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

[lunobird]

I actually did the same thing a few weeks ago. Still had all the components for two rigs here - only thing missing were the GPUs. Now I bought 16 more RX470 for around $50-$55 each. But I have free electricity (included in rent), so I am pretty sure I will ROI within a few months.

Be careful how big you go.  16+ gpus won't go unnoticed on the power bill and your LandLord will notice that.  Might even increase your rent

[1714975939]

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[1714975939]

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[Temido2222]

When ETH goes POS, miners will just switch to other algos. C29 algo is quite popular with Beam and Grin, right? And both of them have been quite profitable as of late.

[oldtminer]

bump for update

[Metroid]

2 observations here, pay attention to them.

This thread was created on June 12, 2019, today is June 26, 2019, so 14 days. Now, on June 12, eth was 242 usd, 14 days after that eth is 360 usd, so in 14 days eth had an increase of 118 usd which corresponds to almost 50% of 242 usd, so when I say buy eth is better than mine, you trolls must pay attention.

His post stated that he would roi in 6 months, so 50% is 3 months, pay attention that his earnings also increased too as eth values more but still a bit around 5 months and some days to roi.

Anyway, this is a very interesting observation.

[Xazax310]

bump for update

Been getting it up and running, currently at 3.5Gh/s. ill update OP with some pictures! Having a ton of BSODs and crashes so it's taking longer than I would of hoped. Without Claymore STRAP feature working correctly(He is working with me on this issue) I have to painfully BIOs mod and flash each memory type then adjust for Memory clocks. It's real pain. Some BIOs mods are better than others etc.

2 observations here, pay attention to them.

This thread was created on June 12, 2019, today is June 26, 2019, so 14 days. Now, on June 12, eth was 242 usd, 14 days after that eth is 360 usd, so in 14 days eth had an increase of 118 usd which corresponds to almost 50% of 242 usd, so when I say buy eth is better than mine, you trolls must pay attention.

His post stated that he would roi in 6 months, so 50% is 3 months, pay attention that his earnings also increased too as eth values more but still a bit around 5 months and some days to roi.

Anyway, this is a very interesting observation.

Also, on that same note that my ROI time has now decreased for these GPUs. Really wish I could have gotten them early March/April. Now I'm in a frantic race to get these up and running to acquire ETH during this bullrun. Wasn't really part of my plan 

[lunobird]

2 observations here, pay attention to them.

This thread was created on June 12, 2019, today is June 26, 2019, so 14 days. Now, on June 12, eth was 242 usd, 14 days after that eth is 360 usd, so in 14 days eth had an increase of 118 usd which corresponds to almost 50% of 242 usd, so when I say buy eth is better than mine, you trolls must pay attention.

His post stated that he would roi in 6 months, so 50% is 3 months, pay attention that his earnings also increased too as eth values more but still a bit around 5 months and some days to roi.

Anyway, this is a very interesting observation.

Since eth price is higher he will roi on dollars faster but in eth amount will take longer to Roi if at all. High price equals higher difficulty thus slower to mine and missed opportunity to sell his eth higher to buy 50 percent more gear.  if he just held his eth he would have been better off I'm afraid.

Now he's stuck trying to get his 150 gpus running correctly, wasting his time bios modding and trying to figure things out on soon to be outdated gear.

Word of advice. Value your time, the best play is to do nothing and hodl your coins You don't need to feel productive by mining and spending money on gear as this exposes you to missed opportunity from a huge rally and lead to less crypto coins.


His only saving Grace is that he was smart enough to take a loan on his crypto as collateral instead of selling and liquidating his eth.

Things did not go as he planned so any mining newbs about to get started mining need to remember and learn from this experience.

When you decide to mine you are saying I'm hedging into depreciating assets and I will pay taxes on any earned income. Maybe I get lucky mining new shitcoins or maybe I will just get rekt mining coins like every miner did in 2018. Hehe

[DrG]

2 observations here, pay attention to them.

This thread was created on June 12, 2019, today is June 26, 2019, so 14 days. Now, on June 12, eth was 242 usd, 14 days after that eth is 360 usd, so in 14 days eth had an increase of 118 usd which corresponds to almost 50% of 242 usd, so when I say buy eth is better than mine, you trolls must pay attention.

