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  • OT: GPU mining Ethereum

    People have questions, ask away!

    Video cards are very hard to find these days and I've succumbed to paying scalpers 3x what a GPU would normally cost. With this said, the ROI is around 11 months with the inflated costs IF Ethereum was to stay static. I am betting that ETH will see 3000 to 6000 from the current 1800 this year. This will greatly reduce the ROI timeline. Energy is cheap where I live, it is a tiny fraction of what it costs elsewhere, under 5 cents for a KW/h.

    If you have a gaming computer that has at least a 1000 series Nvidia or AMD card from the past few years with at least 6GB of RAM, you can mine. There's a ton of Youtube videos on how to get started. I like to use Gminer, I mine to the Ethermine pool, and my multi GPU open air mining rig runs on HiveOS off of a USB 3.0 thumb drive. I am using my old gaming motherboard which has 6 PCI slots. It doesn't matter if the slots are the full length 16x ones or the tiny 1x ones. You use 1X to 16X risers that will plug into any slot and go to the video card. You do not need a special mining motherboard. The GPU's do not need the full 16x lane to do their job. They are functioning as compute modules, no video is being pumped. My phone battery is dead, when I get up to charge it I will include pictures.

    So my current setup uses 4 3060ti, 1080ti, 1070, and a water cooled 3080 which doubles as my VR flight sim rig. I have a 5th 3060ti coming soon and want to buy a 6th one soon.
    My laptop has a 2070Super which I also mine with once in a while when I feel like having a boost.

    I just added the two additional 3060ti's tonight so I don't have good numbers yet of my new earnings but it will be around 1200 USD a month. Ethermine pays out every .1 eth. This is at the current price of Eth. Pretty nice passive income and it is fully scaleable, just keep adding GPU's until your making what you want.

    Are there risks? Yes, a ton of risk, and known changes to Ethereum which will directly hurt my mining income but are also expected to make the value of the coin go up. Within a couple of years Ethereum is moving towards proof of stake instead of proof of work, this means no more miners needed. Am I worried? No, I am looking at two to three other coins I can mine instead with my GPU's. IT will be an opportunity to mine other coins that are much younger and will allow me to create a large quantity of them in the hopes one day they will be worth a lot.

    Most people will choose to go out and buy the coins directly and trade them like stocks. This could be even more profitable with no overhead. Flipside is that I still make money on a bad day, and basically making my own money.

    Some things I've learned, I very much like 3060Ti's. They will do 60MH/s or mega hashes a second, they will do this at 150 to 160 watts all day long. 3070's cost more but do not produce a higher hash rate.
    3080's will do 90+ MH/s but their VRAM runs hot, why I water cooled mine.
    3090's are even worse as they have additional VRAM chips on the back of the PCB that can't even get watercooled.

    Oh yeah, 3060ti's don't need water cooling, they run cool.

    If you want to calculate earnings with various hardware and coins, learn to use this web page, https://whattomine.com
    Calculate how profitable it is to mine selected altcoins in comparison to ethereum or bitcoin

  • #2
    Are you rich yet ???

    JL..............

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    • #3
      Whoopy ding.
      Location: Saskatoon, Saskatchewan, Canada

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      • #4
        SPAM
        DZER

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        • #5
          .... and I can make a guaranteed minimum of $130 every single day just by doing my job, which is a far better use for the electricity.
          25 miles north of Buffalo NY, USA

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          • #6
            This seems so ridiculously far fetched that I have never bothered to look into. https://www.investopedia.com/tech/ho...n-mining-work/

            If any one is making any money off this it probably the scammers that started it.

            JL...............

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            • #7
              Does your 5 cents per KwH include transmission costs? I doubt it.

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              • #8
                I find mining offensive (sorry RB, nothing personal) - it is simply perfectly wasteful. There is zero, nada, zilch added value. Except to the miner's pocketbook. It's only output is heat!

                Now, if all that computing was doing something useful, like folding proteins or analyzing astrophysical data that would be great.

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                • #9
                  People asked me to write this post if there was interest.
                  I know this is the wrong crowd for this, but it actually makes me happy that most of you think it is stupid. It is that public perception that prevents more from doing it.

                  As for doing something useful, why do you think it is profitable? This powers a blockchain that can run decentralized networked applications, and is used in decentralized finance. No 3rd parties to interfere or apply their vision on the rest like Facebook.

                  Spam? From who? To sell what? Perhaps you should educate yourself on a subject at least a tiny bit before commenting.

                  So for those that are interested, PM me.

                  Click image for larger version

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                  • #10
                    Originally posted by RB211 View Post
                    ..
                    As for doing something useful, why do you think it is profitable? This powers a blockchain that can run decentralized networked applications, and is used in decentralized finance. ...
                    Perhaps I misspoke. Maybe Ethereum is different from Bitcoin. Bitcoin mining is trying to decode a block's hash code, or something like that. Puzzle solving, basically. The first to do so is rewarded, the rest have spent their gazillions of CPU cycles for nothing but heat. BTC mining is not blockchain bookkeeping - bookkeeping is useful and pretty trivial, compute-wise.

                    So if Ethereum mining is blockchain management, fine ... it IS serving a useful purpose. However, I do find it surprising that that so much computing power is needed for that.

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                    • #11
                      Originally posted by RB211 View Post
                      People asked me to write this post if there was interest.
                      I know this is the wrong crowd for this, but it actually makes me happy that most of you think it is stupid. It is that public perception that prevents more from doing it.

                      As for doing something useful, why do you think it is profitable? This powers a blockchain that can run decentralized networked applications, and is used in decentralized finance. No 3rd parties to interfere or apply their vision on the rest like Facebook.

                      Spam? From who? To sell what? Perhaps you should educate yourself on a subject at least a tiny bit before commenting.

                      So for those that are interested, PM me.

                      Click image for larger version

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Views:	490
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                      Not necessarily the wrong crowd, just that people aren't interested, too confusing and nothing to gain. Dumpster diving for aluminum cans at a nickel apiece is seems profitable.

                      No third party yet, until the govt. steps in.

                      Not enough people involved for spammers to see it as a profitable place to scam.

                      JL...........

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                      • #12
                        I hate it, just as much as similar posts, because it's dork, dweeb or nerd stuff.
                        CNC or even NC excluded from above because it serves a purpose.

                        Yes, I have read up on "mining".

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                        • #13
                          GOOD FOR YOU. Some people are self righteous,thinking that they are allways doing "real work".Many of us spend months of our lives working on some elaborate tooling for some unnecessary product.. Most of the stuff that we produce is not needed,but people want it.I personally think Ethereum mining makes more sense than chasing a golf ball around the grass. Edwin Dirnbeck

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                          • #14
                            This is what you call mining.

                            Click image for larger version

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                            JL.....................

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                            • #15
                              Originally posted by JoeLee View Post

                              Not necessarily the wrong crowd, just that people aren't interested, too confusing and nothing to gain. ...

                              JL...........
                              Is that not the definition of being the wrong crowd ?
                              Are you making things up, or is it an "alternative fact" ? ? ?
                              I mean, come on ! ? ! ? !

                              -D
                              DZER

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