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Eth Mining (I praise the attempt..but!!!)

Gepostet: 2021-08-09 | 21:59 · 15 Antworten · · Übersetzung:

I wanted to test Norton's Eth mining tool. It's very simple to use and understand. You mine every 10 minutes and will get some mining shares of Eth. When you accumulate .0021 or more in your wallet is when you can transfer it out to be sold (just remember you have to have a total of .0021 or more to sell for payout). 

My Experiment:
I been mining for the last 3 days at different hours to see what my hash rate was using my Geforce 2080 Ti and having X1 program to monitor and maintain a balance fan speed and and temps. In the time frame of say 36 hours (no more than 12 hours total mining) I have totaled  0.000665843672 ETH and at the current price of $ 3,124 U.S dollars = $ 2.04 on my return. When this is compared with the .0021 payout mark would equate to about $ 6.55 at the current above Eth prices. 

I then looked at my Energy consumption by the hour (awesome Coserv company to be able to see this) and I can see a spike at certain hours of usage and know I was  using my computer only to mine Eth. I know currently it would not be worth the energy cost vs. mining return ratio, because I would have to reach the payout goal of .0021 every 3 days to break even. Also consider if I ran the mining program for 36 hours I risk burning out my graphics card which in no way would it be worth it (remember chip shortage = video card prices are more than MSRP for mid-top tier).

Conclusion: I give Norton 100% praise for offering this as an easy option; however the downside currently is U.S. Energy prices vs. Mining return ratio. The other con for mining currently is the (Mining Pools), if more and more people were to join Norton's mining of Eth it could help in the future. I suggest anyone who is getting into crypto-mining to read up on the pros/cons of tackling this as a solo and pool miner. 

Thank you,

* (The error on calculations are not 100% accurate but a current example of my personal situation and will also change constantly with the price of the crypto).

Labels: Mining

Antworten

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Re: Eth Mining (I praise the attempt..but!!!)

Gepostet: 2021-08-10 | 03:53 · Permanenter Link

Thanks for a realistic hands on analysis. I hope others can add their own profit vs energy costs here.
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Re: Eth Mining (I praise the attempt..but!!!)

Gepostet: 2021-08-10 | 07:06 · Permanenter Link

My experience is similar to yours, although not nearly as scientifically tracked.  I mined with an RTX 2080 Super for about a week, day and night, with few breaks.  I noticed on my UPS the power consumption for my rig would increase about 100 watts while mining.  This computer is normally off at night when I'm not using it.

In the middle of the week the mining was going so agonizingly slow it occurred to me I should use my older computer I maintain for additional hard drive storage to mine also.  This computer is usually off unless I want to watch an older movie, etc.  So, looking into this idea I realized the second computer has a GTX980 which unfortunately has "only" 4GB of RAM and doesn't qualify for Norton Crypto.

At the end of the week I "made" $6.67.  I haven't tried to transfer this to Coinbase so I have no idea what kind of transfer charges will eat away at the hard earned pittance.  At this point it seems the juice is definitely not worth the squeeze, so I'm out.

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Re: Eth Mining (I praise the attempt..but!!!)

Gepostet: 2021-08-10 | 09:13 · Permanenter Link

After my earlier post, I thought I could do a little better with this analysis.  Even using a simple "my rig uses about 100 watts more while mining" basis, I did a little spreadsheet based on what my electric utility charges.  Using the $6.77 I "made" this last week and guessing I'll clear $6.50 after transfer fees (no idea if that's accurate) minus electricity use and then paying federal and state income taxes, it appears I would clear approximately $230.79 per year, or $4.44 per week.  I want to note the fact  that there's no way for me to reliably determine the cost of the wear and tear on my rig, nor how much my air conditioning bill increases due to the excessive heat coming off the rig while mining.  I can tell you it's very noticeable when you enter the room and when you sit near it.  It's like a radiator.

I'm still thinking the juice isn't worth the squeeze.

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Re: Eth Mining (I praise the attempt..but!!!)

Gepostet: 2021-08-12 | 11:54 · Permanenter Link

I am once again currently testing this all out completely. I am now mining off and on and nearing the first payout of .0021; however I will not be with drawl any of the Eth at this time. I am going to try and reach one 1 Eth completely and see what my energy bill will be. I am watching all the important parts of the mining (Mh/s, KwH, Temps, and a few others). I hope to have something solid in another week, so keep a look out for more information.

