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Cryptocurrency GPU mining

EVMaso

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That sounds like a great idea, gotta hustle and find those loopholes! Would probably make great video content. Your YT channel is also coming along quite well. Maybe at some point you won't need the crypto anymore! :p

Anyways my miner has already been set up less than 24 hrs and has already mined $5.5 worth of HNT, in a suboptimal spot just inside my bedroom window (just wanted to test it out to see if it works). Tomorrow I'm making the world's crappiest antenna stand out of PVC pipe to put on my balcony. I might start my own crypto journey thread soon so I'll stop junking up your thread, but I will follow your progress eagerly!
 
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GPM

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My helium miners are not doing nearly as good as I was hoping. I have a better antenna than a friend who is 20km north of me, and yet his rewards are 3x more than mine. He also has a lower scale due to more people being in his hex.

For the first time since I have been mining with LHR cards they are now more profitable on ethereum rather than raven, so I have moved all my rigs over. This will also save me like 1000-1500w of electricity since ethereum is more efficient to mine.

I build a bunch of CPU mining rigs for raptoreum, but that has since tanked and rewards dropped hard. So they won't ever payout on that algorithm, but now they are set up for when I swap it to something else.
 

EVMaso

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My helium miners are not doing nearly as good as I was hoping. I have a better antenna than a friend who is 20km north of me, and yet his rewards are 3x more than mine. He also has a lower scale due to more people being in his hex.
Apparently it's not enough to be in a good location with not a lot of competition and having a good setup. You also need to connect to miners who are also the same. So if the people you are connecting with are boomers who just plug in their miners in their basements, that does you no good. It's really out of the individual's control.

I also feel based on looking at various hotspots that height and clear line of sight are probably the biggest factors that can influence earnings.

The person who earns the most in my immediate area has an atrocious scale of like .12, but he's probably at the very top of one of the office towers near me. With the stock bobcat antenna he's pulling around 20HNT a month.
 

GPM

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A friend just sent me this! Talk about a crazy home setup. This guy has this in his garage. He must have a crazy electrical panel to be able to handle this. It would use roughly 53kw of powersignal-2021-12-19-21-54-56-424.jpg
 
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GPM

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So I did a video analyzing that deal in the post above.


And today I just might put together a deal for cards at $14 USD/MH. This also includes motherboard and risers and everything needed to run! Unsure on PSU just yet. If I can figure out how to make this work this will be for roughly 840MH worth of cards, but ~150mh would need to go to someone helping me put this together. It is still pretty exciting, lets see what happens!
 

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He must have a crazy electrical panel to be able to handle this.
Once you start messing with electric panels you realize how easy it is to add power.

I’ve got hookups in my garage for my 50A RV and a welder if need be. My garage previously wouldn’t even run my air compressor and chest freezer simultaneously. I could run an entire second home off of my garage electricity now.
 

GPM

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Once you start messing with electric panels you realize how easy it is to add power.

I’ve got hookups in my garage for my 50A RV and a welder if need be. My garage previously wouldn’t even run my air compressor and chest freezer simultaneously. I could run an entire second home off of my garage electricity now.
Hey mr. Kak sir, want some graphics cards in your garage?

You don't even want to know the quote I got from our city utilities just to run power to the property line. Did not even include running it the next few feet to the garage or anything
 
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Hi GPM, thanks for sharing your journey with all of us! Can I ask what are your thoughts on the Goldshell KD6 miner? I am planning to get it to get started on my journey.
 

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Hi GPM, thanks for sharing your journey with all of us! Can I ask what are your thoughts on the Goldshell KD6 miner? I am planning to get it to get started on my journey.
Is that an ASIC Miner? I have never used one before.

So I noticed a discrepancy between my SMOS and HiveOS hashrates for similar cards. Turns out after some digging I was running older Nvidia drivers on HiveOS and I guess it was not as stable on the LHR unlock. I just updated all the drivers and the results look promising! I have gained about 20-40mH across my LHR farm so far. I will do some better math later, but things are looking good.

While starting up some 3080ti cards I noticed that they were also hashing at 115MH before that LHR lock kicked in. That card would be a beast if not for the LHR BS Nvidia pulled. With it they are doing 85ish MH.

