Bitcoin Forum

The past couple of months back have been a challenging one for me, as I invested all my time in self-development building my technical knowledge on crypto mining, after my six months of intense training I decided to set up an ethereuem mini mining farm using my old computer for trial before purchasing more upgraded equipment and to this extent, I have made 3,000 dollars monthly profits after settling bills and this is so exciting for me.

So what you want to say about your success story? :P

FYI ethereum miners will no longer usable when eth2.0 rolled out completely and the existing miners have to pick other shitcoins if they don't want their miners to become rusted.

Anyway please tell us how you made this!

Mining is risky than investing because with mining you will have to depend on two factors

- Price of coin
- Attention of community to the coin you are mining. The more miners join, the rewards for you will decrease and become less than you estimate at beginning.
- If price of coin won't increase, you will face with lower income than you estimate.
- Price can be dumped and the market can change to be bearish, a crypto winter.

If it is still very interesting to you and you feel you have an advantage with it, then please continue your work very seriously and diligently, and if this knowledge or thing you cannot share with others, then it is better not to say it here. because there is nothing to discuss further.

If you can make $3,000 monthly from ethereum mining, you can continue mining and hopefully, you can still make more profit. But if you still paid your electricity fee, that is not a passive income because you still need to spend some money to get the other money. Passive income means you can earn revenue without doing anything, even paying some fees. But maybe I am wrong. I am sorry for that.

Anyway, congratulations on your revenue from mining. I hope you can get more profit from that.

I don't think it's intelligent to invest into mining setups now, Ethereum 2.0 is on the cards now and it will be based on the POS concept which means most of your miners would become useless. Better is to buy some Ether at dips so that you have enough surplus to lock into your staking addresses to enjoy Ethereum 2.0 but in your case obviously you have already invested into it so better decide which other currency are you going to mine after Eth.

Congratulations.

That's actually a good investment until 2.0 hasn't been fully implemented. While it's there then enjoy your profits and when it's no longer mineable then look for another coin where your rig is going to be of use.

That's all you need to do.

While there is such an opportunity, use it to your fullest friend. But do not waste your time and start preparing now for the transition to mining other coins. I think it won't be difficult for you.

Obviously, you have good equipment that brings you more than $3000 a month. But Ethereum mining cannot be considered as passive income, as it requires constant maintenance of equipment. Even a POS cannot be considered as passive income, due to the fact that it is necessary to maintain the node, otherwise you will have to pay fines.

If you've made $3000 profit after meeting all your expenses then it is really a big profit out of mining. Also you haven't said about the investment. Mining with the old computer isn't that effective. However you might've made some changes to the system. Earlier when I used to mine ethereum at some point I wasn't able to pay my electricity bill, because of market dumping. So, stay cautious on the market. Based on the profiting it looks like you're located on a location where electricity is almost free of cost.

What's was initial investment? How much time it took to get $3k usd profit? What gpu did you use?

OP should consider this and start saving for a new mining rig for other altcoins since this update will really affect those ETH miners.
You earn a good money monthly by just using your old computers, I don't know how much money you invested on that but still that's a decent profit already after cost. I'm wondering what's your place? Is electricity cost very low in your area OP?

It is good that you find something for yourself in the crypto-industry and many people start with mining as you don't have to monitor charts all the time like traders do, you just get coins that you mine. But actually, Ethereum 2.0. is about to launch, so I don't know what all miners will do with their equipment, maybe you can switch to another coin and start mining it.

When the ethereum 2.0 is fully operational your services may become insolent and will be overridden by the new development in the ethereum blockchain. I don't know if you can integrate it into the new network till then you should continue making your profits and also try to upgrade your system as you mentioned it is an old computer.

I think mining is not profitable for all if you have less capital to invest in mining it would not be a good idea. It depends on how much you are investing. But in my country electricity cost is quite high so mining is not suitable for us. If I get cheap electricity I would also prefer eth mining instead of investing and holding for profit.

Can you drop it what kind of GPU that you have used to mine your ethereum? Im just feeling curious because it sounds very profitable for you.

There's no a lot of information regarding this. Ethereum may go to the full POS or it will be using hybrid POS and POW combined consensus to run the blockchain. The reward will be decreased but it doesn't mean if ethereum already confirmed to go to the full POS.

Mining will never become an option for a guy with small amounts of capital but it doesn't mean if that was not profitable anymore.

I'm glad to hear that you entered this market, as crypto is a good way to have passive income. But the thing is that when Ethereum 2.0. launches, there will not be a need for miners any more. So Eth miners will have to start mining other coins, or sell their equipment, or start deploying AI on maps, handing over power for rendering so you had better consider it before buying a better equipment.

Good to hear that mate, you are one of those miners who have a better start. You have started it in the right since the market is in the pump but never expect that it becomes consistent due to the volatility of the market. Well, you'd rather have a reserve/backup plan aside from focusing on mining alone coz you can feel how hard it was when the market is in bear season. Many stories to read that most traders had suffered big losses during the bearish season and I think you should have to be prepared for that and diversion is seems possible.

ETH mining is not a passive income. For you to make 3000 dollars monthly, you will need a ton of equipment, a regular machine can make as much as 5 bucks on average, and that's good GPU's as well, which means that makes you around 150 dollars per month, you need 20 of these GPU's to make that kind of profit. Which means OP is either lying about the money he made, or he is lying about the level he is interested in it, you can't start with a small laptop and slowly grow to 3000 dollars in 6 months, you need to spend thousands upon thousands of dollars in order to make that type of profit.

All in all it is possible, but it is a lot of work. You need to build it, you need to keep it cold, you need to clean it, you need to make sure everything runs smoothly, you need to fix it if it's broken and so forth, which means it is not passive income, it does require you to work. Sure it is less work then 9-5 job, but still not zero work required neither.