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Author Topic: Should I invest in GPU mining?  (Read 6583 times)
iluvbitcoins (OP)
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June 05, 2017, 09:04:31 PM
 #1

Hey guys

I'v been here for a long time

But most mining I did was cloud based and from my laptop/PC  Cheesy
So, I'm really not experienced in the field.

I'm considering investing into GPU mining
I'm reading this

http://www.coinminingrigs.com/how-to-build-a-6-gpu-mining-rig/

Building such a rig would cost around 2500$ if I'm right?
Also, setting up different GPUs shouldn't affect performance?

As I see, mining ETH with that sort of rig would bring around 1000$/month
Making a break even after 3 months

What's my biggest motivator is that, even if ETH goes down, there's always other profitable coins to mine with the setup, right?
I just want some tips to see if I'm not getting ahead of myself

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ltcsprite
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June 05, 2017, 09:14:59 PM
 #2

Do you have room for additional stress in your life?

It's killin' me. Lol.
Vann
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June 05, 2017, 09:21:44 PM
 #3

I think a GPU rig is a pretty low risk proposition ATM considering you can pay the whole thing off in 2-3 months. After that it's all profit after you pay the electric bill and you still have the hardware that can be resold or repurposed. What you could possibly go wrong with that? Wink
iamnoobplzhelp
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June 05, 2017, 09:23:09 PM
 #4

If you can find the cards to mine with. Everything is out of stock globally. When cards do come for sale, it's usually for a premium. That will increase your costs and the payback time.
fistfullofbtc
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June 05, 2017, 09:23:58 PM
 #5

it cost me more in the uk and i used gtx 1070 to save power costs. cost me about 3000 usd in total plus electricity. generates about 15-20 usd a day after costs.
i personally would buy btc and hold or any other strong coin. it is a gamble, mine a low value coin hoping it goes up, or mine a profitable coin that gives money straight away.  predicting a coin value, difficulty, and profit is interesting.

i enjoy mining learnt a lot, you do have something to show if the market disappeared overnight.

saying that i am hoping to aim for 6 or 7 gtx1070 in a few months, i have 4 already.
poby
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June 05, 2017, 09:26:20 PM
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There are no guarantees of profit and there are certainly risks.  The biggest one IMHO is ethereum's pending change to POS.  Supposed to happen by November this year.  The result will be all those currently mining eth will have to start mining other coins instead, resulting in a massive influx of hashing power, leading to a corresponding increase in difficulty.  For sure, profitability will decrease, possibly to the point where only those with the cheapest electricity can make any profit at all.

Right now it's insanely profitable.  But don't expect it to last.
Vann
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June 05, 2017, 09:41:25 PM
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There are no guarantees of profit and there are certainly risks.  The biggest one IMHO is ethereum's pending change to POS.  Supposed to happen by November this year.  The result will be all those currently mining eth will have to start mining other coins instead, resulting in a massive influx of hashing power, leading to a corresponding increase in difficulty.  For sure, profitability will decrease, possibly to the point where only those with the cheapest electricity can make any profit at all.

Right now it's insanely profitable.  But don't expect it to last.

Been there and done that. Back towards the end of 2014 ASIC's started taking over Scrypt and X11. With difficulty increasing, $650 BTC and dropping, mining was a losing proposition and I took a break. Now I wish I had stuck it though. The good thing is I held on to most of the coins I mined and I'm glad I did.
fistfullofbtc
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June 05, 2017, 10:31:28 PM
 #8

the market spread allows most coins to be mined for a decent profit, new coins coming through as well. i see a decrease potentially but not massively.
TimeTeller
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June 05, 2017, 10:51:06 PM
 #9

Mining at the moment does have a good profitability compared to before the price increase of btc.
i use this site to see whats the best at the moment  http://whattomine.com/coins
iluvbitcoins (OP)
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June 05, 2017, 10:55:23 PM
 #10

Do you have room for additional stress in your life?

