How Can I Improve Mining Profitability with NiceHash and RTX 3070?

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!

Comments

  • +6 votes

    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 Since start of Feb, I've withdrawn $400 so far (with 2-3 coinspot referral bonus in there) and about $40 in electric costs so it's decent ish return to offset the cost of the gpu.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 There's a minimum withdraw amount of 0.001 BTC but I've always withdrawn when the minimum is hit - subject to current transaction fees.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..

    •  

      I think the thermal paste and memory can degrade. So best to keep it cool by having fans run at a higher setting.

      • +1 vote

        yeah, I had my fans at auto which only ran low because the core temps was cool at first but then was advised that my mate's 3080 which has sensors on memory junction was reaching 100C, I now run my fans at 95% - it sounds like a goddam jet engine in the room.

        •  

          Annoyingly the 3070 doesn't appear to have the sensors. Mine are at 80%.

          I got the xm4's which have been amazing at cancelling out the noise.

    •  

      Thank you so much for such a detailed and comprehensive explanation! Yes I’m aware that the mining will probably wear the GPU but I think the profitability is worth the trade off :)
      (Assuming Bitcoin doesn’t crash within 12 months… I think I might have to withdraw as soon as possible like you do just to be safe)
      I’ve set the fan to 70% (from 45%) and now efficiency has actually for some reason gone up to 503 (bottoms out at 490 now) and hash rate to 61.5, so thanks for that tip, really appreciate it!

      •  

        one thing I noticed if your installed the Release Candidate RC version (the non stable version) of the quickminer - you get an option to use "High" optimisation and it's eeked out 62-63 MH on my 3070 xc3 ultra, which reducing power to 115w, and efficiency about 530 consistently.

    •  

      You've been preferring to withdraw the funds before 12 months mark? Any reason for that? Capital gains tax is lower after 12 months of holding an asset. Obviously if you are not going to disclose the crypto to ATO then ignore these questions ;)

      • +1 vote

        cause BTC is at all time high. you'll find everyone has different opinions on the "value" of crypto. I'm on the meh side, which means me personally would cash out when its at all time high now and for the tiny, tiny amounts of money I make from my single gpu gaming PC, CGT is not really a big concern..

    •  

      But I did read that mining with stable overclocking will not strain the card as its like cruise control on a car. Is this accurate?
      Obviously ensuring good temps is crucial.

  •  

    I've set my core to 1305mhz, and my Memory to 8300mhz, and it's fairly stable running around 63MH/s with efficiency around 500-510.

    •  

      8300…. thats +1500Mhz on memory OC… geez! is that stable?

      •  

        I think I hit silicon lottery with mine.

        Also at +1500, temps only like 35 on core, 45 on hot spot. Gets 63MH or so.

        Power usage about 115w (sometimes as low as 110w for extended periods, which makes efficiency peak at 570!)

        @OP just use the autotune function - I actually couldn't replicate those settings with afterburner and have it stable.

        •  

          Thanks! I just used the auto tune function properly (stupid me thought you had to stop mining before running autotune) and I got mine to 8100 and I’m getting around 62 hashrate and 500 efficiency and I might stretch that a bit more later. I have my fans running at 75% and temps are very cool but wow I think you’ve won the silicon lottery there

  •  

    I'm mining with a 3070. I think you get slightly better rates mining with the direct software but you do get paid out every 4 hours and in BTC with NH.
    I've changed settings in MSI afterburner to lower the power limit and overclock memory and boost fans (to around 80%). This is so temps are around 50 degrees for the GPU. Please note that this is not the GPU memory temp which can throttle if too hot. The 3070 does not have the memory temps in HWinfo (3080 and 3090 do though).

    If you have an integrated graphics card on your cpu switch to that for display for a marginal difference.

