Mining / best strategy?

Investing / Cryptocurrencies
85

Hi

You have basically 3 options.

  1. mine with GPU
  2. mine with CPU
  3. mine with ASIC

Option 1: buy an expensive card and google for how to start mining eth…
Opion 2: if you have some spare CPUs around… my recommendation is XMR with a pool and xmrrig. (but there are other options… inform yourself)
Option 3: you have 10k to 50k to invest and buy dedicated hardware for BTC mining… (well you have to DYOR a little bit more here).

I think you should really make some research before start mining. Google around or watch YouTube. You’ll know which direction it’ll go… If you have some spare computer or graphic card, you can start right away.

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86

Now is not a good time to get into mining. Unfortunately the 2021 gold rush is mostly over. If you are bullish on crypto, just buy the coins.

GPU Mining will become most likely unprofitable latest by July '22, when Etherum will switch to Proof of Stake and will not be minable by GPUs. Other altcoins won’t be profitable either, since the hashpower currently mining ETH will crush these coins and tank profitability. Additionnaly, GPUs are massively overpriced and not available right now.

As @stojano mentioned, you could mine BTC with ASICS, but this is a very expensive avenue and likely not very profitable in Switzerland due to our energy prices.

CPU mining, SSD mining, WiFi mining are mostly irrelevant.

87

I’m still mining and plan on selling my hardware in May 2022. Do you think that’s a good idea?

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88

I’m also still mining with a rig of 6x 3070 GPU’s plus my desktop 3080 (all non-LHR, and all have paid themself off completely). I plan on selling the GPUs around May/June as well, depending on how used GPU prices develop vs. network hashrate / profitability. Worst case scenario is that I sell these to friends and family, as six cards is not a large amount.

This summer I was running around 36 cards for a total of over 2.1 GH/s on Etherum, but got cold feet when EIP-1559 launched and the merge was planned for December, so sold of most of the rigs around June-Sept to de-risk my exposure. In hindesight it was a big mistake, as it would have yielded a lot more ETH and used GPUs are still at almost all time high prices (espacially non-LHR cards). Oh well…

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89

And worst worst case scenario in case you can’t sell all your cards feel free to PM me :wink: I am planning on to try on other coins after ETH merge. Whatever covers electricity costs.

90

What are your current crypto holdings?

91

Mainly ETH (two thirds) and BTC (on third). Most ETH is mining income, while I buy BTC via broker. Total it’s around 22% of my freely investable assets.

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92

Exactly the same for me. Except I don’t buy any crypto with my own funds. I just rebalance my ETH mining to get 2/3 ETH 1/3 BTC.

93

In case you don’t know it yet, on 2miners.com you can mine ETH and get paid out in BTC. Works nicely, I am using it for a small rig. The fee from their side also seems fair.

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94

I used Sparkpool before it was shut down and are now on Flexpool.io, because of the low fees (0.5% vs the usual 1% for 2miners or ethermine).

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95

Nice tip thanks regarding flexpool.io with the lowest pool fee of 0.5% I could see until now. Too bad they do not offer auto-conversion to BTC when mining ETH.

96

In summer 2021 I got 0.12 ETH/month with 180Mh/s. Now it’s down to 0.08 ETH/month.

I wonder when it’s time to sell the cards (still with profit) and stop mining. Might be earlier than May/June 2022.

97

This is the chart I use to look at network hashrate vs. profitability.

For me, used GPU prices are the deciding factor, and so far they seem to be stable afaik.

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98

What do you think about selling my 3080 TUF for 1.9k (bought it for 1.1k)? I’m not sure if I should keep mining with 3.50 CHF/day gross income lol.

99

If you don’t need it for gaming or anything else - sure. Don’t now what the going rate for a 3080 non-lhr is, but if someone is paying 1.9k, and you are nervous about it, I would probably flip it.

Personally, I am still waiting with selling as I don’t think that GPU prices will drop significantly in the next 3 months, but this is timing the market :wink:

100

I also think prices won’t drop significantly in the next few months but progressively and slowly. I can already see more people trying to sell their 30XX series GPUs, so the more cards available due to a bear market the cheaper they should get.

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101

@Cortana did you sell your GPU?

102

So I could check our consumption on Eniwa for 2021. As I started mining right after we moved in, the calculation is pretty straightforward. 5600 kWh for 8 months → CHF 1’144 or CHF 143 per month. Normally it’s around CHF 55 per month and I assumed CHF 90 per month for 3090/3080/1070, so I was spot on. So roughly CHF 700 for mining. I got around 1.05 ETH in that time.

@kane
Sold my 3080 TUF for 1.9k (bought it for 1.1k back then). Will sell my old PC aswell and probably stop mining with my 3090.

103

Hey
How is the mining doing so? i just ordered a Bobcat Miner 300 do start to mine helium. It is a way to start with mining. I actually i also have the chance to do some Mining with free electricity. A friend of mine who has a warehouse would allow me to install a miner there.

Have you some good Blogs, Forums or videos to share that deal with mining?
Thanks!

104

I am still mining etherum with 6x Nvidia 3070 and a 3080 which all have paid for themselves. I would not recommend buying GPU’s right now, as Etherum will soon go proof of stake and therefore kill profitibillity for most GPU mineable coins.

@Cortana seems you timed the market right for once, used GPU priced dropped massively in the last weeks.

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