Topic: I Bought 150+ GPUs for Ethereum mining. Think I'm Insane? - page 5. (Read 2728 times)
Very cheap GPUs, great deal, you will ROI very fast because you don't need to make 100% ROI, the GPUs have resale value.
think your insane?
nah, you said power cost is like a penny, and you paid like 55$ per card :O
far as im concerned, your SMILING
two largest factors to mining are: what you pay for power, and what you pay for cards
and you hit those right on the money it seems
just dont let shit burn down haha
and reinvest all you can, consider using the hashpower to secure other coins with nodes and shit, they pay insane some of them, and give no monthly electricity bill :p
Good luck man, keep us updated!
nah, you said power cost is like a penny, and you paid like 55$ per card :O
far as im concerned, your SMILING
two largest factors to mining are: what you pay for power, and what you pay for cards
and you hit those right on the money it seems
just dont let shit burn down haha
and reinvest all you can, consider using the hashpower to secure other coins with nodes and shit, they pay insane some of them, and give no monthly electricity bill :p
Good luck man, keep us updated!
Not really, I mean if you made a profit out of it so why not? Ordinary people might think you are insane because they've only bought GPU for gaming and not for making money, but you are making money that could be called as a productive act.
Like you could only mine eth
That Ethereum is switching to POS has been said already back in 2017.
I'll only believe that when it happens.
POS simply has a few crucial disadvantages, like 'Nothing at stake' etc.
@OP
Very good buy! Have fun mining!
Agree with that, there's plenty of worthy altcoins other than ETH so there's nothing to worry about.
I think people are offloading their ethereum mining gear before they go pos. Mining gear will flood the market around that time so you'll have trouble selling them afterwards
Like you could only mine eth
That Ethereum is switching to POS has been said already back in 2017.
I'll only believe that when it happens.
POS simply has a few crucial disadvantages, like 'Nothing at stake' etc.
@OP
Very good buy! Have fun mining!
Just why not, still investment. Now you are able to gather almost any crypto for long-term.
No longer considered investment. Now considered taxable income.
To me this is a big deal and a lot of miners forget to account for this as the tax amount can be fairly high at 30 percent or more depending on your tax bracket.
I think in this scenario it's okay. He made 2x gains, He didn't cash out he borrowed and use his coins as collateral. I don't know what rate he's paying but I know maker Dai borrowing fees went up high at 16- 20 percent credit card levels.
So he still has skin in the game for more upside without getting left in the dust mining at higher difficulty if price rise.
This. Nexo's loan rate is 16%. And yeah It's non-taxable until I use Crypto to pay off the loan. Since I'm running this as a sole-proprietorship under Schedule C(In America) it's counts as 15% income taxable.
Just why not, still investment. Now you are able to gather almost any crypto for long-term.
No longer considered investment. Now considered taxable income.
To me this is a big deal and a lot of miners forget to account for this as the tax amount can be fairly high at 30 percent or more depending on your tax bracket.
I think in this scenario it's okay. He made 2x gains, He didn't cash out he borrowed and use his coins as collateral. I don't know what rate he's paying but I know maker Dai borrowing fees went up high at 16- 20 percent credit card levels.
So he still has skin in the game for more upside without getting left in the dust mining at higher difficulty if price rise.
Just why not, still investment. Now you are able to gather almost any crypto for long-term.
I think you have made a good investment and I don't think you are insane,you are the opposite,a very smart person.
The fact that you bought the cards really cheap is another factor why I think you are a smart person.Good luck on your mining adventure.
The fact that you bought the cards really cheap is another factor why I think you are a smart person.Good luck on your mining adventure.
Not quite lowest, but bought 1 BTC @ $3800 and hundred ETH @ $136~ with some more ETH bought @ $170. So I definitely made out well. This weekend Ill be racking all the GPUs! pictures will follow!
Really nice. Unfornunately, I`ve reached power limit till the middle autumn and right now can just exchange my 10xx to 20xx series or, at least, to 1660. It can become a problem of the price will grew up. 
Good luck bro
Keep us updated, with pictures
If you have 0.10cents rate, you'll be good, the hard part will be to keep your rigs working
Keep us updated, with pictures
If you have 0.10cents rate, you'll be good, the hard part will be to keep your rigs working
Nice job. I thought about selling GPU that time and rebuy it about half a year-year later, but decided to continue mine. Buying BTC-ETH in the lowest prices really great. If all this story is true, i can just congratulate u.
Not quite lowest, but bought 1 BTC @ $3800 and hundred ETH @ $136~ with some more ETH bought @ $170. So I definitely made out well. This weekend Ill be racking all the GPUs! pictures will follow!
Since you paid so little, unless they fry themselves you can probably sell them for $50 second hand (third hand for you) and get break-even. Even if the mining scene is dead by then.
On worst case scenario then this would be the last resort so it would turn out that he's on win-win situation.Those cards are really a good buy and i cant even think for those cheap prices.Roi is pretty fast basing on the calculations.
It might not be precise nor accurate but we can able to see the profitability.
Nice job. I thought about selling GPU that time and rebuy it about half a year-year later, but decided to continue mine. Buying BTC-ETH in the lowest prices really great. If all this story is true, i can just congratulate u.
Like what Metroid said. If eth/btc rises you made a mistake and was better off holding coins. If it drops then good thing you hedged by getting mining gear.
Selling coins you get hit with a taxable event. But you offset some of that by getting mining gear. However you now pay taxable income each day you mine. If you held your coins you won't pay double tax like you do with mining or get taxed daily.
