Mining can't last long, too easy income to be true

[pix530]

Your mortgage situation is irrelevant at all. Same as your before tax income. And your years in IT.


Not sure when and how you managed to buy 33 1060 for 10K. How much is 1 card today in FInland?
How about other expenses for building rigs?  Can average Joe go buy 33 cards today and earn money tomorrow? NO. Why u mislead people...

Next, where you placed 33 cards? In your bedroom? Its 6Kwt of power

fter I have mined enough I can quit my shitty job. And there must be plenty of people who think similarly to me.

- What happens if mining will be not profitable or coins will cost nothing for example. Mining is not reliable.

mining at it's current state seems too easy.

- Not at all.

No GPU available or overpriced, lack of manu warranties, cost of power and setup, overclocking, management. etc.

let me know any other industry in which payback time is below one year?

- You sure you 47 years old? Thats really silly question. Imagine you return your invested money in 1 year, who knows what will happen after 1 year...Mining may die. You will eventually not earn a penny. Just sit with used and abused gear.
Certainly if mining will stay as is (which is almost 0 chance) you start to see real profit...
And of course, if price of coins will raise, you can be in profit much faster than 1 year.
Totally unpredictable and unstable.

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[arominer]

Mining is high risk and low to medium reward imho

With your 10k, I could have invested in a penny stock or indeed in a crypto and seen it gain 1000%

Now would you rather watch 10k become 100k in a short space of time or go about methodically building rigs?

Mining isn't get rich quick and require a nice amount of start up capital. It's a nice hobby and can be a good business if done professionally

[CryptoWatcher420]

Who the fuck come on here bitching about the free passive income they make?

Be happy and allow the money printing machines to do their thing.

You missed my point. I don't complain. Yet I do say this won't last too long.

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Tigel

there telling you that you don't have a point dude and what best what you are suggesting is speculative at best, mining could be profitable long after you die, fact is not you or I can for see whats going to happen. as long as there are coins being made and bitcoin is maintained it could be many many years before we see it become not profitable, and I gotta say mining isn't exactly easy, theres large investments required, risk and many other things that have to be considered, also maintenance on the rigs too after gaining soo many rigs it does become a full time job, ask ANY farm owner who runs 100+ rigs, when you do something like that and for more than 6 months then come back and say its still easy

[MCWey8]

Been mining for 7 years, since 2011 .... cpu mined litecoin.


In my experience, it only grows, never slows, never stops.

[gotminer]

Basically its like that saying.

Wherever there is free or easy money... people will come and eventually it will become so oversaturated that it won't be profitable anymore.

And that is currently happening with mining and the proof is the difficulty increases.


A few years ago my buddy opened up an iPhone repair store. This was when iPhone 3G/iPhone 3GS were the main phones. He made so much money because the glass was only $5 and he charged $100 for the repair. Opened up his own shop and everything. 1-2 years later, he got so much competition that he constantely needed to lower his rates... and eventually he went out of business because he was earning minimum wage pretty much.

That's how business works.  Adapt or die.  Maybe POW is thrown out the window some day for something new and better and more energy efficient, but that day isn't in the near future, in my opinion.  However, my point is that if mining dies and you want to stay in the crypto industry, you either adapt or your income stream dies.  Make good business decisions.  Paying out the ass for gpu's right now is certainly not a good business decision. 

To the OP ... It's not free or easy money, btw.

[Tigel]

I still believe it was too good to be true.

What I am trying to say is that mining at it's current state seems too easy. There will be more people getting in to the game and extra profit will go away. Sure some kind of dedication/understanding is needed, but it's just too good to be true. I mean, please let me know any other industry in which payback time is below one year?

But maybe that's the reason behind the current GPU shortage.

[huntingthesnark]

Well, payback on a £350-450 GPU is at least a year, if not more at the mo, and that's excluding electric, so it's not that impressive. Then there's the time to manage rigs, heat, pay the electric, etc.

I think a lot of the people who buy the complete 'money making machine' rigs will be pretty upset after a few weeks when they realise how much work there is in running them. Or to put it another way, mining is only 'too good to be true' if you ignore large numbers of drawbacks!

[yrk1957]

History usually repeats itself:

https://en.m.wikipedia.org/wiki/California_Gold_Rush

“Gold worth tens of billions of today's dollars was recovered, which led to great wealth for a few. However, many returned home with little more than they had started with.”