Bitcoin Forum

Hi everyone, I only have 3-4 months in Cryptopcurrency, I do trading, and investing in some ICOs also. I just start thinking about Mining and interested in that, but I wonder that is it too late to invest in this field since I know that more and more people get involved in Mining and it  more difficult to Mine, reduce the profit,v.v...
Could you guys give me some advice, I really appreciate that, and whether I join in this, what is the best now to mine: I consider between ETH and Zcash, may be you guys have the others option.

Thank you very much.

Yes, it's too late. Abandon all hope ye who enter here.

ORIGINAL TOPIC HERE :) (https://bitcointalk.org/index.php?topic=2208927.msg22248565#msg22248565)

You just have to do your own analysis, every business is a risk. I haven't started but I already ordered equipment to build my first rig with future plans of expansion. If assuming flat pricing for the particular Crypto to be mined  I'll get a payback period of less than year,  there are very few investments that will get you that that kind of return, and that's a conservative scenario not considering any upside.

Do your research and only go in if you feel comfortable. Perhaps your're saying it's too late cause you missed the train and missed those huge Bitcoin returns but this market is just starting.

I have never done mining either. In my opinion it is all about economic calculation.

Thanks you so much :D

whattomine.com might help you decide.

It's obviously still worth doing for many, many people because many, many people still mine  ;D

How worthwhile for you, if at all, will depend on variables such as power costs, hardware on hand or cost if purchasing, temperature/space, etc

Liked the answer! Pretty much telling us the story and 2 different perspectives. I'd say asking this question means that you probably heard the news, don't have enough information nor trying to acquire. IMHO you should look at mining as a long term risky investment (both time and money).

1. Understand the cryptocurrency (no need to know very technical details)
2. Research about the mineable coins
3. Pick few coins you understand, love, and believe
4. Find out how much you can afford to invest (as old saying "Never invest money you cannot afford to lose")
5. Find out what hardware is best matching your budget and coins you love
6. Suggest to think it as a long term investment

Generally not worth it.  If you want to learn about mining pick a coin and by a small amount of hardware.  If you are able to profit from your initial investment roll them into another mining rig and so on.  Don't go all in at once without knowing how to mine or what it takes.

depends on your power cost and if you can get cards for $300 to $400
sub .11 cent or .12 cent power and if you have a good space to set up rigs

Sooo... Mining is profitable?  ::)

I think the electric price in Vietnam is cheap (I expect it should be 1700VND/kwh).
So at current price, basically you could ROI in about 7 months for ETH mining.
Many people asked this question and some of them never joined mining, and in the end, they regret about it.
Not sure about the future price, so dont need to predict it, just do it and create the future!

It does not matter when you start mining, it matters when you sell the coins. So, mine, sell small amount only for electricity and HODL! 8)

Depend on prices of GPU and electricity. If u could find a cheap one. I counted if I put all my money Iwhat I spend on rig in coins and just hodl) I would be x3 from that time) U must understand that most profitable mining is when u can predict a perspective coin and can found it earlier than others) but in that way why just dont buy this coin or take part in ICO)

no, you can mining now, and still make a profit. the crypto currencies price is still increasing.
if you start mining now, and next year the price increase to the highest, you will get much profit

yes, the elec. price in Vietnam is not so expensive, but thing is more elec u cost, more expensive price for that. Btw, i've ready calculate a bit, so like you say, around 6-8 months I can get ROI.
Thank so much for your advice.

Really good question, that why I need advice from everyone. But, like you said, just buy coin and hold, then there is nobody in mining?

Thank you for your advice, I'm interested in Mining and still consider about it, but i just find out a website about investing that they have Mining,you just pay them and they will return the coin for you everyday. When i calculate the interest, it's almost the same( a bit lower) with building a rig and  mine. But you dont need to have a big investment at the begining, that why I confuse a lot.

profit is higher than before thanks to bitcoin, so no it's not too late, you can enter now with oen rig and do $500 a month, which is high amount of money for just 6 card, i would probably go easy at first and see what will happen, you can add later more rigs

With a 400k $ investment in processors you will get it back in about 1 year, then its all profit and energy expenses. If i had such a large amount of money I would definitely start mining but since I don't well... Only investing right now..

mining is profitable, just gotta do it the right way

It's never to late. But you can find a regular job if you want lol
It will pay of just try it. At first you can try it with a few cards and see if you will like it.

