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Is Mining a profitable endeavour

  • 11-02-2021 1:05pm
    #1
    Posts: 0 ✭✭✭ [Deleted User]


    If you can get what used to be fairly decent old servers with respectable (old) processors like 32 core Intel Xeon CPU X7560 at near free is Mining a profitable activity or will all you earn be lost to Electricity bills.
    If it is a marginally profitable activity when does it start to make sense? 1 server, 10 servers, 100 servers, etc...
    Obviously the CPU is not a GPU and not anywhere near cutting edge now.


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Comments

  • Registered Users Posts: 6,482 ✭✭✭ correct horse battery staple


    That ship has long sailed for most coins, maybe if you concentrate on some new obscure coins. Bitcintalk has whole section on miners.

    I mined 0.2btc like decade ago on I think it was q6600 then overnight. In morning I done maths on electricity used and realised BTC would need to go up 5x for me to have broke even. I deleted that wallet thinking well that was waste time. Hindsight is 2020 eh :)

    I’ve half dozen proper servers in my workroom that redundant now cause aws. Half thinking maybe use it to mine storage coins, math on them doesn’t work out either tho at this time, each one needs like 300w


  • Moderators, Category Moderators, Motoring & Transport Moderators, Regional East Moderators Posts: 59,742 CMod ✭✭✭✭ unkel


    haphaphap wrote: »
    If you can get what used to be fairly decent old servers with respectable (old) processors like 32 core Intel Xeon CPU X7560 at near free is Mining a profitable activity or will all you earn be lost to Electricity bills.
    If it is a marginally profitable activity when does it start to make sense? 1 server, 10 servers, 100 servers, etc...
    Obviously the CPU is not a GPU and not anywhere near cutting edge now.

    CPU mining is generally not profitable, I wouldn't bother. But GPU mining is very profitable at the moment. Even taking into account the absurd (second hand) prices GPUs now go for.

    But if you have a half decent graphics card in your gaming PC, let it mine for you, an older card will make about $4 per day, a mid range newish one about $8 a day and a top of the range card near enough $13 per day, with only a fraction of that going towards your electricity costs

    "Wind is Ireland's oil" - An Taoiseach, 25/05/2022



  • Registered Users Posts: 92 ✭✭ dougal0691


    unkel wrote: »
    CPU mining is generally not profitable, I wouldn't bother. But GPU mining is very profitable at the moment. Even taking into account the absurd (second hand) prices GPUs now go for.

    But if you have a half decent graphics card in your gaming PC, let it mine for you, an older card will make about $4 per day, a mid range newish one about $8 a day and a top of the range card near enough $13 per day, with only a fraction of that going towards your electricity costs

    work is throwing out 3 old cad workstations, roughly 12 years old. would the gpus in these be profitable for mining?


  • Moderators, Category Moderators, Motoring & Transport Moderators, Regional East Moderators Posts: 59,742 CMod ✭✭✭✭ unkel


    No. Minimal useful card you'd need is an RX470 / RX480 / RX570 / RX580 8GB (or nvidia equivalent, but these tend to cost more but hash less). These cards now go for around the €250 mark, but make $4 per day in coin (while costing about €0.50 in electricity roughly, depending on your rate, etc.)

    "Wind is Ireland's oil" - An Taoiseach, 25/05/2022



  • Registered Users Posts: 5,490 ✭✭✭ stefanovich


    haphaphap wrote: »
    If you can get what used to be fairly decent old servers with respectable (old) processors like 32 core Intel Xeon CPU X7560 at near free is Mining a profitable activity or will all you earn be lost to Electricity bills.
    If it is a marginally profitable activity when does it start to make sense? 1 server, 10 servers, 100 servers, etc...
    Obviously the CPU is not a GPU and not anywhere near cutting edge now.
    Monero is where it’s at for mining these days.


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  • Moderators, Business & Finance Moderators, Society & Culture Moderators Posts: 9,764 Mod ✭✭✭✭ ToxicPaddy


    Monero is where it’s at for mining these days.

    Curious about this, whats a decent midrange GPU card for mining monero?

