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I was thinking about going full out mining and start earning at least as much as I earn now (about €1900 after taxes) and quit my job and instead travel the world.

I currenltly have 13x1060 and 1x1080Ti which net me between $700-$1000/month (after electricity and it depends a lot on crypto price). I also have almost 6000 COSS tokens and if the exchange picks up and goes to Binance-volume in few years then I will probably not have to work for as long as they operate.
I was thinking about selling my car and getting twice as much hashpower and then just enjoy life in different parts of the world.

I believe mining is here to stay for as long as crypto will exist, which is forever.

Whenever there is easy money to be made, people will flock to it like crazy and it won't be profitable anymore.

Quitting your job to mine is crazy. Unless you live with your parents and don't need any income.

yeah..
Mining still on the track although a price of GPUs increase and price bitcoin a decrease, not to mention the news about ETH to POS, prediction GPU mining will die soon, debate VRAM 4GB/8GB if mining on ETH and much more rumors. I still to be mining and still buying a GPU per months.

as I see it, it is pretty much an option.

however you must realize that mining is a business and spend time upgrading and controlling your hardware.

otherwise your travel would end in a couple of months

If you only plan to live for a year or two, that will probably work.  ;)  Seriously, let's just consider that mining never goes away, and it becomes a consistent performer - there will be large corporate miners that will dwarf any of the 'big boys' today.  The returns will be crushed out by their scale - because at a massive level, a consistent small return would be more than enough for them, and not even viable for even the large guys today.

Really if you want to pursue mining full time and gamble with it, the smarter play would be to continue working and put every dollar you could into mining, and hit it as hard as you can for the next couple years - then if it fades away, you'll have amassed a nice chunk of cash, or if it becomes corporatized you can just stop doing it.  

Either way, the vacation comes after success, not before or during.  ;)

Agree.
If have 1 or 2 RIG doesn't too complex when RIG  has a problem but when have more from 10 RIG, obviously it takes more time for controling that. You must check every cable of PSUs, USB Riser, calculate a coin which profitable except if using NH,that's doesn't need.

to TS: i would do so only if i have another passive income that will be enough for my family needs.
If you are young and open to the world - then it maybe worth a shot, at least you will have a good experience and see the world :)


thats a great statement!

I have a laptop set up with Teamviewer to control my 3 computers remotely. Changing coins, etc won't be a problem.
Thanks to mining I'm heading to Thailand this weekend and will stay there for a month.

I think that mining has become a big business. And even though difficulty will increase there will be new coins created for mining. If you sell coins on a 2 week basis that will be quick enough not to end up with a shitload of scamcoins which get dumped easily therefore lose value.
I will need a place to store all these computers while I'm gone and for that I have my parents. I don't need them to do much than maybe inspect every month or two. I've had my 13 cards since June and I have never experienced a single hardware failure.
Sure after 3 years of constant mining some cards might fail, but I don't mind coming back and fixing them every 2 or so years.

I am not mining Bitcoin, but I have monitored Bitcoin mining profit for 8 months now and it hasn't changed much. Yes suddenly I don't mine 2.5BTC for the value of $8000/month like 6 months ago but I mine 0.8BTC for the same value. The difficulty went up a lot but so did the value.
I don't think altcoins will be much different, and those that spike up in difficulty is because they suddenly became more valuable than others, which will equal the whole earnings/difficulty situation and give you roughly the same as before.

Might want to read the above post.

I would say that right now it's possible but with more than what you earn and forget about travelling.
If it's an income, it is indeed WORK.
You can't leave your rigs unattended for several weeks/months.

In the long term, who knows ? It will depend on a lot of factors

there must be coins created every now and them to mine like ETC and its derivatives.
You won't be doing anything when you let your computer mine coins, its just the computers that will be working not you. So why stop working on your day job, just keep working and let your machine mine coins for you.

I think you need more than  miner you currently have but it is quite fine if you are not going for btc,eth or monero.the problem is you are going full time if in future blockchain adoption goes more than many mining farm can be introduced to gain from crypto then you will need to compete with them.side business is ok but going full time take lot of risk.

wow, you give your life for mining ? I think that's very dangerous. We don't know what happen to you and your RIG later.

You should totally do it.

YOLO!

Too risky, even if you have super hash power .  You just never know when the bottom will fall out.

It really depends on how much you can invest into new hardware. There will always be different coins to mine but it will be difficult to keep a consistent income if your not working, in the long run it could work out very profitable but its the uncertainty that's the issue when it would be your main source of income.

