crypto: does mining monero pay off?

the whole project started, because a lemon tree needed some heating in the winter.

currently: no, at the current monero price (1 XMR = $219.26) @ (0.3€ per 1kWh) ratio, it is a loss and thus: pure activism

• what is good:
  • it is open source: https://github.com/monero-project/monero
  • it aims to be 100% anonymous crypto payment system
• activism: might be somewhat legitimate, but only @ 100% renewables
  • as mankind is in desperate need for more innovative forms of finance based cooperation system that “make sense” in the terms of “create jobs innovation and sustainable products for a sustainable survival of mankind” (cause that should be what it’s all about)
• so if monero turns out to be a good thing for mankind or not
  • it is recommended to mine with 100% renewabele energy only (only mine when the sun is up and the wind is blowing and the user can not store the energy): don’t do it.

here are the numbers:

here are the numbers.

monero’s RandomX is optimized (on purpose) for CPU to avoid ASIC mining monopolies taking over/dominating the whole project (foster democracy, more distributed mining as it has happened with other crypto projects).

let’s assume a Intel(R) Xeon(R) CPU E3-1270 V2 @ 3.50GHz is xmrig mining at 1000H/s using 300W.

That translates into 0.3kWh * 24h = 7.2kWh @ the user’s ower costs of 0.3€ per 1kWh: 7.2 kWh * 0.3€ = 2.16€ per day.

generated/mined 0.000137068369 XMR in 24h which translates into

1 XMR = $219.26

219.26/(1/0.000137068369) = $0.03005 ~ 0.03€

that’s a loss of: 2.16€ – 0.03€ = -2.13€ per daily, -15€ per week.

(this calculator (red numbers = bad) confirm that current calculation)

in the future: who knows. depends on availability of cheap renewable (!) energy and the monero price or the inflation of $ and € (the last one being pretty certain).

what is being calculated?

“Bitcoin production is estimated to generate between 22 and 22.9 million metric tons of carbon dioxide emissions a year” (reuters in 2021)

(comparison: netherlands in 2020 138t CO2, so bitcoin alone produces as much CO2 as 6% of the netherlands)

massive calulation powers are thrown at crypto and AI deep learning.

unfortunately most countries are not on 100% renewables, so a lot of CO2 is generated in that process (please check the energy mix of your country)

Why can all this block mining/generating not do something usefull… like train AI how to cure cancer… or calculate possible solutions for complicated problems… or try to predict the shape of an asteroid according to very low quality images https://asteroidsathome.net/ every asteroid = one token? #AsteroidCoin?

unfortunately the only “free energy” is in other user’s devices, which is frankly bad bad bad because it is producing CO2: https://www.zdnet.com/article/free-money-cyber-criminals-are-installing-cryptojacking-malware-on-unpatched-microsoft-exchange-servers/

Links:

so heise: “when it pays to mine monero” currently it does not and produce too much CO2: https://www.heise.de/ratgeber/Mining-Guide-zum-Geldverdienen-per-Prozessor-Wann-sich-Monero-Schuerfen-lohnt-5991303.html

#linux #gnu #gnulinux #opensource #administration #sysops #crypto #monero #co2 #climatechange #cryptocurrencies #finance

Originally posted at: https://dwaves.de/2022/01/14/crypto-does-mining-monero-pay-off/