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Title: Can I get money from mining? Post by: ruthbabe on June 26, 2018, 01:53:40 AM Currently, I don't have a job as a retired person, so, I was wondering if mining can get me some money to support our family daily sustenance. Could you give me my best option, and what would be the cost of setting up mining rig? Thank you.
Title: Re: Can I get money from mining? Post by: ltcsprite on June 26, 2018, 01:55:31 AM Better off selling stuff on Amazon FBA.
Bad time to be a miner right now. Title: Re: Can I get money from mining? Post by: Geraldo on June 26, 2018, 02:09:32 AM For the past few years, I lived from Crypto mining. So, I can say for sure, you can. But the problems is how experienced you are on this Crypto mining world (related to this current situation [as above advice])
Personally, I keep buying mining stuff on this current situation. But it will differ if you are new to this mining world moreover you can't take any risk since you need to produce some profit as fast as you can at your conditions (as you said: need to support our daily family sustenance). But if you want it, I'm sure you can do it. ;) Title: Re: Can I get money from mining? Post by: SpceGhst on June 26, 2018, 02:23:25 AM I did some quick calculations for a friend earlier today and at current coin prices, for every dollar you spend on mining hardware (GPUs, mobos, risers, PSUs), you’ll make a dollar over the course of a year. That means it will take a year just to earn your initial investment back, excluding electricity. However, every year after that is profit on your investment, excluding maintenance and replacement parts. So, if you bought $50,000 of equipment today, after the first year, you be making $50,000 per year minus upkeep cost. But coin prices won’t stay constant. If price goes up, you make more money and pay off equipment faster, but prices could also go lower from here...
Title: Re: Can I get money from mining? Post by: kmil91712 on June 26, 2018, 02:25:50 AM Personally, I keep buying mining stuff on this current situation. But it will differ if you are new to this mining world moreover you can't take any risk since you need to produce some profit as fast as you can at your conditions (as you said: need to support our daily family sustenance). But if you want it, I'm sure you can do it. ;) [/quote] Nice to know it can be done most people say no. I will look into this. Title: Re: Can I get money from mining? Post by: Geraldo on June 26, 2018, 02:38:24 AM Nice to know it can be done most people say no. I will look into this. Yeah, that depends on us. I'm not a speculate type, I calculated all of the possibility, I'm doing a lot of research before mining, I've never stayed on one coin for a long time, I've never held a coins (save it to the fiat as fast as I can) I spend all of my effort and time to do this. ;) Title: Re: Can I get money from mining? Post by: Lafu on June 26, 2018, 03:38:47 AM Nice to know it can be done most people say no. I will look into this. Yeah, that depends on us. I'm not a speculate type, I calculated all of the possibility, I'm doing a lot of research before mining, I've never stayed on one coin for a long time, I've never held a coins (save it to the fiat as fast as I can) I spend all of my effort and time to do this. ;) Sometimes its better for Hold a Coin and get more out as fast selling it ! Depends on the Coin and for sure the coins Community ! Regards Lafu Title: Re: Can I get money from mining? Post by: texasman86 on June 26, 2018, 03:57:13 AM dont get into mining, it's a waste of time
Title: Re: Can I get money from mining? Post by: xxcsu on June 26, 2018, 04:37:53 AM Currently, I don't have a job as a retired person, so, I was wondering if mining can get me some money to support our family daily sustenance. Could you give me my best option, and what would be the cost of setting up mining rig? Thank you. You can find the "greatest :) answers" here in this topic (https://bitcointalk.org/index.php?topic=2208927.msg22248565#msg22248565) Title: Re: Can I get money from mining? Post by: Za1n on June 26, 2018, 04:45:25 AM I did some quick calculations for a friend earlier today and at current coin prices, for every dollar you spend on mining hardware (GPUs, mobos, risers, PSUs), you’ll make a dollar over the course of a year. That means it will take a year just to earn your initial investment back, excluding electricity. However, every year after that is profit on your investment, excluding maintenance and replacement parts. So, if you bought $50,000 of equipment today, after the first year, you be making $50,000 per year minus upkeep cost. But coin prices won’t stay constant. If price goes up, you make more money and pay off equipment faster, but prices could also go lower from here... You failed to also account for the rise in mining difficulty. Even if the coins price stayed the same or even edged up a bit over the one year you projected, the difficulty would continue to rise so you would mine fewer coins each month, thus reducing your income. With