I Bought 150+ GPUs for Ethereum mining. Think I'm Insane?

[mak013]

Nice job. I thought about selling GPU that time and rebuy it about half a year-year later, but decided to continue mine. Buying BTC-ETH in the lowest prices really great. If all this story is true, i can just congratulate u.

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[stomachgrowls]

Since you paid so little, unless they fry themselves you can probably sell them for $50 second hand (third hand for you) and get break-even. Even if the mining scene is dead by then.

On worst case scenario then this would be the last resort so it would turn out that he's on win-win situation.

Those cards are really a good buy and i cant even think for those cheap prices.Roi is pretty fast basing on the calculations.
It might not be precise nor accurate but we can able to see the profitability.

[Xazax310]

Nice job. I thought about selling GPU that time and rebuy it about half a year-year later, but decided to continue mine. Buying BTC-ETH in the lowest prices really great. If all this story is true, i can just congratulate u.

Not quite lowest, but bought 1 BTC @ $3800 and hundred ETH @ $136~ with some more ETH bought @ $170. So I definitely made out well. This weekend Ill be racking all the GPUs! pictures will follow!

[rdluffy]

Good luck bro
Keep us updated, with pictures

If you have 0.10cents rate, you'll be good, the hard part will be to keep your rigs working 

[mak013]

Not quite lowest, but bought 1 BTC @ $3800 and hundred ETH @ $136~ with some more ETH bought @ $170. So I definitely made out well. This weekend Ill be racking all the GPUs! pictures will follow!

Really nice. Unfornunately, I`ve reached power limit till the middle autumn and right now can just exchange my 10xx to 20xx series or, at least, to 1660. It can become a problem of the price will grew up.

[swogerino]

I think you have made a good investment and I don't think you are insane,you are the opposite,a very smart person.
The fact that you bought the cards really cheap is another factor why I think you are a smart person.Good luck on your mining adventure.

[paul_ammit]

Just why not, still investment. Now you are able to gather almost any crypto for long-term.

[lunobird]

Just why not, still investment. Now you are able to gather almost any crypto for long-term.

No longer considered investment. Now considered taxable income.

To me this is a big deal and a lot of miners forget to account for this as the tax amount can be fairly high at 30 percent or more depending on your tax bracket.

I think in this scenario it's okay. He made 2x gains, He didn't cash out he borrowed and use his coins as collateral. I don't know what rate he's paying but I know maker Dai borrowing fees went up high at 16- 20 percent credit card levels.

So he still has skin in the game for more upside without getting left in the dust mining at higher difficulty if price rise.

[Xazax310]

Just why not, still investment. Now you are able to gather almost any crypto for long-term.

No longer considered investment. Now considered taxable income.

To me this is a big deal and a lot of miners forget to account for this as the tax amount can be fairly high at 30 percent or more depending on your tax bracket.

I think in this scenario it's okay. He made 2x gains, He didn't cash out he borrowed and use his coins as collateral. I don't know what rate he's paying but I know maker Dai borrowing fees went up high at 16- 20 percent credit card levels.

So he still has skin in the game for more upside without getting left in the dust mining at higher difficulty if price rise.

This. Nexo's loan rate is 16%. And yeah It's non-taxable until I use Crypto to pay off the loan. Since I'm running this as a sole-proprietorship under Schedule C(In America) it's counts as 15% income taxable.

[bitkanu]

Not really, I mean if you made a profit out of it so why not? Ordinary people might think you are insane because they've only bought GPU for gaming and not for making money, but you are making money that could be called as a productive act.

I think people are offloading their ethereum mining gear before they go pos. Mining gear will flood the market around that time so you'll have trouble selling them afterwards

Like you could only mine eth  

That Ethereum is switching to POS has been said already back in 2017.  

I'll only believe that when it happens.
POS simply has a few crucial disadvantages, like 'Nothing at stake' etc.

@OP
Very good buy! Have fun mining!

Agree with that, there's plenty of worthy altcoins other than ETH so there's nothing to worry about.

[CjMapope]

think your insane? 

nah, you said power cost is like a penny, and you paid like 55$ per card :O
far as im concerned, your SMILING
two largest factors to mining are: what you pay for power, and what you pay for cards
and you hit those right on the money it seems
just dont let shit burn down haha
and reinvest all you can, consider using the hashpower to secure other coins with nodes and shit, they pay insane some of them, and give no monthly electricity bill :p
Good luck man, keep us updated! 

[Dowper_]

Very cheap GPUs, great deal, you will ROI very fast because you don't need to make 100% ROI, the GPUs have resale value.

[lunobird]

Very cheap GPUs, great deal, you will ROI very fast because you don't need to make 100% ROI, the GPUs have resale value.

From a tax accounting perspective any sold GPU will have to be reclaimed by IRS if you took an equipment deduction tax benefit. Best to run them down to the ground. Geez you small time miners are amatures.

If the market goes up. Not only you have to Roi on dollar amount. You must also roi on crypto coin amount if someone sold their coins to buy gear.

If dollar amount is roi but crypto coin amount did not roi then you lose bc of miss opportunity of just holding coin would have offered better gains.

This does not apply to him since he took a 16 percent loan as a hedge in case market goes up he keeps his coin gains but pays a 16 percent interest as insurance if market goes up.

