Can I get money from mining?

[ruthbabe]

Currently, I don't have a job as a retired person, so, I was wondering if mining can get me some money to support our family daily sustenance. Could you give me my best option, and what would be the cost of setting up mining rig? Thank you.

[ltcsprite]

Better off selling stuff on Amazon FBA.

Bad time to be a miner right now.

[Geraldo]

For the past few years, I lived from Crypto mining. So, I can say for sure, you can. But the problems is how experienced you are on this Crypto mining world (related to this current situation [as above advice])

Personally, I keep buying mining stuff on this current situation. But it will differ if you are new to this mining world moreover you can't take any risk since you need to produce some profit as fast as you can at your conditions (as you said: need to support our daily family sustenance). But if you want it, I'm sure you can do it. 

[SpceGhst]

I did some quick calculations for a friend earlier today and at current coin prices, for every dollar you spend on mining hardware (GPUs, mobos, risers, PSUs), you’ll make a dollar over the course of a year.  That means it will take a year just to earn your initial investment back, excluding electricity.  However, every year after that is profit on your investment, excluding maintenance and replacement parts.  So, if you bought $50,000 of equipment today, after the first year, you be making $50,000 per year minus upkeep cost.  But coin prices won’t stay constant.  If price goes up, you make more money and pay off equipment faster,  but prices could also go lower from here...

[kmil91712]

Personally, I keep buying mining stuff on this current situation. But it will differ if you are new to this mining world moreover you can't take any risk since you need to produce some profit as fast as you can at your conditions (as you said: need to support our daily family sustenance). But if you want it, I'm sure you can do it. 
[/quote]

Nice to know it can be done most people say no. I will look into this.

[Geraldo]

Nice to know it can be done most people say no. I will look into this.

Yeah, that depends on us. I'm not a speculate type, I calculated all of the possibility, I'm doing a lot of research before mining, I've never stayed on one coin for a long time, I've never held a coins (save it to the fiat as fast as I can) I spend all of my effort and time to do this. 

[Lafu]

Nice to know it can be done most people say no. I will look into this.

Yeah, that depends on us. I'm not a speculate type, I calculated all of the possibility, I'm doing a lot of research before mining, I've never stayed on one coin for a long time, I've never held a coins (save it to the fiat as fast as I can) I spend all of my effort and time to do this. 

Sometimes its better for Hold a Coin and get more out as fast selling it !  Depends on the Coin and for sure the coins Community ! 

Regards Lafu

[texasman86]

dont get into mining, it's a waste of time

[xxcsu]

Currently, I don't have a job as a retired person, so, I was wondering if mining can get me some money to support our family daily sustenance. Could you give me my best option, and what would be the cost of setting up mining rig? Thank you.

You can find the "greatest answers" here in this topic

[Za1n]

I did some quick calculations for a friend earlier today and at current coin prices, for every dollar you spend on mining hardware (GPUs, mobos, risers, PSUs), you’ll make a dollar over the course of a year.  That means it will take a year just to earn your initial investment back, excluding electricity.  However, every year after that is profit on your investment, excluding maintenance and replacement parts.  So, if you bought $50,000 of equipment today, after the first year, you be making $50,000 per year minus upkeep cost.  But coin prices won’t stay constant.  If price goes up, you make more money and pay off equipment faster,  but prices could also go lower from here...

You failed to also account for the rise in mining difficulty. Even if the coins price stayed the same or even edged up a bit over the one year you projected, the difficulty would continue to rise so you would mine fewer coins each month, thus reducing your income.

With the rapid introduction of ASICs to most every algorithm and considering how fast ASICs are replaced and older ones become obsolete, also thinking you will continue making $50k each subsequent year is another false assumption. In today's mining world $50k of ASICs bought today would most likely need to be replaced by $50k of newer ASICs next year and so on, thus your profits will be very slim in between upgrade cycles.

If your calculations were solely based on using GPUs, with the Z9's out now and the E3's launching next month, GPU profitability will be next to nothing very soon. I predict by September the used GPU market will be swamped. So under either scenarios, GPU based, or ASIC based mining, the days of thinking you will ROI in one year and enjoy subsequent years of profit with paid off hardware are over.

