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Thread: QOTW: Do you mine for cryptocurrency?

  1. #33
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    Re: QOTW: Do you mine for cryptocurrency?

    I've been mining on and off.

    From memory, all the way back in summer 2011 when I was in 1st year Uni, I mined 23 BTC or something when I was in another country for 3 months using 2x HD 7850s I think. I lived with my parents back then so it was running in my bedroom so once I got back, due to the noise and heat it generated, I stopped.

    As Bitcoins weren't really worth much at the time, I figured selling 23 bitcoins at the time for £30 each or whatever it was worth wasn't really worth the hassle so decided to just HODL and I kinda lost interest in it.

    In late 2012, I had a friend who was really into cryptocurrencies notify me about the Butterfly Labs Jalapeno and I figured it wasn't too much investment wise so we ordered 2, 1 each, for $336 which was £216 at the time so £108 each. I finally received that sometime in mid 2013 and I left that mining for a year or so and it got me 6 BTC before I stopped again as mining difficulty got so high that it was barely mining anything.

    I then started mining again but this time ETH with my GTX 1070 in Dec 2020 and mined for around 6 months till June 2021 before stopping again as there was very little profit in it with a GTX 1070 (dropped all the way to like £5-10 a month) and we had a few heatwaves. In those 6 months I only managed to mine 0.15 ETH which apparently is worth £342.87 today and if my calculations are correct, it probably cost around £120 or so.

    I've since bought an RTX 3060 Ti FE and I just did some calculations again to decide if it's worth it. Based on current data, it looks like I could probably make £60 profit a month so that would mean at least 6 months to break even on this GPU. Don't think I'll bother as although it's nice to be able to boast about how my GPU is effectively free, at the same time, I am a little concerned about longevity because I am also running an ITX system now so I'm worried excess heat will reduce the lifespan of the card (and maybe other components too).

    EDIT: Forgot to add, eon supposedly supply 100% renewable electricity - noticed they mentioned that in one of my bills last year which surprised me. Still doesn't mean it's "green" but at least makes me less guilty about it.
    Last edited by Ulti; 15-08-2021 at 03:05 PM.

  2. #34
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    Re: QOTW: Do you mine for cryptocurrency?

    Nope, never have, never will. As a gamer, it exacerbates GPU shortages. And as an environmentalist, crypto extremely bad for the environment compared to other payment methods.

    The environmental aspect is the more important one to me. We've all read about the coal being used to support crypto farms in China, and the oil being used to support them in Iran. The environmental cost of a transaction with Bitcoin or Ethereum is astronomically higher than with Visa or Mastercard. And even if you find a farm that's buying renewable energy, it's still a net loss, as if crypto weren't a thing, those solar/wind/hydro farms would be put towards retiring existing fossil fuel plants, rather than simply adding capacity to mine crypto.

    I did consider it years ago before I learned how environmentally destructive it was, and when GPUs were a plentiful. But even back then I couldn't be bothered in the end.

    I agree with those who have mentioned that crypto mining farms is a much bigger problem than someone who mines crypto on their one RTX 3070. If it were all still small-scale cottage mining, we wouldn't have the GPU shortage (or as bad of one), and the environmental impact would be much smaller. But now that we have seen it at scale, the downsides are clear, and significant.

    I'm also skeptical that any upsides have materialized in practice, unless you considering gambling on its volatility to be an upside. In theory, crypto might be nice if you are in Venezuela with hyperinflation going on, and the volatility of crypto is preferable to hyperinflation with the bolivar. But outside of that scenario, the main "upside" seems to be making it easier to buy illegal goods.

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    Re: QOTW: Do you mine for cryptocurrency?

    Nope...
    “He who controls the spice controls the universe.”
    ― Frank Herbert, Dune

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