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Cryptocurrency: My Crypto Mining Experience * 3
    #27714187 - 03/30/22 02:48 PM (1 year, 9 months ago)

Over five years ago, I attempted solo mining Ethereum via the Geth client on my dual GPU's.  After mining for a week with no blocks discovered, I hung up the operation and let the idea of mining crypto sit quietly on the backburner in my mind.  It's unfortunate that I didn't attempt to mine via a pool, as the rewards by now would have been rather handsome, even at Southern California Edison's rather high retail power rates.  Finally, after getting an oversized solar array installed on my roof, and noting that the electric utility was only compensating me at wholesale rates (about 90% less than retail value) for my overproduction, I decided it would be a good time to utilize my excess energy production to begin mining again.


Fast forward to present day and I have a pretty rippin' computer newly online:
  • CPU: AMD Ryzen Threadripper 3970X
  • MB: Asus Prime TRX40-PRO S
  • RAM: 64 GB [16GBx4 DDR4-3200 G.SKILL Ripjaws V]
  • CPU Cooling: NZXT Kraken Z73 360mm Liquid Cooling
  • GPU 1: nVidia GeForce RTX 3090
  • GPU 2: nVidia GeForce GTX 960 (strictly for multi-monitor support)
  • SSD 1: 2 TB Samsung 980 PRO M.2 PCIe NVMe Gen 4
  • SSD 2: 2 TB Samsung 980 PRO M.2 PCIe NVMe Gen 4
  • Case: NZXT H710 - includes 3 x 120mm fans + 1 x 140mm fan

     


I've opted to start my renewed mining adventures via NiceHash simply for the simplicity of it all, even as it does ultimately appear to skim off about 5% of the potential profits I might obtain by mining with a more traditional pool that requires just slightly more legwork to get up and running.  I may yet try other pools, but since I'm only using a single GPU, the easy of getting going via NiceHash is well worth the minor tradeoff in absolute profits.

So after a day of mining, using NiceHash's "Lite" optimization setting via QuickMiner, my RTX3090 is producing ~102MH/s when I'm not using the computer and ~98MH/s when I am using the computer for light duty (e.g. office applications and web browsing), while pulling around 260W of power.

Now, the RTX3090 should be able to produce ~120MH/s under optimal conditions, so there is definitely room for improvement.  For starters, I note that NiceHash's optimization profiles above the "Lite" optimization I'm using, cause my VRAM temps to spike to undesirable levels (<95*C and I even hit 110*C when trying the "Extreme" optimization, which immediately throttles performance in attempts to safeguard the GPU).  I have adjusted the fan curve on my GPU to run more aggressively, which has helped with some of the temperature issues, but the problem of excessive VRAM temperatures seems to be somewhat common with the RTX 3xxx series cards and it looks like I have a couple of more things to do to mitigate it.

I can start by checking the thermal tape used between the VRAM chips and the GPU's metal backplate, as there are reports of weak sauce tape being used, which at times may not even make effective contact with the backplate of the card.  The VRAM is also just not effectively cooled as it is opposite all of the fans and major heatsinks on the board.  So, I found and purchased a pretty nifty GPU backplate radiator/cooler complete with silicon thermal pad, heatsink with two integrated fans that ships from Hong Kong.

   

It'll be a few weeks before it arrives, but for $40, it seems very convenient and likely should be adept at mitigating the high VRAM temps I'm seeing when pushing the RTX 3090.  The thermal padding it comes with is only 3W/mK, so I'll probably buy a sheet of 12W/mK off Amazon for another ~$15... but the integrated fan and custom sized heat sink was too good a deal to pass up.  If that isn't enough mitigation, I also have room to add three more case fans to the NZXT H710.  For the time being, I'm operating with the glass sidewall removed from the case.

All things considered, it looks like my daily profitability (with BTC @ ~$42K since the NiceHash platform accumulates rewards only in BTC) will be around $5 per 24 hour period on the single RTX3090 @ ~100MH/s.  At that rate of reward, it would even make sense for me to setup additional GPU's to mine at retail power rates, were it not for the caveat that Ethereum (which is presently the most profitable to mine) is likely weeks or months away from migrating to its proof of stake algorithm.  Makes me wonder why I dragged my feet for so long on this operation!

