Bitcoin Forum

Hello guys,

I'm new here and plan to start crypto mining at home. But I'm confused with the types of gpus. My budget is 7k-8k.
I want to start from mining ETH/ETC. Anyone can give me any advice?

You can't mine ETH anymore because it's already a POS these days but you can mine ETC. You can refer to https://whattomine.com/ for what GPU you may want to use and what coins you can mine with them.

Just explore the website as it includes a mining calculator.

And to know more about mining of altcoins, we have a dedicated section which is the Mining (Altcoins). (https://bitcointalk.org/index.php?board=160.0)

Warning

Are you sure you understand what you are about to venture into?

Crypto mining is not profitable anymore, if I were you id buy Asic miner to mine BTC or Doge coin.

All Pow coins that can be mined using a graphic card are not profitable anymore, even if you have free electricity in your home it's still not profitable.

Use mining calculator to do thoroughly calculations first.

https://whattomine.com/

https://minerstat.com/hardware/nvidia-gtx-1660

You're also forget to mention, if you bought ASIC miner it doesn't mean you're always make profit if you mine BTC or Doge. We're currently on bear market and you wouldn't mine that's much if you only have few ASIC miner. While Doge the price only increase when there's a news about Elon Musk (which I don't know why the reason is), if not the price will continue to decrease.

Yeah, DON'T!

A 3090 at 5 cents/kWh will get you randomly between 10-20 cents a day depending on the up and downs of the few coins left to mine.
So best case scenario free electricity cheap GPU you look at spending $1000 to make $100 a year.


If I were him and did not even have a clue that ETH is not minable anymore for a month already I would stay out of any kind of mining.
When you have zero clue what you're getting yourself into it's far better to just buy the coins and hold them rather than burn money away.

My advice is - Don't do it.
It's not profitable currently and it's a big gamble to bet on some shitcoin mining right now, Ethereum moved to PoS and all forks are not doing good.
If you really want to invest in something your 7k-8k it is better to just buy Bitcoin and hold it in some cold wallet for few years.
There is no guarantees this will pay off in future, with currently crazy situation we have in world, but you can diversify with other assets like gold and silver.

7-8k is a lot of money right now, you are better off buying BTC and ETH with the money and hold for a while, you will make money this way without having to waste your grid power, even altcoins like Doge coin and few others have bring up to 40% for investors in just few days.

It is better buy coins.for 7-8k you will get good amount of coins at these prices. Or 50/50 for half money gpu and half money coins if you want mine so badly.back to your question rx5700s and rtx3060 are good options to start

I would suggest you build a 4K rig and with that money,right now that everything is in red you would be creating a great rig for the money.The rest of the money you buy coins.In this time I think we should experiment in mining coins otherwise normally not mineable and I do this with my rig,I mine Litecoin,Shiba Inu and a couple of other coins normally not mineable with a GPU but I use unmineable miner,that pool gives you a bit less than other pools but that is because it offers to mine such coins.

For example with 300 Mhsh at using ETHW as an algorithm I am making near 65.000 SHIB per day,anyone is free to experiment at this time where nothing is profitable.

I bet you he was browsing the classifieds and found maybe crypto mining rigs for sale and is thinking about buying one because the prices are cheaper. There was some guy here or on Reddit who bought some expensive mining rig and was shocked when he learn't there is no more profitability anymore.

Those sellers shouldn't sell entire mining rigs. They should just part it out or build some gaming rigs. People are getting tricked into buying this equipment because they heard about "friend of friend who pulls in $10/day" and they think its a great investment.

At least this guy asked beforehand and we warned him.

Totally agree with.i still see youtubers keep sayin bla bla profitable something.

These people who made this listings don’t really think straight. They put stuff like “you can make up to $100/day”, etc, etc.

They list their home address for pickup, and they don’t worry that they will come back and demand a refund?

I think that the ones who are doing this were the ones who bought GPUs in early 2022 and they are sitting at a loss and want to recoup their losses.

Most people I know who are new to mining they all funded their gear with credit cards which charge 20% interest.

