Help for a beginner

[Bagge6]

Hello

I ordered a new GPU MSI Gtx 1060 Gaming X 6gb and im thinking, if I start to mine with my computer, what kind of profit im looking at per day?
I already looked the site www.whattomine.com and put my price/kWh and number of GPU's on 1060 (1), and it tells me that best profit would be around 0.27$,
so is estimate value of 24 hours of mining?
One guy from youtube is seemingly making 1.6$ per day with the same card, so im a bit confused

My electricity is 0.0575eur/kWh and I live in a apartment building which can get pretty cold specially at winters -- would it be a bad idea to invest in a mining rig these days? It could warm up this flat im living in at the same time

Comp specs:
Mobo: Gigabyte GA-Z77M-D3H
CPU: Intel i5 3570k 3.4Ghz
Memory: Adata 2x4gb @1333mHz + G.Skill 2x4gb @1333 coming soon
GPU: MSI GTX 1060 Gaming X 6gb
SSD: Samsung 860 EVO 250gb coming soon
HDD: 2x1Tb and 1x2Tb (4Tb total)
PSU: Corsair vx 450

[Harai Goshi]

I'd imagine the youtube video of the guy making > 1.00 per day on a 1060 is rather old, or he's valuating his average per day based on what he gets when he converts the obscure spec coin he's mined at an opportune time later on when it lists and pumps.  If you are just going to mine on it when you arent using it (turning on a miner when you are away, using cudominer to start up when its idle, etc) you wont be getting the .27 either. 

Is it worth buying a mining rig now?  I'm still building more of them, so for me the answer is yes.  Your answer may be different.

1) Do you believe in the big-picture idea of cryptocurrency?  If yes, maybe.  If no, probably not.

2)  Are you financially able to withstand the build out costs, maintenance costs (shit breaks), and electrical costs without taking immediate profits?  If yes, maybe.  If no, probably not.

3)  Time: Do you enjoy tinkering with computers?  And by "tinkering" I really mean regularly diagnosing why _insert_something_here_ suddenly stopped working?  If yes, maybe.  If no, probably not.

Finally, assuming you made it this far having answered yes to the above: 4)  Is it for some reason (be it personal, professional, or regulatory/whatever) more convenient for you to mine coins rather than start dollar cost averaging in by just buying the coins directly?  If yes, then absolutely.  If no, then...maybe.

[GhostWithin]

My electricity is 0.0575eur/kWh and I live in a apartment building which can get pretty cold specially at winters -- would it be a bad idea to invest in a mining rig these days? It could warm up this flat im living in at the same time

Yes, it's bad idea. I wouldnt advise anyone to start mining, especially if you have no experience.
Another thing, if you get for free or very cheap the equipment or its part . Otherwise, it will end up selling your farm

Is it worth buying a mining rig now?  I'm still building more of them, so for me the answer is yes.  Your answer may be different.

What are you mining now if you're still building more? and is electricity power free for you?

[markiz73]

I wouldn't use PSU: Corsair vx 450 for mining
You got it wrong. Your computer will also consume electricity, and you should not mine on 1 video card. You can use your computer to operate and control other rigs.
If you want to use your rig for heating, you need at least a few rigs for 6-8 video cards.
But you will have other problems - it is noise. At night it will be heard by neighbors and you may have problems( although it depends on the quality of the walls and sound insulation).
If you have a wife or children, it is a bad option to mine at home.

[Harai Goshi]

My electricity is 0.0575eur/kWh and I live in a apartment building which can get pretty cold specially at winters -- would it be a bad idea to invest in a mining rig these days? It could warm up this flat im living in at the same time

Yes, it's bad idea. I wouldnt advise anyone to start mining, especially if you have no experience.
Another thing, if you get for free or very cheap the equipment or its part . Otherwise, it will end up selling your farm

Is it worth buying a mining rig now?  I'm still building more of them, so for me the answer is yes.  Your answer may be different.

What are you mining now if you're still building more? and is electricity power free for you?