If market goes down and stays bear longer like over a year than best if he did not take a loan and just sold to hard cash for hardware or just kept his cash to buy coins lower
 

[Lucky-marsik]

well I will not say that you are crazy, but I'd buy a bit of Asic + graphics card. It was necessary to distribute a little Finance

[Batmaxpt]

Rx470 8gb why not ?

[Xazax310]

Very cheap GPUs, great deal, you will ROI very fast because you don't need to make 100% ROI, the GPUs have resale value.

From a tax accounting perspective any sold GPU will have to be reclaimed by IRS if you took an equipment deduction tax benefit. Best to run them down to the ground. Geez you small time miners are amatures.

If the market goes up. Not only you have to Roi on dollar amount. You must also roi on crypto coin amount if someone sold their coins to buy gear.

If dollar amount is roi but crypto coin amount did not roi then you lose bc of miss opportunity of just holding coin would have offered better gains.

This does not apply to him since he took a 16 percent loan as a hedge in case market goes up he keeps his coin gains but pays a 16 percent interest as insurance if market goes up.

If market goes down and stays bear longer like over a year than best if he did not take a loan and just sold to hard cash for hardware or just kept his cash to buy coins lower
 

^ This. All equipment can be depreciated but then if you sell it, it has to be sold at "fair market value" then detected as income. I'm not an expert on how that all works. That's pretty much my plan run these babies until they die and dump them at E-waste. Considering ROI time, and possible crypto-booms I'm really hoping for good income from them even after they can't mine Ethereum anymore.

Updated the OP with more rig pictures build in progress. Another 52 cards are enroute and P104-100s are racked! Currently testing 13x RX470s and 13x P104-100s.

Rx470 8gb why not ?

because when you're dealing with 150+ GPUs that's an increase of cost in thousands of dollars. RX470 4GB's offer the lowest cost and still perform well-meaning faster ROI.

[TheHas]

At $53 you should be fine! That is a great price even if a few die along the way.

Most of your costs must be electricity, maintenance, and probably a whole lot of time.

I don't know why, but I really enjoying seeing a full mining farm set up. It's like my mini mining rig but on steroids

[TheHas]

Good price, but you're still insane to be honest :/

Let a man dream!

You should put up a chart with ROI estimates and each day you mine and sell tick off a box on the calendar. When you finally pay off your cards or whole rigs, put a picture of the calendar with the marked boxes in this thread.

[Piskeante]

you are making 9$ per month per Card after electricity (at best), and that's considering you don't have to pay taxes or you evade them.

I guess i will never understand why people do this kind of frikin investments.

[Xazax310]

you are making 9$ per month per Card after electricity (at best), and that's considering you don't have to pay taxes or you evade them.

I guess i will never understand why people do this kind of frikin investments.

Because I can spend say 15G and invest in Ethereum at the current market price of $260(June 19') and get 57 Ethereum. Or I can put 15K into mining GPUs and earn 16 ETH a month or about 200 in a year. What makes more sense? yes there more involvement with mining, but it takes risks to make money. With what I'm putting out for investment is minimal compared to the returns for cryptomining. Plus I'm just an IT/Tech enthusiast also work as IT for a living. It all goes hand in hand.

Right now I'm trouble shooting the RX 470's. I got one rig of P104-100s up and running hashing away fairly easy.

I cannot get the newest Claymore 14.6 STRAP function to work without crashing. Unsure what's causing it. Now there is a bit of a caveat Since these were used some cards were BIOs modded others left stock. I put whatever was BIOs modded back to stock from other GPUs that were stock, however, I noticed in windows that quite a few GPUs have the 'ERROR 43' in windows which can only be fixed by applying the ATIpixel patcher.

Setup:

13x Rx470 4GB (Stock BIOs)(Hynix, Samsung, Elpida)

Asrock H110 Pro BTC+

G3930/4GB RAM/EVGA 450w PSU (for motherboard)

Delta 2400w Server PSU (For GPUs)

Windows 10 (1903)

AMD 19.5.1 Drivers



Now when I tested the STRAP function with a single card, works fine. Will launch and I'm seeing good hash rates of 31mh/s~. However, when I plug in all 13x 470's try the STRAP feature, it will get to 2nd GPU applying STRAPs then Windows will crash and restart itself. This happens every time without fail. Now if I only apply it GPU 0 the STRAP then works fine again, however applying it to GPU 0 and GPU 1 it will hard crash and restart windows. Trying GPU 0 and GPU 2 results in the same thing. Also, note that RXBOOST works perfectly fine. The cards will hash fine with stock BIOs or even Modded BIOs using RXBOOST.



So Far I've tried

Raising voltages for Core/Memory or just leaving it stock. Doesn't matter.

Updating Microsoft .net framework and C++
Flashing various Stock BIOs(found online) and even Modded BIOs.

Different Windows versions 1809 vs 1903.



Furtherest I've gotten was 4-GPUs using the STRAP function. Once I started adding the 5th and 6th or more it would crash and restart windows. My Assumption is that it has to do something with the BIOs and the ATIpixel patcher? However, I'm unsure how to remedy this since only 1 or 2 GPUs seem to not have the error 43 in device manager. I'm unsure of this and wondering if anyone has encountered the same problem.