Viability of a (Long Term) Mining Career?

[Darwin84]

Do you trust your calculations to be from a 15 post miner.  What is he talking about 12 GPU without even mentioning what GPU and where and at 1.8gh.  1.8gh in ethereum is closer to 100 GPU so he probably means 12 x 6 GPU rigs, which is something I would not invest in if money was free. At 10 GPU be prepared to move out of your room or basement. At 100 GPU you can't even enter the house.

That is just a simulation. With the 1.8GH, 14kW, it is achievable by 6x12 x390 undervolt and underclock. But the capital cost is high.

You need a commercial unit for that. The poster would have to rent a place because its pretty tough living in a house with 72gpu. I guess he could spend another few thousand on AC and fanning and noise suppression.  So far the OP would be tens of thousands in the hole along with a move and a couple of new leases, services, etc.. I think he's better off with a truck and a lawnmower.

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[fanatic26]

another thing to add

why in the hell you need to aim at making 60k or 19k a month, when with a regular job you would only make 1k?

let's be equal here, if you want to get rid of your steady job, you need just an income of 1k per month, it can be reached easily by mining any shitcoin if you have proper electricity

1. You have to pay back your loans for everything you built.

2. As network difficulty changes your profits will drop.

3. You have to constantly upgrade/repair/replace equipment in this industry. You will need a store of cash to do this.

4. Who the hell can live on $1k a month? Thats under minimum wage. Remember not everyone lives at mommys and has no bills. I live in a smaller cheap house and my monthly bills not counting food/gas/car maintenance/etc are over $1000 a month.

You sound like someone who has no clue what its like owning a business or even living on your own for that matter if you think $1k is enough to live on. OP said $35k-65k per year. $35k is about $2900 a month before taxes. $65k is about $5400 a month before taxes. Calculate loan repayment rates, commercial rental fees, taxes on your profits......now tell me again how far off I am?

[Darwin84]

another thing to add

why in the hell you need to aim at making 60k or 19k a month, when with a regular job you would only make 1k?

let's be equal here, if you want to get rid of your steady job, you need just an income of 1k per month, it can be reached easily by mining any shitcoin if you have proper electricity

A couple of gross details to point out.  Hopefully you can correct me or correct yourself.

$1k / month  ??  

Who can or will live on a $1k a month ? That is $12,000 a year and even the poverty rate in Ont is about $18,000 .. You are suggesting surviving in Ontario at 1/3 below the poverty rate. Even people who are old and home bound or disabled would living substantially better than you.

$1k is more like slovakia.


Please share your model for mining $1k on a shit coin .. I'm must be the dumbest miner on the block because I can't find one.

[Darwin84]

another thing to add

why in the hell you need to aim at making 60k or 19k a month, when with a regular job you would only make 1k?

let's be equal here, if you want to get rid of your steady job, you need just an income of 1k per month, it can be reached easily by mining any shitcoin if you have proper electricity

1. You have to pay back your loans for everything you built.

2. As network difficulty changes your profits will drop.

3. You have to constantly upgrade/repair/replace equipment in this industry. You will need a store of cash to do this.

4. Who the hell can live on $1k a month? Thats under minimum wage. Remember not everyone lives at mommys and has no bills. I live in a smaller cheap house and my monthly bills not counting food/gas/car maintenance/etc are over $1000 a month.

You sound like someone who has no clue what its like owning a business or even living on your own for that matter if you think $1k is enough to live on. OP said $35k-65k per year. $35k is about $2900 a month before taxes. $65k is about $5400 a month before taxes. Calculate loan repayment rates, commercial rental fees, taxes on your profits......now tell me again how far off I am?

lol you beat me to this response. we practically wrote the same thing

[GMPoison]

Everyone likes to talk about difficulty rising so profits will decline, when in reality the price will rise with it. Look at Bitcoin. It's always been profitable to mine. The difficulty rose, but so did the price. It was profitable to mine three years ago, it's profitable to mine now. Crazy how that works.

