Bitcoin Forum

I just purchased some parts from NewEgg and TigerDirect. Is it too late to start mining? :C

NewEgg will take 2 days to get here, while 3 days with TigerDirect.


Also, should I start with a lot of hardware? Or start small and buy more as you earn more Bitcoins.

Not if you have already bought the parts. Choose a pool and get cracking.

I asked that question as well but I do not have enough to start tomorrow :( I would say go for it if you can start before the next difficulty increase, because I bet that one will be 70-90% increase...

The difficulty can not increase 70-90%.  If there was a supply of video cards it would make economic sense to buy them but they are sold out in most places.  A 70% increase would need to be 70% of the 5 terrahashes already out there.  I think difficulty will go up at a max of 30%. 

Do you have a good mining rigs frame to recommend?

Any of the Canaan Avalon miners  (https://shop.canaan.io/)would be an excellent choice.

Based on the websites you bought your "miner" I'm guessing you want to mine with a GPU with a custom made PC.

Even the smallest USB ASIC miner will be thousands of times better than a great GPU, so you can't realistically mine Bitcoin with a GPU.

You can however mine altcoins with a GPU/CPU. But for that you'll have to post in the Alt Mining section: https://bitcointalk.org/index.php?board=160.0

This is the worst time for building a GPU mining rig. Not only are we in a bear market, but ETH PoS might be coming soon. Video cards are still priced above MSRP. Do not build a rig until you can buy video cards for a discount.

When you say "Even the smallest USB ASIC miner will be thousands of times better than a great GPU, so you can't realistically mine Bitcoin with a GPU", could you suggest a model and approximate price? I am asking this because I have been mining BTC using Nicehash since last year with 8x 3080s!

You haven't been mining BTC using Nicehash with GPUs.

You have been lending your GPU altcoin hashrate to someone else, and they're paying you in Bitcoin. That's how Nicehash works.

To actually mine Bitcoin, you need to do sha-256 calculations. ASICs are way better than GPUs for that.

A Compac F, which is a small USB ASIC does about 300GH/s, and it sells for about $200-300.

An Apollo BTC, which is a somewhat larger yet still silent, perfect for home, does about 3+TH/s, and it sells for about $500-600.

A GPU is not really comparable because it will be usually hashing altcoins, which have different difficulties. But for SHA-256, they're way worse than any of those ASICs.

Would betting be better?

You can still "bet" with a miner though.

Instead of joining a mining pool, where you get paid a small amount every few hours/days, you could configure your miner to solo mine.

The odds of finding a block are extremely low with a single miner, but any miner can get a block, and you can get lucky. Even at the first try!.

Or alternatively you end up with zero, forever.

This would actually be a good time as some panic has set in and there have been and will be drops in difficulty resulting in more coins for your rig's effort.  A good time to stack and HODL coins to be in a better position for the next bull run which may be some time away.

That is what I thought 3 months ago, but the video cards I purchased for $530 are now worth $330. There was a huge price drop last week, but video card prices have not caught up with the crash. Wait 2 months before building a mining rig at the very least

You can't realistically mine Bitcoin with a GPU.

You can mine altcoins and sell them for Bitcoin, or you can rent your altcoin hashpower and get paid for Bitcoin.

But those things are different, and depend on the price of the altcoins.

the evga 3060ti are now 479 new direct from evga.

they unlock to 58-62 mh

buy 2 cards now and see how things are in a month.

I have a code for them 3% off.

You already bought the parts right? Now its too late to go back, you must have understood that crypto season is bad right now and profits are greatly affected, I am earning less than 6$ with 300MH right now, if you are fine with this then you are welcome.

What's the price for the Non LHR RTX 3060Ti? Also some one I knew said there aren't any new none LHR 3060ti anymore, how true is this? Because I want to convert all my small graphic cards gfx 1660s to 3060ti FHR.

There is no performance difference between LHR and FHR anymore. If anything, FHR will be cheaper since many gamers think they are more likely to have been mined on. If LHR and FHR were priced the same, I would choose LHR because it's more likely to be newer, therefore it should last longer.

Why are you recommending that people buy cards now? GPU prices haven't really budged compared to last week, right before the big crypto crash. Prices play catch-up with the profitability level, which has been cut in half after last week's crash for a 10¢ miner. The price can easily go from $479 to $400 in a matter of weeks.

Why buy video cards now when prices will be much lower in August or September?
The profit is very small, the return on investment is more than 18 months now, and after the end of Ethereum mining, it is very long. Maybe buy ethereum while it's cheap.

Even though I care about accumulating as many coins as possible, not fiat profit, it's a bad time to purchase a video card because I can most likely get more video cards with the same cash late this year. I also want to see if PoS happens this year. If it happens, that's good because video cards will be even cheaper. Then I can really collect ERG/FLUX/YEC over time.

It depends on the cost of electricity. If you have more than 5 cents per kilowatt, then it will be more profitable for you to buy cryptocurrency. You will not be able to compete with other miners. If Ethereum mining does not end this year, then it will be even better for all miners.

It's a good time to start buying coins instead using DCA, as for graphic cards it's not a good time at all, profits are down but graphics cards are barely at MSRP or a little under, this isn't a good time, you need patience if mining is your goal and you haven't already buy your graphic cards since early this year or last year.