:foreheadslap:

The next best alternative to mine is Ethereum Classic (ETC), which is ~20% less profitable, but still a viable solution.  Other decently profitable options are coins I know absolutely nothing about, namely CFX, SERO, CCX, FLUX, YEC.  One can explore a list of expected mining profitability at WhatToMine.com, as profitability metrics change with some regularity.

Anywho, I'll update after I've been at it for a little while, especially once my GPU backplate active heatsink radiator arrives.  I know we've had some miners on the board here, deadwk and DieCommie come to mind as early adopters in the space.  Anyone else putting their GPU's to use?


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Re: Cryptocurrency: My Crypto Mining Experience [Re: geokills] * 1
    #27751171 - 04/25/22 07:37 PM (1 year, 8 months ago)

Well, this little experiment got me pretty excited after figuring out how simple it was to setup, especially if I'm willing to let NiceHash handle my overclock settings and pick the most profitable mine for me (presently Ethereum) in exchange for giving up ~2.7% of the maximum mining reward.  The RTX3090 has been plugging along for almost a month now, with an average accepted hash rate of just over 101 MH/s.  This was a conservative setup, as I have also been using it to power my 144Hz refresh rate 4K monitor (as well as two additional ~2K monitors).  The 3090 has kept its VRAM temps stable at around 96 degrees average, pulling 225 watts.


That nice little fan+heatsink came in, and I just put it on the card this afternoon.  Secured with a thermal pad sandwich and a couple of zip ties.

     


And so, I've tried some of NiceHash's increased optimization settings, as follows.

MSI RTX 3090 Gaming X Trio
  + backplate heatsink with 2x integrated fans
  + sidewall of case open
  + powering 144Hz/4K monitor + 2x ~2K monitors:

  • Lite Optimization: 98-102 MH/s, VRAM 94-102 (96 avg), 225w
  • Medium Opt: 117 MH/s, VRAM 100-102, 296w
  • High Opt: 122 MH/s, VRAM 102-106, 305w



Since I was gettin' all lathered up on making money off of my excess solar power, I started looking around for larger rigs that could help me offset my surplus production for sizable gain.  I found a pretty slick 424 MH/s rig utilizing 3x 3080's + 2x 3060's that was plug and play (asking $7.5K, offered $6.5K and settled at $7K) and nearly drove out to buy it, but due to a routing issue with Craigslist's email anonymization system, I didn't make the initially scheduled meetup and instead used the time to plan out my own rig, daisy chained off of my existing system for a slightly lower cost (although 424 MH/s @ $7K is reasonable for a fully assembled, overclocked and stable rig, IMO — although not sweet enough to warrant someone paying utility electric rates in the US to bite, I reckon).  Once the GPU bottlenecks fully abate, and depending on inflation's ultimate settlement, I’m thinking a 424 MH/s rig will land closer to $5K in base cost... but I digress.

As it went, I purchased 3x non-LHR (non-limited hash rate) nVidia 3080 FE GPUs, at around $1300 each (slightly painful when you consider their original retail was $700+tax).  I've also purchased a PCI splitter card that will plug into my PCI x4 slot and will run 3x PCI x1 risers to handle the new 3080's.

   


Naturally, I had to test the cards upon arrival (two of which were still in sealed boxes and one of which had been used).

   


They perform admirably, and now I'm just waiting on some 3D printed free standing GPU mounts to arrive from Germany, which I'll use to set these in open air, outside of my main case.  I also have in hand an EVGA Supernova 1200 P2 platinum rated PSU to power the three additional cards.  Not exactly sure how I'm going to spatially organize just yet, but looking forward to getting everything up and running!

Here are the numbers I got off of my initial testing (in box with the sidewall removed) for the new 3080's via NiceHash rockin DaggerHashimoto / Ethereum crunching...

