Why the internet sucks.

[Marvell1]

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!!!

lol he doesnt even make sense if you have access to cheap 580s wtf are doing here crying 'ppl are mean to me on the internet' If you had any brains you would be buying up the 580s not to mine but to sell for like $400 pop , Im selling my stack of 30 cards at $550 a card and not looking back.

either youre an idiot a just a plain coward , man up and do something then since u say you have it figured out

dumb millenial lol

[twicx]

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!!!

lol he doesnt even make sense if you have access to cheap 580s wtf are doing here crying 'ppl are mean to me on the internet' If you had any brains you would be buying up the 580s not to mine but to sell for like $400 pop , Im selling my stack of 30 cards at $550 a card and not looking back.

either youre an idiot a just a plain coward , man up and do something then since u say you have it figured out

dumb millenial lol

You make me laugh. Bitter about negative equity?

[Mr Frog]

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!

That is funny...
I posted something talking about that earlier. I had the same feeling as yours seen comments very oftently pointing in that direction. Mining is not Profitable!

And reading the topic I discover that some will hide behind the fact that the question is ask millions times... well. How easy and unfinished statement is that ? in my opinion.
I think there is an other one and here is my earlier post.

There is one thing I am quite sure is that some miners doesn't want you to mine. Because more miners less profit for them. So they will tell you how hard it is. And that it is not profitable.
That you should not invest in mining because you will loose money at the end.

IT'S ALL FALSE.

if it was true well NOBODY would be mining. NOBODY would be buying equipment from Bitmain or others... but the problem is that they are all out of stock and you need to order 2 months in advance to get them and prices are rocketing... really !?

Something doesn't match here... !!? Is everybody gone mad buying stuff to loose money ?
NO

Mining still profitable if you are doing it the right way.
Electricity cost still the biggest problem to stay in profit and for sure it is impossible to get some profit mining BTC in most countries.
But there is plenty other coins to mine.

At this point the only thing who can change is a Market crash with very slow recovery.
Then it wouldn't be sustainable, but also maybe no more BTC then, if there is nobody to mine it at big lost ?

We just need to be aware that market crash happened before and can happen in the future. And that you can loose money investing in mining. Fact. But you can also make money. Also fact.

[Marvell1]

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!!!

lol he doesnt even make sense if you have access to cheap 580s wtf are doing here crying 'ppl are mean to me on the internet' If you had any brains you would be buying up the 580s not to mine but to sell for like $400 pop , Im selling my stack of 30 cards at $550 a card and not looking back.

either youre an idiot a just a plain coward , man up and do something then since u say you have it figured out

dumb millenial lol

You make me laugh. Bitter about negative equity?

lol netagive equity wtf u talking about I have a house and a condo no negative eq here thank you lol , youve got good advise already in this re-tread thread why dont you be a good boy and run with it build your farm of 580s , or resale them no one cares millenial ur sense of entitlement is palpable

You want to cherry pick adviise for only the good and positive comments egging you on , like the previous poster said your lucky you didnt get a bunch of positive stuff or you probably would have sold daddys Bentley or Ferrari and had

been shitting ur pants now as the eth hits 70k soon and prices keep dropping until segwit is resloved lol

[Metroid]

See the problem is, crypto rose so fast and these new people see the opportunity to earn dollars, not pennies like many miners usually earn, these new people want to earn lot of money fast and that is not something you will get cause like you there are many opportunistic people around. Cryptocoin market like any market has boomy and gloomy times. If you want to get in only when is boomy then dont think it will work out for you. If you really want to be a miner then you will have to accept to earn pennies and expect your return of investment around 18 to 36 months.

[Marvell1]

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!

That is funny...
I posted something talking about that earlier. I had the same feeling as yours seen comments very oftently pointing in that direction. Mining is not Profitable!

And reading the topic I discover that some will hide behind the fact that the question is ask millions times... well. How easy and unfinished statement is that ? in my opinion.
I think there is an other one and here is my earlier post.

There is one thing I am quite sure is that some miners doesn't want you to mine. Because more miners less profit for them. So they will tell you how hard it is. And that it is not profitable.
That you should not invest in mining because you will loose money at the end.

IT'S ALL FALSE.

if it was true well NOBODY would be mining. NOBODY would be buying equipment from Bitmain or others... but the problem is that they are all out of stock and you need to order 2 months in advance to get them and prices are rocketing... really !?

Something doesn't match here... !!? Is everybody gone mad buying stuff to loose money ?
NO

Mining still profitable if you are doing it the right way.
Electricity cost still the biggest problem to stay in profit and for sure it is impossible to get some profit mining BTC in most countries.
But there is plenty other coins to mine.

At this point the only thing who can change is a Market crash with very slow recovery.
Then it wouldn't be sustainable, but also maybe no more BTC then, if there is nobody to mine it at big lost ?

