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Author Topic: Nicehash for mining Bitcoin is no longer profitable - any alternatives?  (Read 305 times)
kamranki (OP)
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September 16, 2022, 04:21:14 AM
Merited by nc50lc (1)
 #1

Hello all,

Due to Ethereum's shift to proof-of-stake, mining BTC on Nicehash is no longer profitable (DaggerHashimoto). I have 8x RTX 3080s in my rig.

What would be the alternative mining software to continue to mine BTC with similar profits as before?

Thanks!
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September 16, 2022, 08:36:15 AM
 #2

Hello all,

Due to Ethereum's shift to proof-of-stake, mining BTC on Nicehash is no longer profitable (DaggerHashimoto). I have 8x RTX 3080s in my rig.

What would be the alternative mining software to continue to mine BTC with similar profits as before?

Thanks!

There won't be similar profits to the ones before Ethereum shift,however with those cards you can still use Nicehash to mine Ravencoin and get paid in Btc,it would be like 30-35% of the 100% of the amount you made daily before the shift but this is the best anyone can do now.

The community is also waiting for that long successor of Ethereum which is Ethw but I haven't heard what is going on with that project so far,I know the testnet is there but I don't know nothing about the main net.

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September 16, 2022, 09:38:59 AM
 #3

Vertcoin with the Team Black Miner is the most profitable today. The total Network hashrate has only doubled since the merge.

Team Black Miner (Ethereum POW ETC Vertcoin Ravencoin Zilliqa + dual mining
https://github.com/sp-hash/TeamBlackMiner
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September 16, 2022, 10:43:01 AM
 #4

That's a bummer! I always thought that Bitcoin mining was profitable using both ASIC and GPUs. Now that Ethereum is gone, no idea what coin will replace it's place and how soon.
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September 16, 2022, 11:17:54 AM
 #5

Last thread we are discussing the next coin to mine: https://bitcointalk.org/index.php?topic=5413614.0

There are others, but just check to have some idea

You and entire world are searching for the next coin hehe  Cheesy
Just to clarify, you were not mining BTC on Nicehash, you're just renting your cards and receiving in BTC
BTC is only profitable with Asics mining

Wait a few days to see the profitability

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September 16, 2022, 03:40:50 PM
 #6

Last thread we are discussing the next coin to mine: https://bitcointalk.org/index.php?topic=5413614.0

There are others, but just check to have some idea

You and entire world are searching for the next coin hehe  Cheesy
Just to clarify, you were not mining BTC on Nicehash, you're just renting your cards and receiving in BTC
BTC is only profitable with Asics mining

Wait a few days to see the profitability

yeah. try etc for 2 weeks although it is terrible at the moment.

but every thing is terrible.

3) Never invest more than you can afford to lose
2)Not your keys not your coins.
1) be like JJG just DCA
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September 16, 2022, 03:50:02 PM
 #7

That's a bummer! I always thought that Bitcoin mining was profitable using both ASIC and GPUs. Now that Ethereum is gone, no idea what coin will replace it's place and how soon.

What is scary is that there are people all over Reddit and Twitter asking the same questions. They over-invested on their rigs because they assumed that they would be making profits for years until their rigs are paid off to be faced with this reality.

We warned them for months about the upcoming merge. We told them how difficulty works, how supply is capped. However everyone was like "Oh, when ETH goes POS I will just mine ETC, profits almost the same".

When will some other coin replace Ethereum? We don't know. Maybe 6 months, maybe 1 year, maybe never. If you like mining you should just switch to an ASIC and mine BTC or LTC if you got a good price on power. GPU for the moment will be difficult.

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September 17, 2022, 06:53:11 AM
 #8

Last thread we are discussing the next coin to mine: https://bitcointalk.org/index.php?topic=5413614.0

There are others, but just check to have some idea

You and entire world are searching for the next coin hehe  Cheesy
Just to clarify, you were not mining BTC on Nicehash, you're just renting your cards and receiving in BTC
BTC is only profitable with Asics mining

Wait a few days to see the profitability

yeah. try etc for 2 weeks although it is terrible at the moment.

but every thing is terrible.

I think only people who mine for the long term should mine ETC or any other coin at the moment.Right now you can make 0.78 USD daily or 25 USD monthly with a 315 Mhsh mining rig.With the imminent increase in electricity we will have in Europe you will be at a huge negative if you mine any coin right now with GPU-s.

