In this video I discuss a recent mindset or philosophy change when thinking about GPU Mining as hobby or as a business.
Links to support me:
▶️ Red Fox Crypto Discord:
▶️ NiceHash Referral Link:
▶️ Awesome Miner Referral Link:
▶️ Hive OS Referral Link:
▶️ Unmineable Referral Link:
▶️ CoinTracking Referral Link:
▶️ Parallel Miner Referral Link:
Current Favorite GPUs:
▶️ RX 6600:
▶️ RX 6600 XT:
▶️ RTX 4090:
Mining Rig Parts I Use:
▶️ 6-GPU Frame:
▶️ 8-GPU Frame:
▶️ 12-GPU Frame:
▶️ Risers:
▶️ Risers:
▶️ PCIe Splitters:
▶️ MOBO:
▶️ CPU:
▶️ PSU:
▶️ RAM:
▶️ HDD:
▶️ Test Bench:
▶️ PDU:
Best Grow Tent Setup:
▶️ Tent:
▶️ Best Inline Fan:
▶️ Inline Fan:
▶️ Ducting:
Garage Mining Setup:
▶️ Shutter Exhaust Fan:
Power Meter:
▶️ DROC AC Power Meter:
▶️ DROC Power Meter Build:
Video Chapters:
00:00 Introduction
01:03 My History in GPU Mining & Cryptocurrency
02:25 Scaling My GPU Mining Farm
04:38 All My GPU Mining Rigs Are Off
05:18 Getting Back to the Beginner Mindset
Crypto Miners:
📺 BitsBeTrippin:
📺 Voskcoin:
📺 Red Panda Mining:
📺 Brandoncoin:
📺 The Technicals:
📺 The Hobbyist Miner:
📺 Sebs Fintech Channel:
📺 ChumpChangeXD:
📺 SerpentXSF:
📺 Altered Component:
📺 SavageMine:
Follow me:
✅ Twitter:
✅ Instagram:
As an Amazon Associate I earn from qualifying purchases.
#cryptomining #bitcoin #gpumining
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Will Aleo save us all?
i mine with the bears, both cpu and gpu farm, im on a tropical country and im planning for solar
You're fooling yourself a little, take out a loan, buy a large hall, install PV – you will feel fulfilled.
Mike i miss you on the SNL with the guys!
myself have turn mining as a hobby after ETH no longer mineable. scale down a lot due to electricity issue. still finding a coin worth mining now.
Everyone chasing ROI and if you're lucky and early, you could get that with asics in about 6 months average, but the value of that asics is about 1/3, 1/4, or less. So, are you really not able to profit 25-35% of whatever budget you have had you invested directly to the coins you believe in or even the safe coins in a span of 6 months? I mean.. I did in a span of two and half weeks with a budget of 2k with the safe coin eth… So I regret buying 5 of used and BNIB of 3070 for $200 each average…
Well said.
I've been watching you for past 3 years and you were one the huge inspirations on my mining journey. I've slowly expanded my gpu and asic fram. Its still nothing close to your level but i've come a long away from the beginner I was. The hobbyist vs business mindset has also plagued me but through my pursuit of knowledge I actually now work in the space. Gpu mining if taken taken passionately leads to more opportunities then just a ever growing farm. Following my passion in crypto mining had lead me to financial stability while my pursuits in academia failed me. I will keep mining and am excited for this bull run!
Cheers for the video. Think everyones situation and midset is different. But can definitely relate, had a hard sit down and reflect about a month or 2 after ETH POS realised that its going to be long bear market and just dotted down what i wanted to do and get out of the bearmarket and then just stuck to those goals. But similar, learned about some new projects, mined small that i can pay power, spec play, learned some small amount of programming just do whatever i feel i can that relate back to the goals. I am sure it will change in 2025 but till then i am enjoying mining and the learning opportunities it brings.
Very interesting 🤔🤔
I shut down my rigs at the beginning of summer heat and set up 3 salad rigs. That's all I've been running. I struggle with starting rigs now that it is cooling off. Maybe I'll kick off a couple small rigs on my favorites – Ergo and Flux. Maybe…
I am building flux nodes, and mining ravin with a 8 gpu miner dude.