If you have enough spare money to fund it then it's worth a try to see how it goes as long as you'd be able to get a job again if it fails.

what coins do you mine that gives a net of minimum 700 net?

couldn't agree more quitting your job to live off mining is insane you could have it as a second income though but i have to say what made crypto currency profitable and  even more profitable  of use the interest that people have in this technology the more people join in the more it will have a real world use case and it will get the adoption that it fully deserves

I think best thing to do is to reinvest ALL of what you get from mining back into mining hardware.
That way you can exponentially increase your income.

but, if you invest everything you get, at some point you do have to stop so you can actually USE the money you made.

It's an interesting dilema.

as for the coins, you would need to get at least 1.5$ per day per 1060, is that possible with current profitability?

You know what man, if it makes sense to you and you've done your calculations, then fuck it and go for it. You can always find another job.

I have 6 rigs at home + some in a farm I run with 2 friends, some masternodes etc., so I make a decent amount of cryptos daily (and cash if I sold them). But I can't quit my job because of mortgage, family to take car eof etc. But fuck me if I could, I would quit my desk job and enjoy life for a bit just mining and managing my portfolio.

Too many nay-sayers in this topic. If you are young, have no kids/debts then most of what you'd earn with cryptos would pay for your needs to travel and see the world.

Cheerios

You should do mining alongside your main job. This market is very fluctuating and you can not just live with mining. So do not miss the caution

If this is what you want to do, dont let the naysayers get you down. I know a fair number of people mining that have been very successful.

A few suggestions if I may:

1. Create your own VPN server to your miners, teamviewer is known to be insecure and you will eventually get hacked. I would recommend you take a look at http://www.pivpn.io/. Full VPN security on a $35 RPi

2. Always make sure you have enough mining revenue to set aside say 30% of your earnings that you need to put right back into your hardware. You have to be constantly expanding to keep up with network difficulty hardware that ages itself out. The single biggest mistake I see people make is they just think they can keep mining on the same hw forever and eventually their income dwindles until they are ass out and have to go back to a day job.

3. Diversify your hardware and get yourself some ASIC miners as well. ASICs require very little maintenance and you dont have to worry about always jumping to different coins and all that annoying stuff that comes along with trying to max gpu profits. Some of my asics have uptimes of over 6 months without me having to lift a finger.

Completely agreed with this. Do it as something on the side. Mining should not seen as a long term thing.

I'm putting together my third rig now and day dream about this but I would have to 5x my rig count to even consider it.  I don't even know how I would manage all that electricity / heat so I treat mining as a hobby.

WAAAAT!!! But of course you do!!  ;D

Joking aside, @op - everyday job may be boring, repetitive, unpleasant.. hell, even getting up almost every day to all kinds of weather outside, etc.. yeah it sucks, but it is a safe bet dude. Like so many pointed out already, depends on your situation and age. And this whole mining game is still kind of a gamble. Your choice, your consequences.

you should also invest strategically, stake, get some masternodes, etc. i'd say, depending on your situation, wait a year and see if you can make lambo-type money and then think about quitting after that.

that's what i'm doing. 9-5 is drudgery but it pays the bills until we go to the moon.

I agree with h311m4n.  If you have no debt or other obligations, do it.  Just make sure you have a good plan in place.

I'm fairly new to mining, however, I'm an experienced travel hacker.  There are tons of websites and pvt forums dedicated to the topic.  I've traveled the world (in 1st class) and stayed at some of the nicest resorts and hotels for free for years now.  If you could combine the two "hobbies", I think you'd do quite well.  Google Flyertalk and the blog frequent miler for a good place to start with all of that.  Beware, Flyertalk is huge and confusing to noobs! lol

I mined directly to the Bitfinex exchange but they introduced the commissions. It is not profitable now to mine. Huge commissions are serious obstacles. Is there somewhere reliable option with a more loyal regime?

Is that true? please teach us if that's true.

Whether mining is currently profitable considering how many new miners are also starting to operate.

I wait for your reply. I hope mining is still very profitable ;D

I do GPU mining too and what I learnt from the thing is, you need huge hash power if you want to be in the competition and want to earn some decent money. I started with GTX 570 and 9 of them were in place but gradually the difficulty started increasing and my income source was depleting badly after the electricity. Also, the mining might get struck with many problems, internet going down, electricity going down and much more unwanted problems. Each moment in the crypto  mining is very important as we loose money over the time!

