Is now a good time to build mining rigs?

[Tiomcho90]

I would say no. One of the recommended coins for mining in mining rigs is Ethereum.
Following the upcoming launch of Etherium 2.0, The reward for each block will go down and become unprofitable for mining.

I recommend concentrating on bitcoin mining at least in the near future, Bitcoin mining pays off with Asics (of course it depends on the price of your home electricity).

[Metroid]

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

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

Yeah, start small, think big.

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.

I never mention cryptocoins to anybody at all and I trade since 2009 and when somebody mentions it to me I pretend I don't know anything and I keep that way. What I most hear is pyramid business schemes scams, people falling for them and spreading them in hopes idiots will get on it too. It's really the wild west, I have never got into scams so I never lost money on any, better lose a known good opportunity than be scammed.

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

The funny thing is, most people just want to get in when everybody gets in and they think they will get rich fast. Those trolls never learn hehe

[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. 

you can get 125 to 150 for 1070s

sell five or six and buy a 3080.

I think I will. 

Tempting to buy 5700s, but I hesitant from a resale perspective.  I think 5700s will loose a higher percentage of value 1-2 years from now.  I did buy an open box Power Color 5700 XT for $322 from microcenter yesterday.  One of my least favorite 5700s I can't seem push them very hard when bios moded, right now its running 51.50 but at 99 watts, reading from SMOS.

[miner29]

Ive got a gigabyte 5700XT getting 55Mhs from it on mmpos...and am installing a new Sapphire 5700XT Nitro+ in about 30 seconds...will post up what it does.

I havent modded the bios yet or really done much tuning.....but really happy with the performance/cost plus you can actually buy these right now....


Ok all done for now....both doing 55mhs so i got a lot of tuning to do but that is good enough from now.

[adaseb]

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

Except which altcoin will produce gauranteed profits? Probably none. Ripple is pumping today but if you look at the charts it also pumped back the Summer where it went from like $0.20 to like $0.33 or so, people were assuming it would go to $0.50 but instead look what happened. Same with a few other coins. People have been waiting for "alt season" pretty much for 2 years and probably got heavy bags with all the dollar cost averaging they had to do this entire time.

It might look easy however you know how it will be for most people, they will buy the wrong alt and have it turn around and lose 90% or they will buy the right alt, watch it go up 90% and they don't sell and it goes back to break-even and they just get out. Hence why the OP wants to make some actual profit by mining, even though its small but its not risky.

[mak013]

Everyone has his own situation. For someone mining is the right way to get profit, for another - it can be only trading. Here we are speaking about mining, so the main discussion can be about it. And about mining i can say that now is the worst time to start. U can upgrade your rigs, buy some more(this isnt right choice as for me, but if u have several rigs - its possible) or sell rigs and wait. But if u`re just starting - soon we`ll see a new thread "mining - scam"

[joseyphil82]

No it's a bad time to build mining rigs because they are still not profitable, altcoins and bitcoin are very bullish right now, it's better to sell off your old mining rigs and invest on promising top altcoins like Ethereum and XRP, you will make ROI faster this way than mining and waiting for months or years to recover your ROI

[Stanlo]

Depends on how new your miners are, presently you can make up to 1.25$ using a single gtx 1660 super with just 79 to 80watt mining 24hrs per day but the fact is we are in bullrun season right now, you can make 30$ or more a day by just investing in any top altcoin using the gtx1660 super money, crypto market is very bullish right now, sit back and have a deep thought

[pops106]

I have just made the decision to start, I have held off for a month or so waiting to see what was going to happen with the new Nvidia 3000 and AMD 6000 series cards but grabbed a RX5700 (nonXT) for £281 which popped up on Ebuyer.

BIOS mod and I am getting around 55-56MH/s @ 120W which seems ok.

At the wall with a killawatt I am seeing total system power around 200W which is a bit higher than I hoped but I am using all old hardware I had lying around instead of spending on new. I am moving onto a cheaper electricity deal soon and I have a little bit of Solar which will offset some of the electric cost.

My plan is to give it six months and see how things are looking and see if it is worth getting whatever looks to be the most profitable card then and add one at a time every six months if everything still looks positive. If it looks like we are not profiting anymore I will then sell the cards and keep one for my gaming rig.

My stats look like I am making around £1.65 a day, around 40p then lost of electric on the new tariff so £1.25 per day or 225 ish days to pay the card off if things stay as they are but it could go either way.

In reality I would be happy if it pays for itself in a year, its just another fun thing to play with.

[geck]

Normally, i'd say just do it and go big. But with ETH going pos soonish, i think it is a really bad time unless your breakeven point can be achieved within a year. If you have existing cards, then i think you should sell them off and replace them with new gear

[Metroid]

Normally, i'd say just do it and go big. But with ETH going pos soonish, i think it is a really bad time unless your breakeven point can be achieved within a year. If you have existing cards, then i think you should sell them off and replace them with new gear

 I disagree with this, you should not buy anything till you know what the hell is going to happen in few months.

[geck]

Normally, i'd say just do it and go big. But with ETH going pos soonish, i think it is a really bad time unless your breakeven point can be achieved within a year. If you have existing cards, then i think you should sell them off and replace them with new gear

 I disagree with this, you should not buy anything till you know what the hell is going to happen in few months.

hence why i said it is a bad time to buy, unless your breakeven is short.

when i said in my previous post to buy new cards, it is to replace old inefficient cards, without adding more capital, unless that additional capital can reach breakeven before eth going pos within its current timeline.

for example, i sold 2 1080tis and replaced them with 3 5700.

