Earnings Slowed Down Tremendously

MrHollowPointsMrHollowPoints Member Posts: 8
edited September 12 in Mining
What has happened with ETH as of late? I was typically getting 0.06 every day on nanopool and I noticed yesterday, my earnings have dropped and I only earned 0.02 for the day!!! Huge drop!! I checked my hardware...still cranking along at the same hashrates. What gives?

Comments

  • EMWEEEMWEE Member Posts: 60
  • MrHollowPointsMrHollowPoints Member Posts: 8
    That was a huge jump in difficulty over a day or so. I find a 0.04 difference in a day to be significant.
  • samjankussamjankus Member Posts: 95
    There hasn't been a large difficulty jump since Aug 25, and it definitely didn't cause a drop of 66% in earnings. I'd look at your pool.
  • MrHollowPointsMrHollowPoints Member Posts: 8
    samjankus said:

    There hasn't been a large difficulty jump since Aug 25, and it definitely didn't cause a drop of 66% in earnings. I'd look at your pool.

    Yes, I was thinking the same. Is there a better pool than nano? I tried ethermine.org but I was having a lot of issues, such as my workers not showing up even after 20+ accepted shares.
  • samjankussamjankus Member Posts: 95
    I've only been mining for 2 months and have always used Dwarfpool dual-mining with Claymore.
  • MrHollowPointsMrHollowPoints Member Posts: 8
    samjankus said:

    I've only been mining for 2 months and have always used Dwarfpool dual-mining with Claymore.

    You are fine with the 2% fee system vs. 1% like some others?
  • EMWEEEMWEE Member Posts: 60
  • MrHollowPointsMrHollowPoints Member Posts: 8
    EMWEE said:

    @MrHollowPoints What's your hashrate?

    352 mh/s
  • theclamtheclam Member Posts: 75
    Since you guys brought it up... What is your current miner of choice for ETH? Claymore v10, sg-miner, ethminer? Between fees and performance - what's your goto?
    Mine is currently Claymore v10 on ethos 1.2.4
  • MrHollowPointsMrHollowPoints Member Posts: 8
    theclam said:

    Since you guys brought it up... What is your current miner of choice for ETH? Claymore v10, sg-miner, ethminer? Between fees and performance - what's your goto?
    Mine is currently Claymore v10 on ethos 1.2.4

    I'm on Windows 10 with Claymore
  • DirtyNapkinDirtyNapkin Member Posts: 15
    i am having the same issue. i have 245 mhz (claymore v10 Win10) mining in nanopool for around 2 months, i used to have an aproximetly profit of 0.06 a day but it has drop to 0.042. Tought it was the pool but i tried ethermine and dwarfpool and got worse results

    As far as i know, this dificulty level will adjust after metropolis update comes in, am i right?
  • samjankussamjankus Member Posts: 95

    samjankus said:

    I've only been mining for 2 months and have always used Dwarfpool dual-mining with Claymore.

    You are fine with the 2% fee system vs. 1% like some others?
    Dwarfpool charges 1%. Claymore charges 1% for dual-mining, which is fine, yes. I make significantly more profit dual-mining than not, so 1% extra is fine with me.
  • RyTEKRyTEK Member Posts: 37
    Difficulty is not the only thing that factors into ether awarded. The network hashrate has also increased from 90TH/s at the end of August to 104TH/s as of a few days ago. You and your pool are competing with everyone else for those blocks and the rewarded ether.

    To add more perspective, the network hashrate was around 70TH/s in July.
  • EMWEEEMWEE Member Posts: 60
    0.02 is low for 352mh/s. I got a rig on 112mh/s and makes around 0.02 a day.
  • KlintistwoodKlintistwood Member Posts: 139
    Same for me, I have a 10GPU rig with around 220MHs, I was doing almost 0.05 / day and now I'm around 0.035, that's the biggest drop I've seen so far. I'm using dwarfpool
  • kentankentan Member Posts: 73
    edited September 14
    Let's do the math...

    10GPU rig doing 220MHs (assuming 10 GTX1060). GPUs cost alone is USD2100 for 3GB model (bump it up even more for 6GB model). Add in mobo, CPU, HDD, Ram, power supply, risers etc, cost of rig is at least USD3K or more.