RTX 3080 #1:
  • Lite Opt: 89 MH/s, VRAM 100-102, 195w
  • Medium Opt: 96 MH/s, VRAM 104, 210-213w
  • High Opt: Unstable (with 4K monitor plugged in)


RTX 3080 #2:
  • Lite Opt: 90 MH/s, VRAM 102, 213w
  • Medium Opt: 96 MH/s, VRAM 94, 223w
  • High Opt: 100 MH/s, VRAM 94, 227w
  • Extreme Opt: Unstable


RTX 3080 #3:
  • Lite Opt: 90 MH/s, VRAM 98, 210w
  • Medium Opt: 96 MH/s, VRAM 100, 221w
  • High Opt: 100 MH/s, VRAM 102, 230w


I'll need to retest #1 without my 4K monitor plugged in, as that may explain the slightly lower hash rates.  3080 #2 was impressively cool.  With the way things look and setup outside the box, I don’t think I’ll need to do any additional mitigation for VRAM temps (nVidia cards will throttle performance if VRAM hits 110)… but if necessary, cracking open the cards to replace the thermal pads on the VRAM shouldn’t be too difficult.


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Re: Cryptocurrency: My Crypto Mining Experience [Re: geokills]
    #27751618 - 04/26/22 06:17 AM (1 year, 8 months ago)

Very cool :thumbup: I've thought about starting a crypto mining journey of my own for a few years now, but I can never seem to convince myself to to pull the trigger.... if you didn't have your solar surplus, would you still say it's worth it?


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Re: Cryptocurrency: My Crypto Mining Experience [Re: Rotnpins]
    #27751812 - 04/26/22 09:00 AM (1 year, 8 months ago)



Quote:

if you didn't have your solar surplus, would you still say it's worth it?




The financial success of beginning to mine a PoW (Proof of Work) crypto currency these days is contingent on a few variable factors:

  • The hardware cost
  • Your energy/utility costs
  • Volatility risk of cryptocurrency value


There is an ancillary but significant factor, and that is the Ethereum networks intended migration to PoS (Proof of Stake), which has been delayed repeatedly, but I suspect will happen sometime near the end of 2022 or first half 2023.  Because ETH at present day value is far and away the most profitable network to mine on, the migration to its PoS security/validator/consensus algorithm will result in a longer payback period (i.e. the time it will take for you to recoup the up front costs of your mining rig).

Take a peak at https://www.whattomine.com for an idea of the alternatives, the best of which at present day would be Ethereum Classic (ETC) or RavenCoin (RVN).  There are some other PoW coin networks that may appear more profitable, but I suspect are subject to increased volatility risk because they trade on very thin volume.  With one RTX 3090, at present day values (were they to remain constant over the payback period - which they won't), it would take me about a year to recoup the cost of the GPU via Ethereum mining.  Once ETH moves to PoS, it will take approximately 30% longer to recoup the remaining cost, mining the next best alternative (again, IF prices remain constant).  Don't forget that this calculation assumes I am paying ZERO for my electricity because I am producing it myself via solar.  Peak electric rates in my jurisdiction are up to $0.75/kWh, which would make mining a very difficult proposition indeed.

Of course, if you already have a capable GPU for gaming or graphic/video rendering, it may still make sense to "put it to work" even on paid electricity, but you'll have to do the calculations for yourself as your specific equipment and electric rates will be big variables.  If your electric utility implements a "Time of Use" variable rate plan, you could consider scheduling your GPU to mine only when electricity is cheap, typically between midnight and morning.

As an aside, the Monero (XMR) cryptocurrency network is one of the only major coins to offer CPU based mining.  On my AMD Ryzen Threadripper 3970X (32-Core processor), I can mine XMR and expect to receive about 1 XMR annually if I let it rip 24/7.  Unfortunately, even with a 320mm radiator and liquid cooling on my CPU, the chip gets quite hot at around 90*C, which in turn causes the VRAM on my RTX3090 that resides in my case to get dangerously close to its 110*C thermal limit, and so I stopped the CPU from mining (even though it didn't adversely affect my day to day usability of the computer itself, this processor is a beast!).  The GPU mining is far more profitable and I don't want to risk thermal throttling by hitting the VRAM limits due to the increased heat generated by the CPU in my case.


