Entry level minning rig, Expense vs. Profit???

[Ayuluv2001]

if you are urgently needing funds to pay for bills and cost of rig, it might not be advisable to do so. You can do it if that is really your spare cash and you intend to mine the coins you really wanna hodl and waiting for it to moon.

I am currently just using my own personal pc to mine (very low performance though since only 1 x gtx1050ti)

Mining has become a very long term investment stuff now

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[Eternu]

~ Mining has become a very long term investment stuff now

For GPU mining yes, it is long term investment. With it you get bigger variety of coins that you could mine, and there are some characteristics that are better compared to ASIC miners. But for now investment in GPU mining simply isn't that much profitable.

But investment in ASIC miners is short term investment, they mine far more and you would get your money back in few months. But there are some other things that are bad, short time or no warranty at all, they all come from China, bad support etc... But soon there will be ASIC miners for other coins and not only for Bitcoin, when that happens GPU mining will be not profitable for some coins.

This is maybe worst moment for someone to enter mining world.

[Coinseeker22]

Buying coins better in case if you decide buy rig and start mining for long-term hodling

Point taken but what worries me is the expenses and maintenance of it. On an entry level rig that fits my budget it would take time before i even break even. Question is how long? I am trying to run the figures and analyze if its profitable.

[Coinseeker22]

Buying coins better in case if you decide buy rig and start mining for long-term hodling

THIS!!!!

miners want instant profit by selling. If you are a holder mining, that doesn't make sense since electricity costs will crash your income.

For an entry level rig maybe your right. But if you have a stronger rig that generates more income you might be able  to make it but the again the question there is. What are the figures in a year or two? If thise figurea does not give an uptrend on my analysis i have to think of a new project.

[Eternu]

Buying coins better in case if you decide buy rig and start mining for long-term hodling

Point taken but what worries me is the expenses and maintenance of it. On an entry level rig that fits my budget it would take time before i even break even. Question is how long? I am trying to run the figures and analyze if its profitable.

Know that mining demands constant investing, because of difficult rising.
No one can tell you for certain how long it would take before you break even. If prices are rising, that is good for you, but they could go opposite way too. Also it depends on which GPU you would like to buy. I know that GTX 1070 is around 600 euros, and with it you will be able to mine around 1$ per day (at the moment). So you can do calculation and see how long it would take for you to get your investment back.
Mining is a risky business, but know that with GPU you can easily return some of your investment back by selling it.

EDIT: Know that you could transfer coins your mining into some more stable coin like BTC or ETH, and hold them instead of some low price altcoin. That way coins your holding would have better chances for bringing you profit on long terms.

[Coinseeker22]

You may be surprised, but I know many miners trying to prove that this makes sense

Are you referring to the actual build it self, electricity, maintenance, or the profit? What i want to justify is there still a feasible income by investing that money to rigs at that price point. Given that come the ROI you can always build a better one.

[Coinseeker22]

I have heard that maybe soon people would be able to buy ASIC miners for crypto other than Bitcoin. If that happens, it would be wiser to go for ASIC miners instead of GPU's.
At the moment GPU mining doesn't pay off very well. Money you would need to invest would be trapped, and earning invested money back would be slow. But its possible, and it would be profitable.
Also, I have heard that Nvidia is planing to release new set of GPU's. If and when that happens, prices of old series would go down. You should wait and see how things are going to work out.
With that much money you could start mining project, but my advice would be to wait a little bit before you decide what to do.

Never liked ASICs, they tend to get absolute quickly, when new generation gets out. GPUs are more resilient to the time, because theres always some new coin to mine...

Good thought! But long wise for investment isn’t it more cost efficient? Your are correct about resiliency but opting  to mine new coins would also add delay to your time table, new coins also need time to grow its value.

[Coinseeker22]

I was expecting to see some configuration and mining rig photos in this thread for the entry level but was disappointed 
 
We all are seeing more coins being released almost every day and they can be mined with GPU so I think having a GPU miner can work so long as you can pay electricity with that you can come up. You can always buy coins with the profit.

I am also waiting for them to share photos and configurations but too shy to ask. Thank you for breaking it 

Aside from the electricity that the actual rig consume you alse need to think about the electricity for you ventilation. You dont want to fry em. I need more data my current analysis gives different result.

[Coinseeker22]

if you are urgently needing funds to pay for bills and cost of rig, it might not be advisable to do so. You can do it if that is really your spare cash and you intend to mine the coins you really wanna hodl and waiting for it to moon.

I am currently just using my own personal pc to mine (very low performance though since only 1 x gtx1050ti)

Mining has become a very long term investment stuff now

Let me qoute very long term investment exactly how long?