It's killin' me. Lol.

I'm willing to handle it  Cheesy

I think a GPU rig is a pretty low risk proposition ATM considering you can pay the whole thing off in 2-3 months. After that it's all profit after you pay the electric bill and you still have the hardware that can be resold or repurposed. What you could possibly go wrong with that? Wink

These are exactly the responses I wanted to hear
I'm definitely buying this shiet right now huehue

There are no guarantees of profit and there are certainly risks.  The biggest one IMHO is ethereum's pending change to POS.  Supposed to happen by November this year.  The result will be all those currently mining eth will have to start mining other coins instead, resulting in a massive influx of hashing power, leading to a corresponding increase in difficulty.  For sure, profitability will decrease, possibly to the point where only those with the cheapest electricity can make any profit at all.

Right now it's insanely profitable.  But don't expect it to last.

Still though, if break even is after 3 months
Selling the parts is always an option for further profit

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dbc23
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June 05, 2017, 11:12:18 PM
 #11

It's a hobby with POSSIBLE financial gains.  If you're ok looking at it like that and you enjoy tinkering and tweaking it's fun.  If you just want to make BTC then you're better off buying in and trading.  The same way the cards have resale value, odds are purchased coins won't hit zero worth, so both have a safety net built in.
iluvbitcoins (OP)
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June 05, 2017, 11:33:59 PM
Last edit: June 06, 2017, 08:29:28 AM by iluvbitcoins
 #12

What's the difference between hx and ax 1200w?

I was thinking of getting something like this
http://www.ebay.com/itm/Corsair-HX1200iProfessional-Platinum-Series-1200-W-ATX-Fully-Modular-PSU-/391806714237?hash=item5b3980017d:g:dGEAAOSwn-tZNc~H

Motherboard
http://www.ebay.com/itm/90676830-ASROCK-H81-PRO-BTC-R2-0-BITCOIN-SOCKEL-1150-ATX-/162488880055?hash=item25d5178bb7:g:D48AAOSw3ZRY~gMa

CPU
http://www.ebay.com/itm/B0306883-CPU-INTEL-CELERON-DUAL-CORE-G1840-PC1150-2MB-CACHE-2-8GHZ-BX80646G1840-/172662807046?hash=item2833815a06:g:7LMAAOSwq1JZDbY6

GPU
http://www.ebay.com/itm/Sapphire-RX-470-4G-NI-OC-RADEON-RX-470-4G-GDDR5-NITRO-OC-/232336483386?hash=item361855643a:g:WYkAAOSwi7RZGa-n
x4 simmilar prices

http://www.ebay.com/itm/Asus-GeForce-GTX-1070-Turbo-Graphics-Card-8GB-GDDR5-DVI-D-HDMI-DP-/282510723638?hash=item41c6f38a36:g:ylYAAOSw2xRYgiU0#viTabs_0
x2 probably

And
https://www.ebay.co.uk/p/PCI-e-Express-1x-to-16x-Riser-Card-USB-Cable-Adapter-Extender-for-Mining-Bitcoin/1625137701
x10

That would be all I need?
Total would be around 2500$

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iluvbitcoins (OP)
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June 06, 2017, 08:28:50 AM
Last edit: June 06, 2017, 08:42:05 AM by iluvbitcoins
 #13

Can anyone confirm this would work?
And if I'm missing something
I'm a complete newb, so I'm afraid to act completely on my own

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Vaccinus
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June 06, 2017, 08:54:51 AM
 #14

Can anyone confirm this would work?
And if I'm missing something
I'm a complete newb, so I'm afraid to act completely on my own

yeah it work, just decide if amd or nvidia, all the other stuff are pretty easy to get and asseble, cpu ssd motherboard, maybe wait for the new asrock one? ssd cheap one or m2 depend on motherboard, riser usb or standard, with 1070 i have non powered risers,a dn they work good

iluvbitcoins (OP)
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June 06, 2017, 09:01:02 AM
 #15

Can anyone confirm this would work?
And if I'm missing something
I'm a complete newb, so I'm afraid to act completely on my own

yeah it work, just decide if amd or nvidia

I posted the links to the ones I would get, is it cool?

