Mining as full time income

[ntrader]

You should do mining alongside your main job. This market is very fluctuating and you can not just live with mining. So do not miss the caution

[fanatic26]

If this is what you want to do, dont let the naysayers get you down. I know a fair number of people mining that have been very successful.

A few suggestions if I may:

1. Create your own VPN server to your miners, teamviewer is known to be insecure and you will eventually get hacked. I would recommend you take a look at http://www.pivpn.io/. Full VPN security on a $35 RPi

2. Always make sure you have enough mining revenue to set aside say 30% of your earnings that you need to put right back into your hardware. You have to be constantly expanding to keep up with network difficulty hardware that ages itself out. The single biggest mistake I see people make is they just think they can keep mining on the same hw forever and eventually their income dwindles until they are ass out and have to go back to a day job.

3. Diversify your hardware and get yourself some ASIC miners as well. ASICs require very little maintenance and you dont have to worry about always jumping to different coins and all that annoying stuff that comes along with trying to max gpu profits. Some of my asics have uptimes of over 6 months without me having to lift a finger.

[BroganBloodstone]

Whenever there is easy money to be made, people will flock to it like crazy and it won't be profitable anymore.

Quitting your job to mine is crazy. Unless you live with your parents and don't need any income.

Completely agreed with this. Do it as something on the side. Mining should not seen as a long term thing.

[hous26]

I'm putting together my third rig now and day dream about this but I would have to 5x my rig count to even consider it.  I don't even know how I would manage all that electricity / heat so I treat mining as a hobby.

[Mike011]

You don't have to sit next to your rig the whole day and babysit it.

WAAAAT!!! But of course you do!!  

Joking aside, @op - everyday job may be boring, repetitive, unpleasant.. hell, even getting up almost every day to all kinds of weather outside, etc.. yeah it sucks, but it is a safe bet dude. Like so many pointed out already, depends on your situation and age. And this whole mining game is still kind of a gamble. Your choice, your consequences.

[dhouse]

you should also invest strategically, stake, get some masternodes, etc. i'd say, depending on your situation, wait a year and see if you can make lambo-type money and then think about quitting after that.

that's what i'm doing. 9-5 is drudgery but it pays the bills until we go to the moon.

[Serion]

I agree with h311m4n.  If you have no debt or other obligations, do it.  Just make sure you have a good plan in place.

I'm fairly new to mining, however, I'm an experienced travel hacker.  There are tons of websites and pvt forums dedicated to the topic.  I've traveled the world (in 1st class) and stayed at some of the nicest resorts and hotels for free for years now.  If you could combine the two "hobbies", I think you'd do quite well.  Google Flyertalk and the blog frequent miler for a good place to start with all of that.  Beware, Flyertalk is huge and confusing to noobs! lol

[popolite11]

I mined directly to the Bitfinex exchange but they introduced the commissions. It is not profitable now to mine. Huge commissions are serious obstacles. Is there somewhere reliable option with a more loyal regime?

[imadar]

I was thinking about going full out mining and start earning at least as much as I earn now (about €1900 after taxes) and quit my job and instead travel the world.

I currenltly have 13x1060 and 1x1080Ti which net me between $700-$1000/month (after electricity and it depends a lot on crypto price). I also have almost 6000 COSS tokens and if the exchange picks up and goes to Binance-volume in few years then I will probably not have to work for as long as they operate.
I was thinking about selling my car and getting twice as much hashpower and then just enjoy life in different parts of the world.

I believe mining is here to stay for as long as crypto will exist, which is forever.

Is that true? please teach us if that's true.

Whether mining is currently profitable considering how many new miners are also starting to operate.

I wait for your reply. I hope mining is still very profitable

[aoihs00]

I was thinking about going full out mining and start earning at least as much as I earn now (about €1900 after taxes) and quit my job and instead travel the world.

I currenltly have 13x1060 and 1x1080Ti which net me between $700-$1000/month (after electricity and it depends a lot on crypto price). I also have almost 6000 COSS tokens and if the exchange picks up and goes to Binance-volume in few years then I will probably not have to work for as long as they operate.
I was thinking about selling my car and getting twice as much hashpower and then just enjoy life in different parts of the world.

I believe mining is here to stay for as long as crypto will exist, which is forever.

I do GPU mining too and what I learnt from the thing is, you need huge hash power if you want to be in the competition and want to earn some decent money. I started with GTX 570 and 9 of them were in place but gradually the difficulty started increasing and my income source was depleting badly after the electricity. Also, the mining might get struck with many problems, internet going down, electricity going down and much more unwanted problems. Each moment in the crypto  mining is very important as we loose money over the time!

