Topic: I'm confused (Read 298 times)

I'd prefer to gather the bags when there is lots of fear in the air, you will end up with more coins in them end and those crying about how mining is less profitable will end up getting nowhere, this might sound crazy but the best time to mine is bear market, people find this hard to accept, be greedy when others are fearful

Nice info in thread thanks.

In 2019 at bottom of market i learned about RVII and scooped up 4 of them for my 3rd Gen rig at a cost of $4.5K it broke me as used all my free money to do it. I used the psu, mobo etc from the now dismantled 2nd Gen rig.

I ran them RVII for a year at a loss with Eth dropping as low as $100 if memory serves then we pumped and my investment risk turned around massively and in total i ran those RVii for two years earning round 20 eth, 10 of which i still hodl and recently spent 2 eth building a new 4th gen rig. There is profit for the brave but dont spend anything you cant afford to lose or at least wait to see fruit of. DCA isnt a bad idea if times are lean...

Slow but steady pace is key.

Even if a bad scenario happens to you, you still have the cards except your cards burned.
If this "someone" is a miner, S/he just tryin' to keep Net-hash low, if you dive into mining, some coin's Network Hashrate will increase even if it's just a bit, LMAO

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Coins being hold or not didn't givin' you guarantee to be a winner or loser. Who knows about coins' future prices? It's just a prediction until it happens. It'll depend on your mining style! (IMHO) Then say you're the miner that mine one or two major coins, holds mined coins "might" work. Where other miners that are mine the various minor coins (pooled or solo - I do this) might do fast sell once done with that coin.

DYOR

I've made up my mind to keep adding GPUs once I have the money, probably add one GPU every two months or so, what majority are scared for is mining at loss but they forget that you aren't really at loss untill you sell your coins, bear market has high advantage than bull market but many won't want to accept this

In terms of investing in mining, I think it's better to start off building during a bear market so that by the time the bull market gets you, You will have accumulated your coins and will have also got mining equipment at cheaper prices

If you buy the equipment at the peak of the bull market and then a bear market starts, you are most likely to suffer a lot and sell equipment and coins at lower prices.

But well, this is the Crypto market, you never know what happens tomorrow and so you should invest anything you feel comfortable with at anytime time so long as you are ready for any risk that comes up.

I paid for electricity 3-4 cents per kilowatt in 2019 and the daily profit was 12-18 cents from 1 video card.
1 video card consumes 150 watts (average), which means 3.6 kilowatts per day. At my price per kilowatt, mining will not be unprofitable.
But if your price is above 6 cents per kilowatt, then you need to think carefully about investing in mining.

It's not easy to keep mining in bear market because for some people they can't keep paying for electricity bill not just because they don't want to but because the miners aren't bringing enough profits to pay electricity bill, those type of people will definitely quit.

You need to start mining in a bear market so that you have the coins you need in a bull market.
You don't know how long the bull market will last. In 2018, a lot of people invested in mining, and at the end of the year they sold their equipment at a loss.
Only those who continued mining and did not sell their coins made money.

I thought In bear market profits are also extremely lower? Even if GPU price is much more affordable the profit is why many will decide to quit, the reason why I prefer mining in bull market is quick return of investment, nothing comes close to this but in bear market you will only getaway if you have free electricity or you mine at loss and hold your coins for long term

Well nobody knows if the bear market will come or not. Usually after a strong bull market there is a bear market but that is not always the case. The best time to start mining is when it’s a bear market, there is no competition for GPUs and you can make more coins with the lower difficulty.

Everybody like you wants to start in a bull market, and there are some risks to that. One is that since mining is profitable the GPUs are harder to come by and you pay a much larger premium. Another issue is that everybody wants to mine so the difficulty keeps going up and less profit for you and everybody else.

When in this field, look at it from the long-term perspective, like 2 or 3 years plus. Therefore, if you are going to spend on building a rig, spend with spare money. Money you won't need to use in a long time. This will save you from selling your equipment or mined coins at low prices.

Also don't spend everything you have due to FOMO, there is always opportunity to make money.

You will be fine if you don't panic.
Decide now how much cryptocurrency you will store and how much you will sell.
For example, if 10% of mined coins are your expenses, then you can keep 45% and sell 45% at current prices.
You can store more coins, but keeping all coins is also wrong.

There always will be people saying bear or bull. In fact no one knows whats gonna happen. advice aboves are good buying gpus slowly 1 by 1 with money you dont need for couple of years.

You won't lose money if you build mining rigs, the worst that can happen is getting your return of investment back in a year + or two, don't listen to bad advice mate just add GPUs one at a time and see your farm grows

Take things slow, build rigs and buy GPUs with your spare money, you don't give a fuck whatever happens after, if bull stays it's good and if bear comes its still good anyways, you can keep mining good coins and store them for future returns, don't let anyone deceive you believe me you know what's best for you

Ignore all advice of it is too soon or too late.

DCA your rigs.

WTF is that?

Simple get a big board and add cards slowly.

Get a board that holds 8 cards.


https://www.ebay.com/itm/124646793866?   cost = 200


https://www.ebay.com/itm/323486325333? cost = 81


https://www.ebay.com/itm/284315969265? cost = 26

https://www.ebay.com/itm/194373927662? cost = 25

https://www.ebay.com/itm/293343236479? cost =  9

total = 331

a wooden board to mount the mobo some screws

maybe 340



above has you ready for 8 of these cards

https://www.newegg.com/nvidia-rtx-a4000-vcnrtxa4000-pb/p/N82E16814132091?  they are 1429 each

if you look high and low for them you can get them at 1200 each

they burn 130 watts so 8 x 130 = 1040 watts say 1100 watts for 8 at full speed. 

the psu I linked can do 900 watts at 120 volts or 1200 watts at 240 volts

don't buy a lot of them buy 1 and add slowly as time goes on. that is DCA

Dollar cost averaging.

 It insures you don't buy at the worst price possible which may be the current price I linked at 1429


you could try the w6600 card it costs less

https://www.newegg.com/amd-100-506208/p/N82E16814105106?   $699 mines less hash


Will you get rich with 1 card nope

Even if you build it to 8 cards

one rig would do 8 x 58 = 464 hash the rtx a4000
the other would do 8 x 34 = 272 hash the w6600

these are good rigs but as a newbie

you may have just 1 card to start

and if nvidia  rtx a4000 you are at  340 + 1429 = 1769

and if amd w6600 you are at 340 + 699 = 1039 you must do only amd


so the stratup is

1769 or 1039 1 card


you then add the same card in 2 weeks or 1 month til you have a full rig.


Note if you have 20 cent a kwatt power or higher it is a risky move

if you have 30 cent a kwatt power it is fool hardy

if you have 10 cent a kwatt power it is okay

if you have 5 cent power just do it.

Yea bear market is coming that's for sure and the year is almost over too, buying graphic cards for mining right now is even more risky unless you are preparing for four years later when another bull market will start, ask yourself if you are prepared for this or not, my bear market target is march 2022 I may be wrong though

Am I too late to start building mining rigs right now? I'm new to all this but someone warned me that bear market is coming and I will lose money, how true is this? Another said I will be fine if I want to hold for few years