GPU Mining profitability is a joke

[ebliever]

When I bought my rig, I did so with the plan that I would make it my new desktop computer including for games once mining was done. (Most games I play are not CPU/GPU intense, but I do enjoy Skyrim and the Total War series) So it's actually a pretty well spec'd out rig (SSD, blu-ray, fast CPU and so forth). So far I've not so much as played a game of solitaire on it however. I'll keep a pair of 290X's to crossfire them and sell the other pair. I've been buying up Amazon gift cards at 30% off with BTC at Purse.io, and when Black Friday comes I'm hoping to get a good deal on a 4K monitor. Then I'll be a happy camper, mining or no. :-)

I'm curious about your comments about Leaserig and other sites. Seems when I check the other rental sites I'm familiar with they list much lower rental rates, below my profitability theshhold. Is that accurate in your experience or is leaserig competitive still? I've been wondering at how few X11/13/15 rigs were left at LR and if the die-off was due to the overall market or there being greener pastures elsewhere.

it's refreshing to find people with an exit strategy.  too many people are showing up as mining bagholders on the forums these days.

leaserig lost the advantage in number of mining rigs 1-2 months ago; mining rig rentals have more selection these days, and i think them and nicehash have more customer traffic.  when it was doing well, it was hard to beat leaserig. I remember even before LR was bought out the rigs were accountable by deposit, and i felt the owners were selective.  the more difficult it was to list a rig, the more they'd be pushing rigs to other sites.  i think places other sites which were less selected became much easier to list equipment, and that's where both renters and owners ended up. the main problem is whether people see the rigs at all.  i don't think LR is getting the traffic it was in june.

in the past month, the x13 rigs have all disappeared;  i was one of the last x13 rigs on leaserig, and ended up being rented at 0.0008/mh, but maybe once a week for a day or two.  

x15 dried up almost as soon as it started; maybe a week or two of profitability back in july.  

x11 is the way to go right now, but even that return is abysmal.  there's no point fighting for the bottom price anymore.  i think LR is great still for scrypt if you got batch 2-5 equipment.  still good for SHA-256 for getwork.  but for most GPU folks it's not only the power that costs, but managing rigs takes time.  

I agree that Leaserig needs more advertising to drive traffic to it. There's been one guy the past two weeks who has done probably 90% of what little leasing there is on X11/13/15, keeping a couple of us afloat. I've mostly been on X11, but I watch the profitability numbers at yaamp.com and dodge over to X13 or X15 on occasion. I'm the only one showing up now on X13 or X15 on those occasions on Leaserig. I figure that should help in case anyone does go there looking for a rental on those algorithms, as I try to keep my rates down.

[numisma]

Are there any old GPU miners still here?
I am wondering if mining was always profitable (even maybe a few %) or was it always like this, when you can only pay electricity with it, between the BTC bubbles?

Because maybe the ones who mined between the bubbles made the most?

[FeelTheBeat]

I turned off my rig a few months ago, due to no profitability.
But what about new nvidia graphics? Gtx 970 or 980... Is it worth buying it or they will never ROI? I have about 3.5BTC that I got from previous mining (280x+270) so this it the most that I am willing to put back in mining.

[ebliever]

I turned off my rig a few months ago, due to no profitability.
But what about new nvidia graphics? Gtx 970 or 980... Is it worth buying it or they will never ROI? I have about 3.5BTC that I got from previous mining (280x+270) so this it the most that I am willing to put back in mining.

I've switched over to MiningRigRentals and am still keeping my head above water, barely. But that means making maybe $4/day with four 290X GPU's, whereas my electrical cost is slightly less than that. So, no, I wouldn't recommend investing anything in a new GPU rig at this point unless it offered really dramatic performance/watt improvements and you could live with a long ROI. Better to just plug the money into investing in BTC and your favorite altcoins.

[nsimmons]

Are there any old GPU miners still here?
I am wondering if mining was always profitable (even maybe a few %) or was it always like this, when you can only pay electricity with it, between the BTC bubbles?

Because maybe the ones who mined between the bubbles made the most?

I still have a 5770 hashing away in one of my old rigs, cards been hashing for almost 2 years for me.

Some days are profitable, some aren't.

