Ethereum GPU mining?

[ultimatebob]

I'm not sure why you think that Ethereum "avoided" the drop in value. It's currently $613, when it was over twice that just 3 weeks ago.

 

[IntelUser2000]

I'm not sure why you think that Ethereum "avoided" the drop in value. It's currently $613, when it was over twice that just 3 weeks ago.

I worded it wrong, but I assumed you were keeping track of its news as well, sorry.

Few weeks ago when BTC and other cryptos were dropping, Eth held its value. Due to those few weeks, the drop from the peak is noticeably less than other cryptos. Although if the carnage continues, I doubt that'll continue to hold true.

 

[Head1985]

ETH is now at 560usd no way its profitable now.

 

[IntelUser2000]

ETH is now at 560usd no way its profitable now.

Depends on your electric costs. Even then, at the moment it'll take close to 50 cents usd per KWh to reach breakeven point.

At 10 cents it would need to drop to $130. That's assuming difficulty doesn't drop. It will. Mining is usually considered dead when the ROI time of the investment becomes really long. If you have the equipment paid off though, usually profitable.

Long time holders may prefer the value dropping significantly in the short term. Because that'll cause the difficulty to drop and you'll mine more per invested hardware.

 

[Head1985]

Depends on your electric costs. Even then, at the moment it'll take close to 50 cents usd per KWh to reach breakeven point.

At 10 cents it would need to drop to $130. That's assuming difficulty doesn't drop. It will. Mining is usually considered dead when the ROI time of the investment becomes really long. If you have the equipment paid off though, usually profitable.

Long time holders may prefer the value dropping significantly in the long term. Because that'll cause the difficulty to drop and you'll mine more per invested hardware.

538days to ROI now with 6xGTX1070 each for 450USD and power cost 0.20cent.But there is no Ram, cpu,MB,PSU price in that.Only cards.

 

[Charlie22911]

Difficulty should adjust as miners go offline same as BTC yes? I’ll keep mining on the side just because I need to heat my home. If I’m gonna burn power I may as well get a few coins for it.

 

[IntelUser2000]

Difficulty should adjust as miners go offline same as BTC yes? I’ll keep mining on the side just because I need to heat my home. If I’m gonna burn power I may as well get a few coins for it.

Yes. Difficulty divided by your hash divided by coins generated per block tells you in seconds how long it'll take to get 1 Eth.

Difficulty: 2,723,822,252M
Hash rate: 6x 30MH/s(GTX 1070)
Coins per block: ~3

5,044,115 seconds, which equals to 58.3 days.

 

[Feld]

Depends on your electric costs. Even then, at the moment it'll take close to 50 cents usd per KWh to reach breakeven point.

At 10 cents it would need to drop to $130. That's assuming difficulty doesn't drop. It will. Mining is usually considered dead when the ROI time of the investment becomes really long. If you have the equipment paid off though, usually profitable.

Long time holders may prefer the value dropping significantly in the short term. Because that'll cause the difficulty to drop and you'll mine more per invested hardware.

Your $130 isn't taking taxes into account though. At least if you're in the US (don't know about elsewhere), you're expected to pay income tax on what the dollar value of your coins is at the time you receive them. A miner who generates $1k per month in coins may be making only a small ($100-300) profit depending on federal income tax bracket, possible state and local income taxes depending on location, and electricity costs. For some particularly expensive places it may be close to unprofitable already.

 

[alexruiz]

538days to ROI now with 6xGTX1070 each for 450USD and power cost 0.20cent.But there is no Ram, cpu,MB,PSU price in that.Only cards.

Are you talking about cards you already have?
Because if you are using the $450 price as card you can get, can you share where they are $450?

 

[IntelUser2000]

Your $130 isn't taking taxes into account though. At least if you're in the US (don't know about elsewhere), you're expected to pay income tax on what the dollar value of your coins is at the time you receive them.

That may be true, but like I said I was looking at purely revenue at the time versus power cost. We can go into other areas like possible future valuation of the crypto if you plan to keep it as an investment vehicle, or that mining difficulty somewhat scales with price.

The folks with the biggest problems are those that entered in the past 6 months, and those that frequently convert into fiat.