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Re: Eth Mining (I praise the attempt..but!!!)

Gepostet: 2021-08-12 | 14:05 · Permanenter Link

You're shooting for one full coin? Any calculations on how long you estimate that'll take??
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Re: Eth Mining (I praise the attempt..but!!!)

Gepostet: 2021-08-12 | 16:58 · Permanenter Link

1 ETH is about $3000 right now so that should cover some electricity costs. Is it possible to get there in one month?

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Re: Eth Mining (I praise the attempt..but!!!)

Gepostet: 2021-08-13 | 05:02 · Permanenter Link

As I wrote above, at the rate my rig was mining I ran it almost 24/7 for a week and made 0.002107 ETH. At that pace I could expect to make $4.44 per week after electricity and income tax, $230.79 per year. I could expect to make one ETH in 9.127 years. It it were to stay at $3,000 per ETH, I would gross the $3,000 and net approximately $2,106.39 for the nine year period.
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Re: Eth Mining (I praise the attempt..but!!!)

Gepostet: 2021-08-13 | 05:53 · Permanenter Link

So at $231/yr you would be able to renew your Norton subscription in future years! 

Can you increase the rate you are mining at? Of course everyone hopes and anticipates an increase in the price of ETH in the future but I guess the bottom line is to be positive money for the effort your PC is doing right now.

In a worse case scenario I guess you would just shut it off if it turned negative. 

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Re: Eth Mining (I praise the attempt..but!!!)

Gepostet: 2021-08-13 | 06:40 · Permanenter Link

hahaha ... yes, I suppose I would get free Norton out of it ... my concern is the constantly running PC with the GPU at 100%. I manually set the two GPU fans at 100% to keep the temps down as much as I can, but it concerns me having this little radiator running (loudly) right next to me. I suppose in the winter I'd like it but not so much in the summer, it's fighting the air conditioner and reducing my comfort level. I am also concerned about the wear and tear on the GPU running at 100% 24/7/365. I paid $730 for this GPU about a year and half ago and if I burn it up the newer GPUs are even more expensive ... beyond annoying me, that would quickly turn my small profit into a negative number. Now - if was possible to mine one whole ETH per year, that might be a different story as far as I'm concerned - but at one ETH per 9+ years? I'm still thinking it's not worth it.
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Re: Eth Mining (I praise the attempt..but!!!)

Gepostet: 2021-08-13 | 06:55 · Permanenter Link

Well I am not doing any mining right now since my GPU does not meet the minimum requirements but I am considering it for the future. Based on your calculations and what others are saying I am thinking myself it will not be worth the cost of a new GPU and the wear and tear on it.

Mining sounds easy and fun when you first investigate it but numbers like the ones you have provided are a valuable tool to help people assess the overall picture. As I said before everyone hopes and anticipates increases in the price of ETH and I think that is what drives the mining market. Stories in the news about Crypto prices reaching new highs make me want to earn some and concerns about my PC drive me in the other direction.

I will stay tuned and hopefully Norton will improve their process.

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Re: Eth Mining (I praise the attempt..but!!!)

Gepostet: 2021-08-13 | 08:11 · Permanenter Link

Conclusion and very serious concerns now: I reached Norton's magical number of 0.0021 this morning. I am going to show you the information of what I seen, do not understand, and concerns.

My Norton Payout: 

1. Payout:

ETH = 3,237.78 USD 0.002103642708 ETH Transactions August 13, 2021 5:09:40 AM Mining Payout 0.002103642708 ETH

2. Do Understand: (Current Mining Numbers)

0.000162941775 ETH (WHAT?) (Why auto sale)

3. My Concerns:

Okay, first off Norton AUTO payed out at their minimum payout requirement of 0.0021+ (with the plus being a little over). I looked at my mining Pending Payout numbers again and here they are: 0.000162941775 ETH. As you can see here, I am back down below the 0.0021 minimum payout. I can only think/assume Norton, Paid me out (on hold until 8/14/21). What I see is my mining picked right back up from 0.000100000000 mark. This way you are constantly going for the minimum payout of .0021. 

This constant carrot in front of you will take at current prices about 500 times in order to reach 1.0 Eth. (I am not sure why they just didn't allow it to continue to climb as you mined and I believe even if they did it's still the same number of output in the end.