[Philipma1957cellphone]

Everyone has his own situation. For someone mining is the right way to get profit, for another - it can be only trading. Here we are speaking about mining, so the main discussion can be about it. And about mining i can say that now is the worst time to start. U can upgrade your rigs, buy some more(this isnt right choice as for me, but if u have several rigs - its possible) or sell rigs and wait. But if u`re just starting - soon we`ll see a new thread "mining - scam"

Nah a simple two card 5700 rig for under 1000 can be built.

It will burn about 8 kwatts a.day

[Metroid]

for example, i sold 2 1080tis and replaced them with 3 5700.

See, you replaced them, I guess that applies as a buy, in your case a 3060ti would have a better return value, but that is me and I have no idea how much you paid for the 5700 and if any will be able to get any 3060ti at release day, anyway, the market is crazy, where I live shops are selling 2080 super for $1000 and 3080 same price, $1000, everything is overvalued. I would apply caution here. It's funny, this pandemic made people to spend money on things that make them stay at home. This pandemic is perfect why cryptcoins are rising very fast and probably to new highs next year.

[geck]

Yes, i recommend replacing cards. It's a numbers game - the going is good now and if I can boost roc for minimal outlay, I will hit it!. i paid £280 for the 5700, sold the 1080ti for £350. IMO, it is not a good idea to sell the 1080ti and hold cash while you hope for the rtx 30s and hope for the market to stay good. Hoping is not my strategy, but you do you.

Good luck buying 3060ti anytime soon. I use stockinformer and i'm never quick enough to get 3080s for my gaming pc. I can get the 3090 but i wouldn't even buy that with your money.

[mak013]

Everyone has his own situation. For someone mining is the right way to get profit, for another - it can be only trading. Here we are speaking about mining, so the main discussion can be about it. And about mining i can say that now is the worst time to start. U can upgrade your rigs, buy some more(this isnt right choice as for me, but if u have several rigs - its possible) or sell rigs and wait. But if u`re just starting - soon we`ll see a new thread "mining - scam"

Nah a simple two card 5700 rig for under 1000 can be built.

It will burn about 8 kwatts a.day

Yes, its possible decision. In my city it would cost about $1100 but even i can get it about $1000. ROI is about 9 months without electricity now. It looks nice but its pump-time. 2-3 months late it can change to 15-18 months. If u have $1000 that u dont need and want to learn mining - its a good decision, else - not the best choice.

[Ursul0]

ETH is going POS... in 10 days from now
yet the POW will continue(maybe for a few more years or so...), there're many concerns if POS can deliver the security that POW provides.
also POS may solve the scalability issues, reduce network congestion, and yes reduce block reward and also make ETH price skyrocket...

if I'd be starting to mine now (which seems like a good period - finally a lot of choice of 7nm) I'd go for 5700(XT)
I have some Sapphire Pulse and they go up to 60MH (stable in a rig around 56-58)

If you are not buying in large quantities, I'd think picking higher end cards from good makers is a right choice.

... and btw I don't like the current GPU price dynamics at all...

[philipma1957]

ETH is going POS... in 10 days from now
yet the POW will continue(maybe for a few more years or so...), there're many concerns if POS can deliver the security that POW provides.
also POS may solve the scalability issues, reduce network congestion, and yes reduce block reward and also make ETH price skyrocket...

if I'd be starting to mine now (which seems like a good period - finally a lot of choice of 7nm) I'd go for 5700(XT)
I have some Sapphire Pulse and they go up to 60MH (stable in a rig around 56-58)

If you are not buying in large quantities, I'd think picking higher end cards from good makers is a right choice.

... and btw I don't like the current GPU price dynamics at all...

and they are so many coins short of that.  see here

https://news.bitcoin.com/eth-2-0-scheduled-for-december-vitalik-deposits-1-4m-worth-of-ether-into-phase-0-contract/


... Meanwhile, the other roadmap phases (1 & 2) are expected to launch during the next few years and the network will likely operate a lot differently. Ethereum proponents hope that the phase 0 launch will be successful and everything will work smoothly according to plan.

With approximately 39,173 ETH in the deposit contract address today, the deposit address needs around 485,115 more ETH to initiate the trigger’s 524,288 ETH threshold. ...

does anyone have a link to the deposit address?


found link the coins are in place

https://etherscan.io/address/0x00000000219ab540356cbb839cbe05303d7705fa


over 700k coins

more than

421 mill usd worth



All below from  this link

https://ethereum.org/en/eth2/#roadmap
...
🚨



The Beacon Chain

The first Eth2 addition to the ecosystem. The Beacon Chain will coordinate the new system, bring staking to Ethereum and lay the groundwork for future upgrades.

December 1, 2020


⛓️
Shard chains

Shard chains will expand Ethereum's capacity to process transactions and store data. The shards themselves will gain more features over time, rolled out in multiple phases.

Estimate: 2021



🚢
The docking

Mainnet Ethereum will need to “dock” or “merge” with the beacon chain at some point. This will enable staking for the entire network and signal the end of energy-intensive mining.

Estimate: 2022

...

[Metroid]

......

"December 1, 2020

Before the Beacon Chain can ship, there needs to be at least 524,288 ETH in the staking deposit contract. "

https://ethereum.org/en/eth2/beacon-chain/

It's already over 739.000, so eth 2.0 is already a success. I would be buying eth right now, with all these coins locked, hard to dump anything.

[mak013]

And now we need several years while ETH would be ready to phase 1, then several years to phase 1.5... It looks like my 5600XT have not enough memory for DAG before ETH really goes to POS.