Topic: Bad time to get into GPU mining - yes or no? Share your thoughts! (Read 355 times)
A lot of different opinions here I see, I enjoy reading them! As I stated in the post I already got my hands on 9 gpu's, so I'm gonna start with that and not buy anymore until things settles. I got the gpu's at a fairly low price so hopefully I'm breaking even in 3-4 months. There are indeed a lot of things that could make the profits decrease drastically, so it is as some of you say pretty much the same as playing lottery. I have a feeling the next generation amd/nvidia is gonna be a HUGE factor on profitability and I might just sell out before that and put my profits into buying those new cards instead. It's gonna be interesting and I can't wait to see how things turn out! Appreciate the feedback
January 25, 2018, 09:26:07 AM
prices of profitable GPU's are very high, so you need 8-9 monthes for ROI, i think its too long period, so i advice not to buy video cards, but if you already have bought them and you have low energy fee, you can try mining.
good luck and happy mining ...
good luck and happy mining ...
January 25, 2018, 09:22:29 AM
I feel at the beginning POW was a good idea but with difficulty has risen so much and the power to mine coins increased a lot. While we are trying to adept electrical cars and trying to help the world( I am not talking about everyone, some people really don't care), on the other hand we consume so much electricity for mining. Bitcoin mining is using more power than 159 countries. It is crazy. I feel like mining will never die but in the long term, many coins will switch to more environmental friendly algos. In short term still, It is not a good idea to invest mining now. Buying a coin and waiting for increase is a better idea.
gave up on looking for a card. im just going to wait and hopefully can order from nvida
im not paying $1400 for a $600 video card.
1 1080ti makes you 5 dollars a day, and you would need to mine 24 hours a day 7 days a week for like 10 months to get your money back. you cant mine shit with 1 card you need 2. now what your pushing $2400 to make $10 dollars a day?
then, you have to worry about the exchange robbing you like
hitbtc robs people
like coinshouse.eu robs peoples
like coinsmarket.com robbed people with exit scam
like yobit robbing people.
ect,ect
a miner is at the mercy of the exchange the coin is on, good luck dealing with hitbtc or any of the other scams
I've used HitBtc before without any issues. Don't mine to an exchange or leave coins on an exchange though. They should only be on the exchange for a short time while you are selling them. Any other time, your coins should be in a wallet with a private key that you have in your hands.
January 25, 2018, 09:18:33 AM
And... Titans are now out of stock too.
January 25, 2018, 09:12:59 AM
I feel at the beginning POW was a good idea but with difficulty has risen so much and the power to mine coins increased a lot. While we are trying to adept electrical cars and trying to help the world( I am not talking about everyone, some people really don't care), on the other hand we consume so much electricity for mining. Bitcoin mining is using more power than 159 countries. It is crazy. I feel like mining will never die but in the long term, many coins will switch to more environmental friendly algos. In short term still, It is not a good idea to invest mining now. Buying a coin and waiting for increase is a better idea.
gave up on looking for a card. im just going to wait and hopefully can order from nvida
im not paying $1400 for a $600 video card.
1 1080ti makes you 5 dollars a day, and you would need to mine 24 hours a day 7 days a week for like 10 months to get your money back. you cant mine shit with 1 card you need 2. now what your pushing $2400 to make $10 dollars a day?
then, you have to worry about the exchange robbing you like
hitbtc robs people
like coinshouse.eu robs peoples
like coinsmarket.com robbed people with exit scam
like yobit robbing people.
ect,ect
a miner is at the mercy of the exchange the coin is on, good luck dealing with hitbtc or any of the other scams
January 25, 2018, 09:10:48 AM
If profitability tanks because of that it tanks for everyone.
You might see some of that hash go away because people shut down and get out of the business entirely.
You might see some of that hash go away because people shut down and get out of the business entirely.
