Bitcoin Forum

I'm looking to get into mining. I already have one rig and it is performing decently, but I feel I need more.

I heard ETH's mining difficulty is getting harder and some people are switching over to mining Zcash instead. I'm currently running 6x RX 480's dual mining ETH/SC.

I want to build another 2-3 mining rigs, and want to make sure whatever I build will not decrease in performance mid->longterm. Would it be wise to build an Nvidia rig and mine alternative coins (other than ETH-based currencies) instead of building more AMD rigs?

Increasing mining difficulty on ether will directly lead to increasing mining difficulty on other alt coins too as more miners change over.

More miners mining = higher difficulty = lower revenue for each miner.

1070s for sure if you are building any new rigs

Buy ETH and wait.

If I had a nickle...

Just buy ETH while it's low, you'll very likely profit next week more than you would with your $40k in the next 6 months...

That is right. The 1070 has faster memory.

I dont know how u will convert 40k fiat into eth or btc in a week lol hes too late to profit from this dip

ibelink 10800mhs x11 batch 2  ;)

Just don't do it. Mining is starting to be less and less profitable and this is only beginning of difficulty bomb.

You can agree with us. www.invictusmining.com or skype cReepas

I don't think it's a smart move now to invest fresh in mining , this time is to get your roi faster with what you already got , if you have only one rig then stick to it and don't invest more , because as i said it's not the right time to invest or buy new machines .

I disagree. The ROI timeframe now is shorter than it's ever been. If historically low ROI times are not when you should build rigs, then when is a good time? The key is not overpaying for the cards and not put yourself in a position where you are overextended if the market turns.

Hi . In my opinion , if I had $40,000 , I would like trading them on buying/selling eth and anothers cryptocurrencies , I saw a documentary on a website and they told the Ethereum coin won't mine anymore , and I think the price for 1 eth will go less than 200 usd
But you have lots of coins for mining and if you really really want to invest in mining do it :)
By the way , nvidia will release a new video card specially for mining with 24mh/s , low price and low power usage , is named gp106-100 , you should wait for it :) , but the stupid thing is that this video card has just 1 year warranty :) and if you want to re-sell it will be hard , because I prefer to buy a normal video card and selling it to a gamer or another person , but if you buy this video card will be hard to re-sell them :)

Happy mining !

Don't.!

bitstamp takes bank wires so...there's that, I dunno about other exchangers

Actually the warranty is rumored to be only 90 days on these new cards, not sure where you heard 1 year.

As for ETH, it will switch to Proof of Stake, which is just another form of mining. Basically if you own a lot of eth, you can stake it in exchange of mining work. It's a very simplified view of things.

Myself if i had 40K to spend on mining equipement, i'd still do it now. There are other coins you can mine and make a profit out of, and having 40k of mining hardware will give you a nice edge over other miners.

That said, i'd go for 570/580s with 8gb of ram and mix it up with some nvidia gpus (those made for mining). I would also fo only 8 gpu rigs instead of 6 to lower the cost and wattage.

Short ETH and wait (:

pray tell where do u propose the op finds 570 or 580s ??! they are not for sale anywhere, 1070 on the otherhand you can find in local stores or amazon

Preorder?

Also don't half read my post man, i said to mix it up with some nvidia. Just going all nvidia 1070 isn't the smart choice.

This whole gpu shortage isn't going to last forever. A 1070 costs double the price of an RX, which means you'll also have less hashrate since you'll be able to buy less gpus.

I don't understand the argument that "there are plenty of other coins to mine, so buying more gear is okay"...I mean do people not realize that everyone that has piled on since the mining FOMO started HAS THE EXACT SAME IDEA? What do people think is going to happen to those coins once there's a mass exodus? The difficulty of every coin worth mining is going to go through the roof to where it's no longer profitable until mining profits get to a point where it's no longer worth the work involved for the small profits....

I've been mining for a couple of years and no way I would be adding more gear right now. I have $10k I can spend on GPUs right now but that money is going to ICOs/Trading until all this mining FOMO ends and people start gaining their common sense...

Was just reading through the ETH blog to see when an update for the Ice Age and network congestion may take place and came across this:

https://blog.ethereum.org/2017/05/24/roundup-round-iii/

"Because of the rapid increases in block difficulty, the ice age continues to be delayed; current prognosis assuming no further increases (arguably a very pessimistic estimate) is that block times will not exceed 20s until July 12, and will not exceed 30s until Sep 12."

So in roughly 3 weeks block times are going to grow to if not exceed 20s which means less ETH will be created per day...then IF a lot of hash isn't added we're looking at two months before block times go up again creating even less ETH that can be mined per day.

"Oh well if that happens I'm just going to mine ZCash" - so are roughly a few hundred thousand, if not a million+ GPUs will be looking to do the same thing. Any coin worth mining will most likely have razor thin margins up to including mining at a loss if you mine/speculate on a coin no one is currently focused on.