We just need to be aware that market crash happened before and can happen in the future. And that you can loose money investing in mining. Fact. But you can also make money. Also fact.

theres no conspricy theory here gtfo, mining is profitable if you can get your hands on hardware at a good price , say 20 percent max over retail, then u still have to buy the jacked up priced motherboards, power supplies risers etc lol

the large farms are the ones buying up all the hardware stocks not small 100 to 500 gpu farms, all they can do is preorder and hope for the best.

either way u noobs are stupid late to the game , maybe you will make money maybe you wont no one really cares enough to stop you from mining wtf

no one is gona encorage u to take a dumb risk bc that what it is right now , but taking risks is how money is made duh.

personally i would buy a ton of rx 580s make a few rigs and sell off the majority to buy 1070s

but Im pre ordering shit, if i cant get it within a week or two weeks Im good , no one knows what will happen to  prices in two months.

so do you, grow some balls take a risk or not

[twicx]

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!!!

lol he doesnt even make sense if you have access to cheap 580s wtf are doing here crying 'ppl are mean to me on the internet' If you had any brains you would be buying up the 580s not to mine but to sell for like $400 pop , Im selling my stack of 30 cards at $550 a card and not looking back.

either youre an idiot a just a plain coward , man up and do something then since u say you have it figured out

dumb millenial lol

You make me laugh. Bitter about negative equity?

lol netagive equity wtf u talking about I have a house and a condo no negative eq here thank you lol , youve got good advise already in this re-tread thread why dont you be a good boy and run with it build your farm of 580s , or resale them no one cares millenial ur sense of entitlement is palpable

You want to cherry pick adviise for only the good and positive comments egging you on , like the previous poster said your lucky you didnt get a bunch of positive stuff or you probably would have sold daddys Bentley or Ferrari and had

been shitting ur pants now as the eth hits 70k soon and prices keep dropping until segwit is resloved lol

Thanks for your insight. I will take it under advisement.

Meanwhile, Mr Frog, I agree with you. I think that is the way it is. But I think the key to this is keeping current. Making sure hardware is up to date etc. Its very difficult to predict what way things are going to go, but like you said, there's money there for the taking.

As far as selling off cards when they get older, that's an important factor, most definitely. However, once a card is paid off, after costs if its still making money, its worth hanging onto. For example, if a card is paid off, and you go to a return of $50 per month, its still 50 more than you had last month. Profit is profit.

[Mr Frog]

theres no conspricy theory here gtfo, mining is profitable if you can get your hands on hardware at a good price , say 20 percent max over retail, then u still have to buy the jacked up priced motherboards, power supplies risers etc lol

the large farms are the ones buying up all the hardware stocks not small 100 to 500 gpu farms, all they can do is preorder and hope for the best.

either way u noobs are stupid late to the game , maybe you will make money maybe you wont no one really cares enough to stop you from mining wtf

no one is gona encorage u to take a dumb risk bc that what it is right now , but taking risks is how money is made duh.

personally i would buy a ton of rx 580s make a few rigs and sell off the majority to buy 1070s

but Im pre ordering shit, if i cant get it within a week or two weeks Im good , no one knows what will happen to  prices in two months.

so do you, grow some balls take a risk or not

Hey not saying that there is no good guys around here telling the things how they are really. Of course there is.
If we are a community and we want to grow. It is good to start by helping each other. That is all I wanted to say.

Now saying that it is too late in the game is an other false statement. Who knows ? Do you have a cristal ball ? What if...
And finally let me remind you that you've been noob too.

[Marvell1]

Im talking about buying cards at 250 and selling for $400 not old cards

right now its a sellers market so i you can get cards for nomal prices you can make far more selling gear than farming with it.  The use that doubled money to build a small or large farm at  half the.price you would have before if you had just used them for mining outright.

i.e get 50 cards for $250 each , sell 30 of them for $400 or more, then basically build the  reamining cards into rigs basically for free

[Mr Frog]

Im talking about buying cards at 250 and selling for $400 not old cards

right now its a sellers market so i you can get cards for nomal prices you can make far more selling gear than farming with it.  The use that doubled money to build a small or large farm at  half the.price you would have before if you had just used them for mining outright.

i.e get 50 cards for $250 each , sell 30 of them for $400 or more, then basically build the  reamining cards into rigs basically for free

Not into it. But that seems a very good advise Marvell.

[Marvell1]

theres no conspricy theory here gtfo, mining is profitable if you can get your hands on hardware at a good price , say 20 percent max over retail, then u still have to buy the jacked up priced motherboards, power supplies risers etc lol

the large farms are the ones buying up all the hardware stocks not small 100 to 500 gpu farms, all they can do is preorder and hope for the best.

either way u noobs are stupid late to the game , maybe you will make money maybe you wont no one really cares enough to stop you from mining wtf

no one is gona encorage u to take a dumb risk bc that what it is right now , but taking risks is how money is made duh.

personally i would buy a ton of rx 580s make a few rigs and sell off the majority to buy 1070s

but Im pre ordering shit, if i cant get it within a week or two weeks Im good , no one knows what will happen to  prices in two months.

so do you, grow some balls take a risk or not

Hey not saying that there is no good guys around here telling the things how they are really. Of course there is.
If we are a community and we want to grow. It is good to start by helping each other. That is all I wanted to say.

