Too late to start a mining rig?

[FP91G]

Why buy video cards now when prices will be much lower in August or September?
The profit is very small, the return on investment is more than 18 months now, and after the end of Ethereum mining, it is very long. Maybe buy ethereum while it's cheap.

[Coinfarm ventures]

Why buy video cards now when prices will be much lower in August or September?
The profit is very small, the return on investment is more than 18 months now, and after the end of Ethereum mining, it is very long. Maybe buy ethereum while it's cheap.

Even though I care about accumulating as many coins as possible, not fiat profit, it's a bad time to purchase a video card because I can most likely get more video cards with the same cash late this year. I also want to see if PoS happens this year. If it happens, that's good because video cards will be even cheaper. Then I can really collect ERG/FLUX/YEC over time.

[FP91G]

Why buy video cards now when prices will be much lower in August or September?
The profit is very small, the return on investment is more than 18 months now, and after the end of Ethereum mining, it is very long. Maybe buy ethereum while it's cheap.

Even though I care about accumulating as many coins as possible, not fiat profit, it's a bad time to purchase a video card because I can most likely get more video cards with the same cash late this year. I also want to see if PoS happens this year. If it happens, that's good because video cards will be even cheaper. Then I can really collect ERG/FLUX/YEC over time.

It depends on the cost of electricity. If you have more than 5 cents per kilowatt, then it will be more profitable for you to buy cryptocurrency. You will not be able to compete with other miners. If Ethereum mining does not end this year, then it will be even better for all miners.

[Z390]

It's a good time to start buying coins instead using DCA, as for graphic cards it's not a good time at all, profits are down but graphics cards are barely at MSRP or a little under, this isn't a good time, you need patience if mining is your goal and you haven't already buy your graphic cards since early this year or last year.

[Coinfarm ventures]

It depends on the cost of electricity. If you have more than 5 cents per kilowatt, then it will be more profitable for you to buy cryptocurrency.

I can get 5.3¢ power after tax for 100% uptime, or 4.0¢ for 80% uptime. That doesn't include the 29% tax benefit of depreciation on the equipment. I did the math: it will be 30%+ cheaper to mine any coin than buying it.

[Metroid]

I did the math: it will be 30%+ cheaper to mine any coin than buying it.

Yes, still better to mine than to buy coins, this is yet pre bear market but in few months will be a bear market then lest see if your calculations still show that mining is better than to buy coins directly hehe

[FP91G]

It depends on the cost of electricity. If you have more than 5 cents per kilowatt, then it will be more profitable for you to buy cryptocurrency.

I can get 5.3¢ power after tax for 100% uptime, or 4.0¢ for 80% uptime. That doesn't include the 29% tax benefit of depreciation on the equipment. I did the math: it will be 30%+ cheaper to mine any coin than buying it.

You have good conditions for mining, but you also have taxes. I don't know how you thought it was more profitable for you to mine. You don’t know what will happen after the end of Ethereum mining.
I think that you will get a profit if you hold coins until the next price increase. But during mining, you will have to pay for electricity and taxes from your funds, for maximum profit.

[Coinfarm ventures]

You have good conditions for mining, but you also have taxes. I don't know how you thought it was more profitable for you to mine. You don’t know what will happen after the end of Ethereum mining.
I think that you will get a profit if you hold coins until the next price increase. But during mining, you will have to pay for electricity and taxes from your funds, for maximum profit.

My tax situation provides a big advantage to mining over buying, since I can write off the video cards in year 1 and get back 29% of their cost next April, guaranteed. The fact that I can deduct the electricity cost effectively reduces those rates by 29% too.

I cannot do any of this if I bought coins. I would be double-taxed if I bought the coin: 29% on income, then 15% best case if I sell for a profit (29% worst case).

Of course I will not build more mining rigs until after PoS. I used historical 2019-2020 bear market data to come up with that 30% figure. I think the equilibrium will always settle at that point. If block reward crashes with PoS, enough miners will sell their rigs to return the balance back to 30%.

[swogerino]

I would start now if I were you with 1500 USD you can buy a complete mining rig with 3 x Rtx 3060 12 GB cards which now with the 100% unlock get like 49 Mhsh and the three of them will get you near 150 Mhsh.I think this is enough hash rate to see for yourself if mining is good for you or not.Keep mining is the best you can do as I am pretty confident in the long term this 1500 USD will bring you more coins rather than spending 1500 USD to buy like 0.06 Bitcoin now,beside that you can diversify your portfolio as you can mine different coins,low value coins and keep them for the long term,if we hit another bull run these coins can increase in value exponentially bringing you profit.

My personal opinion is,mining is better than buying coins directly and to me this has always been the case.

[Coinfarm ventures]

3 x Rtx 3060 12 GB cards

I would not buy any AMD video cards or the RTX 3000 series. They do not have good price:performance for non-ETH coins like FLUX or ERG. The RTX 3090 is the worst one, hence why its eBay price has dropped like a rock, and I'm sticking to my prediction of it being worth just $500 after PoS. I like the RTX 2070 super or RTX 2080 Ti instead. Very good FLUX & Equihash performance for decent efficiency while still being newer than Pascal.

I expect the 15%/month GPU price decay to continue for at least 2 more months. That might be a good time to build a rig. Even if we're at a BTC price bottom, we definitely aren't at a GPU price bottom yet.

