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Nicehash Thread

Discussion in 'Crypto Currency & Mining' started by kakarott, 12 Feb 2021.

  1. pc-guy

    Mobster

    Joined: 29 May 2005

    Posts: 3,883

    That quote is right in most part. The issue is that the hashrate of RVN isn’t the same as ETH.

    3070 ETH - 60MH
    3070 RVN - 30MH
    3070 CFX - 50MH

    so directly transfer eth hashrate over to another coin/network isn’t the correct maths. But generally speaking the principle is correct as all the people is sharing smaller pot of money per day therefore the mining profit will dive hard.

    a lot of people are spec mining RVN hoping that it’s value will go up after eth go to PoS. Which may or may not happen. Loads of miners crowding to a particular network doesn’t make that coin more valuable. Someone has to take up the technology and most importantly people has to trade it and use it…

    only time will tell which Alts will be the next Eth
     
  2. Jay85

    Soldato

    Joined: 22 May 2010

    Posts: 6,553

    I do this but the hashrate drops to around 30mhs lol, rather just turn it off instead of stressing the card.
     
  3. Maccy

    Commissario

    Joined: 23 Nov 2004

    Posts: 38,322

    Location: Herts

    I haven’t mined for a few weeks now, what with the lower payouts and the current temps.
    Have payout figures stayed the same or increased at all?
     
  4. Jerry64

    Wise Guy

    Joined: 6 Mar 2012

    Posts: 1,245

    Location: South West

    still low pay outs but still mining away here @
    0.011756 ETH
    Last 24 Hours Reward
     
  5. Colonel_Klinck

    Soldato

    Joined: 3 Oct 2007

    Posts: 5,855

    Location: London, UK

    Are you around the 440mh with that payout?
     
  6. Jerry64

    Wise Guy

    Joined: 6 Mar 2012

    Posts: 1,245

    Location: South West

    456 give or take

    is 480MH/s but have relaxed the OC on all my cards because of the temps atm
     
  7. dave1983

    Mobster

    Joined: 9 Dec 2009

    Posts: 2,596

    Location: Andover

    Does seem to take longer on Eth couple of weeks ago within 14 days i was around 0.0013 eth, now after 14 days i've only just hit 0.001 eth. The thing is nothing has changed from setup and at lunch times i used to game for an hour before going back to mining and now it's on constantly from 8am to 8pm. So the difficulty is definitely going up along with Eth Shares unable to break $2500. So what took me 6 weeks to hit 0.05 eth cashout i think will take 2 months! not only that 0.05th is about 120 dollars is around £87.00 and after gas fees and transfer fees is about £60.00 (Kraken you cannot cash out until you reach £100 on some bank transfers). Eth is at a point of break even or no ROI so I am definitely considering stopping in August when i think we go back to the office.

    Look at the difficulty https://etherscan.io/chart/difficulty

    it's gone down slightly but it's only going to get harder mining blocks
     
  8. Th0nt

    Capodecina

    Joined: 21 Jul 2005

    Posts: 12,678

    Location: N.Ireland

    Two things you have highlighted there:
    1. Difficulty rising - the more people join in the less you get (this is uncontrollable and unless you scale up hardware you wont maintain that mined amount)
    2. FIAT value of ETH has gone down
    The other item to mention is the third point, 3. The payouts are generous if the gas fees are high - miners are rewarded when people pay extra for fast transactions. This is chiefly down to congestion when DeFi tokens are being swapped (so you need to catch these waves to get bonuses).

    You cant make a fair comparison when those variables are not consistent. The final thing to mention is if ETH undergoes any EIP updates it can adjust the rewards so that each block it changes from 2.5 ETH down to say 2.3 ETH then the distribution to miners is less to go around. This is why your amount is lower than a few weeks back, not just difficulty.
     
  9. dave1983

    Mobster

    Joined: 9 Dec 2009

    Posts: 2,596

    Location: Andover

    Thanks

    Really interesting to read, do you think EIP 1559 will make Eth unprofitable? as i understand that gas fees will be fairer when mining blocks but the question will be the difficulty.
     
