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Daily Mining Profits
- Thread starter Archaea
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Bassman99
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I am hoping that mining profits and BTC value go back up soon
Not anytime soon. I am shutting it down for now myself.
so I just realized NHQM had an efficient optimization which....with my 1080tis dropped the wattage of each card down 50 to 60 watts (200-210 down to 150-160) and dropped the hashrate of each card about 3 to 4. So is an extra 15 to 20 hash rate worth the extra 250 watts?? I'm thinking no...I tried to optimize one card manually to see if I can get hash rate up 1 or 2 with watts going up a little bit but I couldn't make it work.
so 41 to 42 hash rate was normally 200-215 watts, its not 37-38 at 150 watts.
so 41 to 42 hash rate was normally 200-215 watts, its not 37-38 at 150 watts.
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I’ll keep mining until it drops below the cost of power. I get the same amount of eth regardless of the price so it makes sense to keep mining until it’s cheaper to buy it outright rather than pay for the power.
I guess if you are getting ready to dump cards while they are still scarce then it makes sense to stop. I’m trying to decide when I should do that.
I guess if you are getting ready to dump cards while they are still scarce then it makes sense to stop. I’m trying to decide when I should do that.
also, as people leave, total hashrate drops which means everyone mining gets a little more coin. So when it does go up, you'll have more coin overall.
Andrew_Carr
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skiddy
2[H]4U
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Yeah my daily average went from $9-10, up to $16 yesterday (and now back down to normal). Not sure what happened tbh.
as above your post, NFT stuff was pushing everything up. the actual profits weren't as high though.
Zedicus
[H]ard|Gawd
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why do people (smaller home miners) stop mining when its 'not profitable'? are you cashing out to USD every day? or what? I try to mine the most when it is either low or not profitable because i get more coins for my hash power, then when the price goes up i am that much more ahead. plus mining at a loss helps with taxing.
Andrew_Carr
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I would have to run the math and see if it makes sense, but you're basically switching from a business into an investment at that point. If you can spend $1,000 on electricity and get 10,000 coins, or spend $1,000 on buying coins and only get like 5,000, then in that case maybe it would make sense if you believe in it from an investment standpoint. The nice thing is that if you form a business at least you can write-off that loss on your taxes, although you'd end up paying capital gains if the coins appreciate and you held on to them long-term. But from a business standpoint it doesn't really make sense.
Still doesn’t make sense unless your long term view of ethereum is that it is going to 0. Profitability in USD is determined when you sell, not when you mine.
I think the point is that when the power cost to mine is more than buying the coin directly it just makes more sense to turn off the rig and use your power budget to buy coins. You will get the same or more amount of coins so it doesn’t make sense to mine at that point.
If you are a business and claim power as expenses then it makes more sense to keep mining in a down market but even then there is probably a limit.
Zedicus
[H]ard|Gawd
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So even if you are not a business, when you mine at a loss, that negative at payout comes out of what you mine at a profit, By the end of the year. Unless you manage to mine an entire year at a loss as an individual. But i would imagine the tax laws changing agian by 2023.
atp1916
[H]ard|DCoTM x1
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I certainly wouldn't be (currently) mining if a bucks worth of electric gained less than a bucks worth at spot prices.
Only got as much faith in the system as I can mine
Only got as much faith in the system as I can mine
I can see that point, but by my math, Eth prices would need to be well under $1k to be unprofitable.
Daily output according to whattomine for a single 3090:
Output: 120MH/s
Energy: 300w
Revenue: 0.001677 eth
Power cost: $0.80 (7.2 kwhr @ $0.11)
Eth cost: $3k
That would make breakeven eth price of $477. If your power costs are really high like CA (closer to $0.22) that would make breakeven closer to $1k.
legcramp
[H]F Junkie
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Profitability is insane right now...
Bassman99
Gawd
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Im in Cali and still mining
Me too, 11 bucks a day is a 11 bucks a day.
Welcome to the current market my friend. What you are doing wrong is mining now, and not a year ago.
Andrew_Carr
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That sounds high actually. What do you pay in power? $8/day or so seems more accurate for what you have.
I would shut it down and sell your cards before the 4xxx cards come out.
lhr doesn't matter anymore. Have you moved to new miners that have 100% unlock?
funkydmunky
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Thanks for mentioning. Never noticed myself. Experimenting right now. It has hit that time of year where it is shut it down (don't need the free heat) or really cut the juice it is using. I clicked tune for efficiency and then start single. Any hints or tricks?
edit: It brought me down to 96W from 160W and my hash rate went up from 42 to 43 and my temps from 60 to 42 which allowed me to drop my fan speed from 70 to 50!
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Here's where I'm at:
Certainly not as good as it was, but still profitable. My power cost is $0 (solar) and I purchased the 5700 XTs back in November 2020 and most of the 3000 GPUs during the first half of 2020 at list price. Over the last month or so, I picked up some more 3000 GPUs used at less than list. All GPUs are paid for. I started mining in summer of 2017 and kept mining through 2018/2019 with about 2.5 GH/s which paid of. Will be interesting to see what happens in August/September.
