Topic: Few questions about mining. (Read 409 times)

If you believe in crypto, you can also just buy and hold crypto instead of mining. You won't have a break-even period this way in the same way that mining does, and there's initially less risk as it takes time (quite a bit of it) to break even right now, even with cheap electricity. Mining hasn't been very profitable for the last few months, and I've shifted from mining to just buying and holding coins, and doing so has actually netted me a profit whereas I would still not have broken even with GPUs.

If you believe in cryptocurrencies, simply invest and start mining. Do not sell spoil, just collect it. You have cheap electricity so it will not be painful for your wallet. When the market will fly again to the moon, then sell what you have accumulated.

First off, I want to mine in a country from europe, and I think it is illegal to mine cryptocoins in certain countries. Where can I know if it is illegal to mine in the country I want to go to?

Second question is, I want to save around 10k dollars, probably more, to start building a mining rig. I just want to know, is it proffitable? Will I get my investment back faster if I invest more money or if I invest less? And, of course, is it proffitable? In the sense that, can it generate enough money to pay it's own energy consumption, internet usage and the space I'm planning to rent, while also giving some extra income?

Also, before going all out with this, I first want to test with like a cheap GPU, like aroung 200€ plus any other necessary equipment, to get some experience and familiarize myself with the software and needs.
Assuming a 400€ "test" investment, would that generate money worth it's own comsumed energy and internet broadband while at the same time generating an income, a beneffit? You know, I don't want to waste my money. I'm okay with taking risks, but a 0% chance isn't a risk, so if it's impossible I need to know before investing anything.

Also, one last question, do you recommend me any books to learn about this? Or any formulas I can use to calculate proffit based on GPU's speciffications? I'm good at maths and I'm okay with investigating some hundred hours of formulas and current price of cryptocoins. I want to go serious with this, and I didn't know who to ask.

Also, if you know a better place to ask, please tell me. I think there is a subreddit and a stackexchange about cryptocurrency?

Thank you in advance for all of your answers and for taking your time to help me, hope you have a nice day!

Hey, thank you! I was using coinwarz.com to calculate but that one looks a lot better.


Wow.... wait a sec, I repeated the calculation with a different product from the same site, and even though it is a lot more expensive, it isn't proffitable at all (it costs more energy that the coins it produces...). I'm repeating this calculation with the most expensive one in the site.


What do you think? Is it a good idea?

Does that mean that if 1GPU makes 2.3$, 2GPUs would make 4.6$?
Cause that's very interesting

I believe you would get almost the same answer everywhere while you were asking about starting to invest in mining today (moreover if you are new in mining) You will facing a big risk of investment if you are investing on crypto mining nowadays.

Besides direct investing into coins, this is a good move, at least for me:


Out there several miners still generate enough profit (on this situation) even with normal electricity cost (I know a few miners personally) There's something makes them different (should be), Experience, how much the time to spend on their research, extra effort and may a bit of luck factor. I'm not talking about Farmers, it's about home miners. The point is, you should do it yourself to know it, give extra effort, doing research again and over again. That's just my "shit" advice, but it's work for me. 

Other questions seem like has answered and I agreed with them. 

It's risky at best.  If you had the ability to hold the coins that you mined then you might hit it big at some point down the road.  Right now Bitcoin is around $6500 and at these prices you would have to have a lot of equipment to make it worth your while. The great thing about mining is that it scales so you can test it out, like you said.  You can start with 1 GPU and if it makes enough for you then you can always invest in more equipment.


Another way of mining coins would be looking into some Masternode projects or some of the various staking coins.


