Mining Crypto with Gaming PC

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K89AVL
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Joined: Mon May 11, 2020 8:42 pm

Mining Crypto with Gaming PC

Post by K89AVL »

I just bought a gaming PC with an RTX 3080 graphics card and am considering mining crypto, since it seems that should more than pay for the PC within one year.

According to NiceHash’s website, it seems the graphics card’s computing power could bring in ~$12.50 per day after accounting for electricity usage.

Does anyone have any general guidance on how to mine crypto in a simple way with a Windows PC? Is NiceHash the best platform to share computational power with?

Thanks in advance for any tips on how to go about this or reliable spots on where to dive deeper on this topic.
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willthrill81
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Re: Mining Crypto with Gaming PC

Post by willthrill81 »

Which crypto(s) are you looking to mine?

If you're trying to mine BTC, I think that the time when someone could do what you're planning to do and actually have a somewhat realistic shot of it paying off was 5-7 years ago. These days, the computing power you're dealing with makes a computer such as you will have look like a pocket calculator.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings
Prahasaurus
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Re: Mining Crypto with Gaming PC

Post by Prahasaurus »

NiceHash? You mean these guys:

https://en.wikipedia.org/wiki/NiceHash
NiceHash's founder Matjaž Škorjanc is a creator of malware Mariposa botnet, which infected over 1 million computers with Butterfly (mariposa in Spanish) Bot. The goal of Butterfly Bot was to install itself on an uninfected PC, monitoring activity for passwords, bank credentials and credit cards. Slovenian police arrested Matjaž on charges of distributing the malware in 2010. Matjaž was found guilty and had served four years and ten months in a Slovenian prison. On June 5, 2019, US law enforcement opened a case in the operations of the Mariposa (Butterfly Bot, BFBOT) malware gang.[13] FBI has moved forward with new charges and arrest warrants against four suspects including Matjaž Škorjanc.[14]

Most protocols use Proof of Stake now, fewer and fewer projects use Proof of Work, so not sure if you'll have many good options. I doubt this is going to be profitable for you, but if you choose to join a mining group, I would definitely avoid NiceHash.

But in any case, Bogleheads is definitely not the site for this topic. I'm sure there are some Reddit subreddits that can help.
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Topic Author
K89AVL
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Re: Mining Crypto with Gaming PC

Post by K89AVL »

I don’t really want to hold the crypto, although I am not opposed to it. I’d primarily like to get paid for lending the graphics card’s computational power to a safe platform. No idea if NiceHash is safe.

Finding a safe platform is part of what I’m trying to uncover with this post.
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willthrill81
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Re: Mining Crypto with Gaming PC

Post by willthrill81 »

K89AVL wrote: Sat Feb 06, 2021 12:26 pm I don’t really want to hold the crypto, although I am not opposed to it. I’d primarily like to get paid for lending the graphics card’s computational power to a safe platform. No idea if NiceHash is safe.

Finding a safe platform is part of what I’m trying to uncover with this post.
This just isn't the right forum to answer your questions.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings
HyperCat
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Re: Mining Crypto with Gaming PC

Post by HyperCat »

I'm no expert, but a few things I'd consider. You mention you may be able to pay off your PC in a year, but your PC will have lived a rough life running at full tilt for that year. How much of its useful life has that abuse consumed? Are you still going to get a long life of gaming out of it or did you earn back your money just in time to need to buy amother?

Second, I'm assuming your mining rate will decrease over that year and the price of crypto could plummet from its all time highs at any moment. (Of course the flipside is crypto prices might continue to skyrocket, but who knows). When weighing the issues above, I've never seen the value of using a gaming rig to mine, but YMMV.
Kris3
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Re: Mining Crypto with Gaming PC

Post by Kris3 »

ETH is what you will want to mine, and there should be abundant guides online. Though, with the fact that you were fortunate enough to actually acquire a GPU right now and presumably want to game (primarily), I'd probably treat it like a baby rather than mine 24/7.
d18lover
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Re: Mining Crypto with Gaming PC

Post by d18lover »

I have a gaming RTX 3070 and have been mining ETH without issue for about a month. It's earned me $200. I mean $180. I mean $210. Hard to keep up with those prices, lol. I used easy to follow instructions through my mining pool for setup. I can withdraw every .1 ETH from my account, and it takes about a month to mine that .1 ETH. You will do much better with the RTX 3080, as they are basically money printing machines at the moment. How did you find one?

As for babying the card. I am running at -300 core clock with fans at 75%, limit the power to 60% and my temp is a constant 50c. Memory is overclocked. It's relatively easy on the card. I do game an hour or two here or there, so that dings my earnings.

I plan to hold the mined coins long term. ETH is ~$2000 now, but for all intents and purposes has a lot more uses than BTC. I think, over time, ETH will become a dominant currency.
neverpanic
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Re: Mining Crypto with Gaming PC

Post by neverpanic »

d18lover wrote: Wed Apr 07, 2021 5:18 pm I have a gaming RTX 3070 and have been mining ETH without issue for about a month. It's earned me $200. I mean $180. I mean $210. Hard to keep up with those prices, lol. I used easy to follow instructions through my mining pool for setup. I can withdraw every .1 ETH from my account, and it takes about a month to mine that .1 ETH. You will do much better with the RTX 3080, as they are basically money printing machines at the moment. How did you find one?

As for babying the card. I am running at -300 core clock with fans at 75%, limit the power to 60% and my temp is a constant 50c. Memory is overclocked. It's relatively easy on the card. I do game an hour or two here or there, so that dings my earnings.

I plan to hold the mined coins long term. ETH is ~$2000 now, but for all intents and purposes has a lot more uses than BTC. I think, over time, ETH will become a dominant currency.
At worst, it seems ETH is the clear #2 at the moment, but I know very little about anything.

Can I build a shed with 100 of these mining machines? Or is that not how it works?
I am not a financial professional or guru. I'm a schmuck who got lucky 10 times. Such is the life of the trader.
d18lover
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Re: Mining Crypto with Gaming PC

Post by d18lover »

neverpanic wrote: Wed Apr 07, 2021 8:14 pm
d18lover wrote: Wed Apr 07, 2021 5:18 pm I have a gaming RTX 3070 and have been mining ETH without issue for about a month. It's earned me $200. I mean $180. I mean $210. Hard to keep up with those prices, lol. I used easy to follow instructions through my mining pool for setup. I can withdraw every .1 ETH from my account, and it takes about a month to mine that .1 ETH. You will do much better with the RTX 3080, as they are basically money printing machines at the moment. How did you find one?

As for babying the card. I am running at -300 core clock with fans at 75%, limit the power to 60% and my temp is a constant 50c. Memory is overclocked. It's relatively easy on the card. I do game an hour or two here or there, so that dings my earnings.

I plan to hold the mined coins long term. ETH is ~$2000 now, but for all intents and purposes has a lot more uses than BTC. I think, over time, ETH will become a dominant currency.
At worst, it seems ETH is the clear #2 at the moment, but I know very little about anything.

Can I build a shed with 100 of these mining machines? Or is that not how it works?
The equipment is commanding astronomical prices, which increases the upfront risk and the payoff time. Also, at some point (July?) ETH will not be mined any longer. Will there be something else profitable? Who knows? If you already had the equipment, yes. A friend with a connection to Micro Center got 8 RTX 3080 cards at $800-900 MSRP and brings in $100 per day. The cards were paid off within about 2 months. To buy a card now, the scalped rate is about $2000+.

The card I got came in a Lenovo machine for $1300 a while ago. I could sell the card itself (3070) for at least that price now. MSRP $600. There is no stock anywhere.
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