AMD rigs mostly divided up between Ethereum and Monero, occasionally I'll drop a few of them on a new coin.  NVidia rigs I pretty much just leave autoswitching on YIMP pools for BTC payouts.  I'm building a new rig about every 2 months using some of the BTC to buy parts...basically I just troll ebay for cheap cards & various parts daily, and eventually a new rig appears.

Power isnt free, but I have 120 amps that's heavily subsidized.  Have a friend with industrial power at his business...he eats the electical cost & cleared out space, and gets 25% of the coins mined.  I have a few rigs and a couple Z9 minis at the house, and I just eat the power cost on those.

[Alucard2425]

I think mining at this time is a bad idea for now but if you want to experience mining then do try it but i advice you try it on 4 gpu's and just try it if it works for you then do add more 

[shinratensei_]

My electricity is 0.0575eur/kWh and I live in a apartment building which can get pretty cold specially at winters -- would it be a bad idea to invest in a mining rig these days? It could warm up this flat im living in at the same time

Yes, it's bad idea. I wouldnt advise anyone to start mining, especially if you have no experience.
Another thing, if you get for free or very cheap the equipment or its part . Otherwise, it will end up selling your farm

Is it worth buying a mining rig now?  I'm still building more of them, so for me the answer is yes.  Your answer may be different.

What are you mining now if you're still building more? and is electricity power free for you?

AMD rigs mostly divided up between Ethereum and Monero, occasionally I'll drop a few of them on a new coin.  NVidia rigs I pretty much just leave autoswitching on YIMP pools for BTC payouts.  I'm building a new rig about every 2 months using some of the BTC to buy parts...basically I just troll ebay for cheap cards & various parts daily, and eventually a new rig appears.

Power isnt free, but I have 120 amps that's heavily subsidized.  Have a friend with industrial power at his business...he eats the electical cost & cleared out space, and gets 25% of the coins mined.  I have a few rigs and a couple Z9 minis at the house, and I just eat the power cost on those.

The key is when you are having 120 amps that are heavily subsidized. for new small miners and that will be a difficult thing.
But for a small or even personal miner and to choose those coins which were having a lot of big miners is the worst story. We burned our GPU before we can touch 50% of our ROI. OP forget it and try another way.

[dentolas]

First lesson for a newbie is not to believe in everything people tell you here... make your own judgments and adapt to your own situation
You have very cheap electricity, a friend of mine is making nice profits and our power costas around 0.15euro/kw
He also has 4 rigs with 6 GPUs each on is open space flat and they heat up the house... there is a faint background noise, but nothing special... by summer he has to change them to a different space due to the heat and additional noise from external cooling fans
The main trick while mining is to research a lot and choose good projects... if you have small hash power, it is preferable to choose starting projects with less difficulty, but care needs to be taken as many of these fail...
good luck

[corrado25]

Maybe you saw some kind of old video. when the profit was such. You must understand that the profit depends on the complexity of the extraction and the price of the coin in the market. If this coin started to mine many people then the complexity of a block could grow and this led to the less coins you will receive as a reward. The price as I have said is not worth the place. If the price has fallen then you will not receive that brigade either you promise in the video

[Harai Goshi]

The key is when you are having 120 amps that are heavily subsidized. for new small miners and that will be a difficult thing.
But for a small or even personal miner and to choose those coins which were having a lot of big miners is the worst story. We burned our GPU before we can touch 50% of our ROI. OP forget it and try another way.

Free/cheap power certainly makes everything a whole lot easier. 

Mining can make sense on a really micro scale (i.e. running cudo on your gaming rig when you arent using it, putting a rig or two in your garage/dorm room, etc), and on a really macro scale (gigantic farm in some area with cheap power, cheap space, and cheaper labor).  In between those the economies of scale bite you.  It's tough to make it work, the margin is too tight to add any additional overhead costs (rent, labor, etc). 