[MaxDZ8]

It has always been low income. The bottom idea was to cover costs and buy you a couple of beers per week max. It's sad we don't even get there.

The "get mining get rich" mindset was born because of the guys CPU-mining BTC when a pizza was worth 10kBTC, or GPU-mining them when they were 1$ each. Those guys were doing the right thing at the right time, not exactly obvious!

[numisma]

It has always been low income. The bottom idea was to cover costs and buy you a couple of beers per week max. It's sad we don't even get there.

The "get mining get rich" mindset was born because of the guys CPU-mining BTC when a pizza was worth 10kBTC, or GPU-mining them when they were 1$ each. Those guys were doing the right thing at the right time, not exactly obvious!

Those were my thoughts aswell. Because looking throo the forums, all people moaning about non-profitable mining should look at the bigger picture, not just at super profitable times. Sure they came and probably will come again, because I belive GPU/CPU mining is still the most important and it "recruits" much more people into mining, either with 1 GPU or 100 GPUs.

The only problem I see is that there are so many coins out there and people are jumping from one to another, when in times like these we should look for "diamonds" in this mass of coins and secure their networks together. In the long run this should pay of the most, as these coins would become more diversified and thus rare to obtain.

I am only saying this because I still remember when everyone mostly mined LTC and it had the biggest network hashrate just by mining with GPUs. Now all this GPU power is pointed at multiple coins, while we should concentrate it only at one, mostly two.

[nsimmons]

During the doge burst last year i managed to make enough money to turn one gpu rig into 7 with 5 290's each. pure profit. I've taken about 7,000 in cash since. Today I will make about 4 dollars.

There was 0.25-0.4 btc days until gox blew up, it will happen again when new people discover bitcoin and pump the prices.

[CryptoMinter]

This very problem creates a systemic failure risk for cryptos. All of these altcoins are good at showing this potential when the market crashes. If difficulty jumps up or market value dies, then the network can die from a profitability point of view as miners back off and block rates plummet. The recovery point is a kind of hard reset where the P2P nature drives a consensus on difficulty correction. Once the margin is low, only high-volume, low margin providers can compete in power efficient hashing. Basically, if a chip producer thinks there is any ROI in mining, why sell any chips at all?

Anyway on the profitability side, you should consider energy consumption with respect to heating since winter is rolling in. The thermal efficiency of a heat pump is proportional to the outdoor air temp, and can be 3x efficiency down to 1.1x, or if you don't have a heat pump or gas, then the mining waste heat directly offsets my heating costs. The power is not free but it appears that way on the books, so I'm basically leasing 500W of GPU power at-cost, which can be $30/m.

[nrg_wolf]

you guys must not be looking at the right coins, x4 7950 and x4 280x's and handful of cpus net me currently 0.033 btc a day.

[Minerjoe]

GPU/CPU/MAGIC WAND mining has been dead for the last 6 months. There is no coin which can make you profits when u calculate power costs, depreciation of your hardware, heat, etc. So, the sad truth is sell your rigs and switch to ASIC or even better, switch to cloud mining. This comes from a person who used to own 7 rigs and 23 GPUs.

One of the best cloud mining options is in my signature, ROI is 5-7 weeks, there is NOTHING even close to that in the market. Let me know if you need more help.

[nsimmons]

you guys must not be looking at the right coins, x4 7950 and x4 280x's and handful of cpus net me currently 0.033 btc a day.

I don't buy this for a second, ive mined everything there is, x11-15, cryptonote, cryptonite,xgm, xpm, renting at a premium, and my power is cheap at 0.11.
If there was some super secret coin no one knows about rental prices would spike.

I've got 35 gpus running mostly 290's and a few 280x, and today I will gross 18 dollars and net maybe 1, you're telling me your 4300% more profitable?

Or are you leaving out the part where you held coins and got lucky with a market pump? Or your power is free.

I recalculate and research everyday. Few weeks ago I was netting 10 with monero, then bcx broke it, then I mined xcn for a while, but the market cant handle my daily dumps, 8000 coins flushes the order book. Small market cap coins wont work for me. Everytime i sold xcn the price went down 20%

Right now the most money to be made is renting x11, dark diff dropped and rental prices doubled. I even spent 50 dollars last week on amazon ec2 trying profitable combinations.

