News Even 'Free' Chia Farming Wouldn't Be Profitable at Scale, Cloud Storage Provider Finds

[Admin]

Backblaze's calculations indicate that farming Chia at scale wouldn't be profitable even with essentially no operating costs.

Even 'Free' Chia Farming Wouldn't Be Profitable at Scale, Cloud Storage Provider Finds : Read more

 

[RealBeast]

Hopefully, a lot of folks will read this -- Chia is tough on HDDs and SSDs and you'll surely lose money.
And you will waste electricity to do it.
Very bad idea.

 

[spongiemaster]

Hopefully, a lot of folks will read this -- Chia is tough on HDDs and SSDs and you'll surely lose money.
And you will waste electricity to do it.
Very bad idea.

It's not hard on hard drives at all which is why you can use any old drive you have lying around. It's only hard on the plotting drive.

 

[levidurfee]

Paying a monthly fee to store Chia plots isn't going to be profitable. They marketed their service as Chia friendly only to realize anyone who does it will not make money. You can only make money when you own the hard drives.

"At $5/TB/month, 150PB costs $175,000 per week..."

If I pay $20/TB, and keep plots on it for 5 years, it still only cost me $20 (plus a little electricity).

 

[Kamen Rider Blade]

Stop wasting your (Time / Money / Electricity / Hardware) on Crypto.

It ain't worth it.

 

[spongiemaster]

Stop wasting your (Time / Money / Electricity / Hardware) on Crypto.

It ain't worth it.

Ok, everybody, shut it all down. The self appointed spoke person for humanity has delivered his decree and determined everyone is wasting their time.

I've been mining Ethereum only since February, and managed to pay off my 3090, 3070 plus the water blocks I bought for both of them with money to spare. Even after the significant drop in Ethereum prices I still generate about $500 a month after electricity costs to put towards hookers and drugs. There are plenty of people making far more than that, and all of us are doing pretty much nothing for that extra spending money. So until you have an equivalent alternative for people to turn to, you're just farting in the wind.

 

[Jim90]

Ok, everybody, shut it all down. The self appointed spoke person for humanity has delivered his decree and determined everyone is wasting their time.

I've been mining Ethereum only since February, and managed to pay off my 3090, 3070 plus the water blocks I bought for both of them with money to spare. Even after the significant drop in Ethereum prices I still generate about $500 a month after electricity costs to put towards hookers and drugs. There are plenty of people making far more than that, and all of us are doing pretty much nothing for that extra spending money. So until you have an equivalent alternative for people to turn to, you're just farting in the wind.

--> "Ok, everybody, shut it all down. The self appointed spoke person for humanity has delivered his decree and determined everyone is wasting their time."
"So until you have an equivalent alternative for people to turn to, you're just farting in the wind."

1. You know, every time someone has a valid opinion on this forum - from their own personal circumstances(!!) - that you loudly disagree with, you race to jump down their throat.

So, let's examine what you said:-
"I've been mining Ethereum only since February, and managed to pay off my 3090, 3070 plus the water blocks I bought for both of them with money to spare. "
" Even after the significant drop in Ethereum prices I still generate about $500 a month after electricity costs "

2. Now, given just how shockingly high the cost of your setup - "3090, 3070 plus the water block" - for the average consumer, please detail to us all just how you managed to do this - and "with money to spare"...?? Believe me, we'd all like to know.

 

[lvt]

Should I sell my WD and Seagate stocks now?

 

[Deleted member 14196]

--> "Ok, everybody, shut it all down. The self appointed spoke person for humanity has delivered his decree and determined everyone is wasting their time."
"So until you have an equivalent alternative for people to turn to, you're just farting in the wind."

1. You know, every time someone has a valid opinion on this forum - from their own personal circumstances(!!) - that you loudly disagree with, you race to jump down their throat.

So, let's examine what you said:-
"I've been mining Ethereum only since February, and managed to pay off my 3090, 3070 plus the water blocks I bought for both of them with money to spare. "
" Even after the significant drop in Ethereum prices I still generate about $500 a month after electricity costs "

2. Now, given just how shockingly high the cost of your setup - "3090, 3070 plus the water block" - for the average consumer, please detail to us all just how you managed to do this - and "with money to spare"...?? Believe me, we'd all like to know.

Yeah. Sounds suspicious

 

[spongiemaster]

--> "Ok, everybody, shut it all down. The self appointed spoke person for humanity has delivered his decree and determined everyone is wasting their time."
"So until you have an equivalent alternative for people to turn to, you're just farting in the wind."

