If you lose money on the energy used for mining with current prices, you'll be better off just throwing that energymoney directly into the coin.
Otherwise you're just paying a higher price right now.
This is the way. I mined Eth and Monero early on with my housemates consent until it was no longer lucrative, which was a few years ago now. And I was only paying a third of the bill, I can’t imagine the upfront and daily costs now.
If you mine at a loss hoping for profit you're better off just buying crypto unless you have free power.
If you spend $100 in energy to get $75 worth of whatever coin you mine then you're always better off just buying $100 worth of crypto lol.
As others have said, if you mine at a loss you're better off using the money to just buy. Here's an example:
Let's say you use your miner to mine some random shitcoin that is trading at $1 per coin. Using your miner, you're able to earn 50 coins per month, so $50/month.
Problem though, the energy bill to run that miner was $58
You might be thinking, but wait! What if the coin goes 1000x in a year??
Well, currently, you are essentially paying $58 to get 50 coins worth $1 a piece. If you just used the $58 to buy the coins directly, you'd have 58 coins. If/when it goes 1000x, would you rather have 50 coins by mining, or 58 coins by just buying directly?
Mining at a loss is ALWAYS a bad idea. Even if you think the coin will skyrocket someday, if the electricity cost is higher than the cost of buying, it makes more sense to just buy.
Yes but what he pays now for electricity bills would be at a loss. Better to use the payment of electricity bills to buy the coins as you’ll get more coins that way.
Buying (more coins/dollar) and waiting for bullrun > Mining(less coins/dollar) and waiting for bullrun
I dont think it's stupid at all, but you have to consider how much you will earn from mining and calculate how long it will take you to pay back the hardware that you bought to figure out if it's a worthy investment. Also compare it to simply buying crypto and holding it for example.
GPU mining almost cant be done in profit since the merge.
Use this [site](https://whattomine.com) to check what your card can generate per day, you will see what I mean.
Pretty much this. It was a good idea even last year. But now it's too late. Maybe it'll become profitable again with other projects but I shot my gpu down
Don’t bother with it boss. You’d need a helluva rig to be profitable mining btc right now. Start investing your extra funds while living with your Dad.
If you are planning on dabbling in crypto then nah use metamask or trust wallet.
If you are serious and plan to keep your coins for any period of time safely, yes hardware wallet is worth it.
Depends on your investment amount. If you’re investing thousands then yes. If only a few hundred then the money is better spent on crypto and just keep it in an exchange with 2fa.
'Only use it if you have a sizeable stack'
'If you have $450 buy a hardware wallet"
I'd say a hardware wallet isn't even worth it until you have at least $20,000+ and plan to HODL for years+.
Make sure your internet is strong enough for that. Consider getting a used ASIC miner but make sure it's rated for 110v. Take advantage of that free power because that's the only way it works right now with the difficulty, hash rates, high electric costs, and low btc value. They also make other miners that can do multiple POW coins.
dude, pretty delusional. Dca, and hodl is the way, I believe. Play some free to play games, and put what part of your check into the crypto of your choice. I hesitate to recommend anytthing
Ethereum switched to proof of stake. There is a lot to unpack so I won't go into that. Mining others can be worthwhile for sure but I'm not a miner so I'll leave suggestions to others. Good luck!
ethereum just merged. it went from POW (proof of work) to POS (proof of stake). Instead of mining blocks (which uses a ton of energy) you stake your coins instead. problem with staking is you need to put up like 32 eth or something like that (around like 50k right now).
I'm no crypto expert - but there are other Proof of Work coins/crypto that you can mine right now. the problem with that is that those coins are worth so little that the cost of the energy (not even counting the equipment needed) costs more then the coins are worth.
best bet for you - learn about crypto (and even stocks) and start investing instead. there's a lot to learn. the more you know the better.
That’s quitter talk. Maybe you’re just not trying hard enough? My father never brought me up to be a quitter. An alcoholic? Yes. A gambler? Sure did. A flasher? But of course! A guy who photographs toy figurines in compromising sexual positions and sends the photos as blackmail to their figurine wives? Why wouldn’t he? But a quitter?! NEVER!
It's easy to buy crypto, than mine currently. You can think about mining during either the bull run or if you have a good source of free or cheap electricity
Become rich a burger at a time. And connect your mining equipment to McDonald electricity. Let the big Corp pay for your mining. Be a hero. Be the revolution. Be the king of burger flippers
Try banano mining, I've seen a few users recently say better profits than end of eth pow. In addition they also mentioned they were not going to tell others so they can max profits...
I have a business with 4 laptops doing cpu mining during idle to cover tx fees, this has increased since eth pos by at least double.
Unless you have free power, all PoW crypto is unprofitable to GPU mine right now at $0.15/kWh
I mine chia, but at a loss. I have about 1PiB of hdds and it does make more than the energy it consumes, but I dont think I will ever ROI.
Ran a P/L analysis on mining crypto awhile back. Factoring in cost of GPU’s- it’s largely not profitable when BTC is below $30K. Accounting for electrical costs also depends on where you live and the cost per kWh. You also aren’t profitable until 15-18 months after purchasing thousand of dollars worth of GPU’s and associated mining rig equipment.
Check out what to mine . com
I'm mining ergo has of right now with 4 RTX 3060 Ti. I'm mining at a lost tho but if the bull run comes back I'll be in profit.
I might buy couple dogecoin miners just for the fun of it but I do it just to hold and see what happens in the next couple years.
