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Author Topic: Few questions about mining.  (Read 159 times)
Fl4v1u5
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October 01, 2018, 07:32:27 PM
Merited by dbshck (1)
 #1

First off, I want to mine in a country from europe, and I think it is illegal to mine cryptocoins in certain countries. Where can I know if it is illegal to mine in the country I want to go to?

Second question is, I want to save around 10k dollars, probably more, to start building a mining rig. I just want to know, is it proffitable? Will I get my investment back faster if I invest more money or if I invest less? And, of course, is it proffitable? In the sense that, can it generate enough money to pay it's own energy consumption, internet usage and the space I'm planning to rent, while also giving some extra income?

Also, before going all out with this, I first want to test with like a cheap GPU, like aroung 200€ plus any other necessary equipment, to get some experience and familiarize myself with the software and needs.
Assuming a 400€ "test" investment, would that generate money worth it's own comsumed energy and internet broadband while at the same time generating an income, a beneffit? You know, I don't want to waste my money. I'm okay with taking risks, but a 0% chance isn't a risk, so if it's impossible I need to know before investing anything.

Also, one last question, do you recommend me any books to learn about this? Or any formulas I can use to calculate proffit based on GPU's speciffications? I'm good at maths and I'm okay with investigating some hundred hours of formulas and current price of cryptocoins. I want to go serious with this, and I didn't know who to ask.

Also, if you know a better place to ask, please tell me. I think there is a subreddit and a stackexchange about cryptocurrency?

Thank you in advance for all of your answers and for taking your time to help me, hope you have a nice day!
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October 01, 2018, 08:48:29 PM
Merited by dbshck (1)
 #2

First off, I want to mine in a country from europe, and I think it is illegal to mine cryptocoins in certain countries. Where can I know if it is illegal to mine in the country I want to go to?

According to this article

https://www.coindesk.com/eu-cant-ban-bitcoin-mining-over-energy-concerns-official-says/

mining seems to be perfectly legal in the EU. Now there are other countries in Europe apart from the EU, so if your country is outside of the EU, you would have to check specifically for your country. You may also ask in the local boards here on the forum, just to be 100% sure.

Second question is, I want to save around 10k dollars, probably more, to start building a mining rig. I just want to know, is it proffitable?

Even if you have cheap electricity, it is hard to make money mining Altcoins these days. Depending on the situation on the market, it might take you a lot of time to repay the initial investment, if at all. Just a thought: You might be better off using the money you intend to put into equipment and invest into crypto directly.

Also, before going all out with this, I first want to test with like a cheap GPU, like aroung 200€ plus any other necessary equipment, to get some experience and familiarize myself with the software and needs.
Assuming a 400€ "test" investment, would that generate money worth it's own comsumed energy and internet broadband while at the same time generating an income, a beneffit?

Great idea. You will risk a small amount of money, see if it is worth it for you, and learn during the process.

Also, one last question, do you recommend me any books to learn about this?

No need to waste time on books. Just buy a graphic card and start mining. You will learn along the way.
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October 01, 2018, 09:10:34 PM
Merited by OgNasty (1)
 #3

Thank you for replying so quickly!

1.- Would you rather mine or invest into crypto directly?

2.- Do you recomend me to mine bitcoin or is it even harder to make money trying to mine bitcnoin? (I focused my "research" on altcoins, so I have no idea of the technical difficulties of bitcoins)

3.- About the last and penultimate answers; Is it impossible to make money mining altcoins or just very unlikely? Cause, what I understood with that last answer is it might be possible to make money (what I want is for it to make me any money. If it repays the investment sooner or later is of less importance for me, for me having invested 10k dollars and not making money but loosing it even more is a full defeat while making little money and repaying initial investment in two years is only partial defeat, partial victory)

Though if I just buy a 200/300€ GPU and it turns out not to be proffitable it wouldn't be such a bad thing cause I guess I could use that GPU for gaming (always optimistic)
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October 01, 2018, 10:51:39 PM
 #4

First off, I want to mine in a country from europe, and I think it is illegal to mine cryptocoins in certain countries. Where can I know if it is illegal to mine in the country I want to go to?
Link is given above when you do talk about EU when it comes to mining.How to know if its illegal? Then a simple search up would answer your own question.

