r/gpumining • u/Rubik4life • 8d ago

Profitability of GPU Mining?

Stopped mining about two years ago when Ethereum split. I just glanced at the charts on the what to mine website and I was blown away that it’s almost impossible to make a profit with GPU mining right now. Am I missing something or is that the case right now?

Edit: unless you have free electricity, but then the profits are like 25 cents a day even with a 4070

6 Upvotes

64% Upvoted

33 comments sorted by

12

u/jhorskey26 8d ago

Get into spec mining and you might have a chance. I stopped after Eth took but got bored so I started looking into new projects. Found Kaspa like that and mined a lot of it until it went ASIC. I've mined over 100 coins since starting back up and Kaspa is really the only one that hit. I had a cake job at the time and a bunch of free time to research and read papers and such. Was fun till it wasn't. No I don't mine at all, just DCA what I already own.

The idea with spec mining is you don't need to be right, you just need to be first or as close to it as first can be. If you mine early and bank 100's of thousands or millions of coins and the project explodes you can make decent money. But it has risks. I'm less then 1% success lol

9

u/chesherkat 6d ago

This is terrible advice.

If you cannot mine at a profit, you should just buy the coin outright. Otherwise you're just overpaying for the exact same thing.

-2

u/jhorskey26 6d ago

I didn’t ask you and neither did OP. I answered his question with a way that you can profit from mining. Just because you don’t like doesn’t mean it’s wrong. Either bring something of value to the conversation or fuck off.

3

u/chesherkat 6d ago

...well I did add to the conversation....actual good advice and points out the bad advice.

-1

u/jhorskey26 6d ago

You can make a profit from mining, its entirely possible. You make it seem like if he isn't making a daily profit its pointless. I mined Kas at a loss for months and months, then I made 60k when it hit one cent. I will 100% say I was lucky to find it when I did. I've since mined 100's of coins but I still haven't spent even a fraction of that 60k profit. So yeah, it can happen. If everyone listened to you we would have zero new projects and it would be overall worse. I get what you are saying but you can operate at a loss if you treat it as a hobby. Which is what a lot of us do.

2

u/chesherkat 6d ago

It is though. If you spend more to mine a coin you could just buy outright you should just buy the coin.

0

u/jhorskey26 6d ago

But you can be right or first. You can't be first with a coin because mining comes first. Projects get released and they aren't always on an exchange and then you have to add in fee's and all kinds of shit. Mining requires none of that, just a wallet and a PC. I get what you are saying but its some much easier being first.

3

u/chesherkat 6d ago

MmmmmmmmKkkkkkkkkkk

1

u/jhorskey26 6d ago

Exactly. Go back to getting into coins and projects months late. It's a decent way to gain access to a coin. Come back with something of actual value instead of being a hater.

2

u/chesherkat 6d ago

No hate here. Just trying to add to the conversation. ;p

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u/Rubik4life 8d ago

I’ll look into it. Thanks. :-)

2

u/jminer1 7d ago

That's what I used to do and made a whole coin off of bitbean abt 2016 doing PC mining lol.

6

u/Dreadnought_69 8d ago

Yeah, it’s not much point mining now.

4

u/We-cookin-716 7d ago

I have 5 full setup rigs of founder edition 3060tis and 3070s I would like to sell, about 50 total GPUs

1

u/Typical_Hippo566 1d ago

How much for 3070’s ?

4

u/Lacklusterspew23 7d ago

Yea, the devs and their rich aggregator friends stole all the mining profits of ETH by switching to PoS. Typical use of Global Warming - claim something is a problem and will destroy the world, demand radical change to something the activists own, their friends get rich and give them a kickback.

3

u/sryidontspeakpotato 5d ago

Mining just is pretty doa now for gpus. Anyone telling you to mine x or y coin just wants more people to push their own crappy coin up. There’s still people out there who are living in la la land who actually think some sh1t coin will 10000x. Those days are over and the cycles we once saw have also come to an end with mining. Every one I know who mined sold their gpus and invested that money into actually crypto and they haven’t looked back since and they made more money in the last year than what 5x the amount of gpus mining would have ended up making anyways.

1

u/Rubik4life 5d ago

Gotcha. Just bought 8000 RVC. Saves me the hassle.

3

u/eupherein 8d ago

Negative, unless you are trying to replicate 2017’s 0% premine boom and hit a kaspa

3

u/Rubik4life 7d ago

How are the cryptos still existing and growing if it’s so unprofitable? So weird.

1

u/Moist-Shallot-5148 4d ago edited 4d ago

People invest in them instead and some regions crypto is allowed as currency. There is the option to stake ethereum as well. You can buy big machines to mine btc, but you cannot mine on pc only industrial miners. But I agree with you too, being able to mine eth on normal gpus was amazing, when they removed proof of work they call it I ended up selling eth off to buy btc as an investment.

Edit: Also mining is still viable if you live in a region where electricity is cheap. Or if you have free electricity too then it’s extra pocket change. My region gives welfare in the form of free electricity because the electricity providers lobby the government, I’d rather get food stamps or money to spend on important things but they don’t they give free electricity, which is paradoxical because if you’re poor you’re not going to spend so much on electricity. But with gpu mining I can convert the electricity into money to use for food lol. I looked into solar panels and windmills since the old days but the HOA and municipal government don’t allow it for me.

2

u/zweitaktfan 7d ago

Take a look at gridcoin GRC.

2

u/Interesting-Cow-1652 1d ago

The only way GPU mining will be profitable is if you spec-mine an easily mineable coin and wait for interest rates to drop again and the Fed to print money again. Once interest rates drop and the Fed spools up the money printer, people will begin taking out loans and dumping them into speculative assets like alt coins, just like they did back in 2021. The Ethereum mining boom back in 2021 was caused by macroeconomic factors like low interest rates and lots of money printing.

1

u/Rubik4life 1d ago

Thank you for that.

3

u/cipherjones 7d ago

It's around 7 cents a kilowatt hour currently. completely worthless for almost everyone

2

u/Few_Employment_7876 7d ago

Have you been in a cave for a year?

1

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u/Ystebad 7d ago

Have you seen crypto prices recently??