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Author Topic: is mining worth it?  (Read 1510 times)
s4v4g3
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June 08, 2017, 08:18:36 AM
 #1

Hey there,

I'm looking forward to invest much amount of money on mining rigs (+$10K) but I wonder if it's worth it..
May the crypto-currencies mining process stops somehow? I wanna know if there's any case i'm going to lose my money if i invested it on mining rigs because with these profits (ex: x6 rx 480 mining ethereum = 0.1068/day ~ $27/day) it's crazy and there should be many disadvantages that I don't know..
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sir.humus
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June 08, 2017, 08:30:28 AM
 #2

Maybe today you can mine ethereum worth of about 27$ a day,
but the difficulty will rise, and the payment will go down.
It might take months or years,
but it also could be so fast, that by the time you'll get your hardware ordered and delivered, you will gain less than half of that.
It happened to so many people in the past - There is no free money, and no investment without risk.
s4v4g3
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June 08, 2017, 08:35:16 AM
 #3

I understand that but my question is does mining have an end? that in some day the mining process may stop?
reids
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June 08, 2017, 08:38:01 AM
 #4

I understand that but my question is does mining have an end? that in some day the mining process may stop?

If people knew that then they'd either stop and not take the risk or literally everyone would do it. There's always an element of risk in these situations.
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June 08, 2017, 08:39:20 AM
 #5

I understand that but my question is does mining have an end? that in some day the mining process may stop?

Of course!
bitcoin has a limit of 21 million coins.
that's mean that when there will be 21MBTC mined, the miner will gain only the transaction fees and no mining bonus.
it is going to happen in more then 100 year though...
So don't worry about it.
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June 08, 2017, 08:44:59 AM
 #6

I understand that but my question is does mining have an end? that in some day the mining process may stop?

Of course!
bitcoin has a limit of 21 million coins.
that's mean that when there will be 21MBTC mined, the miner will gain only the transaction fees and no mining bonus.
it is going to happen in more then 100 year though...
So don't worry about it.

i mean the process of mining generally not the BTC mining, there's many other crypto-currencies that can be mined and more currencies are made every day..
poby
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June 08, 2017, 08:47:31 AM
 #7

Mining won't end.  But mining with a profit certainly will for many if not most people.

It's all a gamble but most likely by the end of this year only the people with the cheapest electric will be able to mine profitably.  There are just too many people pouring into it now, difficulty is shooting up and all it will take is for the currencies to stop rising for a few months and then it will end up costing more in electricity than you can make, unless you paying 10 cents a kw or less.  The current good times are definitely not normal and not expected to last.

If you have cheap electric then in the long term, you can hope to make maybe $2 or $3 a day after electric.  Don't go spending up big if you think the ridiculous profitability is going to last for long.  It won't!
Vaccinus
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June 08, 2017, 08:54:51 AM
 #8

mining now is worth more than anythigng else, invest without worry your 10k, buy nvidia rig they are great now, you can buy 3 rig with that amount or maybe 4 with 6 x 1070, the return will be 4k a month at least roi in 2-3 months no more

sir.humus
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June 08, 2017, 08:56:57 AM
 #9

Mining won't end.  But mining with a profit certainly will for many if not most people.

It's all a gamble but most likely by the end of this year only the people with the cheapest electric will be able to mine profitably.  There are just too many people pouring into it now, difficulty is shooting up and all it will take is for the currencies to stop rising for a few months and then it will end up costing more in electricity than you can make, unless you paying 10 cents a kw or less.  The current good times are definitely not normal and not expected to last.

If you have cheap electric then in the long term, you can hope to make maybe $2 or $3 a day after electric.  Don't go spending up big if you think the ridiculous profitability is going to last for long.  It won't!

Didn't thought about alternative crypto-currencies.
I guess you're right.

BTW, I have a spare Xilinx's FPGA that I can use for mining with minimal electricity cost.
Do you know any firmware I can load on it to start mining alt cryptos?
Where should I look for such a thing?
PanneKopp
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June 08, 2017, 09:00:00 AM
 #10

do not invest more, than you can afford to loose

Tongue

... please make an educated guess !
Etherion
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June 08, 2017, 09:08:52 AM
 #11

Mining won't end.  But mining with a profit certainly will for many if not most people.