January 25, 2018, 09:07:21 AM
Hey,
So I've just bought 6x rx 570's and 3x 1070's, which I'm planning to run with a 1200W server psu and b250 mining expert mobo. I am currently waiting for my b250 which arrives in stock 1st of february. Here comes the big question though: Is this really a good time to get into mining? With the rapidly increasing difficulty and asic mining taking over some coins, will this be the end of GPU mining you think? I am just hoping to make ROI, but just since I placed the buy order on the parts till today the profits on very many coins that I was planning to mine has gone down 3x.. How do you see GPU mining in a year or so? Now the new nvidia 2x series are coming too so that should also be taken into consideration.
Let's see your opinions!
So I've just bought 6x rx 570's and 3x 1070's, which I'm planning to run with a 1200W server psu and b250 mining expert mobo. I am currently waiting for my b250 which arrives in stock 1st of february. Here comes the big question though: Is this really a good time to get into mining? With the rapidly increasing difficulty and asic mining taking over some coins, will this be the end of GPU mining you think? I am just hoping to make ROI, but just since I placed the buy order on the parts till today the profits on very many coins that I was planning to mine has gone down 3x.. How do you see GPU mining in a year or so? Now the new nvidia 2x series are coming too so that should also be taken into consideration.
Let's see your opinions!
Nobody knows... since we can't predict future ETH or BTC or ZEC prices.
Could be a good time because prices might stay flat or go higher...
Could be a bad time because ETH might start crashing and in 2 months go POS.
Its a gamble... but a small one
into PoS, I'm now thinking twice about my plan. I don't know if this might affect the mining profitability, or maybe I can mine other coins that has also
some potential in the near future. Thanks for opening this thread, it might give some ideas for those who also plan to build their mining
rig and for those expert who has a good knowledge about this business.
The REAL thing that CAN kill mining is when ETH becomes POS
Imagine ALL hashrate coming to other algos
We have two situations: Miners and public in general will avoid ETH and will affect prices, probably choosing another coin to the place of ETH, but need to be a GREAT coin, like ETH
Or profitability will decrease a lot because all algos will suffer the HUGE increase of difficulty
January 25, 2018, 09:07:07 AM
At this exact moment, I'd say it's a bad time to get into it. The difficulty really doesn't matter because there are always new alt coins to mine but the hardware is a different story. I've been piecing together a new rig and the prices of GPU's I've been looking at have jump $30-40 IN A WEEK, and that's if you can even find them in stock. On top of that newegg is limiting the number of GPU's you can order to one (at least on the gigabyte 10 series I just ordered). Everything may change tomorrow but for today you better expect some headaches when buying the hardware.
People - the OP states he already has the GPUs, so most of the concerns you mention don't apply to him. His question is in regards to expectations on ROI for a new miner.
IMHO - if you have already secured the hardware and you paid near MSRP for it, you should mine. Your expectations to just recover costs is very reasonable. Anything beyond that is just a nice bonus until you decide to discard the gear.
You can hedge buy selling half of your coins in 2 to 3 months if prices are still flat - or just sell enough coins to recover the hardware costs.
All cons people write only suggest they never bother to read your post. You have the cards already - either sell them quickly or mine.
Either way you are in good shape as far as recovering your costs. Mining has the potential to give you much greater returns in the longer term.
As far as running a mixture of AMD and Nvidia cards on the same rig, your mileage will vary on that. My setup doesnt support that but i am sure others have that working. Keeping it all in one rig and running it stable is crucial to that ROI.
January 25, 2018, 09:04:15 AM
In my opinion, all those who now give clear answers to such questions, or do not fully understand what they are talking about or give out wishful thinking. The whole question comes down to your goals. If your goal is to quickly earn some money, then mining is not the best way. If your goal is to integrate into this field of activity and be able to monitor how it develops, then it is worth it.
January 25, 2018, 09:02:54 AM
Mining is a tiny fraction of total world energy use.
