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Originally Posted by blynk
Question.
Does the amount of coin mined change based on the current coin value (lets assume the transaction volume & number of miners stayed the same)?
If ETH was worth $5k or $1k, would you still mine the same number of coin?
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TLDR: Theoretically yes, realistically no.
Explanation: If your assumption held, then you would, but market dynamics dictate that as a coin becomes more profitable, more miners mine it, the difficulty adjusts, and the shared rewards of pool mining shrink and you get less coin. You do end up with a bit more $ value generally speaking, but it's not a simple constant or linear relationship - there's lot of chance involved as well as how everyone else behaves - things outside your control. The real gain is from mining while ETH is worth $1k, and having it go up to $5k. But since we're potentially at local maximums/ATHs, it could be a while before it's a Great Idea.
I was mining with NiceHash, so while I would mine ETH, I was getting paid in BTC, so for instance last week it looked like this for about an hour:
If people speculate that ETH is going to go up, they'll pay more BTC for the hashpower to mine ETH. My payout increases, even though the price of ETH and number of miners might be constant. I never really kept track of how much ETH I was mining, I always thought in sats or just NZD.
https://whattomine.com is a good site to check expected values, but make sure you put in an overrated power cost because they just use the GPU power, but a computer uses extra power just to run it. A 65W TDP CPU with a GPU limited to 80W will still use ~130W at the wall.
Here's my last week's pay rate in a graph:
The spike is a glitch, but you can see it went high on the 11th, with a few people paying high amounts for hashpower, and slowly dropped again from the 14th. I didn't change anything - the cards remained constant - that's just the nature of mining. The last bit is me deciding "fuck this" and just dropping to two cards by my feet as a ~250W heater instead of ~1kW 24/7.