Hey guys, complete noob here. I've made some profit investing in bitcoin and ethereum and have thought about using that profit to start mining. Some questions I have:
What can I get with $30k worth of equipment? How much profit will this turn out per month approximately?
What is the most profitable coin to mine right now? Bitcoin doesn't seem feasible but what about Ether or Zcash or Monero?
How many of you make enough money to live off this? How much money did you put into your rigs?
What are the longterm prospects of mining in your opinion?
I read somewhere here about some new Vega gpu that will be coming out soon...is it worth it to wait for this? If not will I be able to resell my old equipment easily enough?
I realize I've asked a lot of questions and some of these could take a while to give a good answer. If any of you can answer one or some of these questions I'd much appreciate it. Thanks!!!
Right now with mining its like living in a communistic country. Everybody has money to throw at mining rigs but there is a shortage of GPUs to buy. GPUs are sold out for months and months and when they become available they are quickly bought out.
I think if you want to start now you can only get Nvidia GPUs like the 1060/1070/1080. The 1070 I think does 30MH/s (AMD guy here no clue on Nvidia specs) however it costs like $400. THere is the 1060 which is cheaper that you can mine ZEC with.
Your other issue is finding 6 Slot motherboards in stock. Another issue is finding Risers in stock close to your location. I think the only components NOT SOLD OUT are the PSUs, SSDs, and CPUs.
So with $30000 You can probably buy 50 GPUs like the GTX 1070 and the rest will be needed for the Motherboard, Risers, CPUs, SSD, PSUs etc.
Each 1070 currently makes $6-7 USD per day TODAY! Tomorrow might be $5/day or $10/day. Depends on ETH price and how fast the difficulty will keep rising.
So to answer your questions you should make $325 USD/day.
With Nvidia GPUs most profitable coin to mine is ZEC. With AMD its ETH.
Generally we can't earn our living long-term off mining. As we all wish we could.
My long term prospects being here since 2014 is that our potential mining profits will halve every month from now on. So your $325 USD today, will be $150 USD next month, $75 the month after that and so on...
Yes VEGA is coming out however its a flagship model and will be available in small quantities. Will most likely be very difficult to get in stock. And by the time they are available, mining profits will not be the same.
