Bitcoin Forum

Seems like everyone and thier mama is trying to build
a rig to mine ether 😃😃 Kinda feel bad for these late commers even the ones with
deep pockets , If they had jumped on board say three to six months ago they would be
in way better shape now with cards hard to find difficulty rising like crazy creating a few rigs
to hedge is not a terrible idea but you have a  better chance to make money buy buying into
the eth based icos or buying related tokens low selling high on the pump and dump waves.

all my 45 rigs are paid for so mining and expanding is trivial for me , i have around 50 cards i bought back when the rx 500s launched that i dont even have the electricity to power that i listed on ebay for $580 a card and they are SELLING 😂😂

the current state of this forum is hillarious to me.  I made 30k on the augur Ico, 10k on waves
sold both way way too low , learned from my mistakes I hope all these newbs dont get burned

The reason that I am getting into it is because I saw an article about the price of bitcoin - as I'm sure many newbies did.
I remembered that I had a small amount of bitcoin in a coinbase account that I created about a year and half ago.  I logged in and saw that my balance was about 6 times the original amount.

I recently quit my job and am looking for some passive income.  This will not be my only income - just supplemental.
The money I'm putting into my rigs is all from two real estate sales profits from earlier this year.

I'm going to build 6 rigs.  I'm considering selling 2 or 3 of them to reduce my cash invested and mine various coins and let them just accumulate. 

I don't believe it's too late to start.  There are over 700 currencies, so there is opportunity.

I do wish I had started back when you did, but circumstance back then wouldn't allow the investment.

Congrats to you on your success.

Im not succesful just have a small farm suplementing my income

all im saying is mining is like maybe 1/3 of the way to make money in this crypto boom

you need to suplement this with trading investing in Icos buying low selling high or just holding some of

the good assets.  I make more from Ico,s and trading selling on paxful for 20 percent profit than i make mining

not saying its too late , but mining should be only one of your focuses , the main issue right now

for new miners is the rising price of cards and hardware and flat out dissapearance of Rx cards.

I feel likw even if the scarcity ends (which i doubt for a few months) prices will remain high which benefit large farms

who source in bulk and those who have already roied

Everyone was a noob at one time. :D I initially looked into mining BTC early last year but decided it was not worth it. Took me many months later to discover alt coins and a much bigger picture in the cryptospace. I look at mining as a way to supplement my bi-weekly coin purchases. Really looking to mine and hold.......Profit taking should come much later. If the price stays consistent (not likely) or goes up, mining is profitable. If it all comes crashing down I buy more coins......rinse and repeat.

bub·ble
ˈbəb(ə)l/noun

2.used to refer to a good or fortunate situation that is isolated from reality or unlikely to last.
"we both lived in a bubble, the kind provided by occupying a privileged pied-à-terre in Greenwich Village"

I'm in the same boat as you Marvel1, but trading vs adding to my farm as I'm waiting for the pop so I can buy up the cheap gpu's from those needing to pay off credit card bills; bank loans; rent for warehouse space they can no longer but locked into a lease; paying back their 401(k); payment on the 2nd mortgage they took out on their home.....

can't believe what people are risking hoping the price stays high....

^
This mine and hold at least 2/3 if you can , at the very least keep half, lol Im not knocking newbies its the timing im knocking Im sure alot of ppl were just lurkers out here never thought about mining prices have been good for over a year now and it took eth to $300 for most of these new miners get interested

This reminds me of the gold rush, many died out there and many will die out here hehe

yup exactly im actually selling gpus rather than buying, also sold 3 baiikal asics for 2900 after paying only 900 for them.  

Ppl i know are taking out loans or mortgaging cribs or lines of credit to mine rather than buying cheap couns or icos is crazy to spend so much on mining rigs when video card prices are so inflated, make a stack off icos. or trading , understand the value of the assets you are actuslly mining instead of blindly going all in

I think its good to mine dont get me wrong but dont pay $500 for a 580 for gods sake lol

Been here since 2013. This GPU was like $1000. Mined BTC, then LTC, then X11, and now even ETH.

Cost $1000 and probably ROI'd multiple times. Ran at 90C for 4 years non-stop. Not a single fault and fan is still running strong.

Basically you got to get in early. Like those who mined 50BTC blocks with their Celeron CPUs in 2009.

http://www.amd.com/PublishingImages/photography/product/360px/AMD-Radeon-HD-6990-360W.png

And those with rigs now will be ready for the next coin once they are paid off in 60-90 days :)

I think mining is great for the echosystem, just like spending btc and not hoarding.  Yeah you should hold some but if all people hold and nobody uses, or if no one mines cause its more profitable to trade then it will be a bad thing.  I mine to be part of the "echosystem", its educational and makes me keep up with what is going on.  Although the money you "can" make from it is nice too.  Either way i always encourage people to mine just dont mortgage a house or your retirement funds to do so thats just plain dumb.

