Hey I'm pretty new to mining,
I was playing around with my PC and found that NiceHash gives out about £2 per day on my 1070
However I keep reading that GPU mining isn't really a thing anymore ( yes I know nicehash isn't a mining pool )
I was considering setting up my old PC which has a HD 7970 as a miner on NiceHash and using that money to then buy 2nd hand RX470s/RX480s which are around £90, using NiceHashs' profibillity calculator I found that you get a ROI on a new RX470/480 in about 86 days considering my electicity price is 3.66p/kWh (0.5 cents/kWh).
Comparing this to a Antminer S5 which you can pick up 2nd hand for around £200 seems like GPU mining on NiceHash should be obsolete. However when calculating the profitability of an S5 it turns out that you would be loosing money/ not getting a competitive profit margin.
Can anyone explain why NiceHash is more profitable and also give there opinion whether I should buy an ASIC card or buy RX480s for NiceHash?
You can also point me to other posts about this if you've just read one. But I could't work it out, only really found this (
https://bitcoinworldwide.com/mining/hardware/antminer-s7/) which just tells me even the S7 is not profitable