Topic: hello gang! new here (got some question in regards to mining) (Read 119 times)
I don't switch coins that often. I watch them and if over 3-5 days a coin looks to be more profitable using my GPUs and I expect it to be sustainable and not just a fluke with current exchange rates or something, then I'll manually switch my pools around. Right now I'm mostly mining ZCash but watching Bitcoin Gold closely as it looks more profitable as of late. I may not be a cool miner though
However, my confusing part is that why do they give you an estimate on dollar amount if it's not gonna be anywhere near that (i would assume $18 instead of 14 bucks ive been getting on 3 gpu).
Some things to keep in mind when estimating mining earnings:
- Luck: The key thing to keep in mind is that these are all estimates based on probability. Over longer period of time or with really large hash rate numbers the estimates tend to be closer to reality, but they're still estimates and won't be perfect.
- Exchange Rates:When you start estimating in dollars, you also have to account for the variability of the exchange rate which is even more volatile than difficulty. So best to estimate your expected earnings in the coin that you mine if possible (which is more difficult when you're profit switching).
- Exchange fees: Even converting from one coin to another (e.g. e.g. an altcoin to litecoin) will incur fees for the exchange.
- Mining pool fees and miner fees are a factor (e.g. https://www.nicehash.com/help/fees). Most of the miners themselves collect a fee by periodically using your hardware to mine for themselves which often equates to a 1-2% "fee".
- Reward System:How the mining pool actually rewards your contribution varies as well. See https://bitcointalksearch.org/topic/m.1146110 for more info. This is bitcoin specific post, but broadly applicable for the most part.
- Difficulty: A variable to account for in estimating is the future "difficulty" of the coin which cannot be predicated all that accurately (for more on difficulty see https://en.bitcoin.it/wiki/Difficulty, which is bitcoin specific but generally applies to most coins). This usually isn't a major factor for estimating earnings a few days out, but is a major factor when estimating a weeks or months out.
Looks like you're earning about ~18% less than what the calculators estimated. So either the calculators are just wrong or some of these variables are eating into the estimates.
Thanks for the reply! it does make a lot of sense now! However, how do you cool miners do for profit switching mining then?
However, my confusing part is that why do they give you an estimate on dollar amount if it's not gonna be anywhere near that (i would assume $18 instead of 14 bucks ive been getting on 3 gpu).
Some things to keep in mind when estimating mining earnings:
- Luck: The key thing to keep in mind is that these are all estimates based on probability. Over longer period of time or with really large hash rate numbers the estimates tend to be closer to reality, but they're still estimates and won't be perfect.
- Exchange Rates:When you start estimating in dollars, you also have to account for the variability of the exchange rate which is even more volatile than difficulty. So best to estimate your expected earnings in the coin that you mine if possible (which is more difficult when you're profit switching).
- Exchange fees: Even converting from one coin to another (e.g. e.g. an altcoin to litecoin) will incur fees for the exchange.
- Mining pool fees and miner fees are a factor (e.g. https://www.nicehash.com/help/fees). Most of the miners themselves collect a fee by periodically using your hardware to mine for themselves which often equates to a 1-2% "fee".
- Reward System:How the mining pool actually rewards your contribution varies as well. See https://bitcointalksearch.org/topic/m.1146110 for more info. This is bitcoin specific post, but broadly applicable for the most part.
- Difficulty: A variable to account for in estimating is the future "difficulty" of the coin which cannot be predicated all that accurately (for more on difficulty see https://en.bitcoin.it/wiki/Difficulty, which is bitcoin specific but generally applies to most coins). This usually isn't a major factor for estimating earnings a few days out, but is a major factor when estimating a weeks or months out.
Looks like you're earning about ~18% less than what the calculators estimated. So either the calculators are just wrong or some of these variables are eating into the estimates.
Hello fellow awesome miners! I just started doing about a week ago (been watching a lot of youtube and thought it'd be fun to set up my own rig). Anyway, I have some question and i've trying to search for answer but can't seem to find the correct answer for it. I'm not sure if i'm just a little slow or super slow...but I started with nicehash and based on what the program says, i should be making between 5-7 (let's just say 6) on 1 1080 ti gpu. However, i switched to awesome miner and now using 2 computers (1 1080 ti computer and 1x2 1080ti computer). according to awesome miner..i'm averaging between $6~$10 per (let's say just 6 on the safe side). I set auto exchange coins as LITECOIN as somebody on youtube suggested and it transfers out when it hits 0.06 litecoin. but based on my two full days mining on two machines...i got the following deposits
12/31 - 0.05974494
01/01 - 0.06548191
I have it on "profit switch" so it looks for the most profitable mining at the moment. However, my confusing part is that why do they give you an estimate on dollar amount if it's not gonna be anywhere near that (i would assume $18 instead of 14 bucks ive been getting on 3 gpu).
Any help would be great
thanks!
12/31 - 0.05974494
01/01 - 0.06548191
I have it on "profit switch" so it looks for the most profitable mining at the moment. However, my confusing part is that why do they give you an estimate on dollar amount if it's not gonna be anywhere near that (i would assume $18 instead of 14 bucks ive been getting on 3 gpu).
Any help would be great
thanks!
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