Ethereum mining still profitable?

[calkob]

I was gonna mine Ethereum for fun but a lot of steps are involoved in setting it up. I don't have a programming background so I just gave up. I do like the idea behind Ethereum.

Its pretty easy to be honest and there is a really good article at https://www.cryptocompare.com/mining/guides/how-to-mine-ethereum/

[Blawpaw]

I was gonna mine Ethereum for fun but a lot of steps are involoved in setting it up. I don't have a programming background so I just gave up. I do like the idea behind Ethereum.

its kinda complicated setting the Ethereum mining up. I lost a lot of time stting my rig up. But I couldn't do it anyway since the rig had a W7 32.
Now I need to instal the 64 and try again.

[mickiya]

I was gonna mine Ethereum for fun but a lot of steps are involoved in setting it up. I don't have a programming background so I just gave up. I do like the idea behind Ethereum.

its kinda complicated setting the Ethereum mining up. I lost a lot of time stting my rig up. But I couldn't do it anyway since the rig had a W7 32.
Now I need to instal the 64 and try again.

You also need 4GB memory at least. The speed of the memory does not matter. The hash rate has dropped a lot since the beginning as the DAG file size has increased.

[bitcoinpete]

I have not been able to do the set up properly, so I can imagine that those that do are probably making a decent profit, of course ethereums real value will be determined when fully functional. I was going to buy some cloud mining power on genesis to mine ether but the numbers just didnt quite add up better off just buying more ether and holding it.

[Zaun]

With the current price going up, i would make sense it's profitable again.
I do encounter set up issues so I did not proceed with it.

[bctmke]

I just set up another PC for mining eth the other day.

64-bit Win10.

You'll want to start by getting geth running

https://build.ethdev.com/builds/Windows%20Go%20master%20branch/Geth-Win64-latest.zip

Using geth you can download the blockchain and create a wallet.

Once you have a wallet

Go here and grab the windows installer https://github.com/ethereum/webthree-umbrella/releases
You'll also likely need this: http://www.microsoft.com/en-US/download/details.aspx?id=40784

Once its done you have to find the folder with ethminer in it.

Then choose your favorite pool (look at the ethereum forums) and follow their instructions for proper settings.

[mickiya]

I just set up another PC for mining eth the other day.

64-bit Win10.

You'll want to start by getting geth running

https://build.ethdev.com/builds/Windows%20Go%20master%20branch/Geth-Win64-latest.zip

Using geth you can download the blockchain and create a wallet.

Once you have a wallet

Go here and grab the windows installer https://github.com/ethereum/webthree-umbrella/releases
You'll also likely need this: http://www.microsoft.com/en-US/download/details.aspx?id=40784

Once its done you have to find the folder with ethminer in it.

Then choose your favorite pool (look at the ethereum forums) and follow their instructions for proper settings.

I heard Win 10 is not good for mining Ethereum. Did you compare it with the previous Windows?

[bctmke]

I heard Win 10 is not good for mining Ethereum. Did you compare it with the previous Windows?

Absolutely,

I'm only running a single video card, this rig's job in life isn't mining.  It's a day to day machine.

But that single video card hashes at exactly what it should be based on the many benchmark entries at the ethereum forums.

No issues at all, temps are perfect, machine runs stable and my kid has no problem gaming when he wants (while mining is still happening).

[HashBTC]

on the margin, quite possibly nonprofitable.

[Za1n]

I have a few rigs left over from the scrypt and other alt coin mining days that I keep simply for playing around with and recently switched over to mining Eth. Currently I have 6 AMD 7970 GPU's running and I make roughly 1 Eth per day from each of them, or 6 Eth daily total when pointing to a pool. I should also point out this include present pool bonuses that are being offered so in the future this will go down somewhat with both increased competition and removal of bonuses. I am probably currently mining 5.2 Eth per day and get ~.8 bonus.

So in my situation, and already having the equipment (meaning no initial investment to pay back) I get the following:

6 x 7970 GPU's running at ~200 watt draw each (from wall including overhead of CPU/MB): 1,200 watts/hr

My electricity is fairly high in my area at $0.13 kw/h, so I have: 1.2 kw/h x $0.13 x 24 hours = $3.75/day (rounded up) in power costs.

