If you were new to mining and had a budget of $5,000 how would you use it?

[didymus]

Okay, so, I was going to build a rig, but as all of you know easier said than done as the cards are always sold out or over MSRP. I know there are some hardware watching services to catch cards when they’re in stock and I’m going to check those out once I figure out the names of them again. Without getting too much into detail it’s really critical that I pull this off. I understand that nothing is certain, but mining seems the most certain of the different avenues I’ve considered. I’m handy with IT and other tools. Having some passive income coming in is going to literally transform my life for the better as it will allow me to focus on getting my OSCP certification among other even more important personal things. Any solid advice put here is going to directly translate to transforming my life for the better. I’ve done a lot of reading, but nothing makes up for the experience of people in the trenches of the field.

I think GPU is still the most efficient, but I could very well be wrong. I’m open to any suggestions of smart uses for the budget that involve mining. I’d maybe be interested in hearing other ideas crypto-related passive-income streams, but mining is what I’ve been reading about most.

Thank you!!

[figthing]

Coinbase wallet's Defi liquidity mining project can be understood.
 It is mainly built on the blockchain of Ether. It provides liquidity through the DeFi product on Ether to gain mineral revenue. Simply put, tokens, such as USDT assets, can be deposited for mining, which is called "mining" because it follows the industry term for Bitcoin mining.
If you are interested, you can send me an email and we will discuss together lixun9961@gmail.com

[Gorosden]

Do not contact anybody for anything mate, be careful on here as this is an open forum for anything crypto, scammers are looking for newbies to rob off their money, if you are interested in staking make sure you go for trust wallet and stake whatever coin is available for staking and if you want to mine you will need to buy graphic cards for mining, I started my farm with 6000$ and I have 360MH on Ethereum earning me 27 -33$ per day depending on the market condition

[mu_enrico]

$5000 is nothing, as you can barely afford one rig under this market condition (GPU scarcity, crazy prices). For $5000 instead of building a new rig today, I will use it to trade crypto in the short term since the bullish momentum. After the GPU prices go back to normal, then you can start building your rig. Perform good maintenance so that you can sell the used GPUs in the next bull run.

[Synerggy]

If you are ready to keep mining even in bear market then you can buy GPUs right now, would be better if price isn't that differ from MSRP and also no one can predict when bear market will come this time around because all eye are on cryptocurrency right now, this bull market might last for long

[miner29]

Coinbase wallet's Defi liquidity mining project can be understood.
 It is mainly built on the blockchain of Ether. It provides liquidity through the DeFi product on Ether to gain mineral revenue. Simply put, tokens, such as USDT assets, can be deposited for mining, which is called "mining" because it follows the industry term for Bitcoin mining.
If you are interested, you can send me an email and we will discuss together lixun9961@gmail.com

No matter how many times you say it…IT IS NOT MINING.

Mining is doing computation work on your own hardware.  You are not doing that with DEFI. 

[BitKongy]

If 5000$ is all you have then the answer is no, I built myself three rigs with 5000$ months back and at the time I already have 15000$ with me so my thought was if I can make back half of the 5000$ I'm good but honestly I'm close to ROI already, is 5000$ something you can throw aside for long term if the unexpected happens? The choice is yours

[DrG]

You have a few wrong notions about mining. While it technically will provide passive income, most do not sell their coins for fiat on a daily or even weekly basis like dollar cost averaging. You're going to have to work to try to try to sell in hot bull markets (like today) and hold during bull runs which might last months or even years. So this added complexity won't really allow you to focus more on your education unless it's a psychological stress relief knowing you're invested into something with a strong future.

If you have a PC and a decent power supply, just buy a RTX 3xxx series card and mine Ether with just 1 card to understand the mechanics of the game. 3090s run $2500 or so before taxes and just 1 card removes complexity of having issues running many card or having to tweak clocks with AMD cards. If you decide you can commit more time and money after learning about wallets, pools, transactions, private keys, and so forth then jump in.

If you want a no headache way of investing, buy 1.25 ETH right now and sit on it for a decade.

[philipma1957]

I would buy an empty rig and buy some rtx a4000 cards.



https://bitcointalk.org/index.php?topic=5365312.msg58163143#msg58163143


read my post above.

[adaseb]

It’s crazy how mining has become so competitive that these days $5000 is not much to work with. Back in 2013 and 2017 you could have 5-6 rigs for that kind of money. Around 20-30 GPUs.

I remember when I started back in 2013. Browsing Craigslist and buying the cheapest r9 270x I can find, they were all around $100-$125. Motherboards with CPUs we’re also around $100. PSU were around that same price but you had to use 2 PSU.

So $5000 was more than enough money to get started back in 2013 and 2017. Now you will barely have enough to make 1 rig.

Crazy times….

