Mining , still worth it?

[minutmine27]

So according to info the radeon rx 580 gets about 29 mh/s correct? according to a lot of sites, that's what im seeing... so i put that into a XMR calculator with that being the hashing rate. and the results were 112.12 monero coins being mined per day.. with that said the usd exchange would be close to 29000 a day.. something doesn't seem right. what am i doing wrong... the mh/s means million hashes per second. so 29 mh/s equals 29,000,000 hashes per second?

[smoolae]

So according to info the radeon rx 580 gets about 29 mh/s correct? according to a lot of sites, that's what im seeing... so i put that into a XMR calculator with that being the hashing rate. and the results were 112.12 monero coins being mined per day.. with that said the usd exchange would be close to 29000 a day.. something doesn't seem right. what am i doing wrong... the mh/s means million hashes per second. so 29 mh/s equals 29,000,000 hashes per second?

You have to understand the fact that different algorithms get different hashrates on the same card .

Monero uses Cryptonight algorithm, RX 580 gets around 800h/s (0.8Kh/s=0.0008Mh/s).

Ethereum uses Ethash algorithm, RX 580 gets around 30 Mh/s mining it .

[minutmine27]

So according to info the radeon rx 580 gets about 29 mh/s correct? according to a lot of sites, that's what im seeing... so i put that into a XMR calculator with that being the hashing rate. and the results were 112.12 monero coins being mined per day.. with that said the usd exchange would be close to 29000 a day.. something doesn't seem right. what am i doing wrong... the mh/s means million hashes per second. so 29 mh/s equals 29,000,000 hashes per second?

You have to understand the fact that different algorithms get different hashrates on the same card .

Monero uses Cryptonight algorithm, RX 580 gets around 800h/s (0.8Kh/s=0.0008Mh/s).

Ethereum uses Ethash algorithm, RX 580 gets around 30 Mh/s mining it .

haha thank you for clarifying that for me

[smoolae]

So according to info the radeon rx 580 gets about 29 mh/s correct? according to a lot of sites, that's what im seeing... so i put that into a XMR calculator with that being the hashing rate. and the results were 112.12 monero coins being mined per day.. with that said the usd exchange would be close to 29000 a day.. something doesn't seem right. what am i doing wrong... the mh/s means million hashes per second. so 29 mh/s equals 29,000,000 hashes per second?

You have to understand the fact that different algorithms get different hashrates on the same card .

Monero uses Cryptonight algorithm, RX 580 gets around 800h/s (0.8Kh/s=0.0008Mh/s).

Ethereum uses Ethash algorithm, RX 580 gets around 30 Mh/s mining it .

haha thank you for clarifying that for me

Np!

[QuintLeo]

Mining may continue to be "profitable" but not by the same metric people have been using for the past 12-18 months.

12 or 13 months, that's when the big "price jump" on altcoins happened.

Profitability RIGHT NOW is back down close to where it was in most of 2016 on most coins, the total network hashrate has caught up to the price rise since then.
Specific coins are a bit higher, others are lower, and a couple didn't EXIST that far back (ZCash and it's forked spinoffs being the biggest such group by far).

Bitcoin profifitability is probably still a little ahead, due to the limits of how many ASIC chips Bitmain and it's competition can get out of the foundries limiting hashrate growth.

Litecoin profitability is almost identical to Feb 2017 when I was seriously thinking about shutting my A2 farm down, only to have THAT big price jump change my mind about a week before I started pulling plugs.
A couple of the price dips in the last month have dropped it to a bit BELOW where it was at right before the first big "jump" in 2017, and DEFINITELY below where it was at before the L3 was introduced in late 2016.

GPU mining isn't down to "gotta have super cheap electric" to be profitable YET, but it's dropped enough that HIGH price electric areas are no longer profitable.

[dimpsk]

is there anyway to come relatively close to figuring a hash rate on overclock speeds? i found this link with a list of graphics cards with their hashrates based on speeds. i would love someone to verify the truth behind this


https://miningspeed.com

You have two big problems in your concept.
1) It's not the time to buy new GPU. Dont think about it - the current situation  is much worse then in 2016 becouse difficulty and card prices are at all time  peakes. But prices are not there.  Buing new equipment now - is a way to  losses.

2) Overclocking also is a bad idea now because it gives very small perfomance gain on significant power consumption background. Like 5% to 15% for example. It's  no good nowdays.

[QuintLeo]

All over Craigslist people are panic selling their 1070 and 1080 it seems.

Some are even below what the retailers are selling them for.

Basically a 450 day ROI is scary for most.

 I wish they would start doing that around here - availability on craigslist has jumped a lot the last month, but the PRICING is still well over retail.

[gotminer]

All over Craigslist people are panic selling their 1070 and 1080 it seems.

