Table of Contents
Introduction
Welcome to the Hobbyist Miner Channel
This space is dedicated to miners worldwide who, like me, venture into the world of cryptocurrency mining. This journey commenced approximately 45 days ago with the acquisition of my first mining rig. Since then, I have learned many lessons, not only on the mining process but also on its financial aspect. My journey comprises determining the right setup, analyzing the profit margins and breaking even.
The First Mining Rig
My first mining rig is a six GPU mining setup, currently averaging 13-14 mega hashes. Having been running this rig for 32 days, I found that it met all my initial expectations. The exploration of its performance, potential profits, and break-even point presents an engaging story.
Analyzing the Performance of the Mining Rig
How Much Ravencoin Have We Mined?
Upon diving into the data gathered over 32 days, I found that I have mined a Ravencoin total of 3030. The setup I used is based on the Kapow algorithm with T-miner on the Two Miners pool. The average hash rate is 80 mega hashes.
The Financial Aspect of the Mining Rig
The cost of setting up the mining rig was a crucial factor to consider. Necessary components donated by a friend included a Vetta frame, Asus B250 mining motherboard, and six GPU risers. I spent a total of $243.97 on additional parts: a 750-Watt Bronze power supply, an HP power supply breakout board, and various cables and splitters. For future expansion, I invested in cooling fans, additional power supplies, and longer USB cables. When adding the $649.98 spent on the six Sapphire Nitro RX 474 4GB GPU cards, the total cost of this six GPU rig sums up to $893.95.
Evaluating Profits and Break-even Point
Assessing Daily Profits from Ravencoin Mining
With the current Ravencoin daily mining rate of 94.6875 and its existing price of 0.18 USD, the resulting daily profit is about $17.41.
Determining the Break-even Point for the Mining Rig
To find out when I could expect to break even, I divided the total expenses by the daily profit, coming to approximately 51 days. The reality is that this break-even point seems attractive because of the substantially cost-reducing donations received at the start. Accounting for future rigs, where every component will be purchased, the cost and, therefore, the break-even point are expected to be significantly higher.
Conclusion
Everyone’s journey of cryptocurrency mining is unique and depends greatly on their individual setups and costs. In my case, I am making $17.41 a day off of Ravencoin, mining 94.6875 coins per day. Though I started with lower costs due to donated equipment, these figures provide realistic expectations for those venturing into mining.
As William Feather once said, “Wealth flows from energy and ideas,” and the world of mining is merely a testament to this. With each passing day, the exploration of mining continues to surprise, challenge, and gratify miners worldwide, just as it does for me at the Hobbyist Miner Channel.
Please subscribe, drop any queries or insights in the comments below, or inform me if you notice inaccuracies in my calculations. Your feedback helps to grow and refine this mining community.
What is everyone mining and what are you making per day or per month?
I am just getting into mining, and I wanted to thank you for all of the great information you have provided. Your videos have made things much easier for me to get started. I really appreciate the spreadsheets you make and share as well, they have been very useful. Looking forward to more content!
So inaccurate… You didn't even calculate the energy cost. Should of tracked kwh usage with kill a watt and utility energy rate then subtract the energy cost from the profit. Why did you even buy the kill a watt if your not using it???
love how all the mining rig videos showcase there cheap GPU prices, while im sitting here in canada crying
your part of the problem leave the GPU to gamers ffs!
I start mining in night 3:00, with 30 restarts to fix all what i need, etc. Then from 5 to 11h i minne 20 RVN, i hoop i will make money.
i hoop i make same like u 🙂
I dont think you mining over 90coins a day with 80mhs on raven. Check your wallet and show a screen with it.
Great vid. Hope this channel grows fast! I am around 60 days into mining. I too, like you was doing similar math (taking into account power). One thing peeps dont talk about much is the fact that its all “paper math” until the day u try and actually get your hands on that in fiat form in order to spend it on expanding. I was shocked to learn the gas, transfer and sale fees charged when cashing out. Also, taxes come into play if yer doing it legit. Just sharing my “60 days” worth of experience… lol
Wow! Amazing roi. Nice going.
You did some maths wrong. There is no way you are mining 95 RVN/day right now with only 80 MH/s. Right now you'd make something like 50 RVN.
calculation not actuall today prices ,
I am mining on nicehash with rtx 3060 ti and 2070 super with total 100 Mh/s and I am getting 7€ per day. How come you are getting 17 $ per day? Please I need some guidance 🙏
Very nice job my brother, you could have earned even more if these GPUs were more efficient, they are burning quite a lot of power when mining RVN :$
Enjoy the rest of your week <3
Great video. Glad that you had a friend to help you start mining and got cheap hardware. For a more specific math please consider that march is a 31 days month and that should lower a bit your daily income, rise up electricity cost and a higher ROI. This should not make a big difference but is good to put it on the paper since you just started mining.
Pulling about $30/day on NiceHash. Started mid February this year, so I am just getting my feet wet, too. I paid some ebay scalper prices for a 3090, a 3080, and a 1080 Ti FTW3, to go along with the two 1080's and a 1070 I already owned for years. I run the 3090 on my gaming rig, the 3080 on the home theater/VR rig, and the other four cards on a self made frame out in the shop. I get an average of @ 300 mh with all three rigs running. Power here is .06/KWH, and my estimated electric bill is @ $46/month for the rigs. I have calculated a break even time of the first part of September.
I wanted to get some decent gaming cards, but had written off the 3k series because they were too expensive. Once I saw how easy NiceHash was to run, and how the cards would pay for themselves, I jumped in with a $5k investment. So far, so good. Hope the market holds for the next few months! Not looking to buy more GPUs at the top of the market, though. I'll recoup my investment mining with my current rigs, then maybe buy more cards if the crypto market crashes to get ready for the next rally.
795Mhs on Ethermine. Averaging about $75USD/day. My goal is 1GHs then I will stop investing and see where this whole thing is going. Should have that sorted in the next couple of weeks… everything already bought. Just waiting for it to arrive. Got me a Rebtech board, so thats exciting.
how did you managed to mine 94 rvn a day with 80mh/s?
Power cost?
had to watch still. I'm in a deposition hahahaha screw em
Your cost of GPU is very low, I can't get that Saphire nitro card under 140 euro and it's almost double.
And you made some mistake you can't get 17$ with 80Mhs per day.
I thought the numbers were high and when I checked 81mh on whattomine.com for Raven coin on KawPow it says that is good for $9.85 a day. Are you sure about the $17.41 a day?
Your cost electric is 0.10 ? 1 kwat ?
Good stuff! I'm hoping you get that juicy ROI soon. How much power do you pull from the wall with the rx 470s?