Topic: Crypto mining isn't for everyone. (Read 355 times)

25 cents is still a good profit
If you have been mining since 2018, then you have already paid for your equipment several times over. I am sure that the best time for mining will be when the profit is minimal, because you will receive more coins, the price of which can then increase.

You have to learn so much dude. Successful miner is a miner who is happy with his mining.

Not many people can buy gpu´s and mine for years without selling the coins. People must pay there bills, if you really hodl long term - buy coins is the right way.

A personal Example:
i started in 2017 at a ETH price of 50 dollar with equipment for 13000 dollar - 13000 / 50 = 260 ETH - do you think i mined 260 ETH in the last 4-5 years with this equipment? The answer is no and i had to pay electricity, burning riser or other defect stuff.
Same for btc - btc price on my start 1200 dollar - we bought some 5x S9 for over 2000$, so 10000 / 1200 = 8.33 BTC and no  this 5 S9 not making over 8 BTC in the last 5 years 

Maybe it is not the best timespan for such example - don´t miss understand me - i am happy with my crypto bags - this days i calculate my mining rigs wisely and in another way.

What's there to be sad about ? Unless your electricity isn't cheap to keep up but still coins are gem they deserve to be treated in such manner, mine and hold is the true way of becoming a successful crypto miner.

Agree. Should not be tired. However fear that 25 cents per GPU would be coming soon makes me sometime sad.

My wife sometimes complains about 1 mining farm, because the fans are noisy, so the rest of the mining farm is in a different place. What motivation problems do you have if mining farms do not create problems? I believe that the price of cryptocurrency will rise, so I try to keep my mining farms always working.
How can you get tired of a printer that prints money?

Not everyone is inclined to a long term hold strategy regardless of the altcoin, they want even small but immediate gains but you need to know what exactly you are doing, calculate the expenses and the investment and any gain to the cent to see if there is a profit, for example, cost of graphics cards and energy and see in how much time the initial investment can be recovered, mining at a loss makes no sense

Well I haven't change anything except risers because I buy premium brands for my mining activities,like PSU is always a Gold 80 Plus as a minimum and is always the Corsair or Evga brand,I have Corsair PSU-s running since early 2017 and they are still powering my new rig.If I start another rig this time I make sure to buy branded (not Chinese unbranded) riserless motherboards like Asrock H510+ being one of the best.If you buy premium brands all of your parts for mining you don't have to change anything in the long run except some GPU-s that may fail overtime.

Bottom line is don't save money on parts as it is going to be more expensive to run the rig for the longer run.

They sure will regret later I bet, many did this in 2018 when GPU mining turn into a chaos theory, crypto is more like a gold where you need to store them for long time before gaining better rewards from them, many miners shouldn't have join the race in the first place.

No mining is definitely not for everyone. I met many miners throughout the years and many call it quits usually after a few months.

For most they usually pack up their stuff and sell it if they are making less than $1/day per GPU. Most say it’s not worth the hassle and space for such little money. They make an ad and usually someone buys all their equipment at a decent price and they move on.

I have never change anything since 2017... i just add stuff.

Thanks for responding. What conflicts me is that I know the crypto winter is coming and all my GPUs except 5700xt are over 2 years old. So sometime I get tempted to sell and move on. Otherwise I feel like need to change all motherboards and PSUs. I have changed all the risers 6 months back. How often you change other stuff beside the GPUs?

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What I meant was that I only saw one crypto winter and now I know the next one is coming soon. People here have seen more than one and just wondering how they keep themselves going?

I keep myself motivated because I can invest the money I get from crypto mining by buying cryptos that are really low in value and keeping them until they spike in price,it is a lot like gambling only that it happens in a long period of time,right now I am obsessed with FUN token and Shiba so I have lots of them again with some other coins,I diversify my portfolio.So far the only big money I made was because of mining Bitcoin through Nicehash in the beginning years 2016-2019 but I want to make another big profit on other coins and that is enough to keep me motivated.

I always give the same advice to the people that ask the same questions about mining.

"What GPU should I buy to start mining?"
"Should I start mining?"
"Is it profitable to mine crypto?"

Just don't. But crypto instead. Less headache. Much greater chance to make money.

Saying you got tired of them is like saying you don't want the profits anymore, now that mining is still profitable how can you say you are tired of the rigs? You wanna give them away 😉? I'm right here, jokes apart if your electricity bill is cheap don't ever give up on mining.

it is in a separate room that is normally never used unless a guest arrives and we normally shutdown when someone is living. The rigs don't really make much noise.

4 rigs is a lot for an apartment if you live in it with your family. The only option is a separate room, with good sound insulation. On the balcony, noise from 4 rigs can disturb your neighbors and they will swear at you or shed complaints. It is better to install a mining farm in a private house, but not in living quarters. For example, in the basement, garage or other utility rooms.

Mining and holding your BTC and ETH is like securing a good future for yourself, forget those warming you about dip bear market that's exactly what you need for your plan to work out, bear market means more BTC and ETH for you.

I was a newbie in 2018. I started Early 2018 and slowly built my rigs in next 2 years. I just have 4 rigs that I could keep in a room in an apartment. It was exciting first couple of years but now I am getting tired of them. They are working fine though. How do you keep yourself motivated? 

I guess my personal story of 2016-2019 fits well to tell here also as I have already told it in another thread here in the mining alt.I entered late 2016,early 2017 in the mining game and things were going well with my rigs of old generations of Rx 470/480 and later on that 2017 year with Rx 570/580.All seemed well until the January 2018 came and it let every body,especially the newbies who had just started in December 2017 after the all time high wondering.Well the newbies immediately sold their devices at a loss while I insisted to continue mining even at a loss and I also convinced my friend as we were two people in this.After many discussions he was convinced and we continued mining until April/May 2019 when we had accumulated enough Bitcoin and let them rest,shut down our miners but didn't took Bitcoin out until 2021 in February where with the amount accumulated we got back our investment,invest in a new mining rig and also have like 1/4 Bitcoin left standing there for when the price will sky rocket again.

The difference between newbies and us that had a couple of years experience is we were or better I was prepared for such scenarios but in the long term I was firmly convinced that it would work out great which it did.I give the same advice now to newbies as the OP,if you are not for the long run don't even bother coming at mining at this time.

Mining is linked to strategy and seizing the opportunity, as you need to balance between short-term and long-term profit, and the possibility of mining more than one cryptocurrency for the same device, it is science and depends on a little randomness (luck), so it must be accurate.

The most important thing is to recover the capital, as soon as you put in place a solid plan to recover the capital, then you can risk mining as the cost of electricity for the return will be very small.

Therefore, the first 6 months to year are the most important, especially in Bitcoin mining, and then as soon as you can recover the capital, you can take the risk in the future.