Totally agree with this.  Speaking as one of the newbies, I don't know if I will make enough to pay for the parts as I fully expect GPU mining to become unprofitable for everyone paying more than 10 cents a kwh by the end of the year.  That would be fine actually but it might not even last another 2 or 3 months.

Too many people jumping in without understanding the current boom times will definitely not last for long.

It's purely a hobby for me as my electricity costs are closer to 20c / kwh. 

Its far more than a hoby for me my power isnt cheap .09 cents /kwh

but i got my gpus at half the price they are selling
 for now , changes the eqation alot

No way id pay more that $280 forcan rx card let alone $550 , it might pay off but

that $$ would go a long way to building a stack of crypto worth more than any rig

I bought refurb r9 290 reference cards over a year ago from newegg back when i got into ether mining, still have a few of them left today.  Payed $180 for them back then and today after electricity they pump out solid $160/month in profit currently.  Once I get some rx 570 in i'll sell these off to some desperate folks for around $250, crazy huh.

It is all about timing and patience in this field.

This is easily the best run-on sentence to describe the first half of 2017.  :P

it is funny, i dropped two nvidia high end cards in a computer that we grabbed at a pawn shop.  the pc was not old, but only had 8 gb of ram and ran out about 3.8 dual core.  the cards themselves actually behaved and performed better than the pc.  it was built low profile and did not have squat for cooling, one small fan and another on the heatsink.  we finally removed the motherboard from the chassis and ran it wide open on a table for more air flow. 
the pc was designed to sound impressive on the outside to most people and was not built to last.  so far, the open air process has helped, but that is not the best way for a pc to run, lol.

Makes me cry looking at all the Eth Ive mined and sold since I started a year ago  :'(
Makes me cry even more when I remember all those comments telling me to just buy and hold Eth instead of spending on mining  :'( :'( :'(

i feel you... :'( same here...sold 100 eth @ 40$, but let's learn from it? ::) selling 1/3 to cover the cost and holding 2/3

lol i sold over 10k eth at low ass prices makes me sick everytime i think of it.  Thats why i spend more time trading now

theres more money made playing the markets than mining and dumping from the way prices fluctuate

No ICO has beaten Eths growth yet (aka you'd be better off saving your Eth rather than investing and then selling).....You'd be better off just holding.

I agree.
Exchanges are the way to go atm, lots more can be made this way.

What is the upside to gloating?

I agree there has been more money to be made from trading over the last few months, but can you say that will continue for the next few months?
Aside from December 2016 when the price dropped below $10, I've sold most of my eth as I mined it.

AMD has GF pumping out more wafers, which means higher production volumes of GPUs will be hitting the market.  If demand keeps up for a couple more months, I'd expect AMD to start buying even more wafers than GF has guaranteed to make available (by paying spot prices for wafer starts instead of relying on their contract terms).  In 7 months from now I'll bet you'll be able to find 4GB Rx 570 cards back in stock at the usual suppliers, selling for <= US$175.

I sell it as it comes. Probably not the best way to go about thing. I mean I probably would have 100k if not more in eth right now if I held out but like the saying goes a bird In the hand is better than two in the bush

NR,

Why wouldn't AMD have GF pump out vega wafers?

Maybe they will, IF they have no more tweaks to do on the silicon, yields are up, and IF HBM2 supplies are solid.  With the Rx 500 series being the 2nd rev of Polaris silicon on 14nm, yields should be much higher than vega, and 3rd party board makers all have designs and manufacturing capacity that they can likely ramp up.  Although prices are up a bit this spring, GDDR5 is widely available and still less expensive than HBM2 chips.

six months is along time to wait, honestly i think these shortages are artificial in nature, hash rates continue to go up but amd supplies i insist they are out of stock.  Meanwhile i see 100s of cards on ebay and amazon at a 50% margin
out of stock you say? hmmm ok

Its obvious some ppl are able to source Amd cards...

Damn. You loss outstrips mine, and that makes me feel a little better. Thanks Marvel  :P


True, but mining was supposed to be a "risk" when we began a year ago, might as well go all in when taking risks. Then again, hindsight is 20/20.

I was going to rant against op  decided not to.

but this is a good comment.

Anyone can source AMD cards.

You have to pre-order and wait (~1 month), those are the people who can sell them at crazy profit.

The ones who don't want to wait pay the inflated prices.

I personally don't think just anyone can go this route. I think at least only people who would have inside info on production schedules. Knowing how far away POS would be helpful too. Who would want hundreds of new XFX R9 380x's on their hands with thousands of sapphire 480's hitting the shelves.

