Bitcoin Forum

Now that Bitcoin is surging will altcoins be more profitable to mine right now? Is it a good time to buy mining rigs or graphics card? I need some advice, it looks like altcoin season is coming in hot this time around, too late to be a miner or not?

Really hard to answer this question, you should think about some factors

It's better if you already own the rigs and have mined coins, because now it's time to sell, coins are in a good price, and GPUs are expensive at the moment
The recent launches are expensive and rare to find, like RTX 3080 and newest AMDs 6800
We never know exactly if this is a good moment to buy hardware and start, maybe we are in the middle of rally, maybe we are at the beginning

Thinking with reason, you can buy just one or a couple of GPUs and start, and see how it goes

You can see here in forum that people who took loans in 2017 and bought a lot of GPUs regreted and had to sell everything, so if you want to mine, start slowly

Importart things to consider:
You have to pay low electricty rates, a good point is less than 0,10 cents USD
If you already have the PC and good PSU, it's easy to start, if you have nothing yet, think again
Profits are hard to project because difficulty and price, if you predict ROI in 10 months, will probably take 20 months, but if coin skyrockets you can pay your card in less time

gpus are usually too expensive in the bulltime, for example 3080 for 1200 usd but on beartime, you can find them cheaper than msrp not sure if 3080 will apply here cause is a good gpu for gaming too. RX 5700 in 2022 will be able to find for $150 or less, 2022 is when I think the beartime will hit us again, it might be a bit ealier than that, now in bulltime, buying coins is better but pay attention that in bear time is better to buy coins too and wait few years till bulltime again. Also pay attention that once eth mining is over then other coins will also have a reduced earnings. I think this might be the end of gpu mining for all we know, be wise do not spend too much money on mining, might regret it later, rx 570/580 are still being sold for $150 only because people are paying as it is giving something back to miners but once it has no use anymore then not even $50 will be worth, the same can be said for the rx 5700. Do it for fun as hobby, don't do for profit, is too uncertain what will happen on the next 2 years.

The time to buy anything is when everyone else thinks it's worthless.

On another note, Hey Metroid! Long time, no see. How are the "gpu mining is dead" threads doing these days?

The profits change on a daily basis (constantly actually) and they have large swings too. They could go down by 50% in a week (or up).

It's basically a gamble that has a relatively low expected value. It's not a get rich quick scheme and you could end up loosing money. So you should mine because you think it's fun and with money you can afford to lose.

There is new hadware still on state of uknown potential what algo more effective running in new architect

Thats buy chance for starter price on new gpu, before someone share their acivement

And gamer has more choice at this very moment buying console rather than gpus

Yeah gpus price already up 10-15% from msrp, but bullrun already happen, and more miner will buy after gpu review come up

In my opinion, mining is very safe. In the worst scenario, you lose up to 30% of your invest money (by selling your GPU, CPU, Mobo, PSU at 70% brand new price). Ofcourse you need to sell mined coin for electric bill, you can hold some, but remember not to hold all.

So it's acceptable.

Hello, So you only hit these parts when is bulltime? ehhe, it's funny, bulltime periods used to give much more mining money, i guess we have to go a lot more but those times will be fast like before too, bitcoin might hit 50K and that will be the time to sell mined coins.

I disagree. I was mining with 30 gpu's in 2017, 2018, 2019, and half of 2020. Though all of the ups and downs, I never shut rigs down, and I didn't sell crypto to pay for electricity. Sure I could have sold some eth in Jan 2018, but I did not, and that is what it is. In fact, I still have yet to sell a single mined coin with the exception of trading etn to btc in late 2017 and rvn to btc in late 2018. I mined the shit out of eth and xmr and I still have all of it. I used savings and tax refunds to pay for electricity costs and I continued to mine regardless of what daily profit calculators were telling me. As a general rule, I mostly stayed away from mining total garbage.

I began selling off gpu's one by one in Sept of this year getting back about 50% of what I paid for them new. All in all I am very happy with the fact that I didn't sell off coins to pay for electricity. Had I done that, I would have been selling coins way lower than I wanted to, and I would not be in as good of a position that I am currently in.

All things considered, mining certainly is a fun adventure, and I continue to mine on a very very small scale. I doubt I'll ever mine with more than a handful of gpu's again. Not @ 10 cents/kWh anyway.

