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THE FINANCIAL TIMES GUIDE TO INVESTING PDF
There are however mining pools that operate on a 'solo' mining approach. Basically, the whole pool works together to find a block solution, which means it's more likely to get incorporated as the 'winning' block, but only the participant mining address with the highest contributions to date since the last credited block gets the reward.
This is much easier to use than pure solo mining, but without a decent amount of hashing power it will take quite some time to reach the point where you get the rewards from mining a block. Historical Ethereum Pricing, Difficulty, and Profits Image credit: Shutterstock That covers how to get started, but we're far from done.
With the above information, you can now fire up your PC and begin mining. That's the good news. The bad news is that actual long-term profitability is far less clear cut. The real difficulty is predicting where cryptocurrency will go next.
Both Bitcoin and Ethereum are down significantly from their highest ever valuations, but there's still a lot of up and down movement. Maybe it will bounce back, maybe it was a bubble. Who's right? Depending on when you look, you'll find ample data-driven support for just about any opinion.
The most important thing to keep in mind is that cryptocurrencies are volatile. It doesn't matter if you're treating them like a commodity and day trading, or mining, or running a mining pool. Things are in a constant state of flux.
Just look at the price of Ethereum since it launched back in Note: The following charts were last updated in March, but the patterns outlined here have continued. Image 1 of 2 Image credit: Tom's Hardware Image credit: Tom's Hardware We've got the linear chart, which includes an amazing spike at the right edge early That spike looks very similar to the one that occurred in , naturally, and we should maybe just ignore the equally dramatic crash in — or that's what the optimistic miners seem to think.
The logarithmic chart doesn't look nearly as impressive, and it's clear the real winners with Ethereum are the people who got in back in , or even Incidentally, about two thirds of all Ethereum was actually part of a 'pre-mine' that went to 'investors' before mining was even possible.
Everyone joining the bandwagon now clearly missed the best part of the ride. Alternatively, there's plenty of room left for future growth and spikes, but that's just speculation. We've passed peak profitability for mining Ethereum, at least for the time being.
That's where the HODL hold mentality comes into play. There's another way to look at Ethereum mining. In , you would have accrued an additional Ether — twice the time mined, a bit more than half the rewards. From up until today, mining has been far less compelling, and it's becoming increasingly so. The point is that you either got in early and made big gains, or you're hoping that things will continue to go up.
And if that's your belief, why not just invest in Ethereum directly rather than trying to build a mining farm? Image credit: Shutterstock Do a quick search for the optimal mining settings on a particular GPU and you're sure to find a bunch of diverging opinions. Some will throw caution to the wind and look to maximize hash rates in pursuit of short-term gains. Let's be clear: These people are very likely to end up with failed hardware.
AMD and Nvidia GPUs are tuned somewhat conservatively, with the intent to allow for many hours of gaming, every day, for several years. Striking a balance between raw performance, efficiency, and profits is key. The difficulty is that what works well on one GPU, and even on one particular card using a specific GPU, may not work everywhere.
We have a whole article about tuning GPUs for optimal Ethereum mining performance , but even that doesn't cover every possibility. Let's discuss things a bit more here, as presumably some of the people reading this are new to mining and GPUs in general and may be led astray by claims made on mining forums. Our advice: Be more cautious and don't chase every last megahash. First, you need to know what GPU you're using.
We use code names a lot, so here's the quick rundown. Each family has different features. Image credit: Tom's Hardware Temperatures — for all components, not just the GPU core — and fan speeds are a good indicator of what's safe for long-term use, so let's start there. AMD's Vega cards prefer even lower fan speeds, because no one wants a horribly loud leaf blower while gaming.
With gaming GPUs, the expectation is that cards are only used at most maybe 12 hours per day. A really high-quality fan might last years or more; we've had fans in the past burn out in less than six months. Rather than cranking up graphics card fan speeds, an alternate solution is to just get a big and cheap box fan and aim it at your PC.
If you want a reasonable estimate of where a card should run its fans, turn off the overclock and run a game at p ultra settings and just let it run for 15—20 minutes, and then check temperatures, fan speeds, clocks, etc. Alternatively, use FurMark's x stress test, though be warned that sometimes FurMark will heavily throttle the GPU clocks to keep temperatures and fan speeds in check, so sometimes it's actually less demanding than running a game.
