Is Mining still worth it? - page 2. | Bitcointalksearch.org

South Park

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Quote from: Jia Yan on October 14, 2022, 07:56:00 AM

I've recently gotten a graphic card for mining but i heard that currently mining is not worth it as all cryptos are currently in the downfall so its not worth mining. Can anybody give me an advice on it. Your insight is very much appreciated. Grin

The recent change ETH went through in which it transformed from a POW coin to a POS one also has a lot to do with this, miners which were mining the coin now need to find other coins to mine and until a good amount of them give up it will remain unprofitable to do so, if you are only looking to make some quick money then this is not something I will recommend to you, but if you were willing to operate for a loss and your electricity costs are low you could mine some coins, hold them and then sell them during the next bull run.

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Quote from: Jia Yan on October 14, 2022, 09:04:03 AM

Understand if its my own risk. Currently im just looking for another income to sustain. I'm mostly a gamer playing D2, LoL etc.

Crypto mining is not easy because there are many things that you must pay attention to before starting.
Starting from the cost of electricity, how many video cards or rigs you have, the amount of rewards generated, and how much profit you will get.
If you have cheap electricity costs, it has really helped you in the mining process because electricity costs are the main thing in the mining process.
Without it, you will find it difficult to make a profit.
If you are a gamer, maybe you can try to sell game accounts with many characters or rare items because I know that many people are looking for them and are willing to buy them.

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Quote from: Jia Yan on October 14, 2022, 09:04:03 AM

Understand if its my own risk. Currently im just looking for another income to sustain. I'm mostly a gamer playing D2, LoL etc.

It is your own risk because it's your capital is the one that you are using, not him or mine but we are only here to give you advices since you ask for it. It was great that you woke up from the reality that playing video games alone won't get you anywhere but it can only be a waste of time.

If you are a not a kid anymore then you should focus on grinding the real way like what you are planning now, looking for a source of income. Mining can be one of it only if you have cheap sources of energy but if you only entered a little earlier then mining is easily doable even using a graphics card but right now, I think you will need a real mining hardware to be able to mine a btc.

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Quote from: Jia Yan on October 14, 2022, 09:04:03 AM

Understand if its my own risk. Currently im just looking for another income to sustain. I'm mostly a gamer playing D2, LoL etc.

Not worth it to mine as of the moment. You'll get mostly negative from the profits that you'll make in mining because the electricity consumption is where it's mostly going. If you have a free electricity and it's coming from a renewable source or you've got solar panels then it's still profitable to you. But, if you have no free electricity and you have to pay for it then you better just look for something else where you can earn from your hobby of gaming, like offering yourself to play with some people who are looking for a duo or lonely folks that don't have friends.

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In a mining activity, we need some equipment and costs are not small, including the cost of electrical energy. However, the results we get are still in the profit count, although not too big, please continue. Because all the results obtained from mining results are determined by the price of the coins we mine

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Quote from: Jia Yan on October 14, 2022, 07:56:00 AM

I've recently gotten a graphic card for mining but i heard that currently mining is not worth it as all cryptos are currently in the downfall so its not worth mining. Can anybody give me an advice on it. Your insight is very much appreciated. Grin

You would definitely notice that there are lots of graphics card being sold because mining isnt already that profitable specially on mining ETH.

We do even some headlines about miner had been jetwashing their gpus Cheesy

Crypto Miners Jet Washing Nvidia RTX GPUs.
https://www.tomshardware.com/news/crypto-miners-allegedly-jet-washing-gpus
https://www.thecoinrepublic.com/2022/09/24/crypto-miners-jet-washing-nvidia-rtx-gpus/

You do already have the idea.

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If you are going to sell off the few coins you have mined in order to cover the costs, then it's not worth it right now. These days, the point of mining is to gather coins during this bear market so that you can sell them off in the bull market for awesome profits. That when you get to enjoy a nice ROI.

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Quote from: Jia Yan on October 14, 2022, 07:56:00 AM

I've recently gotten a graphic card for mining but i heard that currently mining is not worth it as all cryptos are currently in the downfall so its not worth mining. Can anybody give me an advice on it. Your insight is very much appreciated. Grin

You have to understand the cost of mining and not just look at the market situation, some miners already moved to other places where they can get a cheaper energy and maximize their mining. If you have a good mining rig and the cost of energy in your area is not that expensive then I can day mining is still worth it. Cheaper coins to mine means you can get more and when the bull market hits, that could be a huge profit for you, patience is also the key in mining for you to succeed.

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Mining is only worth when you have access to cheap options energy. If you have this opportunity (which is nearly impossible in current crisis ridden global economy) you can profit through mining. But I see it as more like gambling at this point. Mining Ethereum was one guarenteed way to profit in future - but its gone. Mining Bitcoin is very very hard. Mining other alternative coins is literally like dice game. I encourage people to mine, I support mining but honestly I will never mine, no good way for me.

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Quote from: Jia Yan on October 14, 2022, 09:04:03 AM

Understand if its my own risk. Currently im just looking for another income to sustain. I'm mostly a gamer playing D2, LoL etc.

no you can't mine if your just using a normal hardware or device, where in you need to provide a good one or the expensive graphics and etc if you really want to mine bitcoin and to have good return after all , Its like an investment mate you need to spend morney first to build a mining then after that of course profits will be made after.. And yes it still worth it..

Btw i said these because it seems you want to mine on your gaming device. Lol

RussiaUkraineTranslation

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Quote from: Jia Yan on October 14, 2022, 07:56:00 AM

I've recently gotten a graphic card for mining but i heard that currently mining is not worth it as all cryptos are currently in the downfall so its not worth mining. Can anybody give me an advice on it. Your insight is very much appreciated. Grin

I use to mine 0xMonero and Raven but since mining for 0xMonero stopped and the supply was capped at under 2 million tokens, I moved on to staking. Don't get me wrong, I still hold 0xMR and RVN and I think both of them are great projects but when you compare staking to mining only, staking on platforms like MAXX finance and Spookyswap are much more profitable than mining these days.

