GPU Mining Rigs - Is it too late to start?...

[DarrenJC]

Been hobby mining on NiceHash using a single Gtx 1070.... im very tempted to step it up a gear a build a small gpu rig, 3 or 4 cards to start but im not sure, have I missed the good times?

[bobo012]

It goes in cycles, right now profits are not as high, but still you have profit.
If you have too expensive electricity then i would not go into mining.
I hope trend will overturn and mining profits will be bigger in the future

[DarrenJC]

It goes in cycles, right now profits are not as high, but still you have profit.
If you have too expensive electricity then i would not go into mining.
I hope trend will overturn and mining profits will be bigger in the future

$0.21 is my electric price per kilowatt
£0.16p in my money (ish)

[crocozino]

$0.21 is my electric price per kilowatt
£0.16p in my money (ish)

it depends on which prices you will receive your cards, for example you can buy new @ high price or you can buy used with warranty and discounts
so the less you pay for you hardware , faster you go even and start to receive profits

but my opinion is simple, forget nicehash, in order to receive 25-50% more income from mining you have to lurk for profits yourself
that means find good coin, mine it, and sell it on pumps! with nicehash that is not possible

[Tmdz]

That price is double the average electricity rate out here.

I would not dive very deep into mining, as winter gets closer mining will get less profitable.  Like the other said it goes in cycles and we have been in the down trend since ~june.

[ask]

Mining profits dropping day by day. So you need to think twice before jumping in.
For GPU mining after ETH turn to POS we need some profitable coins to mine. That means we need POW coins with a good dev team and good community support.
My decision investing in GPU mining is not profitable for now.

[Katimand]

It goes in cycles, right now profits are not as high, but still you have profit.
If you have too expensive electricity then i would not go into mining.
I hope trend will overturn and mining profits will be bigger in the future

that is right. If your electricity price is less than $0.1/Kwh, you will make money most of the time.

[kilobytez]

nope, not too late to start, you can chip in some for mining equihash algorithm coins
I only mine the following (mostly) :-


zencash
zcash
hush
komodo


other coins mined for fun

decred
eth
sia
chaincoin

try www.whattomine.com and calculate your profit.

[Greeny]

Im in the same boat, got 2x1070, 1x1050ti running and would really like to expand...

But in my opinion its very risky at the moment as GPU prices are still super high but coins are low and falling. There are too many people jumping the hypetrain without doing the math so the GPU prices will stay up and difficulty keeps rising. Im at 0,15$/kWh so i think i will not upgrade my system as ROI for 1070 here is above 1 year...ffs i believe Ethereum PoS will be sooner than all the ppl who buy 1070s now ROI...and thats going to change the mining world.

Running after the hype is never good. Good moments to buy hardware are in my opinion when the coin value is high or when there is a new coin that has something real to offer and is worth mining early and hodl, but all I see is ICO scam and worthless copypaste coins that wouldnt earn a dime without hype.

So i will wait another 1 or 2 months and reevaluate the situation

[DarrenJC]

Im in the same boat, got 2x1070, 1x1050ti running and would really like to expand...

But in my opinion its very risky at the moment as GPU prices are still super high but coins are low and falling. There are too many people jumping the hypetrain without doing the math so the GPU prices will stay up and difficulty keeps rising. Im at 0,15$/kWh so i think i will not upgrade my system as ROI for 1070 here is above 1 year...ffs i believe Ethereum PoS will be sooner than all the ppl who buy 1070s now ROI...and thats going to change the mining world.

Running after the hype is never good. Good moments to buy hardware are in my opinion when the coin value is high or when there is a new coin that has something real to offer and is worth mining early and hodl, but all I see is ICO scam and worthless copypaste coins that wouldnt earn a dime without hype.

So i will wait another 1 or 2 months and reevaluate the situation

I see it said alot, whats ico scam?

[xPPx]

Initial Coin Offering scam.

[Metroid]

There are tokens everywhere and they are all a huge scam just like usd, so stay away from it.

As I always say, mining is for losers, right now to get your money back is around 2 years.

[JuanHungLo]

If you mine a coin and hold it, and it appreciates over time, mining can be very profitable.  If you were mining Litecoin when it was below $4, never sold, sold it when it was about $80, you did very well.  This is the approach I take while mining Monero.  I've never sold any of it.

[Metroid]

If you mine a coin and hold it, and it appreciates over time, mining can be very profitable.  If you were mining Litecoin when it was below $4, never sold, sold it when it was about $80, you did very well.  This is the approach I take while mining Monero.  I've never sold any of it.

You need to understand that part of the coins you mine you will have to sell to pay the bills, for example electricity. So it means, the moment you sell to pay the electricity and other bills you are already losing, reason why mining is a waste. Mining is never profitable, mining craze which was 3 months ago was also never profitable at all cause the dfficult and farmers tend to overgrow theirs farms which means, common people never see this profit, people paid $700 for a rx 470 3 months ago and will never get that money back. Many of them because of their stupidity still think they are earning $5 dollars a day ehhe and they think that $5 usd is forever and ever hehe

[JuanHungLo]

If you mine a coin and hold it, and it appreciates over time, mining can be very profitable.  If you were mining Litecoin when it was below $4, never sold, sold it when it was about $80, you did very well.  This is the approach I take while mining Monero.  I've never sold any of it.