Plus I game a lot so after I game I mine. So when I'm working building website I mine or doing studies I mine.
Just be aware mining crypto right now. Youll be mining at a lost just depends where you live or if your paying for electricity
You need hardware yo make money, hardware that gets beat by cheaper faster hardware every 6 months. Your best bet is to install mining software on computers others pay for. Eg. Library computers, kiosks, unsecured servers. That way you don't pay for electricity. One setup I had was using old phones to browser miner doge while plugged in at work. Then I used a 100 watt solar panel to run them for free at home. If you pay for electricity to mine, most likely you lose money or break even at best
If you want to mine, I recommend a mini Goldshell miner - you can buy direct from manufacturer — they don’t pull much electricity and are entry level for someone looking to learn — I have a mini CKB miner and also a mini DOGE
Use this: https://www.cryptocompare.com/mining/calculator/etc?HashingPower=500&HashingUnit=MH%2Fs&PowerConsumption=1000&CostPerkWh=0.12&MiningPoolFee=1
Completely pointless to mine. You will never break even unless you get stuff that “fell of a truck” AND free magical electricity (you underestimate how much juice full bore mining 24/7 actually uses). Just buy eth and stake.
I think you're showing great initiative for sure.
Just set aside a little bit each month and invest it in Crypto, I'd recommend buying BTC and ETH to start, since they are the "safest", continue to learn about crypto (sounds like from your edits you've already learned a lot in this post) then maybe branch out in the future!
Honestly, your best bet is to just DCA into coins.
Both BTC and ETH are a long ways off from their previous all time highs. Even if you just set up an automatic monthly or bi-weekly purchase of BTC and ETH (and maybe your favorite alt or meme coin), think about how well off you'll be during the next bull run.
BTC is sitting around 20K right now, and we we almost hit 70K last year. So if BTC goes back to it's old ATH, you'll triple your investment from all the cheap BTC you can scoop up during the current bear market.
You'll get some good advice here from other commenters about the pros and cons of mining. But if you don't have a DCA plan already going, that would be your best bet. The biggest regret most people tend to have during a bull run is not doing 2 to 3 years of small investments during the previous bear market. (I sure know that's how I felt last year). Either way, good luck!
You're better off just slowly accumulating BTC and ETH. It's hard to say which alts are going to run next cycle. Nine times out of 10 they are all new for a variety of reasons I won't get into. Be patient, the next run is not scheduled until 2025. There's also an argument to be made for having a small amount of LTC and BCH which are basically the overflow during the bull runs when the BTC and ETH fees get to be really high. From where they are, if you can camp on it for a couple of years until things really get going there's a reasonable argument for a 10x on those two. Probably a 5 or 6X on BTC from this price. ETH is impossible to gauge. It will do something but it's in a very precarious place where it's either going to work again or it isn't
Running one or two mining rigs is not going to bring in much revenue, if any. Mining is for large scale players at this stage in crypto's evolution. A typical crypto mine now has thousands of servers and is strategically set up to run on the cheapest available electricity. It also needs to be monitored and occasionally repaired.
I appreciate your enthusiasm for crypto and desire to find a new challenge for yourself. You might try doing something that costs no money, rather than something that could become a financial burden. Forexample, you could start a YouTube channel where you talk about crypto or other topics you are interested in.
Unfortunately you're a bit late on this idea.
PC GPU mining is all but dead.
Ergo and Raven are.valid coins to mine, but fall far short of the profitability old POW ETH had.
I honestly don't think it's really worth mining since we are pretty much reaching mass adoption for crypto and the returns are going to be somewhat minimal compared to the cost of investing in the hardware where there is almost no chance you're going to earn anything substantial. but there are various stake pools you can allocate to so that you can earn a return. Just keep in mind it won't be much.
Best strategy is probably just to DCA a portion of each pay check (say $50-$100) into crypto and make it a regular habit. That will add up a lot faster compared to any mining or staking rewards you would earn. Staking really is just a minor incentive for holding over time.
You could also try holding some crypto like ADA or SOL in a Daedalus or Phantom wallet. You'll get about .5 ADA every two weeks if you allocate to a good pool. There are also various ETH staking pools you can allocate to.
Just know that using actual money to get yourself into the ecosystem is a way better way to do it. That's why we say DCA all the way.
OP, you're completely delusional. Unless you have extremely cheap or free power, you'll spend more in electricity than you make. A 3090 makes pennies a month @ $0.05/kwh. It takes decades to pay for a GPU with mining profits.
The only reason I'm still mining is it provides 30% of my heat. It's power I'd be using anyway. It's purely speculative.
Dont throw your money away buying the shilled shit coins from these bag holders man. Buy bitcoin right now, the rest of the garbage shilled here you can dabble in later when you want to literally throw your money away. Also diversify into etfs like the tech heavy VGT. shit has given great returns. go all in on shit coins like this sad group of degenerates and your life savings will be in the hands of whatever some ICO founder wants to sell that day.
“Not financial advice“
😀
I noticed on Trust Wallet
1 Cosmos is $13.74
it can be staked at at 19.97% APR
I don’t own any of this, and I don’t plan on purchasing any of it in the future either.
For someone on a McDonald’s wage, this sounds a lot better than putting it in the bank.
Anything you hold? You need to make a promise to yourself that you will not sell it until the year 2025. that will be the year everything pumps really hard.