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Understand if its my own risk. Currently im just looking for another income to sustain. I'm mostly a gamer playing D2, LoL etc.

Jia Yan

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Quote from: Jia Yan on October 14, 2022, 08:23:43 AM

Quote from: Kenny Tan on October 14, 2022, 08:22:23 AM

Quote from: Jia Yan on October 14, 2022, 07:56:00 AM

I've recently gotten a graphic card for mining but i heard that currently mining is not worth it as all cryptos are currently in the downfall so its not worth mining. Can anybody give me an advice on it. Your insight is very much appreciated. Grin

I Use to do a lot of mining back in the days but currently i have stop doing it as expenses are too high. Right now mostly I'm flipping most of the coin or buy coin to flip as well.

Flipping in what way sorry if its a stupid question hahaha I'm still very new in this crypto platform

There are a lot of ways to flip tbh buying and selling is one of the way. There is not a set point on how do u flip it. I also flip but I use mostly 3rd party web to flip. Since nowadays crypto is applicable in so many different websites, there are a lot of ways but keep in mind is your own risk Grin

I've been thinking about flipping as well might look into in a little more. In your context about 3rd party website what do u mean by that.

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Quote from: Jia Yan on October 14, 2022, 08:23:43 AM

Quote from: Kenny Tan on October 14, 2022, 08:22:23 AM

Quote from: Jia Yan on October 14, 2022, 07:56:00 AM

I've recently gotten a graphic card for mining but i heard that currently mining is not worth it as all cryptos are currently in the downfall so its not worth mining. Can anybody give me an advice on it. Your insight is very much appreciated. Grin

I Use to do a lot of mining back in the days but currently i have stop doing it as expenses are too high. Right now mostly I'm flipping most of the coin or buy coin to flip as well.

Flipping in what way sorry if its a stupid question hahaha I'm still very new in this crypto platform

He means he is just buying and sell it for profit compared to mine it then sold it. This mining discussion is solely for Bitcoin and not for altcoins. You should move this on the altcoin board using the move command on the bottom of your thread once you click edit. And also GPU mining is already not profitable since ETH is the most efficient token to mine using GPU while they are now change to PoS. Your will just gamble to mine unknown tokens or old tokens that don’t have any hype which is not profitable in long run for your mining rig.

Jia Yan

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Quote from: Kenny Tan on October 14, 2022, 08:22:23 AM

Quote from: Jia Yan on October 14, 2022, 07:56:00 AM

I've recently gotten a graphic card for mining but i heard that currently mining is not worth it as all cryptos are currently in the downfall so its not worth mining. Can anybody give me an advice on it. Your insight is very much appreciated. Grin

I Use to do a lot of mining back in the days but currently i have stop doing it as expenses are too high. Right now mostly I'm flipping most of the coin or buy coin to flip as well.

Flipping in what way sorry if its a stupid question hahaha I'm still very new in this crypto platform

Kenny Tan

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Quote from: Jia Yan on October 14, 2022, 07:56:00 AM

I've recently gotten a graphic card for mining but i heard that currently mining is not worth it as all cryptos are currently in the downfall so its not worth mining. Can anybody give me an advice on it. Your insight is very much appreciated. Grin

I Use to do a lot of mining back in the days but currently i have stop doing it as expenses are too high. Right now mostly I'm flipping most of the coin or buy coin to flip as well.

Andzi

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Heya, just created my account so don't take my advice as any sort of gospel. My only experience is being a Blockchain development student.

Currently the hash rate, the amount of computing power working on mining bitcoin is: 260.27 EH/s "Exa hashes per second", let's say you have a high end graphics card (Nvidia 3090) with 120MH/s "Mega hashes per second" and let's assume you're mining in a pool so you're sharing profit instead of waiting x amount of years to mine a block, which includes pool fees.

You're looking at, at most, 50 cents USD per day, or 30 cents if mining Ethereum. I couldn't find a good BTC calculator so I hope someone else knows one.

That's not counting your electricity bill which you have to estimate based on your local electricity cost and power draw from your PC.

If you're profitable, yes you might make a profit in a couple years but I would recommend just playing some games and watching your gains from HODLing.

There are many factors that need to be accounted for and I'm only a student so I'll leave this up to the veterans. Just my 2 cents.

Also, hello BTC community!

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Quote from: Jia Yan on October 14, 2022, 07:56:00 AM

I've recently gotten a graphic card for mining but i heard that currently mining is not worth it as all cryptos are currently in the downfall so its not worth mining. Can anybody give me an advice on it. Your insight is very much appreciated. Grin

The is the Bitcoin section of the Forum and BTC cannot be mined using graphics cards as bitcoin difficulty is literally trillions of times higher than what even the most advance GPU's can handle. Mining Bitcoin requires using ASIC-based miners.

That said, please ask in the altcoin areas of the Forum where you can find the answers you are looking for. Many if not most altcoins can be mined using GPU's.
Requesting the mods to move this to the altcoin area.

Jia Yan

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Oh ya 4 series graphic card is also coming out already and it dictates that the performance is better by 50-70% from the 3 series. Might take into consideration about this.

Han Keong

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Ya bro currently i feel like mining also take a long time return also not so high. My opinion is currently just stock up on bitcoin only no need mining so troublesome. In a way thats my view on things currently with the new graphic card coming out most probably mining performance will increase as well. So its really up to you how to take it.

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