What about the electricity costs? Should that not be considered?

What if electricity is free ? i got this figure from a mining website that popped on google, I always thought investments were like 15-20k to earn some profits, with 1 3080 that 400 dollars is alot to me if i ignore the electricity cost even

JGLuxe

Grey_Beard
What about the electricity costs? Should that not be considered?

^ This.
 
A lot of miners don't make much $$ unless they're running like a LOT of cards, it's a huge investment for minimal return now a days. (I've never mined, but you can watch videos on YouTube that break down the cost and profit of it and you'll see.)

There are sites out there that you can figure this out. Google whattomine. Will give you a better estimate if it is profitable for you or not.

There is a reason why miners are willing to overpay for GPU to those scalpers, profit! As long it is still profitable, they are willing too overpay it. To those serious miners who have more than 5 GPU, they can recoup the money paid to scalpers in a week.

If crypto stays high and too many people don't join you, you could make some money. If I understand correctly, you join groups to mine collectively. The more people mine, the more people you have to split the profits between. Also, crypto could crash at any time. It's happened before. It's a very volatile industry to be in, as I understand it. But I'm no expert.

TheDrDavid
If crypto stays high and too many people don't join you, you could make some money. If I understand correctly, you join groups to mine collectively. The more people mine, the more people you have to split the profits between. Also, crypto could crash at any time. It's happened before. It's a very volatile industry to be in, as I understand it. But I'm no expert.

Correct on all counts, except that if you join a group, or pools as they're called, the profits will probably even out in the long term, because more people usually means more chances of actually finding a blockreward in the first place. The overall size of the network is more important for the difficulty of getting a reward, so popularity plays a big part in this. The price is the more important factor for profitability here. But then this is also driven by popularity so it's dependent on many factors.

Ariyu Grey
the profits differ greatly from what one reads and hears.
According to the Ethereum mining calculator, you would make about $ 10.14 (€ 8.30) a day with an rtx 3080 in Germany.
However, it always comes down to the mining pool with the respective fees, electricity prices and, above all, the price of the cryptocurrency.
Personally, I have never participated in anything like this, so all information without guarantee...

Well yeah it's a bit oversimplified, but also there is no single 'mining calculator' and a lot of them have an option to fill in your electricity costs / kWh, so that you will see the net profits. And they're always based on the most up to date coin value and network difficulty. Also a lot of people dont realize that the transaction fees for Ethereum are really high atm, around 20-60 USD in 2021. So if you're looking to mine a bit on the side to withdraw small gains frequently, then forget about it :p 

A lot of people choose to keep the mined value and use their assets to gain even more profits on exchanges or staking (essentially holding/freezing an amount for a certain period of time). This is where the real big profits come from, but it limits the use in the short term (unless you use a service that provides you with a debitcard, so you can pay by using your crypto, but there will be fees ofcourse).


TL:DR, if you only want to mine on a single GPU in a gaming system for instance (like I'm doing personally, during idle hours), you're in it for the long term gains, to maybe pay off your GPU and buy an upgrade the next year. If you want to get monthly profits in fiat currency (USD/EUR etc) you need to scale up to at least 4-6 GPU's to make it worth to pay the fees.

Yeah like others have said, if electricity costs are taken into account, mining only really works in areas with really cheap power. Even then, it's kind of a hassle to have a super intense rig set up in your house, and you're beholden to the prices of crypto. If ETH tanked tomorrow, like it did this past week, you would be sitting at half or less of your expected ROI. If you took out loans to buy all the you're screwed and might need to sell it all. Basically, it's not worth it for most people, kind of risky, and a pain in the ass to set up.

supergamer86
Mining is ending eth2 is coming the leaving pos proof of work all miners will move to the old coins that support pow there are not much those coins have low public demande once all eth miners move to those small coins the impact is their price will be low mining profits will also end because mining difficult will increase alot and miners will keep taking $ from those poor coins

Before the recent dip in crypto across the board which is rebounding, ETH was not even the most profitable to mine. Right before that ERG was which is newer than ETH. You act like these "alt" coins are incapable of growth when in fact some will. ERG nearly tripled in price prior to this dip. I can remember when ETH was the new kid on the block and cheap. In hindsight I regret not mining it... but I digress.

Mining is not stable , i think if you mining you must know that you must keep coin or exchange 50/50 and wait couple of years and one day you will get good profit

ahsany
Ok so guys i just searched a little bit and it says that you can earn almost 400 dollars a month if u mine on a 3080, isn't it a lot ? I mean if i pay a scalper for a 3080, I can recover the extra paid money in 2 or 3 months or am I missing something ?

This was before crypto crashing...now you will do 200-250 if it not crash again

3080 can make that much??
how?? hash ETH??

ty_ger07

hoffmannbeck

ahsany
Ok so guys i just searched a little bit and it says that you can earn almost 400 dollars a month if u mine on a 3080, isn't it a lot ? I mean if i pay a scalper for a 3080, I can recover the extra paid money in 2 or 3 months or am I missing something ?

This was before crypto crashing...now you will do 200-250 if it not crash again

The payout right now is better than normal.  The value is lower (due to the decreased cryptocurrency value), but the number of coins you are receiving by mining is really good right now.  Volatility creates worry.  Worry creates transactions.  Transactions create network load.  Network load creates higher fees paid to miners.
 
Miners are happily mining and holding onto their coins until it goes back up.

looks like it's already going back up...Maybe I should start mining haha
 

However, be aware that the crypto market can be very very volatile and you can loose half of your USD value in a single day... To be fair it is also possible that you gain 50% in one week as well... 
 

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HachiKo30!
Knowledge right here 👍 now I did not know these information

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