It's amazing how profitable mining is right now. While I do semi-regularly mine(maybe a few hours a day when I'm not going to be home) because of the heat and noise produced by my computer doing it, I might need to do it a lot more because of how much more profitable it has become in the past few days.
Here's an image from my nicehash dashboard. Just a few days ago, I'd have been happy on days with 6,000 sats, look at the current profitability. Its doubled thanks to the price of ETH having shot up so much(I use nicehash which mines the most profitable thing which is ETH right now).
Its quite amazing how good of returns it is, and explains why people are willing to pay multiple times over what a GPU is worth to get in on the action. I'm doing this on a Radeon 5500XT which I bought just before shit hit the fan for $180. It takes less than a month at current rates for me to break even which is quite amazing.
This GPU is probably one of the worst ones too. A new one can do so much more, and so their profitability is just going to be higher, and as ETH goes up and up and up and ETH2 gets delayed again, it's just going to keep on getting higher and higher. This honestly might mean that GPU prices will remain high for a while, especially until this crypto bull run ends. Getting one at MSRP would be a deal even for games. If you just mine on the side like I do, you can get your cost back pretty quickly.
As long as profitability remains this high, and electricity costs low(I calculated that I'd be paying about $16/month if I was mining 24/7 which I don't), I'll be trying to mine. No reason not to try and get some of what I spent on my PC back.
This year's shown a lot of interesting thing, and the fact that I can get ROI on my GPU in less than a month was definitely not something I was expecting.
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May I ask why you and @betterdev are downvoting me? I will remove my downvote if you do it as well.
Disagree that that particular content type deserves any rewards(check my other downvotes, I'm very open about it). No need to remove downvotes, we all have a responsibility to make sure more valuable gets ranked higher and worse lower lower, and downvotes help with that.
OK, fair enough.
I never got around to buying the parts for my PC around the start of the lockdowns and delayed it. Now I just stick with labtop and its getting old so I might just buy another one soon enough.
Now it just doesn't seem worth it given the current prices but who knows with inflation and scarcity. It might even cost more but I probably would also be mining ETH to pay off the cost of my equipment too if I had built a computer for myself.
Posted Using LeoFinance Beta
I'm so glad I got my GPU at MSRP right before the shortage started. I never bought this thing to mine, but it's been used more for mining than gaming since I play less and less games.
Have you checked out the blockstream mining note? Where you can buy hash power and they pay you in BTC after 3 years? I think there's going to be a lot more mining related projects like that as miners look to secure capital so they don't need to keep dumping on the market to run operations which will be better for price action too
Not really. I don't care too much about mining and just do it on the side. Have no intention of diving deep into this space.
What pool or program are you using to mine and what coin mostly ETH?
I was using nicehash just until I wrote this post. After that I switched to mining on Binance pool to a trusted friend's Binance account. I'm using minerstat(https://minerstat.com) for management, and with nicehash I was using their own software.
And yup, mining ETH as the spike in gas prices made it profitable. Nicehash auto adjusted for me, and I know minerstat has capabilities to do that, but its a lot more complex and since I don't mine a lot I'm not going to bother setting it up for maximization.
Are you still running nicehash for mining or minerstat for both mining and management?
Minerstat for both. It was nice, was able to have my friend set it up for me remotely. No need to do anything but download the software and provide access id.
very cool thank you for the deets and good luck on the mining
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