Can I get money from mining? - page 2.

trashman43

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Quote from: ruthbabe on June 25, 2018, 08:53:40 PM

Currently, I don't have a job as a retired person, so, I was wondering if mining can get me some money to support our family daily sustenance. Could you give me my best option, and what would be the cost of setting up mining rig? Thank you.

You can get money from mining but the problem is that mining is not an avenue that can generate you instant cash within a day or two. Due to the current state of the crypto market and the crypto ecosystem, mining is now a long term investment venture. It will take you roughly three to six months to get a decent amount of profit from your initial capital used to setup the mining rigs and system.

swogerino

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Quote from: ruthbabe on June 25, 2018, 08:53:40 PM

Currently, I don't have a job as a retired person, so, I was wondering if mining can get me some money to support our family daily sustenance. Could you give me my best option, and what would be the cost of setting up mining rig? Thank you.

Right now mining cannot offer what you ask because mining is not that much profitable to sustain your monthly expenses of your family.

Unless you have some capital set aside and you can build a few mining rigs , have money for electricity to pay for a few months you can give it a try but I don't suggest this second option.Better find something else, internet is full of possibilities and since you are retired you have a lot of free time to search.

Indamuck

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Quote from: fmz89 on April 21, 2019, 08:56:35 AM

Quote from: ruthbabe on June 25, 2018, 08:53:40 PM

Currently, I don't have a job as a retired person, so, I was wondering if mining can get me some money to support our family daily sustenance. Could you give me my best option, and what would be the cost of setting up mining rig? Thank you.

at 0.07$ electric price you can mine all the time, even in bear market like this
6 rigs (8 vega 56 each rigs) cost around 14K$ (the gpus all 2nd, other part are new)
a month you can made around 1300$

.07 is still a really high electric rate compared to what these big farms are paying. That is double or triple of their electric costs, it just doesn't make financial sense to jump into mining right now with a normal residential rate.

fmz89

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Quote from: ruthbabe on June 25, 2018, 08:53:40 PM

Currently, I don't have a job as a retired person, so, I was wondering if mining can get me some money to support our family daily sustenance. Could you give me my best option, and what would be the cost of setting up mining rig? Thank you.

at 0.07$ electric price you can mine all the time, even in bear market like this
6 rigs (8 vega 56 each rigs) cost around 14K$ (the gpus all 2nd, other part are new)
a month you can made around 1300$

profitgenerator212

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Quote from: ruthbabe on June 25, 2018, 08:53:40 PM

Currently, I don't have a job as a retired person, so, I was wondering if mining can get me some money to support our family daily sustenance. Could you give me my best option, and what would be the cost of setting up mining rig? Thank you.

If you want to set up your rig, I may advise you wait till the bull market fully return. Until mining expenditure became higher than the profit, mining was one of the most profitable ways to earn cryptocurrency in 2016/17

Zadicar

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Quote from: WannaCry on April 20, 2019, 12:33:15 PM

it depends on how the consumption of electricity in your country.. and how much you want to invest in your mining rig.. market situation now is still recovering..

Basically you just bumped up an old thread. Do you know on when is the last post of this thread? You should avoid necrobumping

On topic;

Quote from: ruthbabe on June 25, 2018, 08:53:40 PM

Currently, I don't have a job as a retired person, so, I was wondering if mining can get me some money to support our family daily sustenance. Could you give me my best option, and what would be the cost of setting up mining rig? Thank you.

On the current state,this thing is like a suicide. Mining is never been profitable if you do just only holding a few GPU or ASIC.

This thread should be locked.

WannaCry

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it depends on how the consumption of electricity in your country.. and how much you want to invest in your mining rig.. market situation now is still recovering..

powerminingfarm

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It depends! The question is whether your revenues from mining will be larger than hosting costs. If you have a strong initial investment and are looking for some steady(er) income, you definitely could start mining but keep in mind that you are entering in a bear market, which is somewhat saturated with miners already. People renting planes full of GPUs to reduce transportation costs for instance.

If you really want to, you'll have to decide which coin to mine and which would generally be the one you see growing in value in the future. Look at GPU prices, their hashing power, and electricity consumption / costs. There are many different ways to do mining nowadays - not only the traditional setting up a rig at home, but also cloud mining or paying a fee for a company to host ASIC miners and so on. Look into it!

Here is an article our company wrote a few weeks back if you are interested, looking at the actual numbers of doing mining in 2018: https://medium.com/@power_mining/how-advantageous-is-the-power-mining-hosting-service-compared-to-mining-at-home-94c7db4cae95

KriptoGuruTR

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Try it with a cheap desktop PC or performance limited laptop.

There is a learning curve. More experience and knowledge are the keys for more profit.