[limbaugh]

Everyone likes to talk about difficulty rising so profits will decline, when in reality the price will rise with it. Look at Bitcoin. It's always been profitable to mine. The difficulty rose, but so did the price. It was profitable to mine three years ago, it's profitable to mine now. Crazy how that works.

What are you are a sadist? Want to see other lose money? It's funny how the ignorant are so willing to share their opinion.

Unless you live next to a dam or have access to some other form of cheap power, you will never truly be competitive.

You would make more as a clerk in a 7-11.

Hobby mining is fun - going pro is insane.

[GMPoison]

Everyone likes to talk about difficulty rising so profits will decline, when in reality the price will rise with it. Look at Bitcoin. It's always been profitable to mine. The difficulty rose, but so did the price. It was profitable to mine three years ago, it's profitable to mine now. Crazy how that works.

What are you are a sadist? Want to see other lose money? It's funny how the ignorant are so willing to share their opinion.

Unless you live next to a dam or have access to some other form of cheap power, you will never truly be competitive.

You would make more as a clerk in a 7-11.

Hobby mining is fun - going pro is insane.

I'm not suggesting him to mine at all. Nowhere did I say that. What I implied is if it's profitable, mine. If it's not, don't. Mining is scalable. If you can mine at a profit, the more you spend on gear the more profit you will earn.

Based on my KW/h I can make $50 a month off a 20 mh/s gpu. I don't have cheap electricity, I have average electricity in the USA. $50 a month on a single gpu. Scale it up and you're looking at $50 x how ever many gpu's you have. Simple as that. If you want to take the calculated risk of going pro and spending a lot of money, go for it.

[GMPoison]

It's funny what the mining community calls "profit". In the world of investing, hitting ROI in three months is UNHEARD OF. Making all of your money back in as little as three months, then make nothing but pure profits? You'd be labeled insane.

[adaseb]

Basically there are only 2 ways of actually earning a living with Bitcoins


1) Trading. You can trade on margin coins like BTC, LTC, ETH. You can make alot of money with this but its very difficult to do consistently because its like being a stock market day trader.

2) Bitcoin Business. Most popular is like a Gambling site. Or if you are creative you can create some websites such as Bitcoin Magazine, CrpytoCoinNews, etc.


Earning a living consistently with mining is almost impossible. I would move provinces also if I was guaranteed todays earnings with my GPU rigs for the next 5 years. However that's not possible.

The profits for mining ETH have almost dropped 40% in only 48 hours. And yet the difficulty keeps increasing.

[GMPoison]

Basically there are only 2 ways of actually earning a living with Bitcoins


1) Trading. You can trade on margin coins like BTC, LTC, ETH. You can make alot of money with this but its very difficult to do consistently because its like being a stock market day trader.

2) Bitcoin Business. Most popular is like a Gambling site. Or if you are creative you can create some websites such as Bitcoin Magazine, CrpytoCoinNews, etc.


Earning a living consistently with mining is almost impossible. I would move provinces also if I was guaranteed todays earnings with my GPU rigs for the next 5 years. However that's not possible.

The profits for mining ETH have almost dropped 40% in only 48 hours. And yet the difficulty keeps increasing.

True. If electricity is too high, you would need to move. I don't think you should decide whether or not to start mining based off profits 5 years from now though, in my own opinion of course.

Sure the price is down 11.79% at this very moment, but it's up far more than 11.79% since inception. Based off of that alone (though there are more points that could be made for it rising), I'd say if it's profitable now it will remain profitable in the near future. Long enough for you to make a profit at least, which is all that matters.

[limbaugh]

It's funny what the mining community calls "profit". In the world of investing, hitting ROI in three months is UNHEARD OF. Making all of your money back in as little as three months, then make nothing but pure profits? You'd be labeled insane.

You assume this is a common occurrence. We will most likely experience years of unprofitable mining after this uncommon run peters out.