It's all a gamble but most likely by the end of this year only the people with the cheapest electric will be able to mine profitably.  There are just too many people pouring into it now, difficulty is shooting up and all it will take is for the currencies to stop rising for a few months and then it will end up costing more in electricity than you can make, unless you paying 10 cents a kw or less.  The current good times are definitely not normal and not expected to last.

If you have cheap electric then in the long term, you can hope to make maybe $2 or $3 a day after electric.  Don't go spending up big if you think the ridiculous profitability is going to last for long.  It won't!

Didn't thought about alternative crypto-currencies.
I guess you're right.

BTW, I have a spare Xilinx's FPGA that I can use for mining with minimal electricity cost.
Do you know any firmware I can load on it to start mining alt cryptos?
Where should I look for such a thing?

Unlike the bitcoin days gpus are more efficient than fpga at this moment. The reasons is that the most algorithms are designed to work badly with fpga. Asic are a different story as they will be designed to do what needs to be done. If firmware exist it will be not be public.
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June 08, 2017, 09:29:18 AM
 #12

do not invest more, than you can afford to loose

Tongue

I was just going to reply the same thing.

OP: the simple fact that you're having your doubts about the fact that it is or isn't worth it shows to me that:

-You haven't made a real analysis about your mining project in terms of ROI and what it's really going to cost you (electricity, time, maintenance etc.)
-Your investing a lot of money you're unsure of getting back. My pinky says your 10K is a lot of money for you

Personally, I think it's not smart to just drop 10K in something you seem to have little experience with. Start small and grow.

And when I talk about electricity, it's not just the cost per kWh, I'm also talking about having a secure installation. 10K will buy you quite a few rigs that will pull quite some Amps. I have no clue where you're planning on storing your mining operation, but you should make sure the electrical installation is top notch and can support a lot of Amps.

That said, it's your money, do what you want with it....
dandreark1
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June 08, 2017, 09:38:58 AM
 #13

do not invest more, than you can afford to loose

Tongue

I was just going to reply the same thing.

OP: the simple fact that you're having your doubts about the fact that it is or isn't worth it shows to me that:

-You haven't made a real analysis about your mining project in terms of ROI and what it's really going to cost you (electricity, time, maintenance etc.)
-Your investing a lot of money you're unsure of getting back. My pinky says your 10K is a lot of money for you

Personally, I think it's not smart to just drop 10K in something you seem to have little experience with. Start small and grow.

And when I talk about electricity, it's not just the cost per kWh, I'm also talking about having a secure installation. 10K will buy you quite a few rigs that will pull quite some Amps. I have no clue where you're planning on storing your mining operation, but you should make sure the electrical installation is top notch and can support a lot of Amps.

That said, it's your money, do what you want with it....

Believe him^ .. spending 10k on equipment is gonna have an electrician running you at least 2 solo circuits 20a each. Unless your an electrician, that job won't be inexpensive.
poby
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June 08, 2017, 09:44:30 AM
 #14

Ideally, you should be doing it for the fun of assembling and constant tinkering.  If this isn't your thing, you might be safer simply buying and holding the coins.  Sooner or later (and probably a lot sooner), the rate of currency increase will drop below the rate of new mining rigs coming online.  That's when profitability will start to drop.  It may be a slow decline or it could be a sudden crash, depending on whether the currencies are rising, falling or staying static.

If your electric cost is above 10 cents a kw, in the long term, your rig will be almost worthless.  You'll be lucky to sell the cards for 10 cents on the dollar as the 2nd hand market will be awash with them.  Both mining and buy-and-holding depend on increasing currency value to be profitable.  But when the inevitable profit decline occurs, the buy-and-hold will likely have a lot more value than your then worthless-for-mining rig.

It's all a big gamble and investing $10k should be viewed as such, keeping in mind you may lose most of it.  Or you may triple your money before then.  Impossible to predict but obviously never invest more than you can afford to lose.  How much is peace of mind worth?

s4v4g3
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June 08, 2017, 10:05:09 AM
 #15

do not invest more, than you can afford to loose

Tongue

I was just going to reply the same thing.

