Almost everyone say that cryptocurrency mining (every) is long gone for little players.
But that’s actually false. Monero Cryptonight algorithm started as “ASIC bulletproof” because it was heavily memory dependant. So CPU’s and GPU’s with fast RAM were the only the only game in town in terms of mining.
Everyone can do that. After long time, some people have developed suitable mining software for suitable FPGA’s.
ASIC – application specific integrated circuit. Integrated circuit designed to only to do one type of calculation (very efficient unlike CPU/GPU’s which can do any calculation).
FPGA – field-programmable gate array. This is somewhat specialized circuit which can be reprogrammed any given time. Very expensive but also have better hashrate/cost efficiency.
In 2018, some huge FPGA mining farms overtook most of the Monero mining market. But still, CPU and GPU mining was somewhat profitable.
Monero developers wanted to keep Monero decentralized and “peoples coin”, so they are FORKing the algorithm every couple of months to cut away the FPGA miners.
Most FPGA miners did abandon their business, because it takes long to develop FPGA mining software for FORKed algorithm and it will last very short time.
So GPU mining is back in the business. It’s not much, but you can make profit from hardware you already have. Or can easily buy for reasonable money (my $280 RX VEGA 56 8GB does 2000-2020 H/s).
That’s $1,08 a day profit ($0,75 a day of NET profit if you calculate with electricity cost). So the ROI on investment is 1 year.
I have 6 of these cards in one motherboard. I’m heading to buy new motherboard for 11 GPU’s.
But it still doesn’t look profitable to be worth it.
Yes, but imagine you’re mining today. Bitcoin price was $5,000 couple of months ago. Now it’s $12,000. Monero and all other main cryptocurrencies rise and fall with price of Bitcoin.
Bitcoin had recently survived drop from $13,000 below psychological $10,000 but had recovered back and is on it’s way to $20-30,000 (in 2020, there’s a BTC block reward halving which will kick the prices up with next to zero inflation in new blocks).
1 XMR is 0,08 BTC. It was twice as much 6 months ago.
Biggest benefit of Monero trading value is that it’s the main currency for darkweb thanks to it unbeatable anonymity.
Downfall of Monero value was it’s laggy official wallet. But the issues were resolved so we can expect higher mass adoption of Monero, driving value back to 1XMR:0,16 BTC.
So your $1,08 daily profit can easily be $7 (for $0,3-0,4 in electricity bill) a day, $2,500 a year on single $280 GPU.
All you have to do is mine now before BTC and XMR rise high and increase the mining competition.
And don’t sell your coins. Wait till Monero is >$500.
Give it a shot.
Best Monero CPU/GPU is Stak-XMR but the default compiled version takes 2% of your hashrate as developer fee. 2% doesn’t seem like lot, but we’re fighting here for decent profitability, so every % counts.
So feel free to use my recompiled Stak-XMR miner with developer fee removed
My favourite mining pool is MineXMR.com, low fees, no registration (just run miner with deposit address and set the payout amount):