Some are even below what the retailers are selling them for.

Basically a 450 day ROI is scary for most.

 I wish they would start doing that around here - availability on craigslist has jumped a lot the last month, but the PRICING is still well over retail.

Same over here.  I don't know.  I have my 31 gpu's that I got at November/early December 2017 prices and I'm happy for that.  Just playing a waiting game now.

[Max Likelihood]

All over Craigslist people are panic selling their 1070 and 1080 it seems.

Some are even below what the retailers are selling them for.

Basically a 450 day ROI is scary for most.

 I wish they would start doing that around here - availability on craigslist has jumped a lot the last month, but the PRICING is still well over retail.

Same over here.  I don't know.  I have my 31 gpu's that I got at November/early December 2017 prices and I'm happy for that.  Just playing a waiting game now.

Same position here--want to see  how the dynamics of hash/difficulty vs. distribution across coins vs. gpu prices vs. coin prices shake out in next half year. And it's funny, just checked Craigs list when I read this and somebody does have a 1070 up for $400 

[NobodyIsHome]

I saw a GTX 1070 SC for $475 on Amazon yesterday.  I was thinking of jumping on it, but figured I could wait a little longer for the market to squeeze weak hands some more.

[dimpsk]

I saw a GTX 1070 SC for $475 on Amazon yesterday.  I was thinking of jumping on it, but figured I could wait a little longer for the market to squeeze weak hands some more.

It's still not profitable. $350 will be good deal
In case market rebound of course

[remauto1187ma]

I saw a GTX 1070 SC for $475 on Amazon yesterday.  I was thinking of jumping on it, but figured I could wait a little longer for the market to squeeze weak hands some more.

It's still not profitable. $350 will be good deal
In case market rebound of course

I wouldnt touch that with even a credit card right now.  Just wait a few more months and there will be lots of people jumping ship and selling off their GPU's.  Flooding the market, causing prices to drop like a rock.  Ill se you all on ebay....bidding against you.

[dimpsk]

I saw a GTX 1070 SC for $475 on Amazon yesterday.  I was thinking of jumping on it, but figured I could wait a little longer for the market to squeeze weak hands some more.

It's still not profitable. $350 will be good deal
In case market rebound of course

I wouldnt touch that with even a credit card right now.  Just wait a few more months and there will be lots of people jumping ship and selling off their GPU's.  Flooding the market, causing prices to drop like a rock.  Ill se you all on ebay....bidding against you.

Yep, thats it.  And also manufacturers have a huge glut of supply. I realize it when NVidia representative said gotta sell one card in one hands pair month ago.
That was the bell

[Za1n]

Mining may continue to be "profitable" but not by the same metric people have been using for the past 12-18 months.

12 or 13 months, that's when the big "price jump" on altcoins happened.

Profitability RIGHT NOW is back down close to where it was in most of 2016 on most coins, the total network hashrate has caught up to the price rise since then.
Specific coins are a bit higher, others are lower, and a couple didn't EXIST that far back (ZCash and it's forked spinoffs being the biggest such group by far).

Bitcoin profifitability is probably still a little ahead, due to the limits of how many ASIC chips Bitmain and it's competition can get out of the foundries limiting hashrate growth.

Litecoin profitability is almost identical to Feb 2017 when I was seriously thinking about shutting my A2 farm down, only to have THAT big price jump change my mind about a week before I started pulling plugs.
A couple of the price dips in the last month have dropped it to a bit BELOW where it was at right before the first big "jump" in 2017, and DEFINITELY below where it was at before the L3 was introduced in late 2016.

GPU mining isn't down to "gotta have super cheap electric" to be profitable YET, but it's dropped enough that HIGH price electric areas are no longer profitable.

You are correct in that it is still somewhat profitable, but as I said it will not be the same going forward as it has been during the past 12-18 months.

The run-up in coin prices helped to mask the corresponding run-up in network difficulties for nearly all coins. This will have the effect of decreasing profitability by a great extent, even if the coin prices were to recover to their highs. Using my 18 month figure, I was able to mine 5 Ethereum a day with one rig back then, but then ETH was only selling for around $10, so $50/day gross for one rig, or about $1500/month.  

Now it takes nearly 10 rigs a month or more to produce those same 5 ETH. Assuming identically sized and configured rigs we have 10 rigs x 30 days or 300 times more effort put in to mine the same 5 ETH which (today) is going for around $700 each, or $3,500 for all five. Dividing $3,500 by 300 we get about $11.66/day per rig, so about 1/5th that when the run-up first started. However network difficulty continues to go up daily and the price looks more likely to go down than it does up, so this is what I meant is that we are now approaching the same point we did about 18 months ago in terms of profitability, but this time it is going down and not up.