    Could potentially host 4 of these in my workstation at moment but might just build an open frame mining rig, less intensive heat build up.


  • Registered Users Posts: 6,026 ✭✭✭ grindle


    ToxicPaddy wrote: »
    Curious about this, whats a decent midrange GPU card for mining monero?

    If you're paying for electricity a 5700 and above. If you're not, anything from 390 and above.


  • Registered Users Posts: 373 ✭✭ fatherbuzcagney


    I can sell you this old miner if i can find it:p.....december 2013 i managed to mangle this together ...i recall it generating roughly 14euro per day of litecoin for a few days but difficulty increased rapidly and only burning electricity after that....It was only for a home experiment to see if i could get a miner configured and working .........very enjoyable experiment .


  • Moderators, Society & Culture Moderators Posts: 17,643 Mod ✭✭✭✭ Graham


    I can sell you this old miner if i can find it:p.....december 2013 i managed to mangle this together

    An Indesit mining rig, :eek:

    just look at the size of it.

    :D:D:D


  • Registered Users Posts: 373 ✭✭ fatherbuzcagney


    Graham wrote: »
    An Indesit mining rig, :eek:

    just look at the size of it.

    :D:D:D

    :pac: ..only looks small when it crammed in the little utility room...when spread out over the kitchen table for a week it look huge:D.....it was nearly the cause of a divorce.....pity I didn't leave it there:P


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  • Moderators, Society & Culture Moderators Posts: 17,643 Mod ✭✭✭✭ Graham


    :pac: ..only looks small when it crammed in the little utility room...when spread out over the kitchen table for a week it look huge:D.....it was nearly the cause of a divorce.....pity I didn't leave it there:P

    The porthole window on the front was a stroke of genius. How else could you watch the little miners at work.

    Exhaust pipe looks a bit on the flimsy side though. :pac:


  • Moderators, Category Moderators, Motoring & Transport Moderators, Regional East Moderators Posts: 59,742 CMod ✭✭✭✭ unkel


    Monero is where it’s at for mining these days.

    No, it's not. Ethereum is still the most profitable coin to mine. Nothing changed on that in the past 4 years.
    grindle wrote: »
    If you're paying for electricity a 5700 and above. If you're not, anything from 390 and above.

    You can't say that, it depends on how much you can buy the cards for. Availability of cards is a problem. And a 5700XT sets you back at least €700 these days, which is insane. At least with a €300 RX580 8GB it can only drop about €200 in value when this madness ends. The 5700XT could drop a good bit more.

    All cards are very profitable, electricity costs is only a fraction of what the mining revenue is. The risk to the cards dropping in value is far more of a worry

    "Wind is Ireland's oil" - An Taoiseach, 25/05/2022



  • Registered Users Posts: 598 ✭✭✭ pioneerpro


    unkel wrote: »
    No, it's not. Ethereum is still the most profitable coin to mine. Nothing changed on that in the past 4 years.

    You can't say that, it depends on how much you can buy the cards for. Availability of cards is a problem. And a 5700XT sets you back at least €700 these days, which is insane. At least with a €300 RX580 8GB it can only drop about €200 in value when this madness ends. The 5700XT could drop a good bit more.

    All cards are very profitable, electricity costs is only a fraction of what the mining revenue is. The risk to the cards dropping in value is far more of a worry

    If you're going 1 GPU and underclock/undervolt them a bit they're honestly fine. Its only the silly DIY @ home crowd flipping artifacted cards on the market after OC'ing and then burning them solid for ~3% increase in hashrate that gave it such a bad name.

    Would be interested in knowing what small blocked finite capped smaller market cap altcoins would be worth a punt dedicating a 1660 Super to these days. Anything with a usecase really, just so long as I don't have to get into mining pools. More interested in accumulating some stuff to hold as lotto tickets than flipping for the miniscule profit i'd get mining pooled ETH after CGT is taken out of it.