[xxcsu]

I DONT UNDERSTAND WHY NEWBIES KEEP ASKING THE SAME QUESTION " ITS TO LATE TO START MINING , IT IS STILL PROFITABLE ? WHY MY EARNING IS LESS THAN ALL THOSE ONLINE CALCULATORS TELLING ME? WHAT IS THE BEST COIN TO MINE ? WHAT IS THE MOST PROFITABLE COIN TO MINE"

No one can tell you !
Always going to be a 2 group of ppl who telling you it's ok go for it , or dont bc you just wasting ur money and time !
You have to make a decision for yourself !
Do your own research !
No one can tell you for sure what's going to happen with cryptocurrency !
No one can tell you it's going to be profitable for you or not !
No one can tell you how much profit you going to be able to make ! ( if you can make any at all )
No one can tell you the ROI ( return of investment) time !
No one can tell you what is the best coin to mine !
No one can tell you what is the most profitable coin to mine! Coins profitability always changing, what is best to mine today, maybe going to be the worst to mine tomorrow !
None of those calculators you are seeing on the web can tell you what's coming tomorrow , months later or 6 months later !
Those calculators telling you about today , at that moment when you typing in your information !
None of those online calculators calculating pool luck !
None of those online calculators calculating your stale/rejected or invalid shares !
None of those online calculators able to predict difficulty growth !
None of those online calculators can predict what would be the coin/$ exchanges rates a minutes later, a hour later,  tomorrow, next week,  months later, 6 months later or a year later !
It's little bit of gambling , you must to decide you want to play on the lottery or not  
YES some of us got lucky , made some money with mining
YES some of us got unlucky , lost some money , bc when price started to fall , sold they coins , miners...

! INVEST ONLY WHAT YOU'RE WILLING AND ABLE TO LOSE !
! INVEST WITH THE UNDERSTANDING , THAT YOU COULD LOSE EVERYTHING !

[Geraldo]

Nice to know it can be done most people say no. I will look into this.

Yeah, that depends on us. I'm not a speculate type, I calculated all of the possibility, I'm doing a lot of research before mining, I've never stayed on one coin for a long time, I've never held a coins (save it to the fiat as fast as I can) I spend all of my effort and time to do this. 

Sometimes its better for Hold a Coin and get more out as fast selling it !  Depends on the Coin and for sure the coins Community ! 

Regards Lafu

Yeah, I agree with you. Sometimes hold the coin will giving us more profit and of course as you said it would depend on the coin itself (need some other research about the future of coin)

But I'm not kind of that person. I am a short-terms miner,  sometimes am doing solo mining just for few hours, and pooled mining never more than one month. As long as my mining result close to my personal calculation, I exchange it for fiat as fast as I can. 

[Gayantha]

Hi
I think we can get money from mining but i don't know about that surely.

[vlad230]

I see a lot of people throwing themselves head first into mining and doing a lot of investments in hardware. I would suggest you could take a look into CPU mining first to learn the ropes and get a bigger picture of the who thing.

I run a CPU mining thread here: [CryptoNight] CPU mining guide & coins that will get you a return take a look and post there if you need any help. I will be glad to help out.

[gameboy366]

This is the worst time to enter right now due to many uncertainties like ASIC and FPGA threat, and Next Gen GPUs just round the corner. Wait for the skies to become clear then decide. At least wait for next gen GPUs.

[din5min]

Its too risky right now. Better chances to invest in something else.

[leonix007]

Currently, I don't have a job as a retired person, so, I was wondering if mining can get me some money to support our family daily sustenance.

If you have free electricity, then go ahead

If not, then avoid mining if I were you

Above users posts are real

Could you give me my best option,

Bro, you're in a Crypto world, think twice if you would rely on here the daily sustenance of your family

better look other opportunities outside crypto for the daily needs

however, today is the best time to buy crypto coins then HODL

[KriptoGuruTR]

Try it with a cheap desktop PC or performance limited laptop.

There is a learning curve. More experience and knowledge are the keys for more profit.

Short answer: GPU mining is profitable. Worth the effort? For me, yes. For lots of people, no...

[powerminingfarm]

It depends! The question is whether your revenues from mining will be larger than hosting costs. If you have a strong initial investment and are looking for some steady(er) income, you definitely could start mining but keep in mind that you are entering in a bear market, which is somewhat saturated with miners already. People renting planes full of GPUs to reduce transportation costs for instance.

If you really want to, you'll have to decide which coin to mine and which would generally be the one you see growing in value in the future. Look at GPU prices, their hashing power, and electricity consumption / costs. There are many different ways to do mining nowadays - not only the traditional setting up a rig at home, but also cloud mining or paying a fee for a company to host ASIC miners and so on. Look into it!

Here is an article our company wrote a few weeks back if you are interested, looking at the actual numbers of doing mining in 2018: https://medium.com/@power_mining/how-advantageous-is-the-power-mining-hosting-service-compared-to-mining-at-home-94c7db4cae95

[WannaCry]

it depends on how the consumption of electricity in your country.. and how much you want to invest in your mining rig.. market situation now is still recovering..