Bitcoin Forum

There, I said it.

This statement is done based on my six month career on mining. Likely you might want to disagree..

Ok, let me state some things to support my view:

I am 47 years old male, with background of 30 years in IT. I live in Finland, I am working as a project manager and I bored to death to my job. I make ~62k€/year (4,7k€ /month), including bonus which is more or less free money. I have 160k€ mortage loan, which is basically what keeps me going to work on daily basis, there is not too much the job can offer me, to be honest. Because of the retarted taxation in Finland, I get  ~3k€ "at hand" out of my 4.7k€ monhly salary.

And now we have mining..
by so far I have invested ~10k€ to mining equipment, it boils down to 33 nVidia 1060 cards running 24/7. Currently they make me ~65usd/day, which is slightly more than 50€/day. Minus electricity that would make something around 45€/day, or 1350€/month. And these figures are not optimized..
 
The thing is that many people in Finland (and likely in other countries aswell) go to job on daily basis and get the 1350€ (or less) and are completely happy about it. I get that by investing 10k€, which is not an issue to me. I could save it from my normal income in few months. And now that I am mining and working i can invest more. And finally, after I have mined enough I can quit my shitty job. And there must be plenty of people who think similarly to me.

What I am trying to say is that mining at it's current state seems too easy. There will be more people getting in to the game and extra profit will go away. Sure some kind of dedication/understanding is needed, but it's just too good to be true. I mean, lease let me know any other industry in which payback time is below one year?

But maybe that's the reason behind the current GPU shortage.

With post like this more people will begin to cut down your margin. Make your money and be happy bro

Is that northern lights affecting you?

Who the fuck come on here bitching about the free passive income they make?

Be happy and allow the money printing machines to do their thing.

You missed my point. I don't complain. Yet I do say this won't last too long.

-
Tigel

It's very easy to mine with 1 gpu

But how about 4 or more rigs? All risers, bios mod, overclocking

I spend a LOT of time to do this and is not that easy, I do everything to achieve the full potential of a rig

A non-tech guy can buy a RX 580 and achieve 26mhs while I do 30mhs, consumes less power etc

We are linked to the prices of all cryptos, imagine if we grow for years and achieve marketcap of 1 trillion....2 trillion....

We are generating the coins to sell to people
Can last 1 month or 1 year, 2 years, 5... Who knows?

I just cannot see this "mining getting in crowds" happening. Whenever I talk about mining to anyone, they just see it like some kind of next level pyramid scheme :D.
The people just really don't want to put money in something they don't understand. An average human from a random street cannot figure out what to do if you give him/her components to build a fully operational 6 GPU mining rig.

Also, median pay is just too little in some countries to really save up/risk for mining rigs and also try to keep your family well fed.

Greetings from across the gulf, Estonia! :)

...and I think we're bound to look for another signature campaign :)

 ;D

Cheers!  I visit Tallinn on regular basis, I truly love the city!

Now that I have Estonian involved, I need to ask: what is your electricity cost?
Because in case of setting up mining company, Estonia is definately better compared to Finland. Hell, I am allready Estonian e-citizen!

--
Tigel

Just 1h ago I was watching documentary, and reason why You guys like Estonia and Talinn...hundreds of Finland people, even women, carrying
as much vodka as they can (looked like 10-15 liters per person)

It seems like a business, you invest money, after some time you have a profit. I think, mining now - more efficiency than business, because it need a longer period to get a profit.

The lowest price for electricity a regular person can get his/her hands-on is around 0.08 eur/kWh :). When you set up your mining farm near the power plant, the electricity is really cheap (the electricity-networking fee gets deducted from elec.price, so final price is somewhere under 0.04 eur/kWh).

But Finland does have bigger paychecks compared to Estonia :D!

Nice to hear that you like Tallinn! :)

And we, Estonians, get ours from Latvia  :D. Like booze is cheap here but in Latvia, it's almost free ;D.

There is no way that people jumping on mining now will not get burned. For the last 2 years only a few people were mining, and made huge money. Today everybody's mom and their dog is mining. No way it doesn't crash.

It's not that easy. If you are not good with computers, forget about it. And it's not so simple to deal with the heat, either.

For your country's expenditure and electrcity cost may be made you pathetic about crypto mining but people in the thrid world countries getting cheap wage from the MNCs and electricity also cheaper there. For them it will be consider as money printing machine as above one guys said.
Until you own rig farm you have to consider mining as a passive income. Now you know, most of the coins difficulty increased people mining ethereum, monero and zec are facing the cheap profits than 2 months before. Make bigger with the higher end cards. You will be successful buddy.