This means that if you sold 100 eth and bought mining gear you will have to have that mine back 130 ETH to break even. Why 30 extra ETH one might ask to break even ? Because of taxable income of 30 percent on average.
My guess is that btc and eth will be higher than now by end of year by 2x. In my opinion I think you made a mistake and sold too soon during what appears to be like the beginning of a long term bull market.
Mining gear should never be worth more than 20 percent of all the coins you hold at a 10 cent electric rate.
Ya and the fact you also got soon to be obsolete hardware at 10 cent electric rate puts you in a risky situation of losing money on a bad trade and topping that off with wasted time baby sitting gpu rigs.
Selling coins you get hit with a taxable event. But you offset some of that by getting mining gear. However you now pay taxable income each day you mine. If you held your coins you won't pay double tax like you do with mining or get taxed daily.
This means that if you sold 100 eth and bought mining gear you will have to have that mine back 130 ETH to break even. Why 30 extra ETH one might ask to break even ? Because of taxable income of 30 percent on average.
My guess is that btc and eth will be higher than now by end of year by 2x. In my opinion I think you made a mistake and sold too soon during what appears to be like the beginning of a long term bull market.
Mining gear should never be worth more than 20 percent of all the coins you hold at a 10 cent electric rate.
Ya and the fact you also got soon to be obsolete hardware at 10 cent electric rate puts you in a risky situation of losing money on a bad trade and topping that off with wasted time baby sitting gpu rigs.
I actually didn't sell my coins. I put them into a DeFi loan from Nexo. My plan is to HODL as much as I can mine with these GPUs. Your right Hence the am I insane lol! It is definitely a risk considering its older hardware and the DAG size is set to be 4GB(should ETH mining continue) in Dec 2020. I'm hedging my bets.
You did great job by doubling your budget and re-buy more gpus. Do you have any plan in your mind if the ETH goes pure POS? Will you continue to mine other dagger hashimoto coins or will you switch another algo?
I plan HODL whatever I can and to stake my mined Ethereum. As far as GPU mining I'm still interested in RVN and UBQ. So I'll continue to mine those, maybe at a smaller scale than what I'm planning now.
being a miner does not limit you to be a miner..
you can POS coins, masternodes, invest, trade, buy gold, buy real estate, when you limit yourself (in your mind) to be a miner then you'll just be a miner.
you can POS coins, masternodes, invest, trade, buy gold, buy real estate, when you limit yourself (in your mind) to be a miner then you'll just be a miner.
I've looked in POS/Masternodes my problem is usually the cost to buy the coins outright. Other coins like ZEN/ZELCASH I'm interested in running 'secure nodes' but never have had the time to fully dive into building one. I've also traded my earned coins... heavily during the 2018 market and while I made out on some I lost quite a bit more on others. I've learned I'm a terrible terrible trader and make better returns by just HODL until price hits ATH.
well, this might be crazy in an extraordinary sense. if you do this alone, I think you have extraordinary principles. when the ETH price has risen again, you might get a ROI in a short time. just wondering, how many dollars can you make in a month with a GPU like that, and what is the electricity cost, and the maintenance of the gpu you pay? this might be a good reference for beginner miners.
Thank you, I've learned a hell of a lot from starting a small mining farm in 2017 thru the run-up and then crash in 2018. I've made a ton of mistakes along the way some very costly. I've taken a much better approach and more thoughtful one this time around. I'm thinking I'll make some documentation and blogish style of my adventure here with these GPUs. To truly see if GPU mining is 'do-able' for the everyday residential miner person.
well, this might be crazy in an extraordinary sense. if you do this alone, I think you have extraordinary principles. when the ETH price has risen again, you might get a ROI in a short time. just wondering, how many dollars can you make in a month with a GPU like that, and what is the electricity cost, and the maintenance of the gpu you pay? this might be a good reference for beginner miners.
being a miner does not limit you to be a miner..
you can POS coins, masternodes, invest, trade, buy gold, buy real estate, when you limit yourself (in your mind) to be a miner then you'll just be a miner.
you can POS coins, masternodes, invest, trade, buy gold, buy real estate, when you limit yourself (in your mind) to be a miner then you'll just be a miner.
Read your post on reddit too. 
For $53, I am sure you'll break even in three months even with the profitability right now.
So yeah! Good going!
For $53, I am sure you'll break even in three months even with the profitability right now.
So yeah! Good going!
You did great job by doubling your budget and re-buy more gpus. Do you have any plan in your mind if the ETH goes pure POS? Will you continue to mine other dagger hashimoto coins or will you switch another algo?
You did get a great deal. The RX series GPUs have horrible resell value at the moment. My guess is AMD has made tons of these GPUs and nobody wants them, even with people who got power <$0.10 kwh.
Since you paid so little, unless they fry themselves you can probably sell them for $50 second hand (third hand for you) and get break-even. Even if the mining scene is dead by then.
Since you paid so little, unless they fry themselves you can probably sell them for $50 second hand (third hand for you) and get break-even. Even if the mining scene is dead by then.
And what will you do with these cards later? After all, then they will be difficult to sell, because nobody will need them. Maybe it's better to buy something more modern, which can be resold in a year or two and return some of the investment in equipment?
I think people are offloading their ethereum mining gear before they go pos. Mining gear will flood the market around that time so you'll have trouble selling them afterwards
Like you could only mine eth
That Ethereum is switching to POS has been said already back in 2017.
I'll only believe that when it happens.
POS simply has a few crucial disadvantages, like 'Nothing at stake' etc.
@OP
Very good buy! Have fun mining!
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