I did a test two weeks ago if it’s worth to mine with a gaming PC or not and the sad truth is that mining (for normal users) aren’t worth no matter how powerful your gaming PC might be. In this article I’m going to tell you why my experiment revealed that mining on a normal rig is pointless.
The bitcoin founders have set a maximum limit of 21 million bitcoins available for mining. Once that total is reached, miners will still be able to benefit from transaction fees, but they won’t be granted bitcoins as a reward for their work. As of mid-January 2018, approximately 16.8 million of those 21 million bitcoins have already been mined. Assuming the bitcoin mining industry doesn’t change dramatically, it looks like we won’t hit the 21 million-bitcoin limit until the year 2140.
Please keep this in mind assuming that the mining bubble is depending on the numbers.
NiceHash is a freeware and open source software that allows you to sell your GPU’s ‘mining power’ There are also versions available so you also can mine Coins with your CPU if you want. The tool is easy for beginners (there is also a advance version available) and basically you create a NiceHash account, download the graphical NiceHash miner software and click a few buttons and that’s it, you mine then with your GPU. You’ll be part of a large mining pool mining altcoins and NiceHash pays you in Bitcoin. The program is easy to use especially for beginners.
How profitable this mining?
That’s the core about this entire article and my experiment here, so I found the Profitability calculator which can you tell based on your hardware and energy costs if it’f worth to mine or not.
You get the result back and it shows you how profitable you could (theoretically) mine. However, this is an estimate based on earnings over the previous month. Of course if you have a better GPU you will make more money and if you’re hardware is even more lousy then don’t even think about it cause you won’t get anything from it at all except a high energy bill.
I gave NiceHash a try and tested it for one week. My machine was running 24/7. I was disappointed by the earnings, which were predicted to be somewhere between $1.50 and $2 a day! remember all of this is before electricity costs!
Checking the Math
I plugged my PC into a Kill-a-Watt and measured its electricity usage, the program told me that my PC uses 65 Watts in idle and around 300 watts while mining. Assuming the electrical costs are $0.10 per each kWh (well it’s not I can already tell you that) we are doing the math to see if it’s worth or not:
- 300 Watts * 24 hours per day = 7200 Watts hours per day
- 7200 watt hours per day / 1000 = 7.2 kWh per day
- 7.2 kWh * $0.10 = $0.72
The result $0.72 are the energy costs which I would require to run the PC 24/7 at maximum mining power. So let’s say I really would get $1.60 each day (it’s not) minus the $0.72 is almost nothing, I not even mentioned until now that mining has negative effects on your PC components because the lifespan gets with each day less and less (but there is no calculator for this since this is based on several variables here, cooling, if you OC’ed or not and and and).
Keep in mind that the accuracy of the program and Kill-a-Watt is not 100% correct however, even if you give both things a tolerance from let’s say 10% you won’t be able to get something worth out of the entire mining process, based on my research.
Other tools and calculation algorithm
I’m well aware that there exist several other algorithm and programs which are more (or less) effective when it comes to mining – but it won’t change much overall, even if you mine more profitable it’s not enough because the energy costs will climb up and the market prices for new GPU’s are also continue to climb higher and higher.
In my experience, you’re not going to make a noticeable amount of money from mining even high-end hardware will not change it because several factors. You need to spent a shit ton of money to buy mining hardware, the hardware must running all the time and produce the head – not to mention that you can throw you hardware out of the window after 1 year mining, if you PC really can handle it that long which I doubt even with water cooling.
I don’t get it!
Because of the mentioned reason even on high-end super duper 1337 machines mining can’t be profitable and I don’t get the reason why people doing it at all, maybe there stupid – I don’t know, of course you make money with it but it destroys your hardware really fast over the long term and then you’re again forced to buy new even more expensive hardware because you helped with this behavior only to bump the price even higher and higher. So at the end you pay more because you help that the prices are going up because you need constantly new GPU’s – at the end the industry is the real winner here. Maybe it’s a hobby for rich nerd people I honestly don’t know but mathematically wise you won’t get anything from it.
Trading the coins seems more profitable because you can earn a lot of coins without wasting that much time, energy and you don’t need to worry about higher hardware prices. Or you life in china because the energy costs are from $0.03 to $0.13 per kilowatt hour according to this article.
Please stop mining, it’s not worth (unless you are in a country with cheap energy costs like china) you only piss off people like me which can’t effort new hardware because we’re not rich and you also help to stabilize the market prices when the balance is given.
- How Much Money Can You Make Mining With Your Gaming PC? (forbes.com)
- Is Bitcoin Mining Profitable in 2018? (99bitcoins.com)
- So you want to mine bitcoin for profit? Here’s what you need to know. (hackernoon.com)
- How to Calculate Mining Profitability (coindesk.com)
- Bitcoin Is Worthless, Bubble May Pop Soon, Allianz Global Says (bloomberg.com)