  • Registered Users Posts: 15,539 ✭✭✭✭ fritzelly


    unkel wrote: »
    But if you have a half decent graphics card in your gaming PC, let it mine for you, an older card will make about $4 per day, a mid range newish one about $8 a day and a top of the range card near enough $13 per day, with only a fraction of that going towards your electricity costs

    I was looking at this the other day - what are you using to make that much a day?


  • Moderators, Category Moderators, Motoring & Transport Moderators, Regional East Moderators Posts: 59,742 CMod ✭✭✭✭ unkel


    fritzelly wrote: »
    I was looking at this the other day - what are you using to make that much a day?

    RX470 / 570 / 480 / 580 all make about $4-5 per card per day and these are 2016/2017 cards. These are perfect cards for mining if you don't want to spend a fortune

    Even the older R9 390 makes that and that is a 2015 card! The last one I bought cost me €55 here on adverts.ie a few months ago :D

    BTW all my cards were mining 100% on the sun for several hours today. And it's only February. PV in Ireland works great and it's very cheap, particularly if you DIY (most of) the install, I can highly recommend it.

    "Wind is Ireland's oil" - An Taoiseach, 25/05/2022



  • Registered Users Posts: 15,539 ✭✭✭✭ fritzelly


    I meant what software


  • Registered Users Posts: 760 ✭✭✭ FobleAsNuck




  • Registered Users Posts: 2,655 ✭✭✭ thunderdog


    I’m on 4gb rx 580s at the moment. I was mining ethereum until the DAG limit went over the 4gb mark. I left it too late to switch to 8gb gpus so I switched to mining ravencoin. While not nearly as profitable as mining ethereum it’s still decent enough at the moment with the recent rise in price for ravencoin


  • Moderators, Category Moderators, Motoring & Transport Moderators, Regional East Moderators Posts: 59,742 CMod ✭✭✭✭ unkel


    fritzelly wrote: »
    I meant what software

    Operating system or mining software? :)

    Over the years I've tried most of the dedicated Linux mining distros but I now mostly use Windows 10 Pro as my OS of choice for mining. Funny enough Windows is just as stable and actually is more efficient (even though there's a lot more going on). I have also tried most mining software but the last while I have settled on Phoenixminer, about the fastest speed and their take is a bit lower than most
    thunderdog wrote: »
    I’m on 4gb rx 580s at the moment. I was mining ethereum until the DAG limit went over the 4gb mark. I left it too late to switch to 8gb gpus so I switched to mining ravencoin. While not nearly as profitable as mining ethereum it’s still decent enough at the moment with the recent rise in price for ravencoin

    Risky strategy though, Ravencoin could drop drastically in value compared to Ethereum, I don't follow it, but it probably already has over the last few months?

    If I were you I'd sell the 4GB cards (still popular with gamers) and buy 8GB ones instead. The difference per card is roughly about €100 in value or thereabouts. Crazy though that I bought several 8GB cards in November / December for €90-€110 including shipping. Now worth >€300

    "Wind is Ireland's oil" - An Taoiseach, 25/05/2022



  • Registered Users Posts: 2,655 ✭✭✭ thunderdog


    unkel wrote: »
    Operating system or mining software? :)

    Over the years I've tried most of the dedicated Linux mining distros but I now mostly use Windows 10 Pro as my OS of choice for mining. Funny enough Windows is just as stable and actually is more efficient (even though there's a lot more going on). I have also tried most mining software but the last while I have settled on Phoenixminer, about the fastest speed and their take is a bit lower than most



    Risky strategy though, Ravencoin could drop drastically in value compared to Ethereum, I don't follow it, but it probably already has over the last few months?

