Topic: 6K budget for starter mining rig(s) (Read 216 times)

2018 and people are still talking ROI about crypto. Stop it - doesn’t make sense to do that.

You mine to accumulate coins and protect the network. You get paid for this. The more robust the network, the more the developers are doing good work, the higher the likelihood the coins you mined will be worth more in the future.

So many people get into mining for the ROI. Then 6 months later the coins they mined are worth so much that they can’t fathom selling it off.  Then it starts to drop and they sell. Mine because you can and because you believe in the crypto, don’t do it to ROI. At some point in the future the coins will once again boom and sell off your accumulation to cover your costs at that point.

My suggestion is to keep the 6k. Wait till ETH drop below $300 and then get a chance to buy those ETH at lower price and keep it. It will get you more ETH than purchase the 6k equipment and continue mining 24/7 for a year.

I guess, this is more reasonable than the ROI or CR in 100 days goal.

I'll recommend this thread to read up, it almost cover all infos regarding GPU mining and stuffs, Kudos to Bro yun9999

https://bitcointalksearch.org/topic/data-center-mining-garage-and-man-mining-cave-part-2-1806061

https://bitcointalksearch.org/topic/data-center-mining-garage-and-man-mining-cave-1761303

When you say Voskcoin and others are making money, yes that is true but go look on whattomine or other calculators and you will see currently that its roughly $1-2 per day in revenue on a 1080ti depending on your electric cost.  Now let's say that 1080ti cost $900 USD.  That's currently 900 days to recover your capital before you even start making money.  You said you need to break even in 100 days, not only is that not possible right now if likely won't be for some time.  Miners flooded the market at the absolute peak so difficulty has gone up across the board while the market is down and not showing signs of recovery yet.  The market would have to go back to Nov/Dec heights to be as profitable as it was in the past.  This is the norm for mining right now as it was a year ago.  If you enter now and are still paying premium prices for GPUs be prepared for a long hold before you see any profits.  The market could turn around at any time, it could also stay this way or decline even further for years to come.  Voskcoin is a great source for mining information and builds, and I also have written a few guides on my website in my signature.  That being said just be aware of what you are getting into before you start and know you will likely not see any profit for a year or more.

So a lot of the comments are saying to buy BTC/crypto and in one case BCC (WTF?). Over the last 7 months I have probably 30k invested in crypto. I am wanting to get into mining and that is what these funds are allotted for. I know the market is down right now and I am sure it will come back at some point.

On the VoskCoin YouTube channel he has shown that himself and others make money in GPU mining. I know it is rough right now but if I can do it now then when we go back into a bull market things will be really good.

I was considering the Baikal Giant-N miners but they want you to buy 6 of them at once which is around 21k. I also do not have a place to setup to handle the noise of them nor a good setup to keep them all cool (I expect them to put off a ton of heat).

I figured it would be better to start with a small GPU mining setup since I still need to figure out and learn almost everything there is to know with mining.

Can anyone at least recommend a good source of up-to-date information on mining?

Your business partner and you are in need of a real business partner. Its apparent that neither of you have done any research into mining or the cryptocurrency market as a whole or you would have never of asked this question.  If you did any market research you would know your 6k investment wouldn't get you much right now as prices for GPUs are at an all-time high while the market is in a correction.  You would not recover your initial investment in 250 days let alone 100.  You would be better off looking for something else to invest in with your business partner.  My first advice would be to do research on whatever it is you decide to start looking into or you come off sounding a little foolish saying you have a business venture starting but know nothing about the topic.

100 day ROI? Easy. Just invest in bitconnect and get 1% back every day, 100 days = 100%!!

100 day ROI

currently i would say you will never get your ROI, because every profitable coin/algo gets fucked by asics...in secret or public

You might had a bad timing buddy, look at the charts getting bloody red

your #1 goal seems not possible with today's profitability

check your Plan B. What if mining wont push thru?

Thinking on this a bit more, you really should consider just investing that $6k into coins directly. It probably will not be too much longer and for that amount you can purchase 1 whole Bitcoin, maybe even more if it drops further.

Considering Bitcoin just seen a high of $20,000, and with either scenario purchasing coins or investing in a rig, you will be looking at 9-18 month investment window, the odds are better a direct investment in coins will outperform mining.

