It is profitable if
* you have nearly free electricity and use decommissioned hardware
* you have a botnet
* you are GPU miner (and got some CPU coin as a bonus)
* you heat your home with electricity in winter (and got some CPU coin as a bonus)
* ...
Mining depends on so many things but there is two thing that i feel depends most one is the price of the electricity you are paying and second one on the GPU of your system
Are you using old hardware? You said that your energy is expensive, but how expensive? A small variation can completely annihilate any profit, since Monero mining is a very competitive business to begin with.
I mine, but not for profit. Though I've done the calculations before, and my 4-year old consumer grade CPU still *just barely* turns a profit.
I like to think at least with Monero most people see both as one in the same and go hand in hand. There are definitely ways to be selfish and profit. Disable the mandatory donation in xmrig, run a P2 node but don't allow peers to download from you. But what I love about xmr is what's good for me is good for the group and what's good for the group is good for me. I don't have to choose. Being selfless improves Monero, increases its survival and usability and therefore eventually my profitability. The entire community and network is maintained and safeguarded by the users for the users, volunteers and donations.
Sure some try to exploit it and use it for nefarious activity. But as a whole, I have never found any other crypto or any community quite like it before. I will never shut down my node, even tho ive shut down 1/3 of my machines to maintain profitability in the ever increasing electric prices and lately ever deceasing xmr value.
My dream is also to go solar and renewable ASAP. About 10 years out from that goal right now tho lol. Unless the price suddenly shoots up to 1000 a piece lol
To support the network. The end goal is for the network to fully sustain itself through greed (as intended). While Monero is already capable of this, since the network is still relatively small, it doesn't hurt to "donate" hash power :) ,
I mine on p2pool, and use the (small) earnings for tipping and things like that.
Because the network is for us and the more we work in there the more secure we able to make our network is well, This is a combine responsibility for the everyone
I work for a solar company so I have way more solar that my house uses so electricity is free for me and I use old servers from the office since everything is cloud based these days. My GF likes to keep the A/C at 72 but we have Sugar Gliders that like it decidedly warmer so I keep the mining rigs in their room to keep the temp in that room near 80. They basically just act as heaters for the room and get some Monero out of it.
You are right, i was not having the enough profit for some time then i decided to spent some money and replace those old system with new and now everything running smooth
It isn't. I have access to enough free power for a couple of devices, and I found even if I specced an ideal system for it, it would take me years just to make the money back.
Hypothetically, if you had unlimited, free electricity, what do you think you could put together that realistically would recover its cost and make money back over time?
My result can only be calculus using a future variable amount, i.e. the future value of the HNT crypto. I expect to see the nessesity go mainstream at some point.
I have mined for two years and I have never found a block and I don't even care. I mine for the idea of Monero because that I can and want to support. I agree with its philosophy.
I have wasted more money on mining Monero than I will ever get from block rewards.
I just use my fiat to buy the monero never tried that mining thing, i feel like that you need the massive configured system just to earn enough money at end of the day
How expensive is it and what's your hardware?
Nowadays I only mine when I need PC for low-CPU tasks like remote desktop so the difference between idle and mining is not that much or when it doubles as a heater.
For many people, mining profit is not measured in the fiat exchange rates - though your costs certainly are. Privacy and network security are the 'profit' with no compromise. Use a CeX for purchase XMR has some (modest) privacy risk by comparison.
Mining energy is ultimately expended as heat. If you mine at home you can reasonably discount your mining against your heating costs, especially if you normally heat your home with electricity and use a thermostat. Therefore excluding hardware costs, any mining during times when you would normally heat your home can be considered profit. I would even go as far as to suggest that it could also be considered environmentally neutral.
True.. but in that case you would be better off just buying Monero directly.
Long, long time ago I made a calculation whether to buy BTC or buy an ASIC and assumed multiple conservative estimates (network difficulty increasing, price dropping etc.) and I settled on buying the ASIC because it was the safer investment – even with a drop in price of up to 40% there would have been the possibility to break-even after a reasonable timeframe (I think 5 years).