I can get 5.3¢ power after tax for 100% uptime, or 4.0¢ for 80% uptime. That doesn't include the 29% tax benefit of depreciation on the equipment. I did the math: it will be 30%+ cheaper to mine any coin than buying it.

Yes, still better to mine than to buy coins, this is yet pre bear market but in few months will be a bear market then lest see if your calculations still show that mining is better than to buy coins directly hehe

You have good conditions for mining, but you also have taxes. I don't know how you thought it was more profitable for you to mine. You don’t know what will happen after the end of Ethereum mining.
I think that you will get a profit if you hold coins until the next price increase. But during mining, you will have to pay for electricity and taxes from your funds, for maximum profit.

My tax situation provides a big advantage to mining over buying, since I can write off the video cards in year 1 and get back 29% of their cost next April, guaranteed. The fact that I can deduct the electricity cost effectively reduces those rates by 29% too.

I cannot do any of this if I bought coins. I would be double-taxed if I bought the coin: 29% on income, then 15% best case if I sell for a profit (29% worst case).

Of course I will not build more mining rigs until after PoS. I used historical 2019-2020 bear market data to come up with that 30% figure. I think the equilibrium will always settle at that point. If block reward crashes with PoS, enough miners will sell their rigs to return the balance back to 30%.

I would start now if I were you with 1500 USD you can buy a complete mining rig with 3 x Rtx 3060 12 GB cards which now with the 100% unlock get like 49 Mhsh and the three of them will get you near 150 Mhsh.I think this is enough hash rate to see for yourself if mining is good for you or not.Keep mining is the best you can do as I am pretty confident in the long term this 1500 USD will bring you more coins rather than spending 1500 USD to buy like 0.06 Bitcoin now,beside that you can diversify your portfolio as you can mine different coins,low value coins and keep them for the long term,if we hit another bull run these coins can increase in value exponentially bringing you profit.

My personal opinion is,mining is better than buying coins directly and to me this has always been the case.

I would not buy any AMD video cards or the RTX 3000 series. They do not have good price:performance for non-ETH coins like FLUX or ERG. The RTX 3090 is the worst one, hence why its eBay price has dropped like a rock, and I'm sticking to my prediction of it being worth just $500 after PoS. I like the RTX 2070 super or RTX 2080 Ti instead. Very good FLUX & Equihash performance for decent efficiency while still being newer than Pascal.

I expect the 15%/month GPU price decay to continue for at least 2 more months. That might be a good time to build a rig. Even if we're at a BTC price bottom, we definitely aren't at a GPU price bottom yet.

Bear market needs to get bloodier for mining to be fun again, right now the difficulty isn't decreasing, in fact it seems many miners are now smart because no one is turning off their miners yet or am I wrong?

he can get 3 evga 3060ti for 539 each I have a 3% code if he wants it they do 60 mh so for about 1650 he can have a 180mh rig

The ETH difficulty is not decreasing by much (thanks to the difficulty bomb), but the network hashrate is down 16%:
https://etherscan.io/chart/hashrate

So people are turning off their rigs at the same pace as late 2018. This is looking similar to October 2018, where it took until December for the real difficulty crash to happen.

This is a normal situation, because miners with expensive electricity are starting to sell their video cards. I see a lot of ads for nvidia 3000 series, and few ads for 2000 and 1000 series. This will give us some more coins.

And also, ETH is going to be going POS relatively soon.  Something else to consider esp if ETH was the primary and possibly only coin one was considering mining.  Makes you wonder how the mining landscape will look/change after this.

It's already too late unless you can get RTX 2080 Ti for 250$, if this doesn't happen it's better to stay away from mining and this is even after you've calculated your electricity expenses first, in some countries mining sucks right now.

RTX 2080 Ti are very hot graphics cards and are inferior in terms of profit to GeForce RTX 3060 Ti. Now it is better to buy video cards with lower power consumption and DDR6 memory, which does not heat up during mining, so as not to be spent on additional ventilation and more powerful power supplies.

Wow, I didn't realise that 3060s were going for $470. I am able to get them for way less.

I've stop selling my Graphic cards, enough is enough, now I focus on taking chances, I have coins that I need to own for a long time that's why I sold some, if BTC goes lower it might not stay there for long and mining takes time, it depends on who you are and what you plan to do, mining Ethereum still makes sense right now but what will happen after Ethereum is gone? Can you still Cope? Ask yourself this.

I'd buy a RTX 2080ti over a RTX 3060 Ti I just like that graphic card, it's like an Asic miner made in heaven lol, imagine having 8 2080Ti in a rig, this will set me up for 2025, may we all live to see more than 2025, amen.

Are you cold?
I would not wish anyone to own such a rig because you will get tired of overheating problems. I understand that this is a joke, but beginners do not understand this, and then they lose profit because their farms do not work 24 hours a day.

In 2025 that card will not make you a good contender in the mining race simply because there will be more efficient cards, 3 years is a long time if you look from technology point....

See what video cards are currently mining coins. You will see a lot of very old graphics cards.
Hot graphics cards, such as the RTX 2080ti, can break faster due to overheating. It is better to buy proven solutions for the future. I even think that 2 3060ti video cards will be cheaper and have the same power consumption than a RTX 4080, and the hashrate will be the same.
https://hiveon.com/ru/statistics/

Not anytime is too late , take your chances 👍