Anything above that and you're more likely to have the fans at least fail. Next, temperatures. Most modern GPUs will have pretty reasonable temperatures on the actual graphics chip, particularly if you follow the advice in our Ethereum optimization guide , but that's not the only critical factor. That makes it a bit trickier to determine what's 'safe' and what might cause premature component failure. We'll get into the clocks and speeds momentarily, but we think your best long-term bet is to let GPU temperatures hit at most 70C, preferably less.
VRM temperatures should be kept to a maximum of 90C again, preferably less , and we definitely wouldn't run with GDDR6X temperatures of more than C and expect a card to remain viable for two years. Maybe that's pessimistic, but we've had graphics cards fail far faster than that in the past, so better safe than sorry is our motto. Again, we think if it's above C, that's too hot for long-term reliability. It might last a year or more at C, or it might last six months — it's tough to say.
Some totally failed and some were just very unstable. Nearly all of them had fans go bad, and RMAs were a complete pain. It took weeks to get a card back, and some manufacturers even refused warranty service "due to physical damage" or other such claims. The manufacturers are going to see higher RMA rates with another mining boom, and some will use any reason to deny a claim that they can find.
Experience GPU and Memory Overclocking Image credit: Tom's Hardware Now that we've talked about temperatures and fan speeds, let's talk about overclocking — or even underclocking and undervolting. Memory speed is a key factor in Ethereum mining performance. While tuning memory clocks, you want to pay attention to long-term hash rates. An RTX with memory running at 20Gbps and a 1. Drop the GPU clocks to 1.
This means you can hit higher clocks that aren't unstable, but memory performance actually degrades past a certain point. Trying to balance memory clocks against power and temperature is complex, and it's definitely possible to find 'stable' clocks that will end up causing problems down the road.
One reasonable approach is to find the maximum stable memory overclock, by bumping the clock speed up in 50—MHz increments and letting the mining run, until you get errors or a system crash. Besides overclocking of the memory, you should look into underclocking and undervolting of the GPU, particularly for AMD's previous-generation cards. The Vega and Polaris families are very power hungry at default settings, and it's often possible to drop the voltage by 0. That's a huge difference, especially since power scales with the square of the voltage.
You'll probably need to reduce maximum clocks while reducing the voltage, but the dramatic boost in efficiency makes the effort worthwhile. Putting It All Together Step 5: Massive Profits! Image credit: Shutterstock Ultimately, the goal of miners is to maximize profits, taking all things into consideration. That means balancing the cost of the hardware, memory speeds, GPU clocks, pool mining fees or NiceHash fees , power consumption, time required to manage the mining PC s , the cost to service or replace hardware, and more.
Figuring out the optimal balance between all of those factors is complex, and while it might seem tempting to chase after every last bit of hashing performance, that may not be the best long-term solution. If you're building a larger mining farm again, not something we recommend for a variety of reasons , efficiency will be a top priority. Two Ti cards for example will basically match a single RTX while using less than half as much power. But let's take things a step further.
That's only a rough estimate and does not include AC or other items that potentially need power. But what would those mining farms cost? We've put together a rough estimate of hardware costs per PC. Plus all the GPUs, naturally, at current eBay prices.
Yeah, that's a ton of money. Power estimates based on our testing indicate the Ti PC would use about W, including PSU inefficiency and the rest of the PC, while the would need around W and the would consume W. Based on those prices, power use, and hash rates, we can determine approximate break-even time not including rental space or AC. Hopefully, that explains how far things have fallen.
Factor in the warehouse space to accommodate all those PCs, power distribution, and paying someone even yourself to build and maintain all the mining PCs would also be necessary. Those would add to the cost, pushing back the break even point, and if things take a change for the worse as they did in and , the whole operation comes crashing down. Non-LHR cards cost more, but would probably be worth the premium if you're serious about mining.
Note that the RTX does not have an LHR variant, but of course the cost of those cards is already prohibitively high and other models are a better choice. AMD for its part has done nothing to directly curb mining performance or profitability.
Also, note that the LHR limiter only affects Ethereum mining. That's going to end in the coming months regardless, and it's possible some other coin more likely coins will take Ethereum's place as the best option for GPU mining. Note that right now, however, the best non-ETH coins tend to generate about half as much value per day.
