I like it how the OP makes a thread over a week ago, gets over 20 quality replies to his issues and questions and yet doesn't bother replying.
Either way since this thread was going off topic anyways.
There are 2 types of restaurant businesses out there.
The first type is like a McDonalds franchise, this almost never goes out of business. However the startup costs are huge and after fees there isn't much profit left unless you got a busy location.
Second is a private restaurant such as "Cryptos Chinese Food". The start up costs are very low and no fees. However it's very difficult to promote the restaurant so you get enough business. One bad Yelp review and you can go bankrupt.
Topic: Am I in over my head? (Read 546 times)
Mining speculative coins doesn't make any sense. Just mine the most profitable and stable coin like ethereum and exchange it for that speculative coin. You will get more rvn if you mine other profitable coin and then exchange it for rvn.
There are 2 strains of solutions clear here--sell everything and get out entirely, or stay the course 100%. I ignore the third strain of pointless lambasting this poor guy, who has already admitted his mistake and doesn't need to be kicked while he's down.
One thing to reiterate to OP--you can go 50/50, 75/25 whatever on these 2--keep 25% or whatever of your rigs, mine and hold good prospects, and recoup the other 75% or as much of it as possible. Or whatever. Just stay flexible in your thinking beyond all-or-none, since panic can breed rigidity of thought that doesn't help in problem solving.
One thing to reiterate to OP--you can go 50/50, 75/25 whatever on these 2--keep 25% or whatever of your rigs, mine and hold good prospects, and recoup the other 75% or as much of it as possible. Or whatever. Just stay flexible in your thinking beyond all-or-none, since panic can breed rigidity of thought that doesn't help in problem solving.
I would not risk it if I were in your place, and I did not sell the restaurant if it was not unprofitable, but I would simply collect the money from the profits of the money on the video cards, but still you took it seriously. Good luck to you.
This guy is for sure trolling. No one sells a business (at least not a profitable one) and buys 70 graphics card to only realize they don't know what they are doing.
not to mention buying ALL 2+year old cards, when were like 3 months from new series :O 1070/1060? what a waste to buy TODAY
did he just screw himself? if he's not trolling the easy answer is yes, yes he did : /
Ouch
Wow that is a big jump for sure. I hope you know or understand the crypto market well. It will take some time at current pricing to get your money back. Everyone hopes for a price jump again like we had in January but its all speculative.
Mining profits suck, there's no two ways about it.. -snip!-
Stopped reading after that sentence. Wrong.
If you have any clue about what you are doing then you would never say anything remotely close to mining not being profitable. I started mining last Oct. 2017 and upscaled my mining rig operation last Jan 2018. My rigs are all paid for today and are now starting to earn a real profit and thats not even considering the resale value of my GPUs.
Then again i don't know why i'm correcting you. By all means go ahead and spread the word that mining is dead and is not profitable. Thanks.
Mining profits suck, there's no two ways about it.. -snip!-
Stopped reading after that sentence. Wrong.
If you have any clue about what you are doing then you would never say anything remotely close to mining not being profitable. I started mining last Oct. 2017 and upscaled my mining rig operation last Jan 2018. My rigs are all paid for today and are now starting to earn a real profit and thats not even considering the resale value of my GPUs.
Then again i don't know why i'm correcting you. By all means go ahead and spread the word that mining is dead and is not profitable. Thanks.
I hope for the OP sake it is just trolling and not a real situation. Mining profits suck, there's no two ways about it. Whattomine sucks. If you use them you'll just be chasing your tail. Estimates can and do vary wildly when you have mining pools self reporting inflated numbers, constantly changing difficulty, coin prices swinging wildly etc.
As soon as a coin profitability moves up swarms of miners move their hash to it and difficulty adjusts up and you're back to crap profits.
If you really bought those cards sell them now and get out before nvidia releases the next gen and the market floods with 1070s. If you want to mine go camp at Best Buy and get a next gen card the minute they come out and maybe enjoy 3 months nice profit. Or be in the first to maybe third shipment from Antminer when they release whatever giant Asiic coin sucking machine next.
I've recently started mining fiat. It's POW, but unlike crypto I have to show up at a place where I have a "job" and actually DO things. I suggested masternodes but they're pretty hung up on the "work" part...oh well
As soon as a coin profitability moves up swarms of miners move their hash to it and difficulty adjusts up and you're back to crap profits.
If you really bought those cards sell them now and get out before nvidia releases the next gen and the market floods with 1070s. If you want to mine go camp at Best Buy and get a next gen card the minute they come out and maybe enjoy 3 months nice profit. Or be in the first to maybe third shipment from Antminer when they release whatever giant Asiic coin sucking machine next.