OP: the simple fact that you're having your doubts about the fact that it is or isn't worth it shows to me that:

-You haven't made a real analysis about your mining project in terms of ROI and what it's really going to cost you (electricity, time, maintenance etc.)
-Your investing a lot of money you're unsure of getting back. My pinky says your 10K is a lot of money for you

Personally, I think it's not smart to just drop 10K in something you seem to have little experience with. Start small and grow.

And when I talk about electricity, it's not just the cost per kWh, I'm also talking about having a secure installation. 10K will buy you quite a few rigs that will pull quite some Amps. I have no clue where you're planning on storing your mining operation, but you should make sure the electrical installation is top notch and can support a lot of Amps.

That said, it's your money, do what you want with it....

Believe him^ .. spending 10k on equipment is gonna have an electrician running you at least 2 solo circuits 20a each. Unless your an electrician, that job won't be inexpensive.

I'm just worried about spending money on a project that i don't even know how it works, I have just been into mining 16 days ago and the profitability of this thing is just crazy and i'm not sure how long it's going to last, could someone show me like a chart or something that shows the profitability of a specific coin (ETH/ZCASH/ETC.. etc) for the last 2 years?
HardFireMiner
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June 08, 2017, 10:10:08 AM
 #16

It is worth it, if something crazy won't happen within a month after you start mining, you will ROI (considering that one month you will get profit like today and selling your hardware after that if it won't be profitable).

I recommend you start today, I also recommend you to buy hardware that you can pick up right in your town, without the delay of shipping.

A great rig accessible in most of the world will consist of GTX 1060.

Good luck mate

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grchina
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June 08, 2017, 10:20:43 AM
 #17

Charts won't help you,crypto scene can change in 1 month and there are many more gpus and coins now then 2 years ago . For me this is more a hobby that i can do in free time with money i am willing to forget, worst case scenario is that i am left with hardware that is worth 2/3 of my investment.I have 1 rx mining rig and making 1 more with 1080 cards, imo crypto scene gonna keep going up with some corrections but there is just to much money pumped in for it to crash and burn

TR8888
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June 08, 2017, 10:21:40 AM
 #18

no its not Smiley
chineseprancing
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June 08, 2017, 10:30:36 AM
 #19

Yes, it worth it but not all mining site, because in the site that I was use mining were payouts however, on the previous mining site I already use it's not paying. That's why some people were not believe to the mining site, due to they can't received their payouts.



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CrowdFunder
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June 08, 2017, 10:37:00 AM
 #20

do not invest more, than you can afford to loose

Tongue

I was just going to reply the same thing.

OP: the simple fact that you're having your doubts about the fact that it is or isn't worth it shows to me that:

-You haven't made a real analysis about your mining project in terms of ROI and what it's really going to cost you (electricity, time, maintenance etc.)
-Your investing a lot of money you're unsure of getting back. My pinky says your 10K is a lot of money for you

Personally, I think it's not smart to just drop 10K in something you seem to have little experience with. Start small and grow.

And when I talk about electricity, it's not just the cost per kWh, I'm also talking about having a secure installation. 10K will buy you quite a few rigs that will pull quite some Amps. I have no clue where you're planning on storing your mining operation, but you should make sure the electrical installation is top notch and can support a lot of Amps.

That said, it's your money, do what you want with it....

Believe him^ .. spending 10k on equipment is gonna have an electrician running you at least 2 solo circuits 20a each. Unless your an electrician, that job won't be inexpensive.

I'm just worried about spending money on a project that i don't even know how it works, I have just been into mining 16 days ago and the profitability of this thing is just crazy and i'm not sure how long it's going to last, could someone show me like a chart or something that shows the profitability of a specific coin (ETH/ZCASH/ETC.. etc) for the last 2 years?

Well I don't have a chart for you but you can check the difficulty rises of each coin you intend to mine and see how fast your income will reduce. Generally though people end up selling their mining rigs once the difficulty has risen too much to be realistically profitable. With ASICs that is impossible, but with graphics cards they are still useful in the secondary market.

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