Certainly not as good as it was, but still profitable. My power cost is $0 (solar) and I purchased the 5700 XTs back in November 2020 and most of the 3000 GPUs during the first half of 2020 at list price. Over the last month or so, I picked up some more 3000 GPUs used at less than list. All GPUs are paid for. I started mining in summer of 2017 and kept mining through 2018/2019 with about 2.5 GH/s which paid of. Will be interesting to see what happens in August/September.
Archaea
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Keep in mind fellows it doesn’t matter what BTC you are mining is worth now, it only matters what it’s worth when you sell it. As long as you are still accumulating it, and believe it will still higher long term than it is now, then keep mining.
Case in point. I stopped mining in 2020 because it wasn’t profitable, but BTC is worth 30K now which is quite a bit more than it was in 2020. In hindsight, all the mining through 2020 would have been profitable if selling now, and extremely more so if BTC hits 100K at the next big upswing, which I still very much expect.
https://coinmarketcap.com/currencies/bitcoin/historical-data/
You should only quit mining (from a historic perspective) if you believe BTC is now on a reverse trend for long term value and is dying.
Case in point. I stopped mining in 2020 because it wasn’t profitable, but BTC is worth 30K now which is quite a bit more than it was in 2020. In hindsight, all the mining through 2020 would have been profitable if selling now, and extremely more so if BTC hits 100K at the next big upswing, which I still very much expect.
https://coinmarketcap.com/currencies/bitcoin/historical-data/
You should only quit mining (from a historic perspective) if you believe BTC is now on a reverse trend for long term value and is dying.
N4CR
Supreme [H]ardness
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When tether goes it'll crash BTC and consumer confidence. I'd be getting out while the gettin' is still good, lot of barts, let alone regulation, pessimism and SEC finally starting to prosecute insider trading and the DOJ the myriad of scams.
When grandma is talking crypto investment, you know that horse has gone.
When grandma is talking crypto investment, you know that horse has gone.
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Archaea
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That’s one perspective. I’m holding till it hits 100K, and then I’ll re-evaluate — or likely riding it into the ground.
BTC has faced plenty of headwind before and recovered and advanced.
N4CR
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Fair it has definitely been through the cycle before, multiple times, just am less sure now with the additional factors. Other coins are more use for exchange, while btc is basically a piggy bank at this point. And if not accepted for value due to instability or regulation, it might it become worthless.
oviously it fluctuates, but currently NiceHash is reporting $9.36/day (0.00033408) Before the big dip it was $12-18/day.
legcramp
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How's your solar setup like for that ~8000w setup? I recall you made a YouTube video, I have to dig it up. I have a similar size farm 8300w / 3.4-5GH but not solar of course, profitability is getting way less but I am still HODLing as long as it's breakeven or higher.
Do you power the whole setup off solar during the day and off the grid at night?
Its a 50,000 watt grid tied system with net metering. It also powers my house. Last year it generated 67,535 kWh, which works out to 185 kWh per day or 7,708 watts 24/7. So it just about covers my miners 100%. During the summer when the days are long and the sun stronger, my monthly bill is just $32 (basic metering charge) and I build up kWh on my account, that I then use in the fall and during the dark winter months, I use quite a bit more from the grid than I push back.
Here are the panels. The shop building is 80 feet long to get a sense of scale.
During the summer, the rigs are inside that shop building and during the winter they are up at the house, providing all the heat I need.
Yep I plan to HODL long term as well. If I had held everything since I started back in 2017, I would be at about 30 BTC now, but I sold along the way to fund solar expansion and GPUs.
Here are the panels. The shop building is 80 feet long to get a sense of scale.
During the summer, the rigs are inside that shop building and during the winter they are up at the house, providing all the heat I need.
Yep I plan to HODL long term as well. If I had held everything since I started back in 2017, I would be at about 30 BTC now, but I sold along the way to fund solar expansion and GPUs.
legcramp
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That's awesome.
undertaker2k8
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That seem simplistic, you need to compare selling all your mining equipment and buying BTC instead in that logic no ?
Archaea
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I keep it simple. I buy and hold. I don't trade crypto.
If I thought BTC was dying I wouldn't be selling my equipment to buy more BTC.
As to selling my Ampere cards -- I won't be selling them until the next Crypto boom, as they'll be worth more then, than they are now. Just like in 2020 when Crypto mining was unprofitable, Nvidia 1070 cards were selling for $200, but during this 2021 crypto boom they went back up to $400-$600 used.
My 3080 FHR card is probably worth $750 right now, but if I hold it till the next boom I can probably get $1000 or more, even if it's another year out, and not currrent top gen. So I should mine with it, until that point, and then sell it and begin to replace it with 4xxx series nvidia cards - since I think Crypto is going up in value - covering my current electricity costs now, and keep the cards - because they'll be worth more in the next boom. Double win. (my prediction)
Yes but if you were confident that it would not, it would often be a good idea to do so, that why there a question usually about stopping to mine or not, it is about selling everything and using that money to buy being a better option, no ?
Which make it even more complicated, but to take your example selling a 1070 $200 when mining was unprofitable say May 1, 2020 and buying bitcoin with that money in june 2021 you have $1000 worth of bitcoin, not obvious that it was a good move to keep it to mine.