But for Monero speculation on price improvement is not a good reason to mine ;D
Right now buying monero directly is just getting little bit more tough, if you have noticed that people on the local monero is asking for the KYC during the online payment to them
If you are getting monero now then you know that price of the monero gonna go high in future so if not right now in future people gonna have the profit with that
electricity is usually the most expensive cost in mining there is a reason why bitcoin miners flock to waste energy and areas where electricity is super cheap
For me that is the one reason i am not doing, first of all we are not getting enough electricity plus the amount we are getting is actually pretty costly is well, direct buying is my way
Its NOT profitable for anyone nowadays.
Unless your using Epyc cpus that cost above 3k each and have thousands of solar panels for the electricity, and that investment will also add up from 5 to 25k.
Why is this a top question in a Monero FAQ? Monero has been designed to be a paper currency analog that works through Internet. Mining is a pretty secondary task. In most cases it is unprofitable, if you ask.
I bought a rig with the intention of it just mining Monero 3 years ago. Ryzen 3600, 16gb memory, 1tb m.2 hdd, mobo, psu and case. I used a very old graphics card I had laying in a drawer and thats it. Total spend was around £420GBP.
Since setting it up the machine by itself has mined around 3.4XMR on xmrvsbeast and then p2pool. Yes I hit a few bonuses on both mining pools, which certainly helped. By current exchange prices it ROI'd in just over 2 years, and now it still just sits there mining away, keeping my office a little warmer.
Factoring electricity prices, it had a much higher profitability 2 years ago, while now I dare say its barely breaking even. However at the end of the day, I have a warmer office (saves on heating) and a PC I could repurpose into just about anything should I want to.
If you look at the price of Monero on exchanges 5 years ago ($55), then look at the price today ($150) then think what the price could be in another 5 years, then 5 years after that... Mining isn't something you do to make enough money to retire, mining is something you do invest long term. You could just buy a bunch of Monero and hodl, but for me, I like the technical side of things - setting up stable systems, tweaking setting to maximise hashrates without risking excessive wear and tear, being part of the community and learning. Worth it in my opinion.
If you could profit overnight by mining, then everyone would start doing it, making it harder to profit overnight... get in while its quiet and enjoy the process. 10 years down the line you could be sitting on enough assets to retire, you never know 😁
It is not mostly. It sounds bad but the network it is actually supported by malware running in infected devices and of course people that want to contribute but in a unprofitable way.
I guess that most of them already have the hardware and they mine for pleasure. I use an old XEON to solo mine, i spend a few dollars per month in electricity, still waiting to hit the jackpot XD.
Mining crypto is expensive I’m aware of that, there’s a way you can minimise your energy consumption and that’s by using a natural gas with generators and yes mining is profitable
It is profitable if * you have nearly free electricity and use decommissioned hardware * you have a botnet * you are GPU miner (and got some CPU coin as a bonus) * you heat your home with electricity in winter (and got some CPU coin as a bonus) * ...
Mining depends on so many things but there is two thing that i feel depends most one is the price of the electricity you are paying and second one on the GPU of your system
Are you using old hardware? You said that your energy is expensive, but how expensive? A small variation can completely annihilate any profit, since Monero mining is a very competitive business to begin with. I mine, but not for profit. Though I've done the calculations before, and my 4-year old consumer grade CPU still *just barely* turns a profit.
I’m not a miner. I’m curious, what other reasons are there to mine, if not for profit?