[edit]
I checked your post history and if youre mining dash or sonic screwdriver, those wont work for me, daily volume of 800 dollars with a quick 1 day pump

on average with fluctuations i mine between 0.019-0.032 btc a day.
and my sha miner did
 an average of 0.34 btc over a 4 day period when i had it on last.

just have to know what to mine and when to trade it and what to trade it for lol. btc is just the middle coin as there is always something better to invest in. Smiley

You also are using an sha256 asic and trading which both don't apply to this discussion

[nrg_wolf]

you guys must not be looking at the right coins, x4 7950 and x4 280x's and handful of cpus net me currently 0.033 btc a day.

I don't buy this for a second, ive mined everything there is, x11-15, cryptonote, cryptonite,xgm, xpm, renting at a premium, and my power is cheap at 0.11.
If there was some super secret coin no one knows about rental prices would spike.

I've got 35 gpus running mostly 290's and a few 280x, and today I will gross 18 dollars and net maybe 1, you're telling me your 4300% more profitable?

Or are you leaving out the part where you held coins and got lucky with a market pump? Or your power is free.

I recalculate and research everyday. Few weeks ago I was netting 10 with monero, then bcx broke it, then I mined xcn for a while, but the market cant handle my daily dumps, 8000 coins flushes the order book. Small market cap coins wont work for me. Everytime i sold xcn the price went down 20%

Right now the most money to be made is renting x11, dark diff dropped and rental prices doubled. I even spent 50 dollars last week on amazon ec2 trying profitable combinations.

[edit]
I checked your post history and if youre mining dash or sonic screwdriver, those wont work for me, daily volume of 800 dollars with a quick 1 day pump

on average with fluctuations i mine between 0.019-0.032 btc a day.
and my sha miner did
 an average of 0.34 btc over a 4 day period when i had it on last.

just have to know what to mine and when to trade it and what to trade it for lol. btc is just the middle coin as there is always something better to invest in. Smiley

You also are using an sha256 asic and trading which both don't apply to this discussion

dash is quite profitable despite wallet issues, there is still enough trade volume via polo to move larger amount of coins. my sha miner dont count as thats not switched on, if you look back at my comment i mentioned gpu's and handful of cpu's with 0 mention of sha asic. besides dash provides more btc then most other coins out there. and i havent traded in awhile, havent bought anything in awhile so no btc being made there. just my gpus/cpus working and doing what they do best.

plus if you where really mineing XMR at current difficulty, counting in an aprox hash rate of about 750h/s per 290 and approx 600h/s depending on memory type you should be getting about 24-25khs on that algo, which at current nets 24.18 XMR per day at an exchange rate of  approx 0.07 BTC or 23.68 USD per day. its not great but its still better then nothing and still a good amount of btc to hold onto for tradeing or holding for when BTC decides to return to former glory. also should point out the btc amount per day has dropped somewhat, but it only looks bad due to BTC's poor value atm.....

also if you mined dash, your approx hash rate should net you between 40-46 million dsh per day which trades in at between 28-40 XMR which counting the higher number counts for about 0.111 btc per day.

and my hash rate numbers are approx and taken via the russian xmr miner which does pull 812h/s at 1100/1690 and also at 1100/1500 depending on card type, those results are taken with hynix memory as well and it also only takes 0.7% fee where claymores now takes 2% i believe.

[Amph]

i've missed dashcoin, how much 1 750ti give you per day?

should be about 300k right?

[JessicaSe]

I turned off my rig a few months ago, due to no profitability.
But what about new nvidia graphics? Gtx 970 or 980... Is it worth buying it or they will never ROI? I have about 3.5BTC that I got from previous mining (280x+270) so this it the most that I am willing to put back in mining.

Totally not going to ROI at this level...

[numisma]

you guys must not be looking at the right coins, x4 7950 and x4 280x's and handful of cpus net me currently 0.033 btc a day.

I don't buy this for a second, ive mined everything there is, x11-15, cryptonote, cryptonite,xgm, xpm, renting at a premium, and my power is cheap at 0.11.
If there was some super secret coin no one knows about rental prices would spike.

I've got 35 gpus running mostly 290's and a few 280x, and today I will gross 18 dollars and net maybe 1, you're telling me your 4300% more profitable?