His post stated that he would roi in 6 months, so 50% is 3 months, pay attention that his earnings also increased too as eth values more but still a bit around 5 months and some days to roi.

Anyway, this is a very interesting observation.

This is what newbs fail to calculate. If the ROI interval shortens that means the coin is making good profits and even people with marginal electric rates will now jump in. That happens and the difficulty will go up. So while the fiat return may be the same or perhaps even better, the eth return is typically worse. The only time you can beat ETH returns with a rapidly rising coin is when you have a monopoly on specialized mining equipment. In this case granny is turning on her old PC to mine ETH and difficulty is shooting up.

It's hindsight, but better move would have been to buy ETH with the money spent on the 150 cards. OP will never make as much as he could have bought. NEVER. But if he/she has fun mining then who's to stop them. Just know it would have been better to buy than mine. This is true will all established coins in almost every scenario. Buying also affords you option to quickly exit the market should you decide you've had enough profit or loss - opportunity cost.

[Metroid]

This is what newbs fail to calculate. If the ROI interval shortens that means the coin is making good profits and even people with marginal electric rates will now jump in. That happens and the difficulty will go up. So while the fiat return may be the same or perhaps even better, the eth return is typically worse. The only time you can beat ETH returns with a rapidly rising coin is when you have a monopoly on specialized mining equipment. In this case granny is turning on her old PC to mine ETH and difficulty is shooting up.

It's hindsight, but better move would have been to buy ETH with the money spent on the 150 cards. OP will never make as much as he could have bought. NEVER. But if he/she has fun mining then who's to stop them. Just know it would have been better to buy than mine. This is true will all established coins in almost every scenario. Buying also affords you option to quickly exit the market should you decide you've had enough profit or loss - opportunity cost.

Very good point and to add to that, I guess the op is having too much work, rigs crashing, fans need to be replaced, gpus dying, other issues that need to spend a lot of money on and also the fact that it might even burn the house down if no precautions were thought up.

As ETH price rises difficulty rises, I mean, before all this rise eth was around 1721, right now is at 2168 and people are holding out for new amd cards I take. So only the eth he mined prior to the rise will be worth more if he did not sell it. Bullmarket is pointless to mine cause the coin rises more than is worth mining by ten to 50 times, bearmarket is pointless because you could buy the coin far cheaper than mining it, so in the end mining is just a wasteful workload. Now if you have 1 to 5 gpus as a hobby then is fine. You are not going to lose your time and time is the most valuable thing in life.

And there is that thing to resell the crap of it if you dont want to mine anymore, reselling old hardware is hard and not worth these days, sometimes is even better to throw away in the garbage. It saves a lot of time.

https://etherscan.io/chart/difficulty

[mihacrypto]

now the market is on the rise, I think it is advisable to buy or video cards or miners. prices for miners have increased, but for video cards yet.

[Bohr256]

^Hell no, I'd rather buy the coin.

[adaseb]

And there is that thing to resell the crap of it if you dont want to mine anymore, reselling old hardware is hard and not worth these days, sometimes is even better to throw away in the garbage. It saves a lot of time.

https://etherscan.io/chart/difficulty

You would be surprised but computer equipment actually sells pretty well. I've sold most of mine on Craiglists at asking price and if that didn't work there was also eBay as an option.

GPUs like the RX 470/570 are not considered old. A R9 280X is considered old but I had no trouble selling them in the last 12 months. Yes they are power hogs and ancient but AMD still makes drivers for them and they are great for Crossfire.

So in a couple years or so, the RX 470 will still be worth something. Never worth it throwing away in the garbage. Throwing away in the garbage is maybe worth it if the GPU is damaged and not worth the time to repair it.

[mcun2000]

OP I salute your grit.

I think OP's goal was to get more ETH with his current ETH stash, since he did not sell his existing ETH but used them as collateral for the loan to get equipment to mine more ETH.

He would've been successful if crypto prices stayed the same, OR prices dropped. But this bull run has wrecked his plan. He will not get mucho ETH; he will get less ETH than he expected.

He may still come out ahead, albeit with a longer ROI window, so long as he can mine enough $$ to repay his loan to get back his ETH.

Not a bad play OP. Very creative. But who would've though a big bull market would come NOW.