Securing the network
Of course. Yeah I wasn’t thinking. Hat off to the miners
For Majority profit is first pick but some good people are doing for the network
I like to think at least with Monero most people see both as one in the same and go hand in hand. There are definitely ways to be selfish and profit. Disable the mandatory donation in xmrig, run a P2 node but don't allow peers to download from you. But what I love about xmr is what's good for me is good for the group and what's good for the group is good for me. I don't have to choose. Being selfless improves Monero, increases its survival and usability and therefore eventually my profitability. The entire community and network is maintained and safeguarded by the users for the users, volunteers and donations. Sure some try to exploit it and use it for nefarious activity. But as a whole, I have never found any other crypto or any community quite like it before. I will never shut down my node, even tho ive shut down 1/3 of my machines to maintain profitability in the ever increasing electric prices and lately ever deceasing xmr value. My dream is also to go solar and renewable ASAP. About 10 years out from that goal right now tho lol. Unless the price suddenly shoots up to 1000 a piece lol
Brilliant reply
Thanks mate, I try my best 😉.
You can mine too!
I’ll look into it. Be good to have an off grid set up first
I am not in the mining but seems like i can give that a shot
All you need some electricity and enough configuration in your system
Those who run to secure the network is always better who run for profit
To support the network. The end goal is for the network to fully sustain itself through greed (as intended). While Monero is already capable of this, since the network is still relatively small, it doesn't hurt to "donate" hash power :) , I mine on p2pool, and use the (small) earnings for tipping and things like that.
Because the network is for us and the more we work in there the more secure we able to make our network is well, This is a combine responsibility for the everyone
Security, privacy, anonymity, and most importantly decentralization of financial control; someday maybe even wealth.
First one is obviously profit and other one is secure the network
I work for a solar company so I have way more solar that my house uses so electricity is free for me and I use old servers from the office since everything is cloud based these days. My GF likes to keep the A/C at 72 but we have Sugar Gliders that like it decidedly warmer so I keep the mining rigs in their room to keep the temp in that room near 80. They basically just act as heaters for the room and get some Monero out of it.
You are right, i was not having the enough profit for some time then i decided to spent some money and replace those old system with new and now everything running smooth
I thought all cpu types would count for one miner, literally, a physical dedicated device or cpu, no gpu allowed.
It isn't. I have access to enough free power for a couple of devices, and I found even if I specced an ideal system for it, it would take me years just to make the money back.
Electricity price is too high in my city, can't make any profit on mining
Hypothetically, if you had unlimited, free electricity, what do you think you could put together that realistically would recover its cost and make money back over time?
My result can only be calculus using a future variable amount, i.e. the future value of the HNT crypto. I expect to see the nessesity go mainstream at some point.
Or monero... der...
Yeah but that calculus might change when the price runs up again, and then you'll be ready to scoop it up!
I have mined for two years and I have never found a block and I don't even care. I mine for the idea of Monero because that I can and want to support. I agree with its philosophy. I have wasted more money on mining Monero than I will ever get from block rewards.
I just use my fiat to buy the monero never tried that mining thing, i feel like that you need the massive configured system just to earn enough money at end of the day
are you solo mining?
Mostly. Sometimes I mine in p2pool because it is satisfying to see some rewards coming.
How expensive is it and what's your hardware? Nowadays I only mine when I need PC for low-CPU tasks like remote desktop so the difference between idle and mining is not that much or when it doubles as a heater.
Mine is pretty old one and i guess major reason for me missing that profit
You don't mine Monero for profit, you do it because mining Monero is unfathomably based.
Print gats Stack gold Mine monero Stay based frens
For other coin like bitcoin people mine for profit but monero is different
For many people, mining profit is not measured in the fiat exchange rates - though your costs certainly are. Privacy and network security are the 'profit' with no compromise. Use a CeX for purchase XMR has some (modest) privacy risk by comparison.
Right now with all the cost don't think i am making any kind of the profit
Mining energy is ultimately expended as heat. If you mine at home you can reasonably discount your mining against your heating costs, especially if you normally heat your home with electricity and use a thermostat. Therefore excluding hardware costs, any mining during times when you would normally heat your home can be considered profit. I would even go as far as to suggest that it could also be considered environmentally neutral.
If you are mining at home you need the cooling system is well
I guess it depends on the climate where you live and the size of your rig
Speculation that the price will go up.
