Mining / best strategy?

Hey all :smiley:

I build a new PC 2 days ago (5950X, 3080 TUF OC etc.) and tried Nicehash Miner yesterday. I was surprised how easy it is to setup! Currently I’m getting 0.00034 BTC per day, or 20$/day. Electricity will cost me around 1.50CHF/day if my PC is constantly running. So this will give me a nice profit.

As I’m totally new to cryptocurrency I was wondering what the best strategy would be? Exchange fees are 0.50% flat. I can get real currencies or exchange it with ETH etc.

Should I constantly change it to USD/CHF? Or try to diversify with different crypto currencies and just keep them?

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Well, that’s why 800 CHF graphic cards are sold for 2’400 CHF on Tutti and FB Marketplace right now. Regarding TCO: GPU profitability ranking - WhatToMine

My PC is using up 330W while mining. So 7.92kWh/day or 238kWh/month. I just assumed 0.19CHF/kWh despite lower prices in the night and weekends.

The platform is safe, couple of friends are already using it and transfer money regulary. So there is no need for a discussion if it’s worth it etc. because it absolutely is. I just don’t know what to do with the BTC I’m getting. Couple of choices:

  1. Keep it in BTC.
  2. Diversify and exchange it with a couple of different crypto currencies (either leave it there or transfer it to Coinbase)
  3. Constantly sell BTC and invest it in regular ETFs with IBKR.

As long as you transfer away your coins from the mining pool you could do anything according to your current strategy (do you have btc? then keep btc. etc).

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He’s renting his computational power to other miners and is paid in BTC for that. Then the people who took the lend use this power to mine whatever shitcoins they want.

@Cortana
I would just give zero of my trust to these kind of mining platforms. So as long as you regularly transfer out the BTC you’ve earned, you should be fine. Then do whatever you want with it according the stance you have on crypto in general. If it is a joke to you, just convert to fiat. If not, keep it in BTC and/or ETH.

Now regarding NiceHash precisely, I don’t think I would be too comfortable installing any of their softwares on my PC knowing their shady track record.

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I would never mine on any productive machine which is not running in his own network to protect your other devices in your network.

Well this is actually the case. This GPU was sold at 800-900 CHF by release end of 2020 and I paid 1.1k for it (after waiting 5 months). Now you can sell it for 2.2-2.6k easily. Because there aren’t any available. So the market is efficient even in the GPU/crypto market.

What about the following idea: Sell 50CHF/month to cover the electricity costs with real money and transfer the rest as 50% BTC and 50% ETH to a secure platform like Coinbase?

My maximalist opinion: Keep your bitcoin and pay the electricity with CHF. You can then stack your btc to earn interest or lend them on P2 platform to earn interest as well (or do nothing, just keep mining to have more).

Ps: 0.19chf/kwh seems a tad low, I pay 0.24chf if I recall correctly.

But I want to keep this GPU for gaming. Can’t have less :smiley:

Take a streaming service :wink: Mustachian way.

Just kidding, just FYI, I wanted to buy a pc around Christmas and I finally got Nvidia GeForce Now instead. Super satisfying :ok_hand: but that’s a different topic!

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Personally, I would look at my portfolio as a whole. If the bitcoin I’ve mined doesn’t exceed the portion for higher-risk investments, I’d keep it for now. My personal hunch is that bitcoin still has a little room for upward movement. Any bitcoin which exceeded the high-risk allotment, I personally would sell and invest in one of the other parts of my portfolio. But ultimately, you are the only one who can decide whether to keep it or sell it based on your own knowledge/hunch.

One thing I would not do is leave any significant amount of bitcoin in the mining pool any longer than necessary. I recommend you withdraw whenever possible and keep your bitcoin in your own custody.

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When calculating profits don’t forget that “Das Schürfen (Mining) von Kryptowährungen durch Zurverfügungstellung von Rechenleistung gegen Entgelt durch eine natürliche Person führt bei dieser zu steuerbarem Einkommen.”

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Can you mine and power on and off at will? Or there is some reward system to leave the PC aöways running (ie better reward for 24/7 availability) My father is already overproducing solar energy and is selling it back to the grid for 6cts/kWh…he could mine instead, but only during the day.

Do you use the CPU as well?

With my 5700XT and 3900X I mine with gpu with gminer ETH on binance pool for about 6$/day and with the CPU with nheqminer VRSC on zergpool paid out as DOGE which gave me ca 80 to 250 DOGE every week. The CPU was surprisingly very lucrative. (I don’t pay energy costs as it’s included in my office monthly cost).

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That’s exactly what a friend of mine does, and yes it’s much more profitbale than selling the excess power to the grid.

Noob question, does continuous mining have any significant impact on the lifespan of the hardware?

yes the lifespan gets to be 3 years more or less but some cards are still running after 10 years, some not. It depends as well if you are careful in keeping maybe 80% load instead of full-on 100%
(I’m reading now a bit on it, so my information may be wrong). you beed to have a really good power supply as well to limit any noise on the supply converting AC to DC

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Are there maybe any less shady alternative to NiceHash? What about MinerGate for example?

This sounds quite exciting and I would like to try that too as I have a few good CPUs with many cores sitting around (no GPUs) but have not much clue about crypto itself. So sorry in advance for my somewhat naive questions but in order to receive the DOGE paid out money from zergpool I need a Bitcoin wallet, correct? Would then Bitcoin core do the job (Bitcoin Core - Desktop - Linux - Choose your wallet - Bitcoin)? or what do you recommend? and I was wondering if I get paid in DOGE currency for my mining work does this get paid in DOGE to my Bitcoin core wallet or is it automatically converted to BTC?

No, you enter a DOGE address. I use that one of Binance DOGE spot account. Usually -u is the address of the user (here Doge coin address) and -p stands for password and on zergpool you put all the options in there.

something like this (but check miners sample command):

-a verushash -o stratum+tcp://verushash.mine.zergpool.com:3300 -u dogeAddress -p c=DOGE,mc=VRSC,ID=cpu1

I use “nheqminer for veruscoin”… just google it and use the github with most stars for it.
I mine verushash because it’s the only one profitable for CPU mining (except maybe rx2).

For verushash you can use many other miners:
https://zergpool.com/site/miners?algo=verushash

I see, thanks for the answer. So you would recommend me to create a free account in binance.com and create a DOGE wallet there and use that specific wallet address for mining DOGE?

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