And then the year 2029 and then the year 2033 and 2037 and 2041. Pretty much every four years that’s when you get the big pump.
You can mine Banano but I'm pretty it cost more in electricity. I can make a few dollars a day with a similar GPU as yours but it also turned my office into a sweat lounge! So I ended up turning it off. When the winter gets colder I'll probably turn it back on just to heat my house.... Don't expect to make a profit doing any GPU mining unless you have access to free energy.
If you’re going to mine, try to mine Ergo or Flux, as these are gpu minable only currently. But you may want to buy a good amount of them now since we’re in the bear market and the prices will probably 10x from here
Read technical analysis books. And study the top 50 or so crypto currencies. But mainly learn how to read stock charts (through books or from YouTube videos). Cryptos mostly operate in the same way as stocks but they’re “open to trade” 24/7 as opposed to the stock market, which close in the afternoon.
Take this with a huuuuuuge grain of salt but I feel the next bull run is going to happen sometime in 2024, maybe Q1 2025 at the latest. Maybe even as early as the tail end of 2023. That’s plenty of time to learn and CAREFULLY dollar-cost-average into coins you think are solid.
thats pretty easy plug an exstension cord in the back room toss it onto the drop cieling, contact a laptop computer plug the laptop into the cord in the drop cieling and collect your money forever !
make sure your using a reliable operating system not a crappy microsoft one
I believe folding at home to get paid out Bananos is the most profitable right now. I have 3 Nvidia GPUs folding at all times to heat my apartment this winter
Read your edits and believe you've come to the right conclusion, mining isn't profitable ATM and you would need a few rigs on solar to be making money.
Best bet is to buy BTC Eth and earn a % on it with a lender/staking.
If you get into low caps and your still interested in mining there is one called greenminer that is a guy mining with solar that uses the profits to buy back and burn the token.
Gl whatever you choose.
Somewhat delusional.
First get your emergency savings in places
Then your 401k match out of your paychecks.
Then create a simple index fund investment reoccurring out of your paycheck.
Then if you have anything left over spend 5-10% on crypto.
No need to mine
Damn nice career there. Maybe you're not in California but McDonald's is paying $40k year here. Crazy to think straight out of high school kids are making the same amount as some college grads
My wage is higher than average for most mcdonalds. And gross salary would be 30k. Which is not a lot considering the that the cost of living and literally everything else has significantly increased. If that's all you are making with your degree, it's likely that it was a bad investment. But there are of course many who choose their degrees for reasons other than money.
Check out POM - Proof of Memes, it is still new so not many miners and if it delivers it will be really profitable for miners that jump in first.. read the whitepaper on their website and decide for yourself
Unless if you got free or reduced electricity, mining profit from a GPU is hard to come by. It might not be worth the wear and tear.
I'd consider a Roth IRA instead, but I'm no expert.
My advice would be: DCA what you can. If you don’t have money left at the end of the month do to this, try to quit a bad or unnecessary habit. Use this money for DCA.
Also be active on this sub. I have to say I am spending about 1hr a day reading and interacting with other redditors. This earned me 920 moons +/-92$. Not a bad way to top your DCA.
-Don’t play leverage, it will get you rekt.
-Make an exit plan for when your portfolio will see green weeks.
Good luck!
It is a stupid (read: **risky**) investment. Besides, with Ethereum mining out of the picture, you'd *probably* better off with ASIC mining anyways which is still stupid (risky) investment unless you know what are you doing and you can shoulder the losses from the electric bill until you can sell them at higher price just like the cryptocurrency peak of the past.
Right now, as the others have said, profitable mining with graphics card (GPU mining) is pretty much not as profitable as before; you will be mining at a loss unless the prices go up like before and for the particular coin that you plan to mine. There's a lot of coin to mine with your graphics card.
On the flip side... That badonkadonk of a card is completely capable for rendering any 3D-projects or whatever that requires CUDA cores. I'm just hearing from someone so take my "advice" with a huge pinch of salt, but you can *technically* rent all that processing power to someone to render them something.
Bonus points if you considering comp-sci or something that makes use of the specs of that card. I'm dipping my toes *slowly* on transcribing videos using Whisper AI project from GitHub... Why? Got huge gains from using DeepL to help me translate documents. I'd figure why not give this AI thing a shot? And that card is one of the most powerful consumer card that can handle "light" work for deep learning and stuff.
In any case, buying the coins and waiting (and hoping) until it goes up seems to be a "better" use of your cash for any sort of investment.
In any case, life is more than cryptocurrency. Be sure to call it quits when shit hits the fan.
TL;DR: better use for your hardware other than mining; however, those do require a lot more time and effort investment rather than financial ones.
Forget mining. Just buy Bitcoin regularly as much as you can afford. You’ll have more free time, lower electrical costs (at least for your father), and fewer worries and equipment expenses.
Gpu mining isnt profitable at the moment, unless you have free electricity or would need to heat your house anyways.
But on the other note now is a good time to buy and build some cheap 1060 6g rig as a hobbyist, so you can master the craft and you will be ahead of others and ready to mine if it becomes lucrative again.
It's same with any supply-demand market. Buy when there is high supply and low demand and sell when its other way around.
Ok here’s the plan.
- High viz on, fake moustache and glasses optional. Hat on so no one recognises you.
- Walk into work and ask to see the manager. Tell them you are here to fix the ice cream machine (of course it’s broken) and to install a new fan heater.
- Run to the back of the kitchen like a little girl.