Second question is, I want to save around 10k dollars, probably more, to start building a mining rig. I just want to know, is it proffitable?
Frankly speaking profitability would always matter on electricity cost.The more cheap it the more it would be profitable.

Will I get my investment back faster if I invest more money or if I invest less? And, of course, is it proffitable? In the sense that, can it generate enough money to pay it's own energy consumption, internet usage and the space I'm planning to rent, while also giving some extra income?
All expenses should be put up into consideration because you can make calculation at the end. Gross income- expense= Profit. If you do mine just to pay up your own electricity bill then its not really worthy at all.

Also, one last question, do you recommend me any books to learn about this?
Theres no such books but there would really be links on net will give your ideas to learn and even just on this forum alone you would really learn a lot.

Or any formulas I can use to calculate proffit based on GPU's speciffications? I'm good at maths and I'm okay with investigating some hundred hours of formulas and current price of cryptocoins. I want to go serious with this, and I didn't know who to ask.

Whattomine.com is a good place.


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leonix007
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October 02, 2018, 01:36:01 AM
 #5

Thank you for replying so quickly!

1.- Would you rather mine or invest into crypto directly?


With the current market condition, I would rather buy decent coins than mining

Quote

2.- Do you recomend me to mine bitcoin or is it even harder to make money trying to mine bitcnoin? (I focused my "research" on altcoins, so I have no idea of the technical difficulties of bitcoins)

There are online calculators out with corresponding mining difficulty to verify which would be more profitable to you and is way relative with your electricity cost

https://bitcoinwisdom.com/bitcoin/calculator

https://whattomine.com/

Quote
3.- About the last and penultimate answers; Is it impossible to make money mining altcoins or just very unlikely? Cause, what I understood with that last answer is it might be possible to make money (what I want is for it to make me any money. If it repays the investment sooner or later is of less importance for me, for me having invested 10k dollars and not making money but loosing it even more is a full defeat while making little money and repaying initial investment in two years is only partial defeat, partial victory)

Though if I just buy a 200/300€ GPU and it turns out not to be proffitable it wouldn't be such a bad thing cause I guess I could use that GPU for gaming (always optimistic)

It is unlikely, and not much if there's any, mining is digging/finding a gem, a lot of miners seek this and its not as easy as you think


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October 02, 2018, 01:47:30 AM
 #6

https://www.coinwarz.com/cryptocurrency

difficulty charts (CLOSELY study how it goes up for coins mined with asics and compare with hashrate charts for thoose coins):
https://www.coinwarz.com/charts/difficulty-charts

network hashrate charts:
https://www.coinwarz.com/charts/network-hashrate-charts


global crypto chart
https://coinlib.io/global-crypto-charts

whattomine + calulator
https://whattomine.com/coins


asic miner value ( ONLY earning per day will be accurate for that day at the current price of BTC when you check it out)
https://www.asicminervalue.com/

prices cryptos
https://coinmarketcap.com/

calculator
https://www.cryptocompare.com/mining/calculator/zec?HashingPower=261400&HashingUnit=H%2Fs&PowerConsumption=3300&CostPerkWh=0.11&MiningPoolFee=1

explains a lot of settings:
https://prohashing.com/help.html

a lot of mining pools and "live" latency check
https://investoon.com/mining_pools/zec


Buy a graphics card and play games!
you can also use it to learn about mining cryptos and so.

if prices goes up on cryptos you can make some money with it and will know what to do(Mine or invest) !


you can also check out on youtube:
Bitcoin Ben, Roadtoroota, x22report (homepage with link to school for trading cryptos) and Gold 2020 forecast

good luck !




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October 02, 2018, 02:29:28 AM
 #7

It's risky at best.  If you had the ability to hold the coins that you mined then you might hit it big at some point down the road.  Right now Bitcoin is around $6500 and at these prices you would have to have a lot of equipment to make it worth your while. The great thing about mining is that it scales so you can test it out, like you said.  You can start with 1 GPU and if it makes enough for you then you can always invest in more equipment.


Another way of mining coins would be looking into some Masternode projects or some of the various staking coins.


Having said all that, you will probably be better off by buying $10,000 worth of coins and holding.