Nvidia is also releasing a 12GB (up from 10) 3080, and a 3090ti GPU. The prices on this are looking to be INSANE!!!! A 12gb 3080 is something like 45% more expensive than a 3080 10gb when it was released. So just to clarify I am going to show you guys all the cards that Nvidia currently has out (I am sure I am missing some):
3090ti
3080ti
3080 10gb LHR
3080 FE 10gb non LHR
3080 12gb
3070ti
3070 LHR
3070 FE non LHR
3060ti LHR
3060ti FE LHR
3060 v1
3060 v2
3060 FE
3050
1660ti
1660 super
1660

Plus they have a whole ton of lower end models, and possibly things like a released 2060 super or something with 12gb memory. these guys are going insane. Talk about polluting the market so bad no one has any idea what is going on. Imagine if you cared about what card you had as you only got a single card every 3-5 years? It is freaking insane. Nvidia also has an absolute stack of Mining specific cards which I will not even get in to.
 

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AMD also has a stack of cards, but it is not quite as bad. These are what they have at the moment that I know of:
6900xt
6800xt
6800
6700xt
6600xt
6600
5500xt

AMD is also very clear about which one is better than the one before it. higher number is better, XT on the end makes it better than the number before it, but not as good as the next number higher. Very easy
 
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Antifragile

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the above all sounds like English but I don't understand it. :(
You guys are smart ppl. Cheers.
 

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I wanted to say this for everyone to read.

NOTE:
I built 2 rigs back in 2017-2018.
6x RX480s @ 4gb
4x 1070s @ 8gb

Used Nanopool to mine ETH, ETC, RVN, Haven, TUBE

I am going to tell you the negatives that no one else is talking about.

1. Power is not cheap. You will have to calculate the cost and usually is 50% of your expense. Depending on the crypto market, you might not even earn enough to pay for the power bill.

2. Noise. A rig is not quiet. Basically it's a space heater.

3. Power breaker. Countless times the rig in my attic would trip the breaker box. Now that is probably my fault but that is something nobody else seems to mention.

4. Hardware degrades overtime. Do you think my 1070s that I bought back in 2018 are the same in 2022? No way. The value of hardware depreciates overtime.

5. Opportunity cost. So my mining rig costed me $2000 and made me $50/ month. IF I just bought $2,000 worth of ETH @ $100 (back in 2017) instead of mining for ETH, I would have $60,000 ($2,000 x 3,000 per ETH ATLEAST). Would you really care about that $50/month anymore?

6. Your earnings are STILL reliant on the crypto market. Do you think I made that much when ETH was $100 vs $3000? No way. The value of mining comes from the total hashrate (from others mining) and the value of the coin I'm mining (ETH).

7. Software issues. I have to sit in my attic during freezing winters and steaming hot summers just to get the damn rig working. And sometimes, it takes days before you fix it.

8. Broken equipment. I had to replace my power supply and raising cables over the lifetime of mining. It's not just a one-time investment and you're good.

Closing Words:
IF you want to be invested in crypto, just buy the damn coin. Refer to number 5 (opportunity cost).

Mining crypto is just a parallel to investing in dividend stocks. You get monthly income but in the grand scheme of things, that investment is just not worth it.

If I had to do it all over again, I would've just bought $2,000 worth of ETH back in 2017. Far better returns than have a hunk of hardware up in the attic wasting countless hours troubleshooting.
 

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ruzara5

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Got a tech friend he started in 2009 with BTC. He was in it in the early infancy. He operated his mining rigs in a old trailer. He did it for a few years. Then around 2013 he went into other crypto endeavors. Power, issues around hardware and software and the growth of mining caused many shifts. He likely took the Bitcoin and HODLed a little and upgraded his life alot more.
 
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Ing

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I
I wanted to say this for everyone to read.

NOTE:
I built 2 rigs back in 2017-2018.
6x RX480s @ 4gb
4x 1070s @ 8gb

Used Nanopool to mine ETH, ETC, RVN, Haven, TUBE

I am going to tell you the negatives that no one else is talking about.