Aside from the configuration,specs and photos that would be helpful. Do mind to share the profit and expense using 1050ti? I dont mean the black and white but a ballpark estimate would do.

[Coinseeker22]

~ Mining has become a very long term investment stuff now

For GPU mining yes, it is long term investment. With it you get bigger variety of coins that you could mine, and there are some characteristics that are better compared to ASIC miners. But for now investment in GPU mining simply isn't that much profitable.

But investment in ASIC miners is short term investment, they mine far more and you would get your money back in few months. But there are some other things that are bad, short time or no warranty at all, they all come from China, bad support etc... But soon there will be ASIC miners for other coins and not only for Bitcoin, when that happens GPU mining will be not profitable for some coins.

This is maybe worst moment for someone to enter mining world.

Considering all the factor for ASICS that is another risk to keep in mind. We knownit would eventually evolve and its onky a matter of time before we can mine other coins using this baby. How exactly long before ASICS worn out?

[Coinseeker22]

Buying coins better in case if you decide buy rig and start mining for long-term hodling

Point taken but what worries me is the expenses and maintenance of it. On an entry level rig that fits my budget it would take time before i even break even. Question is how long? I am trying to run the figures and analyze if its profitable.

Know that mining demands constant investing, because of difficult rising.
No one can tell you for certain how long it would take before you break even. If prices are rising, that is good for you, but they could go opposite way too. Also it depends on which GPU you would like to buy. I know that GTX 1070 is around 600 euros, and with it you will be able to mine around 1$ per day (at the moment). So you can do calculation and see how long it would take for you to get your investment back.
Mining is a risky business, but know that with GPU you can easily return some of your investment back by selling it.

EDIT: Know that you could transfer coins your mining into some more stable coin like BTC or ETH, and hold them instead of some low price altcoin. That way coins your holding would have better chances for bringing you profit on long terms.

600 euros is about 745 USD with my budget i can probably have 6 of it. With a dollar per GPU multiple it by 6 that is 6 dollar a day. In a year that is 2,190. ROI is with in a 2.5 years. With out expenses for maintenance and electricity.


Say you trade the running profit in a quarter basis, Expecting a 10% profit every quarter ideally. These are rough and rather quick estimate only.

[Eternu]

How exactly long before ASICS worn out?

Personally I don't have great knowledge on durability of ASIC miners. I know there is warranty for a few months. But depending on condition they are in, I guess few months could be more than enough. Also, I have heard some bad news here and there, but I guess that if ASIC miners were bad, no one would have bought them.

600 euros is about 745 USD with my budget i can probably have 6 of it. With a dollar per GPU multiple it by 6 that is 6 dollar a day. In a year that is 2,190. ROI is with in a 2.5 years. With out expenses for maintenance and electricity.
Say you trade the running profit in a quarter basis, Expecting a 10% profit every quarter ideally. These are rough and rather quick estimate only.

There are no expenses for maintenance, you can do it your self without paying someone. Also if you keep them in good condition, those GPUs should live long enough. Also there is warranty for them on 2-3 years, which is more than enough. If some GPU dies (not by your fault), you can exchange it for new one because of warranty.

[Ciscopro2000]

With gpu prices high and mining profits low, it doesn’t make sense to get into mining at the moment.  I’m one of the ones that just got into gpu mining this year and have been severely disappointed in the returns.  My comfort is that I gained valuable experience in more things crypto.  Lol.

[SirNeo]

At this point has no point in creating a new RIG, only if you came back from the future and know that you will seel the ETH with 3.000$ in a year or two
GTX 1060 6GB = 400$ on Amazon
6 cards + all the other thing will bring the RIG cost to 3000$
With the current difficulty and ETH price the ROI will be in 3 years.

GL HF

[tenebriscaelum]

There are still value in mining right now but because of the difficulty spike and low prices of almost all the crypto right now it will be longer for you to have your ROI not to mention the electricity cost in your area and the cost to mentain the mining rig. But still even with this situation in the crypto market, mining is still one of the best ways to earn in this industry so I would suggest that you build a rig which would cost you around $800-1000 just to test it.

[Eternu]

At this point has no point in creating a new RIG, only if you came back from the future and know that you will seel the ETH with 3.000$ in a year or two
GTX 1060 6GB = 400$ on Amazon
6 cards + all the other thing will bring the RIG cost to 3000$
With the current difficulty and ETH price the ROI will be in 3 years.

GL HF

More and more I come across people that connect GPU mining only to ETH, why is that? Do you people think that with GPU you can mine only ETH? I know that ETH is one of strongest crypto on the market, but there are other coins and other ways that people could use to make profit from GPU mining. There is large number of altcoins out there which could be miner with GPU, so stop saying it like GPU mining is for ETH only.