Topic: Been mining for a month and.. (Read 505 times)

Make a thread on OCUK 

Of course you are disappointed , just like many newbies on this forum , who started mining based on what they saw on some online calculators.

Mining isn't as profitable as investing directly in cryptocurrencies but you can always sell your mining equipment for a fairly good price. You don't have to sell what you mine. Some coins gain on value over time. I made a huge mistake because I had exchanged all my Ethereum for Bitcoin when the exchange rate between them was about 50% lower. If you want to profit a lot then consider ordering an ASIC miner which you could use for mining Bitcoin and then holding it for some time.

well said

That seems low, even with no bios tweaking. Are you using the blockchain drivers or setting computer mode with the normal AMD drivers? Out of the box with blockchain or compute mode I get between 24 and 25 MH/s per card.

I believe the calculator sites use optimized cards in their calculations.

I spend somewhere between 30-90 minutes per card to optimize the following...

bios flash
driver uninstall / install
overclocking
undervolting
then tweaking to eliminate memory errors

If you are willing to take the time to do all of this, you will get 29-31 MH/s from those cards. That is a 36% improvement in hash rate.

Lol.  Maybe YOU can't afford it.

May want to consider mining other coins with different algos, calculators for reference:

https://whattomine.com/coins
https://whattomine.com/calculators

lol do you seriously not understand that the prices of cryptocurrencies vs. USD are volatile? what the heck

the fall in price of ethereum can be reason for your  low profit.if the price rise your profit can be more than your expectation.another thing you can do for more profit that is, mine that coin which price is low but  potential is high.and people show less interest in it at that time.hold the coins for rise in price.and sell them when the price is high and you will get high profit.though it is risky it can give good profit.

Mining is not profitable any more. There are lot of big players involved with high performance machine which we can't afford.

I have Another story. Started mining 7 months ago. Yes ethereum was a Disappointment at the time but still I mined 0,5 ETH in a month with my GTX 1060. (What is 0,5 ETH Worth today if I had not sold it). Anyway I got some more Equipment and found Intense coin. It looked like an interesting Project but it was not on any Exchange. I thought maybe difficulty is low because of early stage? Bought an old server with quad CPU and some more second hand GPU and mined at all computers I had.

Some months later I had 330000 ITNS. I sold 80000 to pay off all my mining stuff I had bought and 250000 ITNS is pure profit. Even if it felt bad when price was below 10 sat it is better now when price is around 300 sat. My profit is around $8000 if I sell them today. I am holding them longer and hoping for much better profit in future.

So instead of looking at current profit you can try find a promising coin for the future and mine that. Hold the coins you get and sell them in future and you may gain a high profit. This is called speculative mining and is somewhat risky. But also fun!

I experienced exactly your problem when I bought my first mining GPU back then. Calculators said ROI of 2 months. But price of ETH fell down quickly and difficulty of mining was really high, calculators said 12 months or more ROI two months later. But afterwards I have found out that it is in these boring periods you actually earn most when mining. Nobody Thinks you earn much with mining and difficulty is low because the price of coins is low. You get a lot of coins but they are not Worth much if you sell them directly. Hold the coins until next price spike and sell them with nice profit!

So don't look at mining calculators. Or maybe do what calculators say you should not do. When Everything turns around you have already got your coins and you sell them. It is like stock markets. Buy low and sell high. Do the same when mining. Mine your coin when other people mine something else and get profit later.

 

As others have mentioned you need to factor in the price of Eth going down when you perform your calculation of likely profits.

Also make sure to calculate Nanopools pool fee for Eth which is 1%.

By the time you wrote that the profitability was outdated 

That said, I don't chase profitability too slavishly; I like to mine coins where difficulty is low relative to price (a subjective call, I'll admit) and that I think have reasonable prospects. I started mining UBQ when it was $1.77US then stopped when it hit $4.00; started MUSIC when it was $0.04 then stopped when it hit $0.10, then started again just yesterday and will probably keep mining it until I hit my next round 1000 in quantity.

But I consider both coins more speculative - along with TZC (Neoscrypt) and DERO (Cryptonight) - to actually bring in some income I have been mining ZEN on luckpool for several weeks now (and just got a 6x GTX 1060 rig up and running specifically for it).

If you do the calculations (unless I am doing it wrong) MUSIC and UBQ are currently still not as profitable as eth.  Are you seeing something differently?

SPARKS is the most profitable these days, check it out!

What exchanges are GOA offered on? I am not seeing it anywhere.

Look for mining GOA coin (in my signature) - it much profitable then ETH on AMD cards now

Same thing happened to me with Nanopool, except I didn't put up with their low payouts for an entire month...

I don't mine Ethereum, but I have mined two other Ethash coins - MUSIC and UBQ - and I really like Pool.Sexy for both.

Oh, and you are missing out on at least 5 MH/s per 570 by not doing the BIOS mod.

wahhhh all i made was 75$ on 2 cards.... 

if you were walking down the street you wouldn't step over 75$ on the ground would you?  I did not think so.  Calculate % of profit and try and get that anywhere.