Alright, so I got some sleep, and found a page talking about efficient mining techniques. I was right that the magnitude would probably be the same, I fed some info (https://minecraft.fandom.com/wiki/Tutorials/Mining) to the LLM and got this:
From the discussion in the ingested content, it is estimated that the maximum efficiency for mining diamonds is about 1.7% of blocks mined being diamond ore. If you can mine approximately 2500 blocks per hour with a stone pickaxe, you can expect to find around 42.5 diamonds in one hour. This number can vary based on factors like mining technique and enchantments used on tools.
~$132,600 at the end of the first year. This still does not account for inefficiencies like having to stop to make torches, and other issues, but is much better.
At the end of the day, it would still be better to nab the $100,000 up front, invest it, and then you can still go and do other, more time-profitable things.
I’m not certain where it gets that 2500 blocks per hour which make it difficult to interpret (does that already assume getting supplies?) and it become more inefficient because I believe cave exploring is more efficient than straight mining for Diamond.
Regardless, 132,000 is not bad actually.
Since I see this as, whether getting 100k now (taking into account 10% interest rate on that money per year, and the fact you can work a job) vs 132k per year in mining diamonds, I made the following table:
It basically shows that if your goal is to make more money within 15 years, then the question becomes, do you make over 100k per year? If you do not, then within 15 years making diamond mining your job makes a lot of sense. Bonus, you will never be out of a job or get fired. If you can make over 100k a year or you want to make more money sooner (want to retire soon) then it starts to make more sense to just take the 100k
Fascinating study, thank you for making this table. I don’t know what the mining assumptions are in terms of speed. You’re right that $132,000 is nothing to thumb your nose at. It’s certainly really grindy, but extra returns can be made by investing what you don’t spend. I think I would still struggle to find myself mining every day of the week for 15 years though!
oof, it looks like you calculated 132k with a 60 hour work week. I guess that’s not exactly the worst, but at 40 hour work weeks you’re making 88,400 USD. I think that’s still not too bad but it definitely changes the math quite a bit.
if you’re living almost anywhere in the world except for the top 10 countries in income, 88,400 USD per year is pretty good.
Alright, so I got some sleep, and found a page talking about efficient mining techniques. I was right that the magnitude would probably be the same, I fed some info (https://minecraft.fandom.com/wiki/Tutorials/Mining) to the LLM and got this:
~$132,600 at the end of the first year. This still does not account for inefficiencies like having to stop to make torches, and other issues, but is much better.
At the end of the day, it would still be better to nab the $100,000 up front, invest it, and then you can still go and do other, more time-profitable things.
I’m not certain where it gets that 2500 blocks per hour which make it difficult to interpret (does that already assume getting supplies?) and it become more inefficient because I believe cave exploring is more efficient than straight mining for Diamond. Regardless, 132,000 is not bad actually.
Since I see this as, whether getting 100k now (taking into account 10% interest rate on that money per year, and the fact you can work a job) vs 132k per year in mining diamonds, I made the following table:
It basically shows that if your goal is to make more money within 15 years, then the question becomes, do you make over 100k per year? If you do not, then within 15 years making diamond mining your job makes a lot of sense. Bonus, you will never be out of a job or get fired. If you can make over 100k a year or you want to make more money sooner (want to retire soon) then it starts to make more sense to just take the 100k
Fascinating study, thank you for making this table. I don’t know what the mining assumptions are in terms of speed. You’re right that $132,000 is nothing to thumb your nose at. It’s certainly really grindy, but extra returns can be made by investing what you don’t spend. I think I would still struggle to find myself mining every day of the week for 15 years though!
oof, it looks like you calculated 132k with a 60 hour work week. I guess that’s not exactly the worst, but at 40 hour work weeks you’re making 88,400 USD. I think that’s still not too bad but it definitely changes the math quite a bit. if you’re living almost anywhere in the world except for the top 10 countries in income, 88,400 USD per year is pretty good.