Mining Is Insanely Profitable

It's amazing how profitable mining is right now. While I do semi-regularly mine(maybe a few hours a day when I'm not going to be home) because of the heat and noise produced by my computer doing it, I might need to do it a lot more because of how much more profitable it has become in the past few days.

Here's an image from my nicehash dashboard. Just a few days ago, I'd have been happy on days with 6,000 sats, look at the current profitability. Its doubled thanks to the price of ETH having shot up so much(I use nicehash which mines the most profitable thing which is ETH right now).

Its quite amazing how good of returns it is, and explains why people are willing to pay multiple times over what a GPU is worth to get in on the action. I'm doing this on a Radeon 5500XT which I bought just before shit hit the fan for $180. It takes less than a month at current rates for me to break even which is quite amazing.

This GPU is probably one of the worst ones too. A new one can do so much more, and so their profitability is just going to be higher, and as ETH goes up and up and up and ETH2 gets delayed again, it's just going to keep on getting higher and higher. This honestly might mean that GPU prices will remain high for a while, especially until this crypto bull run ends. Getting one at MSRP would be a deal even for games. If you just mine on the side like I do, you can get your cost back pretty quickly.

As long as profitability remains this high, and electricity costs low(I calculated that I'd be paying about $16/month if I was mining 24/7 which I don't), I'll be trying to mine. No reason not to try and get some of what I spent on my PC back.

This year's shown a lot of interesting thing, and the fact that I can get ROI on my GPU in less than a month was definitely not something I was expecting.

Posted Using LeoFinance ^Beta