[VRExpress]

I would start now if I were you with 1500 USD you can buy a complete mining rig with 3 x Rtx 3060 12 GB cards which now with the 100% unlock get like 49 Mhsh and the three of them will get you near 150 Mhsh.I think this is enough hash rate to see for yourself if mining is good for you or not.Keep mining is the best you can do as I am pretty confident in the long term this 1500 USD will bring you more coins rather than spending 1500 USD to buy like 0.06 Bitcoin now,beside that you can diversify your portfolio as you can mine different coins,low value coins and keep them for the long term,if we hit another bull run these coins can increase in value exponentially bringing you profit.

My personal opinion is,mining is better than buying coins directly and to me this has always been the case.

Bear market needs to get bloodier for mining to be fun again, right now the difficulty isn't decreasing, in fact it seems many miners are now smart because no one is turning off their miners yet or am I wrong?

[philipma1957]

I would start now if I were you with 1500 USD you can buy a complete mining rig with 3 x Rtx 3060 12 GB cards which now with the 100% unlock get like 49 Mhsh and the three of them will get you near 150 Mhsh.I think this is enough hash rate to see for yourself if mining is good for you or not.Keep mining is the best you can do as I am pretty confident in the long term this 1500 USD will bring you more coins rather than spending 1500 USD to buy like 0.06 Bitcoin now,beside that you can diversify your portfolio as you can mine different coins,low value coins and keep them for the long term,if we hit another bull run these coins can increase in value exponentially bringing you profit.

My personal opinion is,mining is better than buying coins directly and to me this has always been the case.

he can get 3 evga 3060ti for 539 each I have a 3% code if he wants it they do 60 mh so for about 1650 he can have a 180mh rig

[Coinfarm ventures]

Bear market needs to get bloodier for mining to be fun again, right now the difficulty isn't decreasing, in fact it seems many miners are now smart because no one is turning off their miners yet or am I wrong?

The ETH difficulty is not decreasing by much (thanks to the difficulty bomb), but the network hashrate is down 16%:
https://etherscan.io/chart/hashrate

So people are turning off their rigs at the same pace as late 2018. This is looking similar to October 2018, where it took until December for the real difficulty crash to happen.

[FP91G]

Bear market needs to get bloodier for mining to be fun again, right now the difficulty isn't decreasing, in fact it seems many miners are now smart because no one is turning off their miners yet or am I wrong?

The ETH difficulty is not decreasing by much (thanks to the difficulty bomb), but the network hashrate is down 16%:
https://etherscan.io/chart/hashrate

So people are turning off their rigs at the same pace as late 2018. This is looking similar to October 2018, where it took until December for the real difficulty crash to happen.

This is a normal situation, because miners with expensive electricity are starting to sell their video cards. I see a lot of ads for nvidia 3000 series, and few ads for 2000 and 1000 series. This will give us some more coins.

[2stout]

Bear market needs to get bloodier for mining to be fun again, right now the difficulty isn't decreasing, in fact it seems many miners are now smart because no one is turning off their miners yet or am I wrong?

The ETH difficulty is not decreasing by much (thanks to the difficulty bomb), but the network hashrate is down 16%:
https://etherscan.io/chart/hashrate

So people are turning off their rigs at the same pace as late 2018. This is looking similar to October 2018, where it took until December for the real difficulty crash to happen.

And also, ETH is going to be going POS relatively soon.  Something else to consider esp if ETH was the primary and possibly only coin one was considering mining.  Makes you wonder how the mining landscape will look/change after this.

[CryptoATM]

It's already too late unless you can get RTX 2080 Ti for 250$, if this doesn't happen it's better to stay away from mining and this is even after you've calculated your electricity expenses first, in some countries mining sucks right now.

[FP91G]

It's already too late unless you can get RTX 2080 Ti for 250$, if this doesn't happen it's better to stay away from mining and this is even after you've calculated your electricity expenses first, in some countries mining sucks right now.

RTX 2080 Ti are very hot graphics cards and are inferior in terms of profit to GeForce RTX 3060 Ti. Now it is better to buy video cards with lower power consumption and DDR6 memory, which does not heat up during mining, so as not to be spent on additional ventilation and more powerful power supplies.

[minemyhive]

Wow, I didn't realise that 3060s were going for $470. I am able to get them for way less.

[5W-KILO]

I've stop selling my Graphic cards, enough is enough, now I focus on taking chances, I have coins that I need to own for a long time that's why I sold some, if BTC goes lower it might not stay there for long and mining takes time, it depends on who you are and what you plan to do, mining Ethereum still makes sense right now but what will happen after Ethereum is gone? Can you still Cope? Ask yourself this.

[Z390]

It's already too late unless you can get RTX 2080 Ti for 250$, if this doesn't happen it's better to stay away from mining and this is even after you've calculated your electricity expenses first, in some countries mining sucks right now.

RTX 2080 Ti are very hot graphics cards and are inferior in terms of profit to GeForce RTX 3060 Ti. Now it is better to buy video cards with lower power consumption and DDR6 memory, which does not heat up during mining, so as not to be spent on additional ventilation and more powerful power supplies.

I'd buy a RTX 2080ti over a RTX 3060 Ti I just like that graphic card, it's like an Asic miner made in heaven lol, imagine having 8 2080Ti in a rig, this will set me up for 2025, may we all live to see more than 2025, amen.