After meme coins completely died off, I thought things would quiet down for a couple of days. But then the group chat started blowing up again—Pearl Coin GPU mining, supposedly you can just leave a few graphics cards running at home and earn money while you sleep.
I couldn't help myself and ran the numbers.
A used 4070 goes for about 3,200 yuan on Xianyu. If I converted all my 500U to RMB, I could just about afford one. I'd be broke as soon as I bought it, before even starting to mine.
Even if I got the graphics card for free, industrial electricity costs 0.8 yuan per kWh. Running it 24/7 means paying over ten yuan a day in electricity right off the bat. The biggest problem with these small-cap coins is that the network hashrate can double the day they break into the mainstream. It might look like you can mine 30 yuan a day today, but the day after tomorrow that could be down to 8— not even enough to cover the electricity.
And that's not even getting into the coin price itself. If the broader market dips again after the FOMC meeting, and the coins you've mined drop 30%, you'll basically be burning electricity while losing money.
I've seen quite a few people in the group looking for shared mining facilities already. Take it easy, guys. When the market's been stuck around 80,000 and going nowhere, the last thing you want is to get itchy fingers and chase every new scheme. Didn't make any money on meme coins, and now you're paying the electricity bill for mining instead.
I'm sitting this one out. With 500U, my best move is to just hang on and survive, haha.
I couldn't help myself and ran the numbers.
A used 4070 goes for about 3,200 yuan on Xianyu. If I converted all my 500U to RMB, I could just about afford one. I'd be broke as soon as I bought it, before even starting to mine.
Even if I got the graphics card for free, industrial electricity costs 0.8 yuan per kWh. Running it 24/7 means paying over ten yuan a day in electricity right off the bat. The biggest problem with these small-cap coins is that the network hashrate can double the day they break into the mainstream. It might look like you can mine 30 yuan a day today, but the day after tomorrow that could be down to 8— not even enough to cover the electricity.
And that's not even getting into the coin price itself. If the broader market dips again after the FOMC meeting, and the coins you've mined drop 30%, you'll basically be burning electricity while losing money.
I've seen quite a few people in the group looking for shared mining facilities already. Take it easy, guys. When the market's been stuck around 80,000 and going nowhere, the last thing you want is to get itchy fingers and chase every new scheme. Didn't make any money on meme coins, and now you're paying the electricity bill for mining instead.
I'm sitting this one out. With 500U, my best move is to just hang on and survive, haha.