Bitcoin Forum

Hi there,

Now I know this is a bit of a stupid broad question - and I just want to stress, I'm not expecting you to do all my research for me or anything. I just know there is a whole wealth of experience on this board, and thought it might give me a good starting point to my research if I got a few opinions first.

Basically, I'm relatively new to crypto - got in at the end of last year, and my aim to date has been to create a decent portfolio and then to hold long term. So far, it has worked out OK - I got pretty decent entries that held up through the bloodbaths. However, my original plan... to buy and forget, hasn't quite gone to plan because, damn it, I've got pretty addicted to this stuff... and I'm no longer happy to just hold the coins I have. I want more... MORE!  ;D

I can't get into day trading because (a) I don't think I have the know-how or nerve for it and (b) my wife and kids will kill me if I start spending even more time at my computer doing this stuff. Therefore, it occurred to me that mining might have some potential as something of a 'set and forget' method... I mean set-up, maintenance and running costs aside. I may be completely wrong though.

However, I know the golden age of people being able to mine bitcoin on their laptops is well and truly over - and the more I look into it, it seems that with many of the large cap coins you need whole banks of mining rigs to make it worthwhile... which is something I simply don't have the space or money for. I looked into cloud mining etc., but it got some dodgy reviews... and I hear a lot of them are a bit scammy.

So, I'll stop rambling and get to the point: are there any coins or scenarios where it's possible for an average person with a budget of around $1000 to make a reasonable profit from a single mining machine kept in the home?

Is it possible to kind of 'dabble' in this way in 2018 - without needing a quasi-industrial set up, or wasting money and just racking up huge energy bills?

All opinions and guidance would be much appreciated!

Great question , i was thinking the same thing  i run a charity who feed the homeless in the UK , our charity raises funds from crypto donations  we were thinking mining might bring some funds in? what do you think

There is no such coin. If one coin is more profitable than other, then it attract more miners, difficulty raise and you end up with lower yelds which make profit same like other coins.
1000$  is not worth to start any mining for having worth income, it may be more like having fun from mining, but not money.

Yeah man build yourself a little GPU rig and have fun. I spent about $1600 on my first rig and have been happily minig eth for a while. Planning on trying some other coins soon. I'd say go for it if you have the money, you'll learn a lot and have fun. And yeah there are still profits to be had. Just keep in mind that the crypto market is super volatile so any ROI calculators and things like that are highly imprecise and are a rough guess at best.

It really depends on your definition of reasonable profits. $1000 is not very much to start with, but you can still have fun and make a little extra every month.

Yeah - but a person who is getting into it has to understand that mining is generally not a "get rich quick" type of thing, anyway; it's really a long term play. There are risks associated with it as well as possible HUGE rewards. Just go look at the discussion people were having several years ago debating whether mining was even worth it, and then think about how the people that were mining then are doing now.

Hello
Any person can spend 2000 usd and buy ASIC for home mining.

L3 bitmain X2 = $22.76 per day
D3 bitmain X3  = $22.76 per day

https://whattomine.com/asic (https://whattomine.com/asic)

With that amount of money you can't really make some decent profit, but that doesn't mean you will not make some pocket change.
Look on mining like hobby,start small you can always buy more gpus or sell it all.

The ROI is not that good at the moment, you might get more if you just invest in cryptos. But if you want to start learning mining i'd say go for it ;).

It is OK
 X11 ASIC miner for hobby miners that are not there just for the profit like most other miners are.

You can buy ASIC miner or few GPUs to start as a hobby and then after learning few things about mining you will be able to make a decision if you want to expand or not.

ROI time on most GPUs isn't actually as bad as most people are making it out to be right now. Assuming you get a 6GB 1060 for around ~$330, you'll make your money back in about 6.5-7 months (at ten cents electrical cost and assuming you're mining ZEC or ETH) as things stand. Any ROI time under a year is pretty good for mining, considering many other investments make you much less money in the same time period (and possibly have more risk), and mining used to be significantly less profitable than it is now even with high GPU prices and coin prices falling a bit recently.