You need to understand that part of the coins you mine you will have to sell to pay the bills, for example electricity. So it means, the moment you sell to pay the electricity and other bills you are already losing, reason why mining is a waste. Mining is never profitable, mining craze which was 3 months ago was also never profitable at all cause the dfficult and farmers tend to overgrow theirs farms which means, common people never see this profit, people paid $700 for a rx 470 3 months ago and will never get that money back. Many of them because of their stupidity still think they are earning $5 dollars a day ehhe and they think that $5 usd is forever and ever hehe

I do not agree with the concept of paying your utilities from coins you just mined.  Did you buy your hardware from coins you just mined?  Of course, not.  It is a speculative hobby.  You must approach mining in this way.  You are not mining for the now, you are mining for the later on the speculative presumption that your coin is going to be worth way more later...more than enough to cover all the utilities and hardware purchases.

[un4given]

If you mine a coin and hold it, and it appreciates over time, mining can be very profitable.  If you were mining Litecoin when it was below $4, never sold, sold it when it was about $80, you did very well.  This is the approach I take while mining Monero.  I've never sold any of it.

You need to understand that part of the coins you mine you will have to sell to pay the bills, for example electricity. So it means, the moment you sell to pay the electricity and other bills you are already losing, reason why mining is a waste. Mining is never profitable, mining craze which was 3 months ago was also never profitable at all cause the dfficult and farmers tend to overgrow theirs farms which means, common people never see this profit, people paid $700 for a rx 470 3 months ago and will never get that money back. Many of them because of their stupidity still think they are earning $5 dollars a day ehhe and they think that $5 usd is forever and ever hehe

why r u talking so much bs? mining IS profitable in the long run. I started mining Altcoins in Spring 2016 and it has been profitable to me ever since. i paid all of my hardware in one yoear and have been earning pure profit ever since.

[Basmic]

If you mine a coin and hold it, and it appreciates over time, mining can be very profitable.  If you were mining Litecoin when it was below $4, never sold, sold it when it was about $80, you did very well.  This is the approach I take while mining Monero.  I've never sold any of it.

You need to understand that part of the coins you mine you will have to sell to pay the bills, for example electricity. So it means, the moment you sell to pay the electricity and other bills you are already losing, reason why mining is a waste. Mining is never profitable, mining craze which was 3 months ago was also never profitable at all cause the dfficult and farmers tend to overgrow theirs farms which means, common people never see this profit, people paid $700 for a rx 470 3 months ago and will never get that money back. Many of them because of their stupidity still think they are earning $5 dollars a day ehhe and they think that $5 usd is forever and ever hehe

why r u talking so much bs? mining IS profitable in the long run. I started mining Altcoins in Spring 2016 and it has been profitable to me ever since. i paid all of my hardware in one yoear and have been earning pure profit ever since.

Cost-effective production but the margin is steadily declining. I like mining on GPU because it can be increased gradually. If mining will cease to be profitable you have a chance to sell the GPU to gamers and to return some of their money.

[Metroid]

I do not agree with the concept of paying your utilities from coins you just mined.  Did you buy your hardware from coins you just mined?  Of course, not.  It is a speculative hobby.  You must approach mining in this way.  You are not mining for the now, you are mining for the later on the speculative presumption that your coin is going to be worth way more later...more than enough to cover all the utilities and hardware purchases.

So you think people also pay the electricity with their own money and dont touch the coins at all, which world do you live? I don't think you would be a very successful business man, business are meant to use their money to cover the bills, if they don't then they are not a business company at all. You take and give --> that is how a business operates. What you said is, you just give and who knows when you will take so meaning, if the coins goes to 0 then you are dammed, business companies can't take that gamble reason why they sell a percentage the coins they mine to pay the bills.

why r u talking so much bs? mining IS profitable in the long run. I started mining Altcoins in Spring 2016 and it has been profitable to me ever since. i paid all of my hardware in one yoear and have been earning pure profit ever since.

It seems you did not understand a single word I said, go back to your cave you troll.

[JuanHungLo]

I do not agree with the concept of paying your utilities from coins you just mined.  Did you buy your hardware from coins you just mined?  Of course, not.  It is a speculative hobby.  You must approach mining in this way.  You are not mining for the now, you are mining for the later on the speculative presumption that your coin is going to be worth way more later...more than enough to cover all the utilities and hardware purchases.

So you think people also pay the electricity with their own money and dont touch the coins at all, which world do you live? I don't think you would be a very successful business man, business are meant to use their money to cover the bills, if they don't then they are not a business company at all. You take and give --> that is how a business operates. What you said is, you just give and who knows when you will take so meaning, if the coins goes to 0 then you are dammed, business companies can't take that gamble reason why they sell a percentage the coins they mine to pay the bills.

why r u talking so much bs? mining IS profitable in the long run. I started mining Altcoins in Spring 2016 and it has been profitable to me ever since. i paid all of my hardware in one yoear and have been earning pure profit ever since.

It seems you did not understand a single word I said, go back to your cave you troll.

Metroid, the first post talks about hobby mining.  I also talk about a speculative hobby.  You are the only one talking about it as if you have to run it as a business.  I own 3 businesses that make me more than enough to speculate when and where I want.  A SPECULATIVE hobby is like an investment, not a business.  It is speculative because you don't know if you will make money, or not.  That is the way I approach hobby mining.  If you want monthly returns that meet all your monthly expenses, then this hobby isn't for you.  If you can wait, however, you will do very well providing you choose the correct coin to mine.

[Metroid]

Metroid, the first post talks about hobby mining.  I also talk about a speculative hobby.  You are the only one talking about it as if you have to run it as a business.  I own 3 businesses that make me more than enough to speculate when and where I want.  A SPECULATIVE hobby is like an investment, not a business.  It is speculative because you don't know if you will make money, or not.  That is the way I approach hobby mining.  If you want monthly returns that meet all your monthly expenses, then this hobby isn't for you.  If you can wait, however, you will do very well providing you choose the correct coin to mine.

Agreed, you are right, this is only a hobby for you and in that sense you can cover the costs as much as you can.