So yeah I think getting upgrades for your mining would be great idea and I wouldn't hesitate to sell my car if I were you! Go for it and do update us what you plan to do. Good luck buddy!

[Mike011]

I mined directly to the Bitfinex exchange but they introduced the commissions. It is not profitable now to mine. Huge commissions are serious obstacles. Is there somewhere reliable option with a more loyal regime?

Why dont you mine (whatever that is) to wallet?

[randomduck]

I agree with the majority of people here. It might seem like a good idea at the moment based off of the profit your’re currently making, but come a few months, the price of electricity could change, or something could happen to your rig. I just think that it is a bit risky.

And plus, leaving your rig unattended for a long period of time is dangerous, and if it was to shutdown while you were away travelling, that’s a lot of money you’re going to lose before you can get it up and running again.

[Amph]

I was thinking about going full out mining and start earning at least as much as I earn now (about €1900 after taxes) and quit my job and instead travel the world.

I currenltly have 13x1060 and 1x1080Ti which net me between $700-$1000/month (after electricity and it depends a lot on crypto price). I also have almost 6000 COSS tokens and if the exchange picks up and goes to Binance-volume in few years then I will probably not have to work for as long as they operate.
I was thinking about selling my car and getting twice as much hashpower and then just enjoy life in different parts of the world.

I believe mining is here to stay for as long as crypto will exist, which is forever.

I do GPU mining too and what I learnt from the thing is, you need huge hash power if you want to be in the competition and want to earn some decent money. I started with GTX 570 and 9 of them were in place but gradually the difficulty started increasing and my income source was depleting badly after the electricity. Also, the mining might get struck with many problems, internet going down, electricity going down and much more unwanted problems. Each moment in the crypto  mining is very important as we loose money over the time!

So yeah I think getting upgrades for your mining would be great idea and I wouldn't hesitate to sell my car if I were you! Go for it and do update us what you plan to do. Good luck buddy!

nah you don't need huge hash, just mine new shitcoin and dump at the first pump on exchange, done easy profit

[aalborg]

You can run a business in this field. Try to create a mining farm , collect money in a pool and then scale your hobby. Why don't you make a ton of cash on it, if you know a lot about process and can easily set up a mining equipment

[YUriy1991]

I think that mining, after a long time, will not be so profitable and attractive activity, because the complexity grows, the number of miners becomes more and well, and the prices for video cards grow fast!

[blacktux88]

as i thought ,

small miner , wil mine more coins to haven a few different coins for long therm...
best way to earn mayby a lot of money .... because we dont have to pay for the power...

thanks

[coins4commies]

OP you should join my hotel mining band and we can travel the world in groups of 3 where each person takes rotating 9 hour shifts staying in the room with the rigs.  Thailand is a great market for hotel mining and the vibrant nightlife makes all 3 shifts appealing.

[prashanta]

The scenario you're missing here's a regular decline in the crypto markets over say 2-three years.

In this example, your mining rig pays returned in a slightly longer term however you may nonetheless profit ultimately. An funding directly from cryptos will position you within the poor.

Your estimate of depreciation is really pessimistic too. The 1080 Ti playing cards I purchased 6 months in the past for $a thousand are promoting used on eBay for $900. even supposing demand by means of miners drops I assume they may still be worth $500 in a years time.

I suppose the chances of all coins going to 0 (or near zero) value is extremely low, so I would not be placed much weight in your forestall loss situation. I'd positioned an awful lot better odds on there being either a regular upward push or flatlining/dropping gradually by means of some % a month.

So buying cryptocurrencies without delay is betting on endured profits, but mining is a hedging against the opportunity that there may be a plateau in market caps or gradual decline in value.

in my opinion, I'm having a bet on endured growth via 2018, but I do mine as well as a hedge and for amusing.

[ginani]

 

I think it takes at least 10 times of investment.
Otherwise , You couldn't find yourself in a suitable situation.

Anyway I hope you will make it!!

[Swinging Phallus]

Keep your job, and keep your rig. Crypto is far too volatile to be able to depend on it as a sustainable income. It's not healthy to have only one stream of income in life - even if its a weekly wage from a job/career (I know it may seem hard to some, but finding other sources of income can be easy with the right amount of ambition and productivity, get a hobby and flip it into cash). Just save your money and invest in things you know will make it grow, whether it's a business you are starting, stocks, crypto - just remember, there is risk in every investment so dont put it all into one place. After doing this with due diligence and perseverance you are BOUND to be self sustainable.