Is Mining a profitable endeavour

Rob2D · 25-02-2021 12:12am

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.

Daithi40 · 25-02-2021 2:02am

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

fritzelly · 25-02-2021 2:11am

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

seannash · 25-02-2021 3:28am

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

Daithi40 · 25-02-2021 4:41am

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?

fritzelly · 25-02-2021 4:47am

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...

seannash · 25-02-2021 9:02am

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

unkel · 25-02-2021 10:16am

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

unkel · 25-02-2021 1:05pm

Producing over 3kW now.

That would power several big heavy duty rigs...

ToxicPaddy · 26-02-2021 5:33pm

unkel wrote: »

Producing over 3kW now.

That would power several big heavy duty rigs...

What battery system do you have in the house Unkel?

ToxicPaddy · 26-02-2021 5:37pm

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.

unkel · 26-02-2021 6:05pm

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

unkel · 26-02-2021 6:10pm

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

Linky

Rob2D · 26-02-2021 9:32pm

unkel wrote: »

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

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:

Is Mining a profitable endeavour

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