[fmz89]

Okay, so, I was going to build a rig, but as all of you know easier said than done as the cards are always sold out or over MSRP. I know there are some hardware watching services to catch cards when they’re in stock and I’m going to check those out once I figure out the names of them again. Without getting too much into detail it’s really critical that I pull this off. I understand that nothing is certain, but mining seems the most certain of the different avenues I’ve considered. I’m handy with IT and other tools. Having some passive income coming in is going to literally transform my life for the better as it will allow me to focus on getting my OSCP certification among other even more important personal things. Any solid advice put here is going to directly translate to transforming my life for the better. I’ve done a lot of reading, but nothing makes up for the experience of people in the trenches of the field.

I think GPU is still the most efficient, but I could very well be wrong. I’m open to any suggestions of smart uses for the budget that involve mining. I’d maybe be interested in hearing other ideas crypto-related passive-income streams, but mining is what I’ve been reading about most.

Thank you!!

here my advice for mining rig, but considering buy coin is bigger profit in final stage bullrun, and at current situation doesnt good for build mining rigs
gigabyte b205 fintech 100$
intel g4400 50$
ram ddr4 8gb 50$
ssd 240gb 30$
case 20$
psu antec hcp 1300w 300$
riser x4 20$
5 rx vega 56 used 4400$
mining erg/eth

[VRMdude]

Okay, so, I was going to build a rig, but as all of you know easier said than done as the cards are always sold out or over MSRP. I know there are some hardware watching services to catch cards when they’re in stock and I’m going to check those out once I figure out the names of them again. Without getting too much into detail it’s really critical that I pull this off. I understand that nothing is certain, but mining seems the most certain of the different avenues I’ve considered. I’m handy with IT and other tools. Having some passive income coming in is going to literally transform my life for the better as it will allow me to focus on getting my OSCP certification among other even more important personal things. Any solid advice put here is going to directly translate to transforming my life for the better. I’ve done a lot of reading, but nothing makes up for the experience of people in the trenches of the field.

I think GPU is still the most efficient, but I could very well be wrong. I’m open to any suggestions of smart uses for the budget that involve mining. I’d maybe be interested in hearing other ideas crypto-related passive-income streams, but mining is what I’ve been reading about most.

Thank you!!

Consider if you could earn more by buying coin to hodl over the space of the year or so your looking at for ROI at present prices and coin valus go up as well as down we have all mined at a loss for a time during bear season... Could your finances take such a hit to sustain the rig during a dip that might put your operating costs above the profit threshold? It might not happen but think hard about it or you may have to shutdown operations and have flashy $5k doorstop.

If i was going to spend $5k on a new rig today then i would secure the GPU's first and then get what PSU and MOBO to suit it possibly with future expansion in mind if i have budget left after getting GPU's. Today you might get 3 x RX6800XT new for this budget including warranty giving 64Mh each so ~192Mh and a single 1000W psu and basic consumer mobo will support that no probs tho might need a pci-e splitter for the main slot depending on chipset and cpu choice. Add an extra PSU and you can expand later if mobo supports more GPU.

Theres very little Nvidea stock about so it would be second hand for that which would be brave as no warranty.

[cabron]

Okay, so, I was going to build a rig, but as all of you know easier said than done as the cards are always sold out or over MSRP. I know there are some hardware watching services to catch cards when they’re in stock and I’m going to check those out once I figure out the names of them again. Without getting too much into detail it’s really critical that I pull this off. I understand that nothing is certain, but mining seems the most certain of the different avenues I’ve considered. I’m handy with IT and other tools. Having some passive income coming in is going to literally transform my life for the better as it will allow me to focus on getting my OSCP certification among other even more important personal things. Any solid advice put here is going to directly translate to transforming my life for the better. I’ve done a lot of reading, but nothing makes up for the experience of people in the trenches of the field.

I think GPU is still the most efficient, but I could very well be wrong. I’m open to any suggestions of smart uses for the budget that involve mining. I’d maybe be interested in hearing other ideas crypto-related passive-income streams, but mining is what I’ve been reading about most.

Thank you!!

Consider if you could earn more by buying coin to hodl over the space of the year or so your looking at for ROI at present prices and coin valus go up as well as down we have all mined at a loss for a time during bear season... Could your finances take such a hit to sustain the rig during a dip that might put your operating costs above the profit threshold? It might not happen but think hard about it or you may have to shutdown operations and have flashy $5k doorstop.

If i was going to spend $5k on a new rig today then i would secure the GPU's first and then get what PSU and MOBO to suit it possibly with future expansion in mind if i have budget left after getting GPU's. Today you might get 3 x RX6800XT new for this budget including warranty giving 64Mh each so ~192Mh and a single 1000W psu and basic consumer mobo will support that no probs tho might need a pci-e splitter for the main slot depending on chipset and cpu choice. Add an extra PSU and you can expand later if mobo supports more GPU.

Theres very little Nvidea stock about so it would be second hand for that which would be brave as no warranty.

NVIDIA costs a lot compared to AMD Radeon, I'm not sure how good they are though. I was advised to at least buy a 1200W power supply if I was to gradually add more cards to the rig. I'm guessing OP also wants that too. The problem is making these cards last even for a year alone. How do you take care of cards?

I'm just curious how much electricity should a wind turbine produce to start with just one card at first?