Is it worth to start mining ?

[vargoneti]

hello ,

first of all sorry for this noob-ish question , was thinking to start making a mining but dont know if its still worth to start mining alt-coins (LTC mostly ) ? I was considering starting atm with 2 or 3 r280x ( around 1600 euro a rig with 3 GPU and good PSU ) and a bit later adding another 1-2 GPU(another 600 eu for 2 gpu ). What do you think ? should i better invest in bitcoin and trade it or start mining ?

thank you !

[goldbars]

invest and trade especially if scrypt asics aren't too far away

[limbaugh]

Most likely never turn a profit mining at this point. Trading has always been more profitable anyway.

[ymer]

If you start right now you might turn a profit after 8 - 10 months if the difficulty and price per LTC stayed the same the whole time.

So it's a coin toss, you might lose, break even or make a profit, but the later is highly unlikely.

[kalus]

disclaimer - i'm a miner.

mining is a competitive endeavour. it is somewhat against the interest of a miner to recommend that other people mine.  take a grain of salt with each response.

as long as you treat it as a long term gamble, i think it's a great time to mine. 

whether you're doing it for fun, investment, or short term gain, make sure you control your costs.  1don't pay insane amounts of money for hardware, and remember computers do go obsolete quickly.  the price of hardware, and your coin choice will determine if you make money.

work out how long it will take you to break even.  make conservative projections.  there are a few other threads about break-even, and there are coins more profitable to mine than LTC. 

[phazon307]

disclaimer - i'm a miner.

mining is a competitive endeavour. it is somewhat against the interest of a miner to recommend that other people mine.  take a grain of salt with each response.

as long as you treat it as a long term gamble, i think it's a great time to mine. 

whether you're doing it for fun, investment, or short term gain, make sure you control your costs.  1don't pay insane amounts of money for hardware, and remember computers do go obsolete quickly.  the price of hardware, and your coin choice will determine if you make money.

work out how long it will take you to break even.  make conservative projections.  there are a few other threads about break-even, and there are coins more profitable to mine than LTC. 

I agree it doesn't take a genius to figure out that you could make something off mining. Look at it this way if you paid 1.5 BTC for a machine and that 1.5 BTC goes up to 1000 dollars you have covered the cost of your hard ware, not to mention it like this say you bought a LTC for what ever they go for now you would still have that 1 LTC, now if you bought a rig you have a chance to mine new coins which you never know could be worth a pretty penny in the future it's a risk, but they say no risk no reward.

[Wipeout2097]

hello ,

first of all sorry for this noob-ish question , was thinking to start making a mining but dont know if its still worth to start mining alt-coins (LTC mostly ) ? I was considering starting atm with 2 or 3 r280x ( around 1600 euro a rig with 3 GPU and good PSU ) and a bit later adding another 1-2 GPU(another 600 eu for 2 gpu ). What do you think ? should i better invest in bitcoin and trade it or start mining ?

thank you !

1600€ with only 3 gpus? You're paying too much.

What components do you have in mind? You need a 90€ ~ 120€ motherboard , a 40€ Sempron 190, 40€ for 4 GB RAM, 50€ for a cheap HD or 32GB SSD, and yes 200€ for a good PSU. That's around 450€ for the base system...

[vargoneti]

hello ,

first of all sorry for this noob-ish question , was thinking to start making a mining but dont know if its still worth to start mining alt-coins (LTC mostly ) ? I was considering starting atm with 2 or 3 r280x ( around 1600 euro a rig with 3 GPU and good PSU ) and a bit later adding another 1-2 GPU(another 600 eu for 2 gpu ). What do you think ? should i better invest in bitcoin and trade it or start mining ?

thank you !

1600€ with only 3 gpus? You're paying too much.

What components do you have in mind? You need a 90€ ~ 120€ motherboard , a 40€ Sempron 190, 40€ for 4 GB RAM, 50€ for a cheap HD or 32GB SSD, and yes 200€ for a good PSU. That's around 450€ for the base system...

mobo ASRock 990FX-EXTREME9  - 192 eu
4 gb ram - 52 eu
CPU - AMD CPU Desktop Sempron 145  - 36 eu
1200 W PSU - 250 eu (dont know if this is the optimum PSU that i should get )
GPU - R9 280x - 318 eu 
60 gb SSD - 60 eu

These are the prices around here where i live. Maybe i could get some of them cheaper if i buy them used but its not what i want

[willempie]

vargoneti from holland? if so then get the 50 euro mobo from asrock! with like 6 slots of x1.. so u can use 6 powered x1 to x16's and have 6 gpus each mobo

[atp1916]

OP, it's a risk, but it has paid off handsomely for me and many others.

Don't do the trading route though.  If you lose it, you lose it all.  If you go hardware and lose it, then at least you have the hardware to sell back.

Also, don't worry about the Scrypt ASICs.  The sheep love to bleat about them, but they are still a pipedream from the investor pov.  No-one wants to invest millions into a device which plays in a market where there are whales waiting to pull the rug out from under them.  The second LTC hit $40 a month or two ago there were massive sells (hundreds of thousands of LTC) that went up.  LTC has yet to recover.  Keep that in mind.

[kalus]

4 gb ram - 52 eu

may need 6 or 8gb ram for scrypt mining.

mobo ASRock 990FX-EXTREME9  - 192 eu

this mobo expensive:  a 7950 cost 190€ back in 2013/09.  almost any motherboard with a pci-e 1x, 4x, 8x or 16x will work, and likely has been posted on this forums somewhere.  like the processor, don't spend money on an expensive motherboard for mining.  

These are the prices around here where i live. Maybe i could get some of them cheaper if i buy them used but its not what i want

Buying used is fine, but free is better!  i found an asus motherboard + core duo + ram someone had thrown away in my building's trash.  it has 1pcie x16, and 3 pcie x1.  POSTs and everything.  free miner!

[mattopia]

Don't do the trading route though.  If you lose it, you lose it all.  If you go hardware and lose it, then at least you have the hardware to sell back.

I've heard this quite a bit, and it's true to an extent...  However, if the "bubble bursts" - do you think the market will support the thousands of 7950s and 280x's that would end up on eBay?  You will get something, but it will definitely be a buyer's market.

[kalus]

Don't do the trading route though.  If you lose it, you lose it all.  If you go hardware and lose it, then at least you have the hardware to sell back.

I've heard this quite a bit, and it's true to an extent...  However, if the "bubble bursts" - do you think the market will support the thousands of 7950s and 280x's that would end up on eBay?  You will get something, but it will definitely be a buyer's market.

A prescient miner would have worked out the break-even for hardware, so when the bubble bursts on hardware, he will have not only the mined coins, but the residual value in the hardware to resell.  it doesn't matter if you get 50% or 25% for a used card (it's computer equipment; it's supposed to depreciate) to me anything on the reseller market is pure profit, just like any coins made after i've broken-even on hardware.  

the miner who controls costs has more optionality than the non-mining speculator when either the hardware or the crypto bubble bursts.  



vvv that too vvv

[Amph]

yes it is, just mine doge

[AtlantisPlatform]

yes it is, just mine doge

If everyone mined doge then the rest of us miners would be a lot better off. So yes, mine the heck out of doge.