Yeah so how much electricity? How do you know you are profitable if you don't know your own power costs? Usually that's the problem with profitable mining.

can easily be calculated. I did say its a small profit and a labour of love Do you mine as well?

No I dont mine anything, thats why I ask about it as I'm a noob.

I've been small scale mining for a little over 2 years now. Assuming he is mining the most profitable current coins, (right now probably MTP or GRIN) with 11x 1660 TIs he's making around $6-7 in revenue per day. Not sure where he is located, but electric cost MASSIVELY impact profit. For example, going by the average US rate of ~$.13/kWh he makes about $3/day. Using say, California's ~$.19 kWh rate he would be down to about $1.5-$2/day.

He probably was talking about electricity, but presumably you spent $$$s on the GPUs, CPUs, motherboards, power sources, etc. 11x 1660 TIs alone is probably something like ~$3k alone. At $3/day profit it would take you ~3 years just to make back your initial investment in GPUs alone. Factor in depreciation (GPUs are worth less over time) and you are likely losing money.

Your in the Ball park, like I said its a labor of love, currently building my 3rd rig and if everything goes well I will be up to 20 cards within 2 weeks. Power costs are cheaper here in canada 11kw-13kw cdn where I live, and fluctuate based on demand. Also the 1660s are low consumption cards.

Yeah agree its a fun hobby but i def don't recommend expanding if you are actually trying to make money. If you think crypto you mine will increase in value, just buy some with $$s. The biggest mistake people getting into mining make is that they extrapolate current prices/costs/difficulty; while prices may fluctuate, difficulty is always increasing across the board.

There are some advantages to mining, 1. ill be ready if it every gets really profitable, 2. if I were to invest my money into coins and they go to zero then im left with nothing, in this case if the coins go to zero I still can get 50-70% of my money back by selling the hardware, so it works as a bit of a hedge. Plus did I mention its fun

1. This is just hopium prediction. Mining might as well get more competitive over time, and you'll never reach profitability.

2. This assumes you'll be mining coins with a very high margin. If your capex and opex are roughly equal to the cost of mining there's very little downside protection. You also need to write your equipment off pretty agressively with the way things have been developing.

To be really competitive I'd guess you need about $0,03-0,04/kwh. Maybe you can go a bit higher right now for certain shitcoins as long as you don't hodl them.

So how much are you paying right now?

Mining ALWAYS gets more difficulty/competitive over time, as long as it remains profitable at all. The only time that changes is when it becomes unprofitable for those with higher mining rates; difficulty can also temporarily "reset" when say, eth fixes its difficulty bomb, or a coin switches algorithms to stop ASICs.

He mentioned he is paying "11kw-13kw cdn" so around $.08-$.1, which is actually pretty good. Of course, since my last estimate of $6-$7 in revenue a day, btc has dropped in price, alts have dropped in price, and difficulty has (probably, not going to check) slightly increased. Plugging in $.09 in power costs to whattomine its now about ~$5 in revenue a day and $2.50-$3 profit after power costs.

Full disclosure (and story), I started mining in November 2017 with a 6x 1060 3gb rig that I bought off craigslist for 3.4 eth (~$1200). I mined a ton of different things including spec mining some alts and shitcoins. For a brief period of time in January 2018 I was making something like $50-$60/day in profit, it was absurd. Thanks to that crazy run-up I made back my initial investment in less than 2 months, and luckily had been selling most of what I mined so I didn't lose much in the crash.

However, I noticed that despite prices cratering, difficulty didn't really decrease; more and more people "ran the numbers" and determined mining was less risky than buying crypto. They plugged in current price and difficulty into a calculator and thought "wow if I spend $4k on this rig I can make $12/day and make back my money in less than a year!" This caused an insane demand for GPUs in early/mid 2018; many retailers were sold out, and even used cards were going for like 2x retail. IIRC 1080 Tis were going for $950+ and even 570s were $350-$400; it was incredibly profitable flipping cards around this time.

Of course, this influx of thousands of new miners massively increased difficulty, and the market never really recovered, so mining was bringing in less in both terms of $$s and BTC. I saw the writing on the wall and tried to sell off my initial 1060 rig on craigslist and had a few offers at $3,000 (!) but the market crashed again (March iirc) and buyers ghosted or tried to drop price by $500+. In hindsight I wish I had just sold it for ~$2500 or something. Luckily Ravencoin came out right around then and I mined a ton; difficulty was super low and I was mining something like 800/day. Made a nice chunk when it spiked to 1k sats.

Fast forward to today, I still have the 1060 3gb rig and have been mining ever since. I'm making something like $1/day after power costs (lol). I could maybe get $600-$700 selling off the GPUs, but I don't have original packaging and am too lazy.

Btw for comparison, when I first got the rig it was generating something like .8 eth/month on ~140Mh/s hash. Today, the same hash gets something like ~.3 eth/month. Mining Raven, looks like I'd get around 50/day.

Anyone lending Dai on compound? Currently ~12% interest rate. Seems pretty good. I'm guessing its because it is seen as relatively new and untested and so perceived as relatively risky?

You're taking smart contract risk with the Compound contracts and DAI risk. Basically 2 risks, hence the high fees. DAI has been pretty stable for 2 years, and Compound for about a year. You get like 12% to lend and it's about 18% to borrow. Not sure why ppl would pay those borrowing fees. Also not much DAI liquidity out there.

Very nice write up!!!!!. any Ideas if there is a way to avoid buying windows 10 for each setup? (I know I can run linux but nobody got time for that), dunno but for some reason that 100 bucks kills me for each rig lol, was hoping to meet a couple of like minded people who could maybe for a little group.

Win 10 key cost 10 bucks online.

Got some LTC a day ago @~76 feels good for now imo.

So 700k satoshis.

How many more years before LTC is less than 1 satoshi?

i doubt LTC will ever go below 1 satoshi. Is bitconnect even less than 1 satoshi? Feels like at some amount of Satoshi > 1 people would buy the entire supply just because

Paying 700.000 precious satoshis for a worthless Litecoin.

been watching CVC for a bit now and decided to pick some up when it went under .004. finally got lucky and hit a pump

DNT also popping off a bit

I just used windows 10 trial version iirc

lol, 3 weeks later and 11 1660 tis now get ~$4.10 in revenue and ~$1.80 in profit

Hashgraph open access in 1 minute

For people with some dbc bag left :https://www.reddit.com/r/DeepBrainCh...m_source=share
I don't remember how much I have left but that's as close to an official nail in the coffin as possible

Gotta respect the honesty
Lol

Buyer beware when you buy something called DeepBrainChain.