Why the internet sucks.

[twicx]

I'm about to order parts for my first rig... Or maybe not.

I've been researching mining for the last 3 months, and I'm keen to dive in. The plan was to build an 8 x RX 480 8Gb rig, with a view to expand in 6-9 months to a much larger setup. However, there's a lot of things I've been considering that makes the decision a little tougher.

1. Ether mining is going to get really tough soon, but that's not to say other coins are not worth mining when it gets tough.
2. I can't seem to find an answer as to whether the forthcoming hashrate drop for RX cards will affect other coins too, or just Ether.
3. SOME PEOPLE ARE NOT ENCOURAGING!!!

Point 3 is arguably the biggest issue I have right now. On one hand, I'm seeing people with huge rigs making good profits. They're helpful, give advice, and offer tips for optimisation! This is awesome!!! But then there's people who just diminish the whole idea of mining, claiming that its pointless, not profitable, a waste of money etc etc.

I'm looking at this as both a proof of concept, and potentially a long term option. I'm not going blindly into this, or buying 1 ancient card with a hashrate of 2. If I'm going to do this, I want to do it properly, which is why I've spent a good while researching cards, pools, altcoins, even did 3 months of day trading on bitrex, where I managed to make a little bit of profit!

So, I'm asking some of the more experienced miners out there, is mining still worth getting into? (Also, if anyone can give a definitive answer on a good backup coin to mine after the RX get hit with the ether hashrate drop, that would be great!)

Many thanks to everyone. This community is infinitely more helpful than other ones out there!

[abhinav_thakur01]

Mining is worth it but the catch is that it needs patience. It could take a minimum of six months to two years to start making some profit with it. In a post I had read a guy earned a lot of money but it two years to reach that position and it was from his Antminer.

[twicx]

Mining is worth it but the catch is that it needs patience. It could take a minimum of six months to two years to start making some profit with it. In a post I had read a guy earned a lot of money but it two years to reach that position and it was from his Antminer.

See, this is helpful. Many thanks for this!

I do understand that it'll take time and patience to get any decent sort of return. That's why I'm looking at this from a long-term perspective. But with any investment, in any field or industry, getting your money back in a year, or even 2, is a good investment!

If I end up making 50% or more back within 9 months, I'm going to invest in a much bigger setup. But I do think there's money to be made. Its reassuring when someone with experience gives advice like that though.

[Dlugina23]

My Internet is working.

[pb2014]

The thing is no one really knows what mining will be like 3-6 months down the road. Card prices are sky high right now and AMD is coming out with Vega cards in August. Ethereum could go PoS by end of the year etc.. Don't expect to turn a profit until at least 4-5 months down the road.

[twicx]

The thing is no one really knows what mining will be like 3-6 months down the road. Card prices are sky high right now and AMD is coming out with Vega cards in August. Ethereum could go PoS by end of the year etc.. Don't expect to turn a profit until at least 4-5 months down the road.

Like I said, if I get more than 50% of my return back within 12 months, I'm calling it a success of sorts. Nvidia are also inching closer to their 20 series cards, which I think will have a big effect on the current 10 series cards. My plan on that front is to hold out until early next year when I would be looking to expand. Right now, my aim is to have a setup where over the next 9-12 months, I'd get 50% or more of my initial investment back. I've checked every mining calculator I can find, and with 580s, it seems possible.

[Heimer]

3. SOME PEOPLE ARE NOT ENCOURAGING!!!

Why would they want to encourage you? You're gonna steal part of their profit. Do your own research and take responsibility for it.

[twicx]

3. SOME PEOPLE ARE NOT ENCOURAGING!!!

Why would they want to encourage you? You're gonna steal part of their profit. Do your own research and take responsibility for it.

Well, with anything new, its nice to get feedback or help from people more experienced. Realistically, is 1 more miner going to affect your profit? Probably not.

[Subw]

good backup coin to mine after the RX get hit with the ether hashrate drop, that would be great!

there won't be any. After RX hashrate drop and ETH goes PoS thousand of miners world wide would start seeking profitable coins incresing the hashrate of every one of them by multitude, profits would drop rapidly

[twicx]

good backup coin to mine after the RX get hit with the ether hashrate drop, that would be great!

there won't be any. After RX hashrate drop and ETH goes PoS thousand of miners world wide would start seeking profitable coins incresing the hashrate of every one of them by multitude, profits would drop rapidly

Agreed. 100% agreed. However, I think that's also the reason why so many hobby miners will be left behind. My understanding is that the key to longer term success is to continually update hardware, software, coin selection on an ongoing basis. I anticipate there being a time between the hashrate drop this year and the PoS change. Its during that time that I'd like a backup.

However, I do like the way nicehash will adjust to whatever is most profitable. That seems like the best option while someone gets their teeth into the world of mining.

[Heimer]

Mate, mining isn't anything new. And this isn't ,,one more miner". Look at this forum. Every third question sounds like ,,Is mining profitable?" "1050ti hashrate?" "How many $ will earn ... gpu" Just do your own research  
But tbh we are facing difficulty bomb and price of cryptos is constantly dropping, so buying new rig now is much more risky than it was before.

[hideto98]

Mine works too.