Or are you leaving out the part where you held coins and got lucky with a market pump? Or your power is free.

I recalculate and research everyday. Few weeks ago I was netting 10 with monero, then bcx broke it, then I mined xcn for a while, but the market cant handle my daily dumps, 8000 coins flushes the order book. Small market cap coins wont work for me. Everytime i sold xcn the price went down 20%

Right now the most money to be made is renting x11, dark diff dropped and rental prices doubled. I even spent 50 dollars last week on amazon ec2 trying profitable combinations.

[edit]
I checked your post history and if youre mining dash or sonic screwdriver, those wont work for me, daily volume of 800 dollars with a quick 1 day pump

on average with fluctuations i mine between 0.019-0.032 btc a day.
and my sha miner did
 an average of 0.34 btc over a 4 day period when i had it on last.

just have to know what to mine and when to trade it and what to trade it for lol. btc is just the middle coin as there is always something better to invest in. Smiley

You also are using an sha256 asic and trading which both don't apply to this discussion

dash is quite profitable despite wallet issues, there is still enough trade volume via polo to move larger amount of coins. my sha miner dont count as thats not switched on, if you look back at my comment i mentioned gpu's and handful of cpu's with 0 mention of sha asic. besides dash provides more btc then most other coins out there. and i havent traded in awhile, havent bought anything in awhile so no btc being made there. just my gpus/cpus working and doing what they do best.

plus if you where really mineing XMR at current difficulty, counting in an aprox hash rate of about 750h/s per 290 and approx 600h/s depending on memory type you should be getting about 24-25khs on that algo, which at current nets 24.18 XMR per day at an exchange rate of  approx 0.07 BTC or 23.68 USD per day. its not great but its still better then nothing and still a good amount of btc to hold onto for tradeing or holding for when BTC decides to return to former glory. also should point out the btc amount per day has dropped somewhat, but it only looks bad due to BTC's poor value atm.....

also if you mined dash, your approx hash rate should net you between 40-46 million dsh per day which trades in at between 28-40 XMR which counting the higher number counts for about 0.111 btc per day.

and my hash rate numbers are approx and taken via the russian xmr miner which does pull 812h/s at 1100/1690 and also at 1100/1500 depending on card type, those results are taken with hynix memory as well and it also only takes 0.7% fee where claymores now takes 2% i believe.

But what is your power consumption per card? I've read in the Claymore's miner topic there is approx 220-270W per GPU?

This means:
ie 250W per GPU and price 0,1 per kWh - 0,6$ for 24h
ie 550h/s on 280X makes 0.69 XMR with DSH mining or 0.6 XMR with XMR mining.

Calculating the prices at the moment that makes: 0.002 - 0.0025 BTC per day. Which at the current prices is around 0.7$.

Am I calculating right?

[nsimmons]

monero local hash i get about 21 kh/s, on moneropool.com i get maybe 16 average..

claymores dev fee fucks up the calculation a lot, when it returns to my pool im hashing old work, bypassing the fee helps a bit.

24.18 XMR per day at an exchange rate of  approx 0.07 BTC or 23.68 USD per day.

Im burning 200 kwh a day, thats a lot of power 22 dollars*1.12 tax = 24.64 - net loss

That's almost 700 dollars a month out of my pocket if i kept all the coins. I hit 900/month running scrypt

I have real time power metering with my utility, maybe you don't and the averages have been in your favour.

[adaseb]

I've got free electricity but mining is still not worth it. I am waiting until Christmas time to unload the GPUs. Reason being is it puts extensive load on all the cards, fans, power supplies and the older the equipment gets, eventually it will fry itself. Especially the older 6xxx cards.

Mining with GPUs will never be profitable.

If price of BTC goes back to $1000, then everybody will turn on their GPUs and you will make roughtly what you make today.

Maybe if BTC goes to $5000+ but that is most likely NEVER going to happen. And even if it does, mining will be profitable for maybe 3 months and then the difficulty will increase.

[uray]

sell your GPUs, buy Hard Drives, mine Burstcoin, ROI within 3 months

[Kimowa]

sell your GPUs, buy Hard Drives, mine Burstcoin, ROI within 3 months

Not anymore, difficulty increase too fast....