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Re: Cryptocurrency: My Crypto Mining Experience [Re: geokills]
    #27752234 - 04/26/22 02:33 PM (1 year, 8 months ago)

Quote:

geokills said:

MSI RTX 3090 Gaming X Trio
  + backplate heatsink with 2x integrated fans
  + sidewall of case open
  + powering 144Hz/4K monitor + 2x ~2K monitors:

  • Lite Optimization: 98-102 MH/s, VRAM 94-102 (96 avg), 225w
  • Medium Opt: 117 MH/s, VRAM 100-102, 296w
  • High Opt: 122 MH/s, VRAM 102-106, 305w





I'm now using my RTX3090 to power two displays, my primary 144 Hz/4K monitor via DisplayPort + one 1920x1200 wide gamut monitor via HDMI, and have noted that I lose around 3-10 MH/s when doing basic computer operations (e.g. multiple browser windows, document editor and active charting software).  The deepest drop I noted was 30 MH/s while playing 4K video at full screen.  Not too bad considering this still affords me, at worst, ~87 MH/s on mining, and more typically ~110-120 MH/s while using the 3090.


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Re: Cryptocurrency: My Crypto Mining Experience [Re: geokills]
    #27752462 - 04/26/22 05:13 PM (1 year, 8 months ago)

What's the suggestion on the Monero Algo to not overheat the cpu so terribly?
When they first changed to this one I had stocked up a bunch of GPUs to mine , and then they switched. I only wanted to mine Montero, so I sold them pre COVID.
That Ryzen is a fucking beast.
What are we supposed to go with if it even heats that sweet puppy up like that?


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Re: Cryptocurrency: My Crypto Mining Experience [Re: ashfiken]
    #27752508 - 04/26/22 05:38 PM (1 year, 8 months ago)

:takingnotes:


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Re: Cryptocurrency: My Crypto Mining Experience [Re: ashfiken]
    #27752520 - 04/26/22 05:48 PM (1 year, 8 months ago)

Quote:

ashfiken said:
What's the suggestion on the Monero Algo to not overheat the cpu so terribly?




Well I'm not sure to be honest, as I only tried CPU mining XMR for a few hours and didn't really attempt to tweak anything.  Also, the Threadripper is somewhat notorious for high temps under load, and it won't throttle until 95*C (AMD specifically notes 95*C as max operating temp), so I suspect that it's not that big of a deal anyway and other chips may exhibit different behavior.  Most of these components can handle pretty high temps, but you'll want to check with your specific manufacturer as to where exactly their limits kick in.

I've been reading quite a bit over the past weeks on the subject of acceptable temperatures, and have discovered that although there is yet to be any firm consensus (let alone specific notation from nVidia or Micron regarding high temps on their GDDR6 chips), people who have been mining on the RTX series GPU's for a year or more with the VRAM at or above 100*C on the regular generally report no issues.  One anecdote I came across noted a guy who was hitting the thermal limit at 110*C on the regular and did experience a card failure near the one year mark, although it wasn't confirmed that the high temp VRAM caused it, although it surely seems like a convenient explanation.

If temps are a concern, you need to ensure good case airflow/ventilation, leave your case open and/or move things like your mining GPU's outside of your case altogether.  Liquid cooling with the largest radiators you can employ is also a major improvement over fans alone.  Beyond that, you can try to limit voltage on your various components to bring down operating temps a bit, although this will eventually negatively affect performance.


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Re: Cryptocurrency: My Crypto Mining Experience [Re: geokills]
    #27759118 - 05/01/22 06:39 PM (1 year, 8 months ago)

Noted an interesting spike in my mining profits yesterday, turns out I can thank the folks over at Board Ape Yacht Club's Otherside rollout, where the mad rush to mint land resulted in people paying $500-$10K just to clear their transaction!

:flowstone:



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Re: Cryptocurrency: My Crypto Mining Experience [Re: geokills]
    #27759131 - 05/01/22 06:45 PM (1 year, 8 months ago)

Turning sunlight into BTC, theres something elegant and spiritual about that!


