Table of Contents
The Evolution of Cryptocurrency in June 2021: A Snapshot
An Introduction
What an incredible journey the last month has been for cryptocurrency miners and enthusiasts! The end of June 2021 brought with it a turning tide in the world of crypto, with significant changes and advancements emerging at warp speed. This evolving landscape has seen both seasoned and newbie crypto miners navigating through uncharted territories. In this article, we delve into a comprehensive review of June 2021’s crypto mining perspectives, the evolution from May, and a peek into the future.
A Flashback to May 2021
Let’s journey back a month ago to May, where the crypto mining setup was still in its nascent stages. The mining frames were empty, hardware and infrastructure were still being established, and most importantly, mining strategies were yet to be locked down. Progress was steady, but by the end of the month, the setup had only nestled 18 GPUs.
According to estimates, the profit from mining at that time, factoring in the prevailing prices of Ravencoin, Ethereum Classic, and the respective hash rate, was an impressive $14,450.40 per year.
The Evolution in June 2021
The Infrastructure Development
Fast forward to the end of June, the mining equipment has drastically evolved from the previous month. By this time, the mining setup accommodates 23 GPUs, with four additional 380 X’s and an NVIDIA GeForce 2060 on the way. The mining rig setup consists of Ergo, Ethereum, Ravencoin, and Ethereum Classic, all drawing power from a 240-volt source.
The Profitability Perspective
The changes in infrastructure and strategies have inevitably impacted the profitability trends. The fluctuating market prices of the mined cryptocurrencies have underscored this impact. If the prevailing conditions persist, the yearly profits for June 2021 sit at an estimated $10,317.60, showing a reduction from May. This clearly depicts an onset of a possible ‘bear market’, with the profitability graph showing a downslide.
Understanding the Future Direction
As the trend takes a downward turn, it raises questions about how miners should strategize for the future. While there’s some apprehension around this shift, this perceived ‘bear market’ may not necessarily spell doom for all miners. After all, market fluctuations are not anomaly but rather the crux of any investment market, crypto being no exception.
Long-term Investment vs. Daily Payouts
The motive behind one’s mining strategy plays a crucial role here. For instance, miners who immediately convert their earnings to fiat currency primarily focus on day-to-day profitability, and market volatility directly affects them. On the contrary, miners viewing crypto as a long-term investment may see this differently.
In the case of the latter, these miners maintain their holdings in crypto, not cashing them out. They invest in mining as a hobby and a potential source of profit in the long run, tracking the trend of crypto values to cash out when the tide turns in their favor. Despite the current state of affairs, they look forward to the potential value surge in the future.
Reflecting on this Journey
On the whole, June 2021 presented a remarkable turn of events for the crypto mining landscape. With the bear market setting in, it underscores the importance of evolving mining strategies, providing a much-needed reality check for all miners.
Looking ahead, the complex dynamics of the crypto market will continue to inspire intrigue and speculative discussions. It will be interesting to see how miners and the crypto community respond to the challenges and opportunities that lie ahead. As we head into the coming months, the most important takeaway is that the journey is just as important as the destination, if not more so.
How have you grown over the last 30 days? GPUS? Rigs? Profits?
Awesome that you started back in February! I built my first pc back in February. How many total gpus do you have now? I've been lucky enough to get fourteen 30 series cards at msrp since I started mining in April, 2021.
Rip gambit xD
Thank you THM! Wish I subscribed sooner much love man and advice is great.
what are those clips called to hang your pgus?
Your estimates will be much closer if you use the reported hash rate from whatever the pool is reporting vs. whatever hive is reporting, obviously the reported hashrate will fluctuate but my numbers got a lot closer when I started paying more attention to the pool vs. hive.
Word to the wise. You seem to be investing in a lot of older hardware (likely due to availability of new hardware). Be sure to factor in the probability of your tech phasing out in your financial projections.
hello… doyou have experience with amd motherboard in gpu mining? its good or not??
Hey dude, did you try Phoenix miner for those R9's yet?
bro if you are mining based on the token not the fiat then profitability is still almost thesame.
Currently have 2 rigs and 9 GPU's. 1 Rig mining Ether & Ergo (5x 1070s and 1x 3070). The other rig mining Raven (2x 580s) 🙂 Previously started out with just 2x 1070s. Also, would you say there is a benefit to have the GPU mounted vertically/racked vs. horizontally? Better airflow and or maintenance? Been doing this for a few months. Can't recall the exact date.
Great content!