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October 02, 2018, 05:02:55 AM
 #8

I believe you would get almost the same answer everywhere while you were asking about starting to invest in mining today (moreover if you are new in mining) You will facing a big risk of investment if you are investing on crypto mining nowadays.

Besides direct investing into coins, this is a good move, at least for me:

Also, before going all out with this, I first want to test with like a cheap GPU, like aroung 200€ plus any other necessary equipment, to get some experience and familiarize myself with the software and needs.
Assuming a 400€ "test" investment, would that generate money worth it's own comsumed energy and internet broadband while at the same time generating an income, a beneffit? You know, I don't want to waste my money. I'm okay with taking risks, but a 0% chance isn't a risk, so if it's impossible I need to know before investing anything.

Out there several miners still generate enough profit (on this situation) even with normal electricity cost (I know a few miners personally) There's something makes them different (should be), Experience, how much the time to spend on their research, extra effort and may a bit of luck factor. I'm not talking about Farmers, it's about home miners. The point is, you should do it yourself to know it, give extra effort, doing research again and over again. That's just my "shit" advice, but it's work for me.  Grin

Other questions seem like has answered and I agreed with them.  Grin

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October 02, 2018, 04:11:15 PM
 #9

First off, I want to mine in a country from europe, and I think it is illegal to mine cryptocoins in certain countries. Where can I know if it is illegal to mine in the country I want to go to?
Link is given above when you do talk about EU when it comes to mining.How to know if its illegal? Then a simple search up would answer your own question.

Second question is, I want to save around 10k dollars, probably more, to start building a mining rig. I just want to know, is it proffitable?
Frankly speaking profitability would always matter on electricity cost.The more cheap it the more it would be profitable.

Will I get my investment back faster if I invest more money or if I invest less? And, of course, is it proffitable? In the sense that, can it generate enough money to pay it's own energy consumption, internet usage and the space I'm planning to rent, while also giving some extra income?
All expenses should be put up into consideration because you can make calculation at the end. Gross income- expense= Profit. If you do mine just to pay up your own electricity bill then its not really worthy at all.

Also, one last question, do you recommend me any books to learn about this?
Theres no such books but there would really be links on net will give your ideas to learn and even just on this forum alone you would really learn a lot.

Or any formulas I can use to calculate proffit based on GPU's speciffications? I'm good at maths and I'm okay with investigating some hundred hours of formulas and current price of cryptocoins. I want to go serious with this, and I didn't know who to ask.

Whattomine.com is a good place.

Hey, thank you! I was using coinwarz.com to calculate but that one looks a lot better.
I used the products that bitmain sells to calculate this, and apparently it says that the proffitability is a lot (for what the product costs), but htere's something I want to know. Is that "proffitability" parameter measured in months or in days? I guess there is somewhere on the internet where to learn how to use that calculator.
Thank you very much for sharing that with me!!

Wow.... wait a sec, I repeated the calculation with a different product from the same site, and even though it is a lot more expensive, it isn't proffitable at all (it costs more energy that the coins it produces...). I'm repeating this calculation with the most expensive one in the site.

Okay so depending on the product, the proffit can range between -2.73 to 186 $
Again, I'm not sure about what time period they are using (I don't know if it's -2.7, 2.7 and 186 $ a month or a day).
What I thought is I could save money (I will want to invest in around a year from now) and research prices and products for around one/two weeks before investing to predict what would the best option be. I just came up with an idea; but different types of miners, and depending on each type's proffitability, use some GPU's or others, and mine some cryptocoins or others.

What do you think? Is it a good idea?
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October 02, 2018, 04:18:20 PM
 #10

Thank you for replying so quickly!

1.- Would you rather mine or invest into crypto directly?