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Re: Cryptocurrency: My Crypto Mining Experience [Re: Asante]
    #27759194 - 05/01/22 07:41 PM (1 year, 8 months ago)

:borat:


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Re: Cryptocurrency: My Crypto Mining Experience [Re: geokills] * 2
    #27764656 - 05/05/22 03:41 PM (1 year, 8 months ago)



Finally received my 3D printed freestanding GPU mounts from Germany earlier in the week and got my three new nVidia GeForce RTX 3080 cards mounted up on their risers.


   


Getting power to all of these power hungry GPUs is a bit of a mess, as the PCI-e riser cards also need to be fed power, since the GPU can draw up to 75w directly from the PCI-e slot that it is plugged into.  The riser on the far right in the wiring photo above has a MOLEX to SATA power adapter cable that is being plugged into a 6-pin slot to power the riser card (in fact there are two of those on that card).  There is some concern about this technique, as SATA power cables are rated for 4.5 amps per supply rail which is only good for slightly over 50w, and thus not suitable to handle the full potential 75 watt load that the PCI-e slot can deliver.  Unfortunately, I had no other 6-pin peripheral power slots available on the EVGA 1200 P2 PSU, and so I had to make do with the 6-pin SATA to 6-pin adapter.  What makes me slightly more comfortable with this arrangement, is that the PCI-e riser cards I have sport 2 x 6-pin and 1 x MOLEX power connectors, and so the pair of the SATA to 6-pin connectors to the card should handle the max 75w load without incident.

Of course, electricity follows the path of least resistance, so if there is something wonky with either of the routes, it is still possible one of the cables could overheat and potentially catch on fire.  However, because the RTX 3080 has a 370watt power limit, and my rig has been running the cards at a real power draw of 205-235w per card, I'm relatively comfortable that the two SATA connections to the riser won't be drawn for the full 75w slot load (let alone collectively overdrawn), since each card also receives two 8-pin VGA connections directly from the PSU, which can safely deliver 150 watts each.  Conjecture has also noted that nVidia drivers may attempt to draw power from the direct PSU connections before the PCI-e slot, although I'm not especially comfortable leaving my safety up to conjecture... and so I have been physically monitoring the SATA to 6-pin riser power cables regularly since inception, and fortunately they have remained the same temperature as other cables and surrounding ambient material.


   


Now after all the wiring up, getting that pesky PCI-e splitter card to function properly turned out to be a pain in the ass and took the better part of an entire day.  I knew ahead of time that there may be some BIOS tweaking necessary to get it to work, although I had of course hoped that my very up-to-date system would preclude some of the hassle.

...Unfortunately, it did not :lol: :foreheadslap:

After trying a litany of different BIOS settings with the splitter in my PCI-e 4.0 x4 slot, without being able to get the system to boot, I swapped the splitter into one of the larger PCI-e 4.0 x16 slots and was able to get it running with only one 3080 plugged in.  Anymore than that, and I'd hit a D4 debug code on my ASUS TRX40-PRO S motherboard, indicating a PCI allocation error "out of resources".  Knowing that my Threadripper CPU allows for 64 PCI-e lanes, I couldn't believe I had overspent the limit (although I did try disabling additional PCI-e resources via BIOS just in case... which didn't help).  Finally, I landed on the following suite of BIOS settings, which has allowed the splitter to function correctly with the three RTX 3080's online:

  • Disable CSM (in the BOOT section of BIOS)
  • Enable "Above 4G Decoding"
  • Disable "Fast Boot"


It should be noted that I ran through iterations of Gen1 through Gen4 settings for the individual PCI-e slots in the BIOS, as had been recommended by others, but that didn't seem to help get things going in my case.  I'll also note that Disabling CSM was the last thing I did, which finally got things up and running.  Also note that I have not back-tested by disabling "Above 4G Decoding" or re-enabling "Fast Boot", because as the ol' saying goes, "If it ain't broke, don't fix it!"  I'll also mention that once I disabled CSM (even with Fast Boot disabled), my Windows 11 system boots into the OS noticeably faster than it ever has before.

