Mining as full time income

[Nebell]

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.

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[adaseb]

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.

[manji]

yeah..
Mining still on the track although a price of GPUs increase and price bitcoin a decrease, not to mention the news about ETH to POS, prediction GPU mining will die soon, debate VRAM 4GB/8GB if mining on ETH and much more rumors. I still to be mining and still buying a GPU per months.

[Rewqpro]

as I see it, it is pretty much an option.

however you must realize that mining is a business and spend time upgrading and controlling your hardware.

otherwise your travel would end in a couple of months

[MarkAz]

If you only plan to live for a year or two, that will probably work.    Seriously, let's just consider that mining never goes away, and it becomes a consistent performer - there will be large corporate miners that will dwarf any of the 'big boys' today.  The returns will be crushed out by their scale - because at a massive level, a consistent small return would be more than enough for them, and not even viable for even the large guys today.

Really if you want to pursue mining full time and gamble with it, the smarter play would be to continue working and put every dollar you could into mining, and hit it as hard as you can for the next couple years - then if it fades away, you'll have amassed a nice chunk of cash, or if it becomes corporatized you can just stop doing it.  

Either way, the vacation comes after success, not before or during.  

[manji]

however you must realize that mining is a business and spend time upgrading and controlling your hardware

Agree.
If have 1 or 2 RIG doesn't too complex when RIG  has a problem but when have more from 10 RIG, obviously it takes more time for controling that. You must check every cable of PSUs, USB Riser, calculate a coin which profitable except if using NH,that's doesn't need.

[cryptodunno]

to TS: i would do so only if i have another passive income that will be enough for my family needs.
If you are young and open to the world - then it maybe worth a shot, at least you will have a good experience and see the world

Either way, the vacation comes after success, not before or during.  

thats a great statement!

[Nebell]

I have a laptop set up with Teamviewer to control my 3 computers remotely. Changing coins, etc won't be a problem.
Thanks to mining I'm heading to Thailand this weekend and will stay there for a month.

I think that mining has become a big business. And even though difficulty will increase there will be new coins created for mining. If you sell coins on a 2 week basis that will be quick enough not to end up with a shitload of scamcoins which get dumped easily therefore lose value.
I will need a place to store all these computers while I'm gone and for that I have my parents. I don't need them to do much than maybe inspect every month or two. I've had my 13 cards since June and I have never experienced a single hardware failure.
Sure after 3 years of constant mining some cards might fail, but I don't mind coming back and fixing them every 2 or so years.

I am not mining Bitcoin, but I have monitored Bitcoin mining profit for 8 months now and it hasn't changed much. Yes suddenly I don't mine 2.5BTC for the value of $8000/month like 6 months ago but I mine 0.8BTC for the same value. The difficulty went up a lot but so did the value.
I don't think altcoins will be much different, and those that spike up in difficulty is because they suddenly became more valuable than others, which will equal the whole earnings/difficulty situation and give you roughly the same as before.

[Nebell]

First of all - Why would you need to quit your job for mining?
You don't have to sit next to your rig the whole day and babysit it.
The next point is: How long will mining be profitable enough to replace your income? What will you do if crypto market completely crashes (unlikely to happen, but possible in theory)?
Will you be able to find a job immediately or will you be unemployed without any income or reserves? If you're able to get another job immediately, okay, maybe this could work, but:

Travelling the world? Do you want to carry your mining rig with you or remote maintain it? What will you do if you can fix the problem from somewhere else? What if you need to replace something? How long would be the periods you can't locally fix your rig? I mean - you don't have to sit next to your rig the whole day but you should at least monitor it properly and being able to fix it locally if something fails wouldn't be a bad idea either.

Might want to read the above post.

[melpheos]

I would say that right now it's possible but with more than what you earn and forget about travelling.
If it's an income, it is indeed WORK.
You can't leave your rigs unattended for several weeks/months.

In the long term, who knows ? It will depend on a lot of factors

[enhu]

there must be coins created every now and them to mine like ETC and its derivatives.
You won't be doing anything when you let your computer mine coins, its just the computers that will be working not you. So why stop working on your day job, just keep working and let your machine mine coins for you.

[Forbiddenone]

I think you need more than  miner you currently have but it is quite fine if you are not going for btc,eth or monero.the problem is you are going full time if in future blockchain adoption goes more than many mining farm can be introduced to gain from crypto then you will need to compete with them.side business is ok but going full time take lot of risk.

[evilsign]

wow, you give your life for mining ? I think that's very dangerous. We don't know what happen to you and your RIG later.

[whitrzac]

You should totally do it.

YOLO!

[clevlend12]

Too risky, even if you have super hash power .  You just never know when the bottom will fall out.

[juanichiloco]

It really depends on how much you can invest into new hardware. There will always be different coins to mine but it will be difficult to keep a consistent income if your not working, in the long run it could work out very profitable but its the uncertainty that's the issue when it would be your main source of income.

If you have enough spare money to fund it then it's worth a try to see how it goes as long as you'd be able to get a job again if it fails.

[newbie554]

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.

what coins do you mine that gives a net of minimum 700 net?

[kiver]

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.

couldn't agree more quitting your job to live off mining is insane you could have it as a second income though but i have to say what made crypto currency profitable and  even more profitable  of use the interest that people have in this technology the more people join in the more it will have a real world use case and it will get the adoption that it fully deserves

[dude215p]

I think best thing to do is to reinvest ALL of what you get from mining back into mining hardware.
That way you can exponentially increase your income.

but, if you invest everything you get, at some point you do have to stop so you can actually USE the money you made.

It's an interesting dilema.

as for the coins, you would need to get at least 1.5$ per day per 1060, is that possible with current profitability?

[h311m4n]

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.

You know what man, if it makes sense to you and you've done your calculations, then fuck it and go for it. You can always find another job.

I have 6 rigs at home + some in a farm I run with 2 friends, some masternodes etc., so I make a decent amount of cryptos daily (and cash if I sold them). But I can't quit my job because of mortgage, family to take car eof etc. But fuck me if I could, I would quit my desk job and enjoy life for a bit just mining and managing my portfolio.

Too many nay-sayers in this topic. If you are young, have no kids/debts then most of what you'd earn with cryptos would pay for your needs to travel and see the world.

Cheerios