With the current market condition, I would rather buy decent coins than mining

Quote

2.- Do you recomend me to mine bitcoin or is it even harder to make money trying to mine bitcnoin? (I focused my "research" on altcoins, so I have no idea of the technical difficulties of bitcoins)

There are online calculators out with corresponding mining difficulty to verify which would be more profitable to you and is way relative with your electricity cost

https://bitcoinwisdom.com/bitcoin/calculator

https://whattomine.com/

Quote
3.- About the last and penultimate answers; Is it impossible to make money mining altcoins or just very unlikely? Cause, what I understood with that last answer is it might be possible to make money (what I want is for it to make me any money. If it repays the investment sooner or later is of less importance for me, for me having invested 10k dollars and not making money but loosing it even more is a full defeat while making little money and repaying initial investment in two years is only partial defeat, partial victory)

Though if I just buy a 200/300€ GPU and it turns out not to be proffitable it wouldn't be such a bad thing cause I guess I could use that GPU for gaming (always optimistic)

It is unlikely, and not much if there's any, mining is digging/finding a gem, a lot of miners seek this and its not as easy as you think




Okay, what if I buy a simple 300$ GPU, try to learn and if it's not worth it, I invest all the money into buying the currency directly, if else, I invest into mining.
Is it a good plan?
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October 02, 2018, 04:44:12 PM
 #11

https://www.coinwarz.com/cryptocurrency

difficulty charts (CLOSELY study how it goes up for coins mined with asics and compare with hashrate charts for thoose coins):
https://www.coinwarz.com/charts/difficulty-charts

network hashrate charts:
https://www.coinwarz.com/charts/network-hashrate-charts


global crypto chart
https://coinlib.io/global-crypto-charts

whattomine + calulator
https://whattomine.com/coins


asic miner value ( ONLY earning per day will be accurate for that day at the current price of BTC when you check it out)
https://www.asicminervalue.com/

prices cryptos
https://coinmarketcap.com/

calculator
https://www.cryptocompare.com/mining/calculator/zec?HashingPower=261400&HashingUnit=H%2Fs&PowerConsumption=3300&CostPerkWh=0.11&MiningPoolFee=1

explains a lot of settings:
https://prohashing.com/help.html

a lot of mining pools and "live" latency check
https://investoon.com/mining_pools/zec


Buy a graphics card and play games!
you can also use it to learn about mining cryptos and so.

if prices goes up on cryptos you can make some money with it and will know what to do(Mine or invest) !


you can also check out on youtube:
Bitcoin Ben, Roadtoroota, x22report (homepage with link to school for trading cryptos) and Gold 2020 forecast

good luck !






Thanks a lot for all of that useful information and links, I checked them all out before replying (even the youtube chanels) and saved them.
Thank you, I hope I learn a lot, and of course, I hope I make some money too!
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October 02, 2018, 04:57:04 PM
 #12

It's risky at best.  If you had the ability to hold the coins that you mined then you might hit it big at some point down the road.  Right now Bitcoin is around $6500 and at these prices you would have to have a lot of equipment to make it worth your while. The great thing about mining is that it scales so you can test it out, like you said.  You can start with 1 GPU and if it makes enough for you then you can always invest in more equipment.


Another way of mining coins would be looking into some Masternode projects or some of the various staking coins.


Having said all that, you will probably be better off by buying $10,000 worth of coins and holding.

Does that mean that if 1GPU makes 2.3$, 2GPUs would make 4.6$?
Cause that's very interesting
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October 02, 2018, 05:08:02 PM
 #13

I believe you would get almost the same answer everywhere while you were asking about starting to invest in mining today (moreover if you are new in mining) You will facing a big risk of investment if you are investing on crypto mining nowadays.

Besides direct investing into coins, this is a good move, at least for me:

Also, before going all out with this, I first want to test with like a cheap GPU, like aroung 200€ plus any other necessary equipment, to get some experience and familiarize myself with the software and needs.
Assuming a 400€ "test" investment, would that generate money worth it's own comsumed energy and internet broadband while at the same time generating an income, a beneffit? You know, I don't want to waste my money. I'm okay with taking risks, but a 0% chance isn't a risk, so if it's impossible I need to know before investing anything.

Out there several miners still generate enough profit (on this situation) even with normal electricity cost (I know a few miners personally) There's something makes them different (should be), Experience, how much the time to spend on their research, extra effort and may a bit of luck factor. I'm not talking about Farmers, it's about home miners. The point is, you should do it yourself to know it, give extra effort, doing research again and over again. That's just my "shit" advice, but it's work for me.  Grin

Other questions seem like has answered and I agreed with them.  Grin


I'm ure I'm going to make a small investment to test mining, wether I continue mining or do another thing depends on, as you said, my effort, experience and -luck- .