There are arguably worse ways to use power and money, but there are also a lot of better ways — ways that don't carry nearly the volatility and risk of coin mining. Never mind the fact that procuring all of the necessary equipment takes time and a lot of money, or that it makes it difficult for PC enthusiasts to upgrade their PCs.
The bigger issue, by far, is that it's putting a ton of computing power to the task of merely securing the blockchain. Best-case, using the most efficient hardware, the Ethereum network would currently use over a billion watts of power, and Bitcoin would use over 5. Digiconomist pegs the current power use of the Ethereum network at around TWh per year, and kWh per transaction.
Ethereum aims to 'solve' all of these issues by switching from proof of work to proof of stake in the coming months. That's great for power consumption, but it remains to be seen whether Ethereum will continue to be popular once mining stops, and there will still be plenty of other alternative coins that still use proof of work.
Looking at all the costs and power going into these networks, it's difficult to remain optimistic about their long-term potential. We're strip-mining digital coins, basically, and that's unsustainable. At some point, this all hits a plateau, and short of zero point energy or some future technology that allows for clean power far beyond what we currently use, there's a very good chance the viability of mining eventually stops.
Maybe that's not this year or next year, but the growth in hash rates, power use, and prices obviously can't go up indefinitely, and it won't. The best exchanges are Binance, Kraken, and KuCoin. A sample bat file for mining with Gminer miner. Your address is also shown on the list of all pool miners along with regular ETH addresses.
You can set a payout threshold on your Stats page. NANO transactions are free, so you can get paid as often as you like without any losses. Payouts are not instant. Considering that your ETH must be transferred to an exchange, exchanged, and then transferred back, the whole process usually takes no more than two hours allowing for small delays.
We plan to process the payouts more than once a day in the future. The whole process is completely transparent. After the pool issues a payout and even during the payout process , you can monitor the operation status of an exchange system, check an exchange rate, and track your money from the moment ETH is sent to the exchange to the moment you get NANO. We made Bitcoin mining on GPU a reality. Once the payout threshold set by a miner is reached, the pool automatically exchanges ETH earned by the miner for BTC.
For example bc1qrlpjqp2vvaan0ferh44z7tsevqzkcxrugm9g5n. You can set a payout threshold on your Statistics page. It is always set in ETH. You can choose any amount from 0. The whole process usually takes no more than two hours allowing for small delays like waiting for exchanged BTC withdrawn from an exchange. Fees When miners get payouts from our payment gateway, they pay only a part of the transaction fee in the Bitcoin network. We group all miner payouts in one transaction.
The transaction expenses are then divided between the miners in equal parts. After the pool issues a payout and even during the payout process , you can monitor the operation status of an exchange system, check an exchange rate, and track your money from the moment ETH is sent to the exchange to the moment you get BTC.
The pool will take care of all conversions with minimal fees. The principle is simple: when you enter your wallet address you need to use your Bitcoin or NANO address. First, select your preferred mining client and then set up the simple configuration: Coin: ETH Pool: 2Miners stratum address tag.
You can add it on the go, the address is: eth. Please pay attention that when you add the wallet address you select the ETH Coin. Create the pool and select the wallet you added previously. Create the miner profile with the above-added pool. Name your miner profile as you like and choose your desired miner. In a few minutes, your settings will be applied and mining will start. The minimum payout in Ethereum is 0. Payouts in ETH are issued within two hours after you reach your payout threshold.
No special setup is needed to use auto-exchange. We might also add auto-exchange for other cryptocurrencies in our pools in the future. We are looking forward to your feedback in our Telegram chat and on Twitter.
We want our users to get payouts for cryptocurrency mining as easily as possible. Thank you for choosing us! Join our Telegram community and remember to follow us on Twitter to get all the news as soon as possible. In started mining cryptocurrencies and built many rigs on his own. As a result, he gained lots of practical knowledge and became interested in sharing it with others. In his articles on 2Miners, he shares useful tips that he tried and tested himself. For example, Darek gives advice on how to buy hardware components for the basic mining rig and how to connect them to each other correctly.
He also explained lots of complicated terms in simple words, such as shares, mining luck, block types, and cryptocurrency wallets. Mining Pools.
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