the rapid introduction of ASICs to most every algorithm and considering how fast ASICs are replaced and older ones become obsolete, also thinking you will continue making $50k each subsequent year is another false assumption. In today's mining world $50k of ASICs bought today would most likely need to be replaced by $50k of newer ASICs next year and so on, thus your profits will be very slim in between upgrade cycles. If your calculations were solely based on using GPUs, with the Z9's out now and the E3's launching next month, GPU profitability will be next to nothing very soon. I predict by September the used GPU market will be swamped. So under either scenarios, GPU based, or ASIC based mining, the days of thinking you will ROI in one year and enjoy subsequent years of profit with paid off hardware are over. Title: Re: Can I get money from mining? Post by: xxcsu on June 26, 2018, 04:50:31 AM I DONT UNDERSTAND WHY NEWBIES KEEP ASKING THE SAME QUESTION " ITS TO LATE TO START MINING , IT IS STILL PROFITABLE ? WHY MY EARNING IS LESS THAN ALL THOSE ONLINE CALCULATORS TELLING ME? WHAT IS THE BEST COIN TO MINE ? WHAT IS THE MOST PROFITABLE COIN TO MINE" No one can tell you ! Always going to be a 2 group of ppl who telling you it's ok go for it , or dont bc you just wasting ur money and time ! You have to make a decision for yourself ! Do your own research ! No one can tell you for sure what's going to happen with cryptocurrency ! No one can tell you it's going to be profitable for you or not ! No one can tell you how much profit you going to be able to make ! ( if you can make any at all ) No one can tell you the ROI ( return of investment) time ! No one can tell you what is the best coin to mine ! No one can tell you what is the most profitable coin to mine! Coins profitability always changing, what is best to mine today, maybe going to be the worst to mine tomorrow ! None of those calculators you are seeing on the web can tell you what's coming tomorrow , months later or 6 months later ! Those calculators telling you about today , at that moment when you typing in your information ! None of those online calculators calculating pool luck ! None of those online calculators calculating your stale/rejected or invalid shares ! None of those online calculators able to predict difficulty growth ! None of those online calculators can predict what would be the coin/$ exchanges rates a minutes later, a hour later, tomorrow, next week, months later, 6 months later or a year later ! It's little bit of gambling , you must to decide you want to play on the lottery or not ;D YES some of us got lucky , made some money with mining YES some of us got unlucky , lost some money , bc when price started to fall , sold they coins , miners... ! INVEST ONLY WHAT YOU'RE WILLING AND ABLE TO LOSE ! ! INVEST WITH THE UNDERSTANDING , THAT YOU COULD LOSE EVERYTHING ! Title: Re: Can I get money from mining? Post by: Geraldo on June 26, 2018, 05:01:28 AM Nice to know it can be done most people say no. I will look into this. Yeah, that depends on us. I'm not a speculate type, I calculated all of the possibility, I'm doing a lot of research before mining, I've never stayed on one coin for a long time, I've never held a coins (save it to the fiat as fast as I can) I spend all of my effort and time to do this. ;) Sometimes its better for Hold a Coin and get more out as fast selling it ! Depends on the Coin and for sure the coins Community ! Regards Lafu Yeah, I agree with you. Sometimes hold the coin will giving us more profit and of course as you said it would depend on the coin itself (need some other research about the future of coin) But I'm not kind of that person. I am a short-terms miner, sometimes am doing solo mining just for few hours, and pooled mining never more than one month. As long as my mining result close to my personal calculation, I exchange it for fiat as fast as I can. ;) Title: Re: Can I get money from mining? Post by: Gayantha on June 26, 2018, 08:24:19 AM Hi
I think we can get money from mining but i don't know about that surely. Title: Re: Can I get money from mining? Post by: vlad230 on June 26, 2018, 09:34:15 AM I see a lot of people throwing themselves head first into mining and doing a lot of investments in hardware. I would suggest you could take a look into CPU mining first to learn the ropes and get a bigger picture of the who thing.
I run a CPU mining thread here: [CryptoNight] CPU mining guide & coins that will get you a return (https://bitcointalk.org/index.php?topic=2891680.0) take a look and post there if you need any help. I will be glad to help out. Title: Re: Can I get money from mining? Post by: gameboy366 on June 26, 2018, 10:03:12 AM This is the worst time to enter right now due to many uncertainties like ASIC and FPGA threat, and Next Gen GPUs just round the corner. Wait for the skies to become clear then decide. At least wait for next gen GPUs.
Title: Re: Can I get money from mining? Post by: din5min on June 26, 2018, 11:41:38 AM Its too risky right now. Better chances to invest in something else.
