Some questions about mining.

[Little-loli]

I am planning to buy 6 MSI GTX 1070 for about $575 each and a single mining rig will cost me about $4000. I plan on mining Zencash at about 1% fee and my electricity cost $0.22 per Kwh + 5% VAT. Can someone help me out if this is worth to start mining, if its profitable for me still? Also can if you can advise me on the future risks of mining and what I maybe should know as I get started. I plan to over clock the mem/core and undervolt the 1070s. Is Zencash okay to mine or is it better to go for a more solid based coin like Ethereum?

[gotminer]

$575 seems a bit high for 1070's.  I bought 1070ti's a week ago for $500 each.  Calculate your electricity cost for the rig at about 875w at the wall (that's probably on the high end).  And that's after you've undervolted them.  You can get a watt meter and test it once you have the rig built, but I'd calculate your energy cost a little high to start with, so you can decide if you really want to build the rig or not.

Risks of mining ...

Underground mining, by its nature, presents a range of health and safety hazards that are different from those in other sectors. Some hazards, such as ground instability, are inherent in the underground environment.

I'm mining equihash coins on my 1070ti rigs at the moment.

[puwaha]

I am planning to buy 6 MSI GTX 1070 for about $575 each and a single mining rig will cost me about $4000. I plan on mining Zencash at about 1% fee and my electricity cost $0.22 per Kwh + 5% VAT. Can someone help me out if this is worth to start mining, if its profitable for me still? Also can if you can advise me on the future risks of mining and what I maybe should know as I get started. I plan to over clock the mem/core and undervolt the 1070s. Is Zencash okay to mine or is it better to go for a more solid based coin like Ethereum?

Use a mining calculator to help you make those "profitability" decisions.  While you can mine Eth with a 1070, it's not as efficient at it compared to an AMD card.  So, it's best to stick to equihash coins like ZCash, ZClassic, ZenCash, Hush, Ubiq, etc.  There are also lots of other coins/algos that nvidia cards do very well.  Check out whattomine.com to get an idea.

[bigjee]

.22$ /kwhr is on the higher end.

Might want to prioritise efficiency therefore see how much extra you'll pay for 1070ti's (known to reach > 4sol/w) vs. 1070.

[Castle07]

The configuration is normal. And you chose a good coin. But it's pumping now. And maybe it'll fall down soon.
However, another coin will appear. And you will continue the mining
No one can be sure what will happen in 2-3 months.

[Little-loli]

Would it be better to sell my coins as soon as I mine them up for BTC or hold them?

[puwaha]

Would it be better to sell my coins as soon as I mine them up for BTC or hold them?

There's no right answer to this.  It depends on what your goals and plans are.  If you are strictly in it for profit, you sell right away.  If you are in it for long term speculation, you hold.  And there's no reason you can't do both.  Spend a week mining a speculative coin, then three weeks mining your "money coin".

[damNmad]

I think the electricity cost is bit high as you can see from the calculators you may end up spending up to 5$ per day based on the coin you mine, that is the main risk I can see.

Second thing is your ROI and what coin you want to mine. Some people like to mine only single coin and others mine new coins as early adopters, so you need to have a strategy to make your ROI quickly.

Third thing is OS and the issues you face while setting UP the RIG, you have to be prepared to face those issues and sort them asap. I've started with windows and jumped into Ubuntu later due to drivers issue and stability, I found this OS Image later, which really helped me saving lots of time https://bitcointalk.org/index.php?topic=1854250.0

Hope it helps.

[PetrovichCoinMaster]

Hi! Use one of the online calculators, for example WhatToMine. So you will be able to determine the current costs of electricity and see the estimated profit when mining different currencies.