Monero (XMR) thread

Handsome Creepy Eel

Owl
Gold Member
Does it affect your electricity bill much?
That's pretty much impossible to determine because my electricity bills are sent for 6 months ahead based on estimates drawn from previous year's consumption. If I got a higher bill for the next 6-month period than usual, it would be hard to determine if that was because of the mining or because my AC broke and I've been using an electric heater, because I got a stronger oven, or for some other reason.

However, my logic is that the rising prices of crypto (especially Monero) will easily make up for any electricity costs incurred mining them.
 

BURNΞR

Pelican
That's pretty much impossible to determine because my electricity bills are sent for 6 months ahead based on estimates drawn from previous year's consumption. If I got a higher bill for the next 6-month period than usual, it would be hard to determine if that was because of the mining or because my AC broke and I've been using an electric heater, because I got a stronger oven, or for some other reason.

However, my logic is that the rising prices of crypto (especially Monero) will easily make up for any electricity costs incurred mining them.

As long as you know your kw/hr dollar cost you can plug everything into a calculator with your hash rate to figure out what your profit is. More often you are better off just mining ETH and getting paid in XMR. Assuming xmr keeps rising it would negate electricity costs, yes.

There's a rumor going around that Biden is going to regulate crypto soon and that's probably why XMR is going up despite everything else falling. If Biden comes up with really stupid 90% tax laws I can totally see xmr go to 0.03btc and beyond.
 

bucky

Ostrich
It isnt, with a gaming comp with 1 GPU you would mine less then 1 ETH a year if the rig was working 24/7.
I'm guessing that wouldn't be cost efficient, even with ETH at over 2k USD right now. Maybe if you had an old gaming computer sitting around? Does anyone have a feel for roughly what the extra expense for electricity would be? My brother is a gamer, he might have an old computer he doesn't use. I guess I should look into it.
 
There's a rumor going around that Biden is going to regulate crypto soon and that's probably why XMR is going up despite everything else falling. If Biden comes up with really stupid 90% tax laws I can totally see xmr go to 0.03btc and beyond.
Fair value based on use is 0.08 btc ($4400). I base this on the ratio of XMR transactions to BTC transactions in a given month (about 1:12).
It isnt, with a gaming comp with 1 GPU you would mine less then 1 ETH a year if the rig was working 24/7.
That's still significantly more than you would gain by CPU mining XMR directly though.
 

BURNΞR

Pelican
Can you explain why ETH is more efficient in regards to electricity?

I'm not more efficient in regards to electricity. It just seems to me that mining ETH with a current GPU (rtx3080/3090) and getting paid in XMR will net you more XMR faster than using simply mining XMR with expensive CPU's. Also, after your hardware pays for itself in XMR it will be much easier to sell your GPUs for full price or much higher. You'll be able to sell your CPU but it will not be for a profit as it isnt needed for most people. Overall it seems like GPU mining is the winning move with close to zero risk, if you can get one.
Fair value based on use is 0.08 btc ($4400). I base this on the ratio of XMR transactions to BTC transactions in a given month (about 1:12).

By this logic, fair value of XMR will be 0.8btc in 2-3 years since actual use of it is said to 10x. I'm skeptical about transactions determining value as it can be faked.

Based on stock to flow price should be around $900-1000 but unfortunately other cryptos in this speculative market are eating it's lunch. 99.9% of the market participants do not need anonymous money, they just want fast gains. On the dark net participants are only buying as much XMR as they need to pay for their addiction and this isn't a mainstream thing yet as the technical hurdles of doing this are quite high.
 

Enter your graphics card, and it calculates mining profit.

I mine what is profitable and easy to trade for XMR. At 7c kw/hr, my desktop computer pulls about 400 watts and costs 40c/day in electricity...each additional graphics card adds about 200w to that.

For a mining pool I use 2miners. They pay as soon as you hash a certain amount...for me I get a payout every 8hrs or so.
 

Mikeyd03

Woodpecker
Monero back above $400 while the market is dumping. Not sure why.

Perhaps the privacy market is flipping profits from ARRR (hyped privacy coin) and Wownero (the doge of privacy). Still undervalued........but my gut tells me a lot of people are sleeping on BTC right now. Time will tell.
 

BURNΞR

Pelican
Monero back above $400 while the market is dumping. Not sure why.

Perhaps the privacy market is flipping profits from ARRR (hyped privacy coin) and Wownero (the doge of privacy). Still undervalued........but my gut tells me a lot of people are sleeping on BTC right now. Time will tell.

I think Biden's proposed doubling of capital gains tax has something to do with it. I know America isn't the world but it's also true that other countries copy their tax policies when it comes to crypto. The price has gone past 0.0075BTC so I'm thinking there's a good chance of seeing 0.01 and possibly 0.02 sometime this year maybe.

I think it's the opposite with BTC, corporations and hedge funds are diving in and the price isn't even getting a chance to dump 40% from the top like in previous cycles.
 

redbeard

Hummingbird
Gold Member

Enter your graphics card, and it calculates mining profit.

I mine what is profitable and easy to trade for XMR. At 7c kw/hr, my desktop computer pulls about 400 watts and costs 40c/day in electricity...each additional graphics card adds about 200w to that.

For a mining pool I use 2miners. They pay as soon as you hash a certain amount...for me I get a payout every 8hrs or so.
I have an old laptop sitting here with a graphics card that's too old to be listed on this website. Is there any way to measure how much hashrate it puts out in real life, and not an estimate? Some sort of tester? Or am I really reaching trying to mine on this dinosaur :laughter:
 
I have an old laptop sitting here with a graphics card that's too old to be listed on this website. Is there any way to measure how much hashrate it puts out in real life, and not an estimate? Some sort of tester? Or am I really reaching trying to mine on this dinosaur :laughter:
If the card has less than 6GB Ram, you can't really mine anything. If the graphics card is more than 3 years old, you are using more in electricity than you are making. Even a new laptop is going to be worthless for mining, unless you have a very high end one that comes with a desktop graphics card, and not a mobile graphics card. Personally I think Proof of Stake will start to take over from PoW, and mining will be less profitable for most people. Whether that takes 2 years or 10, I can't say. Right now you can drop 300k on mining rigs and make 40k/mo tax free, but whether that will last is another question.
 

redbeard

Hummingbird
Gold Member
If the card has less than 6GB Ram, you can't really mine anything. If the graphics card is more than 3 years old, you are using more in electricity than you are making. Even a new laptop is going to be worthless for mining, unless you have a very high end one that comes with a desktop graphics card, and not a mobile graphics card. Personally I think Proof of Stake will start to take over from PoW, and mining will be less profitable for most people. Whether that takes 2 years or 10, I can't say. Right now you can drop 300k on mining rigs and make 40k/mo tax free, but whether that will last is another question.
Thanks. I know mining BTC on a laptop is a fool's errand, but I wasn't sure about XMR. I know they change algorithms and such.
 
Btc Dump last week started when hash rate dipped. China had some blackouts with some of the miners. Some leveraged positions got liquidated when the BTC price dropped sharply, causing more auto liquidations and then a sell off.
 
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