As an experienced miner with gear that has ROI'd many times over, I honestly hope everyone goes all in as that just means there will be more GPUs to scoop up for pennies on the dollar when the FOMO bubbles pop.."those who don't remember history are doomed to repeat it" - I pay for my electric out of pocket every month because I'm fortunate to have a good job that pays me well enough that I don't have to cash out coins; as I view it as an investment that has paid off plenty of times over.

Just please don't risk your family's or your own livelihood on something that is pure speculation with all the fomo going on, unless you have a crystal ball sales man I should meet...buying into FOMO when trading is bad, and the same goes for mining FOMO

/soapbox

Good post. I would agree getting in right now if it's not "disposable" money is very risky.

To answer the question, it's vital to know your electric cost.  If more than 10 cents per kwh the answer is simple.  Don't throw away your money on hardware that will almost certainly never make enough to pay for itself.  It's impossible to accurately predict how long for a ROI for a new rig now.  All we have is past profits which we know are useless at predicting future returns.  Prices are falling and difficulty is rising leading to rapidly declining profitability. 

In a few months, certainly before the end of the year, the only rigs generating more revenue than they cost to run will be those running the most efficient cards on the cheapest electric.  This is not wild speculative guessing.  The recent high returns were demonstrably unsustainable.  They relied on rapidly rising prices.  The speculation driven bubble is bursting and cryptocurrency prices are falling.

Mining should be viewed as a hobby.  It's a great hobby and it doesn't matter if you make money or not.  But if you have $40k to invest, you would likely do much better buying and holding the coins themselves - especially as they return to more normal levels.

Taking into account rising difficulty and falling prices, ROI is probably measured in years rather than months, and even then only if you have cheap electric.

Good luck getting verified in under a month in any exchanges right now

gemeni is fast

Buying ETH right now will give at least 100% in a month or so. ETH will soon hit 0.2 btc.

It's crazy, $4000 is fine, I think.

 invest 10 $

in how to make profit with ico coins like

https://mobile.twitter.com/thesuperiorcoin?lang=de

save 39990 $

make billions...

simple isn't ?

not against mining... i like mining but, it is a stupid investment

ICO is more stupid Investment rather than mining and the coin you are not sure that it's legit. Mining is the most safe yet profitable compares to ICO that pure POS and very risky once the project you involved turn to scam.

Im not looking to spend $40 000
but i need a recomendation

im building a rig and cannot decide

4x 1070        $ 2151   120 MH/s   $432 /month     1880sols   $369 /month
5x 1060 6GB  $ 1807   117 MH/s  $429 /month     1650sols   $317 /month
6X 1060 3GB  $ 1743   135 MH/s  $500 /month      1770sols  $340 /month

as much as i would like to buy cheapest version with highest profit,
i am also concerned about the selling price later
not many gamers will like 3gb version of 1060 even though 6gb is not a big difference on 1080p res.
and 1070 will probably also drop in price quite a bit..

but im thinking, 3gb will not become obsolete for mining before ETH hits POS so i should be good then, and even then i should be able to mine zec at higher hashrate with more 3gb 1060s ?

1070 is the best. It will retain its value more than 1060.

For me the ROI is really fast if u know how to cut down your hardware cost and  how to get your new Rx570 and 580 series  GPU @ official AMD cost price which is between $200-$220 which is pretty easy if u have a very good website like the one I always use for price alert update to get stores and website offering clearance sale and buy the GPU once in stock when u get the alert , anyway if u need the website alert to get your GPU, u can email ( leon.owen@protonmail.ch ) me for the link

If you are looking for used products, I have a mobo Z97 gaming 5, around 13 risers, ssd and celeron cpu. I have used 7 gpus and sold my gpus recently. The mobo is a legend in mining field.

I was looking at spending about as much as you initially with a new mining operation, but it looks like its going to fall through as it's simply more profitable & less risk to simply invest into the coin at this point in time. Especially with increasing difficulty and coins moving away from PoW.

Did you spend the money at last?

When the OP posted this it was a poor time to get in to mining, profitability has dipped ever since.

All comes down to electricity price - if you pay like 7c/kW or less then gtx 1070 is probably the best option.

Why not get a vega at the same price? Power draw is a little more but it gets way more hash in monero and dual mining.

my suggestion is to stay away from mining, buy the coins and enjoy 10x the profit in few months.

what is vega dual mining eth and dcr/ lbry ?

I can easily buy 5 580s a day through that website that alerts you when they are in stock, same goes for the 1070's...its not hard at all to buy them anymore since the summer.  Also you can go on that other auction site and see people selling them in batches of 10 or even 20...THis is the best idea to mix up the cards and get some 1070's into the mix...Question though...why would an 8gpu rig have a lower cost than a 6 gpu