Mining is dead right now, the only thing that's still fair when it comes to mining is asic miners, if I have up to 7,000$ right now I will build a very good crypto portfolio for 2024-2025, you will make a huge amount of ROI buying good projects than buying graphic cards right now.

It's not dead as such, otherwise different POW blockchains would be completely non-operational and "dead" too  :D

In terms of profitability, yeah, it sucks right now. Only those who mine to sell in the future when coin prices have gone up will benefit. Mining and then selling off all you have mined right now at a loss makes no sense.

Thanks for your suggestion and recommendation. What's the difference between rx5700s and rtx3060? Usually you directly buy cards or buy gpu machines directly?

I think the profit is based on the power rate? Where can I calculat the mining profit?

you can use https://whattomine.com/

I always recommend nvidia 20/30 series GPUs as they have good computing power in different algorithms. AMD was sibling to ETHASH but less potent in most other cases.

Learn to use calculators
https://woolypooly.com/en/calc/what-to-mine-gpu  
https://2cryptocalc.com/
https://hashrate.no  

How much do you pay for electricity? If you pay more than 6 cents, then buy better coins with your money.
5600 xt mines the ethash algorithm well and these video cards can be bought inexpensively from miners. They do not heat up and work stably, unlike 5700 xt.

There are various factors to consider such as how much you pay for the energy, if you have solar panels, a place with good ventilation, however I would opt for 3090 with your budget you can buy about 6 and they make a profit of 4 $ a day these days is a decent result

even having free electricity, the investment for 6 RTX 3090 including psu frame and various would amount to about 5500/6000, at $ 4 a day it would take about 4 years to return the investment alone. An unrealistic ROI.

I am shocked by your advice.
The 3090 video card is shit in mining for a beginner. This video card is expensive and it heats up. If you were an experienced miner, then the purchase is possible, but not for a beginner.
If you have free electricity, then you need to find a miner with video cards and divide the profit by 50% each.
You do not have risks and you do not need to spend money, and if you have extra money, then it is better to invest in cryptocurrency.
Finding a miner now will not be a big problem.

Thanks for your information.
It's better to invest in cryptos directly in this market. Just see the prices after the FTX collapse. It's a good chance to buy in, isn't it?

Absolutely good chance to buy cryptos directly now that they massively crashed since yesterday afternoon and also a good time if you want to mine for the future,you can buy a mining rig,really good one now for less than 1500 dollars as everyone want to liquidate their gear.I personally bought a 150 mhsh rig for just 500 dollars and I am mining ETHW right now hoping for a bright future during the long run.

Do not worry for such crashes have always happened but they tend to recover quickly so again this is a good chance to buy in.

I would not buy FTX token and other doubtful coins. I bought Litecoin for $55 about a month ago and I don't regret it. I don't buy Solana and other POS shit.
ETHW is now more profitable to buy, a mining farm of 1000 megahash will give you 0.3 coins per day. Even with free electricity, it's less than $10 a month. Instead of buying a glass of coffee and a cake, it is better to buy cryptocurrency.

Wasn't the FTX drama the thing that caused the crash of Bitcoin from the last 24 hours because Binance bought it or I am confusing it.I strongly agree with you,every PoS coin is not Proof of Stake but Piece of **** and they are doomed to fail miserably inevitably.

ETHW is my favorite also and I make near 0.06 ETHW a day,waiting for that glorious day when ETHW will fully replace ETH in all its options,glory and price.

Of course it is better to buy everyday 5 USD crypto every day rather than drinking a coffee in the morning like most of us Europeans do,and 5 is an ETHW daily which I think is a great buy.

A fall in the price of bitcoin by several thousand dollars will not be a strong drama for the cryptocurrency market.
If ETHW does not solve the problems with the speed of transactions, then it will be a very slow blockchain. Or the cost of transactions will be high, as it was in the ethereum.

It is up to you.if you experienced then you can buy gpus.if you have no idea then there is allready assembled in server cases psu mobo etc it is more easy even there is gpus installed inside and ready to plug. It is lways good have same gpus in one case so it easy to oc.

Yeap same here Pos shit good word to use. Pow is good because most of them not printable like other pos does.they can print coins whenever muchever they want.good example is luna.they printed in last days gigantic amount.