Why don't you try it and find out?

I would have to say no not to late at all !!!  

I stared mining about 3 months ago and then it was half the profit it is now .. I started out with a 6 card miner that cost about 2.400 to build mined ETH .. it was only at $360 or close to.. i was making about $200 a month (now it would be $300 plus) and power was costing me about $80 and the other $120 i put on CC to pay off hardware. Then it would of taken almost 2 years to pay off... Now at the $$ it is at would cut it down to 10 month's if i just ran the one rig..
But i cough the bug well learning how to build my first rig and seeing the price of ETH going up only concluded that more hash rate the more $$$ it will make ... I am in for about $5000 now and running 2 rigs ...  14 cards total dual mining and doing  366.7 Mh/s ETH / 4,820.8 Mh/s SIA  power cost $180 ....   but the est of $$ on nanopool as i am writing this is ... $924 month ETH and $71 SIA... so total of $995 .. (that will go up as we just had a whole dip in market was over 1300 just for ETH when it was in $800+) but at $995 .. $180 for power that $815 used to pay off hardware... around 6 months and paid off...   less when it hits $1000 a ETH coin...   and when they do the fork and change its proof, i will just start mining a different coin then as some others will come more profitable to mine by then....     i would tell you as long as your build a rig that pays for itself and the becomes pure profit ... oh its well worth it... cant wait till it pays last cc bill off and that $815 goes in my pocket per say ...  thats the house payment .. :-)

hope this helps out...


PS.. am thing of mining PASCAL instead of SIA... it up to $1000    .. and can duel mine with ETH..  finding out I will get way more $$$ for hash rate...

It is still profitable to mine the question is really how long will it take to reach break even on your equipment.  It could take up to a year depending on how much you spend up front.  Although if you mine the right coin or value increases you could cut that down significantly as we have seen in the past few weeks.  You could potentially reach break even in 5 months and then its all profit.  Granted you wont get rich overnight but its something that could provide a little bit of extra income.

Not too late, you need to buy the right equipment and buy enough GPU to compensate for the cost of the rest of your hardware (motherboard, cpu, memory,...). Anything below 6 GPUs is probably not interesting unless you invest in very expensive gpus like 1080 type of cards. Electricity cost is another factor to take into account.

I was break even after 3 months with my 10 gpu rig (see details in my signature). I mainly mined ETH but also mined other coins when they started to become profitable.

klintistwood,

Might want to put a meter at the wall and see what your power draw is what you have listed seems a little unreal .. especially if it is in full mining mode...   ( Hash rates seem a little low also did you mod there bios ) .. please let me know and looking to make another rig and if your post are true would like to know how you set things up...

I have a meter at the wall (including the whole rig) and depending on the currency, it fluctuates between 750 and 850W. With ZEC it consumes less than with ETH, same for Monero.

See for yourself:
https://www.laurentwillen.be/gpu2.PNG

it is never too late believe me. I was thing about setting up a mining rig last March to mine ETH, did some research and gave up, cus with the price of ETH at that time around $20 i would have had break even point in 8 months and here i am after 9 months still looking into mining. Looking into hindsight, i would have made almost 10 times my investment. So go for it and take your chance, it is better to lose after trying then not trying at all.

If you are thinking of pulling the trigger just do it now and worst case you sell all your equipment and make back 40-60% of your investment.  Dont be a victim of would of, could of. If you truly believe in mining and want to put the effort in you should do it.  If not then invest directly into certain coins.

This man speaks the truth. The biggest profits have never been made by buying and selling immediately, they're made by picking the best of the best and mining / holding. There have been times I was mining at only $20-30 per rig per day (even $0 when mining new launches), but with hindsight the amount was 4-5x that and more.

Only thing that can make it not profitable would be new, cheaper and faster video cards
coming out soon...but I doubt that

Never too late... ;D