Ethereum GPU mining?

[IEC]

Profitability keeps dropping. The 1-2 punch of higher difficulty and lower prices will hopefully drive casual miners out of the market, slow down expansion from industrial-scale miners, and bring some sanity back to the GPU market.

 

[Head1985]

Profitability keeps dropping. The 1-2 punch of higher difficulty and lower prices will hopefully drive casual miners out of the market, slow down expansion from industrial-scale miners, and bring some sanity back to the GPU market.

Best thing in last 2 months.

 

[VeryCharBroiled]

wonder who many people preordered tons of gpus in the last couple months ive seen posts of people saying their gpus will not arrive till late july/early august.. perhaps they could cancel orders?

at any rate most of my gpus paid for themselves a long time ago, just need to stay above electric costs to keep em running.

 

[ozzy702]

wonder who many people preordered tons of gpus in the last couple months ive seen posts of people saying their gpus will not arrive till late july/early august.. perhaps they could cancel orders?

at any rate most of my gpus paid for themselves a long time ago, just need to stay above electric costs to keep em running.

I have friends that got into the game in the last few months. They're starting to realize that they will more than likely never break even with the purchase price of their equipment. I warned them ahead of time that it was a possibility and that with the huge influx of miners and the farms spinning up in China that mining for ETH and other cryptos may be short lived.

 

[casiofx]

I have friends that got into the game in the last few months. They're starting to realize that they will more than likely never break even with the purchase price of their equipment. I warned them ahead of time that it was a possibility and that with the huge influx of miners and the farms spinning up in China that mining for ETH and other cryptos may be short lived.

Luckily i had already break even, in a sense that I bought my second mining system from the money i got purely from the profit of 2014's mining hahhah.

 

[Head1985]

It looks like crash will be here soon.Ethereum is on 185USd and zcast 170usd and both dropping.Both lose 100USD in last 2 days.Perfect...

 

[DrMrLordX]

Oh don't be too glum. Crypto is volatile. I won't promise you it'll be back to $420 or higher. A bunch of investor types seem to think it'll eclipse BTC's market cap this year though. Take that for what it's worth. If BTC takes a dump we may see ETH achieve that without reaching $1k or whatever superficial mark people have set for its future price. Should be interesting to see what happens once Metropolis is out and early PoS starts.

On the plus side, for those of us who are miners/HODLers who are bullish on ETH, our ETH earnings per day/week/month are now up since it seems like a lot of hashing power is leaving in droves. Possible for XMR, who knows? Anyway my earnings are up by something like 16% over the last day, in terms of ETH/day. Not in terms of USD when mined, mind you.

btw for those of you who played AD&D or 2e D&D, miner/HODLer sounds like a cool class combo. Best race? Probably gnome.

 

[DrMrLordX]

Wellll someone must have been reading my post and my earnings in ETH are back down to where they were over the weekend. Most disappointing! Apparently someone decided to point their miners back at ETH despite the price crashing to $200. Sad. But hey it was kinda funny watching the price try to drop past $182 on GDAX. Mesmerizing actually. All those competing buy and sell orders . . .

On a side note, ETH hashrate has dropped to ~$1.97 per MH/s per month on nanopool, and I'll bet it's around the same everywhere else. It hasn't got long to go before historically people simply refuse to bring more hashrate online.

 

[thilanliyan]

I'm hodling 🙂
Hope PoS comes soon!! And also that people stop investing in ICOs willynilly.

 

[IEC]

I'm hodling 🙂
Hope PoS comes soon!! And also that people stop investing gambling in ICOs willynilly.

FTFY 😀

 

[ozzy702]

FTFY 😀

Ha! So true!

 

[ozzy702]

Wellll someone must have been reading my post and my earnings in ETH are back down to where they were over the weekend. Most disappointing! Apparently someone decided to point their miners back at ETH despite the price crashing to $200. Sad. But hey it was kinda funny watching the price try to drop past $182 on GDAX. Mesmerizing actually. All those competing buy and sell orders . . .

On a side note, ETH hashrate has dropped to ~$1.97 per MH/s per month on nanopool, and I'll bet it's around the same everywhere else. It hasn't got long to go before historically people simply refuse to bring more hashrate online.

My hardware is paid for so I'll be mining until I'm break even with electricity but that's still only a few months out. I can tell you what I won't be doing and that's purchasing more hardware to mine with.

People are still mining with 380's, Fury, and 390's and those cards won't be profitable for long, maybe another three months depending upon cost of electricity. 480's and 580's, maybe four months and NVIDIA a month or two longer than that with the 1060's and 1070's.

ETH may very well be in a bad spot and open to 51% attack if price keeps dropping.

 

[DrMrLordX]

ETH may very well be in a bad spot and open to 51% attack if price keeps dropping.

ETH wasn't subject to a 51% attack during its late 2016 slump, and it probably won't be subject to one now. If anything like that starts up I'm sure Vitalik and crew will probably start the hard fork process over to a prelim version of PoS and/or just go to a temporary 0% inflation model to shake things up a bit. I would like to think that he and the rest of the Ethereum Foundation are prepared for such an eventuality.

As far as non-profitability of mining goes, I think it'll drop to around $1.10 per MH/s (as I have stated before) before more hashrate stops coming online and/or cards start going offline. 390s and such will remain profitable so long as those who own them learn to undervolt/underclock (if they aren't doing so already).

