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Profitability Of Radeon RX 580 (8gb) for mining Ethereum

CarefullyCurated23

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I have gone to about half a dozen or more "Profitability" Calculators for mining Ethereum and the majority of them all say that you can realistically make $2.10 to $2.40 a day off of one Radeon RX 580 (8GB), but I wanted to come here to double-check first with people who actually mine Ethereum on a day to day basis and know the statistics on whether or not this is a realistic and accurate price for a 580. Throwing electricity costs, wear and tear mining pool fees, and all of that out the window, I was just wondering if these numbers are correct and if not, what would be a more accurate number for a Radeon RX 580.

Any help would be greatly appreciated :)
 
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I'd say those estimates are rather high even with 0 electric costs. At the current price, its less than 2 dollars a day. However it could end up being more if ETH keeps increasing in price. You should try it out for a day and see how much eth you mine. My 580 generates around .0006 eth a day.
 
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Hi,
2 bucks for 24 hours of mining ?
What am I missing here beside you mining on a better gpu :confused:
 
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That's why people usually have 6 of them ;)
 
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That's why people usually have 6 of them ;)
Hi,
I laughed at what a 1080ti and titan Xp was said to make.

Yeah checked it was 5 bucks lol
But nicehash doesn't even list Ethereum as being what is mined for that amount.
 

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Firstly, welcome to the forum!
Secondly, I think you'll end up using more power than anything unless you tweak the GPU. I moved away from my RX 480s which are basically the same card as they just chewed through the electric and didn't really add masses of hash rate sadly. With newer cards they are just a lot better than older ones.

Unless you can flash the cards which I DON'T recommend if you are unsure of anything involved with this process, which means getting the right ROM and using the program to do so, you are better off just leaving alone. Newer cards will be much better for it and if you don't have any or can get hold of non LHR cards or a 6800, then I'd just see how you go with the 580. One card really isn't going to do masses at all. You'd ideally need at least 4 to 6 in one PC.

If you're concerned about the electric side of things, get a watt meter, plug the PC into it, run mining and see what happens. Tweak your card (undervolt/lower power usage) and see if you can get something good from it. Remember that you'll need to select compute with the 480/580s as otherwise you'll get about 8MH or so from each card. When you swap it over, you will get about triple the performance (I did with my RX 480s) At best I was able to get about 26 to 28MH with them, so the 580s I think are nearly about 30 at best with flashed bios...

We have so many threads here on bricked or damaged GPUs because of flashing, if your not comfortable doing it, leave alone :) Same goes for mining as a whole to be honest :)
 
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If you already have the card who cares if you make 2 dollars or 3. It's basically free money barring electricity cost is too high in your country. If you're trying to buy the card to get into mining, I'd say bad idea tbh. Too late imo. Mining difficulty is increasing every time more people join mining despite increase in value of ETH. More difficulty = less ETH. Not to mention doing anything with ETH will eat a large amount in fees. Example being mining pool transferring ETH mined to your wallet. Earlier it wasn't a peoblem since pools took 1% (usually. Some took less, some took more) of your profit and ate the transaction fee themselves. But since last few months you have to pay the fee yourself. So shrinking profit + volatile value (ETH price took a nosedive when China clamped down few months ago) + upcoming death of ETH mining (ETH moving away from PoW to PoS sometime end of the year or early next year) means bad time to invest in ETH mining. Maybe invest on ETH itself.
 
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Tom's Hardware calculates the RX 580 as making $2.08 per day


but that's with an electricity cost of $0.10 per kWh which is far lower than my actual residential rate.

For argument's sake, let's say my RX 580 would make $1.25 per day -- a far more realistic profit based on my electricity rate. It would take about 18 months worth of mining to pay off an RX 580 purchased at today's street prices.

As I have mentioned elsewhere, the people making big cryptocurrency profits are traders: buying and selling. Remember that 99% of the world's fortune was generated by investments not from ordinary wages or income. If you want to make money from Amazon, don't drive one of their delivery vans: buy AMZN shares instead.