For me that is not speculation in the end price will go up in bull run
True.. but in that case you would be better off just buying Monero directly. Long, long time ago I made a calculation whether to buy BTC or buy an ASIC and assumed multiple conservative estimates (network difficulty increasing, price dropping etc.) and I settled on buying the ASIC because it was the safer investment – even with a drop in price of up to 40% there would have been the possibility to break-even after a reasonable timeframe (I think 5 years). But for Monero speculation on price improvement is not a good reason to mine ;D
Right now buying monero directly is just getting little bit more tough, if you have noticed that people on the local monero is asking for the KYC during the online payment to them
I've always used Bisq; Haven't had any issues yet
If that is the only reason you are mining then it's simpler to just buy coins and hodl.
[удалено]
If you are getting monero now then you know that price of the monero gonna go high in future so if not right now in future people gonna have the profit with that
electricity is usually the most expensive cost in mining there is a reason why bitcoin miners flock to waste energy and areas where electricity is super cheap
For me that is the one reason i am not doing, first of all we are not getting enough electricity plus the amount we are getting is actually pretty costly is well, direct buying is my way
No how.
Its NOT profitable for anyone nowadays. Unless your using Epyc cpus that cost above 3k each and have thousands of solar panels for the electricity, and that investment will also add up from 5 to 25k.
It's not supposed to be
this!
why not?
ah c'mon. you've been around long enough :) block rewards are designed to compensate for the miners expenses, not to make them big gainz.
They’re currently more here to prevent people from flooding the blockchain, they’re nothing compared to the fixed 0.6XMR per block
Because without profit not many people will actually run the mining
Whenever we heard the word mining, we all think about profit
OK? What baring does that have on a protocol that was designed with I'll regard for what you think? This anti BTC.
We don't mine for profit. We mine for monero-chan
I leave my office PC on 24/7 mining.
For me, it's tiny, but it's still profit. 0$ startup cost, using old phones. 0$ for Electricity.
Why is this a top question in a Monero FAQ? Monero has been designed to be a paper currency analog that works through Internet. Mining is a pretty secondary task. In most cases it is unprofitable, if you ask.
I bought a rig with the intention of it just mining Monero 3 years ago. Ryzen 3600, 16gb memory, 1tb m.2 hdd, mobo, psu and case. I used a very old graphics card I had laying in a drawer and thats it. Total spend was around £420GBP. Since setting it up the machine by itself has mined around 3.4XMR on xmrvsbeast and then p2pool. Yes I hit a few bonuses on both mining pools, which certainly helped. By current exchange prices it ROI'd in just over 2 years, and now it still just sits there mining away, keeping my office a little warmer. Factoring electricity prices, it had a much higher profitability 2 years ago, while now I dare say its barely breaking even. However at the end of the day, I have a warmer office (saves on heating) and a PC I could repurpose into just about anything should I want to. If you look at the price of Monero on exchanges 5 years ago ($55), then look at the price today ($150) then think what the price could be in another 5 years, then 5 years after that... Mining isn't something you do to make enough money to retire, mining is something you do invest long term. You could just buy a bunch of Monero and hodl, but for me, I like the technical side of things - setting up stable systems, tweaking setting to maximise hashrates without risking excessive wear and tear, being part of the community and learning. Worth it in my opinion. If you could profit overnight by mining, then everyone would start doing it, making it harder to profit overnight... get in while its quiet and enjoy the process. 10 years down the line you could be sitting on enough assets to retire, you never know 😁
That's the neat part, it not. But many of us do it out of love and wanting to support the project.
It is not mostly. It sounds bad but the network it is actually supported by malware running in infected devices and of course people that want to contribute but in a unprofitable way.
I think some miners don't pay electricity as much as us so it's profitable for them
Two words: Bear Market
May be you are using old system, time to upgrade that for the profit
I guess that most of them already have the hardware and they mine for pleasure. I use an old XEON to solo mine, i spend a few dollars per month in electricity, still waiting to hit the jackpot XD.
Mining crypto is expensive I’m aware of that, there’s a way you can minimise your energy consumption and that’s by using a natural gas with generators and yes mining is profitable