Can I get money from mining?

[Zadicar]

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.. 

Basically you just bumped up an old thread. Do you know on when is the last post of this thread? You should avoid necrobumping

On topic;

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.

On the current state,this thing is like a suicide. Mining is never been profitable if you do just only holding a few GPU or ASIC.

This thread should be locked.

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[profitgenerator212]

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.

If you want to set up your rig, I may advise you wait till the bull market fully return. Until mining expenditure became higher than the profit, mining was one of the most profitable ways to earn cryptocurrency in 2016/17

[fmz89]

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.

at 0.07$ electric price you can mine all the time, even in bear market like this
6 rigs (8 vega 56 each rigs) cost around 14K$ (the gpus all 2nd, other part are new)
a month you can made around 1300$

[Indamuck]

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.

at 0.07$ electric price you can mine all the time, even in bear market like this
6 rigs (8 vega 56 each rigs) cost around 14K$ (the gpus all 2nd, other part are new)
a month you can made around 1300$

.07 is still a really high electric rate compared to what these big farms are paying.  That is double or triple of their electric costs, it just doesn't make financial sense to jump into mining right now with a normal residential rate.

[swogerino]

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.

Right now mining cannot offer what you ask because mining is not that much profitable to sustain your monthly expenses of your family.

Unless you have some capital set aside and you can build a few mining rigs , have money for electricity to pay for a few months you can give it a try but I don't suggest this second option.Better find something else, internet is full of possibilities and since you are retired you have a lot of free time to search.

[trashman43]

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 get money from mining but the problem is that mining is not an avenue that can generate you instant cash within a day or two. Due to the current state of the crypto market and the crypto ecosystem, mining is now a long term investment venture. It will take you roughly three to six months to get a decent amount of profit from your initial capital used to setup the mining rigs and system.

[Dennicex]

You can get money from mining but the problem is that mining is not an avenue that can generate you instant cash within a day or two. Due to the current state of the crypto market and the crypto ecosystem, mining is now a long term investment venture. It will take you roughly three to six months to get a decent amount of profit from your initial capital used to setup the mining rigs and system.

I think that now you should not consider mining as a serious income. Now for this industry is very difficult times. Low cost cryptocurrency - make mining profitability low. I hope that in the future the situation will change for the better.

[naturerock]

You can get money from mining but the problem is that mining is not an avenue that can generate you instant cash within a day or two. Due to the current state of the crypto market and the crypto ecosystem, mining is now a long term investment venture. It will take you roughly three to six months to get a decent amount of profit from your initial capital used to setup the mining rigs and system.

I think that now you should not consider mining as a serious income. Now for this industry is very difficult times. Low cost cryptocurrency - make mining profitability low. I hope that in the future the situation will change for the better.

Mining was never a serious income compared to buying the coins outright.  Imagine if you bought a shitload of ethereum at $1 or used that money to buy hardware.  You would have came out a hell of a lot better just buying the coin straight up.

[cryptolidus]

 In my country the electricity is $0.08. There is not a big profit in mining,
 but at least there is no loss on it and I do not need to turn off the RIGs.

[Uju4real]

Mining at this time is a waste, I wish I had started mining when I was introduced to it but I waited and when I finally started there was little or no profit from it, would advice you look for an alternative to sustain than mining

[adaseb]

There really needs to be some form of mods freezing certain posts or disabling the bumping of old threads.

The original poster hasn't replied since the initial post which was back in June of last year, basically almost a year ago and people keep replying saying the same stuff over and over again.

This is why there is usually a warning asking if you are sure you want to bump this old post, because usually if you got the same issue you should just make a thread from scratch.

[hahahafr]

Well you can get money from mining but you really need to set up some huge farm or possibly join a mining pool to earn from the block rewards. This would mean investing quite a sum of money into setting this up depending on the consensus protocol being used by the blockchain network you intend to join.

[sandra_x]

It is much a function of where you are resident, whether or not the cost of electricity is cheap, that is a major consideration in mining economics. The other is the cost of the hard wares(GPU Cards mainly), A while ago you could get them relatively cheaper as fairly used but it seems the prices are been bumped up a little, less miners are selling off at the moment. Mining is still worth  a shot if you can fix these problems.

[jmigdlc99]

It is much a function of where you are resident, whether or not the cost of electricity is cheap, that is a major consideration in mining economics. The other is the cost of the hard wares(GPU Cards mainly), A while ago you could get them relatively cheaper as fairly used but it seems the prices are been bumped up a little, less miners are selling off at the moment. Mining is still worth  a shot if you can fix these problems.

You may have it the other way around.

Actually, "where you are resident" is primarily (although not completely) important because of the "cost of electricity." After the cost of equipment and hardware, it's the operational cost of mining (electricity) which determines a miners profit. If your electricity costs less, the more you can potentially earn. If you can get cheap or free (unlikely) electricity then, mine on!

[Alucard2425]

you can get profit in mining if you have cheap electricity and choosing a right coin for the rig that you have

[drgomez89]

As a retired person i think u candidato do it as a Hobbie because learning to put your first minning Rig Is a Lot of fin . At least form me it was. Because current price of crypto doesn't worth the effort as a bussines strategy yo short Time. Maybe this year cause of the Bull market it hey bigger and you can sell your tokens.. but Right  nos it does not worth it

[Rtalk]

You can earn.It all depends on your ambitions and budget.
If earlier it was possible to make good money on mining with the help of video cards,now they practically do not withstand competition from ASIC devices.
I'm not the first who will write to you-but cheap or free electricity solves a lot.
Study the topic , calculate your budget,decide on the algorithm of hashing coins that will produce and start to act.

[huntingthesnark]

Well you can get money from mining but you really need to set up some huge farm or possibly join a mining pool to earn from the block rewards. This would mean investing quite a sum of money into setting this up depending on the consensus protocol being used by the blockchain network you intend to join.

Set up a huge farm...or join a mining pool? Hardly similar on any level. Joining a pool is free and takes seconds, building a huge farm is quite an investment. Is this auto-generated nonsense by any chance?

[WickedPigeon]

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 have posted a lot of "interesting" posts in the past. It's a little weird for someone with over 700 post to ask this question.
What's your story?
What's your experience with crypto?

You should know that mining isn't a get rich quick scheme.
 

[markstivn98]

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.

Hi
 You can certainly get money from mining, but to be profitable, the energy you use must be cheap. But it is a waste of time I advise you to invest it is better