1. Power is not cheap. You will have to calculate the cost and usually is 50% of your expense. Depending on the crypto market, you might not even earn enough to pay for the power bill.

2. Noise. A rig is not quiet. Basically it's a space heater.

3. Power breaker. Countless times the rig in my attic would trip the breaker box. Now that is probably my fault but that is something nobody else seems to mention.

4. Hardware degrades overtime. Do you think my 1070s that I bought back in 2018 are the same in 2022? No way. The value of hardware depreciates overtime.

5. Opportunity cost. So my mining rig costed me $2000 and made me $50/ month. IF I just bought $2,000 worth of ETH @ $100 (back in 2017) instead of mining for ETH, I would have $60,000 ($2,000 x 3,000 per ETH ATLEAST). Would you really care about that $50/month anymore?

6. Your earnings are STILL reliant on the crypto market. Do you think I made that much when ETH was $100 vs $3000? No way. The value of mining comes from the total hashrate (from others mining) and the value of the coin I'm mining (ETH).

7. Software issues. I have to sit in my attic during freezing winters and steaming hot summers just to get the damn rig working. And sometimes, it takes days before you fix it.

8. Broken equipment. I had to replace my power supply and raising cables over the lifetime of mining. It's not just a one-time investment and you're good.

Closing Words:
IF you want to be invested in crypto, just buy the damn coin. Refer to number 5 (opportunity cost).

Mining crypto is just a parallel to investing in dividend stocks. You get monthly income but in the grand scheme of things, that investment is just not worth it.

If I had to do it all over again, I would've just bought $2,000 worth of ETH back in 2017. Far better returns than have a hunk of hardware up in the attic wasting countless hours troubleshooting.
I calculated, too.
It depends, when you buy and sell the coins and when the equipment.
Depends on taxes, too.

But in the end I came to the same conclusion.
 

GPM

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Well after deciding that I don't want to be a prisoner in Canada I left in November, and have been running things remotely. I have also not done as good a job at scaling this compared to how I should have been doing.

So I am now back at it. I got myself a fancy # for electronic recycling in Alberta, and I can now use that for getting some serious quantities of whatever I can get my hands on. I have also signed up for every major electronics supplier in Canada and I will see if I can start ordering parts by the box or truck full, rather than going to stores and getting one at a time.

So this leads me to needing access to 5-6 figures of cash at a time in order to make purchases, which is what I need to figure out.

I originally was not planning on going back to Canada until I am able to leave again. If I go back now I am not allowed to board a plane, train or boat, and I don't think I am allowed to cross into USA either. So that still kind of leaves some stuff up in the air, but I need to have all my ducks in a row for when I figure out what I can do.
 

GPM

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Slight change of pace on this stuff.

I am still going to build out a massive mine, but in the mean time I want to try this out:
  • Organize my older rigs into 6-8 card rigs, and put them up for sale
  • Use the sale money to order brand new components, in matching rigs of 6-8 cards
    • 8x 1660 super or 8x 1660ti, in a server case (256-280 MH on Eth)
    • 6x RTX3090 build using 2400watt server PSU in an open air frame (720 MH on Eth)
    • 8x RTX 3060ti LHR in a server case (352 MH on Eth)
  • Put the matching rigs up for sale and run them at the same time. I can use the time before they sell to dial each card in perfectly so that it is fully optimized. Sell the rigs as a fully up and running system with perfect settings on every card
  • Use the sale proceeds to continue doing this and snowball into a larger sales AND mining operation using my own money
Just brainstorming here, but some ideas to flesh out are the following:
  • Build a really big mine using creative power. Power such as gas generators next to oil and gas wells. Sea Cans with mining rigs using Oil and Gas co-generation plants. Sea Cans on Farms utilizing farm energy and pricing. Moving rigs into place that require generated and purchased heat for operations. They can use my waste head from computers, and I can use their power and space, come up with some sort of a win-win
  • Sell mining rigs to people who are interested in mining but have no idea how to build rigs and just want them. I can either sell them as a complete unit (Here you go, enjoy!), or possibly host them as well. They buy the equipment, I set it up and manage it for them. They pay for power costs and a management fee (Could be a flat fee based on energy usage), I manage the rigs for them, 100% of the crypto goes to their own wallet address. If they ever want the equipment they no longer pay for electricity and management, and I just ship it to them
  • I can sell custom equipment to people who know what they are doing, and just give them the parts
  • I can sell pre-built units 100% ready to go that have been fully optimized and are ready to go, they just plug in their own wallet. I like this as it gives me the opportunity to mine to my own address for the weeks it takes me to dial it all in, free hardware for me essentially until it sells.
With these IT accounts I have set up I have access to hundreds and hundreds of graphics cards right now, just no capital. So once I start rotating some stuff out if I can sell it, I can keep snowballing into bigger and bigger operations.