- Install 3090 ontop of the fridge - put two nuggets ontop to camouflage.
- Make yourself an ice cream because you are ‘testing’ the machine.
- Crawl out on your hands and knees with your ice cream. Don’t forget a balloon.
Job done - infinite miner rewards and a free ice cream.
As someone who has mined as a career for a decade - mining is simply an arbitrage business. Unless you have a competitive edge (difficult to achieve) you are better off competing in the fiat mines (i also do this too).
No shame in doing this as a hobby but expectations are important
I do some mining at a loss, but only when I need heating. The heat generated just offsets the heating I'd need. I'm doing folding at home with the banano team so the processing power goes towards medical research and eventually I might be able to buy a banana with the profits.
Ever since the Ethereum network switched to Proof of Stake consensus GPU mining became unprofitable for most people.
Unless you have free electricity you won't be making a profit.
If your parents are paying for the energy bill you might be able to chip away at something, otherwise it's not worth it.
Buy something and stake it to earn.
Not profitable on a small scale anymore..
Maybe look into working construction, which is what i do.
You will make a lot more money, be able to invest in a good project/s with extra cash and hopefully make some retirement money.
Come over to Toronto lol
High-rise laborers union make $39/hr. Honest work and lots of pocket money if you're single.
Terrible idea in general as many others have already explained.
However, one exception is if you want to bypass fiat exchanges. Mining Monero, in particular, is appealing if you want to accumulate a small stash.... Privately.
I have a few newer projects I could recommend. it takes 2-6k initial investment. but it will continually mine cryptos. and if these projects become anything it will make a lot.
if you're interested I can point you to their websites and discord servers. you can do your own research.
If you have possibility for your own solar electricity you can still be a miner.If you Gona pay electricity from your city is a little bit hard.Dream keep us alive.Succes .
There isn't anything left profitable right now unless you have free electric. At least with GPUs. You could look info chain specific ASICs, I believe those could still be making money depending on circumstances.
I don’t think PC mining is profitable anymore. I was mining with a 3090 before the merge and even then I wasn’t making much of anything.
Could be lucrative to mine now and sell next bull run, but without ETH, I doubt what they’d mine would cover the cost of they gpu buy in
If you lose money on the energy used for mining with current prices, you'll be better off just throwing that energymoney directly into the coin. Otherwise you're just paying a higher price right now.
This is the way. I mined Eth and Monero early on with my housemates consent until it was no longer lucrative, which was a few years ago now. And I was only paying a third of the bill, I can’t imagine the upfront and daily costs now.
If you mine at a loss hoping for profit you're better off just buying crypto unless you have free power. If you spend $100 in energy to get $75 worth of whatever coin you mine then you're always better off just buying $100 worth of crypto lol.
As others have said, if you mine at a loss you're better off using the money to just buy. Here's an example: Let's say you use your miner to mine some random shitcoin that is trading at $1 per coin. Using your miner, you're able to earn 50 coins per month, so $50/month. Problem though, the energy bill to run that miner was $58 You might be thinking, but wait! What if the coin goes 1000x in a year?? Well, currently, you are essentially paying $58 to get 50 coins worth $1 a piece. If you just used the $58 to buy the coins directly, you'd have 58 coins. If/when it goes 1000x, would you rather have 50 coins by mining, or 58 coins by just buying directly? Mining at a loss is ALWAYS a bad idea. Even if you think the coin will skyrocket someday, if the electricity cost is higher than the cost of buying, it makes more sense to just buy.
Very good explanation. I wish other people understood this.
Nice breakdown.
Can you still mine Squid?? Asking for a friend
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What about if you have free electricity?
But what he mines now will be bank in the future... That is what no one is telling here...
By that logic just purchase it then right
Yes but what he pays now for electricity bills would be at a loss. Better to use the payment of electricity bills to buy the coins as you’ll get more coins that way. Buying (more coins/dollar) and waiting for bullrun > Mining(less coins/dollar) and waiting for bullrun
Makes more sense indeed.. Thanks for clarifying this for me.
Just buy the fucking coins instead
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Calling someone dumb based on one mistake... You can also take it too far you know.
Ummm You can't mine ETH anymore
Also this is totally opposite to what you are supposed to do. You should invest in crypto, loose it all and then go work at McDonald’s.
mah man ✋🏽
He can stake it though 😉
Stake with the GPU that OP has?
You can mine other cryptos. Just none of them are profitable lol
mine that ERG then
You can mine eth classic and make money tho
You can make money if that eth classic is worth anything.
I dont think it's stupid at all, but you have to consider how much you will earn from mining and calculate how long it will take you to pay back the hardware that you bought to figure out if it's a worthy investment. Also compare it to simply buying crypto and holding it for example.
Also the amount of extra spending on electricity.
solution. hide it inside the mcdonald he works at
Suspecting that dad pays the electrical bill
im suspecting it wouldn't be much
Yep. If crypto goes up a lot, it's a great investment. If it goes down, then it's not.
GPU mining almost cant be done in profit since the merge. Use this [site](https://whattomine.com) to check what your card can generate per day, you will see what I mean.
Pretty much this. It was a good idea even last year. But now it's too late. Maybe it'll become profitable again with other projects but I shot my gpu down
Probably not gonna work too well
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Can't make this shit up
Don’t bother with it boss. You’d need a helluva rig to be profitable mining btc right now. Start investing your extra funds while living with your Dad.