Eth has been selling for between $0.80 - $1.60 in the past month, lets use $1.20 average: 6 Eth /day * $1.20 = $7.20

So on average, for the past month or two I have been not quite doubling my money  $7.20 income - $3.75 power = $3.45/day profit.

It is winter here, so I do get a bit of benefit from the extra heat which I do not take into consideration in my calculations, but as you can see if I didn't already have the equipment it would not be worth the investment in hardware. Of course Eth could go up in price, but often the hash rates catch up to keep the profits from mining minimal, so you would be better off just buying them and speculating on price appreciation if that is your goal.

I will keep at it until the break even price goes below 0, as I look at it currently as getting half priced Ethereum, but again this is from more the hobbyist perspective than someone trying to make any money off of it.

[mickiya]

I have a few rigs left over from the scrypt and other alt coin mining days that I keep simply for playing around with and recently switched over to mining Eth. Currently I have 6 AMD 7970 GPU's running and I make roughly 1 Eth per day from each of them, or 6 Eth daily total when pointing to a pool. I should also point out this include present pool bonuses that are being offered so in the future this will go down somewhat with both increased competition and removal of bonuses. I am probably currently mining 5.2 Eth per day and get ~.8 bonus.

So in my situation, and already having the equipment (meaning no initial investment to pay back) I get the following:

6 x 7970 GPU's running at ~200 watt draw each (from wall including overhead of CPU/MB): 1,200 watts/hr

My electricity is fairly high in my area at $0.13 kw/h, so I have: 1.2 kw/h x $0.13 x 24 hours = $3.75/day (rounded up) in power costs.

Eth has been selling for between $0.80 - $1.60 in the past month, lets use $1.20 average: 6 Eth /day * $1.20 = $7.20

So on average, for the past month or two I have been not quite doubling my money  $7.20 income - $3.75 power = $3.45/day profit.

It is winter here, so I do get a bit of benefit from the extra heat which I do not take into consideration in my calculations, but as you can see if I didn't already have the equipment it would not be worth the investment in hardware. Of course Eth could go up in price, but often the hash rates catch up to keep the profits from mining minimal, so you would be better off just buying them and speculating on price appreciation if that is your goal.

I will keep at it until the break even price goes below 0, as I look at it currently as getting half priced Ethereum, but again this is from more the hobbyist perspective than someone trying to make any money off of it.

What are the frequency and voltage of your cards? Your electricity is cheaper compared to those in some western Europe.

[semajjames]

If I use this guide

https://www.cryptocompare.com/mining/guides/how-to-mine-ethereum/

where would I find my mined ETH coin?

cheers

If you followed it you'd have an account created within geth.

You can type "geth account list" to see your account

You can then take that account # (starting with 0x)

Then do "geth console" give it a few minutes.  Once its settled you can enter web3.eth.getBalance(account# from earlier) and it should show you what you have.

When I start geth.exe now it starts mining or something I don't seem able to able to type anything in ,,

Edit Ok I seem to be getting closer but i get an error when i type

web3.eth.getBalance 0 97bb579cde1141fjjjd2eb3e38a7f1edcf913142

[Za1n]

I have a few rigs left over from the scrypt and other alt coin mining days that I keep simply for playing around with and recently switched over to mining Eth. Currently I have 6 AMD 7970 GPU's running and I make roughly 1 Eth per day from each of them, or 6 Eth daily total when pointing to a pool. I should also point out this include present pool bonuses that are being offered so in the future this will go down somewhat with both increased competition and removal of bonuses. I am probably currently mining 5.2 Eth per day and get ~.8 bonus.

So in my situation, and already having the equipment (meaning no initial investment to pay back) I get the following:

6 x 7970 GPU's running at ~200 watt draw each (from wall including overhead of CPU/MB): 1,200 watts/hr

My electricity is fairly high in my area at $0.13 kw/h, so I have: 1.2 kw/h x $0.13 x 24 hours = $3.75/day (rounded up) in power costs.

Eth has been selling for between $0.80 - $1.60 in the past month, lets use $1.20 average: 6 Eth /day * $1.20 = $7.20

So on average, for the past month or two I have been not quite doubling my money  $7.20 income - $3.75 power = $3.45/day profit.

