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Author Topic: Completely new to mining and wants to learn  (Read 420 times)
kamranki (OP)
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May 16, 2021, 07:17:54 PM
 #21

Read the part under the calculator, it states what the current variables are and used. Block reward is basically at 3.
So yes everyone is getting low pay.
Just be thankful your not paying us$0.28c per kw like me....

https://www.cryptocompare.com/mining/calculator/eth?HashingPower=60&HashingUnit=MH%2Fs&PowerConsumption=300&CostPerkWh=0.124&MiningPoolFee=1.65


The cost of electricity of $0.28 (or 28c) caught my attention. Here in UAE, the cost of electricity for residential homes is just $0.03 per kwh. That's quite a difference!
Looper_U
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May 16, 2021, 07:35:11 PM
 #22

OP that CPU you have can mine verus coin and net you good amount of money per month because that CPU is very fast and also have many cores and threads so yea it's a really fast high end CPU, I'm sure it will even do good mining Randomx algorithm too (Monero)

kamranki (OP)
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May 17, 2021, 07:52:09 AM
 #23

OP that CPU you have can mine verus coin and net you good amount of money per month because that CPU is very fast and also have many cores and threads so yea it's a really fast high end CPU, I'm sure it will even do good mining Randomx algorithm too (Monero)

What can I really mine with my CPU? I tried it in Nicehash and all it manages are few thousand hashes per second.
kamranki (OP)
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May 17, 2021, 08:06:14 AM
Last edit: May 17, 2021, 10:26:10 AM by kamranki
 #24


He probably means that if you trade instead of mine you will make more money. Which is true, however most likely you will end up losing all your money trading like most people around here who try to day-trade.

Either way, back to your mining question.

Right now you can maybe earn $5/day with your GPU but it won't always be like that. ETH can lose half its value and you will make $2.50/day. The transactions for ETH can become less congested and your reward can also fall to like $2.50/day even if ETH stays at $1800.

Overtime as more and more GPUs start mining ETH, they all get a fair share of their profits. So if twice as many people start to mine ETH in the next 90 days, then your profits will be $2.50/day even if the transaction fees stay the same and ETH stays at $1800. This is called difficulty and its to keep the supply constant. Try to understand this before you spend $40K.

That is an interesting point. I am mining Bitcoins and currently at approx. $25-28/day. Few quick questions:

1. When you say it can lose half its value, you mean the halving of Bitcoin (that is supposed to occur in 2024)?

2. And when Bitcoin indeed halves, does the value of Bitcoin also go up to compensate for smaller reward for mining?


Your comments are most appreciated!
Bravehash
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May 17, 2021, 05:21:17 PM
 #25

OP that CPU you have can mine verus coin and net you good amount of money per month because that CPU is very fast and also have many cores and threads so yea it's a really fast high end CPU, I'm sure it will even do good mining Randomx algorithm too (Monero)

What can I really mine with my CPU? I tried it in Nicehash and all it manages are few thousand hashes per second.
It's not about how many hashes per second the CPU can do, it's about the USD you can earn per day and since you use nicehash that software is capable of displaying the exact amount you would earn every 24hours

Metroid
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May 17, 2021, 06:39:04 PM
 #26

That is an interesting point. I am mining Bitcoins and currently at approx. $25-28/day. Few quick questions:

1. When you say it can lose half its value, you mean the halving of Bitcoin (that is supposed to occur in 2024)?

2. And when Bitcoin indeed halves, does the value of Bitcoin also go up to compensate for smaller reward for mining?
Your comments are most appreciated!

It depends, if the value is already in there then no, it will not. The best way to know the true value of bitcoin is see how much money the chinese miners spent on electricity and hardware to mine one btc, right now to mine one btc chinese miners spend 6k usd, so that is the real value right now of one btc. Halving means the chinese miners will have to spend 12k to mine one btc and so on.

BTC Address: 1DH4ok85VdFAe47fSVXNVctxkFhUv4ujbR
kamranki (OP)
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May 18, 2021, 05:55:03 AM
 #27

That is an interesting point. I am mining Bitcoins and currently at approx. $25-28/day. Few quick questions:

1. When you say it can lose half its value, you mean the halving of Bitcoin (that is supposed to occur in 2024)?

2. And when Bitcoin indeed halves, does the value of Bitcoin also go up to compensate for smaller reward for mining?
Your comments are most appreciated!

It depends, if the value is already in there then no, it will not. The best way to know the true value of bitcoin is see how much money the chinese miners spent on electricity and hardware to mine one btc, right now to mine one btc chinese miners spend 6k usd, so that is the real value right now of one btc. Halving means the chinese miners will have to spend 12k to mine one btc and so on.

But how much time does this normally take? For $ rates per day to half? It's a gradual fall, right?
Stanlo
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May 18, 2021, 06:44:55 AM
 #28

Use what you have to mine crypto right now, do not buy any GPU because you may not make back your ROI, February of this year was still good but we are in may right now, EIP1559 will come and also the market will make big correction too so GPU are still going to get extremely cheaper cos not everyone like mining in bear market, most can't even pay for electricity bill in bear market
kamranki (OP)
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May 18, 2021, 08:18:07 AM
 #29

Actually I just bought 4x  RTX 3080s last month. I think ROI will take around 1 year, based on mining rate that I see.
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