So yeah I think getting upgrades for your mining would be great idea and I wouldn't hesitate to sell my car if I were you! Go for it and do update us what you plan to do. Good luck buddy!

Why dont you mine (whatever that is) to wallet?

I agree with the majority of people here. It might seem like a good idea at the moment based off of the profit your’re currently making, but come a few months, the price of electricity could change, or something could happen to your rig. I just think that it is a bit risky.

And plus, leaving your rig unattended for a long period of time is dangerous, and if it was to shutdown while you were away travelling, that’s a lot of money you’re going to lose before you can get it up and running again.

nah you don't need huge hash, just mine new shitcoin and dump at the first pump on exchange, done easy profit

You can run a business in this field. Try to create a mining farm , collect money in a pool and then scale your hobby. Why don't you make a ton of cash on it, if you know a lot about process and can easily set up a mining equipment

I think that mining, after a long time, will not be so profitable and attractive activity, because the complexity grows, the number of miners becomes more and well, and the prices for video cards grow fast!

as i thought ,

small miner , wil mine more coins to haven a few different coins for long therm...
best way to earn mayby a lot of money .... because we dont have to pay for the power...

thanks

OP you should join my hotel mining band and we can travel the world in groups of 3 where each person takes rotating 9 hour shifts staying in the room with the rigs.  Thailand is a great market for hotel mining and the vibrant nightlife makes all 3 shifts appealing.

The scenario you're missing here's a regular decline in the crypto markets over say 2-three years.

In this example, your mining rig pays returned in a slightly longer term however you may nonetheless profit ultimately. An funding directly from cryptos will position you within the poor.

Your estimate of depreciation is really pessimistic too. The 1080 Ti playing cards I purchased 6 months in the past for $a thousand are promoting used on eBay for $900. even supposing demand by means of miners drops I assume they may still be worth $500 in a years time.

I suppose the chances of all coins going to 0 (or near zero) value is extremely low, so I would not be placed much weight in your forestall loss situation. I'd positioned an awful lot better odds on there being either a regular upward push or flatlining/dropping gradually by means of some % a month.

So buying cryptocurrencies without delay is betting on endured profits, but mining is a hedging against the opportunity that there may be a plateau in market caps or gradual decline in value.

in my opinion, I'm having a bet on endured growth via 2018, but I do mine as well as a hedge and for amusing.

 ;D

I think it takes at least 10 times of investment.
Otherwise , You couldn't find yourself in a suitable situation.

Anyway I hope you will make it!!

Keep your job, and keep your rig. Crypto is far too volatile to be able to depend on it as a sustainable income. It's not healthy to have only one stream of income in life - even if its a weekly wage from a job/career (I know it may seem hard to some, but finding other sources of income can be easy with the right amount of ambition and productivity, get a hobby and flip it into cash). Just save your money and invest in things you know will make it grow, whether it's a business you are starting, stocks, crypto - just remember, there is risk in every investment so dont put it all into one place. After doing this with due diligence and perseverance you are BOUND to be self sustainable.

If indeed the income that we get as a miner as you get then we will no longer lack of income let alone traveling around the world will not think again, especially now that you have a sign that has the potential then your life will feel calm. .

Continue your stable job ,working through mining is not enough and might get lack of income if you quit it.Price value is always flactuating and cannot predict the value whether it became increase or decrease.So its not advisable to quit your job and stay in mining ,no thats no good in your case.

Quitting your stable job for full-timer mining is really risky. Why not do it both? since you can also do that side by side in parallel.
I know it's a hustle in the beginning, but once you get it up and running you can just leave it and continue working normally.
Yes, checking once in a day is not hurt you, especially after you back from work or before sleep for instance.
I spoke this as I also do the same, I still working and I have a mining rigs that give me "bonus" profit to my salary  ;)

PS. I dont know if you means by quitting your job is to build mining farm with 500-1000 GPU unit or antminner like. That's completely different story.

I think no one should quit their jobs. No matter how much rich some one is. The main thing is social status and recognition . Still most of the people are not aware of this segment. They don't understand the importance of mining. Even what is it about? If you I can not say what I do for my work it will be embarrassing. Secondly it will be highly risky to depend on this until unless you have made enough tangible asset to depend on.

Nebell good luck and have fun with your plans, maybe make a blog in order to see the beautifully places of the world that your eyes will see. I would like to be brave like you but i have mortgage to pay and my 12x GTX 1060 don't produce more than 500$/month.