I have no idea if this sells or not, but there is a guy in my city selling a custom 6 card 3090 rig, brand new, for $30,000 CAD (before taxes). I don't know if anyone would buy that or not. I can build the same exact rig for under $20,000. That is a pretty serious markup that I would be fine not even getting close to.
 
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Antifragile

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They buy the equipment, I set it up and manage it for them. They pay for power costs and a management fee (Could be a flat fee based on energy usage), I manage the rigs for them, 100% of the crypto goes to their own wallet address.

Or you charge a fee % of all crypto mined and keep it as a payment for your services. They buy the output but you manage their hardware. Love this. I know this is already around as "cloud mining". Research that a little. I have a friend who was showing off on his phone with me. I am too dense to understand it, so I just enjoyed my wine instead.
 

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Slight change of pace on this stuff.

I am still going to build out a massive mine, but in the mean time I want to try this out:
  • Organize my older rigs into 6-8 card rigs, and put them up for sale
  • Use the sale money to order brand new components, in matching rigs of 6-8 cards
    • 8x 1660 super or 8x 1660ti, in a server case (256-280 MH on Eth)
    • 6x RTX3090 build using 2400watt server PSU in an open air frame (720 MH on Eth)
    • 8x RTX 3060ti LHR in a server case (352 MH on Eth)
  • Put the matching rigs up for sale and run them at the same time. I can use the time before they sell to dial each card in perfectly so that it is fully optimized. Sell the rigs as a fully up and running system with perfect settings on every card
  • Use the sale proceeds to continue doing this and snowball into a larger sales AND mining operation using my own money
Just brainstorming here, but some ideas to flesh out are the following:
  • Build a really big mine using creative power. Power such as gas generators next to oil and gas wells. Sea Cans with mining rigs using Oil and Gas co-generation plants. Sea Cans on Farms utilizing farm energy and pricing. Moving rigs into place that require generated and purchased heat for operations. They can use my waste head from computers, and I can use their power and space, come up with some sort of a win-win
  • Sell mining rigs to people who are interested in mining but have no idea how to build rigs and just want them. I can either sell them as a complete unit (Here you go, enjoy!), or possibly host them as well. They buy the equipment, I set it up and manage it for them. They pay for power costs and a management fee (Could be a flat fee based on energy usage), I manage the rigs for them, 100% of the crypto goes to their own wallet address. If they ever want the equipment they no longer pay for electricity and management, and I just ship it to them
  • I can sell custom equipment to people who know what they are doing, and just give them the parts
  • I can sell pre-built units 100% ready to go that have been fully optimized and are ready to go, they just plug in their own wallet. I like this as it gives me the opportunity to mine to my own address for the weeks it takes me to dial it all in, free hardware for me essentially until it sells.
With these IT accounts I have set up I have access to hundreds and hundreds of graphics cards right now, just no capital. So once I start rotating some stuff out if I can sell it, I can keep snowballing into bigger and bigger operations.

I have no idea if this sells or not, but there is a guy in my city selling a custom 6 card 3090 rig, brand new, for $30,000 CAD (before taxes). I don't know if anyone would buy that or not. I can build the same exact rig for under $20,000. That is a pretty serious markup that I would be fine not even getting close to.
Curious, that 6 card 3090 rig, what sort of returns are you getting from it mining?
 

GPM

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Curious, that 6 card 3090 rig, what sort of returns are you getting from it mining?
Based on this seconds data, that rig will bring in ~ 0.30 Eth per month. That is worth about $1000 USD. Electricity would be something like $130 USD/month.

