Viability of a (Long Term) Mining Career?

[QuintLeo]

Are there viable wind power sites in those states?

 The good wind power areas I know about are the "corner" of NW Iowa/MN/NE area, parts of Texas, and parts of California.
 I could see some of the mountain passes in AZ and CO being viable, like the Cajon/Tehachapi passes in California.

 AZ for solar is pretty obvious, given how many large commercial sites and experimental plants have been set up there.

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[minerman121]

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.

OMG - this ^^^

What you people are all missing the point of is that difficulty acts as a mediator between inflation and deflation. A coin with too many miners generates too many coins, which will be dumped on the market, dropping the price. It will get to the point where there is no point in mining it. Don't be fooled; a majority of miners out there are NOT mining it based on ideology. They are chasing ROI.

Let me give you an example; with Monero. The same power mining a half year ago and the same power mining today on the different difficulties yielded relatively the same profits +/-. But no one talks about that. Why? Because too many idiots are still comparing ASIC resistant Altcoins to Bitcoin mining.

Bitcoin mining took a spike in difficulty because of the release of NEW TECHNOLOGY that hashes faster. It killed the GPU miners. Monero, ETH, ETC and ZEC do not have ASICs. This mysterious spike in difficulty that so many neigh-sayers are boasting; where will it come from?

Yes you can make Mining a career but you are taking a heavy risk. You have to consider many several things.

1. The cost of the rigs and their efficiency.

2. The placement of said rigs. Once you hit a certain amount of rigs your breakers won't be able to cope. They will also generate a crapload of heat. I got 4 rigs in my bedroom and during summer its bad. My breakers can cope though.

3. Cutting costs; locating sources of cheaper equipment and looking for cheaper electricity sources, ie. Solar. Solar took my costs from 0.187AUd to 0.09AUD per kWh. Min you, I am in a pretty decent profit even at 0.187kWh. I also have the luxury of converting the coin from USD to AUD which is at a rate of about 0.76c as of today.

4. Market stability, coin utility; ie. Fundamental Analysis and due diligence.

If you read most of the misguided posts in this thread you will find that the qualms are mainly with difficulty. But no one has taken into account the price rises that accompany difficulty. No one takes into account the fact that Divergence of Dif/Price are short lived. And most of all no one takes into account the REASON BTC dif skyrocketed and why Altcoin Algo's are mitigating this with the resistance of ASIC.

You might not make a full CAREER out of mining. But you will supplement your income with a hefty (tax free in some cases) residual boost, that you can not only CLAIM tax credits on, but claim tax credits on your electricity there-by lowering your overall costs!

[RentGPU]

Thats a very interesting thread here,and the most interesting part that $1k/month ....guys i realized that most ppl here dont know anything about prices worldwide,you are living in realy expensive countries if $1k is not enough , do you know that $1k=20,000 egyptian pound per month and thats a f**kin rich man here, lol, i will give you an example here to clear that situation : uber here in cairo charges 1.5egp/km and thats is $0.075/km ......do your calculations , here i am paying a fixed charge for electricity $20/month no maximum amps just draw as much as your wire can carry .....my question why are you mining if $1k isn't enough ....thats nonsense

[Amph]

Thats a very interesting thread here,and the most interesting part that $1k/month ....guys i realized that most ppl here dont know anything about prices worldwide,you are living in realy expensive countries if $1k is not enough , do you know that $1k=20,000 egyptian pound per month and thats a f**kin rich man here, lol, i will give you an example here to clear that situation : uber here in cairo charges 1.5egp/km and thats is $0.075/km ......do your calculations , here i am paying a fixed charge for electricity $20/month no maximum amps just draw as much as your wire can carry .....my question why are you mining if $1k isn't enough ....thats nonsense

like i said in this thread, regular job give them 1-2k per month, but they want to make 60k with mining...this is nosense to me

mining is becoming as a stable as any other job out there

[RentGPU]

Thats a very interesting thread here,and the most interesting part that $1k/month ....guys i realized that most ppl here dont know anything about prices worldwide,you are living in realy expensive countries if $1k is not enough , do you know that $1k=20,000 egyptian pound per month and thats a f**kin rich man here, lol, i will give you an example here to clear that situation : uber here in cairo charges 1.5egp/km and thats is $0.075/km ......do your calculations , here i am paying a fixed charge for electricity $20/month no maximum amps just draw as much as your wire can carry .....my question why are you mining if $1k isn't enough ....thats nonsense

like i said in this thread, regular job give them 1-2k per month, but they want to make 60k with mining...this is nosense to me

mining is becoming as a stable as any other job out there

Mining became my primary job now and takes all my time ,and by the way if i continued in my previous job as electrical engineer i won't make even half what i am making now from mining and i don't have that insane hardware.....i think they are trying to let newbies out of buisness

[Ambros]

