This seems too good to be true…

This seems to good be true…

Two days ago I started mining Ethereum on my desktop with a RTX 3070 at 60 MH/s. I have it running as long as I’m not doing graphic intensive tasks. This is my first experience with crypto so I may mistaken, but according to my calculations, with an average 0.00475 Ethereum mined daily I’ll have close to 1.7 Ethereum by the end of the year, ~$1800 (with current prices). Subtract a couple fees and transfer costs and I think I’ll be looking at $1600. This seems too good to be true, as in on year I’ll have covered the cost of my entire rig. My gpu is at a constant 65C so it’s not doing much harm to my system. I suspect I’ll have to replace some cheap fans later on. Taken that into account am I missing something?

What do you think?

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  1. If you mine 24/7 365, you’ll may need to be replacing that GPU in a year.

    Factor in your power consumption costs, but your math isn’t totally wrong. Just keep in mind that as prices go up, the number of people mining will too, and that will increase the block difficulty and make your hashrate less profitable. A lot of people don’t have 3k series cards yet, but when they become more widely available in the next few months we’ll see a big jump in block difficulty.

  2. If you have the cash it might be cheaper to buy ETH rather than mine it. Most mining camps have hundreds of machines mining coins 24/7 which makes them profitable but paying for the electricity needed to keep these camps going eats up half of the profit.

    If you bought $30 of ETH last week we are looking at 42% gains this week. That $30 would be around $42 right about now.

    Last week’s really was huge but they come and go regularly.

Just realized Coinbase has a 40 ETH stake limit per customer…whats the next best alternative?

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