[Xazax310]

Short update. It's been a challenge finding the right BIOs mod, settled with SRBN which has given me excellent hashrate and power consumptions for Elpida and Hynix GPUs. I have 10 GPUs fail and or DOA on me. Which I'm in the process of returning to the seller. Currently only 1 RIG down and at 6.0Gh/s for my farm! Net earning per day are currently at a total of $146. This includes all the RX and Nvidia GPUs mining Ethereum. Will try to update with pictures soon and a 'what i learned'

[Metroid]

It's too much work, too much money to spend to make all work and then all need to be maintained every single second. People that say mining is easy they have no idea about it at all, yes it's easy to maintain a single rig with 6 gpus and not much is needed, now, many rigs is very hard because after some rigs start the problems and the first will be heat, too much heat, you will have to upgrade many things for your farm to work and that will cost too much money if you do it right.

[lunobird]

Short update. It's been a challenge finding the right BIOs mod, settled with SRBN which has given me excellent hashrate and power consumptions for Elpida and Hynix GPUs. I have 10 GPUs fail and or DOA on me. Which I'm in the process of returning to the seller. Currently only 1 RIG down and at 6.0Gh/s for my farm! Net earning per day are currently at a total of $146. This includes all the RX and Nvidia GPUs mining Ethereum. Will try to update with pictures soon and a 'what i learned'

If you can ROI on your USD and Eth amount plus Additional 20-30 percent as a general income tax rate.  I will consider this a win.  Anything less is a fail and waste of time

[Cloverfield]

You definetly timed the market correctly with your sells and buying back in. Hopefully Ethereum will be mineable for some more months/years. When ETH becomes POS your weight on the chain will vaporize..

[mak013]

It's too much work, too much money to spend to make all work and then all need to be maintained every single second. People that say mining is easy they have no idea about it at all, yes it's easy to maintain a single rig with 6 gpus and not much is needed, now, many rigs is very hard because after some rigs start the problems and the first will be heat, too much heat, you will have to upgrade many things for your farm to work and that will cost too much money if you do it right.

With 1-2 rigs you have little problems but little profit. When you are growing up your problems becomes bigger but profit grows too. Someone without IT knowledge hires someone to service his rigs, someone trying to do it by themselves, someone stops extending. Anyone decides by himself.

[Piskeante]

some facts.

you can expect around 30,5mh/s x 6 gpus from every rig (that makes around 183mh/s). You can expect something around 135W for every card. so around 22kW of power considering all the gpus + components.

Your ETH hashing power should be around 4800mh/s. If your Electricity cost is around  0,10 you make 511$ right now (that's not even considering ROI, bill taxes, or government taxes over profit. 0,11cnt/kW you make 352$ right now. 0.12cnt/kW you make 194$. and at 0,13cnt/kW you make 36$.


Now, the average price in my country for every kW is around 0,15€/kW (we pay 26% taxes over electricity prices due to leftists "idea" with green energy). Which is around 0,17$ (including all taxes). Talking in numbers, a guy living in my country with your setup, will be losing almost 600$ per month at current prices.

[mak013]

some facts.

you can expect around 30,5mh/s x 6 gpus from every rig (that makes around 183mh/s). You can expect something around 135W for every card. so around 22kW of power considering all the gpus + components.

Your ETH hashing power should be around 4800mh/s. If your Electricity cost is around  0,10 you make 511$ right now (that's not even considering ROI, bill taxes, or government taxes over profit. 0,11cnt/kW you make 352$ right now. 0.12cnt/kW you make 194$. and at 0,13cnt/kW you make 36$.


Now, the average price in my country for every kW is around 0,15€/kW (we pay 26% taxes over electricity prices due to leftists "idea" with green energy). Which is around 0,17$ (including all taxes). Talking in numbers, a guy living in my country with your setup, will be losing almost 600$ per month at current prices.

I can add some information, that can help you to collect some more facts.
The average price in my country - less about  $0.06/kW.
In the first post TS shows Mh and power consumption - totally it 6454/21910. And $0.1 per kW.
Less profit - much miners turns rigs off - difficulty down - more profit.
More ETH at low cost and low difficulty - HODL - more profit.

Give some more facts please.

[Metroid]

fact is, difficulty is not going down and price is 50% lower and as I can see difficulty is not going down at all because trend is to hit all time high by the end of this year.