  •  

    Just enjoying being a fly on the wall for this post. I'm fascinated by this stuff but probably wouldn't do it myself. The extent of my burning hardware for the greater good extended to [email protected] shortly followed by a blown up CPU but it and its motherboard were possibly on the way out already…

    I've known some folks to actually prefer the condition of used mining cards as they're not run balls to the wall flat out the whole time (apparently, I know little of this myself), making them OK for resale depending on who's buying I suppose. You're right though, some people do seem to overreact to second hand GPUs that've been used for mining, but not everyone.

    Good luck with it all, hope you get some of the real life monies back for your efforts.

    • +1 vote

      Hahaha thanks, I think you should try it if you have a decent GPU! Any passive income is welcome after all :)

      •  

        I doubt a GTX 1080 counts as decent in 2021. Actually it's still rockin for what I play. My screen can't output the up to 600fps it reckons it's running at in Hades anyway 😂 But don't think it's gonna grind me much bitcoin, haha.

        • +2 votes

          A GTX 1080 can get very good performance actually. If you do want to mine ethereum with it - make sure you use OhGodAnEthLargementPill - https://github.com/LukasBures/OhGodAnETHlargementPill

          I think with this mod it can get around 40 mh/s which would give around $5 per day.

  • +1 vote

    I bought a 3080 for VR gaming, which I do around once every 1/2 weeks. After seeing articles on mining, I thought why not. Installed Nice Hash and its made around AUD$270 in the past 5 weeks. The 3080 cost me around $1400, so I'm impressed that I'm reducing the cost. Luckily with solar it doesn't really cost in electricity.

    •  

      That's a great investment if you had $14k worth of GPU-s. With additional PSU and whatever else you need, that's $2700/month. Apparently ETH is the most bang for buck right now but it's still a gamble as with all crypto fluctuations. Might as well just save until it goes back up again if you can't get rid at todays prices.

  • +1 vote

    Medium level optimisation from Nicehash is pretty close to the best you will get in terms of efficiency and hash rate (until high comes out). You can get slightly better tinkering, but then there's a trade off there with your time so you need to decide if that is worth it.

    Leave it on 24/7 and you'll have over $250 at current rates, take away around $25-30 for electricity and that's pretty decent for "free". Make your card back in 5 months ish, though of course difficulty will continue to increase so better to start it now.

    Have a read through this with regards to the wear and tear of the GPU:https://www.nicehash.com/blog/post/can-mining-damage-my-gpu-or-a-pc

    Many youtube videos have found similar results in that, after two years of mining - there's no impact to performance and of course you can always take the heatsink off and reapply some thermal paste.

  • +1 vote

    Best way to improve profit would be to mine ethereum directly. Nicehash is simply a rental service - other people are using your computer to mine ethereum or another coin for themselves.

    I would recommend using T-Rex Miner and Flexpool.

    Mining the coin yourself is miles more profitable than nicehash. I currently get about $8 per day fairly consistently per 3070. Running an 8 card rig at the moment on Flexpool.

    Temp wise I would recommend a target temp of 55C. Try to take the side cover off your computer case to reduce the temps heaps. Be careful with power limits - if you reduce the limit too much, hashrate will drop.

    I get a little over 64 mh/s with the Asus Dual 3070 on +1600 mem -500 core 130w

    As long as your card is not running too hot, I wouldn't worry about wear & tear. Professional miners have run similar cards 24/7 for years with no problems at all.

    Best of luck!

  •  

    I have mine currently running at a +1300MHz memory OC, getting 505 efficiency and 62-63 hash rate, but I'm afraid of premature damage to the GPU from high memory temperatures (since I can't even see that temperature). I have my fans set at 75% but it's still worrying since the memory is running so much higher than stock. Should I be worried at all?

    •  

      On the 3070 I would not worry about memory temps. I have my fans at 40% minimum and let it auto control to keep temps under 55C. As long as you are not getting too many invalids, you can push your memory higher.

      •  

        Thanks! Also one more thing, is high latency just a normal thing here in Aus? The fastest server is US and I still get at least 170 to 180ms latency which leads to just under 1% rejected shares (stale).

