Everyone said the same thing a year ago when I started mining...
I sunk $4K into my rigs, and made $5.3K in 8 months.
Obviously the difficulty of mining changes over time. It's normally very profitable to mine a coin when it first comes out.
The difficulty of Ethereum is going up right now because the price is the highest it's ever been, but generally, it's still profitable to make money mining, it just won't necessarily be too much.
But remember, never invest money that you're ok losing. As with all stocks / shares etc. it's an investment...
Topic: Just a few questions from a mining noob! (Read 407 times)
Thanks for going through it. So I buy 3 Radeon RX 470s i should be making 91.90$ a month not including pool fees? But then why have I heard so many people saying mining is no longer profitable when with less than 1000$ of equipment you can make over 90$ a month?
they don't want the diff(the absolute diff on the whole crypto not just eth) to increase...
Like Amph said they do so to keep newbies out of buisness so difficulty won't go higher ,but you realy got it all , according to current price and your $/kwh and difficulty you are going to make a profit , but what is really true about mining is that it needs alot of patience
Thanks for going through it. So I buy 3 Radeon RX 470s i should be making 91.90$ a month not including pool fees? But then why have I heard so many people saying mining is no longer profitable when with less than 1000$ of equipment you can make over 90$ a month?
Because negativity.
Also, you can get your RX 470's to hash at a higher 27-28 per card, and reduce wattage from 150 to 120W per card with tweaks. You have the basics right, figure out the more complicated stuff, and mining is pretty profitable.
Thanks for going through it. So I buy 3 Radeon RX 470s i should be making 91.90$ a month not including pool fees? But then why have I heard so many people saying mining is no longer profitable when with less than 1000$ of equipment you can make over 90$ a month?
they don't want the diff(the absolute diff on the whole crypto not just eth) to increase...
Thanks for going through it. So I buy 3 Radeon RX 470s i should be making 91.90$ a month not including pool fees? But then why have I heard so many people saying mining is no longer profitable when with less than 1000$ of equipment you can make over 90$ a month?
You basically got it all right.
Hi everyone! I'm thinking about getting into GPU mining. In particular ethereum mining and I just have a few questions.
1. It says that the Radeon RX 470 has a power consumption of 150. Does this mean that if I have a cost of 13 cents kWH I should be paying 0.468$ per day to have 1 running?
2. Does this stack? It says a Radeon RX 470 has a hash rate of around 24 MH/s. Does this mean if I get 3 I should be getting 72 MH/s and paying 1.404 dollars a day for electricity?
3. If so why are people complaining that mining is not profitable anymore? I put it into a mining profitability calculator and it says it will be making me 91.90 cents profit per month! This means it will pay for the hardware in less that 8 months. It isn't really anything to live off but 92 dollars is still a lot of money. Even if ethereum drops back to 18 dollars I will still be in the green.
4. Did I go wrong somewhere in my math or is it really that worthwhile? I understand that in 6 months this GPU will not be as profitable as there will be faster ones on the market but is it at least somewhat realistic to make a profit with 2-3 of these for the next half year?
Thanks for anyone that takes the time to read and anserrs these questions. It really means a lot to me!
1. It says that the Radeon RX 470 has a power consumption of 150. Does this mean that if I have a cost of 13 cents kWH I should be paying 0.468$ per day to have 1 running?
2. Does this stack? It says a Radeon RX 470 has a hash rate of around 24 MH/s. Does this mean if I get 3 I should be getting 72 MH/s and paying 1.404 dollars a day for electricity?
3. If so why are people complaining that mining is not profitable anymore? I put it into a mining profitability calculator and it says it will be making me 91.90 cents profit per month! This means it will pay for the hardware in less that 8 months. It isn't really anything to live off but 92 dollars is still a lot of money. Even if ethereum drops back to 18 dollars I will still be in the green.
4. Did I go wrong somewhere in my math or is it really that worthwhile? I understand that in 6 months this GPU will not be as profitable as there will be faster ones on the market but is it at least somewhat realistic to make a profit with 2-3 of these for the next half year?
Thanks for anyone that takes the time to read and anserrs these questions. It really means a lot to me!
Jump to: