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Is Mining a profitable endeavour

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Comments

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


    unkel wrote: »
    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:

    Jaysus :eek:

    Might have to stash it in the data centre in work :D


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


    Tried it out there. Was getting 36MH/s until I found out my card's memory is a bit different (1080ti&TitanXp). So had to enable -straps in Phoenixminer to boost the memory timing. Went to 40MH/s. Then messed around with clocks on afterburner and got to 44.8MH/s. Still a bit low as from what I've seen I should be able to get 50-55. Will try to tune it a bit more tomorrow.

    Interesting though. And to think, this card could have paid for itself many times over by now since I got it :pac: Live and learn.


  • Registered Users Posts: 169 ✭✭ Daithi40


    evening, firstly I only know what you guys have posted here on mining, but I got thinking that I built a pc a few years back and that I remember the graphics card was OK, so checked it this evening and it has a Radeon HD 7900 Series sitting on an i5 processor. vram 3072mb, gddrs 1250 mhz.

    Am I right in assuming that this is completely underwhelming and there's no point in even considering trying a bit of mining...thanks in advance

    having said all that, the recent discussion on this thread has me interested... work in IT, so it's probably the nerd in me that finds it interesting


  • Registered Users Posts: 15,675 ✭✭✭✭ fritzelly


    I'm no expert but that is a very weak card - not even listed here https://www.nicehash.com/cpu-gpu-mining

    Will cost more to mine than you make


  • Registered Users Posts: 5,672 ✭✭✭ seannash


    Would you not be better staking. You still earn the coins without mining them yourself.


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  • Registered Users Posts: 169 ✭✭ Daithi40


    seannash wrote: »
    Would you not be better staking. You still earn the coins without mining them yourself.

    thanks Sean, I am staking but i have this thing that it would be wonderful to be earning money passively 24/7 while I sleep, I don't have the time to be watching candles... am I way off in thinking that if I bought some mining gear/ gpus etc and have the fun of setting them up, that if prices stay where they are today that it might be worth investing 10k in a rig? looks to me that it's about a 3/4 month investment before you see profit here in Ireland? that about right?


  • Registered Users Posts: 15,675 ✭✭✭✭ fritzelly


    Electricity in Ireland is expensive and GPU prices are thru the roof

    Use the link I posted above to work out how long it would actually take to make your money back and then hope the mining market is even still profitable by then...


  • Registered Users Posts: 5,672 ✭✭✭ seannash


    Daithi40 wrote: »
    thanks Sean, I am staking but i have this thing that it would be wonderful to be earning money passively 24/7 while I sleep, I don't have the time to be watching candles... am I way off in thinking that if I bought some mining gear/ gpus etc and have the fun of setting them up, that if prices stay where they are today that it might be worth investing 10k in a rig? looks to me that it's about a 3/4 month investment before you see profit here in Ireland? that about right?

    You could just buy crypto with that money and add it to a pool on pancake swap and earn up to 137% return on it (more if you compound it daily)
    The rate may change but personally id go this route.

    As for the profitability in mining I'm clueless. But i do get that its an itch you have that may need scratching :)


  • Moderators, Category Moderators, Motoring & Transport Moderators, Regional East Moderators Posts: 60,491 CMod ✭✭✭✭ unkel


    fritzelly wrote: »
    Electricity in Ireland is expensive

    Common misconception. It's not too bad at all. I am with Energia and I pay 8c night rate (for 9 hours per day) and 14c day rate (for 15 hours a day) both including VAT. There are currently even better deals available

    And of course mining could be a good trigger to push yourself to install solar PV. It's currently 9AM in the morning, in winter. And I am already producing over 1kW of solar PV. Enough to run the base load of my house plus a 5 card miner totally on the sun. I have also a home attached battery, which helps a lot on mixed days in summer where you can have some sunlight which produces far more PV than I need, it will store it in the battery, then when a few clouds come over, my house uses electricity from the battery. I can also load up this battery at night with cheap night rate

    11PM: 15kW o'clock!



  • Moderators, Category Moderators, Motoring & Transport Moderators, Regional East Moderators Posts: 60,491 CMod ✭✭✭✭ unkel


    Producing over 3kW now.

    That would power several big heavy duty rigs...

    11PM: 15kW o'clock!



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


    unkel wrote: »
    Producing over 3kW now.

    That would power several big heavy duty rigs...

    What battery system do you have in the house Unkel?


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


    I looked at a 4.8kw PV and Sonnen battery system setup but as the house is new I don't get a grant so it's going to cost around 10k, not sure if I would get a RoI from mining with that sort of outlay required plus the cost of the rig.


  • Moderators, Category Moderators, Motoring & Transport Moderators, Regional East Moderators Posts: 60,491 CMod ✭✭✭✭ unkel


    No grant here either. I use a Sofar ME3000SP battery inverter and I built my own battery with LiFePo4 cells and a Daly BMS

    Have a look at the renewable energy forum, several lads over there have a very similar setup to mine

    11PM: 15kW o'clock!



  • Moderators, Category Moderators, Motoring & Transport Moderators, Regional East Moderators Posts: 60,491 CMod ✭✭✭✭ unkel


    And a blatant shill here if anyone is interested, I have a rig for sale on adverts :D

    Linky

    11PM: 15kW o'clock!



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


    unkel wrote: »
    And a blatant shill here if anyone is interested, I have a rig for sale on adverts :D

    Might want to post it over in the personal for sale on PC building forum too!

    Or on second thought, they might run you :pac:


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