        •  

          No worries mate

          Have a look at flexpool.io

          I mine to it and it is more profitable than other pools (research their MEV profits if you want to know more)

          They also have an Australian server to reduce stales. I am sitting on 0.1% at the moment.

      •  

        You sure you're actually looking at memory temps (i.e. GPU Memory Junction Temperature in something like HWINFO)? A lot of software will only show overall GPU temps (which you'd expect to be around 50-55C while mining), whereas memory junction temps are more likely to be between 90-100C while mining (if you're sensible with the memory OC), or up to 110C if you push it too hard (which risks damaging the card). This is what my 3080 is running at currently, so I'd expect similar core and memory temps from a 3070.
        As far as I know, some 3070's don't even have a temp sensor on the memory, so in that case I'd definitely play it safe with the memory OC.

        •  

          Yes that is true - I am in forums with lots of professional miners and have heard that 3070s do not have memory temp problems like the 3080/90. Most miners will mod the 3080/90 with extra thermal pads on the memory due to this issue.

          In practice, you can measure the temperature of the memory modules with an infrared thermometer if you are paranoid.

  •  

    Off topic, but if I wanted to get into mining, how would you guys suggest I start.

    I can use solar to reduce cost and want something substantial, not just $8-10 a day but more.

    Should I get a GPU rig off Amazon or look at an ASIC miner like Antminer - although they seem to be sold out everywhere.

    Also how is the fan noise on the ASIC miners

    •  

      In my opinion 3000 series cards are much efficient than antminers. They are pretty old (launched in 2019) and loud. if you can find 5 RTX3080 by RRP, its much better and you'll earn close to ~$55AUD profit per day.

      Or otherwise bunch of 3070's are also not bad. ~$7 profit per card per day, and it will be even better if you can find one under 1k.

      Any of these will require separate room or your man cave as all the fans on gpu will be throttling around 70% to 80% fan speed to keep these cards under 60C.

      Probably building your rig is the best choice. And you can also sell the cards after 1.5 years for even more profit, lol. I saw this guy has 1 msi 3070, 2 galax 3070, and 2 gigabyte 3070 rig. profiting around $40 per day. Anyway good luck on your crypto adventure.

      •  

        Thanks for the information. Unfortunately, don't have a separate room or man cave - so looks like will have to leave this idea on the back burner for now as it does sound like this would be a noisy endeavor that won't go down well with the other half.

  •  

    I have been mining in my PC (not 24/7 but few hrs a day) with my Palit RTX 3070 and GTX 1660 Ti.

    Temps are around 60 for both. They are next to each other lol. I want to vertically rise the RTX 3070 soon but currently my hashrate is like 60 for RTX and 29 for the GTX.

    •  

      I've been out of the pc building game for a few years now so apologies for the ignorant question, but are you running the 2 graphics cards in the same PC or is it 2 separate PCs?

      •  

        Same PC mate next to each other in the PCI slots.

        Honestly dont recommend for 24/7 mining. I am planning to vertically mount the 3070 in the coming weeks.

  • +1 vote

    Question for the miners - how profitable is mining considering the cost of electricity in Australia? If you are using solar, that only generates electricity for 30-40% of the time if running 24/7.

    •  

      I started mining with my 5700XT 2 weeks ago, running 24/7, make about 4-5 USD a day.
      electricity about 1 dollar extra a day.

    •  

      At current ETH rates, it is profitable with the right cards IMO.

  •  

    I'm also reading this thread with interest. I'm looking at getting a 3070 for normal use heading gaming and video editing etc and not for mining and making a profi

    But if I've got the thing anyway and it can mine I guess why not and if it can just help pay some or all for the card that's good justification

    Is it worth anything though mining with just a single 3070 or do you need banks of them?

    Cheers

    •  

      You will make some money with a single 3070, especially if you lower core clock and set a power limit. Do your own reading on ATO view of crypto because crypto CGT tax treatment in Australia makes for some extra paperwork (or risk of ATO wrath).

      • +1 vote

        they won't know you're mining unless you cash in real AUD.