Is now a good time to build mining rigs?

[Furryball]

Now that Bitcoin is surging will altcoins be more profitable to mine right now? Is it a good time to buy mining rigs or graphics card? I need some advice, it looks like altcoin season is coming in hot this time around, too late to be a miner or not?

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[rdluffy]

Really hard to answer this question, you should think about some factors

It's better if you already own the rigs and have mined coins, because now it's time to sell, coins are in a good price, and GPUs are expensive at the moment
The recent launches are expensive and rare to find, like RTX 3080 and newest AMDs 6800
We never know exactly if this is a good moment to buy hardware and start, maybe we are in the middle of rally, maybe we are at the beginning

Thinking with reason, you can buy just one or a couple of GPUs and start, and see how it goes

You can see here in forum that people who took loans in 2017 and bought a lot of GPUs regreted and had to sell everything, so if you want to mine, start slowly

Importart things to consider:
You have to pay low electricty rates, a good point is less than 0,10 cents USD
If you already have the PC and good PSU, it's easy to start, if you have nothing yet, think again
Profits are hard to project because difficulty and price, if you predict ROI in 10 months, will probably take 20 months, but if coin skyrockets you can pay your card in less time

[Metroid]

Now that Bitcoin is surging will altcoins be more profitable to mine right now? Is it a good time to buy mining rigs or graphics card? I need some advice, it looks like altcoin season is coming in hot this time around, too late to be a miner or not?

gpus are usually too expensive in the bulltime, for example 3080 for 1200 usd but on beartime, you can find them cheaper than msrp not sure if 3080 will apply here cause is a good gpu for gaming too. RX 5700 in 2022 will be able to find for $150 or less, 2022 is when I think the beartime will hit us again, it might be a bit ealier than that, now in bulltime, buying coins is better but pay attention that in bear time is better to buy coins too and wait few years till bulltime again. Also pay attention that once eth mining is over then other coins will also have a reduced earnings. I think this might be the end of gpu mining for all we know, be wise do not spend too much money on mining, might regret it later, rx 570/580 are still being sold for $150 only because people are paying as it is giving something back to miners but once it has no use anymore then not even $50 will be worth, the same can be said for the rx 5700. Do it for fun as hobby, don't do for profit, is too uncertain what will happen on the next 2 years.

[gotminer]

Now that Bitcoin is surging will altcoins be more profitable to mine right now? Is it a good time to buy mining rigs or graphics card? I need some advice, it looks like altcoin season is coming in hot this time around, too late to be a miner or not?

The time to buy anything is when everyone else thinks it's worthless.

On another note, Hey Metroid! Long time, no see. How are the "gpu mining is dead" threads doing these days?

[BitBlitzer]

The profits change on a daily basis (constantly actually) and they have large swings too. They could go down by 50% in a week (or up).

It's basically a gamble that has a relatively low expected value. It's not a get rich quick scheme and you could end up loosing money. So you should mine because you think it's fun and with money you can afford to lose.

[fmz89]

There is new hadware still on state of uknown potential what algo more effective running in new architect

Thats buy chance for starter price on new gpu, before someone share their acivement

And gamer has more choice at this very moment buying console rather than gpus

Yeah gpus price already up 10-15% from msrp, but bullrun already happen, and more miner will buy after gpu review come up

[chinh.daongoc]

In my opinion, mining is very safe. In the worst scenario, you lose up to 30% of your invest money (by selling your GPU, CPU, Mobo, PSU at 70% brand new price). Ofcourse you need to sell mined coin for electric bill, you can hold some, but remember not to hold all.

So it's acceptable.

[Metroid]

Now that Bitcoin is surging will altcoins be more profitable to mine right now? Is it a good time to buy mining rigs or graphics card? I need some advice, it looks like altcoin season is coming in hot this time around, too late to be a miner or not?

The time to buy anything is when everyone else thinks it's worthless.

On another note, Hey Metroid! Long time, no see. How are the "gpu mining is dead" threads doing these days?

Hello, So you only hit these parts when is bulltime? ehhe, it's funny, bulltime periods used to give much more mining money, i guess we have to go a lot more but those times will be fast like before too, bitcoin might hit 50K and that will be the time to sell mined coins.

[gotminer]

In my opinion, mining is very safe. In the worst scenario, you lose up to 30% of your invest money (by selling your GPU, CPU, Mobo, PSU at 70% brand new price). Ofcourse you need to sell mined coin for electric bill, you can hold some, but remember not to hold all.

So it's acceptable.