However I was in such situation in 2018 where I continued to mine and being paid in Bitcoin and in 2021 I made a big cashout so in the end it all depends on our expectations for the future.

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September 17, 2022, 07:29:51 AM
 #9

That's a bummer! I always thought that Bitcoin mining was profitable using both ASIC and GPUs. Now that Ethereum is gone, no idea what coin will replace it's place and how soon.

What is scary is that there are people all over Reddit and Twitter asking the same questions. They over-invested on their rigs because they assumed that they would be making profits for years until their rigs are paid off to be faced with this reality.

We warned them for months about the upcoming merge. We told them how difficulty works, how supply is capped. However everyone was like "Oh, when ETH goes POS I will just mine ETC, profits almost the same".

When will some other coin replace Ethereum? We don't know. Maybe 6 months, maybe 1 year, maybe never. If you like mining you should just switch to an ASIC and mine BTC or LTC if you got a good price on power. GPU for the moment will be difficult.

for someone who cant mine anything anymore due to power cost, he probably wont be making profit either when mining BTC with an ASIC !...
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September 17, 2022, 09:07:22 AM
 #10

You need to mine something you believe in and hold for the long term but if electricity expenses are high its time to turn off your miners, I already did the same as the only fair coin on my calculator is Aeternity but still it sucks to bad.
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September 19, 2022, 07:11:34 AM
 #11

That's a bummer! I always thought that Bitcoin mining was profitable using both ASIC and GPUs. Now that Ethereum is gone, no idea what coin will replace it's place and how soon.

What is scary is that there are people all over Reddit and Twitter asking the same questions. They over-invested on their rigs because they assumed that they would be making profits for years until their rigs are paid off to be faced with this reality.

We warned them for months about the upcoming merge. We told them how difficulty works, how supply is capped. However everyone was like "Oh, when ETH goes POS I will just mine ETC, profits almost the same".

When will some other coin replace Ethereum? We don't know. Maybe 6 months, maybe 1 year, maybe never. If you like mining you should just switch to an ASIC and mine BTC or LTC if you got a good price on power. GPU for the moment will be difficult.

Actually when I first got into GPU mining scene in start of 2021, nobody told me that Ethereum shifting to POS will impact mining profits so much. It is only now I have realized that Ethereum was indeed most common currency people have been mining on GPUs. And I can't believe we won't have another POW currency to replace it. I mean, what will all these people with massive GPU farms do?

Regards
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September 19, 2022, 08:11:30 AM
 #12

That's a bummer! I always thought that Bitcoin mining was profitable using both ASIC and GPUs. Now that Ethereum is gone, no idea what coin will replace it's place and how soon.

What is scary is that there are people all over Reddit and Twitter asking the same questions. They over-invested on their rigs because they assumed that they would be making profits for years until their rigs are paid off to be faced with this reality.

We warned them for months about the upcoming merge. We told them how difficulty works, how supply is capped. However everyone was like "Oh, when ETH goes POS I will just mine ETC, profits almost the same".

When will some other coin replace Ethereum? We don't know. Maybe 6 months, maybe 1 year, maybe never. If you like mining you should just switch to an ASIC and mine BTC or LTC if you got a good price on power. GPU for the moment will be difficult.

Actually when I first got into GPU mining scene in start of 2021, nobody told me that Ethereum shifting to POS will impact mining profits so much. It is only now I have realized that Ethereum was indeed most common currency people have been mining on GPUs. And I can't believe we won't have another POW currency to replace it. I mean, what will all these people with massive GPU farms do?

Regards
The crazy part is people keep mining at loss, the difficulty is so high that you will start thinking you are the one doing something wrong, why are people not turning off their miners already? Are they hoping for something else? With 10 RTX 2060 you are welcome to 1$ per day, this is crazy.

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September 19, 2022, 11:14:31 AM
Merited by nc50lc (1)
 #13

That's a bummer! I always thought that Bitcoin mining was profitable using both ASIC and GPUs. Now that Ethereum is gone, no idea what coin will replace it's place and how soon.

What is scary is that there are people all over Reddit and Twitter asking the same questions. They over-invested on their rigs because they assumed that they would be making profits for years until their rigs are paid off to be faced with this reality.

We warned them for months about the upcoming merge. We told them how difficulty works, how supply is capped. However everyone was like "Oh, when ETH goes POS I will just mine ETC, profits almost the same".