    Assuming no increase in difficulty (which is highly unlikely) and electricity cost is FREE (which is not the case for most miners), 0.035 eth a day = 1.05 eth per mth or 1.05xUSD270 (current price) = USD284 per mth

    Breakeven period = USD3,000/284 = 10.6 mths

    If you factor in electricity cost of USD0.10 perKWH, assuming total power draw (est) is 80wx10 = 800w = 0.8x.0.1x24hrx30days = USD58 per mth

    Breakeven period = USD3,000/(284-58) = 13 mths

    This will stretch even longer if difficulty goes up. Looking at the rate of difficulty increase, its going to take more than a year just to breakeven for any new miner contemplating to jump on board. For those who just jumped on board recently, welcome to the new reality.
    Post edited by kentan on
  • KlintistwoodKlintistwood Member Posts: 139

    You are perfectly right and there is no issue about this, I mine for the long term. That's speculation of course but who is mining for something else? ETH already went up around 400$, that alone changes the picture. Of course, I would have preferred easy money but if that was so easy, everybody would be doing it.

    I don't pay electricity, I have solar panels producing more than I can consume, I manage to keep my rig cost under 3k.

    And there are also other coins, again speculation but why not?

  • Fish_minerFish_miner Member Posts: 26
    edited September 14
    kentan said:

    Let's do the math...

    10GPU rig doing 220MHs (assuming 10 GTX1060). GPUs cost alone is USD2100 for 3GB model (bump it up even more for 6GB model). Add in mobo, CPU, HDD, Ram, power supply, risers etc, cost of rig is at least USD3K or more.

    Assuming no increase in difficulty (which is highly unlikely) and electricity cost is FREE (which is not the case for most miners), 0.035 eth a day = 1.05 eth per mth or 1.05xUSD270 (current price) = USD284 per mth

    Breakeven period = USD3,000/284 = 10.6 mths

    If you factor in electricity cost of USD0.10 perKWH, assuming total power draw (est) is 80wx10 = 800w = 0.8x.0.1x24hrx30days = USD58 per mth

    Breakeven period = USD3,000/(284-58) = 13 mths

    This will stretch even longer if difficulty goes up. Looking at the rate of difficulty increase, its going to take more than a year just to breakeven for any new miner contemplating to jump on board. For those who just jumped on board recently, welcome to the new reality.

    When i start maining ,month ago i only that understand :smiley:
    To resolve problem in future is easy ,you need more Hash B)
    At the moment geting about 700Mh/s
    Till september end think will geting about 1k+ ,and that isnt big numbers ,because difficulty runing up :sweat:
  • RabassoRabasso Member Posts: 150 ✭✭
    yep, and noone is counting on the slashing of the rewards to 3 eth per block.... if you think you will get your money back in 10 months you are crazy, teh market will have a glut of GPUs and you will all lose your money... too late in the game. sorry to say.
  • WoodcarverWoodcarver Member Posts: 4
    edited September 15
    Last week my monthly ETH estimated payout was $750/month. Today it is $447/month at the present market rate of $235/eth. I've been in mining for quite a while and have had some good profits, however, now ETH is not profitable and I'll be looking at moving to something else. I've already started to move several Rigs over to other coins to test their profitability.
  • Fish_minerFish_miner Member Posts: 26
    edited September 15
    Rabasso said:

    yep, and noone is counting on the slashing of the rewards to 3 eth per block.... if you think you will get your money back in 10 months you are crazy, teh market will have a glut of GPUs and you will all lose your money... too late in the game. sorry to say.

    I think it isnt to late get in maining.You only need right attitude and believ in crypto curency future .
    And you need cash ,much cash :smiley: if you think building one-two rigs and start geting big cash, better buy crypto in trading platforms.
  • WoodcarverWoodcarver Member Posts: 4
    edited September 17
    It appears the Dev Team is trying to wipe out the small guys and get rid of all of the excess hashing from the 1 to 5 rig miners. https://github.com/ethereum/EIPs/pull/669
  • lablettlablett Member Posts: 244 ✭✭
    As per the thread you mention, people will just walk. Point being if there is a mass switch then they will feel the pain. It would not look good if ETC had a higher hash rate!
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