    If I were you I'd sell the 4GB cards (still popular with gamers) and buy 8GB ones instead. The difference per card is roughly about €100 in value or thereabouts. Crazy though that I bought several 8GB cards in November / December for €90-€110 including shipping. Now worth >€300

    Out of interest, where are you typically picking up your cards (I might have asked you this before actually). I’ve been tracking some 8gb gpus on eBay (uk) and they are typically going for 250-280 sterling


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  • Moderators, Category Moderators, Motoring & Transport Moderators, Regional East Moderators Posts: 59,742 CMod ✭✭✭✭ unkel


    Pretty much all of them on adverts. I did some super deals last May / August when crypto values were low and some miners stopped (because the electricity bills keep coming at you and mining is loss making at times - it's not all glory)

    Not as good a deal but picked up a good few cards in November / December as well for around the €90 / €100 mark, all 8GB

    "Wind is Ireland's oil" - An Taoiseach, 25/05/2022



  • Registered Users Posts: 2,655 ✭✭✭ thunderdog


    unkel wrote: »
    Pretty much all of them on adverts. I did some super deals last May / August when crypto values were low and some miners stopped (because the electricity bills keep coming at you and mining is loss making at times - it's not all glory)

    Not as good a deal but picked up a good few cards in November / December as well for around the €90 / €100 mark, all 8GB

    Cheers I’ll keep an eye out for some


  • Registered Users Posts: 15,539 ✭✭✭✭ fritzelly


    Jaysus the prices people want for the RX580 - cost me under €200 18 months ago, asking 450 on Adverts
    Shoulda bought a pallet of them!


  • Moderators, Category Moderators, Motoring & Transport Moderators, Regional East Moderators Posts: 59,742 CMod ✭✭✭✭ unkel


    fritzelly wrote: »
    Jaysus the prices people want for the RX580 - cost me under €200 18 months ago

    That's because mining back then was loss making. Now it is very profitable, hence the high selling prices.

    "Wind is Ireland's oil" - An Taoiseach, 25/05/2022



  • Moderators, Business & Finance Moderators, Society & Culture Moderators Posts: 9,764 Mod ✭✭✭✭ ToxicPaddy


    unkel wrote: »
    That's because mining back then was loss making. Now it is very profitable, hence the high selling prices.

    Yeah I was looking at buying a few 8GB cards for a rig and just doing some rough maths i was looking at 2.8k..


  • Registered Users Posts: 17,896 ✭✭✭✭ Ads by Google


    I started mining Ethereum last week and I'm making around $180 a month with my 3060 Ti. I got it at pretty much normal price because the shops in Vietnam only sold them if building a new PC. Overclocking the memory and underclocking the core makes it go from 52 to 61 mh/s.

    Have no interest in it long-term. Just some handy money from a PC I bought for gaming.


  • Moderators, Business & Finance Moderators Posts: 2,449 Mod ✭✭✭✭ Rob2D


    I started mining Ethereum last week and I'm making around $180 a month with my 3060 Ti.

    Wow really, that much? I didn't really think mining was worth it anymore. But now you're making me think. I have a TITAN in my rig at home that sits there doing nothing for 18hrs a day. Would it be worth starting a mine every morning before I go to work I wonder????


  • Moderators, Category Moderators, Motoring & Transport Moderators, Regional East Moderators Posts: 59,742 CMod ✭✭✭✭ unkel


    Of course! That card will have paid for itself in no time if coin value stays similar or goes up even further and with difficulty only rising slowly (as there simply aren't enough graphics cars being made worldwide). Do not underestimate that your electricity bill will go up drastically though. A 6 card mining rig of RX470/480/570/580 as was a typical big rig until the arrival of higher end cards recently, uses close to 1kW at the wall, which means that rig alone will use more than twice the total annual electricity of an average Irish household! In other words your consumption in units will go up by over 200% :eek:

    "Wind is Ireland's oil" - An Taoiseach, 25/05/2022



  • Registered Users Posts: 17,896 ✭✭✭✭ Ads by Google


    Rob2D wrote: »
    Wow really, that much? I didn't really think mining was worth it anymore. But now you're making me think. I have a TITAN in my rig at home that sits there doing nothing for 18hrs a day. Would it be worth starting a mine every morning before I go to work I wonder????

    Set it up and have a go. It's really easy and you can check profitability based on your hash rate right away.


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  • Moderators, Business & Finance Moderators Posts: 2,449 Mod ✭✭✭✭ Rob2D


    Set it up and have a go. It's really easy and you can check profitability based on your hash rate right away.

    Yeah I'll try it for the craic. That phoenix one mentioned above sounds good.


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