I've recently started mining fiat. It's POW, but unlike crypto I have to show up at a place where I have a "job" and actually DO things. I suggested masternodes but they're pretty hung up on the "work" part...oh well
It sounds believable. Restaurant businesses are very tough and they are difficult to make a profit in and they usually don't go for much when they are sold to another party. Mostly it's the equipment which has most of the value in a restaurant business.
The issue here is that most likely this guy doesn't know what difficulty is and he most likely thinks if he makes $2.5k a month he thinks he will net that every month. Which is not the case.
The issue here is that most likely this guy doesn't know what difficulty is and he most likely thinks if he makes $2.5k a month he thinks he will net that every month. Which is not the case.
It probably still depends on the type of restaurant business. If you have a well managed restaurant it's pretty much smooth cruising and all you have to do is watch your people (gotta make sure nobody is slacking off and endagering customers with unsanitary food handling). I've found that well-placed CCTVs do the job well.
It sounds believable. Restaurant businesses are very tough and they are difficult to make a profit in and they usually don't go for much when they are sold to another party. Mostly it's the equipment which has most of the value in a restaurant business.
The issue here is that most likely this guy doesn't know what difficulty is and he most likely thinks if he makes $2.5k a month he thinks he will net that every month. Which is not the case.
The issue here is that most likely this guy doesn't know what difficulty is and he most likely thinks if he makes $2.5k a month he thinks he will net that every month. Which is not the case.
It probably still depends on the type of restaurant business. If you have a well managed restaurant it's pretty much smooth cruising and all you have to do is watch your people (gotta make sure nobody is slacking off and endagering customers with unsanitary food handling). I've found that well-placed CCTVs do the job well.
sounds like a troll , 70 cards for a whole business no way unless he was paying the rediculous jan to march prices for gear
It sounds believable. Restaurant businesses are very tough and they are difficult to make a profit in and they usually don't go for much when they are sold to another party. Mostly it's the equipment which has most of the value in a restaurant business.
The issue here is that most likely this guy doesn't know what difficulty is and he most likely thinks if he makes $2.5k a month he thinks he will net that every month. Which is not the case.
sounds like a troll , 70 cards for a whole business no way unless he was paying the rediculous jan to march prices for gear
Simply get a job. You have a nice steady income in form of mining and that runs itself. Just check everyday that you mine what is best profitable atm. With that and a job you will be earning nice money. Thats what I would do. No way I would sell the GPUs. You would sell at a loss probably.
At least he's being honest
Gpu vs baikal giant b i buy baikal giant b.
TBH, speculation and all, 70 GPUs sounds more stable than a restaurant. Especially if it wasn't a great restaurant. Restaurants are a tough business, hard work and a fickle industry.
A good portion of restaurants lose money.
A good portion of restaurants lose money.
This guy is for sure trolling. No one sells a business (at least not a profitable one) and buys 70 graphics card to only realize they don't know what they are doing.
I don't know, a lot of people get sick of whatever they're doing, sell a bunch of stuff and go do something different. Some people might buy a van and tour the country, some might move across the world, and I guess some people might by 70 graphics cards. Running a restaurant is hard work, and many barely stay afloat.
This guy is for sure trolling. No one sells a business (at least not a profitable one) and buys 70 graphics card to only realize they don't know what they are doing.
You might be right. Or he just had that shitty of a business that he was only able to sell it for what he could buy 70 1070's for. If that is the case, his business wasn't bringing in much to start with.
Well guys... sold my small business (restaurant), bought a shitload of GPUs.. and now I realize I may not know what the fuck I'm doing. I've got almost 70 cards running (mix of 1070s and 1060s, mostly 1070) mining rvn, getting like 1,500 a day or something like that. Overall at current prices, making like $430 a week before power. Which isn't shit. I realize I can go nicehash and make more probably but I'd be making maybe $600-$650 with nicehash or ethereum or zcash (probably a bit less with zcash at current prices).. My point is, is this the best way to go about it? Mining something speculative, or mining the most profitable coin at the time and exchanging to speculation? I need to liquidate at least some of my monthly earning to get by, but either way, it's a meager existence, and eventually, these cards will crap out despite my best efforts to keep them running at 65 Celsius, and I'll have nothing. Does anyone have any advice for me? Is it really true that 70 fucking Nvidia GPUs can only earn you round-a-bout 2k-2.4k a month after power?? Did I just screw myself??
I understand you, friend, I also took a risk. I sold my car for 3000 to build a rig of 6.
But the world is for those who risk
Hopefully it was an extra car that you didn't really need. To the OP ... The only people screwing themselves are the ones who cashed in something that they "needed" ... Maybe the OP needs his restaurant income on a daily or monthly basis ... Maybe you need your car for something ... You can't make it in mining and look at it as something that provides daily income, unless you've been mining for a couple of years. Cashing out for fiat daily, even if you bought your gpu's back in Oct/Nov/Dec is a losing game. And if you overpaid for GPU's in Jan or Feb of this year just to get started ... You're in for an even longer game.
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