This is such a wholesome video and message
Thanks for all you do. I've learned a lot from you when u got into mining. I'm switching my gear to do my master's 😢 it's hard but it's worth it at the same time.
GPU mining is DEAD
is Reality
do not dreaming
Hey Mike, I have been following you since at least 2018 and have always enjoyed and respected your content. I agree that it’s healthy to have a positive and freeing mindset but… How do you absorb and swallow the massive loss/hit that you and so many of us took, particularly and what we spent on hardware. A lot of us home minors ended up investing tons of thousands of dollars on GPU, etc. as we scaled and followed to the best of our abilities alongside our favorite Youtubers. Not trying to be negative here… but for many of us, we cannot hide from the financial damages suffered over the last couple of years
Pay attention to your scaling, you don't want to end up in a situation where you used all your money to scale your mining operations for years, which can end up easily unprofitable for long time. Too long time, and also your equipment gets devalued, so try to make sure you use the profit also to build some other forms of income, which can help going over bad times, or even replace the whole PoW mining operation as your income. You want to have several incomes instead of just one.
Check out warthog man! I prefer their gpu + cpu combo over salad, but I see the draw. Maybe switch some of your lower performing salad rigs to warthog. 😉
Still on a hobby rig, runs all day on solar power and grid power is .14.4c/AUD/kw at night. Key is to have fun hey 😀
Uff, I just not understand how can you still have all those just sitting there. I sold almost everything what was not good for AI, like 2 years ago. Currently selling my las 3090 because have switched to 4090s
Unfortunately I do not have the time to jump to whatever coin is profitable this week and I'm left with either picking a coin and staying on it for a while or just turning off completely. For now I have turned off but with the winter months around the corner I'm considering a smaller rig (2-4gpus) and just holding on a coin during those months. We will see
did the same, now only a hobby agian. 3 sigel GPU rigs with Boinc to get some Gridcoin.
Hey Mike, wow dude, great to see you again. Be well!
I use them to heat in winter (so off in summer) and to dehumidify my basement as needed. 6 cards on occasionally during summer.
Tradeorg is great to see if you can make money on coins by just buying low and selling a bit higher. Had some good luck and some back luck with that… haha… but like you say its a fun hobby that I occasionally get more back into… and also drop like a hot potato when it annoys me.
Currently solo mining Xelis… my basement was smelling a bit damp… Hobby Lobby… it's not just a store. 🙃
exactly the same story here,
eth is dead to me… rats
Same position, dusty gpus.
Mike, you were the first video I saw learning to build a rig so I hope you continue to have fun with this space. I’ve kept my setup relatively small for this reason. I love spec mining but couldn’t consciously do that if it was solely a business and don’t want to become someone that shills the newest toy all the time. Back to the basics brotato.
Doing this mostly for fun, love tinkering with tech. A payout now and then adds to the fun.
Only supporting projects that I can find beneficial long term. Not doing it for greed and pump and dump. It started with an rx580 as I wanted to get a better gaming card.
Now I get the latest gpu's to game on and mine on.
Oh aaaand, it gets really cold in canada, so the rigs get spread around the house over winter, paying for generating heat themselves and profiting a bit on top.. yep it's like magic man. I only have 8 gpu's total and 5 cpu's though. I just like playing around with it and it gives additional benefits. 🙂
We do have full time employment as well as we quickly realized not to rely on crypto too much due to its volatility
I’m in the same boat as you! Well, I think at most I’ve had maybe 20 GPUs running. But I fired up a rig a few weeks ago, just because I was bored. I missed the fun, more than I missed the profits.
Once they went POS on ETH it fucked everything up for home miners using GPU's, and hasn't been the same since and never will be probably. Cheers!
Love the down to earth mentality
Its still a business for me, time and experience has allowed me to better manage the urgency of change. That said its good to be reminded that a lot of businesses do not make ETH margins like we had before. The idea of not running every rig available is sound, finding a passion project definitely helps the "fun" factor.
I am doing nothing. Mining is dead. GPUs in boxes, didn't sell them. But they are just a few, does not matter too much.