Coins are moving away from PoW anyway. There will be no "move to the next profitable coin" option.

[fanatic26]

Earning a living consistently with mining is almost impossible.

As with almost everyone on this forum you refuse to look at mining from a business perspective. I just laid out in very simple terms the basics of what you need to make it profitable. The OP was asking about making a career out of it, he wasnt asking people that are butthurt that they cant make their fortune running half a dozen miners in their garage to tell him how he cant.



P.S. Bitcoin is the only coin that matters in the long run....when is it moving away from PoW exactly?

[limbaugh]

P.S. Bitcoin is the only coin that matters in the long run....when is it moving away from PoW exactly?

The Bitcoin dev team is bought and paid for by corporations and ASIC fabs. Of course it will never go PoS.

Get a clue Sherlock before posting nonsense.

[fanatic26]

The Bitcoin dev team is bought and paid for by corporations and ASIC fabs. Of course it will never go PoS.

Get a clue Sherlock before posting nonsense.

Well my dear Watson, considering my response was to the previous post stating coins are moving away from PoW and me not actually asking when it would happen, I think you should feel a bit silly about your comment.

Thanks for playing!

[limbaugh]

The Bitcoin dev team is bought and paid for by corporations and ASIC fabs. Of course it will never go PoS.

Get a clue Sherlock before posting nonsense.

Well my dear Watson, considering my response was to the previous post stating coins are moving away from PoW and me not actually asking when it would happen, I think you should feel a bit silly about your comment.

Thanks for playing!

So clever! When was the last time you mined some Bitcoin with a rack of GPUs?

Since you laid out your genius plan, how profitable would your GPU farm be mining Bitcoin? Since it is PoW and the only coin that matters.

Now who feels silly?

[GMPoison]

The Bitcoin dev team is bought and paid for by corporations and ASIC fabs. Of course it will never go PoS.

Get a clue Sherlock before posting nonsense.

Well my dear Watson, considering my response was to the previous post stating coins are moving away from PoW and me not actually asking when it would happen, I think you should feel a bit silly about your comment.

Thanks for playing!

So clever! When was the last time you mined some Bitcoin with a rack of GPUs?

Since you laid out your genius plan, how profitable would your GPU farm be mining Bitcoin? Since it is PoW and the only coin that matters.

Now who feels silly?

I'm fairly sure there's always been a profitable coin to mine that hasn't been Bitcoin. Besides that point though, you are right when you say Bitcoin is really the only coin that matters. If you've got a good chunk of money you want to play with, I'd much rather set up a larger Bitcoin mining operation than an altcoin operation.

It's something I actually plan on doing depending on what Bitcoin looks like after the halving in a couple of months and the dust has settled, whereas alt coin mining has always just been a thought for me.

[fanatic26]

So clever! When was the last time you mined some Bitcoin with a rack of GPUs?

Since you laid out your genius plan, how profitable would your GPU farm be mining Bitcoin? Since it is PoW and the only coin that matters.

Now who feels silly?

Its almost like you are reading another topic because you keep coming back with these nonsensical responses. Where did I say a damn thing about GPU mining...especially GPU mining bitcoin?

Kindly pull your head out of your ass and read the whole thread before you just throw shit at the wall that makes no sense. I mean seriously read my fucking posts.

[arielbit]

another thing to add

why in the hell you need to aim at making 60k or 19k a month, when with a regular job you would only make 1k?

let's be equal here, if you want to get rid of your steady job, you need just an income of 1k per month, it can be reached easily by mining any shitcoin if you have proper electricity

A couple of gross details to point out.  Hopefully you can correct me or correct yourself.

$1k / month  ??  

Who can or will live on a $1k a month ? That is $12,000 a year and even the poverty rate in Ont is about $18,000 .. You are suggesting surviving in Ontario at 1/3 below the poverty rate. Even people who are old and home bound or disabled would living substantially better than you.

