learning about it, and I can say I’ve done some mining. But that’ll be the end of my journey!

Then you will finish a winner !!!!

 

[SpyderTracks]

Then you will finish a winner !!!!

Unless you’re a mining company with hundreds of miners working in tandem, it’s not something you can make any money off these days, that ended a long time ago.

Dogecoin and Etherium may be more profitable long term simply as they’re newer, but as always it’s a huge gamble over the long term.

 

[jamiephillips909]

Unless you’re a mining company with hundreds of miners working in tandem, it’s not something you can make any money off these days, that ended a long time ago.

Dogecoin and Etherium may be more profitable long term simply as they’re newer, but as always it’s a huge gamble over the long term.

I hear ya just think its a giant waste of electricity in the grand scheme of things I understand why people like to do it just not my cup of tea at all

 

[SpyderTracks]

I hear ya just think its a giant waste of electricity in the grand scheme of things I understand why people like to do it just not my cup of tea at all

I fully agree. A friend of mine was absolutely obsessed with Crypto about a year ago, he ended up borrowing £50k off his mother in law to invest.... What do you think happened? Yes, absolutely, lost the lot. To him though it was a definite gambling addiction that got out of hand.

It's like with any of these new things, if you're lucky to get in their early, and be brave enough to hold long enough, you're on a winner, but coming into the market after the early years just doesn't bring any particular benefit.

It's trading, but with even more risk and higher expense.

And absolutely, the power requirement that it entails is frightening. When you're up against efforts like these:

 

[mossmotorsport]

I also feel guilty and uneasy about the environmental consequences. Over thinking about the warranty now, Asus refuse gpu’s used for mining. I did have a few gaps, but hope I’ve not just gambled the most expensive card on the market just for satisfying my curiosity!

 

[Citrus_9]

Don't forget to pay your tax off crypto profit

 

[NoddyPirate]

A friend of mine was absolutely obsessed with Crypto about a year ago, he ended up borrowing £50k off his mother in law to invest.... What do you think happened? Yes, absolutely, lost the lot.

Wow! What did he invest in do you remember? To have invested a year ago and lost money is actually hard to do - speaking entirely retrospectively of course......

 

[SpyderTracks]

I also feel guilty and uneasy about the environmental consequences. Over thinking about the warranty now, Asus refuse gpu’s used for mining. I did have a few gaps, but hope I’ve not just gambled the most expensive card on the market just for satisfying my curiosity!

I'm sure you'll be ok if you don't over do it, there may be some metric whereby they can check overall hashrates gathered, but I think that's more aimed at proper crypto miners who are doing it 24-7

 

[mossmotorsport]

Don't forget to pay your tax off crypto profit

I was reading it should be declared! 🤣

 

[SpyderTracks]

Wow! What did he invest in do you remember? To have invested a year ago and lost money is actually hard to do - speaking entirely retrospectively of course......

He was in Bitcoin and Etherium. Although it was probably a couple of years ago now.

Unfortunately anyone investing out of expectation and need will almost always come out a loser in my experience.

He kept transferring between exchanges and incurring fees, he just didn't keep track of what he was doing.

But it was a definite addictive way he was approaching it, and he did zero research or asking for advice before doing it, was simply looking for a quick buck.

 

[Citrus_9]

I was reading it should be declared! 🤣

Of course, same way as you declare your annual income and pay tax if you're a sole trader, or have property gains etc. If I'm not to be mistaken, crypto profit is due when exchanged to cash, but it may vary in each country. I highly recommend consulting to your personal accountant who specialises to personal gains.

 

[NoddyPirate]

He was in Bitcoin and Etherium. Although it was probably a couple of years ago now.

Unfortunately anyone investing out of expectation and need will almost always come out a loser in my experience.

He kept transferring between exchanges and incurring fees, he just didn't keep track of what he was doing.

But it was a definite addictive way he was approaching it, and he did zero research or asking for advice before doing it, was simply looking for a quick buck.

I think you're dead right. Only put in what you don't ever need to see again, kiss it goodbye and don't look at it again I think is the only way. If you have something worth having in 5 years time then all the better, but if not then no loss. It is such a volatile set of assets that trying to 'trade' it in a traditional sense will hook you in for hiding.

 

[SpyderTracks]

Only put in what you don't ever need to see again, kiss it goodbye and don't look at it again I think is the only way.

100% It's a long term pay off with crypto, you have to be willing to dump it in and just forget about it. Same with most trading, Warren Buffet's 101 was that he invested over a lifetime, not short stocks.

“If you aren’t thinking about owning a stock for ten years, don’t even think about owning it for ten minutes.” – Warren Buffett

“Our favorite holding period is forever.” – Warren Buffett

“If the job has been correctly done when a common stock is purchased, the time to sell is almost never.” – Phil Fisher

Top 10 Pieces of Investment Advice from Warren Buffett

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[ojmck22]

I was curious to see what all the hype was about surrounding mining, Etherium in particular.

After 24 hours, I've made $11, with my 3090 under volted and under clocked, producing a hash rate of ~100M\hs.

My take away is that the memory junction sits way too hot for my liking, at 90-92 degrees, the GPU core temps are fine at around 50 degrees, fan speeds on 75% all of the time.

I've not bothered to calculate electricity costs, and I'm below the threshold for a payout, which would require around another 4-5 full days to achieve - somewhere in the region of £26.

My gut feel is that this is a relatively low volume earner for the hobbyist, and I really can't shake the thought of hammering the GPU for any major length of time. I'm hopeful that for 24 hours I won't have caused any harm, as I've kept a very close eye on temps and safe limits. Is anyone else mining, do you find it a good passive income? Or it this now really only suitable for the big players, with multi GPU rigs and air conditioned setups?

I have Nicehash, have been using it for about 3-4 days now with my RX6800 and 10850k and I've around €18 worth of bitcoin. Not bad imo

 

[NoddyPirate]

I have Nicehash, have been using it for about 3-4 days now with my RX6800 and 10850k and I've around €18 worth of bitcoin. Not bad imo

That's a lot better than I was expecting really, The prices are so high at the mo that it's obviously more feasible now than before in monetary terms.

With the 6800 at about 215 Watts say and the another 100 watts for the remaining system - no idea how much the CPU would be loaded to be honest - that would only be costing about €4.50 in leccy over four days for your 0.00047 of BTC.

But last October with BTC around €9k you would have made a nett profit of exactly zero! How quickly things can change!

 

[AgentCooper]