In the interests of providing maximum trouble shooting coverage to anyone who lands on this thread with similar issues, I would also note that I run six monitors and could not get Windows 11 to extend my desktop onto more than two of the six after getting the riser cards up and running.  This was the case regardless of which GPU I had the various monitor cables plugged into.  I could activate any monitors, but only two at a time.  Windows System/Hardware could see all of the GPU's (two on board + the three on risers) without conflicts, and it could see all of the monitors that were plugged in on the Display Properties page, including those that were inactive, and it could even tell me which GPU each monitor was plugged into!  Needless to say, this was a very frustrating experience.  Ultimately, after digging around reddit, tom's hardware forums and various other pages via search, someone mentioned using the nVidia Control Panel app to setup the monitors, which I did, and voila, success!

Happily converting my excess solar into $$$, got all my displays functioning as preferred and my system appears stable!  Given 24/7 uptime, stable crypto prices (LOL!) and a yearlong delay on Ethereum's Proof of Stake migration, my annualized profit on this system will be north of $8,500.  Total investment into the additional hardware beyond my regular computer components which I would have had anyway (i.e. the three RTX3080 non-LHR cards, risers, stands, PSU, cables and splitter card) came out to $4821.  Payback period for the mining investment: 205 days.

   


And what would my electric utility have paid me for my annual excess production that will net me thousands of dollars?

    Around a hundred bucks!

          :mindblown:


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Re: Cryptocurrency: My Crypto Mining Experience [Re: geokills] * 1
    #27860226 - 07/12/22 05:50 PM (1 year, 6 months ago)

Figured this thread deserves an update, given the rapid depreciation of the crypto market in the wake of the Terra LUNA failure and generally risk-off investor behavior of the past few months.  As if the drop in crypto value wasn't hurting miners enough in and of itself, Ethereum has also seen a deceleration of use which has brought transaction fees back to earth.  Good for network users, but not so great for miners.  Then there's the supply overhang for GPU's, with a lot of units hitting the market as miners find themselves unprofitable and looking to unload hardware, or otherwise wanting to bail before ETH goes Proof of Stake and the remaining alternatives for GPU mining will provide even lower rewards.

Long story short, that $23+ a day I was earning after getting things up and running, has deteriorated to (at its trough) < $5/day, and is presently hovering between $7-8/day with my consistent 405-410 MH/s rig consisting of 3x RTX 3080's + 1x RTX 3090.  This is around a 68-78% reduction in aggregate profitability.

Fortunately for me, this project was designed primarily to avoid selling my solar electric overproduction to the utility at their forced contract bargain basement wholesale rates, and therefore so long as my rig generates a reward in excess of ~$1.40/day, I'm able to run more profitably relative to what the utility would pay me for the electricity I would otherwise feed into their grid.  On unfortunate timing, I would note that I bought those three RTX 3080 GPU's right before the market glut and thus paid almost twice what they're going for now.

Other than those tribulations derived of market volatility, the operation has been stable, my office is a bit toastier than usual, and I'm happy to let these fancy calculators keep churning.  On a revised outlook, were crypto prices to remain constant (LOL), my annual reward rate is hovering just over ~$2,000, which balloons my hardware payback period from 205 days to over two years (and likely longer, given that ETH should be Proof of Stake by then).  As an aside, I will note that using NiceHash Quick Miner with Bit Defender security software active on my system has been a real pain in the ass.  Even with directory and file-specific exclusions, I have to turn off Bit Defender entirely to install a NiceHash Quick Miner software update.  And occasionally upon system update or reboot, Bit Defender gets cranky and interferes with NiceHash.  Fortunately, my system is very stable and so long as there are no urgent updates requiring restart, I typically reboot once a month, but it is nevertheless annoying that Bit Defender won't let me permanently exclude everything related to NiceHash.


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Re: Cryptocurrency: My Crypto Mining Experience [Re: geokills]
    #27860789 - 07/13/22 05:45 AM (1 year, 6 months ago)

Good to know. I was considering getting into mining, but this was months ago and the writing was already on the wall. Once I saw how little my one meager 3090 could produce, and then adding in electricity costs, it became a foregone conclusion.

Definitely the way to go would be solar or some other type of electricity from off the grid, as you seem to be doing.

Do you see any new cryptos popping up that would suddenly be worth it to mine, or any return to the "Gold Rush" of yore?