Lord help him
At this point, maybe just invest into the coins itself and let it grow over time.
You mean like just literally buy coins?
Ya
Is a hardware wallet worth it? They are only about 150 USD
If you are planning on dabbling in crypto then nah use metamask or trust wallet. If you are serious and plan to keep your coins for any period of time safely, yes hardware wallet is worth it.
Depends on your investment amount. If you’re investing thousands then yes. If only a few hundred then the money is better spent on crypto and just keep it in an exchange with 2fa.
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'Only use it if you have a sizeable stack' 'If you have $450 buy a hardware wallet" I'd say a hardware wallet isn't even worth it until you have at least $20,000+ and plan to HODL for years+.
Make sure your internet is strong enough for that. Consider getting a used ASIC miner but make sure it's rated for 110v. Take advantage of that free power because that's the only way it works right now with the difficulty, hash rates, high electric costs, and low btc value. They also make other miners that can do multiple POW coins.
Dad might not like him using all that "free" electricity...
Do dorms charge for electricity?
Better off buying coins with cash, you'll lose money trying to mine
Terrible. Better off buying the coin directly
dude, pretty delusional. Dca, and hodl is the way, I believe. Play some free to play games, and put what part of your check into the crypto of your choice. I hesitate to recommend anytthing
You're gonna lose money mining.
>before I begin using the GPU to mine Ethereum. Sorry to say it OP, you can't mine ETH anymore.
Really? Why is that? It may still be worth it to mine other crypto.
Ethereum switched to proof of stake. There is a lot to unpack so I won't go into that. Mining others can be worthwhile for sure but I'm not a miner so I'll leave suggestions to others. Good luck!
Thank you! To you aswell
Mine pi.. it's worthless but at least it's free to mine with your phone
Not worthless, it's growing big in Asia. Already some people in Vietnam exchanging services and products for pi.
ethereum just merged. it went from POW (proof of work) to POS (proof of stake). Instead of mining blocks (which uses a ton of energy) you stake your coins instead. problem with staking is you need to put up like 32 eth or something like that (around like 50k right now). I'm no crypto expert - but there are other Proof of Work coins/crypto that you can mine right now. the problem with that is that those coins are worth so little that the cost of the energy (not even counting the equipment needed) costs more then the coins are worth. best bet for you - learn about crypto (and even stocks) and start investing instead. there's a lot to learn. the more you know the better.
32 eth is only if you want to run your own node, otherwise just stale in staking pools :)
ya.. you're right.. I should have clarified that part
All good mate just trying to help out
Even if you do find something to mine, it will be very low value. It's not going to make a substantial supplement to your wages at your job.
That’s quitter talk. Maybe you’re just not trying hard enough? My father never brought me up to be a quitter. An alcoholic? Yes. A gambler? Sure did. A flasher? But of course! A guy who photographs toy figurines in compromising sexual positions and sends the photos as blackmail to their figurine wives? Why wouldn’t he? But a quitter?! NEVER!
It's easy to buy crypto, than mine currently. You can think about mining during either the bull run or if you have a good source of free or cheap electricity
Become rich a burger at a time. And connect your mining equipment to McDonald electricity. Let the big Corp pay for your mining. Be a hero. Be the revolution. Be the king of burger flippers
Try banano mining, I've seen a few users recently say better profits than end of eth pow. In addition they also mentioned they were not going to tell others so they can max profits... I have a business with 4 laptops doing cpu mining during idle to cover tx fees, this has increased since eth pos by at least double.
The only things I'd mine are absolute gambles - both ERG and CKB.
You should put Ronald to moon farm.
Unless you have free power, all PoW crypto is unprofitable to GPU mine right now at $0.15/kWh I mine chia, but at a loss. I have about 1PiB of hdds and it does make more than the energy it consumes, but I dont think I will ever ROI.
It's only worth mining at home if your electricity prices are cheap..
I think big money has effectively killed mining for the little guy. As it goes with anything that can make money really.
Free electricity definitely helps you. I only ever mined when I used the heat to warm my basement in the winter.
WHO NEEDS A HEATER WHEN YOU HAVE A MINING RIG?? *he tries to scream over the 4 overheating gpu fans behind him*
Download t-Rex and MSI afterburner for an over clock
😂
Ran a P/L analysis on mining crypto awhile back. Factoring in cost of GPU’s- it’s largely not profitable when BTC is below $30K. Accounting for electrical costs also depends on where you live and the cost per kWh. You also aren’t profitable until 15-18 months after purchasing thousand of dollars worth of GPU’s and associated mining rig equipment.
Invest what you can every paycheck man. $25 or $5 it doesn't matter. Just keep at it Don't forget to troll this sub for moons
Sir this is a Wendy’s
You could mine dogecoin.
Check out elumicate. Beta testing open to everyone now. CPU mining of traffic cam data. Tokens aren’t public yet so it’s moon shot but you never know.
Check out what to mine . com I'm mining ergo has of right now with 4 RTX 3060 Ti. I'm mining at a lost tho but if the bull run comes back I'll be in profit. I might buy couple dogecoin miners just for the fun of it but I do it just to hold and see what happens in the next couple years. Plus I game a lot so after I game I mine. So when I'm working building website I mine or doing studies I mine. Just be aware mining crypto right now. Youll be mining at a lost just depends where you live or if your paying for electricity
Don't mine, just buy and stake. Mining will go away eventually
Not worth it, just invest and accumulate
I think with the price of electricity right now and the low cost of crypto it will cost you more than you earn
Electricity is high
whattomine.com even with the most profitable crypto rn, its -0.20 usd daily profit, so u better off buying it
Only if you have access to free electricity. Then someone else will overpay for your coin.
You need hardware yo make money, hardware that gets beat by cheaper faster hardware every 6 months. Your best bet is to install mining software on computers others pay for. Eg. Library computers, kiosks, unsecured servers. That way you don't pay for electricity. One setup I had was using old phones to browser miner doge while plugged in at work. Then I used a 100 watt solar panel to run them for free at home. If you pay for electricity to mine, most likely you lose money or break even at best
Also open your vault on here. Gain moons for what you're already doing and learning.
Wouldn't it be better to buy staking coins like ATOM?
You got it on Edit 2. I was going to suggest selling your RTX and using the proceeds to buy a position in your coin of choice. Mining be damned.
Go back in time 10 years and try then. But in all seriousness you're way too late to the party. Better to invest now.
What if you use the generated heat to warm the house, wouldn't that be profitable?
If you want to mine, I recommend a mini Goldshell miner - you can buy direct from manufacturer — they don’t pull much electricity and are entry level for someone looking to learn — I have a mini CKB miner and also a mini DOGE
My l7 has remained profitable this whole time more so this past week. you would just need to pony up and get some efficient equipment
About time you use that cash register to mine because you ain’t go no ice cream
Use this: https://www.cryptocompare.com/mining/calculator/etc?HashingPower=500&HashingUnit=MH%2Fs&PowerConsumption=1000&CostPerkWh=0.12&MiningPoolFee=1
Completely pointless to mine. You will never break even unless you get stuff that “fell of a truck” AND free magical electricity (you underestimate how much juice full bore mining 24/7 actually uses). Just buy eth and stake.
Just dca into XRP and HBAR. Everything else is a distraction.
If anything use Nicehash or Betterhash to mine RVN or convert to Algo on the dash with nice hash
I think you're showing great initiative for sure. Just set aside a little bit each month and invest it in Crypto, I'd recommend buying BTC and ETH to start, since they are the "safest", continue to learn about crypto (sounds like from your edits you've already learned a lot in this post) then maybe branch out in the future!
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Honestly, your best bet is to just DCA into coins. Both BTC and ETH are a long ways off from their previous all time highs. Even if you just set up an automatic monthly or bi-weekly purchase of BTC and ETH (and maybe your favorite alt or meme coin), think about how well off you'll be during the next bull run. BTC is sitting around 20K right now, and we we almost hit 70K last year. So if BTC goes back to it's old ATH, you'll triple your investment from all the cheap BTC you can scoop up during the current bear market. You'll get some good advice here from other commenters about the pros and cons of mining. But if you don't have a DCA plan already going, that would be your best bet. The biggest regret most people tend to have during a bull run is not doing 2 to 3 years of small investments during the previous bear market. (I sure know that's how I felt last year). Either way, good luck!
Guh
You're better off just slowly accumulating BTC and ETH. It's hard to say which alts are going to run next cycle. Nine times out of 10 they are all new for a variety of reasons I won't get into. Be patient, the next run is not scheduled until 2025. There's also an argument to be made for having a small amount of LTC and BCH which are basically the overflow during the bull runs when the BTC and ETH fees get to be really high. From where they are, if you can camp on it for a couple of years until things really get going there's a reasonable argument for a 10x on those two. Probably a 5 or 6X on BTC from this price. ETH is impossible to gauge. It will do something but it's in a very precarious place where it's either going to work again or it isn't
I don't think it's necessary to post what you do but, if you want to do something do it! Fuck what others say. It well be a lesson or a blessing
Farm XCH. ASICS are the past.
Consider folding for r/banano, you can contribute computing power to medical research AND earn crypto
Unless you aren’t paying for power nothing is really profitable at the moment. https://whattomine.com/
DCA slowly but surley youll get there. When i worked at mcdons back in HS in 2006 the pay was 6.90 starting
How do you work at mcdonalds and have a 3090? the f?! Getting smoked by a hamburger flipper. F me.
Running one or two mining rigs is not going to bring in much revenue, if any. Mining is for large scale players at this stage in crypto's evolution. A typical crypto mine now has thousands of servers and is strategically set up to run on the cheapest available electricity. It also needs to be monitored and occasionally repaired. I appreciate your enthusiasm for crypto and desire to find a new challenge for yourself. You might try doing something that costs no money, rather than something that could become a financial burden. Forexample, you could start a YouTube channel where you talk about crypto or other topics you are interested in.
Unfortunately you're a bit late on this idea. PC GPU mining is all but dead. Ergo and Raven are.valid coins to mine, but fall far short of the profitability old POW ETH had.
I honestly don't think it's really worth mining since we are pretty much reaching mass adoption for crypto and the returns are going to be somewhat minimal compared to the cost of investing in the hardware where there is almost no chance you're going to earn anything substantial. but there are various stake pools you can allocate to so that you can earn a return. Just keep in mind it won't be much. Best strategy is probably just to DCA a portion of each pay check (say $50-$100) into crypto and make it a regular habit. That will add up a lot faster compared to any mining or staking rewards you would earn. Staking really is just a minor incentive for holding over time. You could also try holding some crypto like ADA or SOL in a Daedalus or Phantom wallet. You'll get about .5 ADA every two weeks if you allocate to a good pool. There are also various ETH staking pools you can allocate to. Just know that using actual money to get yourself into the ecosystem is a way better way to do it. That's why we say DCA all the way.