So that particular rig flows roughly $870 USD/month after electricity, and straight raw costs for me to build it would be about $15,000 USD. Earnings are down significantly compared to the mad times 6 months ago.

The 3090 is also more of a show piece. There are far more efficient cards per $ spent. The hashes you get per dollar are a lot less than other cards, but they take up a lot less space.

For example, a 3090 does ~ 120MH and costs ~ $2600 CAD. A 1660s/ti costs $470 and does $32-35 MH. I can easily get 5 1660s/ti cards for the same price as a single 3090, but it would do over 160mh
 
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Based on this seconds data, that rig will bring in ~ 0.30 Eth per month. That is worth about $1000 USD. Electricity would be something like $130 USD/month.

So that particular rig flows roughly $870 USD/month after electricity, and straight raw costs for me to build it would be about $15,000 USD. Earnings are down significantly compared to the mad times 6 months ago.
Assuming the price of ETH stays flat or increases, that's a minimum 70% return (assuming no major downside). Impressive.

I've always wanted to get into mining, but I always thought it was saturated or not worth it anymore...
 

GPM

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Assuming the price of ETH stays flat or increases, that's a minimum 70% return (assuming no major downside). Impressive.

I've always wanted to get into mining, but I always thought it was saturated or not worth it anymore...
Well I guess this is where someone like me comes in! I can make it easy for someone who doesn't want that learning curve to build something but has the money for it.

Anyone can ship you the parts, but putting them together, and getting them to run together with no issues is where the magic is. With like 2-4 weeks of run time I could get that rig running about as optimally as possible, and downtime would be reduced to essentially zero, with a manual reset being able to fix almost everything.
 

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The amount of crypto I bought ... but I have no interest in doing the actual work of mining (learning, setting it up etc.). My business is my only focus, but what can we do to help you launch that next level stuff?
I am in @GPM and maybe with @MoneyDoc, all Canada!
 
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Ing

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We sometimes buy rigs of people, who don’t succeed in making them run propperly. Profitable, too.

You could host rigs at a place, where you get cheap electricity and sell the electricity for the price, where its more expensive.
 
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The amount of crypto I bought ... but I have no interest in doing the actual work of mining (learning, setting it up etc.). My business is my only focus, but what can we do to help you launch that next level stuff?
I am in @GPM and maybe with @MoneyDoc, all Canada!
Count me in!

@GPM I'm currently looking into it a bit more, but I think you'll have your first couple of customers if you do decide to take this to fruition.
 

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@GPM Curious, how will ETH 2.0 affect all this?

They're moving to PoS, no? Won't this make mining obsolete?
 
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GPM

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@GPM Curious, how will ETH 2.0 affect all this?

They're moving to PoS, no? Won't this make mining obsolete?
Mining will just change to a different algorithm and coin. I have my eyes on several. Ergo, ravencoin, ethereum classic, firo....

Something will take all of the GPU power that is current on ethereum, which just happens to be the most profitable at the moment.

So all this hash going somewhere else will do a few things. Difficulty will increase on those coin, thus reducing payouts. And increased interest will probably drive the price up. Eventually the market will stabilize and there will be a few major players who take all that hash power.

As it is these alternative algorithms are anywhere from 50% all the way up to like 95% as profitable as ethereum is to mine, depending on what you are using to mine it with. It's not the Doomsday people are making it out to be. Hell, there are ways to mine any number of algorithms and have your rewards pay out in Bitcoin automatically if that is what you want.
 

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Mining is still very profitable at the current value of cryptocurrency?
Profit=reward-cost
Reward depends of Crypto value
Cost depends of electricity cost

So when the value goes down, profit will narrow zero.
When electricity cost rises, profit will narrow zero.
On pages like minerstat, you can put in the variables and see the profit.

For example you take a RTX3080 founders edition, that has no LHR, and use
Electricity 0.4€/kWh
ETH 3200,- atm
Minerstat.com shows:
(The first result allways seems a bit optimistic with 4.5€, I take the second, which mostly ends near the reality)

Profit per day =4.05€-2.15€=1.9€

Well, the cost is 2.15€, whereas the reward is 4.05€ Or really 0.0014 ETH.
That means, as long as the rewarded 0.0014 ETH are worth more than 2.15€ (the cost), its still profitabe.
That profitability border is at current at 2.15€ / 0.0014 ETH=1536€/ETH or 1706USD/ETH.