January 25, 2018, 08:59:53 AM
I feel at the beginning POW was a good idea but with difficulty has risen so much and the power to mine coins increased a lot. While we are trying to adept electrical cars and trying to help the world( I am not talking about everyone, some people really don't care), on the other hand we consume so much electricity for mining. Bitcoin mining is using more power than 159 countries. It is crazy. I feel like mining will never die but in the long term, many coins will switch to more environmental friendly algos. In short term still, It is not a good idea to invest mining now. Buying a coin and waiting for increase is a better idea.
January 25, 2018, 08:59:26 AM
Hey,
So I've just bought 6x rx 570's and 3x 1070's, which I'm planning to run with a 1200W server psu and b250 mining expert mobo. I am currently waiting for my b250 which arrives in stock 1st of february. Here comes the big question though: Is this really a good time to get into mining? With the rapidly increasing difficulty and asic mining taking over some coins, will this be the end of GPU mining you think? I am just hoping to make ROI, but just since I placed the buy order on the parts till today the profits on very many coins that I was planning to mine has gone down 3x.. How do you see GPU mining in a year or so? Now the new nvidia 2x series are coming too so that should also be taken into consideration.
Let's see your opinions!
So I've just bought 6x rx 570's and 3x 1070's, which I'm planning to run with a 1200W server psu and b250 mining expert mobo. I am currently waiting for my b250 which arrives in stock 1st of february. Here comes the big question though: Is this really a good time to get into mining? With the rapidly increasing difficulty and asic mining taking over some coins, will this be the end of GPU mining you think? I am just hoping to make ROI, but just since I placed the buy order on the parts till today the profits on very many coins that I was planning to mine has gone down 3x.. How do you see GPU mining in a year or so? Now the new nvidia 2x series are coming too so that should also be taken into consideration.
Let's see your opinions!
Nobody knows... since we can't predict future ETH or BTC or ZEC prices.
Could be a good time because prices might stay flat or go higher...
Could be a bad time because ETH might start crashing and in 2 months go POS.
Its a gamble... but a small one
into PoS, I'm now thinking twice about my plan. I don't know if this might affect the mining profitability, or maybe I can mine other coins that has also
some potential in the near future. Thanks for opening this thread, it might give some ideas for those who also plan to build their mining
rig and for those expert who has a good knowledge about this business.
January 25, 2018, 08:53:48 AM
It's not a bad time, it's an expensive time relative to a few months ago, relative to last year, or two years ago. But this always changes. If you're into crypto, if you think it's going to last a while, if you think this is a way of the future then there is no bad time.
Ever since the day I started mining people have been saying it's going to die or all the profits are already behind us, and every single time they have been wrong. The market cap is still too small for it to be bad time. We've had massive growth in 2017 and I think the crypto market cap is still going to rise at least 5 times what it is now. For that to happen there will be big spikes and big dips.
Ever since the day I started mining people have been saying it's going to die or all the profits are already behind us, and every single time they have been wrong. The market cap is still too small for it to be bad time. We've had massive growth in 2017 and I think the crypto market cap is still going to rise at least 5 times what it is now. For that to happen there will be big spikes and big dips.
January 25, 2018, 08:46:12 AM
Difficulty matters if you want to mine and hold. If you want to pump and dump a scam coin then it doesn't matter.
Cost of entry is super high right now because of the hype and all the incoming hash. If you can even find something in stock it's gone fast and some of the retailers are trying to make it harder for you to pick up 10 cards at a time like a new miner would maybe want to do.
If I wanted to do anything other than put together a small rig I might think about waiting for things to settle down. Especially with Volta coming out in 2-3 months. AMD won't have anything else for a while. I read 2019.
Cost of entry is super high right now because of the hype and all the incoming hash. If you can even find something in stock it's gone fast and some of the retailers are trying to make it harder for you to pick up 10 cards at a time like a new miner would maybe want to do.
If I wanted to do anything other than put together a small rig I might think about waiting for things to settle down. Especially with Volta coming out in 2-3 months. AMD won't have anything else for a while. I read 2019.