It is fine if you want to view the market with a long term view. However, you can still sell your ETH at $4,000 and buy back at $2,000. Being in it for the long term means maximizing your ETH not never trading.
Yeah but what's Ur profit with the whole rig ROI. You calculate daily, but what about rigg Costs and GPU…?
I like X-MEN 💪😎👍
Bear market won’t last long 🙂
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If you aren't cashing out daily, it makes little sense to calculate a profit. Similarly for monthly and annual numbers, which fluctuate so much.
Cool vid man. How come you don't just mine the most profitable coin and just buy RVN/ERG/ETC with profits from the most profitable coin such as ETH?
Thank you for the in-depth look at your progress. Like you, hobby mining and I am doing it to just stack coins and it has been fun to learn about and work on. We both would have made more money if we had just sold when we mined, rather than riding the down slope, but who knew? I don't have a dedicated mining room like many I see, so I have to have my GPU's in enclosed cases to reduce noise/dust. Right now, I have 3x PC's running 6x GPUs for 503 MH/s on 1105W, but the decibels are low enough in our family room, so that my family doesn't kill me.
It is too bad you can't get anywhere near accurate numbers with HiveOS's wattage issues, so the numbers that you are using have good thought behind it, but might not even be in the ballpark. You mention adding 400-500 watts to the total numbers, but hard to say and that would decrease your profitability. Still, awesome job tracking everything and can't wait to follow along, as I perform my own analytics. I am newer to your content and haven't looked up specifics about your solar, but are you factoring the cost of your solar install into your calculations? It seems your electricity cost is very low, and I was wondering how much out of pocket the solar install is and if you are tracking that for profitability or break even? For example, if I had solar, my electricity costs would be $0.12/kWh, but since I go over a threshold, much of my mining cost is actually $0.14/kWh… does PENN have a similar increase?
Finally, your profit per year is off… a simple calculation to show daily profit x 365 days (365.25 technically, but we don't need a leap year complication) would be a simple improvement over the 360 days you are currently using. Similarly, 30 days per month is fine and accurate enough, but to capture your actual per month throughout a year, you would need to do 365 days/12 months (again, no need for the actual 365.25 days). Just saying 🙂
I'm still mining away, just received my first payout from HiveOS :). As with stocks, crypto is a long-term investment
I am starting to like my 3060 LHR on nicehash
I have a quick question for you.. it’s regarding one of your older videos. The video where you download hive os to your ssd, do you have to have windows 10 already downloaded on the ssd in order to move forward
I had the same throttling issue with the Gigabyte 3080 was getting 80 to 83mh and still temps around 104 and 106 😡 changed out the pads just on the gpu side like in your part 2 video, now she's a steady 100mh at 88 degrees 🥳
You should look at putting your Colossus rig on ETC. My RX470's have been doing about 30 mh each and with ETC pump lately it's generating significantly more revenue than RVN or ERGO. Matter fact, ERGO is in last place of the three.
How many circuits is this on?
where can I buy the red clips for the gpus?
Love the video's…..New miner myself just trying to build out from my single 1650 super. If you want an accurate power consumption reading get a multimeter with a current clamp. You'll be able to measure current and voltage to give you total power.
My electricity bill went up 1400 kwh cause I think my ac has been running 247 since last month so they said ita $22 more then last but then they charge an extra $54 on top of that. Fken electric companies are crooks. So my bill went from 202 to like 285. And my mining card didn't change.other then the dip in the market so I made NOTHING last month all goes to electricity
I would love to expand but i can't buy a single GPU since the beginning of this year :/
I honestly hate ASUS AM4 motherboards when it comes to GNU/Linux, i experienced a lot of issues with the B450 version of that motherboard on GNU/Linux Debian and even Ubuntu.
Happy midweek my brother <3
love your videos man. motivated me to start mining with older gpu's. I've been focusing on efficiency and you definitely have helped me along the way with these videos. keep up the good work.
this month i havent seen much growth. moved some hashpower over to a few speculative coins. currently waiting for price drops
One rx580 but added an rx590 this month.
For a person who understands energy efficiency and green technology. You sure do have some very inefficient gpus 🙁 …. but enjoy your videos. Keep it up!
👍🏼
Exactly the same as you. I added more GPUs, profits dipped, I don’t need the money, I never sold 1 coin , HODLing for the next 5-10 years. Current profits today sitting at around $17k per year
just started my journey fully yesterday currently only have a rx580 but now on the hunt to start upgrading
LOL, The robots at Tesla are also named after X-men. Looking good bro.