I think the real problem is a lot of people who don't even know what they are doing, like someone help them build a rig, they run NiceHash and that's it. They think that they are mining bitcoins... They don't want to learn about crypto.

Here some IT shops had ads for complete mining rigs, and they were described as "money making machines"...

I don't see crowd mining happening unless some company will start producing ready to mine rigs and offer support for them or some coin will be invented which can be mined with the phone (like Hadron). Mining with the gaming computer or whatever computer you have at home will not work because the profit will be too low. Also people get bored of this. I know non IT people which started mining on the ETH hype and after a few months stopped and sold their rigs, because they were not getting rich overnight and managing the rigs was too time consuming.

Basically its like that saying.

Wherever there is free or easy money... people will come and eventually it will become so oversaturated that it won't be profitable anymore.

And that is currently happening with mining and the proof is the difficulty increases.


A few years ago my buddy opened up an iPhone repair store. This was when iPhone 3G/iPhone 3GS were the main phones. He made so much money because the glass was only $5 and he charged $100 for the repair. Opened up his own shop and everything. 1-2 years later, he got so much competition that he constantely needed to lower his rates... and eventually he went out of business because he was earning minimum wage pretty much.

I have a good career as a free lance IT architect and my own company. I started mining last March when I heard of ethereum as part of an IT project, did the research and mined 56 ether before the difficulty ramped up, still holding. Everyone on the internet was saying mining was dead then  ;D Currently mining Electronium and trading for Ether. Not complaining however as a self employed person I do enjoy IT, being an employee sucks (work wise and tax wise). I also trade derivatives (crypto and S&P 500 futures as a hobby). Don't knock free money

Your mortgage situation is irrelevant at all. Same as your before tax income. And your years in IT.


Not sure when and how you managed to buy 33 1060 for 10K. How much is 1 card today in FInland?
How about other expenses for building rigs?  Can average Joe go buy 33 cards today and earn money tomorrow? NO. Why u mislead people...

Next, where you placed 33 cards? In your bedroom? Its 6Kwt of power

- What happens if mining will be not profitable or coins will cost nothing for example. Mining is not reliable.

- Not at all.

No GPU available or overpriced, lack of manu warranties, cost of power and setup, overclocking, management. etc.

- You sure you 47 years old? Thats really silly question. Imagine you return your invested money in 1 year, who knows what will happen after 1 year...Mining may die. You will eventually not earn a penny. Just sit with used and abused gear.
Certainly if mining will stay as is (which is almost 0 chance) you start to see real profit...
And of course, if price of coins will raise, you can be in profit much faster than 1 year.
Totally unpredictable and unstable.

Mining is high risk and low to medium reward imho

With your 10k, I could have invested in a penny stock or indeed in a crypto and seen it gain 1000%

Now would you rather watch 10k become 100k in a short space of time or go about methodically building rigs?

Mining isn't get rich quick and require a nice amount of start up capital. It's a nice hobby and can be a good business if done professionally

there telling you that you don't have a point dude and what best what you are suggesting is speculative at best, mining could be profitable long after you die, fact is not you or I can for see whats going to happen. as long as there are coins being made and bitcoin is maintained it could be many many years before we see it become not profitable, and I gotta say mining isn't exactly easy, theres large investments required, risk and many other things that have to be considered, also maintenance on the rigs too after gaining soo many rigs it does become a full time job, ask ANY farm owner who runs 100+ rigs, when you do something like that and for more than 6 months then come back and say its still easy

Been mining for 7 years, since 2011 .... cpu mined litecoin.


In my experience, it only grows, never slows, never stops.

That's how business works.  Adapt or die.  Maybe POW is thrown out the window some day for something new and better and more energy efficient, but that day isn't in the near future, in my opinion.  However, my point is that if mining dies and you want to stay in the crypto industry, you either adapt or your income stream dies.  Make good business decisions.  Paying out the ass for gpu's right now is certainly not a good business decision. 

To the OP ... It's not free or easy money, btw.

I still believe it was too good to be true. :)

Well, payback on a £350-450 GPU is at least a year, if not more at the mo, and that's excluding electric, so it's not that impressive. Then there's the time to manage rigs, heat, pay the electric, etc.

I think a lot of the people who buy the complete 'money making machine' rigs will be pretty upset after a few weeks when they realise how much work there is in running them. Or to put it another way, mining is only 'too good to be true' if you ignore large numbers of drawbacks!

History usually repeats itself:

https://en.m.wikipedia.org/wiki/California_Gold_Rush (https://en.m.wikipedia.org/wiki/California_Gold_Rush)

“Gold worth tens of billions of today's dollars was recovered, which led to great wealth for a few. However, many returned home with little more than they had started with.”