Technically speaking, I've not seen ROI on my first rig because I never paid myself back for it.  It did buy a second rig, though, then those bought a 3rd...then a 4th...etc etc.  Will I ever ROI?  Hell if I know.  Essentially all I'm doing now is dollar cost averaging large cap coins AND hash power at a discount, with a medium to long term time horizon.  No idea if that's the best way to go about doing things.  Probably isnt.  Truth be told, I just enjoy building & tinkering with the rigs more than anything. 

The OP asked if it was a good idea to invest in a mining rig.  Maybe it is, maybe it isnt...I was really just trying to help him answer that question for himself as I can't answer it for him.   

[secdark]

If you want mining you should think first about the needs, you should consider things before get decided. If you electricity is not small like what we have. I should say no for mining. Now btc is less than the past year 2017, but if everything is set up now you can go For it

[vuli1]

Next time check when that video on youtube was published.

[TheBottomTurtle]

Based on the specs of the OP's computer it looks like that's a gaming rig.  He's got cheap electricity so the 1060 will mine at a profit even if he just uses nicehash instead of learning to do the mining himself.  Seems to me that mining while he's not using the computer is just free money.  I really don't see a reason not to mine.  Everybody gets so focused on building mining farms and scaling up but the OP's scenario is what blockchain tech was designed for.  After he mines with his gaming rig for a while he'll have all the information he needs to decide for himself if it's a good idea to build dedicated mining rigs.

[l3pox]

If you want mining you should think first about the needs, you should consider things before get decided. If you electricity is not small like what we have. I should say no for mining. Now btc is less than the past year 2017, but if everything is set up now you can go For it

there are even more things to consider before starting to mine like:
-can my location support the power increase?
- how hot is it here, will it need refrigeration?

calculating the depreciation of rigs is also a must.

[Wotan Wipeout]

At first you should make a few steps with your new GPU.
Whats the typical hashrate, and how to undervolt it.
Whats your averall power consumption and what are your costs.
Where are problems (noise, heat) and how this affects you.
Are there benefits? (heat in the winter)
If you are thinking of fast money, than forget about mining.
Buying coins is much easier.
Check about different miner programs for different coins.
When you compare things, check the time of the posts / videos.
Old stuff might not help you.
Mining is not as easy as it looks sometimes.
Your GPU is a good start for mining.

Make your own way. I wish you the best.
Send me a PN if you need some help.

Wotan

[Bagge6]

Hey thanks all for the messages and help.

For why im even considering this is because my electricity deal is quite cheap, only 0.0575€/kWh so...
I will try to test the waters when the GPU arrives and if im doing profit, then probably im investing in some rig.


I was about to ask why not use water cooling on rigs but that would raise ROI even more...


Will post more when the GPU/memory sticks arrive.

Bagge

[cryptorima]

I think mining at this time is a bad idea for now but if you want to experience mining then do try it but i advice you try it on 4 gpu's and just try it if it works for you then do add more 

I think you are right dear friend that mining at this situation is good so good idea. Cause market conditions is not good and Bitcoin price is too low. For this its very hard to earn profits from mining.

[BitBustah]

Hey thanks all for the messages and help.

For why im even considering this is because my electricity deal is quite cheap, only 0.0575€/kWh so...
I will try to test the waters when the GPU arrives and if im doing profit, then probably im investing in some rig.


I was about to ask why not use water cooling on rigs but that would raise ROI even more...


Will post more when the GPU/memory sticks arrive.

Bagge

Thats not cheap compared to what the big farms are paying.  Sure, it looks like a good deal for normal residential rates but I still don't think its worth it for you.  You have to strongly consider how much the difficulty will continue to rise so your expected daily profit will not last long.

[legendster]

It's not profitable to mine any leading coin if you're just breaking into mining. Trust me, there'll be many unforeseen hurdles. The most important thing to keep in mind is the volume and price stability of the coin that you're mining. Typically you should be able to sell off on a weekly basis. With an unknown known it becomes very hard to know where the volume or price will be in a week's time.
Other than that, what @Harai Goshi said is pretty much on point. Check the date on that youtube video.

[Harai Goshi]

Trust me, there'll be many unforeseen hurdles.

Not if he builds a Vega Rig...no hurdles there at all!