January 25, 2018, 08:43:15 AM
No matter when you ask people will always say it's a bad time to get into GPU mining. The truth is, it's never a bad time to get into it.
People have been saying this since ASICs first came out years ago.
You will get the same answer if you ask if now is a good time to invest in BTC.
People have been saying this since ASICs first came out years ago.
You will get the same answer if you ask if now is a good time to invest in BTC.
January 25, 2018, 08:38:59 AM
At this exact moment, I'd say it's a bad time to get into it. The difficulty really doesn't matter because there are always new alt coins to mine but the hardware is a different story. I've been piecing together a new rig and the prices of GPU's I've been looking at have jump $30-40 IN A WEEK, and that's if you can even find them in stock. On top of that newegg is limiting the number of GPU's you can order to one (at least on the gigabyte 10 series I just ordered). Everything may change tomorrow but for today you better expect some headaches when buying the hardware.
January 25, 2018, 07:59:32 AM
Anyone know when will new gen gpu come to market?
Hynix and samsung already started to produce gddr6 memory.
Hynix and samsung already started to produce gddr6 memory.
January 25, 2018, 05:53:17 AM
... Here comes the big question though: Is this really a good time to get into mining? With the rapidly increasing difficulty and asic mining taking over some coins, will this be the end of GPU mining you think? I am just hoping to make ROI,
The first time I mine, I have the same question. is this a good time for mining?
I DONT UNDERSTAND WHY NEWBIES KEEP ASKING THE SAME QUESTION " ITS TO LATE TO START MINING , IT IS STILL PROFITABLE ? WHY MY EARNING IS LESS THAN ALL THOSE ONLINE CALCULATORS TELLING ME"
No one can tell you !
Always going to be a 2 group of ppl who telling you it's ok go for it , or dont bc you just wasting ur money !
You have to make a decision for yourself !
Do your own research !
No one can tell you for sure what's going to happen with cryptocurrency !
No one can tell you it's going to be profitable for you or not !
No one can tell you how much profit you going to be able to make ! ( if you can make any at all )
No one can tell you the ROI ( return of investment) time !
None of those calculators you are seeing on the web can tell you what's coming tomorrow , months later or 6 months later !
Those calculators telling you about today , at that moment when you typing in your information !
None of those online calculators calculating pool luck !
None of those online calculators able to predict difficulty growth !
None of those online calculators can predict what would be the coin/$ exchanges rates tomorrow , months later or 6 months later a year later !
It's little bit of gambling , you must to decide you want to play on the lottery or not
No one can tell you !
Always going to be a 2 group of ppl who telling you it's ok go for it , or dont bc you just wasting ur money !
You have to make a decision for yourself !
Do your own research !
No one can tell you for sure what's going to happen with cryptocurrency !
No one can tell you it's going to be profitable for you or not !
No one can tell you how much profit you going to be able to make ! ( if you can make any at all )
No one can tell you the ROI ( return of investment) time !
None of those calculators you are seeing on the web can tell you what's coming tomorrow , months later or 6 months later !
Those calculators telling you about today , at that moment when you typing in your information !
None of those online calculators calculating pool luck !
None of those online calculators able to predict difficulty growth !
None of those online calculators can predict what would be the coin/$ exchanges rates tomorrow , months later or 6 months later a year later !
It's little bit of gambling , you must to decide you want to play on the lottery or not
Original Topic I quoted from is HERE
January 25, 2018, 05:43:25 AM
This is the moment to buy cheap coins and make profit when prices rises
This is a bad moment to start mining
to many people doing
This is a bad moment to start mining
to many people doing
January 25, 2018, 04:56:57 AM
The first time I mine, I have the same question. is this a good time for mining? One year ago the price of VGA RX 480 was about $ 300. It used to be very expensive for me. but I keep buying it and sure it is, the right time for mining. And the fact that happens, the higher Bitcoin price makes the ROI very fast.
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