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Schizophrenia beats dining alone, you know.


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Re: Cryptocurrency: My Crypto Mining Experience [Re: Ima Trooper]
    #27860935 - 07/13/22 08:48 AM (1 year, 6 months ago)

Honestly, there's nothing to suggest comparable or better mining rewards in the future, at least not right here right now.

Your next best bets are likely to be EthereumClassic (ETC) and possibly Ergo (ERB) or RavenCoin (RVN); as they are (as of this writing) at most ~22% less profitable than Ethereum mining is presently, have acceptable market capitalization and already have somewhat significant mining competition.  One has to suspect that many miners will attempt to mine alternative coins when ETH goes to Proof of Stake, and the migration of these miners will have a direct effect on the mining difficulty (and thus profitability) of these smaller coins.  That is why, although there may appear to be some coins that are more profitable to mine than the three aforementioned alternatives, those other coins' profitability will be disproportionately affected due to their presently low mining difficulty and/or low liquidity for the coin itself.


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Re: Cryptocurrency: My Crypto Mining Experience [Re: geokills] * 1
    #28001631 - 10/16/22 10:47 AM (1 year, 3 months ago)

TDLR: Mining is barely profitable and I have shut down my rig.

Expanded view:

With the previously high profit Proof of Network Ethereum blockchain now running a Proof of Stake consensus mechanism, alternative Proof of Work networks have been flooded with new (former ETH) miners seeking yield, thereby increasing mining difficulty on those alternative networks, and in turn decreasing profitability.

The bottom line is that my rig, which consisted of 3x RTX 3080 and 1x RTX 3090 (all full hash rate, for around 405-420 MH/s total), peaked at around $25 of gross daily earnings.  In the wake of Ethereum's Proof of Stake merge, the next best alternatives with my hardware are presently paying out at best, $2.50 of gross daily earnings, effectively a 90% reduction in profitability.

Because I run my own solar and have always overproduced on a net basis annually, I could continue to mine in efforts to capture these meager rewards, but it just doesn't make much sense, for a few reasons...

  • The value of the GPU's on the secondary market will deteriorate faster than I can recoup it via mining.
  • The heat produced by my rig (over the summer) required considerably more air conditioning use to maintain comfort in my home, which resulted in more energy consumption than I had originally anticipated (and which went beyond my capacity to overproduce via solar).
  • The noise of the rigs in my office just isn't very peaceful, and certainly not worth suffering over for a couple of extra bucks a day.


All things considered, I had hoped Ethereum would have dragged its feet on its merge to Proof of Stake.  As a result of the transition, as well as having purchased some of my supplemental mining equipment during peak pricing, this entire operation was more or less a wash.  I'm selling the excess hardware at about 50% of what I paid for it, and more or less made up the difference via my mining rewards.  It was an interesting experience, and I'm glad I did it, but (at least for the time being) the current landscape does not warrant me continuing to mine.  If that changes someday, I'll be sure to post about it here first!


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Re: Cryptocurrency: My Crypto Mining Experience [Re: geokills]
    #28063528 - 11/21/22 04:23 PM (1 year, 2 months ago)

have you ever considered scaling up like how much could you resonably have in your house off solar power i was thinking i should set up a big rig and use solar the ironey of using sunlight to get real money "kind of" is cool as shit


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Re: Cryptocurrency: My Crypto Mining Experience [Re: bigdave113]
    #28064658 - 11/22/22 12:07 PM (1 year, 2 months ago)

I pretty much maxed out my easily built-upon sunlight soaked space with a nearly 10,000 total watt solar array, and as we do like to utilize the air conditioning fairly heavy in the summer, as well as electric heaters in our greenhouse in the fall, winter and early spring, I didn't really have anymore room to scale up the endeavor unless I wanted to build freestanding arrays in the yard, but we prefer to use that space for vegetables and a fruit orchard.  My goal was simply to zero out my production with the crypto mining, and I definitely didn't have headroom to add more than 4 rigs given the energy I produce with the system in place.  Given the extremely depressed revenue from mining at this juncture (due to the Ethereum merge in addition to general market depression), it's really not something that is particularly feasible right here, right now.


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