I'm hodling 🙂
Hope PoS comes soon!!

Early PoS (1% of all mining handled via PoS) should start with Metropolis. Should.

 

[Aikouka]

I've certainly seen a drop overall, but it's still not too bad. Although, if I toss out the numbers, it may sound a bit bad.... I started off with NiceHash reporting around $5.50 to $6 per day for a 1080 Ti, and now, they usually make around $2.50 to $3.50 per day. It's not great, but it's still profitable. 😳

 

[Charlie22911]

I'm on the fence about selling off my 1070s now and picking up some ETH directly. I'll likely keep the 1080ti's I have for folding once mining tanks.

 

[Madpacket]

I'm no longer recommending people build dedicated mining rigs. Keep mining with what you have or need to buy for other purposes (remember when we played video games on our PC's?) but think twice before dropping 3K on a rig right now. Probably smarter to buy Ether with Fiat at these prices.

I hope I'm wrong but I'm not convinced mining will stay profitable for much longer - for real this time 🙂

My theory is once the core members of the Ethereum Foundation get rid of PoW and or deflate the currency, miners will scramble to the next most profitable coin. They'll make a few bucks, especially those with low hydro rates, but the problem I see is the same as Bitcoin.

Concentration of mining power is rapidly accumulating to areas with hydro subsidies. With Nvidia releasing Geforce mining cards in packs of 25, you know where the bulk of these shipments are going right now.

This shift in power (no pun intended) will allow the giant miners the ability to "out mine" the rest of us, no matter which PoW coin is most profitable at any given moment. Profitability for regular miners will be razor thin just like Bitcoin mining is like now. I also wouldn't be surprised if these giant miners shell out the money to get versions of software with speed advantages, where the rest of us won't have access to.

I suspect one, or perhaps two PoW coins will be "chosen" and "manipulated" to be the new pump and dump favorites of the giant miners. I don't think it'll be ZEC or Monero as zero knowledge proofs is being incorporated into Metropolis.

The good news is video cards will soon be available at MSRP prices probably over the next 3 to 6 months or so. Ethereum will likely roll out PoS where a more even distribution of staking, or wealth will accumulate. I think with virtual mining this may be easier to control but this starts getting into game theory. We shall see.

Fun times!

 

[Raduque]

I've permanently shut down my mining rig. The heat and electricity cost of a 280x running full bore 24/7 isn't worth the $28 a month it was earning.

 

[ElFenix]

I'm not mining with my Hawaiis right now. My electric rates start cheap (<5¢ per kWh) but get punitive ~19¢ per kwh over 1000), so I'm almost certainly costing myself money to a/c the card.

Switching to something like 7.8¢ flat would cost a $200 termination fee and also cost more monthly unless i use more than 1300 kwh of electricity.

Come October maybe the Hawaiis will make sense again.

 

[Erithan13]

Yeah, I've just ceased mining on my 290 as well, the frankly pathetic trickle of eth just isn't worth it anymore. Maybe one day the price will increase so much I'll regret not scavenging every last fraction of it, but given how far we've come since the DAO fiasco I feel I've already gotten gains way past my wildest expectations.

Also concerned that if I burn out the card from mining it's basically impossible to get a 480/580 right now as a replacement. Vega just around the corner at least...

 

[Baasha]

I've never mined before. Thinking about it.

How much do you guys think I could earn with my 2 rigs:

1.) 4x Titan Xp and 6950X
2.) 4x 1080 Ti and 3970X

I'd be interested to see if it can chug along and make some $$$ along the way(?).

 

[chimaxi83]

I've never mined before. Thinking about it.

How much do you guys think I could earn with my 2 rigs:

1.) 4x Titan Xp and 6950X
2.) 4x 1080 Ti and 3970X

I'd be interested to see if it can chug along and make some $$$ along the way(?).

Have you done any of your own research? There are PLENTY of crypto calculators online. Hell, there's a ton of info in this thread.

 

[fleshconsumed]

I'm no longer recommending people build dedicated mining rigs. Keep mining with what you have or need to buy for other purposes (remember when we played video games on our PC's?) but think twice before dropping 3K on a rig right now. Probably smarter to buy Ether with Fiat at these prices.

We hit that point 4 weeks ago when ETH shot up to $300. As soon as that happened it was too late to build any rigs. I hope I can get a cheap 580 8GB in a few months.

 

[casiofx]

I've never mined before. Thinking about it.

How much do you guys think I could earn with my 2 rigs:

1.) 4x Titan Xp and 6950X
2.) 4x 1080 Ti and 3970X

I'd be interested to see if it can chug along and make some $$$ along the way(?).

If you watercool your cards and cpu be wary of running it 24/7.

Both my mining pc are aircooled.

 

[thilanliyan]

If you watercool your cards and cpu be wary of running it 24/7.

Both my mining pc are aircooled.

Why is that?
I watercool my CPU and 2x290s and they have been running non-stop since mid-2014, with no issues.
You gotta choose your parts carefully, if you're talking about reliability.

 

[casiofx]

Why is that?
I watercool my CPU and 2x290s and they have been running non-stop since mid-2014, with no issues.
You gotta choose your parts carefully, if you're talking about reliability.

jayztwocents said the same thing.

With liquidcool, you have like 0.01% chance of it leak, with aircool, it's virtually zero chance. You can minimize the chance of it happening but you can't eliminate the possibility.

You probably do not want it to happen while you are sleeping.