Topic: I'm looking to spend $40,000 on mining rigs. Any suggestions? - page 2. (Read 3725 times)

I don't understand the argument that "there are plenty of other coins to mine, so buying more gear is okay"...I mean do people not realize that everyone that has piled on since the mining FOMO started HAS THE EXACT SAME IDEA? What do people think is going to happen to those coins once there's a mass exodus? The difficulty of every coin worth mining is going to go through the roof to where it's no longer profitable until mining profits get to a point where it's no longer worth the work involved for the small profits....

I've been mining for a couple of years and no way I would be adding more gear right now. I have $10k I can spend on GPUs right now but that money is going to ICOs/Trading until all this mining FOMO ends and people start gaining their common sense...

Was just reading through the ETH blog to see when an update for the Ice Age and network congestion may take place and came across this:

https://blog.ethereum.org/2017/05/24/roundup-round-iii/

"Because of the rapid increases in block difficulty, the ice age continues to be delayed; current prognosis assuming no further increases (arguably a very pessimistic estimate) is that block times will not exceed 20s until July 12, and will not exceed 30s until Sep 12."

So in roughly 3 weeks block times are going to grow to if not exceed 20s which means less ETH will be created per day...then IF a lot of hash isn't added we're looking at two months before block times go up again creating even less ETH that can be mined per day.

"Oh well if that happens I'm just going to mine ZCash" - so are roughly a few hundred thousand, if not a million+ GPUs will be looking to do the same thing. Any coin worth mining will most likely have razor thin margins up to including mining at a loss if you mine/speculate on a coin no one is currently focused on.

As an experienced miner with gear that has ROI'd many times over, I honestly hope everyone goes all in as that just means there will be more GPUs to scoop up for pennies on the dollar when the FOMO bubbles pop.."those who don't remember history are doomed to repeat it" - I pay for my electric out of pocket every month because I'm fortunate to have a good job that pays me well enough that I don't have to cash out coins; as I view it as an investment that has paid off plenty of times over.

Just please don't risk your family's or your own livelihood on something that is pure speculation with all the fomo going on, unless you have a crystal ball sales man I should meet...buying into FOMO when trading is bad, and the same goes for mining FOMO

/soapbox

Preorder?

Also don't half read my post man, i said to mix it up with some nvidia. Just going all nvidia 1070 isn't the smart choice.

This whole gpu shortage isn't going to last forever. A 1070 costs double the price of an RX, which means you'll also have less hashrate since you'll be able to buy less gpus.

pray tell where do u propose the op finds 570 or 580s ??! they are not for sale anywhere, 1070 on the otherhand you can find in local stores or amazon

Short ETH and wait (:

Actually the warranty is rumored to be only 90 days on these new cards, not sure where you heard 1 year.

As for ETH, it will switch to Proof of Stake, which is just another form of mining. Basically if you own a lot of eth, you can stake it in exchange of mining work. It's a very simplified view of things.

Myself if i had 40K to spend on mining equipement, i'd still do it now. There are other coins you can mine and make a profit out of, and having 40k of mining hardware will give you a nice edge over other miners.

That said, i'd go for 570/580s with 8gb of ram and mix it up with some nvidia gpus (those made for mining). I would also fo only 8 gpu rigs instead of 6 to lower the cost and wattage.

bitstamp takes bank wires so...there's that, I dunno about other exchangers

Don't.!

Hi . In my opinion , if I had $40,000 , I would like trading them on buying/selling eth and anothers cryptocurrencies , I saw a documentary on a website and they told the Ethereum coin won't mine anymore , and I think the price for 1 eth will go less than 200 usd
But you have lots of coins for mining and if you really really want to invest in mining do it
By the way , nvidia will release a new video card specially for mining with 24mh/s , low price and low power usage , is named gp106-100 , you should wait for it , but the stupid thing is that this video card has just 1 year warranty and if you want to re-sell it will be hard , because I prefer to buy a normal video card and selling it to a gamer or another person , but if you buy this video card will be hard to re-sell them

Happy mining !

I disagree. The ROI timeframe now is shorter than it's ever been. If historically low ROI times are not when you should build rigs, then when is a good time? The key is not overpaying for the cards and not put yourself in a position where you are overextended if the market turns.

I don't think it's a smart move now to invest fresh in mining , this time is to get your roi faster with what you already got , if you have only one rig then stick to it and don't invest more , because as i said it's not the right time to invest or buy new machines .

You can agree with us. www.invictusmining.com or skype cReepas

Just don't do it. Mining is starting to be less and less profitable and this is only beginning of difficulty bomb.

ibelink 10800mhs x11 batch 2 

I dont know how u will convert 40k fiat into eth or btc in a week lol hes too late to profit from this dip

That is right. The 1070 has faster memory.

If I had a nickle...

Just buy ETH while it's low, you'll very likely profit next week more than you would with your $40k in the next 6 months...

Buy ETH and wait.

1070s for sure if you are building any new rigs

Increasing mining difficulty on ether will directly lead to increasing mining difficulty on other alt coins too as more miners change over.

More miners mining = higher difficulty = lower revenue for each miner.

I'm looking to get into mining. I already have one rig and it is performing decently, but I feel I need more.

I heard ETH's mining difficulty is getting harder and some people are switching over to mining Zcash instead. I'm currently running 6x RX 480's dual mining ETH/SC.

I want to build another 2-3 mining rigs, and want to make sure whatever I build will not decrease in performance mid->longterm. Would it be wise to build an Nvidia rig and mine alternative coins (other than ETH-based currencies) instead of building more AMD rigs?