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Thread: QOTW: Do you mine for cryptocurrency?

  1. #49
    Senior Member Spreadie's Avatar
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    Re: QOTW: Do you mine for cryptocurrency?

    Quote Originally Posted by rwh202 View Post
    Definitely no expert then! That's what I mean about the general negative response and disbelief people have.

    I'm not going to post my electricity bill, scan.co.uk invoices or tax return here, but I've started mining as a limited company, so if you can wait until next year, then my accounts will be with Companies House for inspection.
    I doubt you'll still be in business if that's how you do your accounts.

    You have 14 cards averaging ~£10 per card per day, but those cards' hashrates are about 20%-25% better than an RX 480 which will only return a quarter of that per day. If you can prove those cards return £9-£10 a day each (average), I'll max my credit card and buy 20.
    Last edited by Spreadie; 11-07-2017 at 03:46 PM.
    Before you judge a man, walk a mile in his shoes; after that, who cares?! He's a mile away and you've got his shoes!


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    Re: QOTW: Do you mine for cryptocurrency?

    Quote Originally Posted by Spreadie View Post
    I doubt you'll still be in business if that's how you do your accounts.

    You have 14 cards averaging £10 per card per day, but those cards' hashrates are about 20%-25% better than an RX 480 which will only return a quarter of that per day. If you can prove those cards return £10 a day each (average), I'll max my credit card and buy 20.
    That might be true, but I'm not hashing...

    I earn 250,000 FLDC per month at 0.000008 BTC plus 6000 CURE per month at 0.00008 BTC. Not sure it can last, but no risk.

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    Loves duck, Peking Duck! bsodmike's Avatar
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    Re: QOTW: Do you mine for cryptocurrency?

    Quote Originally Posted by TriCyclops View Post
    No. It's a waste of electricity and GPUs.
    Agreed!

    I just cashed out my earnings and I'm ordering a 1080Ti for gaming. Crypto markets are crashing due to false info (Vitalik's fake car-crash) and heavy market manipulation.

    Not worth the time and effort - BUT I had a whole lot of fun, compiling the mining software from source. Even had to fix up some CMake issues to get it to work.

    For a while, it was like taking care of a tamagotchi. But when the earnings started to plummet, it got boring real quick.

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    Re: QOTW: Do you mine for cryptocurrency?

    Well i live in the netherlands which has pretty steep electricity prices because of the loads of taxes we have to pay ( we are triple taxed on energy so yes including gas and petrol)
    I have been mining crypto in the paste and when i noticed gpu mining was profitable again, i already knew it will fall as quick as it went up. I checked out how much i would earn if i use a few gpu's and came to the same conclusion. It s not worth the money first of all gpu prices are insane inflated by the mining industry so the prices are way too high for this. Second you are destroying cards which are not made to run 24/7, those who claim its not true are lying. I have mined with many others and all of them had weird screen flashes and artifacts. But these guys want to sell the cards for as much as possible when they are done with them so they can make some extra profit by selling them. Yes they do not use these cards themselfs be sure of that. People who want to try to make some money on mining should count the price of the hardware they bought into the calculation as a loss. Then you count your daily income minus the power costs and the price in percentage of the hardware. In most cases a 2 year write off because the game gpu's die much easier than the real pro cards which are made to run 24/7/365.
    You will see that result probably is negative if you start now on this declining business. Especially because ETH dropped more than half in price and might drop even further.
    Most important for those who want to get started crypto coins are insane volatile, one day the sky is the limit and the next day it can drop to the deepest low you ever could imagine.
    So yes you could be lucky but it can end in disaster as well.
    Again the cards gets damaged so if you sell them to people without telling them you mined with them you basically are scamming them.

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