It is winter here, so I do get a bit of benefit from the extra heat which I do not take into consideration in my calculations, but as you can see if I didn't already have the equipment it would not be worth the investment in hardware. Of course Eth could go up in price, but often the hash rates catch up to keep the profits from mining minimal, so you would be better off just buying them and speculating on price appreciation if that is your goal.

I will keep at it until the break even price goes below 0, as I look at it currently as getting half priced Ethereum, but again this is from more the hobbyist perspective than someone trying to make any money off of it.

What are the frequency and voltage of your cards? Your electricity is cheaper compared to those in some western Europe.

Core clock 1025 / memory 1375  voltage is slightly undervolted from the scrypt mining days. I tried playing around with the settings when I first started mining Ethereum but didn't really see any appreciable difference in hashrate. I haven't tried lowering voltage much more, as they were tweaked before to run scrypt without crashing if I went much lower and the power draw right now is not too bad. Each card had its own sweet-spot on voltage so it was a pain to dial in each one (thus my hesitation to do it again) but most were just a bit under stock anyway.

Yeah, I am sure I am not at the highest electricity rates in the world, but I also know there are plenty of people who pay half what I do, and in some countries I have seen as low as 2-3 cents per KWh. Since it is winter, I do get the extra benefit of the heat being put to a good purpose.

I will also add that with the recent price hike, my Eth per day has declined to about 5 Eth per day, down from the 6 that I was earning previously. Of course with Eth now selling at $2.50 each, my gross daily income from mining is 5 x $2.50 or $12.50/day, so with power rates staying constant my net income has increased to around $8.75 a day. Still not enough to consider buying more cards, but at least it is the most profitable GPU coin we have had in some time.

[bctmke]

If I use this guide

https://www.cryptocompare.com/mining/guides/how-to-mine-ethereum/

where would I find my mined ETH coin?

cheers

If you followed it you'd have an account created within geth.

You can type "geth account list" to see your account

You can then take that account # (starting with 0x)

Then do "geth console" give it a few minutes.  Once its settled you can enter web3.eth.getBalance(account# from earlier) and it should show you what you have.

When I start geth.exe now it starts mining or something I don't seem able to able to type anything in ,,

Edit Ok I seem to be getting closer but i get an error when i type

web3.eth.getBalance 0 97bb579cde1141fjjjd2eb3e38a7f1edcf913142

All account#s start with 0x (add that to the beginning).

you can also just do web3.fromWei(eth.getBalance(eth.coinbase), "ether")

This will have to be after you've downloaded the full blockchain.  (otherwise the transactions that are your earnings may not show up).

[mickiya]

If I use this guide

https://www.cryptocompare.com/mining/guides/how-to-mine-ethereum/

where would I find my mined ETH coin?

cheers

If you followed it you'd have an account created within geth.

You can type "geth account list" to see your account

You can then take that account # (starting with 0x)

Then do "geth console" give it a few minutes.  Once its settled you can enter web3.eth.getBalance(account# from earlier) and it should show you what you have.

When I start geth.exe now it starts mining or something I don't seem able to able to type anything in ,,

Edit Ok I seem to be getting closer but i get an error when i type

web3.eth.getBalance 0 97bb579cde1141fjjjd2eb3e38a7f1edcf913142

You can type in note pad, then paste that text in. You click on the top left icon, then press the edit, then paste.

[semajjames]

If I use this guide

https://www.cryptocompare.com/mining/guides/how-to-mine-ethereum/

where would I find my mined ETH coin?

cheers

If you followed it you'd have an account created within geth.

You can type "geth account list" to see your account

You can then take that account # (starting with 0x)

Then do "geth console" give it a few minutes.  Once its settled you can enter web3.eth.getBalance(account# from earlier) and it should show you what you have.

When I start geth.exe now it starts mining or something I don't seem able to able to type anything in ,,

Edit Ok I seem to be getting closer but i get an error when i type

web3.eth.getBalance 0 97bb579cde1141fjjjd2eb3e38a7f1edcf913142

You can type in note pad, then paste that text in. You click on the top left icon, then press the edit, then paste.

cheers ,,, what i'm need to know is am I typing it correctly ie no missing # { , x's  or anything like that ?