Thank you all for taking your time to answer my questions and help this noob here. Have a nice day, wherever you are!
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October 02, 2018, 08:26:21 PM
 #14

It's risky at best.  If you had the ability to hold the coins that you mined then you might hit it big at some point down the road.  Right now Bitcoin is around $6500 and at these prices you would have to have a lot of equipment to make it worth your while. The great thing about mining is that it scales so you can test it out, like you said.  You can start with 1 GPU and if it makes enough for you then you can always invest in more equipment.


Another way of mining coins would be looking into some Masternode projects or some of the various staking coins.


Having said all that, you will probably be better off by buying $10,000 worth of coins and holding.

Does that mean that if 1GPU makes 2.3$, 2GPUs would make 4.6$?
Cause that's very interesting
I have been mining for a long time. Now profit from RTX2080ti ($ 1400) about 1 dollar.
It is more profitable to buy used RX 570-580 or GTX 1070.
Mining is now more like a hobby, profit is very small and you need to work.
If you want to try to make money on cryptocurrencies, it is better to try to learn trading or investment.
But I will not dissuade you from mining Grin
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October 02, 2018, 09:36:59 PM
 #15

I honestly wouldn't even suggest buying any equipment solely for mining anymore unless you're also going to game or use the GPU for other computing purposes for something like a job, etc. I have a gaming rig with two 1080tis and I no longer mine with them at night or when the rig isn't in use, as the profit I gain from them is now nearly negligible with the way mining profitability is going, and the outlook for mining profitability as of right now isn't too great. There's a lot of risk involved at the moment with a rather small potential reward in my eyes.

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October 03, 2018, 08:42:45 PM
 #16

First off, I want to mine in a country from europe, and I think it is illegal to mine cryptocoins in certain countries. Where can I know if it is illegal to mine in the country I want to go to?
Link is given above when you do talk about EU when it comes to mining.How to know if its illegal? Then a simple search up would answer your own question.

Second question is, I want to save around 10k dollars, probably more, to start building a mining rig. I just want to know, is it proffitable?
Frankly speaking profitability would always matter on electricity cost.The more cheap it the more it would be profitable.

Will I get my investment back faster if I invest more money or if I invest less? And, of course, is it proffitable? In the sense that, can it generate enough money to pay it's own energy consumption, internet usage and the space I'm planning to rent, while also giving some extra income?
All expenses should be put up into consideration because you can make calculation at the end. Gross income- expense= Profit. If you do mine just to pay up your own electricity bill then its not really worthy at all.

Also, one last question, do you recommend me any books to learn about this?
Theres no such books but there would really be links on net will give your ideas to learn and even just on this forum alone you would really learn a lot.

Or any formulas I can use to calculate proffit based on GPU's speciffications? I'm good at maths and I'm okay with investigating some hundred hours of formulas and current price of cryptocoins. I want to go serious with this, and I didn't know who to ask.

Whattomine.com is a good place.

Hey, thank you! I was using coinwarz.com to calculate but that one looks a lot better.


Wow.... wait a sec, I repeated the calculation with a different product from the same site, and even though it is a lot more expensive, it isn't proffitable at all (it costs more energy that the coins it produces...). I'm repeating this calculation with the most expensive one in the site.


What do you think? Is it a good idea?
No matter which site you would use as long you are comfortable on using it then it wont really matter at all since both sites do have the same function. When it comes to calculation
this do proves out about non-profitability depending on which card you are putting up since they do have different hashes then its normal that income would be entirely different too.
Those calculators giving you out the idea and the best thing you can edit up basing on your real-time electricity cost to see nearly precise profitability.


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October 04, 2018, 12:15:41 PM
 #17

I would say that for mining, Georgia is great country because of tax free zones and cheap electricity costs.
You can use whattomine.com to determine which GPU has highest ROI at the moment (consider that this may change pretty often). You have also to consider that price of coins sometimes fall.
You can also use nicehash profitability calulator, here you rent GPU hash and get paid in bitcoin, it's good if you are bitcoin holder.
If I were you, I wouldn't do 400 euro test, it's easy to configure hardware, you can find a lot of video tutorials on youtube.
No one can tell you exactly how quickly you'll ROI. Everything depends on difficulty (which grows when more and more people mine) and on coin's price too.

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