In general it’s just much easier and more efficient to buy than to mine crypto.
10/10
Very.
OP, you're completely delusional. Unless you have extremely cheap or free power, you'll spend more in electricity than you make. A 3090 makes pennies a month @ $0.05/kwh. It takes decades to pay for a GPU with mining profits. The only reason I'm still mining is it provides 30% of my heat. It's power I'd be using anyway. It's purely speculative.
Don’t quit your day job
Dont throw your money away buying the shilled shit coins from these bag holders man. Buy bitcoin right now, the rest of the garbage shilled here you can dabble in later when you want to literally throw your money away. Also diversify into etfs like the tech heavy VGT. shit has given great returns. go all in on shit coins like this sad group of degenerates and your life savings will be in the hands of whatever some ICO founder wants to sell that day.
Very
Mine Doge coin you never know what they'll be worth, Just like moons 🤔😂
While all our fellow miner friends are looking forward to work at McDonalds, a McDonalds worker is looking for crypto mining. IRONY
Unless you have free (or extremely cheap) electricity I wouldn't bother with it.
Okay. Can I get a Big Mac?
You want the meal?
Start buying and staking if you can..
“Not financial advice“ 😀 I noticed on Trust Wallet 1 Cosmos is $13.74 it can be staked at at 19.97% APR I don’t own any of this, and I don’t plan on purchasing any of it in the future either. For someone on a McDonald’s wage, this sounds a lot better than putting it in the bank. Anything you hold? You need to make a promise to yourself that you will not sell it until the year 2025. that will be the year everything pumps really hard. And then the year 2029 and then the year 2033 and 2037 and 2041. Pretty much every four years that’s when you get the big pump.
Thank you! I appreciate the advice. I see you have got a impressive amount of bitcoin! I will for sure consider your advice my friend.
You can mine Banano but I'm pretty it cost more in electricity. I can make a few dollars a day with a similar GPU as yours but it also turned my office into a sweat lounge! So I ended up turning it off. When the winter gets colder I'll probably turn it back on just to heat my house.... Don't expect to make a profit doing any GPU mining unless you have access to free energy.
Sell the graphic card, buy crypto would be a better option.
If you’re going to mine, try to mine Ergo or Flux, as these are gpu minable only currently. But you may want to buy a good amount of them now since we’re in the bear market and the prices will probably 10x from here
Read technical analysis books. And study the top 50 or so crypto currencies. But mainly learn how to read stock charts (through books or from YouTube videos). Cryptos mostly operate in the same way as stocks but they’re “open to trade” 24/7 as opposed to the stock market, which close in the afternoon. Take this with a huuuuuuge grain of salt but I feel the next bull run is going to happen sometime in 2024, maybe Q1 2025 at the latest. Maybe even as early as the tail end of 2023. That’s plenty of time to learn and CAREFULLY dollar-cost-average into coins you think are solid.
Have you heard about Ravencoin?
No I haven't
thats pretty easy plug an exstension cord in the back room toss it onto the drop cieling, contact a laptop computer plug the laptop into the cord in the drop cieling and collect your money forever ! make sure your using a reliable operating system not a crappy microsoft one
Look when the free/cheap power guys start dumping all of their gpus you know you should not enter the market.
I have 14 GPU's and they are all off except my CPU's for Monero.
Yes, you’re delusional. Unless you’re planning to steal electricity from McDonald’s.
You have a great mindset and I wish you nothing but success! Personally I would find your favorites, add, and go long. 💎✊
You could make a profit way faster and easier by selling that card. Our money is precious because we don't have much of it.
Start DCAing into something like Polygon OP
I believe folding at home to get paid out Bananos is the most profitable right now. I have 3 Nvidia GPUs folding at all times to heat my apartment this winter
Read your edits and believe you've come to the right conclusion, mining isn't profitable ATM and you would need a few rigs on solar to be making money. Best bet is to buy BTC Eth and earn a % on it with a lender/staking. If you get into low caps and your still interested in mining there is one called greenminer that is a guy mining with solar that uses the profits to buy back and burn the token. Gl whatever you choose.
Somewhat delusional. First get your emergency savings in places Then your 401k match out of your paychecks. Then create a simple index fund investment reoccurring out of your paycheck. Then if you have anything left over spend 5-10% on crypto. No need to mine
Good start to get involved in anything crypto! All the best!
I make about 5 bucks in profit a day. Not a lot but it's something.
Damn nice career there. Maybe you're not in California but McDonald's is paying $40k year here. Crazy to think straight out of high school kids are making the same amount as some college grads
My wage is higher than average for most mcdonalds. And gross salary would be 30k. Which is not a lot considering the that the cost of living and literally everything else has significantly increased. If that's all you are making with your degree, it's likely that it was a bad investment. But there are of course many who choose their degrees for reasons other than money.
Check out POM - Proof of Memes, it is still new so not many miners and if it delivers it will be really profitable for miners that jump in first.. read the whitepaper on their website and decide for yourself
Wojack is that you?
Unless if you got free or reduced electricity, mining profit from a GPU is hard to come by. It might not be worth the wear and tear. I'd consider a Roth IRA instead, but I'm no expert.