The bad: I spent probably over $ 10.00 US dollar's in electricity to reach this; however I wanted people to really understand the cost and time into it. You would seriously need a "Built Mining computer" that can at a minimum to achieve 300 Hash rate per second (Mh/s) constantly. This is the only way I see turning a profit in the US using Norton's mining tool. (My Electric rate is about .09 cents per Kw). If lower then more the better for multiple mining rigs/setups.

I just want to thank all for reading and supporting this with your own experiences and information. I will have to pass on the mining and just find a place to buy low and sell high. I hope this has helped and good luck.

"HG"

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Re: Eth Mining (I praise the attempt..but!!!)

Gepostet: 2021-08-13 | 10:36 · Permanenter Link

Thanks for the followup numbers. It is interesting to note your numbers and conclusion to stop mining are similar to hangtime. I think that gives others a good deal of information to decide if mining works for them.
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Re: Eth Mining (I praise the attempt..but!!!)

Gepostet: 2021-08-15 | 16:53 · Permanenter Link

OMG...I am sorry to post again on this but I just withdrew my small Eth coins of  0.002103642708 ETH it was around $ 6.77 at the time. They (Norton or Coinbase) charged me $ 4+ Dollars to do it...LOL. What a "CON" Norton and Coinbase are doing here. I stated above the electric bill was around $10 and I made $6 but after their charges down to $2 dollars and some change.

*Please Pass this on" This is nothing but a high-end "CON" from these companies. I have moved all my crypto from Coinbase to Coinbase Pro and cashed out. I would stay away from all of this.

Good Luck you all and take care.

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Re: Eth Mining (I praise the attempt..but!!!)

Gepostet: 2021-08-18 | 08:10 · Permanenter Link

I'll jump in here. First, YAY Norton! I have been interested in mining for many years but never plunged. When I noticed the Norton Crypto release, I turned it on and have been running Norton Crypto 24 hours a day since August 4, 2021 on a MSI GE75 gaming laptop with Nvidia GeForce RTX 2060 and Intel Core i7 Gen 10 and two external monitors. I am getting a .0021 payout every 5 days and am pleased so far.

This laptop is used heavily 24 hours a day much of which is active trading related and is a fairly heavy load in its own right. The first thing I noticed was the fans running at high speed 99% of the time which was probably 50% in the preceding year of running this laptop. I began watching for hot spots and noticed the area "on top" of the function key row was running hotter than I recalled. I lifted up the back of the laptop a few millimeters to create an air gap under the laptop and things cooled off significantly. I had been running CPU/GPU temps in the high 90s centigrade. After lifting up the rear a few millimeters, the temps dropped down into the 70s for the CPU and 80s for the GPU which I think I am OK with (90s were not going to cut it of course).

Today, after reading on the subject on and off, I decided to check power consumption. Using OpenHardwareMonitor for the last couple hours while trading and mining non-stop, I am averaging under 50 watts for the CPU/GPU which accounts for nearly all the mining usage. With mining paused, I am averaging 35 watts. That makes mining use 15 watts. I pay $0.11/kwh so my incremental cost for power is around $0.04/day. I am averaging .00042eth/day or about $1.27 @ ETH/USD 3020. All things staying equal, that will nearly pay to replace my laptop every three years.

The only minor gripe I have so far is the coinbase limitation. Coinbase fees are horrendous for small amount transactions. After getting my second payout of 0.0021eth, I started to transfer it to my coinbase account and found the fees were going to be $2.56 on a $13 transfer or 20%!!!! I immediately decided to wait to build up the amount significantly before transferring it to lower the effective cost of the transfer. I would MUCH rather be able to transfer to my Robinhood account which charges no fees (I am told ... so far I have only traded on Coinbase).

Dateianhang: 
PDF icon Power usage over 2 hours this a.m.
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Re: Eth Mining (I praise the attempt..but!!!)

Gepostet: 2021-08-19 | 08:57 · Permanenter Link

Correction ...

Today, after reading on the subject on and off, I decided to check power consumption. Using OpenHardwareMonitor for the last couple hours while trading and mining non-stop, I am averaging under 50 160 watts for the CPU/GPU which accounts for nearly all the mining usage. With mining paused, I am averaging 35 45 watts. That makes mining use 15 115 watts. I pay $0.11/kwh so my incremental cost for power is around $0.04 $0.31/day. I am averaging .00042eth/day or about $1.27 @ ETH/USD 3020. All things staying equal, that will nearly pay to replace my laptop every three four years.

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