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If you have modern cards you can still mine with one of the services that find the most profitable algorithm for you. I use NiceHash and have historically made

If you have modern cards you can still mine with one of the services that find the most profitable algorithm for you. I use NiceHash and have historically made about $2/day per GTX1070. This past month though I've been making more that double that. EDIT: Use this site to find out if your cards will be profitable considering your energy costs: https://www.nicehash.com/profitability-calculator https://www.nicehash.com/profitability-calculator I do want to leave one important caveat. NiceHash was recently hacked and anyone who left their money in their online NiceHash wallest lost it. They recently came back online and claimed they have a plan for paying people back and will give more details at the end of this month. That being said they have paid me for my mining since the hack. If you do use them I'd recommend withdrawing to wallets you control as often as possible.

prepend 9y ago
Are you mining independently? Or as part of a pool?
- doctoboggan 9y ago
  I use the nicehash pool
  - deleted 9y ago
    [deleted]
corford 9y ago
I don't understand the economic argument for personal mining (I totally get it from a fun, geeky PoV if making money isn't the primary goal - it's how I got started in crypto). A GTX1070 costs about $800. At $4/day, it will take you 200 days to make back your principle (ignoring power costs, difficulty scores going up etc. - in reality it will obviously take you even longer to cover your costs). If you had put that same $800 in to buying ETH (picked because it's a relatively safe, "boring" coin) on 1st July, 200 days later (or 7 months) it would have been worth $2,140 (yielding a $1,340 profit per card equivalent cost invested - note I'm using ETH price on 1st Jan 2018 and not including the recent growth to a new all time high). And the profit will likely x5 (or more) this year if you hold on to your ETH.
- thescriptkiddie 9y ago
  Buying and holding an asset requires that you accept the risk that the value could fall. Miners can profit while minimizing their risk exposure by selling whatever they mine immediately.
  - corford 9y ago
    >by selling whatever they mine immediately. In this market that just seems like the equivalent of burning your money in the street.
- fla 9y ago
  Its simple: The risk taken is completely different! Mining is a much lower risk that yields less benefits.
  - corford 9y ago
    I'm not sure I agree. Depending on what you're mining and when you start, you may never make your costs back. If anything, at this point (especially with more and more new coins adopting PoS rather than PoW) I'd say it's more risky than just buying a stable coin (ETH, BTC, LTC etc) and sitting on it for a year (and that's before factoring in the risk of lost potential earnings had you simply bought rather than mined or that your mining pool gets hacked).
    - metamet 9y ago
      Most people mine ETH, though. So your options there are to either buy ETH on the market, or invest in a miner that will pay itself off in 3 months with ETH, then just provide pure profit for as long as it's, well, profitable.
    - protomok 9y ago
      I would argue mining is much lower risk but has much lower potential for reward. After paying off the card (<=4 months of mining) all earnings from mining can be converted to USD for example on a monthly basis. The odds of even 1/10th of major coins switching to PoS in the near future is very low. I completely agree that just owning coins has way more upside and I suspect you'll do very well! But I prefer the asymetrical mining returns - I have lots of upside and almost zero downside versus extreme upside and extreme downside (crash in coin prices, hacks, regulation, etc.) from owning coins. But to each their own!
joosters 9y ago
How much money did you lose from the NiceHash 'hack' ? And are you still trusting them?
- doctoboggan 9y ago
  I lost about $20 in the hack. They claim they have a plan to pay me back, but we will see. Like I mentioned above they have paid me for my mining since the hack so I trust them enough. I would probably switch to a new service if there was one as easy to use as nicehash.

prepend 9y ago

Are you mining independently? Or as part of a pool?

doctoboggan 9y ago
I use the nicehash pool
- deleted 9y ago
  [deleted]

corford 9y ago

I don't understand the economic argument for personal mining (I totally get it from a fun, geeky PoV if making money isn't the primary goal - it's how I got started in crypto). A GTX1070 costs about $800. At $4/day, it will take you 200 days to make back your principle (ignoring power costs, difficulty scores going up etc. - in reality it will obviously take you even longer to cover your costs). If you had put that same $800 in to buying ETH (picked because it's a relatively safe, "boring" coin) on 1st July, 200 days later (or 7 months) it would have been worth $2,140 (yielding a $1,340 profit per card equivalent cost invested - note I'm using ETH price on 1st Jan 2018 and not including the recent growth to a new all time high). And the profit will likely x5 (or more) this year if you hold on to your ETH.

thescriptkiddie 9y ago
Buying and holding an asset requires that you accept the risk that the value could fall. Miners can profit while minimizing their risk exposure by selling whatever they mine immediately.
- corford 9y ago
  >by selling whatever they mine immediately. In this market that just seems like the equivalent of burning your money in the street.
fla 9y ago
Its simple: The risk taken is completely different! Mining is a much lower risk that yields less benefits.
- corford 9y ago
  I'm not sure I agree. Depending on what you're mining and when you start, you may never make your costs back. If anything, at this point (especially with more and more new coins adopting PoS rather than PoW) I'd say it's more risky than just buying a stable coin (ETH, BTC, LTC etc) and sitting on it for a year (and that's before factoring in the risk of lost potential earnings had you simply bought rather than mined or that your mining pool gets hacked).
  - metamet 9y ago
    Most people mine ETH, though. So your options there are to either buy ETH on the market, or invest in a miner that will pay itself off in 3 months with ETH, then just provide pure profit for as long as it's, well, profitable.
  - protomok 9y ago
    I would argue mining is much lower risk but has much lower potential for reward. After paying off the card (<=4 months of mining) all earnings from mining can be converted to USD for example on a monthly basis. The odds of even 1/10th of major coins switching to PoS in the near future is very low. I completely agree that just owning coins has way more upside and I suspect you'll do very well! But I prefer the asymetrical mining returns - I have lots of upside and almost zero downside versus extreme upside and extreme downside (crash in coin prices, hacks, regulation, etc.) from owning coins. But to each their own!

joosters 9y ago

How much money did you lose from the NiceHash 'hack' ? And are you still trusting them?

doctoboggan 9y ago
I lost about $20 in the hack. They claim they have a plan to pay me back, but we will see. Like I mentioned above they have paid me for my mining since the hack so I trust them enough. I would probably switch to a new service if there was one as easy to use as nicehash.