1. You know, every time someone has a valid opinion on this forum - from their own personal circumstances(!!) - that you loudly disagree with, you race to jump down their throat.

Please elaborate how blanketly telling everyone to not do something and that they are all wasting their time with no further data to back that up qualifies as a valid opinion from their own experiences?

So, let's examine what you said:-
"I've been mining Ethereum only since February, and managed to pay off my 3090, 3070 plus the water blocks I bought for both of them with money to spare. "
" Even after the significant drop in Ethereum prices I still generate about $500 a month after electricity costs "

2. Now, given just how shockingly high the cost of your setup - "3090, 3070 plus the water block" - for the average consumer, please detail to us all just how you managed to do this - and "with money to spare"...?? Believe me, we'd all like to know.

Considering you have no idea what I paid for my parts, how are you in a position to say it was "shockingly high?" You accuse me of jumping at people and then turn around and do the exact same thing. I already had a 2080 in my main machine under water. My original plan was to buy a 3080 at launch, but that didn't work out. I did end up landing a 3070FE I didn't really want on launch day from Best Buy for $386.09 shipped, including $140 in BB rewards. I ended up putting that card in my main PC and building a dedicated living room VR box with the 2080. EKWB water block for the 3070 was $229.75. That showed up in early February and at that point I started mining with the 2080 and the 3070. On launch day for the 3060 Ti, I bought a 3090FE from Best buy for $1040.31 shipped, this time including $530 in BB rewards. EKWB Special Edition water block was $372.05. That comes out to a grand total of $2028.20 for both cards and water blocks. Not cheap by any stretch of the imagination, but not "shockingly high" either. 3090 went into my main machine, the 3070 was moved to the VR box, and I built another PC from old parts lying around to put the 2080 in to continue mining. Just to cover the $2000 total would have needed only $400 a month since February or about $13 day. When Ethereum peaked I was mining close to $50 a day. Like I said, I've covered those costs and then some.

Those are my personal experiences, with the numbers to back it up. But go ahead and tell me I have to agree with everyone else's personal experiences while you completely dismiss mine, hypocrite.

 

[Jim90]

Please elaborate how blanketly telling everyone to not do something and that they are all wasting their time with no further data to back that up qualifies as a valid opinion from their own experiences?

Unfortunately, it’s painfully obvious from your reply that if I told you, you wouldn’t understand - so I won’t waste my time!

Considering you have no idea what I paid for my parts, how are you in a position to say it was "shockingly high?" You accuse me of jumping at people and then turn around and do the exact same thing. I already had a 2080 in my main machine under water. My original plan was to buy a 3080 at launch, but that didn't work out. I did end up landing a 3070FE I didn't really want on launch day from Best Buy for $386.09 shipped, including $140 in BB rewards. I ended up putting that card in my main PC and building a dedicated living room VR box with the 2080. EKWB water block for the 3070 was $229.75. That showed up in early February and at that point I started mining with the 2080 and the 3070. On launch day for the 3060 Ti, I bought a 3090FE from Best buy for $1040.31 shipped, this time including $530 in BB rewards. EKWB Special Edition water block was $372.05. That comes out to a grand total of $2028.20 for both cards and water blocks. Not cheap by any stretch of the imagination, but not "shockingly high" either. 3090 went into my main machine, the 3070 was moved to the VR box, and I built another PC from old parts lying around to put the 2080 in to continue mining. Just to cover the $2000 total would have needed only $400 a month since February or about $13 day. When Ethereum peaked I was mining close to $50 a day. Like I said, I've covered those costs and then some.

Those are my personal experiences, with the numbers to back it up. But go ahead and tell me I have to agree with everyone else's personal experiences while you completely dismiss mine, hypocrite.

You do know you’ve just dug yourself into an even larger hole…!!

But, and unfortunately, given the context of your posts, in general, – and this one in particular, you’re clearly a long way from being equipped to understand that, too. A sad state of affairs indeed.

 

[ex_bubblehead]

Alright, that's quite enough of the petty bickering. Next one gets no less than 2 weeks off, and it escalates from there. Either play nice or not at all.

Now, stay on topic or do not post here.

 

[frodoitsmyname]

I didn't read their own report, but the only thing I can conclude from Toms article is that Backblaze didn't do their research very well.
There is no need to use ssd's, you can use ram or hdd's for plotting with little to no wear.
To set the cost a such a high point, while most of that is sunken cost that you would also have if you don't use it for Chia, is quite silly.
I mean $5 per TB per month?! With that kind of cost it's a miracle you can make money at all.

The whole point of the exercise is to figure out the added cost compared to having it sit idle.