Thats a very interesting thread here,and the most interesting part that $1k/month ....guys i realized that most ppl here dont know anything about prices worldwide,you are living in realy expensive countries if $1k is not enough , do you know that $1k=20,000 egyptian pound per month and thats a f**kin rich man here, lol, i will give you an example here to clear that situation : uber here in cairo charges 1.5egp/km and thats is $0.075/km ......do your calculations , here i am paying a fixed charge for electricity $20/month no maximum amps just draw as much as your wire can carry .....my question why are you mining if $1k isn't enough ....thats nonsense

like i said in this thread, regular job give them 1-2k per month, but they want to make 60k with mining...this is nosense to me

mining is becoming as a stable as any other job out there

Mining became my primary job now and takes all my time ,and by the way if i continued in my previous job as electrical engineer i won't make even half what i am making now from mining and i don't have that insane hardware.....i think they are trying to let newbies out of buisness

As you said you pay 20$/month for electricity, that's pretty unique.
We are thousands of people on this forum and i've never read about anything similar, that's the main reason you are making good money.
We are not trying to scare people, but just make them to think about costs, that are usually as high as mined alt coins

[_javi_]

Living in Cairo is cheap. You cant compare to the rest of the world

https://www.numbeo.com/cost-of-living/rankings.jsp

[kadza]

Hi,

After my miss back in the 2011 when i didnt trust Digital currencies i'm willing to start small just for fun and if it gets good i will expand.

I have few questions assuming that i have:

1) No electricity cost
2) No rental
3) No utilities fees
4) Really great server rooms with a lot of cooling

And i am willing to spend $2000-3000 what am i to build GPU rigs to mine altcoins invest into dedicated equipment for mining ? I'm fairly familiar on the topic of crypto currencies  after my miss with BTC back in the day ( sold them way to cheep).

Edit: I chose to ask question here because i saw that some people have free or low cost electricity here.

[Ambros]

Hi,

After my miss back in the 2011 when i didnt trust Digital currencies i'm willing to start small just for fun and if it gets good i will expand.

I have few questions assuming that i have:

1) No electricity cost
2) No rental
3) No utilities fees
4) Really great server rooms with a lot of cooling

And i am willing to spend $2000-3000 what am i to build GPU rigs to mine altcoins invest into dedicated equipment for mining ? I'm fairly familiar on the topic of crypto currencies  after my miss with BTC back in the day ( sold them way to cheep).

Edit: I chose to ask question here because i saw that some people have free or low cost electricity here.

You can start with a couple of 6 GPU rigs made with classic equipment:
- g1840
- h81 pro btc
- rx 470/480 or gtx 1070

If those assumptions are real you can make good money with mining

[Pennywis3]

Hi,

After my miss back in the 2011 when i didnt trust Digital currencies i'm willing to start small just for fun and if it gets good i will expand.

I have few questions assuming that i have:

1) No electricity cost
2) No rental
3) No utilities fees
4) Really great server rooms with a lot of cooling

And i am willing to spend $2000-3000 what am i to build GPU rigs to mine altcoins invest into dedicated equipment for mining ? I'm fairly familiar on the topic of crypto currencies  after my miss with BTC back in the day ( sold them way to cheep).

Edit: I chose to ask question here because i saw that some people have free or low cost electricity here.

With those conditions and 3k$ usd u can make 2x 6GPU rigs with rx 470 8 GB cards.
If a card is hashing at 29Mh/s ETH, thats 12x1,23$ which comes to about 440$/monthly
And thats just mining ETH, if u dual mine with decred of pascal u are looking at close to 500$ monthly ( BTW, even with 10c/Kwh you'd still be making about 400$ ).

Just go for it  

At the moment, mining is in a realy good place and you can make serious profits from it, don't listen much to other people and make your own calculations...

[botmanside]

Hi,

After my miss back in the 2011 when i didnt trust Digital currencies i'm willing to start small just for fun and if it gets good i will expand.

I have few questions assuming that i have:

1) No electricity cost
2) No rental
3) No utilities fees
4) Really great server rooms with a lot of cooling

And i am willing to spend $2000-3000 what am i to build GPU rigs to mine altcoins invest into dedicated equipment for mining ? I'm fairly familiar on the topic of crypto currencies  after my miss with BTC back in the day ( sold them way to cheep).

Edit: I chose to ask question here because i saw that some people have free or low cost electricity here.

buy BTC till its cheap you shall get quicke roi

[Mugtaiya]

Hi,

After my miss back in the 2011 when i didnt trust Digital currencies i'm willing to start small just for fun and if it gets good i will expand.

I have few questions assuming that i have:

1) No electricity cost
2) No rental
3) No utilities fees
4) Really great server rooms with a lot of cooling

And i am willing to spend $2000-3000 what am i to build GPU rigs to mine altcoins invest into dedicated equipment for mining ? I'm fairly familiar on the topic of crypto currencies  after my miss with BTC back in the day ( sold them way to cheep).

Edit: I chose to ask question here because i saw that some people have free or low cost electricity here.

buy BTC till its cheap you shall get quicke roi

For most people, it is better to buy the bitcoin directly.

[RentGPU]

Hi,

After my miss back in the 2011 when i didnt trust Digital currencies i'm willing to start small just for fun and if it gets good i will expand.