Having said all that, you will probably be better off by buying $10,000 worth of coins and holding.

https://www.coinwarz.com/cryptocurrency

difficulty charts (CLOSELY study how it goes up for coins mined with asics and compare with hashrate charts for thoose coins):
https://www.coinwarz.com/charts/difficulty-charts

network hashrate charts:
https://www.coinwarz.com/charts/network-hashrate-charts


global crypto chart
https://coinlib.io/global-crypto-charts

whattomine + calulator
https://whattomine.com/coins


asic miner value ( ONLY earning per day will be accurate for that day at the current price of BTC when you check it out)
https://www.asicminervalue.com/

prices cryptos
https://coinmarketcap.com/

calculator
https://www.cryptocompare.com/mining/calculator/zec?HashingPower=261400&HashingUnit=H%2Fs&PowerConsumption=3300&CostPerkWh=0.11&MiningPoolFee=1

explains a lot of settings:
https://prohashing.com/help.html

a lot of mining pools and "live" latency check
https://investoon.com/mining_pools/zec


Buy a graphics card and play games!
you can also use it to learn about mining cryptos and so.

if prices goes up on cryptos you can make some money with it and will know what to do(Mine or invest) !


you can also check out on youtube:
Bitcoin Ben, Roadtoroota, x22report (homepage with link to school for trading cryptos) and Gold 2020 forecast

good luck !

With the current market condition, I would rather buy decent coins than mining


There are online calculators out with corresponding mining difficulty to verify which would be more profitable to you and is way relative with your electricity cost

https://bitcoinwisdom.com/bitcoin/calculator

https://whattomine.com/


It is unlikely, and not much if there's any, mining is digging/finding a gem, a lot of miners seek this and its not as easy as you think

Link is given above when you do talk about EU when it comes to mining.How to know if its illegal? Then a simple search up would answer your own question.

Frankly speaking profitability would always matter on electricity cost.The more cheap it the more it would be profitable.

All expenses should be put up into consideration because you can make calculation at the end. Gross income- expense= Profit. If you do mine just to pay up your own electricity bill then its not really worthy at all.

Theres no such books but there would really be links on net will give your ideas to learn and even just on this forum alone you would really learn a lot.

Whattomine.com is a good place.

Also, before going all out with this, I first want to test with like a cheap GPU, like aroung 200€ plus any other necessary equipment, to get some experience and familiarize myself with the software and needs.
Assuming a 400€ "test" investment, would that generate money worth it's own comsumed energy and internet broadband while at the same time generating an income, a beneffit? You know, I don't want to waste my money. I'm okay with taking risks, but a 0% chance isn't a risk, so if it's impossible I need to know before investing anything.

Thank you for replying so quickly!

1.- Would you rather mine or invest into crypto directly?

2.- Do you recomend me to mine bitcoin or is it even harder to make money trying to mine bitcnoin? (I focused my "research" on altcoins, so I have no idea of the technical difficulties of bitcoins)

3.- About the last and penultimate answers; Is it impossible to make money mining altcoins or just very unlikely? Cause, what I understood with that last answer is it might be possible to make money (what I want is for it to make me any money. If it repays the investment sooner or later is of less importance for me, for me having invested 10k dollars and not making money but loosing it even more is a full defeat while making little money and repaying initial investment in two years is only partial defeat, partial victory)

Though if I just buy a 200/300€ GPU and it turns out not to be proffitable it wouldn't be such a bad thing cause I guess I could use that GPU for gaming (always optimistic)

First off, I want to mine in a country from europe, and I think it is illegal to mine cryptocoins in certain countries. Where can I know if it is illegal to mine in the country I want to go to?

Second question is, I want to save around 10k dollars, probably more, to start building a mining rig. I just want to know, is it proffitable?

Will I get my investment back faster if I invest more money or if I invest less? And, of course, is it proffitable? In the sense that, can it generate enough money to pay it's own energy consumption, internet usage and the space I'm planning to rent, while also giving some extra income?

Also, one last question, do you recommend me any books to learn about this?

Or any formulas I can use to calculate proffit based on GPU's speciffications? I'm good at maths and I'm okay with investigating some hundred hours of formulas and current price of cryptocoins. I want to go serious with this, and I didn't know who to ask.