Also, is SSD a neccesity?

I have a 500 GB 3.0 portable hard, do I need to buy an SSD?

Looking for a signature campaign.
BitcoinBabbler
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June 06, 2017, 09:04:47 AM
 #16

Yup Bro, you should definitely go for GPU Mining.
It is much more profitable than cludmining
And if you can pay off your electricity bills, the rest is profit!
Vann
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June 06, 2017, 09:09:58 AM
 #17

Can anyone confirm this would work?
And if I'm missing something
I'm a complete newb, so I'm afraid to act completely on my own

yeah it work, just decide if amd or nvidia

I posted the links to the ones I would get, is it cool?

Also, is SSD a neccesity?

I have a 500 GB 3.0 portable hard, do I need to buy an SSD?

SSD is not required, but highly reccommended. Especially with Windows due to the hard crashes. Running 24/7 it pays for itself with the power savings. I used to have a WD 1TB spinning drive. It pulled 50W compared to the 5W and SSD uses. Any basic Sandisk or Kingston 64GB is all you neeed.
iluvbitcoins (OP)
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June 06, 2017, 09:57:12 AM
 #18

Can anyone confirm this would work?
And if I'm missing something
I'm a complete newb, so I'm afraid to act completely on my own

yeah it work, just decide if amd or nvidia

I posted the links to the ones I would get, is it cool?

Also, is SSD a neccesity?

I have a 500 GB 3.0 portable hard, do I need to buy an SSD?

SSD is not required, but highly reccommended. Especially with Windows due to the hard crashes. Running 24/7 it pays for itself with the power savings. I used to have a WD 1TB spinning drive. It pulled 50W compared to the 5W and SSD uses. Any basic Sandisk or Kingston 64GB is all you neeed.

Sweet, will get an SSD then!

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LTCbusiness
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June 06, 2017, 11:26:40 AM
 #19

Mining is like a high risk investment, and there are so many uncertain things which you can not simply put the number in and calculate it.

So let predict the future:

Situation 1: ETH price going up in the next 3 months, as well as the difficulty, so you still can ROI within 3 months, thanks to ETH price.

Situation 2: ETH price stay in the range of $200-$250 in the next 3 months, but the difficulty still increase, so your calculation is not accurate anymore, the ROI should be 6-8 months in this case, and after ROI, your rig may take additional 12-16 months to get another $2500 if the price of ETH does not go up.

Situation 3, the worst one: BTC, ETH price going down, difficulty still going up (cause people already invested in the equipment so they have to use it anyway), at this case you may expect around 15 months ROI, or maybe never ROI, but good thing is your cards have resale value, so you can still sell it.


So the decision is yours, mining is fun, I must say that Cheesy, people tell others to not to invest to mining equipment but invest in the coin itself, that is also a good advice.

Let s talk about my situation, I bought 8 L3+ to mine Litecoin for their 2nd batch on 5 May, it costs me total 11 BTC = $13,200, including PSU and shipping charge, the BTC price is $1200 that time.

Now my 8 L3+ almost ROI, iti s about 80% ROI now
But the opportunity cost is pretty high, since 11 BTC = $30,250, BTC price is $2750 at the moment.

So do you think how long will my 8 L3+ earn me more $20,000 difference, considering more and more L3+ batch will come from Bitmain in the future? It is hard to say, but in term of investment, the decision to keep BTC instead of buying L3+ is a better decision.
iluvbitcoins (OP)
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June 07, 2017, 10:56:02 AM
 #20

Thanks for your responses.

I have ordered almost all the items on the list so far and will wait for their arrival
What my main question is right now as I have ordered 4 rx 470s ordering 2 gtx 1070 and running them on the same motherboard has the same effect as running 6x of the same gpu?

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