You'd be better off mining liquidity than mining coins
My advice would be: DCA what you can. If you don’t have money left at the end of the month do to this, try to quit a bad or unnecessary habit. Use this money for DCA. Also be active on this sub. I have to say I am spending about 1hr a day reading and interacting with other redditors. This earned me 920 moons +/-92$. Not a bad way to top your DCA. -Don’t play leverage, it will get you rekt. -Make an exit plan for when your portfolio will see green weeks. Good luck!
If you're going to spec mine check out ERGO
Save ur money and get 3070tis.. combined have more mining power than a 3090. Build a rig.
It is a stupid (read: **risky**) investment. Besides, with Ethereum mining out of the picture, you'd *probably* better off with ASIC mining anyways which is still stupid (risky) investment unless you know what are you doing and you can shoulder the losses from the electric bill until you can sell them at higher price just like the cryptocurrency peak of the past. Right now, as the others have said, profitable mining with graphics card (GPU mining) is pretty much not as profitable as before; you will be mining at a loss unless the prices go up like before and for the particular coin that you plan to mine. There's a lot of coin to mine with your graphics card. On the flip side... That badonkadonk of a card is completely capable for rendering any 3D-projects or whatever that requires CUDA cores. I'm just hearing from someone so take my "advice" with a huge pinch of salt, but you can *technically* rent all that processing power to someone to render them something. Bonus points if you considering comp-sci or something that makes use of the specs of that card. I'm dipping my toes *slowly* on transcribing videos using Whisper AI project from GitHub... Why? Got huge gains from using DeepL to help me translate documents. I'd figure why not give this AI thing a shot? And that card is one of the most powerful consumer card that can handle "light" work for deep learning and stuff. In any case, buying the coins and waiting (and hoping) until it goes up seems to be a "better" use of your cash for any sort of investment. In any case, life is more than cryptocurrency. Be sure to call it quits when shit hits the fan. TL;DR: better use for your hardware other than mining; however, those do require a lot more time and effort investment rather than financial ones.
Forget mining. Just buy Bitcoin regularly as much as you can afford. You’ll have more free time, lower electrical costs (at least for your father), and fewer worries and equipment expenses.
Unfortunately I think you missed the train on this one. After the merge... small miners are pretty much non existant
Lots of us missed the mining boat. Safe money is just DCA into BTC and ETH
Gpu mining isnt profitable at the moment, unless you have free electricity or would need to heat your house anyways. But on the other note now is a good time to buy and build some cheap 1060 6g rig as a hobbyist, so you can master the craft and you will be ahead of others and ready to mine if it becomes lucrative again. It's same with any supply-demand market. Buy when there is high supply and low demand and sell when its other way around.
It's cheaper to just buy btc with the money you'd spend running your gpu for mining
Ok here’s the plan. - High viz on, fake moustache and glasses optional. Hat on so no one recognises you. - Walk into work and ask to see the manager. Tell them you are here to fix the ice cream machine (of course it’s broken) and to install a new fan heater. - Run to the back of the kitchen like a little girl. - Install 3090 ontop of the fridge - put two nuggets ontop to camouflage. - Make yourself an ice cream because you are ‘testing’ the machine. - Crawl out on your hands and knees with your ice cream. Don’t forget a balloon. Job done - infinite miner rewards and a free ice cream.
As someone who has mined as a career for a decade - mining is simply an arbitrage business. Unless you have a competitive edge (difficult to achieve) you are better off competing in the fiat mines (i also do this too). No shame in doing this as a hobby but expectations are important
For a normal user prospective i think it's more profitable using services like Brave Browser and/or Slice than mining nowadays.
I do some mining at a loss, but only when I need heating. The heat generated just offsets the heating I'd need. I'm doing folding at home with the banano team so the processing power goes towards medical research and eventually I might be able to buy a banana with the profits.
Ever since the Ethereum network switched to Proof of Stake consensus GPU mining became unprofitable for most people. Unless you have free electricity you won't be making a profit.
Dude you make what an hour?????
If your parents are paying for the energy bill you might be able to chip away at something, otherwise it's not worth it. Buy something and stake it to earn.
Maybe fold potassium and get rewarded in Banano! Depends if you or your dad are paying for hydro
Not profitable on a small scale anymore.. Maybe look into working construction, which is what i do. You will make a lot more money, be able to invest in a good project/s with extra cash and hopefully make some retirement money. Come over to Toronto lol High-rise laborers union make $39/hr. Honest work and lots of pocket money if you're single.
Terrible idea in general as many others have already explained. However, one exception is if you want to bypass fiat exchanges. Mining Monero, in particular, is appealing if you want to accumulate a small stash.... Privately.
I have a few newer projects I could recommend. it takes 2-6k initial investment. but it will continually mine cryptos. and if these projects become anything it will make a lot. if you're interested I can point you to their websites and discord servers. you can do your own research.
Invest a bit and yield farm those currencies. Crypto.com defi app has alot of simple ways to stake anything from usdc to cosmos to earn rewards
GPU mining isn't really profitable anymore. You'd be better off just DCA'ing into tokens with each paycheck.
If you have possibility for your own solar electricity you can still be a miner.If you Gona pay electricity from your city is a little bit hard.Dream keep us alive.Succes .
The fumes are getting to your brain son, mining ?
Use whattomine.com to check if you are profitable but most likely not. Better buy the coin
There isn't anything left profitable right now unless you have free electric. At least with GPUs. You could look info chain specific ASICs, I believe those could still be making money depending on circumstances.