Topic: I want to become a big mining farm owner some day (Read 204 times)

Very good explanation indeed, I would like to add a fact that even if mining isn't profitable anymore you can still keep mining if you are still able to pay for the electricity bills or you are running on green energy, those who never stopped mining in 2018 bear market makes lot of money in 2021 because they hodl their ETH

I think mining is considered passive income. Unless you got some mega farm where you need to monitor 24 hours a day then the original setup might take a few days weeks to sort out but as long as your rigs aren't crashing, you are pretty much doing nothing to make that money.

Once in a while you might need to reboot some rigs or change some part like a riser or PSU. However you are pretty much making money in your sleep. This is passive income. Sure its possible it might not be profitable in the future, but you just turn off your rigs and wait. If it doesn't improve just sell all your gear and move on to something else.

welp.  If you had started 6 months ago you would prob have managed to get ahead with some help here.  Right(may 30 2021) now attempting to build a mining rig is Costly and time consuming Finding a decent set of GPU's to Just break even with in 6 months of continuous mining and with little or no money to start with.  Right next to impossible at highly improbable.

I do have some recommendations.

Warren Buffet, Charley Munger, Phil Town (all billionaires)   have 2 Massive Must follow rules. 
Number 1.  Do Not Lose Money.

Number2.   Do Not forget Rule 1

I highly recommend you Go track down Phil Towns pod cast, listen to at least the first years worth he goes in to details on how to not lose money.

These are mine(pun intended)

Number 1.  Get this right out of your head right away.. You will NOT get rich quick via mining with GPU's, you Can make money.

Number 2.  You CAN if you are Patient Persistent And Smart about your equipment purchases, build up slowly get to a decent second income (market willing)  the Market is god on this.  If the market goes poof you stop making money.

Number 3.  If you have managed to Not lose all your money buying equipment and the market goes poof.  Hodl (HOLD) on to your gains. Don't stop mining if you are suddenly making half of what you made yesterday.  Its NOT a loss if the market bounces back.  and crypto bounces, and bounces.... and bounces

Number 4.  Stop spending day job Fiat money on equipment asap.  Crypto that you have earned should be reinvested back in to the equipment, this is a process that should never end. ( refer to Billionaires rule #1. )  Do not expect to actually spend anything you have earned mining crypto on yourself for at least a year maybe longer. 

Number 5.  Keep the Pay off date on the equipment SHORT this will make you an asshole about buying equipment, your income is crap if you pay too much for it.  BTW THIS right here is the show stopper ATM Worldwide chip and GPU shortage have driven prices sky bloody high GPUS that are 5 years old beaten and abused are selling for higher then originally sold for new.  so attempting to start from scratch and become a crypto miner And make money at it....  not impossible just improbable without doing a large amount of learning(  never forget rule 1 ).



Gluck. 

If you don't mind pls share your electricity costs on here and if you have free electricity don't bother to share, whatever plan you carried out will work well for you, the major reason why many people are not in profit when mining is because their electricity costs is more than what each GPU in their rigs are giving them

Highly depends on your power cost. Even with the lowest rates you will see times when you mine for few cents daily or even at loss.

How much will the farm cost, on the income of which it will be possible to live in abundance?

only 2 left...

Your rig stops mining, you spend half a day sorting it out and there goes your payment.

maybe he's thinking since it's farming, the government will subsidize it and he'll have to claim a farming tax on his taxes.

This is a sweet dream, but what are you planning to mine in order to be profitable?

Wait for Ethereum to change the algorithm. Then you will have the opportunity to purchase a crypto farm inexpensively.
Mining does not guarantee a constant income, for example, at the end of 2018 and in 2019, mining was unprofitable. My profit from 1 video card was 10-20 cents, with an electricity cost of 0.03 kW / h.
Electricity bills can ruin you. Learn to make the correct calculations so you don't go bankrupt.

How is mining not a passive income? Is passive income not a gradual income that comes in no matter what? With mining your reward will not stays as fixed price, might be more or even lower that's the difference but you get paid always, to me mining is a good example of passive income

Few days ago a gtx1660 super can give you 4$ per day and today it's down to 2.3$ or even less depending on the pool you are using, bear market will surely happen no matter how strong the market pretends to be, the bull market is officially over and what comes next is mining reward going way down, alas very soon GPUs will be available on the market for cheap price so for now keep your patience.

By no means mining can be considered as a passive income, especially when you have more than just one or two rigs. Monitoring, maintenance, security, power issues... It all takes time and effort. And to answer your other question - no, it's not a good time buying cards now, prices are insane and profits are in decline. Rewards vary all the time due to few factors - block reward, network hashrate, exchange rate etc.

I hope I found the right section for this, I'm new to this forum but I'm looking for few advice from anyone who are experts at crypto mining, I want to be a passive earner from crypto mining and focus my time on other ways of making money online so I want to know if this is a good time to buy graphic cards for mining? I use Google to fine a calculator and it seems the reward is different today Vs two days ago