As long as there is volatility there are profits made, if cryptomarket crashes those who shorted are going to make loads of fiat.

Times like this when for example btc is +/- $100 daily are a goldmine for traders. No need for the market to move up, as long as it is moving somewhere cash is flowing in.

During the last 16 months many people invested loads of money to mining hardware, they were so sure that this market is going to grow faster than nethash that it is worth the risk.

Big question is, if they were so sure, why didn't they buy into something? At least one rig out of ten?

IMO, a mining rig is about lowering your risk exposure. ATM a mining rig will pay itself off in 2-3 months. After that even if mining becomes totally unprofitable, you still have the hardware that can be repurposed towards a new coin without any additional investment other than the power costs, or resold to recoup a good part of the original investment. With ICO's and trading you could be left holding the bag or scammed as many have in the past. With mining you are also providing a service for the network, by helping processing transactions and decentralizing it.

Most of the time, at least in the past, 80% of these new people, attracted by price, come for a short period and then go, losing interest or getting confused.  That can mean a lot more blockchain traffic, a lot more small time mining, more exchange traffic and thusly more exchange mistakes that either alter a coins price by error or cause someone to get a great deal.  

The main problem is that many of these people are burning coins without knowing it.  They open a wallet, play around, get some coins in the wallet and wander away, passphrase/private keys either lost of discarded

Small amounts most of the time, but when done in large numbers by many people, it can mean a few forever lost Bitcoins. Also flooding the same questions means lack of reading by the newbies.
 

yeah the duplicate questions are the main sign, 1070 vs 580 , how  does a riser work, Whyyyy does claymore have a fee????, What mother bosrd handles six card etc etc

worry about getting 3 cards working first b4 you go for six with ur 800 watt psu

I find the whole thing funny, Rant against me if you want , sure we were all noobs at one time but , most of my info

was learned by trying what other folks did, searching forums and some trial and error

no one wants to even do any reseach of thier own and they expect to make bank lol.

by flooding the forum with the same questions over and over they are actuslly making it harder to find the info the need smh

then why did u even post rant away bruh lol

There is no way this can sustain for mining. I went to Fry's today and the guy told me they sold 60 cards yesterday.......at one location. People are crazy dropping 6-10 grand and not knowing what they are doing.

Buy some various coins with money you can miss. Build a rig with money you can miss. Let it run for as long as possible and don't sell. Smile or cry in a couple of years. We'll see ;D

It would be useful if someone were to make a guide with basic stuff here,i know you can find information on many sites but still this is one of top crypto forums and yet it doesn't have guides or newbie part.Just my two cents,personally i don't mind asking others for help about stuff i am not 100% sure

Of course.  The cards are on allocation, so distributors get limited quantities, based on their past order history or some other method.  Distributors and retailers will usually allow employees to purchase small quantities.  Some companies like ncix are accepting back-orders, so when they do get product it doesn't show in stock because it's used to fill back-orders.

LOL if it was Manhattan Beach location, he exaggerated a tiny bit - it was less than 60 :)

I'll rant if you want one.

This forum is full of bad generalizations about noobs not doing research and building rigs on debt.

I did a ton of research and built a rig with cash I can afford to lose.

Marvell1 in your first post you sound like a bloke trying to convince everyone he's doing great when the real story is you f'd up and sold $3.8m worth of ETH to pay a months rent.

I'm not selling a single thing I mine unless it's totally life changing, because I don't need to hit ROI, I don't need passive income.

It's a long-odds wager on a jackpot and anything short of that is simply not why I'm here.

Noob out.

I think the people who are going to get burnt the most is not the newbies who are buying GPUs here with their credit cards but it will be the people investing their savings into ETH and ETH Token ICOs.

Those ICOs can easily turn into huge scams and result in a loss of 99%. Buying computer equipment is much safer in that regard and most will ROI before the bubble bursts anyways.

Im not the only one who sold eth low most miners didnt expect ether to hit even $50 for a few years yet, just like
the ppl who mined a ton of btc or ltc early at low diff and sold low or  no pne can tell the future, if the money is not in your hands you never really had it.  Most of the large chunks of money I have made is from icos, and Dummy I was using the eth sold to pay my rather large ectricity bills and to invest in Icos and also upgrade my farm and power system etc.  Right now i still have over 9gh of eth hash in hardware which only 5ghz is online for the summer
you think im gloating but all Im doing is stating facts : if i had my entire farm online  i could buy 100 gpus a month
just from the proceeds and im sure there are alot of other pro  miners in way better shape than me which is why im saying new miners are in a losing situation if they ONLY  focus on building rigs, reading comprehension pls

Everyone has to start somewhere and we were all newbs at one point... still it would be nice if more people would do a Google search or two and have at least a clue about cryptocurrencies in general before posting threads here.