Mining is for people who don't have the confidence to buy the cryptocurrency directly. Mined cryptocurrency is subject to the same price fluctuations as what you purchased on the open market. It's not any "safer", the beta is still the same.

Remember what you are doing when you mine. You are spending some of you cash on a device (GPU or custom chip) and spending more cash to buy electricity to generate cryptocurrency. After just one year's worth of usage, the card won't command much on the used market.

If you cut out the middle man and buy the cryptocurrency directly, you don't sacrifice the expense of a graphics card. If you buy $1000 in ETH and sell it at $1200 you've made $200 plus have your original $1000, and ROI of +20%.

You can't buy a $1000 GPU, make $200 in ETH profits and walk away with a $1000 GPU + $200 cash. The GPU's used value is far lower. Let's say you can sell the GPU for $500; what you have left is $700. Your ROI is -30%.

You're better off taking that money you'd earmark for an RX 580 and buying cryptocurrency on the open market (hopefully at the right time) and swing trade it.
 
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Hi,
Yep you could panhandle for an hour at lunch and make more money tax, electric and hardware free just a sign/ tin cup needed
Then use it to buy coin ;)
Only other entity that profits from small individual miners are places like nicehash/... that convince people to mine for them lol
 
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I am good with excel and I have run numbers lots with this crud and I have found after power and taxes the real payback is more like 48 months right now for Polaris cards

So one card might earn $1 a day after paying its way for power and taxes

I am assuming higher prices for Polaris cards as well
 
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Yep you could panhandle for an hour at lunch and make more money
Or you could mine and do a fulltime job.

Keep in mind there is a difficulty bomb in december.
 

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I have gone to about half a dozen or more "Profitability" Calculators for mining Ethereum and the majority of them all say that you can realistically make $2.10 to $2.40 a day off of one Radeon RX 580 (8GB), but I wanted to come here to double-check first with people who actually mine Ethereum on a day to day basis and know the statistics on whether or not this is a realistic and accurate price for a 580. Throwing electricity costs, wear and tear mining pool fees, and all of that out the window, I was just wondering if these numbers are correct and if not, what would be a more accurate number for a Radeon RX 580.

Any help would be greatly appreciated :)

Study these links




 
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2x 3090 with 250mh/s earn almost $500/month after power bill at current ETH price.I think anything less than that amount is not worth to mine.
 
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I am good with excel and I have run numbers lots with this crud and I have found after power and taxes the real payback is more like 48 months right now for Polaris cards

So one card might earn $1 a day after paying its way for power and taxes
Leave taxes out of your calculations here. Different jurisdictions have different tax policies concerning cryptocurrency trading gains. Moreover everyone's tax situation is different and typically they change over a person's lifetime. The tax rate you pay at age 75 will likely be different than age 55, 35, or 25.

Same thing when quoting computer hardware costs. Either quote the MSRP or street price. Even EU countries have different tax rates despite many sharing the same currency (euro). In the USA, different jurisdictions have different sales tax rates even within the same state or sometimes county.

It's up to the individual to apply local electricity rates to their own profit estimate calculations. Remember that if you just trade cryptocurrencies rather than mine them, you will still be subject to local tax laws concerning cryptocurrency profits.

Where I live cryptocurrency gains are taxed as ordinary income by the feds and similarly by the state so tied to my gross income. In other locations, there may be more or less taxes. Certainly different tax rates apply based on total income. Everyone needs to calculate crypto taxes separately and these may change from year to year based on other income.
 
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This why mentioned taxes which are all over the dial. The taxman wants his pound of flesh.

All I have noticed is that earning hardly cover the power with Polaris cards anymore, and if more adopt it may get worse as the blockchain gets larger
 
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This why mentioned taxes which are all over the dial. The taxman wants his pound of flesh.
Which typically in most jurisdictions (USA included) is only applicable to your profit. ie, you won't lost money. You just need to record your expenses and document them.
 
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Which typically in most jurisdictions (USA included) is only applicable to your profit. ie, you won't lost money. You just need to record your expenses and document them.

China sure drove bitcoin etc down with their latest crackdown
 
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