[twicx]

Mate, mining isn't anything new. And this isn't ,,one more miner". Look at this forum. Every third question sounds like ,,Is mining profitable?" "1050ti hashrate?" "How many $ will earn ... gpu" Just do your own research  
But tbh we are facing difficulty bomb and price of cryptos is constantly dropping, so buying new rig now is much more risky than it was before.

I understand that. I've been doing a lot of research on this over the last 3 months, reading everything from hardware specs and stats, to articles in Forbes over the future of cryptocurrency.

To be clear, I'm not doing this to be a part time gamer miner with 1 x 1050ti playing call of duty 6 hours per day. I'm using the first 6 months as a proof of concept, with a view to investing around $20,000 early next year, depending on the result. The 20k is ready to go, but I'm building a $2,500 rig first to explore profitability first.

I know I'm getting into the game late, but that doesn't mean there's not return to be had.

[Subw]

My understanding is that the key to longer term success is to continually update hardware, software, coin selection on an ongoing basis.

you are right having efficient hardware is the key

I anticipate there being a time between the hashrate drop this year and the PoS change. Its during that time that I'd like a backup.

hashrate drop is already happening now as we speak. PoS is not close yet

However, I do like the way nicehash will adjust to whatever is most profitable. That seems like the best option while someone gets their teeth into the world of mining.

nicehash is not an option for any professinal miner it is only for begginers.
i do use them sometimes but generally it is much better to mine coin directly

[twicx]

My understanding is that the key to longer term success is to continually update hardware, software, coin selection on an ongoing basis.

you are right having efficient hardware is the key

I anticipate there being a time between the hashrate drop this year and the PoS change. Its during that time that I'd like a backup.

hashrate drop is already happening now as we speak. PoS is not close yet

However, I do like the way nicehash will adjust to whatever is most profitable. That seems like the best option while someone gets their teeth into the world of mining.

nicehash is not an option for any professinal miner it is only for begginers.
i do use them sometimes but generally it is much better to mine coin directly

Many thanks for the help, by the way!

I have made myself very familiar with the likes of whattomine. I plan on using nicehash while I tweak the cards to get the best hashrate/wattage etc. Once that's done, I'll mine directly, as you suggested.

I'm still a little unsure on 8gb 580s vs 6gb 1060s. Potentially, I could do both, but I am trying to work out if the hashrate drop (factoring in that it is not expected to hit nvidia quite as badly) is reason enough to go with the 1060s. They have a lower hashrate, but I'm trying to figure out if/when the 580 hashrate will dip below the 1060.

[Marvell1]

3. SOME PEOPLE ARE NOT ENCOURAGING!!!

Why would they want to encourage you? You're gonna steal part of their profit. Do your own research and take responsibility for it.

lool funny , dude expects to be handed all the info on a platter, and when ppl dont encorage him and validate his risk
he gets mad?  No one will encorage you to take the risk right now bc six months from now if things go belly up you will return here probably name drop and flame them.   Yes you might. make money u might not its called taking a risk
as long as u dont over pay for ur equipment at least you know u can get ur 80% of ur $$ back from eBay

I bet u are a millenial 😂😂

[Marvell1]

Also idk why u are worried about the rx hash drop, you cant find them for sale most anywhere anyways

[twicx]

3. SOME PEOPLE ARE NOT ENCOURAGING!!!

Why would they want to encourage you? You're gonna steal part of their profit. Do your own research and take responsibility for it.

lool funny , dude expects to be handed all the info on a platter, and when ppl dont encorage him and validate his risk
he gets mad?  No one will encorage you to take the risk right now bc six months from now if things go belly up you will return here probably name drop and flame them.   Yes you might. make money u might not its called taking a risk
as long as u dont over pay for ur equipment at least you know u can get ur 80% of ur $$ back from eBay

I bet u are a millenial 😂😂

Nice work reading the post. I bet you're a baby boomer who destroyed just about every financial market for the entrepreneurial generation that is us "millenials." Excuse me while I go back to drinking my latte out of an avocado.

I wasn't looking for all the information on a platter. That's the whole point. I've been doing endless research of this. I'm not doing a half-assed approach.

And RX 580s are available. Easily. And at non-inflated prices. You clearly need to do some research.

Read the post before you decide to comment from your ivory tower.

[Metroid]

3. SOME PEOPLE ARE NOT ENCOURAGING!!!

Thankgod we have this kind people here because if not then many users would have committed suicide already. Yes, the internet sucks cause reality hurts right? If you had started mining 8 months ago perhaps the users would have encouraged you, oh, but wait 8 months ago, miners were getting pennies, see that is the thing 8 months ago you would never think about it, right now, only scammers would encourage you especially the asic market hehe, i mean many people around here have more money then sense and scammers are watching your desire to get scammed hehe

Also, in few weeks, miners will get once again earn pennies instead of dollars. So watchout about your thinking.

[Pennywis3]

I wasn't looking for all the information on a platter. That's the whole point. I've been doing endless research of this. I'm not doing a half-assed approach.

If you've done your research, whats the problem then?
What do you want to hear? Go and buy tons of rigs you're gonna make a fortune?

No one knows where mining is leading, we don't have magic crystal balls do we now?
You know what? People are tired of noobs asking the same question over and over again all across the forum, no wonder they are NOT ENCOURAGING!!!