Exactly! I traded this forum for Twitter in 2018  ;D Too many Debbie Downers around these parts in beartime, and I didn't want it affecting my decisions  ;D You are absolutely correct, my friend. All of my mined eth and xmr from the past few years will probably be no longer when I find an acceptable time to sell over the next year or so. Good times ahead, except for those who buy the top  ;D

You did it right, most would have sold their coins when it was low because most lack patience, also mining for scraps only benefit others who buy your coins, in that sense mining has been dead for a long time, those trolls who mined bitcoin when it was $1 and sold each for $1 must have all committed suicide at this point or earlier in time, like mining most miners from that time must have been dead too ehhe

That might be the first time ever that you have agreed with something I've said. I'll have to make a note of that. Lol. I had a lot of fun arguing with you about stuff a few years ago. Glad to see that you're still here  :)

maybe

I've been mining since late 2016 with 145 gpus and the problem I see now is eth going POS.  Once eth goes pos their will so much free mining power nothing will be profitable, if theirs not another large coin to replace it.  I have 50 1070s I'd love to replace with 3080s but I'm not sure if its worth it.  Good thing is if you buy decent gpus they will retain a good amount of value. 

you can get 125 to 150 for 1070s

sell five or six and buy a 3080.

He could simply get two 5700 xt and do a small build.

not that expensive.  I wonder if he has cheap power deal.

I am getting this questioned asked by relatives and friends because they are hearing how BTC is almost $20000 and they basically want to find out "How can I mine 1 BTC with my Macbook". Basically they all think you can mine BTC (not alts) using computers still and want to know much many Bitcoins they can mine PER DAY with their $1000 Macbook.

When I explain to them about how it works, give them all the details, pricing and estimated daily profits, they either think I am lying or they are no longer interested because "I won't get rich making $0.70 per day per GPU that costs ~$150".

Almost wish I never mentioned to anyone I was involved with Cryptocurrencies.

....or mining is just part of the portfolio



hehehe he he heh eehe heehe he eheh he he.  ;D ... i hate people.

Altcoin season is almost here already and all you can think about is building mining rigs? To get good ROI it will take you months and I'm sure that bears would have taken over the market by then, instead of buying mining equipments right now invest that money some fine top altcoins and sit back to watch how your ROI will be in folds

Its the best time to sell your old rigs. And wait about a half a year-year to buy new rigs from miners, who buy it now. Its just my opinion, everything may be in another way.
New GPUs costs really to much to buy.

I would say no. One of the recommended coins for mining in mining rigs is Ethereum.
Following the upcoming launch of Etherium 2.0, The reward for each block will go down and become unprofitable for mining.

I recommend concentrating on bitcoin mining at least in the near future, Bitcoin mining pays off with Asics (of course it depends on the price of your home electricity).

Yeah, start small, think big.



I never mention cryptocoins to anybody at all and I trade since 2009 and when somebody mentions it to me I pretend I don't know anything and I keep that way. What I most hear is pyramid business schemes scams, people falling for them and spreading them in hopes idiots will get on it too. It's really the wild west, I have never got into scams so I never lost money on any, better lose a known good opportunity than be scammed.



The funny thing is, most people just want to get in when everybody gets in and they think they will get rich fast. Those trolls never learn hehe

I think I will. 

Tempting to buy 5700s, but I hesitant from a resale perspective.  I think 5700s will loose a higher percentage of value 1-2 years from now.  I did buy an open box Power Color 5700 XT for $322 from microcenter yesterday.  One of my least favorite 5700s I can't seem push them very hard when bios moded, right now its running 51.50 but at 99 watts, reading from SMOS.

Ive got a gigabyte 5700XT getting 55Mhs from it on mmpos...and am installing a new Sapphire 5700XT Nitro+ in about 30 seconds...will post up what it does.

I havent modded the bios yet or really done much tuning.....but really happy with the performance/cost plus you can actually buy these right now....


Ok all done for now....both doing 55mhs so i got a lot of tuning to do but that is good enough from now.

Except which altcoin will produce gauranteed profits? Probably none. Ripple is pumping today but if you look at the charts it also pumped back the Summer where it went from like $0.20 to like $0.33 or so, people were assuming it would go to $0.50 but instead look what happened. Same with a few other coins. People have been waiting for "alt season" pretty much for 2 years and probably got heavy bags with all the dollar cost averaging they had to do this entire time.

It might look easy however you know how it will be for most people, they will buy the wrong alt and have it turn around and lose 90% or they will buy the right alt, watch it go up 90% and they don't sell and it goes back to break-even and they just get out. Hence why the OP wants to make some actual profit by mining, even though its small but its not risky.

Everyone has his own situation. For someone mining is the right way to get profit, for another - it can be only trading. Here we are speaking about mining, so the main discussion can be about it. And about mining i can say that now is the worst time to start. U can upgrade your rigs, buy some more(this isnt right choice as for me, but if u have several rigs - its possible) or sell rigs and wait. But if u`re just starting - soon we`ll see a new thread "mining - scam"

No it's a bad time to build mining rigs because they are still not profitable, altcoins and bitcoin are very bullish right now, it's better to sell off your old mining rigs and invest on promising top altcoins like Ethereum and XRP, you will make ROI faster this way than mining and waiting for months or years to recover your ROI

Depends on how new your miners are, presently you can make up to 1.25$ using a single gtx 1660 super with just 79 to 80watt mining 24hrs per day but the fact is we are in bullrun season right now, you can make 30$ or more a day by just investing in any top altcoin using the gtx1660 super money, crypto market is very bullish right now, sit back and have a deep thought

I have just made the decision to start, I have held off for a month or so waiting to see what was going to happen with the new Nvidia 3000 and AMD 6000 series cards but grabbed a RX5700 (nonXT) for £281 which popped up on Ebuyer.