The crazy ones are those that use the money they don't have(loans for example) to fund crypto. Investments are always done with the money that's lying around. That's good not only for your emotional health but the financial health as well. Risk is inherent. Do it with something that won't make it a chaos for you if the valuation goes to zero.

 

[DrMrLordX]

Hold or buy, you only lose if you sell at a loss.

Some people have no choice, at least in the near term. It'll take forever for BTC to get back to $19k, and it may never get back there.

I don’t know, things are different now compared to how they were in the past. I’m a bit skeptical about recovery, and I think it’s got a ways to fall yet.

We will see if the bloodbath will continue. There's some recovery today (disproportionately for VEChain and NEO for whatever reason) but the 7d damage is still there, and we still haven't gotten through the CFTC's audit of Tether Ltd./Bitfinex.

Also, I never though ETH was something that should hold high value like BTC. It's not finite.

While ETH isn't finite, Buterin has signaled that the days of 14% annual currency issuance are mostly over. They're going down to 0-2% currency issuance annually by the time they roll out full PoS, with possible cycles of negative currency issuance ("fee burn)".

A lot of crypto newbs have been feeding the whales. 5k ETH by 2019 is my prediction assuming the US economy and stock market stays strong.

N00bz are always feeding the whales. 5k is pretty stupid-bullish though. Even Novogratz hasn't predicted anything over 1.5k within that time period.

ETH is now at 560usd no way its profitable now.

a). it's over 700 again. For now.
b). some miners came offline or were temporarily idled. I am still showing a profit on nanopool greater per MH/s than what I was getting during the $300 doldroms or the post-DAO price drop. Profits are down, but not out.

Also, who pays $.20 / kWH? Ouch!

 

[IntelUser2000]

The rise seems to be related to news from Australia that they aren't going to ban crypto purchases using credit cards. I just watched the discussion between SEC and CFTC, and doesn't look like they are going to use drastic measures as China and India is doing.

It shouldn't be a big deal. Credit cards to purchase cryptos do make it lot easier to do so, but it increases the risk. People are already irresponsible regarding credit cards. It does seem like lot of people invested may have done so to escape the traditional financial market. Which is troubling.

The difficulty is so high that there will be a limit of Eth blocks generated. I can't see myself expanding from the 9 cards I have, because while value of Eth going up isn't guaranteed, my power bills will have to go up by getting more cards and systems. Many folks, heck even big mining farms will think similarly.

 

[Elfear]

So I'm on ethpool.org and while it's been great because it pays out on uncles, it's also a huge pool and payouts only happen every couple months. I'd like access to my mined crypto more often than that.

What Ethereum pools are you guys using?

 

[JDG1980]

I'm a bit of a contrarian on this. If crypto prices continue to drop for a while, and AMD cards undergo a subsequent price crash like they did in 2014-2015 after the last bubble, I'd seriously consider building a mining rig at that time. Best time to get in is when other people are getting out. Bitcoin and Ethereum may lose a lot of their value, but I don't think they'll go away - these things seem to go together, remember, during this bubble, Litecoin (the big thing in the first mining bubble back in late 2013) went over $300 a coin (up from less than $2 in the doldrums), and even Dogecoin - a literal joke with no active development team - made a comeback. I think if I wait for the crash and mine Ethereum and Monero, it'll pay off when people get the cryptocurrency bug up their butts again two or three years in the future.

 

[Red Squirrel]

Yep I kinda hope some people start to panic and sell their cards. But if they are smart they'll keep on mining as it's still producing SOME profit. But some people are crazy and actually use credit for this, so they may feel it's safer to sell and try to recoup their loss as fast as possible.

What's funny is the DOW is dropping like mad too, I doubt it's related, but it is kinda of funny. Would be kinda interesting if it somehow is related as it would show that crypto is actually having an effect on the actual stock market.

 

[IntelUser2000]

So I'm on ethpool.org and while it's been great because it pays out on uncles, it's also a huge pool and payouts only happen every couple months. I'd like access to my mined crypto more often than that.

What Ethereum pools are you guys using?