$1k is more like slovakia.


Please share your model for mining $1k on a shit coin .. I'm must be the dumbest miner on the block because I can't find one.

cut $1k in two.

500$.. i can live with that a month 

[Darwin84]

Everyone likes to talk about difficulty rising so profits will decline, when in reality the price will rise with it. Look at Bitcoin. It's always been profitable to mine. The difficulty rose, but so did the price. It was profitable to mine three years ago, it's profitable to mine now. Crazy how that works.

What are you are a sadist? Want to see other lose money? It's funny how the ignorant are so willing to share their opinion.

Unless you live next to a dam or have access to some other form of cheap power, you will never truly be competitive.

You would make more as a clerk in a 7-11.

Hobby mining is fun - going pro is insane.

I'm not suggesting him to mine at all. Nowhere did I say that. What I implied is if it's profitable, mine. If it's not, don't. Mining is scalable. If you can mine at a profit, the more you spend on gear the more profit you will earn.

Based on my KW/h I can make $50 a month off a 20 mh/s gpu. I don't have cheap electricity, I have average electricity in the USA. $50 a month on a single gpu. Scale it up and you're looking at $50 x how ever many gpu's you have. Simple as that. If you want to take the calculated risk of going pro and spending a lot of money, go for it.

You are scaling up but only the GPU count. If you got that from a calculator you will never even reach that because in 30 days the difficulty will increase quite a bit and that $50 is actually $45. Next month $37 and so on.

[Amph]

another thing to add

why in the hell you need to aim at making 60k or 19k a month, when with a regular job you would only make 1k?

let's be equal here, if you want to get rid of your steady job, you need just an income of 1k per month, it can be reached easily by mining any shitcoin if you have proper electricity

1. You have to pay back your loans for everything you built.

2. As network difficulty changes your profits will drop.

3. You have to constantly upgrade/repair/replace equipment in this industry. You will need a store of cash to do this.

4. Who the hell can live on $1k a month? Thats under minimum wage. Remember not everyone lives at mommys and has no bills. I live in a smaller cheap house and my monthly bills not counting food/gas/car maintenance/etc are over $1000 a month.

You sound like someone who has no clue what its like owning a business or even living on your own for that matter if you think $1k is enough to live on. OP said $35k-65k per year. $35k is about $2900 a month before taxes. $65k is about $5400 a month before taxes. Calculate loan repayment rates, commercial rental fees, taxes on your profits......now tell me again how far off I am?

you don't need to live under your parent to live with 1k, i can live with 500 and i'm alone, just don't be stupid and build a family with 500 or 1k

again don't say shit like "you have no clue", when you know nothing about the cost of living around the world

if you think that you need 3k a month in every place of earth just to have a normal life, you are the one which is clueless

another thing to add

why in the hell you need to aim at making 60k or 19k a month, when with a regular job you would only make 1k?

let's be equal here, if you want to get rid of your steady job, you need just an income of 1k per month, it can be reached easily by mining any shitcoin if you have proper electricity

A couple of gross details to point out.  Hopefully you can correct me or correct yourself.

$1k / month  ??  

Who can or will live on a $1k a month ? That is $12,000 a year and even the poverty rate in Ont is about $18,000 .. You are suggesting surviving in Ontario at 1/3 below the poverty rate. Even people who are old and home bound or disabled would living substantially better than you.

$1k is more like slovakia.


Please share your model for mining $1k on a shit coin .. I'm must be the dumbest miner on the block because I can't find one.

are you serious man, it's not like there is only america out there, in kuwait or egypt(just an example) the cost is not that high as you think and electricity is at 1 cent

even in iceland where electricity is 5 cent and the cost is 40% higher than europe, you can still live easily with 1k, 1k is overkill actually

it's not about how much you earn it's about how much you spend also, if you fuck your money in useless stuff, it's not my fault

i think you guys know nothing on how much you need to spend each month to survive