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Crypto mining cost/benefit?

  • 07-04-2021 7:39am
    #1
    Closed Accounts Posts: 624 arccosh


    I'm probably looking in the wrong places, but I can't find anything on what people are getting as returns for their costly investment in cryptomining equipment.

    Am I missing something, or is it one of those things that just isn't said?(or people just declaring they're getting less than what they are for numerous reasons)

    Even the "cheap" setups, their power ratings seem quite high. I would love to know what is the net outcome from some example setups..

    I've asked this elsewhere and got the "educate yourself" treatment, which makes me more sceptical to what exactly is being made.

    Either:
    1- people aren't making as much as they thought they would and are hiding it
    or
    2- people are making more than what they want to declare

    I'm not here to judge, just trying to get an insight as I was looking into setup up myself


Comments

  • Moderators, Category Moderators, Motoring & Transport Moderators, Regional East Moderators Posts: 59,680 CMod ✭✭✭✭ unkel


    The basics of it are actually pretty simple, you can look up at any time what a GPU makes:

    whattomine.com

    Last time I looked a day or two ago, a popular mining card like an RX580 8GB makes about $3 per day mining Ethereum, an RX570 4GB makes about $2 per day mining Ravencoin. Electricity costs on these cars are roughly 100W power usage * 24hours * €0.13/kWh or €0.30 per day

    So it's very profitable, just one 6 card rig with RX580 8GB makes about €400 net profit per month, but you need to offset any hardware depreciation. And that's where there might be an issue if you hugely overpaid for hardware. But there is a huge shortage of GPUs worldwide so prices of these are likely to stay high, probably until at least some time next year. Also the difficulty is rising and there is EIP 1559 is coming in a few months. So this profitability is likely to decline over time, but that said a lot of people reckon Ethereum is undervalued and could go up in value significantly, which would see profitability of mining go even higher!

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



  • Closed Accounts Posts: 161 ✭✭ JibJabWibWab


    unkel wrote: »
    The basics of it are actually pretty simple, you can look up at any time what a GPU makes:

    whattomine.com

    Last time I looked a day or two ago, a popular mining card like an RX580 8GB makes about $3 per day mining Ethereum, an RX570 4GB makes about $2 per day mining Ravencoin. Electricity costs on these cars are roughly 100W power usage * 24hours * €0.13/kWh or €0.30 per day

    So it's very profitable, just one 6 card rig with RX580 8GB makes about €400 net profit per month, but you need to offset any hardware depreciation. And that's where there might be an issue if you hugely overpaid for hardware. But there is a huge shortage of GPUs worldwide so prices of these are likely to stay high, probably until at least some time next year. Also the difficulty is rising and there is EIP 1559 is coming in a few months. So this profitability is likely to decline over time, but that said a lot of people reckon Ethereum is undervalued and could go up in value significantly, which would see profitability of mining go even higher!

    Have you looked at the Helium mining option?

    https://www.helium.com/

    It seems like a very profitable option.
    The miners are very cheap, less than 500 euro, and from looking at current miners in Ireland they have the potential to generate 5-10 Helium tokens per day.

    https://explorer.helium.com/coverage

    There's a long waiting list for the miners, but it looks like a no-brainer with the miners paying for themselves in a few days...

    Good video review here;

    https://www.youtube.com/watch?v=jbPRBUVkY4Q


  • Moderators, Category Moderators, Motoring & Transport Moderators, Regional East Moderators Posts: 59,680 CMod ✭✭✭✭ unkel


    I briefly looked into it. Problem is that all those miners are sold out and the earliest shipment dates for them are 2-3 months away. That's a long time in crypto :D

    The supply of the coin is limited, which is good otherwise there would just be huge deflation of the coin value as more coins are mined (more people setup the access points). But the $20 a day some of these make today, will be greatly reduced soon unless the coin value will stay the same or even go up, but there is very little reason for that to happen. And I guess at a cost of $350 + shipping + import duties + 23% VAT the total outlay is fairly limited, so pretty low risk

    I'd say you'd make more money with a GPU rig of similar cost though, can start today and the rig is unlikely to have any depreciation at all for quite some time

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



  • Registered Users Posts: 1 MikeDineen


    Hi. I am looking to connect with someone that does crypto mining. Are you involved in it? I live in Cork and would love to connect. Looking forward to hearing from you. Cheers - Mike


  • Registered Users Posts: 2,602 ✭✭✭ iba


    Hi guys, what rig are you guys using, I am considering the bobcat?
    Thanks


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  • Registered Users Posts: 13,654 ✭✭✭✭ partyjungle


    iba wrote: »
    Hi guys, what rig are you guys using, I am considering the bobcat?
    Thanks

    Is bobcat not a helium miner? I think it's a standalone device


  • Moderators, Category Moderators, Motoring & Transport Moderators, Regional East Moderators Posts: 59,680 CMod ✭✭✭✭ unkel


    iba wrote: »
    Hi guys, what rig are you guys using, I am considering the bobcat?
    Thanks

    If you are only considering helium mining now, you will have a million people getting their router before you. You might get it for Christmas or maybe next year. I'd like to be optimistic, but realistically chances are you will never make any profit on one.

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



  • Registered Users Posts: 2,602 ✭✭✭ iba


    Is bobcat not a helium miner? I think it's a standalone device

    Yes it is, I should have been clearer. I just followed the previous post rather than looking at the thread title. Sorry.


  • Registered Users Posts: 2,602 ✭✭✭ iba


    unkel wrote: »
    If you are only considering helium mining now, you will have a million people getting their router before you. You might get it for Christmas or maybe next year. I'd like to be optimistic, but realistically chances are you will never make any profit on one.

    Thanks very much; appreciated.


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