BIOS mod and I am getting around 55-56MH/s @ 120W which seems ok.

At the wall with a killawatt I am seeing total system power around 200W which is a bit higher than I hoped but I am using all old hardware I had lying around instead of spending on new. I am moving onto a cheaper electricity deal soon and I have a little bit of Solar which will offset some of the electric cost.

My plan is to give it six months and see how things are looking and see if it is worth getting whatever looks to be the most profitable card then and add one at a time every six months if everything still looks positive. If it looks like we are not profiting anymore I will then sell the cards and keep one for my gaming rig.

My stats look like I am making around £1.65 a day, around 40p then lost of electric on the new tariff so £1.25 per day or 225 ish days to pay the card off if things stay as they are but it could go either way.

In reality I would be happy if it pays for itself in a year, its just another fun thing to play with.

Normally, i'd say just do it and go big. But with ETH going pos soonish, i think it is a really bad time unless your breakeven point can be achieved within a year. If you have existing cards, then i think you should sell them off and replace them with new gear

 I disagree with this, you should not buy anything till you know what the hell is going to happen in few months.

hence why i said it is a bad time to buy, unless your breakeven is short.

when i said in my previous post to buy new cards, it is to replace old inefficient cards, without adding more capital, unless that additional capital can reach breakeven before eth going pos within its current timeline.

for example, i sold 2 1080tis and replaced them with 3 5700.

Nah a simple two card 5700 rig for under 1000 can be built.

It will burn about 8 kwatts a.day

See, you replaced them, I guess that applies as a buy, in your case a 3060ti would have a better return value, but that is me and I have no idea how much you paid for the 5700 and if any will be able to get any 3060ti at release day, anyway, the market is crazy, where I live shops are selling 2080 super for $1000 and 3080 same price, $1000, everything is overvalued. I would apply caution here. It's funny, this pandemic made people to spend money on things that make them stay at home. This pandemic is perfect why cryptcoins are rising very fast and probably to new highs next year.

Yes, i recommend replacing cards. It's a numbers game - the going is good now and if I can boost roc for minimal outlay, I will hit it!. i paid £280 for the 5700, sold the 1080ti for £350. IMO, it is not a good idea to sell the 1080ti and hold cash while you hope for the rtx 30s and hope for the market to stay good. Hoping is not my strategy, but you do you.

Good luck buying 3060ti anytime soon. I use stockinformer and i'm never quick enough to get 3080s for my gaming pc. I can get the 3090 but i wouldn't even buy that with your money.

Yes, its possible decision. In my city it would cost about $1100 but even i can get it about $1000. ROI is about 9 months without electricity now. It looks nice but its pump-time. 2-3 months late it can change to 15-18 months. If u have $1000 that u dont need and want to learn mining - its a good decision, else - not the best choice.

ETH is going POS... in 10 days from now
yet the POW will continue(maybe for a few more years or so...), there're many concerns if POS can deliver the security that POW provides.
also POS may solve the scalability issues, reduce network congestion, and yes reduce block reward and also make ETH price skyrocket...

if I'd be starting to mine now (which seems like a good period - finally a lot of choice of 7nm) I'd go for 5700(XT)
I have some Sapphire Pulse and they go up to 60MH (stable in a rig around 56-58)

If you are not buying in large quantities, I'd think picking higher end cards from good makers is a right choice.

... and btw I don't like the current GPU price dynamics at all...

and they are so many coins short of that.  see here



does anyone have a link to the deposit address?


found link the coins are in place

https://etherscan.io/address/0x00000000219ab540356cbb839cbe05303d7705fa


over 700k coins

more than

421 mill usd worth



All below from  this link

"December 1, 2020

Before the Beacon Chain can ship, there needs to be at least 524,288 ETH in the staking deposit contract. "

https://ethereum.org/en/eth2/beacon-chain/

It's already over 739.000, so eth 2.0 is already a success. I would be buying eth right now, with all these coins locked, hard to dump anything.

And now we need several years while ETH would be ready to phase 1, then several years to phase 1.5... It looks like my 5600XT have not enough memory for DAG before ETH really goes to POS.

Have you analyzed the hardware market?
There is now a queue of 6 months for ASICs, intermediaries have very high prices.
Video cards are very expensive, because the demand for them is growing due to mining, and in December, annual bonuses are traditionally paid and people buy new computer equipment.
I would not start mining now