Title: Re: Can I get money from mining? Post by: leonix007 on June 26, 2018, 12:56:52 PM Currently, I don't have a job as a retired person, so, I was wondering if mining can get me some money to support our family daily sustenance. If you have free electricity, then go ahead If not, then avoid mining if I were you Above users posts are real Quote Could you give me my best option, Bro, you're in a Crypto world, think twice if you would rely on here the daily sustenance of your family better look other opportunities outside crypto for the daily needs however, today is the best time to buy crypto coins then HODL Title: Re: Can I get money from mining? Post by: KriptoGuruTR on June 26, 2018, 01:49:13 PM Try it with a cheap desktop PC or performance limited laptop.
There is a learning curve. More experience and knowledge are the keys for more profit. Short answer: GPU mining is profitable. Worth the effort? For me, yes. For lots of people, no... Title: Re: Can I get money from mining? Post by: powerminingfarm on June 26, 2018, 01:54:41 PM It depends! The question is whether your revenues from mining will be larger than hosting costs. If you have a strong initial investment and are looking for some steady(er) income, you definitely could start mining but keep in mind that you are entering in a bear market, which is somewhat saturated with miners already. People renting planes full of GPUs to reduce transportation costs for instance.
If you really want to, you'll have to decide which coin to mine and which would generally be the one you see growing in value in the future. Look at GPU prices, their hashing power, and electricity consumption / costs. There are many different ways to do mining nowadays - not only the traditional setting up a rig at home, but also cloud mining or paying a fee for a company to host ASIC miners and so on. Look into it! Here is an article our company wrote a few weeks back if you are interested, looking at the actual numbers of doing mining in 2018: https://medium.com/@power_mining/how-advantageous-is-the-power-mining-hosting-service-compared-to-mining-at-home-94c7db4cae95 Title: Re: Can I get money from mining? Post by: WannaCry on April 20, 2019, 05:33:15 PM it depends on how the consumption of electricity in your country.. and how much you want to invest in your mining rig.. market situation now is still recovering..
Title: Re: Can I get money from mining? Post by: Zadicar on April 20, 2019, 05:44:09 PM it depends on how the consumption of electricity in your country.. and how much you want to invest in your mining rig.. market situation now is still recovering.. Basically you just bumped up an old thread. Do you know on when is the last post of this thread? You should avoid necrobumpingOn topic; Currently, I don't have a job as a retired person, so, I was wondering if mining can get me some money to support our family daily sustenance. Could you give me my best option, and what would be the cost of setting up mining rig? Thank you. On the current state,this thing is like a suicide. Mining is never been profitable if you do just only holding a few GPU or ASIC.This thread should be locked. Title: Re: Can I get money from mining? Post by: profitgenerator212 on April 20, 2019, 11:33:58 PM Currently, I don't have a job as a retired person, so, I was wondering if mining can get me some money to support our family daily sustenance. Could you give me my best option, and what would be the cost of setting up mining rig? Thank you. If you want to set up your rig, I may advise you wait till the bull market fully return. Until mining expenditure became higher than the profit, mining was one of the most profitable ways to earn cryptocurrency in 2016/17 Title: Re: Can I get money from mining? Post by: fmz89 on April 21, 2019, 01:56:35 PM Currently, I don't have a job as a retired person, so, I was wondering if mining can get me some money to support our family daily sustenance. Could you give me my best option, and what would be the cost of setting up mining rig? Thank you. at 0.07$ electric price you can mine all the time, even in bear market like this6 rigs (8 vega 56 each rigs) cost around 14K$ (the gpus all 2nd, other part are new) a month you can made around 1300$ Title: Re: Can I get money from mining? Post by: Indamuck on April 21, 2019, 02:16:22 PM Currently, I don't have a job as a retired person, so, I was wondering if mining can get me some money to support our family daily sustenance. Could you give me my best option, and what would be the cost of setting up mining rig? Thank you. at 0.07$ electric price you can mine all the time, even in bear market like this6 rigs (8 vega 56 each rigs) cost around 14K$ (the gpus all 2nd, other part are new) a month you can made around 1300$ .07 is still a really high electric rate compared to what these big farms are paying. That is double or triple of their electric costs, it just doesn't make financial sense to jump into mining right now with a normal residential rate. Title: Re: Can I get money from mining? Post by: swogerino on April 21, 2019, 03:55:23 PM Currently, I don't have a job as a retired person, so, I was wondering if mining can get me some money to support our family daily sustenance. Could you give me my best option, and what would be the cost of setting up mining rig? Thank you. Right now mining cannot offer what you ask because mining is not that much profitable to sustain your monthly expenses of your family. Unless you have some capital set aside and you can build a few mining rigs , have money for electricity to pay for a few months you can give it a try but I don't suggest this second option.Better find something else, internet is full of possibilities and since you are retired you have a lot of free time to search. Title: Re: Can I get money from mining? Post by: trashman43 on April 21, 2019, 04:00:05 PM Currently, I don't have a job as a retired person, so, I was wondering if mining can get me some money to support