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Author Topic: Need advice on getting into altcoin mining  (Read 285 times)
xoibsurferx
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September 09, 2017, 02:59:33 PM
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Hello everyone I'm new to mining in general but I'm a pretty tech savvy person and a huge Linux fan. I'm between getting into bitcoin mining vs altcoins such as Ethereum. I understand that there's pros and cons to both but here's where I'm at so far.

Pros to altcoin mining:
-I can get free electricity with altcoin mining since the hardware doesn't suck as much electricity as an asic miner. We have a commercial space with electric included but it got to be under $200 a month for it to be free. From all the calculators it's under that for a 6 gpu unit.
-Less time to get an altcoin unit. Bitcoin asic miners like the antminer (when) they have the s9 in stock on bitmain it can take months to get shipped to the USA. And I refuse to pay $3k for one off eBay or amazon when on bitmain they're $1400 at most.
-Can mine multiple altcoins where as an s9 can only do bitcoin to my knowledge.
-Still profits!

Cons:
-Less profits than using an s9 for bitcoin.
-Ethereum may be going to a proof of stake and that would make mining less profitable from my knowledge and may make mining obsolete.
-From my knowledge the best way to cash out is to trade the altcoin to bitcoin and then sell the bitcoin. This could be time consuming.

Hold backs:
-Ethereum and other altcoins going to proof of stake making mining less profitable or obsolete.
-Units for mining have more parts which can break.
-Profits are less than bitcoin mining at the same price point for hardware.

Units I've looked into:
-Digitmint seems to have the pro version that does 53.6 gh/s. This unit is also plug and go which is great since I'm starting out.

Questions:
-Right now with 53.6 gh/s for Ethereum it appears I'd make around $100 a month. How much more would I make if I was in a pool? With the 53.6 gh/s is it possible to make $500 a month or so which would make roi faster.
-Is the digitmint a good buy at roughly $1500 for a 4 gpu unit that's plug and play at 53.6gh/s for the price and all.
-With the possibility of Ethereum going to Proof of stake will this get rid of mining? Make it less profitable? So would it be worth I to even jump into altcoin mining due to this and the possibility of other altcoins going to this model?

Thanks in advance!
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Vann
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September 09, 2017, 03:07:02 PM
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ETH going to POS will NOT make GPU mining obsolete. If you want to get an idea of what it will be like, wait until the next ETH ICE AGE ~30% difficulty bomb ramp up on September 24th. That will make ETH unprofitable or marginally profitable for most people until the ICE AGE is defused and the reward reduced in the planned hard fork for October 9th.
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September 09, 2017, 03:33:52 PM
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ETH going to POS will NOT make GPU mining obsolete. If you want to get an idea of what it will be like, wait until the next ETH ICE AGE ~30% difficulty bomb ramp up on September 24th. That will make ETH unprofitable or marginally profitable for most people until the ICE AGE is defused and the reward reduced in the planned hard fork for October 9th.

So moving to POS won't be the biggest issue but the ice age update in October could make it less profitable or not at all profitable?

Side note: From my knowledge miners make the currency popular and if they make this ice age update take profit away the currency may be in trouble as less people will use it!
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September 09, 2017, 06:32:14 PM
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Bump for good luck!
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