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Comment by joshschreuder | Hacker News Reader

That's not necessarily true, assuming you believe the value of what you're mining will at some point in the future be worth more than it is now. I mined some Ethereum earlier in the year, and was making around $6 AUD a day.

I stopped as I was unhappy with the effects of proof of work on electricity supply and the wear on my GPU, but the amount I mined at current market price is worth around 3x that, making it quite a bit more profitable.

Of course, if you believe the value will increase at some future point you're most likely better off just buying the coin and hodling it :)

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If the cost exceeds the value of what you're mining, you're always better off putting that money directly into purchasing the cryptocoin instead.

Option 1: Spend $10 to mine $5 worth of BTC

Option 2: Spend $10 to obtain $10 worth of BTC

If the market goes up, you are better served by the latter option.

If you care about privacy normally mining your own coins it's the best way to get 100% privacy.

More like spend $500 for a graphics card and end up with a graphics card and $2000 in bitcoin

Nevermind the hardware, the electricity to run the hardware costs more than the coin generated.

Maybe for XMR but not in general

And $2000 in electricity bills

Nah whattomine.com shows plenty of profitable coins to mine even if you assume California electricity costs and no price appreciation after mining.

> Of course, if you believe the value will increase at some future point you're most likely better off just buying the coin and hodling it :)

I think this is the key point. If it costs more in electricity than the current value it is cheaper and easier to just buy some.

I really wanted to get into mining BTC for awhile now and I see that ETH has a good reward rate relative to BTC. I pay no electricity so there probably is no reason not to, right? Does the GPU get worn down a lot? I have a 980 TI.

The 900 series is not really worth using but since you pay nothing for elect I City you might make a few bucks over the month. All depends on your hash rate and what pool you’re in. My gtx 1080 pulls about 20mhs and at the current price that’s close to 60-70 dollars a month.

Isn't that a bit low for a 1080? I'm only asking because I know for sure that a 1060 does 19MH/s. What pool are you in?

1080 isn't as good as the 1060/1070 due to the type of memory used. Excellent for gaming, not quite the best for mining. I can probably get it up a little more if I overclocked but I'd rather not.

Im using nanopool right now.

Oh that's cool! I did not know that.

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