So any calculations or metrics one used during this last 12-18 months will no longer be valid going forward as difficulty is not going down, but the price likely will, or at the best stay stagnant. So while you may still may be able to eke out some small profits in the coming months, it is not likely to be anywhere near the levels we just lived through.

One of the biggest factors is with the high difficulties you just cannot accumulate any significant amount of coins. Using my previous example back when you could earn 5 coins/day on a rig even though the profits were about 5x better (assuming you sold as you mined) you would only need to sell maybe one tenth of what you mined in coins to pay your electric bills, as 1 rig doesn't draw a lot of energy. Now that you need to power ten rigs, you expenses went up 10 fold, while your profit is already lower than it was then, but also there is the reduced "potential" for future profit to consider.

Setting aside 50 or 100 ETH per month back then was no big deal, now it will be impossible for all but the largest miners to accumulate such amounts for future speculation. Holding on to that excess production and selling at 100x price is where the majority of the big profits came into play. Even if you did everything you possibly could do wrong in mining 12-18 months ago, if you managed to hold even a few coins and sell during the highs you came out on top.

I won't even go into how even building a rig now is almost 2x as much as it cost back then so the payback period is hardly even feasible, but that's another argument.

So no matter how you want to look at it, the profits going forward will not be equivalent to those we just witnessed. The price of ETH would need to jump to $70,000 each for such a future potential to exist in today's environment.

Note I just used ETH as an easy example, but most coins went through the same stages so their figures would be similar.

[QuintLeo]

You are correct in that it is still somewhat profitable, but as I said it will not be the same going forward as it has been during the past 12-18 months.

The run-up in coin prices helped to mask the corresponding run-up in network difficulties for nearly all coins.

The run-up in coin prices CAUSED the run-up in network difficulties - with some delay as it takes time to aquire parts and get systems built.

That period of delay is when profitability surged - but at this point network hashrates are getting pretty close to caught up with the prices, especially with the price DROPS the last month and change having slightly exceeded the "January 2018" surge for most coins.

[Za1n]

You are correct in that it is still somewhat profitable, but as I said it will not be the same going forward as it has been during the past 12-18 months.

The run-up in coin prices helped to mask the corresponding run-up in network difficulties for nearly all coins.

The run-up in coin prices CAUSED the run-up in network difficulties - with some delay as it takes time to aquire parts and get systems built.

That period of delay is when profitability surged - but at this point network hashrates are getting pretty close to caught up with the prices, especially with the price DROPS the last month and change having slightly exceeded the "January 2018" surge for most coins.

I would argue that the mining difficulty was going up all along, but no one is arguing that the run-up in coin prices did not massively accelerate this process.

That is the fine detail everyone overlooks now, is that they assume the difficulty will eventually start to fall in order to match the lower coin price. It may, but there will be a long lag time as there are too many people expecting this to be a temporary pullback before the good times are back. I don't think reality is going to set in for most people until they get a couple of months of break-even profits, meaning mining revenue == electricity costs, or even experience a slight loss.

There are now too many large players who no doubt are getting the lowest electrical prices they can find who will continue growing until the break-even is just about at neutral. This will keep pressure on the difficulty from going down, and if the ETH ASIC rumors are true then look out as all GPU coins will suffer the fallout. So if you have access to cheap power you can probably ride out the dry times ahead, but I think anyone paying much more than a couple of cents/kwh for power is going to be driven out within the next 12 months..

[Marvell2]

I saw a GTX 1070 SC for $475 on Amazon yesterday.  I was thinking of jumping on it, but figured I could wait a little longer for the market to squeeze weak hands some more.

It's still not profitable. $350 will be good deal
In case market rebound of course

I wouldnt touch that with even a credit card right now.  Just wait a few more months and there will be lots of people jumping ship and selling off their GPU's.  Flooding the market, causing prices to drop like a rock.  Ill se you all on ebay....bidding against you.

Yep, thats it.  And also manufacturers have a huge glut of supply. I realize it when NVidia representative said gotta sell one card in one hands pair month ago.
That was the bell

70 k per eth jeez you are kidding me , even 5k or 2k eth brings us back to 2017 profits

[leftover_potato]

IMHO, altcoins still can make it especially the ones where u can mine quantity and bet on it to rise.

all the mainstream coin diff is rising ATH... but the price isn't. LOL

just go with altcoins with potential.

[yhhy]

Think it's just a waiting game at the moment, and let's hope that in a few months we will be back on track when the BTC sell off is done. In the meanwhile scooping up cheap gpus might be a good thing.

[bojokusugih]

Mining still worth it ? Yes as long as it still produces why not, mining is one of the fastest ways to get a relatively large profit and can also make you rich, and the risk is smaller than we invest.