Quote:
Originally Posted by RecondoJoe
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This is literally fake news, fam. The only thing that has changed happened within the last couple of months (price of GPU went up). Now instead of breaking even in 2 months, you break even in 6-8 months. But if you already owned the GPUs and bought them for gaming, you're already more profitable by beginning to mine than you would be by choosing not to.
In this particular case, someone who cannot even afford a 3060 could literally finance a computer and allow the Ethereum to make the monthly payment on it and still pocket $50/monthly afterwards. You really shouldn't talk about things you know nothing about.
Edit: I think you're one of those people who misinterprets people like Vosk when he says that it's cheaper to buy Crypto than it is to mine it. That's only true to in the short term. Someone bought $800 worth of Ethereum, wow that was fast. Someone bought an $800 GPU to mine Ethereum. 3 months later they've only mined $600 worth of Ethereum. Wow, they look so dumb compared to the person who just bought the Crypto. 12 months later they have $2400 worth of Ethereum, which is roughly $1600 worth of Ethereum after you account for the cost of the card. If you're looking to day trade Ethereum, you're probably better off buying some crypto to trade with. But if you're patient and mine crypto, you'll earn significantly more crypto once you hit the break-even point, which for most GPUs, is 8-10 months in the current market (price of GPUs won't stay this high forever, it's not sustainable).
You'll never convince me it's not profitable however, because I literally used GPUs I had sitting around for months, barely being used, to literally buy more GPUs. Imagine that. Having a $1200 GPU arrive in the mail that you bought using Crypto you never spent a dime on, other than electricity costs (which are extermely low for non ASIC miners).
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I know a significant amount of it, because I did cost-analysis breakpoints when I dumped my 401k and chose to invest in Crypto vs. hardware to mine in 2018, and I work in finance audit. If you don't understand the most basic facts of crypto, that the equation to mine the coin becomes increasingly difficult to solve a node with the currency therefore increasing the time you run a GPU under load per payout, then you are missing the point. The illusion that your electric bill does not significantly increase is bogus, and GPU prices have and continue to be inflated due to the demand for making mining rigs, the value of that is for the warehouse level operations which have the advantage of economy of scale, doing due diligence in that arena has netted similar results, that the cost benefit shrinks and requires larger scale and significantly better upfront to turn a good margin longterm compared to where we were sitting in 2016.
If you want to screenshot when you mine past your breakout for equipment cost, I'll gladly run an estimate to run that Power supply 24x7 that duration based on your zipcode to see what that adds to your breakeven.