Here you can adjust the parameters:

I hope, that was related to your question.

That calculation not includes the cost of the system. When the reward decreases, sure the cost of the equipment decreases, too.
And when you keep the equipment some years, it will be outdated some day.
All in all the calculations are not easy and will bring no scientific right result.
 
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GPM

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The Ethereum merge, Eth 2.0, is happening sometime today or tomorrow. That means Ethereum mining is dead and gone essentially as of right now.

As hashing power moves away from Ethereum and onto the alts the difficulty is SPIKING on those coins. Alt coins that are Proof of Work are also going pretty nuts with pricing.

The coins I am watching right now are:
  • Ergo
  • Ravencoin
  • Neoxa
  • Ethereum Classic
  • Flux
  • Conflux
  • Firo
I think that is about all of them. Ethereum has about 20x the hashrate as Ethereum classic (ETC), and it is estimated that 50% of the network hashrate is from ASICs which will have nowhere to go but ETC. So that means ETC is probably going to get a 10x increase in overall hashrate very soon. Already it is completely unprofitable for GPU to even compete on ETC from the ASICs that have hit it so far. In anticipation of this I have sold a bunch of alts and traded it for ETC just in case it goes somewhere.

What am I mining at the moment?

All my AMD cards are on Ravencoin or Neoxa, both use the same algorithm which is very power intensive, but the AMD cards are significantly more efficient on it compared to Nvidia.

Nvidia 10 and 20 series cards and 1660 are on Flux. I sold off most of my 10 series cards before, so just a couple 1060s left. 20 series are bonkers good on Flux. 2080ti is the hands down best card for this algorithm.

My Nvidia 3060, 3060ti and 3070 cards are on Ravencoin or Neoxa. They use less power and have better cooling capabilities than their larger 30 series cards.

My Nvidia 3070ti, 3080, 3080ti and 3090 cards are all mining Ergo. This algorithm is very low power usage and easy on the cards.

All of my stuff is still on for the moment as it is profitable, but things can change in a hurry. The next few months are going to be an ABOSLUTE MESS until things get settled out.

Now is the absolute best time to go out and purchase equipment (ASICS and GPU) if you ask me. Right now there is "blood in the streets" and people are panicking. Best time to acquire hardware for pennies on the dollar.
 
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GPM

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Ethereum merge has gone through, what an absolute mess for anyone GPU mining at the moment! The difficulty has spiked through the roof on every coin, so until things find an equilibrium pretty much nothing is profitable at the moment.

ETC hashrate has gone from like 40TH up to 307 TH at the time of writing this, so I figure it still has some room to grow. I am guessing it will get close to 500TH

Here are some network hashrate changes so far as of this writing. From about a week ago to right now:

ERGO: 25 -> 220 (TH)
Raven: 3 -> 20 (TH)
NEOXA: 1 -> 4 (TH)
ETC: 45 -> 307 (TH)
Flux: 3 -> 6 (Sol)
Firo: 60 -> 350 (GH)

Ethereum had something like 950TH to disperse among these other coins. if 450 goes to ETC, that means 450 will go to the alts. Some rough math on Eth Hashrates compared to these others. So if it is a 2x that means that 1MH on Eth will give you 2MH on whatever it is.

ERGO = 2x
Raven, Neoxa, Firo = 0.5x
ETC, Flux = 1:1

So based on those little numbers I am seeing a swap of ~250 TH to ETC, and 45 TH to some big alts. Lets just double the Alt coin value because I am not tracking all of them.

This gives us like 350TH of power moved over from Ethereum so far. We still have something like 500-600 TH to go!!!

I would guess a lot of the world who mines literally had no idea this was even happening and are really confused that none of their rigs are connecting anymore.
 

Ing

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ETHW is promising, but can be only warm air, too.
We run the 3070/3080 on Ergo, too.
Profitability is a big ? Nowadays.
3090 still at 1 k. We ll have to wait a bit more.
 
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