If you've got electrical costs around or below 10 cents per kw (15 is okay but not ideal) and have the patience to snipe graphics cards when they come back in stock at decent prices, mining sure is still worth it. Combine that with the knowledge on this forum and you're set for mining.

I say go for it. You already know you've got an addiction. I was where you are about a year ago, and I'm glad I jumped in when I did. I had already started scraping together what I could with cheap/used ASICS, but the real jump came when a started collecting GPUs. You can mine what you want to hold, mine for highest profit and trade for what you want to hold, or sell immediately... I just feel like it allows for more flexibility without constantly laying out in fiat

1k won't go very far in this inflated market. Just keep investing n wait for prices of gpus to come down.

Or get decent deals on GPU's.  I'm still seeing good deals on NewEgg.  B&H is a little more expensive the past couple of weeks, but whatever you're buying, you have to act fast.  When they announce that they have stock, they're gone in 5-30 minutes.

Look at MSRP of the card.  I wouldn't pay more than 10-15% higher than MSRP for any gpu right now.  Certainly do not overpay.  You'll regret it later.

I'll be building my fifth 6 gpu rig this weekend.  2-2-2 mixed 1070ti, 1080, 1080ti rig, but with the Newegg purchase limits and getting the best prices from them, it was the best I could do.

Even with the inflated prices you’re still better off buying today to start mining ASAP. If the shortage ends tomorrow, then yes waiting was better. If it ends in 4 weeks, then the money you saved wasn’t worth it. It’s just hard to overpay because we remember the prices from 6 weeks ago but dollar for dollar, the prices aren’t inflated enough to make waiting worth it. I’m sure everyone’s opinion will vary.

I agree, but at the same time, some people don't look at what prices were back in November/December.  So they end up paying double what gpu's were going for 2-3 months ago.  I don't think that's a wise move, because there are deals to be had, but you have to know how to get them, and you have to be very very quick.  Now is not the time to go on Amazon, eBay, Newegg, ect. and purchase from resellers who are asking double or more what I paid for the same gpu in November/December. 

A budget of $1000 is about 1 GPU probably a 1070 or 1070ti - with an old mobo/system or 1 GPU 1060 with a mobo, cpu etc. It would take you a while to mine a profit with 1 GPU. You'd want your own rig so that you can swap between algo/coins. You can def make a profit, but with that budget it would be a bit low.

Seasoned miner! I know... I do the same but that’s part of the learning process. It takes a few GPU shortage cycles to figure out when is the time to buy and when you can cash in on a year old card for profit. 

1 GPU very difficult making a profit because profit mining related how much price electricity per kWh and every country are different. but mining can't get short time profit  (ROI) except have surprise such Hardfork 1:10 or price a coin rise when to convert BTC.

if you can grab some gpus cards at lower prices then why not?
it is still far higher then electricity cost so you can do it..

Absolutely awesome responses. Thanks all - I'm going to wait and see if I can snap up some decently priced GPU's over the next few months - but I'm not going to force my way in.

it is not very old but cheap and good now 10-12$ per day income

Radeon RX550
 Great Wall 1560W
 Intel Celeron G1840 c кyллepoм,
 ver. 6.0 (Molex)
 DDR3 Ramsta 2Gb
Samsung 32Gb USB 2.0
: Radeon RX550 2Gb

Colorful C.H81A-BTC V2.0)

Also worth considering second hand gpus - more risk, but much lower entry costs, assuming cost is a major issue. I started with a few 2nd hand gpus, replaced them with new when I could, gradually expanded.

I would even consider mining even when it's not that profitable at the moment. If you believe longterm in cryptocurrencies and their growth it's sure worth it. Depends really how someone thinks in general about the future. If a coin is x5 in 2-3 years it will be worth the hassle, so buy the cards you can get your hand on :-)

You're sure right about cloud mining tho, most of them are scams and if you invested to them, it is only a matter of time before you can't access their websites anymore. I've been there so I can tell.
You can earn a decent amount if you can find a good enough rig for a nice deal and considering you consume 10-15 cents per kw in your electricity, you can have your ROI in less than a year, tho it may seem a long time but it is good enough considering the type of set up you will have at your home.