If I had saved my Bitcoins from 2011-2012 I'd be allot better off then I am now, but I think that's the case for most of us.

For this miner, financial sustainability al la Phil Ma and others above was important in order to demonstrate to the wife that this was not just another harebrained mancave money sink hole.

This brings to mind a funny story. Last year we were buying and new car and moving some things at the same time.  Basically, during the move, the heavy items put one of our older vehicles out of commission and we went out and quickly bought another used car

I'm not sure how that relates, but Ok.  :D

Its relates. I have not finished yet.  :)

The vehicle had died near a Walmart and we parked it there until we could get to it.  We really considered towing and repairing it beyond the worth of the vehicle.  In it was a handful of worthless stuff and an ASIC.  It was an older unit, a 60 GHS unit that we never used anymore.  Just a plain black box with a WIFI antenna and a few ports.
 
The vehicle got towed while we were getting to dealing with it.  Calling the impound, they stated that many people could not afford or did not care to pick up theirs cars and the impound offered right away to waive any fees in exchange for keeping the dead vehicle.  We agreed and they said to come and pick up the personal items.

it's easy to say it now after you see the peak, but trading is far more dangerous than many think, it's not easy money, like with mining, you can also lose big with trading, not with mining, i never lost a penny with mining

And that's kind of the point to this thread.  Everyone is so hung up on ROI (even though that's not the correct term) and they want it as fast as possible.  New miners don't realize it can take a while to navigate downturns in the market.

Everyone wants big money now, and they want shortcuts to get there.  You can't blame them, they aren't experienced enough yet to know why their best laid plans may take bit longer.

We were so busy it took a week to get there and they now wanted $100 to release the stuff, we walked away and figure let them have the junk, ASIC included, it had paid for itself years back.

Yeah, noobs, noobs everywhere. I was one too once, but I did my research and learned by reading as much as I could instead of posting the constant "Help" thread about building a rig and buying cards  ::)

That said, I think mining still has some way to go. When I started I was barely making a few dollars a day. No alt was where they are today. There are over 800 cryptos out there and I'm pretty sure new ones will appear. Maybe a new ETH is on it's way, who knows. I switched to ETC about a month ago, foreseeing that all the ETH miners would switch over soon. Glad I did because over the last couple of days, mining 1 ETC got from about 4 to 7 hours for me.

Indeed, paying 580$ for an RX card is just plain retarded. I was looking at GTX 1060s today. I could buy some for around 300$. Say I take 8 of them, I'm looking at 2400$. They will hash roughly at 24 each. But the ROI time is waaaay too long for this to make any sense to me. I preordered a bunch of 570s a month ago for 200$, i'll just wait it out until they arrive. I think many newbs don't understand the concept ROI and how to invest in something. Buying super expensive just to get in when you have not a single fucking clue about how long this will all last is just so stupid. It's like going all in on trading without taking a look at the charts and just blindly buying a coin because it just reached an all time high.

I agree with the Go big or go home part.
ROI calculations are often wrong as the landscape is ever changing. Noobs gonna learn it the hard way and most of them will call it quit.

cryptocurrency training courses, or how about mandatory self-certification of crypto 101 course before beeing allowed to register on this forum ;)

Because we let them come here and ask. If we would direct them away from us, they might actually get good answers and not the games that people are on here to play

We need to clean the scam people everywhere. There are too many games being played, even Yobit wants nothing to do with this , and it is owned by the admins here. They are doing good job overall.  :)

They called several times, increasing the fee each time and then gave up.  That was six months back, their last offer was $400 to retrieve our stuff, lol.

I remember the days of mining BTC with a video card about the time the S1 came a long and killed off that idea ... that was when i started ......... So i actually was able to mine some BTC with two or three video cards ...before ASIC miner did what :  seemed, like it killed off mining with Video cards and CPU ..... but no ..  So I"ll keep mining ,i get the feeling GPU will all ways be good to use for mining no matter how questionable at the time it seems they may not be .. you never really know for sure till it happens .

Last week we got a call from them again, begging us to come get the ASIC.  They had trashed everything but that and apparently they have gotten more and more paranoid and freaked out by this plain black box with the antenna that they have no idea what it is.  They begged to just come get it, no fees, just please remove this from our business, lol.

Tell them it is very dangerous to disturb the black box and that they will need to tow the car to your house at NO CHARGE in order to deal with it.

They probably think the FBI is monitoring their operation  :D  and if they are getting this paranoid some sketchy things might be going on there.