Cryptocurrency mining

Sandman

Distinguished Member
I received some very helpful instructions from a fellow forum member on how to start mining for Bitcoin with my 3069ti GPU. I have been mining now for almost 2 weeks and to be honest I still don’t really understand exactly what mining is. All I know is, once I set it up I have done nothing and now have about £50 worth of Bitcoin in my account for 10 days worth of mining. I have used about £10 of electricity to do this so that leaves £40 profit.
Now what I don’t understand is why my mining has slowed drastically over the last few days. I understand that the value of Bitcoin has crashed drastically in that time but why am I mining roughly half the amount of Bitcoin I was this time last week? My hashrate hasn’t changed but I am mining roughly half the amount of Bitcoin I was previously getting. Can anyone help me understand this? The actual current value of Bitcoin doesn’t concern me as I don’t plan on cashing out for a few years but I would like my productivity to go back to the previous higher rate.
I’m using nicehash if that matters.
 

next010

Distinguished Member
A Bitcoin is “extracted” from the blockchain protocol by miners (validators) who need to solve mathematical algorithms to earn the right to include Bitcoin transactions in the blockchain network and be rewarded for it.

Each Bitcoin transaction, before being added to the blockchain, is sent to the “mempool,” a retention area for pending transactions, where it awaits its inclusion in a block. The miners then take the pending transactions, which are waiting to be recorded, and combine them to create a “block” of transactions.

Realize that the miners compete with one another so that their computers are chosen to record the most recent transactions in the next block that will be included in the network. And the best way to win this competition is by solving the algorithms as many times as possible (before someone else reaches the correct result, called a “nonce”).

As it takes trillions of attempts to guess the correct nonce, only those who have more computational strength to win this competition will be awarded Bitcoin as a reward for their efforts.

The difficulty of mining bitcoin also changes.

Bitcoin mining difficulty is adjusted approximately every two weeks. When blocks are being mined too quickly or too slowly, the difficulty adjusts to bring the speed back in check.

Nvidia have also begun hobbling mining on RTX-3060's via a combination of bios/driver checks because they don't want cyptro miners buying up all the stock. So if you have an RTX-3060 that may explain the drop.

Maybe some combination of the above, I don't know for sure.
 

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