[mickiya]

If I use this guide

https://www.cryptocompare.com/mining/guides/how-to-mine-ethereum/

where would I find my mined ETH coin?

cheers

If you followed it you'd have an account created within geth.

You can type "geth account list" to see your account

You can then take that account # (starting with 0x)

Then do "geth console" give it a few minutes.  Once its settled you can enter web3.eth.getBalance(account# from earlier) and it should show you what you have.

When I start geth.exe now it starts mining or something I don't seem able to able to type anything in ,,

Edit Ok I seem to be getting closer but i get an error when i type

web3.eth.getBalance 0 97bb579cde1141fjjjd2eb3e38a7f1edcf913142

You can type in note pad, then paste that text in. You click on the top left icon, then press the edit, then paste.

cheers ,,, what i'm need to know is am I typing it correctly ie no missing # { , x's  or anything like that ?

You can type in notepad, so you will see what you have typed. There will be nothing missing.

[bluebox]

Just started mining eth this week, as price has risen nicely over the past month. What I've found, may help some folks here:

Get the latest Ethereum Wallet from here: https://github.com/ethereum/mist/releases/tag/0.3.9

Using the pre-compiled windows ethminer from: http://cryptomining-blog.com/5612-updated-ethminer-0-9-41-opencl-and-cuda-for-windows/

CUDA and OpenCL rates are basically equal between a GTX970-980 and Radeon 290, power draw on GTX makes it the winner.

17.5MH per 970, 0.7 ETH/day. Also seems Win10 is (still) a dog on CUDA (don't think it applies to AMD/OpenCL), hash rates are a fraction because of paging issues.

At 8-9 cents/kWH, after electricity and 1% PPLNS pool fee (coinotron), at $2.2-$2.5/ETH netting $35/month. Who knows what'll happen in a few months, but then again, what lasts forever...

Good calculator pre-populated with current difficulty, block time and price: http://karldiab.com/EthereumMiningCalculator/

convert ETH to $USD directly at https://www.kraken.com/charts
or ETH to BTC at https://poloniex.com/exchange#btc_eth
If anyone knows a better exchange please let me know -- fees on these may be somewhat of an issue...

EDIT: A single 970 draws 90W (92W overclocked 110% @ 1440) ~74 degrees with low fan speed, overall system is drawing ~120W (core i5) on the UPS meter... Cool, quiet, efficient.

[mickiya]

Just started mining eth this week, as price has risen nicely over the past month. What I've found, may help some folks here:

Get the latest Ethereum Wallet from here: https://github.com/ethereum/mist/releases/tag/0.3.9

Using the pre-compiled windows ethminer from: http://cryptomining-blog.com/5612-updated-ethminer-0-9-41-opencl-and-cuda-for-windows/

CUDA and OpenCL rates are basically equal between a GTX970-980 and Radeon 290, power draw on GTX makes it the winner.

17.5MH per 970, 0.7 ETH/day. Also seems Win10 is (still) a dog on CUDA (don't think it applies to AMD/OpenCL), hash rates are a fraction because of paging issues.

At 8-9 cents/kWH, after electricity and 1% PPLNS pool fee (coinotron), at $2.2-$2.5/ETH netting $35/month. Who knows what'll happen in a few months, but then again, what lasts forever...

Good calculator pre-populated with current difficulty, block time and price: http://karldiab.com/EthereumMiningCalculator/

convert ETH to $USD directly at https://www.kraken.com/charts
or ETH to BTC at https://poloniex.com/exchange#btc_eth
If anyone knows a better exchange please let me know -- fees on these may be somewhat of an issue...

EDIT: A single 970 draws 90W (92W overclocked 110% @ 1440) ~74 degrees with low fan speed, overall system is drawing ~120W (core i5) on the UPS meter... Cool, quiet, efficient.

The problem with Ethereum mining is that it will become PoS within a year. If you want to buy graphics card for mining, you might not get your money back.

[bluebox]

The problem with Ethereum mining is that it will become PoS within a year. If you want to buy graphics card for mining, you might not get your money back.

Profit-cost ratio (for me) is currently 5:1. Before Serenity comes, 'tis why you mine now and convert to other coin/fiat while it's worth something. To each their own, but what I'll still have is a damn good/cheap gaming box to enjoy that ASIC miners won't.