Short answer: GPU mining is profitable. Worth the effort? For me, yes. For lots of people, no...

leonix007

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Quote from: ruthbabe on June 25, 2018, 08:53:40 PM

Currently, I don't have a job as a retired person, so, I was wondering if mining can get me some money to support our family daily sustenance.

If you have free electricity, then go ahead

If not, then avoid mining if I were you

Above users posts are real

Quote

Could you give me my best option,

Bro, you're in a Crypto world, think twice if you would rely on here the daily sustenance of your family

better look other opportunities outside crypto for the daily needs

however, today is the best time to buy crypto coins then HODL

din5min

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Its too risky right now. Better chances to invest in something else.

gameboy366

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This is the worst time to enter right now due to many uncertainties like ASIC and FPGA threat, and Next Gen GPUs just round the corner. Wait for the skies to become clear then decide. At least wait for next gen GPUs.

vlad230

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I see a lot of people throwing themselves head first into mining and doing a lot of investments in hardware. I would suggest you could take a look into CPU mining first to learn the ropes and get a bigger picture of the who thing.

I run a CPU mining thread here: [CryptoNight] CPU mining guide & coins that will get you a return take a look and post there if you need any help. I will be glad to help out.

Gayantha

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Hi
I think we can get money from mining but i don't know about that surely.

Geraldo

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Quote from: Lafu on June 25, 2018, 10:38:47 PM

Quote from: Geraldo on June 25, 2018, 09:38:24 PM

Quote from: kmil91712 on June 25, 2018, 09:25:50 PM

Nice to know it can be done most people say no. I will look into this.

Yeah, that depends on us. I'm not a speculate type, I calculated all of the possibility, I'm doing a lot of research before mining, I've never stayed on one coin for a long time, I've never held a coins (save it to the fiat as fast as I can) I spend all of my effort and time to do this. Wink

Sometimes its better for Hold a Coin and get more out as fast selling it ! Depends on the Coin and for sure the coins Community !

Regards Lafu

Yeah, I agree with you. Sometimes hold the coin will giving us more profit and of course as you said it would depend on the coin itself (need some other research about the future of coin)

But I'm not kind of that person. I am a short-terms miner, sometimes am doing solo mining just for few hours, and pooled mining never more than one month. As long as my mining result close to my personal calculation, I exchange it for fiat as fast as I can. Wink

xxcsu

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Za1n

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Quote from: SpceGhst on June 25, 2018, 09:23:25 PM

I did some quick calculations for a friend earlier today and at current coin prices, for every dollar you spend on mining hardware (GPUs, mobos, risers, PSUs), you’ll make a dollar over the course of a year. That means it will take a year just to earn your initial investment back, excluding electricity. However, every year after that is profit on your investment, excluding maintenance and replacement parts. So, if you bought $50,000 of equipment today, after the first year, you be making $50,000 per year minus upkeep cost. But coin prices won’t stay constant. If price goes up, you make more money and pay off equipment faster, but prices could also go lower from here...

You failed to also account for the rise in mining difficulty. Even if the coins price stayed the same or even edged up a bit over the one year you projected, the difficulty would continue to rise so you would mine fewer coins each month, thus reducing your income.

With the rapid introduction of ASICs to most every algorithm and considering how fast ASICs are replaced and older ones become obsolete, also thinking you will continue making $50k each subsequent year is another false assumption. In today's mining world $50k of ASICs bought today would most likely need to be replaced by $50k of newer ASICs next year and so on, thus your profits will be very slim in between upgrade cycles.

If your calculations were solely based on using GPUs, with the Z9's out now and the E3's launching next month, GPU profitability will be next to nothing very soon. I predict by September the used GPU market will be swamped. So under either scenarios, GPU based, or ASIC based mining, the days of thinking you will ROI in one year and enjoy subsequent years of profit with paid off hardware are over.

xxcsu

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Quote from: ruthbabe on June 25, 2018, 08:53:40 PM

Currently, I don't have a job as a retired person, so, I was wondering if mining can get me some money to support our family daily sustenance. Could you give me my best option, and what would be the cost of setting up mining rig? Thank you.

You can find the "greatest answers" here in this topic

texasman86

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dont get into mining, it's a waste of time

Lafu

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Quote from: Geraldo on June 25, 2018, 09:38:24 PM

Quote from: kmil91712 on June 25, 2018, 09:25:50 PM

Nice to know it can be done most people say no. I will look into this.

Yeah, that depends on us. I'm not a speculate type, I calculated all of the possibility, I'm doing a lot of research before mining, I've never stayed on one coin for a long time, I've never held a coins (save it to the fiat as fast as I can) I spend all of my effort and time to do this. Wink

Sometimes its better for Hold a Coin and get more out as fast selling it ! Depends on the Coin and for sure the coins Community !

Regards Lafu

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