our family daily sustenance. Could you give me my best option, and what would be the cost of setting up mining rig? Thank you. You can get money from mining but the problem is that mining is not an avenue that can generate you instant cash within a day or two. Due to the current state of the crypto market and the crypto ecosystem, mining is now a long term investment venture. It will take you roughly three to six months to get a decent amount of profit from your initial capital used to setup the mining rigs and system. Title: Re: Can I get money from mining? Post by: Dennicex on April 21, 2019, 04:14:31 PM You can get money from mining but the problem is that mining is not an avenue that can generate you instant cash within a day or two. Due to the current state of the crypto market and the crypto ecosystem, mining is now a long term investment venture. It will take you roughly three to six months to get a decent amount of profit from your initial capital used to setup the mining rigs and system. I think that now you should not consider mining as a serious income. Now for this industry is very difficult times. Low cost cryptocurrency - make mining profitability low. I hope that in the future the situation will change for the better.Title: Re: Can I get money from mining? Post by: naturerock on April 21, 2019, 07:14:13 PM You can get money from mining but the problem is that mining is not an avenue that can generate you instant cash within a day or two. Due to the current state of the crypto market and the crypto ecosystem, mining is now a long term investment venture. It will take you roughly three to six months to get a decent amount of profit from your initial capital used to setup the mining rigs and system. I think that now you should not consider mining as a serious income. Now for this industry is very difficult times. Low cost cryptocurrency - make mining profitability low. I hope that in the future the situation will change for the better.Mining was never a serious income compared to buying the coins outright. Imagine if you bought a shitload of ethereum at $1 or used that money to buy hardware. You would have came out a hell of a lot better just buying the coin straight up. Title: Re: Can I get money from mining? Post by: cryptolidus on April 21, 2019, 09:38:18 PM In my country the electricity is $0.08. There is not a big profit in mining,
but at least there is no loss on it and I do not need to turn off the RIGs. Title: Re: Can I get money from mining? Post by: Uju4real on April 21, 2019, 10:05:59 PM Mining at this time is a waste, I wish I had started mining when I was introduced to it but I waited and when I finally started there was little or no profit from it, would advice you look for an alternative to sustain than mining
Title: Re: Can I get money from mining? Post by: adaseb on April 21, 2019, 10:09:38 PM There really needs to be some form of mods freezing certain posts or disabling the bumping of old threads.
The original poster hasn't replied since the initial post which was back in June of last year, basically almost a year ago and people keep replying saying the same stuff over and over again. This is why there is usually a warning asking if you are sure you want to bump this old post, because usually if you got the same issue you should just make a thread from scratch. Title: Re: Can I get money from mining? Post by: hahahafr on April 21, 2019, 10:51:28 PM Well you can get money from mining but you really need to set up some huge farm or possibly join a mining pool to earn from the block rewards. This would mean investing quite a sum of money into setting this up depending on the consensus protocol being used by the blockchain network you intend to join.
Title: Re: Can I get money from mining? Post by: sandra_x on April 21, 2019, 10:58:38 PM It is much a function of where you are resident, whether or not the cost of electricity is cheap, that is a major consideration in mining economics. The other is the cost of the hard wares(GPU Cards mainly), A while ago you could get them relatively cheaper as fairly used but it seems the prices are been bumped up a little, less miners are selling off at the moment. Mining is still worth a shot if you can fix these problems.
Title: Re: Can I get money from mining? Post by: jmigdlc99 on April 22, 2019, 02:44:14 AM It is much a function of where you are resident, whether or not the cost of electricity is cheap, that is a major consideration in mining economics. The other is the cost of the hard wares(GPU Cards mainly), A while ago you could get them relatively cheaper as fairly used but it seems the prices are been bumped up a little, less miners are selling off at the moment. Mining is still worth a shot if you can fix these problems. You may have it the other way around. Actually, "where you are resident" is primarily (although not completely) important because of the "cost of electricity." After the cost of equipment and hardware, it's the operational cost of mining (electricity) which determines a miners profit. If your electricity costs less, the more you can potentially earn. If you can get cheap or free (unlikely) electricity then, mine on! Title: Re: Can I get money from mining? Post by: Alucard2425 on April 23, 2019, 02:25:45 AM you can get profit in mining if you have cheap electricity and choosing a right coin for the rig that you have ;)
Title: Re: Can I get money from mining? Post by: drgomez89 on April 23, 2019, 02:44:18 AM As a retired person i think u candidato do it as a Hobbie because learning to put your first minning Rig Is a Lot of fin . At least form me it was. Because current price of crypto doesn't worth the effort as a bussines strategy yo short Time. Maybe this year cause of the Bull market it hey bigger and you can sell your tokens.. but Right nos it does not worth it
Title: Re: Can I get money from mining? Post by: Rtalk on April 23, 2019, 08:41:01 AM You can earn.It all depends on your ambitions and budget.