Using Ethermine. I like them for the stats. I used to use Dwarfpool, then did 50/50 between Nanopool and Ethpool. Oh, very early on I also used Supernova.cc. They abandoned Ethereum for a while because they were adopting the purist approach of Ethereum needing to be "infallible" or something. That was because of the DAO hack. Looking at what they are doing, Ethereum Foundation is making the right decisions. Mistakes are inherent in code. If you think code is something that can't change, then oh boy you have a very naive opinion of the world we live in.

There's a big problem with Ethpool. Especially for smaller miners. When the difficulty continues to skyrocket, you may not reach the payout level. Also, if you decide to move to another pool, with Ethpool you have to closely monitor the day you get paid, so little bits of Eth aren't being stored at Ethpool servers without you being able to do anything. That's essentially equal to a few % loss.

 

[Elfear]

Using Ethermine. I like them for the stats. I used to use Dwarfpool, then did 50/50 between Nanopool and Ethpool. Oh, very early on I also used Supernova.cc. They abandoned Ethereum for a while because they were adopting the purist approach of Ethereum needing to be "infallible" or something. That was because of the DAO hack. Looking at what they are doing, Ethereum Foundation is making the right decisions. Mistakes are inherent in code. If you think code is something that can't change, then oh boy you have a very naive opinion of the world we live in.

There's a big problem with Ethpool. Especially for smaller miners. When the difficulty continues to skyrocket, you may not reach the payout level. Also, if you decide to move to another pool, with Ethpool you have to closely monitor the day you get paid, so little bits of Eth aren't being stored at Ethpool servers without you being able to do anything. That's essentially equal to a few % loss.

That's exactly what I'm worried about. I've been hovering at ~50% of the credits needed to make the top of the list for a few weeks now. Plus it looks like ethpool is changing their uncle payout to be random instead of the miner with the most credits.

Ethermine.org has a minimum payout of .05 Eth. Much better and I think I'll be switching over ASAP.

 

[IEC]

That's exactly what I'm worried about. I've been hovering at ~50% of the credits needed to make the top of the list for a few weeks now. Plus it looks like ethpool is changing their uncle payout to be random instead of the miner with the most credits.

Ethermine.org has a minimum payout of .05 Eth. Much better and I think I'll be switching over ASAP.

Ethermine actually pays out weekly regardless of balance. It's a mechanism to mitigate risks associated with a Nicehash type theft.

Edit:
Actually, only if 0.01 ETH or higher:
If your unpaid balance is greater than 0.01 ETH and you have not received a payout from the pool during the last 7 days your account will be paid out during the next payout round, usually after 5 - 10 minutes, independent of your configured payout threshold

 

[IntelUser2000]

Elfear, you must have something like 600MH/s? I'd say as an individual even that's quite high. It's really low for Ethpool though. It would have been ok with 600MH/s on Ethpool back in early 2017.

 

[Red Squirrel]

I'm with ethermine myself, and the nice thing is they pay out either when you reach your threshold, or at a certain given time frame. So even if you don't reach your threshold by a certain time it still pays you out.

 

[Feld]

Elfear, you must have something like 600MH/s? I'd say as an individual even that's quite high. It's really low for Ethpool though. It would have been ok with 600MH/s on Ethpool back in early 2017.

Yeah with the way ethpool is set up, I wouldn't consider mining there unless I had more hashpower than the average miner in that pool. Right now that would mean 6.4 GH. I did mine with them for a while long ago but I saw the writing on the wall and switched away more than a year ago.

 

[Crono]

I've always preferred smaller to medium PPLNS pools since I started mining litecoin and then ether, though I'm a small miner.

 

[ultimatebob]

Man, the fees on Coinbase suck. Those bastards took a $1.49 commission to sell $20 of Ethereum!

 

[VirtualLarry]

Man, the fees on Coinbase suck. Those bastards took a $1.49 commission to sell $20 of Ethereum!

It's $1.99 to sell up to $50 worth of Bitcoin. Above $100, it's $2.99.

 

[ultimatebob]

It's $1.99 to sell up to $50 worth of Bitcoin. Above $100, it's $2.99.

A good excuse to HODL, I guess. Maybe my remaining $20 worth of Ethereum will be worth $1,000 some day.... although I'm not expecting it.