Even if you think your are hedging your investment with mining by reasoning if Bitcoin crashed (all other coins would follow) you could sell your rig, think again as the used market will be flooded with gear, and just like people were willing to pay a premium for gear when it was scarce, you would have sellers out-competing each other by lowering their price just to get out while they can.

Anyway, I have posted this before and it is still true, in that by investing in mining hardware you are obviously expecting the market to continue to rise, at least rise sometime in the future, so if that is the case then buying up some coins while they are low is maybe the better choice.

In either case I would watch the market carefully over the next few days and try to determine where we are headed. Myself, if Bitcoin does hit $6k or below I would definitely consider directly investing that mining rig money into it instead.

You have 6k USD, but what else? Where will you place your new rig? How will you cool the rig? There are enough questions you should resolve before involving to mining. And of course 100 day ROI is impossible at the moment

1. Almost impossible, but still possible. I do it with my Antminer S1 in 2014 (CR in one month).

2. Give them enough power, it will keep your cards safe, and you can resell it when needed with confidence.

I'll play with some numbers.

Let's say we buy 5 more 1080 TIs at $800 each, so 6 total 1080ti

That's 4800 so let's add roughly 500 for the rest of the components and let's assume about 100 monthly electric plus other utilities.  so at the end of the 100 days we could consider roughly $5600 expenses.

so we're needing about $56 daily to ROI at 100 days.

Depends on the price of the crypto you are mining after the 100 days and if you sell it as you go or hold it until prices go up.  There are a lot of sites to look at to decide what to mine.  uhhh... whattomine.com for one.  But there's way more to it than that.  Read the announcement boards on here and witness the near-daily coin releases of minable coins.  These things are little flare ups of magic and wonder.  I've seen people mine thosands of some crap-coin and sell them at $50 each a few months later.  But that takes all the luck and timing in the world.

Another thing to consider is the coin you are mining.  Does it stake?  Could you do a shared master node?  that can affect your bottom line.

It's all pretty risky.  Definitely not a sure thing.  We could see another micro-extinction event such as Mt Gox which wiped out hope in the crypto world for around 3 years.  We can only hope for such another godsend lol

Another thing to consider are new mining tech coming out.  Will people use the mining converted GPUs with no video output?  (i wouldn't).  Will Samsung sell ASIC miners at a fraction of the cost of other ASIC miners?  maybe...

There's a lot to think about right now.  With the market the way it is right now, I would take that $6K and buy up some cheap coins and then turn right back around when the market was high, sell those coins, pay taxes, and then buy a $12K, $24K, or even bigger mining rig with your profits from your $6K miner.  Buy up Ethereum or Dash... yeah, Dash will more than 2x... and wait until Fall.  Easy 2x money imo.  All just my opinion...

Hate to be another bearer of bad news but agree with other posters that 1. is just not going to happen with current coin prices and component costs.

You may get lucky and another bull market comes along which would reduce your ROI (...or CR as I believe we are now calling it  ) but if you believe that's going to happen anytime soon then better to buy coins directly with your money.

VoskCoin put out a video saying 100 day ROI but it was a few weeks ago and only for 2k on a RS cards. I have 6k and a Nivida Card

No offense, but this one made me lol. Sorry to inform you but the days of 100 day ROI, or more accurately Capital Recovery, are long gone. With GPUs still selling at 150% premiums over MSRP, your payback period is likely to be on the order of 500 days.

Also, as far as something that will hold its resale value. the same holds true. It is likely the used GPU market is about to witness the biggest flood of secondhand cards it has ever seen and you will be lucky to sell your card at even half the normal MSRP, meaning likely 1/3 what you paid for it.

Give up, runaway and never think about mining again.

ROI in 100 days? you can accomplish this if you got a time machine

My business partner and I have decided that we are willing to invest $6,000 USD into a mining rig(s). Below are the things we are hoping for and wondering if anyone has any tutorials that can help us accomplish our goals:

1. We want a ROI in 100 days
2. We want a decent resell value on the cards if/when we need to sell them
3. We already have 1 EVGA 1080 TI card and would like to be able to use it in the build.

Thank you for your help.