Official Mining Thread

[Riptide]

Even if the market stays up once eth goes proof of stake mining will be disrupted severely for at least a few months. It could be much longer depending on how many people decide to continue and for how long.

I've seen people out there still buying equipment and putting rigs together under the crazy notion that when eth can't be mined any more the value of raven or some other alt will fly up magically to take it's place.

Bullfeathers. That's not gonna happen. It will be months to years before any proof of work project gets anywhere near eth in market cap.

I'm not selling at this point I just consider the rig a sunk cost and a hobby. Thinking about putting a bunch more rigs together in a serious commercial venture? You need your head examined.

[KAC]

For me I just need to make up cost of 2 cards. Everything else is paid up. Also with Nicehash there will be something to mine surely?

I need this over in next 4 months.

[Riptide]

No. What else would there be to mine? Why would this not affect nicehash?

Once all that huge amount of hash power drops off eth it has to go somewhere. It's going to be tons of people constantly switching from one project to another, possibly many times per day, as they drive the network difficulty up and down like a roller coaster on a bunch of different projects.

Nicehash profitability will crater just like everything else will. At least, for a period of time. It will take a huge amount of miners selling equipment in a massive fire sale and quitting along with possibly an increase in market cap of one or more projects, for things to settle down and become worth it again.

[KAC]

So you are saying I should just sell my cards?

[Riptide]

I probably would not. I would keep mining until the end. At that point you can hold onto them and mine again some day, possibly, after the dust settles in who knows how long.

Your other two options are to sell now and maximize what you can get for them in a sale while the prices are still stupidly high. Or, you can keep mining up until the end and then sell them at that point for dirt cheap when everyone else is flooding the market with used parts.

[KAC]

Yes I am keeping it. I am doing about 25 bucks a day right now. Makes sense to run these for about 60-70 days and then maybe sell it.

3/5 cards are fully paid up.

[Leprechaun]

Good boy. They just chillin' on the ground? I also have one ghetto rig with the cards hanging like bats off a rack.

I doubt PoS happens soon..they talked about it for 4 yrs.. you could mine enough eth to pay for the cards before you even have to worry about what coin to mine. Ravencoin and ergo are profitable now but I'm sure in the bear market their price will drop and thus profitability will drop. Also more people will have to get off eth and mine these other coins. Also many will quit mining so that should help.

Just mine, stash sats, and in a few years it'll be worth more. I think I mined ~2/3 worth of a BTC this year. Of course I sell it for alts so it's exploded way more than that.

[Riptide]

I went ahead and got a veddha frame on the way (6 gpu) so will have some fun putting that together. Once the hardware comes out of my crawl space after it finally cools off around here this fall then I can convert everything over to it and give my wife the home depot rack.

Got another shot at a 6800xt on amd's site coming up next week. 5600xt is gonna be the first of my two rdna1 cards I sell off. Probably will go on ebay if it doesn't sell on craigslist or fb. I've learned it's generally a waste of time to sell to miners, they never want to pay much for cards.

PoS is supposedly for real this time, and december is when they drop that bomb. Even if they don't we still have the eth difficulty bomb counting down so they would need to push an update to delay that if PoS is pushed back again.

Rvn and erg are gonna get destroyed once eth goes PoS. No way will they absorb even 1/4 of that hash.

[KAC]

Leper they have lego stands adapted so that they are exactly standing on the ground.

I am making 26 bucks a day now. If prices stay around 45K I only need about till October to pay this whole thing off. I think that will happen. Also if the update comes December 1st I can still sell the cards for about $650 MSRP as shipping is not going to improve anytime soon. Cards are in abundant supply though now here in UAE so whatever price I get will be cherry on top.

What do you guys think? Will BTC hit 100K by end of the year like people are claiming?

[Leprechaun]

They're printing lots of $$$ to prop up the stock market so maybe we're okay for a bit. The only possible problem is a flash crash in traditional markets which means crypto nosedives for a while too. If none of that happens I can see $100k+ by Dec 31.

[Leprechaun]

Huge gains. I'm wishing I was living in the Cayman islands. Only winner here is the government

[KAC]

Yup, pushing the Gs and mining like cray cray these days. Loving it. Which algo are you gays using on Nicehash? I am using simple dagger/excavator eth.

[Leprechaun]

Trex on some and others excavator.
In the new year looks like ravencoin and ergo will be the go to

[SirBaron]

I really don't see ergo or raven coin being remotely profitable once ethereum is gone, unless a miracle happens.

[Leprechaun]

I see their prices going way down in bear market making them yield cruddy mining profits

[Riptide]

Completely agree with Baron, after eth is done then it will be a titanic struggle to gpu mine and maintain even bare profitability.

It'll be weeks to months easily before enough people get out and sell their equipment that it starts to become worth mining again with GPUs.

[KAC]

Payment amount this weekend has gone down severely. Anyone else also experiencing this? Mofos keep doing something. Why can’t they let a guy earn?

[Leprechaun]

Yeah BTC has gone up while eth stayed the same.. cruddier for your nicehash payouts. Also, less congestion on the network = less mining profit$.

Always best when eth to BTC ratio is higher. Probably later in the year. Errrr, when eth price goes up at a higher rate than BTC. Not sure I described that properly.

[KAC]

50 Gs now. This thing gonna fly to $100K. Thinking about just buying some coin rather than mining crap.

[Leprechaun]

Originally Posted by KAC

50 Gs now. This thing gonna fly to $100K. Thinking about just buying some coin rather than mining crap.

That's what $29k was for

[Riptide]

What are you guys going to do with your gpus in December when profitability is not possible after eth goes proof of stake?

Sell them? Build more computers for family members or friends? Put them in a box and let them gather dust?

[KAC]

Will sell them for $550-$600 a pop.

[Leprechaun]

I have a decent stack of GPUs now. Going to keep mining since my electricity is free. Hodl til prices go up in a few years. I should be fine. Could always sell them if needed. They mined many times their cost, not even counting the huge gains from holding diff cryptos. This venture has brought me some serious wife changing money.

I have one of the 3090s in my home system but no games to play since rdr2. Might give a card to my brother if I decide to sell them all.

[Seyiji]

Originally Posted by Leprechaun

I have a decent stack of GPUs now. Going to keep mining since my electricity is free. Hodl til prices go up in a few years. I should be fine. Could always sell them if needed. They mined many times their cost, not even counting the huge gains from holding diff cryptos. This venture has brought me some serious wife changing money.

I have one of the 3090s in my home system but no games to play since rdr2. Might give a card to my brother if I decide to sell them all.

Rip to your current wife

[Leprechaun]

Originally Posted by Seyiji

Rip to your current wife

I post on my phone and can confirm this was NOT an auto correct

[KAC]

Seems Ravencoin does decent right now. Only about 5 dolla behind compared to ETH. Think we will be keeping these cards for a while.

I am making about 26 now and can make 21 with Raven right now.

[SirBaron]

Only because ethereum isn't pos, once that changes the entir ethereum miners will be Mining those coins and the profitibility will drop like a stone.

[KAC]

True.

Profits are down again. Wtf?

[Riptide]

https://www.youtube.com/watch?v=JLuaV-QWXAA

ETH proof of stake delayed again, won't likely happen in December. Q1 2022 at earliest.

[KAC]

That’s tight. More money to mint. Probably will be mid 2022.