If earlier it was possible to make good money on mining with the help of video cards,now they practically do not withstand competition from ASIC devices. I'm not the first who will write to you-but cheap or free electricity solves a lot. Study the topic , calculate your budget,decide on the algorithm of hashing coins that will produce and start to act. Title: Re: Can I get money from mining? Post by: huntingthesnark on April 23, 2019, 08:51:15 AM Well you can get money from mining but you really need to set up some huge farm or possibly join a mining pool to earn from the block rewards. This would mean investing quite a sum of money into setting this up depending on the consensus protocol being used by the blockchain network you intend to join. Set up a huge farm...or join a mining pool? Hardly similar on any level. Joining a pool is free and takes seconds, building a huge farm is quite an investment. Is this auto-generated nonsense by any chance? Title: Re: Can I get money from mining? Post by: WickedPigeon on April 23, 2019, 01:28:05 PM Currently, I don't have a job as a retired person, so, I was wondering if mining can get me some money to support our family daily sustenance. Could you give me my best option, and what would be the cost of setting up mining rig? Thank you. You have posted a lot of "interesting" posts in the past. It's a little weird for someone with over 700 post to ask this question. What's your story? What's your experience with crypto? You should know that mining isn't a get rich quick scheme. Title: Re: Can I get money from mining? Post by: markstivn98 on April 24, 2019, 11:35:59 AM Currently, I don't have a job as a retired person, so, I was wondering if mining can get me some money to support our family daily sustenance. Could you give me my best option, and what would be the cost of setting up mining rig? Thank you. HiYou can certainly get money from mining, but to be profitable, the energy you use must be cheap. But it is a waste of time I advise you to invest it is better Title: Re: Can I get money from mining? Post by: Vaskiy on April 24, 2019, 12:04:29 PM Mining, trading, and gambling were the most prominent earning access available with the cryptocurrency network. Can get money from mining, but the market needs to be high with majority of the altcoins or bitcoins with high price. After the price of bitcoin began to fall the mining profitability got affected in large scale.
Title: Re: Can I get money from mining? Post by: bitcoin31 on April 24, 2019, 12:19:54 PM Mining is not easy because you will be able to buy more miners and every equipment and not guaranteed that you will earn money in that way. Because mining for those people who have a lot knowledge about it. Depends also the location or place you live if the electricity cost is cheap you will earn money for sure . But don't rely on mining as your daily income.
Title: Re: Can I get money from mining? Post by: Alpinat on April 24, 2019, 11:06:11 PM Mining is not recommended due to market status right now and if you are going to ask an expert in mining he/she will still not recommend you to mine. You can have money in mining but setup will be having a big cost. The higher version of video card the higher you can take profit.
Title: Re: Can I get money from mining? Post by: Mehr Sher on April 25, 2019, 12:48:11 AM See this is impossible. Not everyone can make money from mining but some can and how they can, it is via getting proper knowledge about Crypto Mining (https://cryptolinks.com/cryptocurrency-mining). It is not the easiest of things but without dedication, it’s just not possible to reach far and that’s where we have to really work hard.
I would suggest you to get yourself proper idea on how mining works, and especially in regards to your country because with mining the country becomes so important. Title: Re: Can I get money from mining? Post by: eann014 on April 25, 2019, 06:36:08 AM Currently, I don't have a job as a retired person, so, I was wondering if mining can get me some money to support our family daily sustenance. Could you give me my best option, and what would be the cost of setting up mining rig? Thank you. Mining is just profitable if your electricity has only low cost or better yet free. Here in our country, mining is not profitable because our electricity is expensive than mining coins. It really depends on your electricity and computer mining rig for sure.Title: Re: Can I get money from mining? Post by: daneal stev on April 25, 2019, 06:40:26 AM Yes you can get money from mining operations but you need to have experience in this area
And also the cost of electricity should be cheap |