I disagree. I was mining with 30 gpu's in 2017, 2018, 2019, and half of 2020. Though all of the ups and downs, I never shut rigs down, and I didn't sell crypto to pay for electricity. Sure I could have sold some eth in Jan 2018, but I did not, and that is what it is. In fact, I still have yet to sell a single mined coin with the exception of trading etn to btc in late 2017 and rvn to btc in late 2018. I mined the shit out of eth and xmr and I still have all of it. I used savings and tax refunds to pay for electricity costs and I continued to mine regardless of what daily profit calculators were telling me. As a general rule, I mostly stayed away from mining total garbage.

I began selling off gpu's one by one in Sept of this year getting back about 50% of what I paid for them new. All in all I am very happy with the fact that I didn't sell off coins to pay for electricity. Had I done that, I would have been selling coins way lower than I wanted to, and I would not be in as good of a position that I am currently in.

All things considered, mining certainly is a fun adventure, and I continue to mine on a very very small scale. I doubt I'll ever mine with more than a handful of gpu's again. Not @ 10 cents/kWh anyway.

[gotminer]

Now that Bitcoin is surging will altcoins be more profitable to mine right now? Is it a good time to buy mining rigs or graphics card? I need some advice, it looks like altcoin season is coming in hot this time around, too late to be a miner or not?

The time to buy anything is when everyone else thinks it's worthless.

On another note, Hey Metroid! Long time, no see. How are the "gpu mining is dead" threads doing these days?

Hello, So you only hit these parts when is bulltime? ehhe, it's funny, bulltime periods used to give much more mining money, i guess we have to go a lot more but those times will be fast like before too, bitcoin might hit 50K and that will be the time to sell mined coins.

Exactly! I traded this forum for Twitter in 2018  Too many Debbie Downers around these parts in beartime, and I didn't want it affecting my decisions  You are absolutely correct, my friend. All of my mined eth and xmr from the past few years will probably be no longer when I find an acceptable time to sell over the next year or so. Good times ahead, except for those who buy the top 

[Metroid]

I disagree. I was mining with 30 gpu's in 2017, 2018, 2019, and half of 2020. Though all of the ups and downs, I never shut rigs down, and I didn't sell crypto to pay for electricity. Sure I could have sold some eth in Jan 2018, but I did not, and that is what it is. In fact, I still have yet to sell a single mined coin with the exception of trading etn to btc in late 2017 and rvn to btc in late 2018. I mined the shit out of eth and xmr and I still have all of it. I used savings and tax refunds to pay for electricity costs and I continued to mine regardless of what daily profit calculators were telling me. As a general rule, I mostly stayed away from mining total garbage.

I began selling off gpu's one by one in Sept of this year getting back about 50% of what I paid for them new. All in all I am very happy with the fact that I didn't sell off coins to pay for electricity. Had I done that, I would have been selling coins way lower than I wanted to, and I would not be in as good of a position that I am currently in.

All things considered, mining certainly is a fun adventure, and I continue to mine on a very very small scale. I doubt I'll ever mine with more than a handful of gpu's again. Not @ 10 cents/kWh anyway.

You did it right, most would have sold their coins when it was low because most lack patience, also mining for scraps only benefit others who buy your coins, in that sense mining has been dead for a long time, those trolls who mined bitcoin when it was $1 and sold each for $1 must have all committed suicide at this point or earlier in time, like mining most miners from that time must have been dead too ehhe

[gotminer]

I disagree. I was mining with 30 gpu's in 2017, 2018, 2019, and half of 2020. Though all of the ups and downs, I never shut rigs down, and I didn't sell crypto to pay for electricity. Sure I could have sold some eth in Jan 2018, but I did not, and that is what it is. In fact, I still have yet to sell a single mined coin with the exception of trading etn to btc in late 2017 and rvn to btc in late 2018. I mined the shit out of eth and xmr and I still have all of it. I used savings and tax refunds to pay for electricity costs and I continued to mine regardless of what daily profit calculators were telling me. As a general rule, I mostly stayed away from mining total garbage.

I began selling off gpu's one by one in Sept of this year getting back about 50% of what I paid for them new. All in all I am very happy with the fact that I didn't sell off coins to pay for electricity. Had I done that, I would have been selling coins way lower than I wanted to, and I would not be in as good of a position that I am currently in.

All things considered, mining certainly is a fun adventure, and I continue to mine on a very very small scale. I doubt I'll ever mine with more than a handful of gpu's again. Not @ 10 cents/kWh anyway.

You did it right, most would have sold their coins when it was low because most lack patience, also mining for scraps only benefit others who buy your coins, in that sense mining has been dead for a long time, those trolls who mined bitcoin when it was $1 and sold each for $1 must have all committed suicide at this point or earlier in time, like mining most miners from that time must have been dead too ehhe

That might be the first time ever that you have agreed with something I've said. I'll have to make a note of that. Lol. I had a lot of fun arguing with you about stuff a few years ago. Glad to see that you're still here 

[pfurz]

maybe

[badbart]

I've been mining since late 2016 with 145 gpus and the problem I see now is eth going POS.  Once eth goes pos their will so much free mining power nothing will be profitable, if theirs not another large coin to replace it.  I have 50 1070s I'd love to replace with 3080s but I'm not sure if its worth it.  Good thing is if you buy decent gpus they will retain a good amount of value. 