Totally agree.
Why someone very confidance to investing the money on cloudmining. There is indeed a legit cloudmining but there an only bit, it's also still risk of collapsing or hacked and also a reason anything. But I know the reason someone would that doing because cloudmining doesn't pay electricity, internet or also doesn't have enough money to build RIG.
Yeah, the best option is build Rig although, at this time the price of build RIG very expensive but that better safer.

I agree with this as well, it all depends on what your goal is, and whether you need your mining to pay your Electric bills, if you have a day job, and can afford to mine even when at a current loss, simply because you enjoy it, and it is a super fun Hobby, you very well may make out like a bank robber, several years from now, imagine going back in time to when Bitcoin miners turned their rigs off, because of electrical costs (and then mining thousands of Bit coin at a technical loss) only to have it go from $1 to $20,000, those that turned their rigs off, would be kicking themselves to this day...

Exactly. EBAY roughly August 2017, I scored a lightly used 1080 Windforce for $450. Dude was selling a ton of them after mining for 3months with like 20 of them and accepted my offer for such a low price. I guess maybe he only had 2 remaining and said "f*ck it"?

 Either way, back in August of 2017, Pre November I should say, a decent 1080 was going for $500 to $600. Now they're going for over $700, sometimes more. Its crazy.

My advice would be, if you can find a decent priced GPU or equivalent, then go for it! Only live once and you never know what can happen. Profit margins aren't to great for "little" miners but its fun and maybe at the end of the year you'll have paid your GPU off! Then buy another one and repeat! Hope whichever coin you're mining EXPLODES one day

You need at least 3-4K to make a decent profit (lowering your ROI).

What if you mine purely with a very long term view? Reality is in South Africa we can’t find cards anywhere and pay a fortune for basic rx 550’s if you can find them. I’m now contemplating building a 13 gpu 550 rig for maybe pirl & verge to just go along and amass some coins. Thoughts?

Lol ... Building bigger rigs does NOT lower your capital recovery timeframe.

I've been interested in mining for about 6 months ago. I've tried a bunch of different ways to do it and have blogged about it on my website - it might be of interest to those about to start mining, and might save them going down some dead ends.

https://bitcoin-investors.co.uk/category/mining/experiments/

The profitability of mining depends on many reasons. It is beneficial almost always. But in each case you need to be able to correctly calculate your income. You need to start with electricity. This is about 10-15% of your costs. For example, South Korea has the most expensive electricity in the world. Therefore, mining in this country is impossible.

Hello. Now, of course, the profitability has disappeared, but I'm on the best. Since everything should grow decently closer to the autumn of 2018. Now the yield from 10 cards is 1060 350 dollars, which is quite and quite good

I think mining still worth, although not as much as the previous year, but at least still have a chance to get results / profit

if bitcoin will 20000 again mining will be profitable

Do you have a CPU? You can start mining CPU coins,
Do you have a GPU (Graphics Card)? You can start mining GPU coins.

Mining is pretty easy, pick a coin, download their wallet & mining software, register and join a pool, start mining!

That depend the miner and how much their hashrates. They just mining or to do something more with their coins. If i am still worth, because i can trading my coins to make some profit, or hold new coins for next months / years. For now mining without "next step" will not profitable. So that's up to them what next step to do.

I think if you even manage to build a rig for that budget, that would be more of a hobby mining than anything else. If that is the goal, go for it )

Mining has become a specialised industry. It is hard (not impossible) to make decent profit for average home users. Also, the ROI is pretty bad now, so unless you can afford to keep paying electricity bill for long term (e.g. 2-3 years), until crypto price bounce back, I wouldn't suggest new comers that "want to be profitable".

I own a mining farm. It was very profitable initially, but for the past half a year, the return is quite bad. You'll still be able to cover electricity cost, but to profit from there, its a different story.