Bitcoin Forum

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Ethereum mining recently has been very interesting. And there is hidden mining profits that nobody have been talking about. What i mean by nobody is that some of the mining calculators will show you different/incorrect current Ethereum mining profitability.
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First off all you need to understand how Blockchains work , so for example Ethereum you have the block rewards which is currently 2 ETH paid out to mining pool who finds the block averaging 15sec a block (13500 ETH/24h)
https://mineshop.eu/wp-content/uploads/2020/07/eth-block-rewards-300x139.png


Then there is transaction fees, to process transaction on Ethereum you have to pay GAS fee which is calculated in Ether . All these transaction fees are paid out to mining pool who has found the block and recorded all these transactions on this block. These transaction fees currently is over 5000ETH/24h .

https://mineshop.eu/wp-content/uploads/2020/07/eth-transaction-fees-300x170.png

The fees are at the highest they have been, since May up-till now they are higher then total bitcoin fees.

 

So this is where the hidden ETH mining profits are coming from. To test this out i have tested 11xRX5700 gpu Ethereum mining rig for 24h mining on hiveos ethereum mining pool.

https://mineshop.eu/wp-content/uploads/2020/07/mining-rig-11xrx5700-600x525.png

Conclusion is that check multiple mining calculators to get the most accurate result . Like cryptocompare mining calculator does not have latest data from transaction fees,  whattomine showing accurate results for me.  Or the best solution test yourself, pools sometimes also could affect your payot amount, depending on size of the pool and payment structure.
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Original post full size images - https://bit.ly/3hnhmTu
YouTube video - https://bit.ly/39s3YuR

Which mining pool do you get the best results?

And why we must talk about  ???
Your calculators are wrong, at one calculator you set fee 1% and on the other you are set fee to 0?

Different Calculators give different results that is nothing we must talk about.

It might mislead some people who is looking to do calculations ;)

Actually the fee is 2%, 1% miner and 1% pool, aside from that, there are lots of issues that can reduce the profit a lot more. So in truth make it 2% lost in fees + 3% lost in the mess + 95% gross net. So, If whattomine says 100, make it 95. So I would call hidden losses, not hidden profit. I guess people got used to mine it at loss for a long long time and now is getting very little bit back, in truth for those people to get that time mining at loss, they need at least 12 months earning 3 usd per card net or 2 years 2 usd per card net.

Blockchain transaction fees have always gone to the miners for any coin.
It's not hidden, it's included in the block reward, and the amounts are insignificant to profitability.

The point is some calculators doesnt show these fees.
Check the screenshoots how is that insignificant on mining ETH current daily Block rewards 13 500 ETH and transactions fees 5000 ETH . Is this really insignificant?

It's not insignificant from a statistical point of view, but it is transient income and cannot be relied on appreciably. Some people have been known to pay of fee of 0.25BTC to push a transaction through and when mining 6.25BTC block that's a lot of extra income from just 1 transaction, but it's rare.

Getting your network latency down would usually result in more rewards than block fees.

PPLNS pools have almost always paid the block fees to miners. PPS pools cannot because those fees are again variable and cannot be relied on.

Ah man the forums were full of rants for days about people missing out on the tiniest of block fees when doing pool hopping back in 2011, 2012. Mining has become a set it and forget it kind of side hobby these days.

Online profit calculators have bigger issues than that.

hiveon pool has 0% fee. Have tested exact miner on different pools and best result always got on hiveon
3usd a day per card you are looking for some kind of rich get quick scheme :))