New Miner Seeking Advice

[Oonej]

Hey Guys,

I've been doing a bit of research in the realm of mining. I've seen a few builds. Looked up a few Alt Currencies etc.
I keep hearing people saying not to invest into a rig due to POS for ETH.

Am I wasting my time doing research on this and planning to invest into a rig?

Is moving forward is a viable option [in your opinion] ?

If so I was thinking of doing a RX 570 rig, but getting mixed reviews on the 1060/1070 cards. From crunching numbers, it looks like the difference in ROI between the two setups is only a few dollars per day. But the difference in cost supersedes the ROI value.

For instance:
RX 570 setup would cost 1600 (just video cards) and generate 6.2 / day (based on whattomine). Thus giving us an 100% ROI in ~8 months. Assuming difficulties stay the same.
GTX 1070 setup costs 2800 and generates 7.65 / day. Giving an ROI in ~12 months. Assuming difficulties stay the same.
For these, i would need to run the GTX build almost 3 years to catch up on profits.

I know you can dual mine, but only looks like ETH/ETC+ something else? Is this what I should also consider? Is this worth it?

I'm tech savvy in terms of computers as I am a computer science graduate.

Where do you suggest buying the cheapest hardware for building a rig? the smaller the entry point the quicker the ROI!

Thanks for any tips, pointers, or suggestions given!

O

[1713959442]

1713959442

[smoolae]

Welcome to the world of mining!

Ethereum POS state won't probably happen until sometime next year (we don't have any specific dates yet).
I would prefer AMD cards for ETH build (like You wrote, initial investment is lower and ROI comes faster )

Dual mining uses up more electricity and gives You some extra dollars. If electricity is cheap, You can cool Your cards adequately and You are ready to solve some nuisances/problems, then go for it! Otherwise just stick to one specific coin (ETH/ETC) makes Your life easier. Only one wallet to mine to, one pool to get jobs from and less hassle with OC settings/errors.

To get stuff cheap buy them used. A lot of money to be saved with this tactic!
Ebay, Gumtree and forums where they sell PC parts.

Also, SERVER PSUs! Cheap, powerful and meant for 24/7 workload.
http://www.parallelminer.com/product-category/power-supply-kit/

I think that if You can get in cheap it's worth it, if not, then don't bother and buy/trade crypto for profits!

It all really comes down to Your electricity price, if there is a point in mining or not!

Any questions then just ask!

[Oonej]

Thanks smoolae,

Power is just around $0.1015 / kwh.

What would you justify as 'cheap'?

[smoolae]

Thanks smoolae,

Power is just around $0.1015 / kwh.

What would you justify as 'cheap'?

Well, in Estonia the kW/h costs around 0.03-0.05eur, Your price isn't the cheapest but I think it also isn't too bad (I don't know the medium price you pay for electricity in your country).
https://imgur.com/a/HgzUh

For profit calculator (there are more, just my favorites ):
https://www.cryptocompare.com/mining/calculator/eth?HashingPower=1050&HashingUnit=MH%2Fs&PowerConsumption=4500&CostPerkWh=0.04
https://whattomine.com/coins/151-eth-ethash

You can get "a result" from those calculators but don't hope for a long time accurate numbers from them.

[Oonej]

Thanks smoolae,

Power is just around $0.1015 / kwh.

What would you justify as 'cheap'?

Well, in Estonia the kW/h costs around 0.03-0.05eur, Your price isn't the cheapest but I think it also isn't too bad (I don't know the medium price you pay for electricity in your country).
https://imgur.com/a/HgzUh

For profit calculator (there are more, just my favorites ):
https://www.cryptocompare.com/mining/calculator/eth?HashingPower=1050&HashingUnit=MH%2Fs&PowerConsumption=4500&CostPerkWh=0.04
https://whattomine.com/coins/151-eth-ethash

You can get "a result" from those calculators but don't hope for a long time accurate numbers from them.

I saw the prices from those and I see I can still turn a profit from my current power consumption.

I was more concerned with what you meant by 'cheap' in regards to your comment:

I think that if You can get in cheap it's worth it, if not, then don't bother and buy/trade crypto for profits! Smiley

What is a good value to 'get in cheap' thats 'worth it'


Thanks!

[smoolae]

Well, You are right, "cheap" is very relative 
Let's just say that the investment made on the miner shouldn't affect Your everyday financial situation. You should still be able to eat and sleep somewhere after building a rig

You can see a lot of people in the forum wanting to invest anywhere from 1700usd to really fucking much on ETH mining.

Whats cheap for one can be pricey for the other!

[Chan8]

Hello OP, i have alot of AMD cards im letting go of.
Assorted brands and models of rx570 4gb and rx580 8gb.
If your interested, can send me a pm and we can work something out.
But note these are used cards for 4-5 months now.
But PM me if your interested.

[cryptoking710]

or you could just invest that money in some alt coins and hope for a rise in the market???

[Oonej]

Well, You are right, "cheap" is very relative 
Let's just say that the investment made on the miner shouldn't affect Your everyday financial situation. You should still be able to eat and sleep somewhere after building a rig

You can see a lot of people in the forum wanting to invest anywhere from 1700usd to really fucking much on ETH mining.

Whats cheap for one can be pricey for the other!

LOL Yes. I'm only considering investing the money because I have it to spare.

Hello OP, i have alot of AMD cards im letting go of.
Assorted brands and models of rx570 4gb and rx580 8gb.
If your interested, can send me a pm and we can work something out.
But note these are used cards for 4-5 months now.
But PM me if your interested.

Msg sent. I'm not familiar with used equipment. Kind of worries me to be honest. No warranties

or you could just invest that money in some alt coins and hope for a rise in the market???

Thats what I said in my first msg. That has a bit more risk no?