[philipma1957]

I've been mining since late 2016 with 145 gpus and the problem I see now is eth going POS.  Once eth goes pos their will so much free mining power nothing will be profitable, if theirs not another large coin to replace it.  I have 50 1070s I'd love to replace with 3080s but I'm not sure if its worth it.  Good thing is if you buy decent gpus they will retain a good amount of value. 

you can get 125 to 150 for 1070s

sell five or six and buy a 3080.

[philipma1957]

Now that Bitcoin is surging will altcoins be more profitable to mine right now? Is it a good time to buy mining rigs or graphics card? I need some advice, it looks like altcoin season is coming in hot this time around, too late to be a miner or not?

gpus are usually too expensive in the bulltime, for example 3080 for 1200 usd but on beartime, you can find them cheaper than msrp not sure if 3080 will apply here cause is a good gpu for gaming too. RX 5700 in 2022 will be able to find for $150 or less, 2022 is when I think the beartime will hit us again, it might be a bit ealier than that, now in bulltime, buying coins is better but pay attention that in bear time is better to buy coins too and wait few years till bulltime again. Also pay attention that once eth mining is over then other coins will also have a reduced earnings. I think this might be the end of gpu mining for all we know, be wise do not spend too much money on mining, might regret it later, rx 570/580 are still being sold for $150 only because people are paying as it is giving something back to miners but once it has no use anymore then not even $50 will be worth, the same can be said for the rx 5700. Do it for fun as hobby, don't do for profit, is too uncertain what will happen on the next 2 years.

He could simply get two 5700 xt and do a small build.

not that expensive.  I wonder if he has cheap power deal.

[adaseb]

I am getting this questioned asked by relatives and friends because they are hearing how BTC is almost $20000 and they basically want to find out "How can I mine 1 BTC with my Macbook". Basically they all think you can mine BTC (not alts) using computers still and want to know much many Bitcoins they can mine PER DAY with their $1000 Macbook.

When I explain to them about how it works, give them all the details, pricing and estimated daily profits, they either think I am lying or they are no longer interested because "I won't get rich making $0.70 per day per GPU that costs ~$150".

Almost wish I never mentioned to anyone I was involved with Cryptocurrencies.

[arielbit]

Now that Bitcoin is surging will altcoins be more profitable to mine right now? Is it a good time to buy mining rigs or graphics card? I need some advice, it looks like altcoin season is coming in hot this time around, too late to be a miner or not?

gpus are usually too expensive in the bulltime, for example 3080 for 1200 usd but on beartime, you can find them cheaper than msrp not sure if 3080 will apply here cause is a good gpu for gaming too. RX 5700 in 2022 will be able to find for $150 or less, 2022 is when I think the beartime will hit us again, it might be a bit ealier than that, now in bulltime, buying coins is better but pay attention that in bear time is better to buy coins too and wait few years till bulltime again. Also pay attention that once eth mining is over then other coins will also have a reduced earnings. I think this might be the end of gpu mining for all we know, be wise do not spend too much money on mining, might regret it later, rx 570/580 are still being sold for $150 only because people are paying as it is giving something back to miners but once it has no use anymore then not even $50 will be worth, the same can be said for the rx 5700. Do it for fun as hobby, don't do for profit, is too uncertain what will happen on the next 2 years.

....or mining is just part of the portfolio

I am getting this questioned asked by relatives and friends because they are hearing how BTC is almost $20000 and they basically want to find out "How can I mine 1 BTC with my Macbook". Basically they all think you can mine BTC (not alts) using computers still and want to know much many Bitcoins they can mine PER DAY with their $1000 Macbook.

When I explain to them about how it works, give them all the details, pricing and estimated daily profits, they either think I am lying or they are no longer interested because "I won't get rich making $0.70 per day per GPU that costs ~$150".

Almost wish I never mentioned to anyone I was involved with Cryptocurrencies.

hehehe he he heh eehe heehe he eheh he he.  ... i hate people.

[Dariusburst]

Altcoin season is almost here already and all you can think about is building mining rigs? To get good ROI it will take you months and I'm sure that bears would have taken over the market by then, instead of buying mining equipments right now invest that money some fine top altcoins and sit back to watch how your ROI will be in folds

[mak013]

Its the best time to sell your old rigs. And wait about a half a year-year to buy new rigs from miners, who buy it now. Its just my opinion, everything may be in another way.
New GPUs costs really to much to buy.