I have an RTX 3070 that I’m really regretting buying for $1250 (I know…), I’m trying to recoup some of the losses by mining although it’s quite frowned upon in the gaming and environmental community (sorry..)
I’m using the NiceHash Quick Miner which was really easy to set up, I’ve set it to medium optimisation (highest setting) and it’s giving me around 59 to 61 hashrate with 125W usage (around 470-490 efficiency). Temperature is 58 degrees with hotspot temp of 72. Should I leave this optimisation as is or should I tinker around with it to get a bit more out of it?
I’m getting wild fluctuations in profitability though, is this normal? It ranges from 3.5 dollars at minimum to 7 dollars at most. It’s usually around 5-6 dollars though.
I’ve done some things to optimise Windows for mining, namely setting virtual memory to 8GB and turning power mode to high performance and disabling sleep.
Do you think it’s even worth leaving it mining 24/7 for such a meagre profit? Is so, what can I do to increase my profit and power efficiency? Also, what is the best way to transfer the Bitcoins from NiceHash wallet and convert into AUD to a bank account?
Thank you!
1) Fairly sure you're already at the most optimal return for the rtx3070, around 60MH and efficiency looks very good. Temps might be misleading at the memory temps are likely very hot, and the temps reported are just the core temps… I'd leave fans at near max.
2) Wild fluctuations in profitability is normal, sometimes up $20 / 24 hours but it doesn't last very long.
3) You do have to leave it 24/7 if you want to recoup anything subtantial back, if current trend continues you'd at least get back a $100-$200 per month. Since start of Feb, I've withdrawn $400 so far (with 2-3 coinspot referral bonus in there) and about $40 in electric costs so it's decent ish return to offset the cost of the gpu.
4) Coinspot is probably your best bet, you withdraw from nicehash to coinspot, then sell on coinspot (1%) fee and withdraw to bank AUD - tried and tested. First few transations took few days, now it's basically instant. There are fees when withdrawing from Nicehash, sometimes 6c, sometimes $6. It's a timing thing so keep checking. There's a minimum withdraw amount of 0.001 BTC but I've always withdrawn when the minimum is hit - subject to current transaction fees. There are referrals for signing up to coinspot so use a random referral on ozb.
Lastly, I am still somewhat concern about the wear and tear it places on the 3070. I've noticed some glitches and overclocks that used to be stable in the past become less stable and I have to reduce it for gaming. I don't have any hard data or anything but still… probably wont do this long term..