  10. Th0nt

    Capodecina

    Joined: 21 Jul 2005

    Posts: 12,678

    Location: N.Ireland

    Not on its own no. Once the 'Ice Age' (google that) takes a grip they will freeze out the PoW miners. It is almost a year away from any concrete PoS change so miners will be ok for a while yet. They can make it less profitable which is why popular youtubers and miners have banded together to make a point.
     
  11. Joe Jones

    Gangster

    Joined: 11 Dec 2019

    Posts: 186

    Location: Cardiff

    I haven't kept up to date with Ethereum EIP's but base block reward is 2 Eth. Everything else is gas fees.

    We've had quite a run of very low gas fees which is great for the users of Ethereum but no for miners.

    EIP-1559 looks to introduce a system where the gas price is normalized and predictable. This doesn't mean that gas can't get crazy high again but it's unlikely to make block rewards much lower than what we're seeing now which is on average 2.4 to 2.6 Eth.

    For most modern cards it's probably going to take another crypto dump to make things not profitable. (like BTC at $20K and Eth at $1200 with the current low gas fees)
     
  12. pc-guy

    Mobster

    Joined: 29 May 2005

    Posts: 3,883

    You won’t be able to mine eth when it moves to PoS which is meant to happen early 2022 through what’s called The Merge. Don’t kid yourself in thinking there is another year or 18months to mine eth. Plan on your contingency plan now if you haven’t ROIed

    In any case, 1559 isn’t going to be much worse than the current profitability as the gas fees are so low it is probably gonna be similar to what 1559 gonna do. Last week I saw some blocks with 2.1eth when gas were only 4gwei!!!
     
  13. Th0nt

    Capodecina

    Joined: 21 Jul 2005

    Posts: 12,678

    Location: N.Ireland

    It was a simplified example. If you look at the block explorer logs even though you only ever get 2 Eth - you can clearly see most rewards are between 2 and 3 (i.e. higher than 2!!). This is why I used an arbitrary figure. ;)

    [​IMG]
     
  14. Joe Jones

    Gangster

    Joined: 11 Dec 2019

    Posts: 186

    Location: Cardiff

    It's important to note that the base reward is always 2 and everything on top is gas paid to the miners for processing.

    A couple months ago gas was crazy high (500+) with a lot of transactions taking place. Block rewards were 5/6/7/8 sometimes you'd see a big one at 15 or 20. The base reward was the same though at 2 Eth and everything else was gas fees.


    EIP-1559 doesn't affect base reward so if EIP-1559 goes through the absolute minimum block reward will still be 2 Eth. What we're seeing right now is what I imagine block rewards will be after EIP-1559.

    There's no other mention of EIP affecting block rewards right now so we know what the minimum block reward will be and ergo can make a good guess as to what worst-case profitability is.



    Of course, Proof-of-Stake completely changes that since well there's no more mining!
     
  15. greatash

    Wise Guy

    Joined: 29 Aug 2013

    Posts: 1,012

    current profits are down but doesn't matter for me, I'm not selling for current prices I've made that mistake back in 2013/2014.

    that $10 a day could translate to $100 a day in 10 years
     
  16. kakarott

    Hitman

    Joined: 10 Jan 2021

    Posts: 534

    Anyone else turned their rig off for today?
     
  17. Th0nt

    Capodecina

    Joined: 21 Jul 2005

    Posts: 12,678

    Location: N.Ireland

    No its been overcast and basically not sunny/hot over here. I can see on telly the events look scorching hot :rolleyes: one of the reasons mining where I am seems to be less of a problem. It does get warm but nowhere near as bad when you have no sun beaming down hard outside.
     
  18. Harlequin

    Mobster

    Joined: 17 Jun 2004

    Posts: 4,149

    Location: Eastbourne , East Sussex.

    Just bought a 9000 btu aircon unit for the laounge - had a 20% off voucher from ebay and it was £193 delivered.....
     
  19. SaBBz

    Mobster

    Joined: 18 Oct 2002

    Posts: 2,893

    Location: Elsewhere

    My cards are sitting at 48 degrees, so nice and cool.
     
  20. krooton

    Caporegime

    Joined: 9 May 2004

    Posts: 27,251

    Location: Leafy outskirts of London

    I've actually improved my kH/J since dropping to 60% power limit.

    Card stays under 60ºC (3060ti so no memory concerns) and I am still managing £2 a day.