When will some other coin replace Ethereum? We don't know. Maybe 6 months, maybe 1 year, maybe never. If you like mining you should just switch to an ASIC and mine BTC or LTC if you got a good price on power. GPU for the moment will be difficult.

Actually when I first got into GPU mining scene in start of 2021, nobody told me that Ethereum shifting to POS will impact mining profits so much. It is only now I have realized that Ethereum was indeed most common currency people have been mining on GPUs. And I can't believe we won't have another POW currency to replace it. I mean, what will all these people with massive GPU farms do?

Regards
The crazy part is people keep mining at loss, the difficulty is so high that you will start thinking you are the one doing something wrong, why are people not turning off their miners already? Are they hoping for something else? With 10 RTX 2060 you are welcome to 1$ per day, this is crazy.
the reasoning behind it is that they think they are mining the next ethereum in its early stages with low difficulty. it's a coping mechanism, after a few weeks/months of mining at a loss they will capitulate and turn off their machines, then only the ones with free power will remain. I don't expect mining to be profitable again for at least a year
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September 19, 2022, 12:58:39 PM
 #14

Looking at the ETC hashrate, it peaked at 300TH/s and now it looks steady at under 200TH/s.

https://2miners.com/etc-network-hashrate

I am surprised that it hasn't gotten lower. Makes you wonder who is mining this. They are most likely mining it at a loss. There cant be that many people out there with free power.

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September 19, 2022, 02:50:25 PM
 #15

Looking at the ETC hashrate, it peaked at 300TH/s and now it looks steady at under 200TH/s.

https://2miners.com/etc-network-hashrate

I am surprised that it hasn't gotten lower. Makes you wonder who is mining this. They are most likely mining it at a loss. There cant be that many people out there with free power.

Lunatics with psychedelics dreams.
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September 19, 2022, 04:07:20 PM
 #16

Looking at the ETC hashrate, it peaked at 300TH/s and now it looks steady at under 200TH/s.

https://2miners.com/etc-network-hashrate

I am surprised that it hasn't gotten lower. Makes you wonder who is mining this. They are most likely mining it at a loss. There cant be that many people out there with free power.

Lunatics with psychedelics dreams.

Still trying to pay off the equipment they bought at inflated prices and not even factoring power costs.

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September 19, 2022, 09:21:23 PM
 #17

Looking at the ETC hashrate, it peaked at 300TH/s and now it looks steady at under 200TH/s.

https://2miners.com/etc-network-hashrate

I am surprised that it hasn't gotten lower. Makes you wonder who is mining this. They are most likely mining it at a loss. There cant be that many people out there with free power.

Apparently it is to early to come to an end result as most probably it will go even more down in the coming days when more people release that their power bill is much more expensive that the reward they get from mining ETC.I also believe that there are not that many people with free power,right now a 300 Mhs makes you 0.7 and 1 Ghsh makes you near 3 dollars daily,so 1 Ghsh to make you 90 dollars monthly is not that great and most probably the power to run a 1 Ghsh farm or rigs is much higher than 90 dollars.

I believe we will see a downgrade of the network hash rate with the passing of a few more days,most probably next Monday can be a decisive day as one week from now is enough time for anyone to make better cold judgement.

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September 19, 2022, 10:15:35 PM
 #18

Looking at the ETC hashrate, it peaked at 300TH/s and now it looks steady at under 200TH/s.

https://2miners.com/etc-network-hashrate

I am surprised that it hasn't gotten lower. Makes you wonder who is mining this. They are most likely mining it at a loss. There cant be that many people out there with free power.
I'm convinced there are people with big farms who know nothing about the merge and got redirected to ETC mining automatically by ethermine, unaware of its current unprofitability
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September 20, 2022, 05:15:07 AM
 #19

Looking at the ETC hashrate, it peaked at 300TH/s and now it looks steady at under 200TH/s.

https://2miners.com/etc-network-hashrate

I am surprised that it hasn't gotten lower. Makes you wonder who is mining this. They are most likely mining it at a loss. There cant be that many people out there with free power.
I'm convinced there are people with big farms who know nothing about the merge and got redirected to ETC mining automatically by ethermine, unaware of its current unprofitability

There are no doubt a lot of people who went too hard with GPUs that are going to be getting pretty desperate. A good time to build a gaming rig. I think as people come to grips with the reality that is the GPU mining scene things are going to get pretty hairy. Best bet now if you don’t want to shut off your miners for a while is to pick a coin to mine and hodl while you pray it pays off down the line.

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