Now saying that it is too late in the game is an other false statement. Who knows ? Do you have a cristal ball ? What if...
And finally let me remind you that you've been noob too.

wth did i say it was too late to get in the game per se?  The risk now is like 5 to 6 times greater to get into the game only becuase of the price of hardware it takes 2 to 3 times as long to recoup the price of. your gear and that time frame is getting longer day by day as the large farms expand on cheap hardware contracts.

There are easier ways to make money now than mining , which was not  the case three or four months ago.  Remeber if you pay $500 for a card that retails for $250 , six months from now if you want to sell it you will have to sell it for $200 so u have to make up nearly $300 per card to recoup your investment.

easy math

[Marvell1]

Im talking about buying cards at 250 and selling for $400 not old cards

right now its a sellers market so i you can get cards for nomal prices you can make far more selling gear than farming with it.  The use that doubled money to build a small or large farm at  half the.price you would have before if you had just used them for mining outright.

i.e get 50 cards for $250 each , sell 30 of them for $400 or more, then basically build the  reamining cards into rigs basically for free

Not into it. But that seems a very good advise Marvell.

i did that last time back in 2013 the cycle repeats itself, sols all my basically new 280 ans 290s for pretty much double what I paid for right before the big crash and still was. able to keep a small fully paid for farm.

I saw this comming in march and bought up all the 570 and 580s i could find , around 50 cards , sling them now at double what i paid for.  If not for vega comming out soon and my intrest in buying antminer l3 plus rigs I would preorder more cards to sell, but like I said im wary of pre orders, look at the panda miner fiasco

lauging my butt  off at the fools who got burned on those, at least they got thier money back but I warned them to rather  build thier own rigs with readily available 470 and 480 at the time , now they lost money and dont have any hardware to show for it.

just look at gpus and mining rig hardware as a comodity that you can make money off if ur timing is. right and you make smart decisions and u will profit.

[twicx]

theres no conspricy theory here gtfo, mining is profitable if you can get your hands on hardware at a good price , say 20 percent max over retail, then u still have to buy the jacked up priced motherboards, power supplies risers etc lol

the large farms are the ones buying up all the hardware stocks not small 100 to 500 gpu farms, all they can do is preorder and hope for the best.

either way u noobs are stupid late to the game , maybe you will make money maybe you wont no one really cares enough to stop you from mining wtf

no one is gona encorage u to take a dumb risk bc that what it is right now , but taking risks is how money is made duh.

personally i would buy a ton of rx 580s make a few rigs and sell off the majority to buy 1070s

but Im pre ordering shit, if i cant get it within a week or two weeks Im good , no one knows what will happen to  prices in two months.

so do you, grow some balls take a risk or not

Hey not saying that there is no good guys around here telling the things how they are really. Of course there is.
If we are a community and we want to grow. It is good to start by helping each other. That is all I wanted to say.

Now saying that it is too late in the game is an other false statement. Who knows ? Do you have a cristal ball ? What if...
And finally let me remind you that you've been noob too.

wth did i say it was too late to get in the game per se?  The risk now is like 5 to 6 times greater to get into the game only becuase of the price of hardware it takes 2 to 3 times as long to recoup the price of. your gear and that time frame is getting longer day by day as the large farms expand on cheap hardware contracts.

There are easier ways to make money now than mining , which was not  the case three or four months ago.  Remeber if you pay $500 for a card that retails for $250 , six months from now if you want to sell it you will have to sell it for $200 so u have to make up nearly $300 per card to recoup your investment.

easy math

Oh yeah there's plenty of easier ways to make money! No doubt about that. There's other investments that have higher yield.

So why am I looking into mining now?

Well let's just put aside things like it being late in the game, hashrate drops etc etc. I am an architect first and foremost. I love my job, I'm financially stable from it. I also have a few other investments that give me constant dividends, even if they're not much, they are a nice little bit of additional income. Aside from my love of architecture and my other investments, I have a huge interest in markets based around technology. One of my investments, for example, is in the 3d printing industry. I do some 3d printing work on the side too, and its a hobby with some minor profits, but nothing major.

To me, this is a bit of an experiment at this stage. Its a small cost to me to see how it goes. It doesn't require 24/7 attention, and to me, its worth a gamble.

If it works out, great. If it doesn't, well at least I gave it a go.

[Marvell1]

If its money and time you can affors to lose then yeah dive in but only buy rx serise cards to sell

nvidi gtx 1070 and possibky the retail vega cards are better for mining

[twicx]

If its money and time you can affors to lose then yeah dive in but only buy rx serise cards to sell

nvidi gtx 1070 and possibky the retail vega cards are better for mining

There's some early reports on the Vega cards that they're not great. I think its worth hanging on for the nvidia 20 series.