I have few questions assuming that i have:

1) No electricity cost
2) No rental
3) No utilities fees
4) Really great server rooms with a lot of cooling

And i am willing to spend $2000-3000 what am i to build GPU rigs to mine altcoins invest into dedicated equipment for mining ? I'm fairly familiar on the topic of crypto currencies  after my miss with BTC back in the day ( sold them way to cheep).

Edit: I chose to ask question here because i saw that some people have free or low cost electricity here.

buy BTC till its cheap you shall get quicke roi

For most people, it is better to buy the bitcoin directly.

I don't agree with you, mining is more fast,fun,safe and profit than buying and holding some coins , you just need to make your calculations and have access to cheap electricity and then give it some time and patience.

[Nikolaj]

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

Iceland 1k/month living easily? You're alone and you live with 500 bucks/month?

Pretty hilarious statements (to not mentioning mining in kuwait, sorry but you've got literally no clue about what you're talking) 

500 usd/month probably in a communist block, eating each others

[Kompik]

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

Iceland 1k/month living easily? You're alone and you live with 500 bucks/month?

Pretty hilarious statements (to not mentioning mining in kuwait, sorry but you've got literally no clue about what you're talking)

500 usd/month probably in a communist block, eating each others

Haha this is a funny discussion. In Czech Republic 1k USD is about the average GROSS wage ( median is about 900 USD). Actually 60-70% people dont make that amount of money here and they can even have a car and a family! Dont know about Iceland though, that place seems kind of expensive

https://www.numbeo.com/cost-of-living/compare_cities.jsp?country1=Iceland&city1=Reykjavik&country2=Czech+Republic&city2=Brno&displayCurrency=USD

[Nikolaj]

He lives in Italy, where life costs 35/40% more than czech republic.

If living with 500$ it's incompatible with a decent life, how could it be compatible with mining ? (one of the most expensive activities as an "hobbyist")

If someone argues that it's possible in a western europe country, this means the following:

- he never had a  girl, never dated anyone or built a solid relationship
- he never made vacations
- he've never been in museums, cinemas, opera, events, concerts, nothing " expensive" at all
- never had a car, never practiced sports, never had the oportunity to buy complex instruments, never practiced music, never had courses, never.. Etc.
- he won't have ANY oportunity to raise a child, a relationship and a family, or to support himself when in need
- he hadn't any of the things mentioned above, while living with his parents (a rent in italy, for a single room in a decent city, it's almost what he stated) and while abusing of their income (especially if with an age bigger than 30)

The fundamental question, as greatly stated in the book "to be or to possess" (E. Fromm), it's if we need to be, or to possess things in life, but let"s be honest: this is a very costly hobby, and given the amount of time and income that one could expect (low, on average, with a 50k USD budget, high if you invest 500k) it"s pretty clear tha having a backbone of 500$ to support your life and your activity it"s foolish, to say the least.

In iceland:

A coffe 4.5 eur
A rent 2000 eur/month
A beer 13 eur
A car rent: no way...
Food: prepare yourself to starve (restaurant average/ person 40/50 eur if not more)
Clothes: .. .. It's very cold, and all terribly expensive

Yeah, 1k gross in iceland it's fine. Go on, try it and report. Just to get there and return you need to spend from 430 to 700 eur by plane, from europe.

[dagarair]

i have 60 miners and work full time.  I have time to jump in and out of the house though for special launches and stuff.

Basically I don't trust quitting and doing this fulltime with 100+ miners because when I do it, everything will crash =(  FOOKIN BLACK CLOUD!

[sp_]

In iceland:

A coffe 4.5 eur
A rent 2000 eur/month
A beer 13 eur
A car rent: no way...
Food: prepare yourself to starve (restaurant average/ person 40/50 eur if not more)
Clothes: .. .. It's very cold, and all terribly expensive

Yeah, 1k gross in iceland it's fine. Go on, try it and report. Just to get there and return you need to spend from 430 to 700 eur by plane, from europe.

Norway is more expensive than Iceland. Cost of living/labour/taxes.

But you earn around 17EUR an hour flipping burgers at Mcdonalds with no education. (around €2600 a month) Students normally share apartments. You can rent a 3 room apartment for around $2000.
if you share you spend around €700 for the room and you have €1900 for food and other expenses..

[Amph]

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

Iceland 1k/month living easily? You're alone and you live with 500 bucks/month?

Pretty hilarious statements (to not mentioning mining in kuwait, sorry but you've got literally no clue about what you're talking) 

500 usd/month probably in a communist block, eating each others

if you think you need more than 500 per month to live alone, you are seriously wasting your money, i don't need any fancy thing like buying coffe at the morning and vacations to be happy

if you want to go to the restaurant every night that's your problem, i can live without any problems alone and 500 a month yes, i already mentioned that this is done without a family, i don't need a family or anything like that

[sp_]

if you think you need more than 500 per month to live alone, you are seriously wasting your money, i don't need any fancy thing like buying coffe at the morning and vacations to be happy

if you want to go to the restaurant every night that's your problem, i can live without any problems alone and 500 a month yes, i already mentioned that this is done without a family, i don't need a family or anything like that

Where are you from?