Mining can be addictive hobby i was pretty much where u were. Needed this thanks very refreshing. Turned into an out of control hobby/biz and not as fun especially when your time is becoming more important. Thanks fox u got me thinking brother
With all the hardware you got, I think to make it fun and passionate again; you could try some virtualization and with gpu pass through, having multiple os ( for vastai, fluxcore, salad) trying some clustering, hosting you nodes on it, etc.
There’s so much more to IT, and if you need some help about it, I would love to help you 😊🙌
II'm located in an old apartment in New England, so what I have to say may not apply to everyone.
I've been an advocate of mine n HODL since ETH went proof of stake and the Ravencoin halving.
At that time I sold all my GTX 10 series cards and went full efficiency buying new on sale $100 RX 5500 XT 8GB cards.
Also my gpu mining has become seasonal, using gpu mining as supplemental heat from autumn to spring.
However, even through the times when I wasn't mining I always spent time daily examining the crypto market, new coins, new tech, new strategies.
Best example: I watched some videos from the Retro Mike Tech YouTube channel on Verus coin and mining it with cellphones.
Because I believed in the project I purchased 10 Samsung A03S phones at $50 each in July 2024.
The coins I mined from then until now wasn't much, but Verus has jumped in value so fast that I've hit ROI for those phones in 14 months.
My best suggestions for the near future would be to treat mining as a part time job even when your rigs are turned off.
Spend some time daily monitoring what's going on in crypto.
Examine new hardware and new strategies with an eye towards efficiency.
Consider always having at least one card mining possibly swapping to a proven crypto coin that has a history of rising in value or can be staked for passive income .
I hope this helps, good luck all.
After the Eth merge I put my 20 cards on Flux and have been there ever since just HODL'ing everything. I spin up a new cumulus flux node as I accumulate coins and just in the last month I now am getting more coins per month from nodes than mining. I know its a gamble, but I believe in the project so I have stuck with them.
I'm currently only mining from 7 AM to 6 PM because I have solar panels, and I've been mining coins that I think might increase in value in the future
I jumping from project to project and accumulating a bit of each coin and supporting the projects.
Thanks for your honest thoughts, yes I am too in this situation, but also as a home miner with extremely high electric bills it’s difficult to have fun.
I have (almost) everything off.
Hoping for better times
Just sold all my cards and rigs today… Tbh i dont see gpu mining profitable now or going in future because no PoW project seems to take over that ether name & those who try to be is immediately shifted to ASIC 🤦🏼
I mean now it really feels that’s its better to put my cash directly on to the project and wait till it multi folds
Haven't been in it as long as you, but had a similar summer to you this year. All GPUs have been off since May, with only the 4090 going (mining at first, but on Salad for the past 2-3 months). Since I didn't use power this summer for the GPUs, it allowed me to bank solar credits to use this winter. So my plan is to heat my basement with GPUs for free, and just run them on coins I believe in. Cheers Mike.
Bro, when I moved everything to "salad rigs" running nicehash or windows miners all individually it sparked JOY
Hey Mike, yeah I get where you’re coming from. My gut says one rig will turn into two rigs and before you know it, your whole farm will be back up in hashin Good luck 👌
The other side of this hobby that presented itself to me recently after 4 years now, is the rotation of equipment and used PC part sales. That's been quite fun, building gaming rigs.
Back then, i couldnt game on my pc. Since eth merge, i finished 3 AAA titles.
Been waiting for something from you for awhile man
Everyone's situation differs. Many viewers will appreciate this perspective because they will identify with the burnout and capital expenditure that's hasn't returned the expected yield. Personally I am digging in deeper and scaling continuously. Most are limted to scale, my situation allows me to expand my solar and I have the infrastructure already in place. Home miners don't put enough weight on how important it is to address cost per kWh. Instead they focus on the latest gen to squeeze all the efficiency they can to stay above break even. All the while paying a premium for new equipment that will take longer to ROI. We are in the energy business, Mining is just a sub section. If you can't reduce your energy costs… stick to a small operation. But regardless have fun…if it isn't fun, find something else that brings you joy.
🔥👍✌️