Topic: Is it worth it to build a 6 or 8 GPU mining rig today? (Read 2678 times)
Don't try and time the market, just be in the market. Whether or not mining is worth it "today" changes every day. There were plenty of times bitcoin wasn't worth mining, but three years later you were happy you stayed in the game. It will be no different with Ethereum. Mine it now, & reap the rewards in a few years. Unless you believe cryptocurrency is dying, then obviously don't grab a rig.
Thanks guys.
I have been interested in cryptos for years but only started buying this year. When in graduate school (pre bitcoin) I had to take some graduate level math classes and one of them I chose was cryptography. Amazing stuff.
Financially I am set with very healthy savings, high income, etc and investing in this is of no big concern if I lose but I see the upside potential as huge. My plan is to invest around 30k with 1/3 of that on mining and the rest on just buying coins. It also has a huge hobby appeal to me as I used to love building computers.
I placed an order today for the components two build two rigs each running 6 gtx 1070's on biostar TB-250's with corsair hx1200i power supplies.
I have been interested in cryptos for years but only started buying this year. When in graduate school (pre bitcoin) I had to take some graduate level math classes and one of them I chose was cryptography. Amazing stuff.
Financially I am set with very healthy savings, high income, etc and investing in this is of no big concern if I lose but I see the upside potential as huge. My plan is to invest around 30k with 1/3 of that on mining and the rest on just buying coins. It also has a huge hobby appeal to me as I used to love building computers.
I placed an order today for the components two build two rigs each running 6 gtx 1070's on biostar TB-250's with corsair hx1200i power supplies.
Whether or not it is "worth it" largely depends on your personal situation and preferences.
What do you pay for electricity?
How long are you willing to wait before breaking even on your initial investment?
How much faith do you have in cryptocurrency mining? You say you're "pretty new". New to cryptocurrencies in general? Just new to mining?
How will changes in difficulty skew your expected proceeds?
If you choose to sell your hardware at some point, how much can you expect to recover at that point?
etc.
To be clear, mining is not a get-rich-quick scheme. Sometimes, you can get very lucky when a coin skyrockets in value. However, those proceeds are derived from lucky speculation, and not mining alone. In certain cases, your original investment would've been better spent in obtaining cryptocurrencies directly, rather than purchasing hardware to mine.
(But running a mining rig is fun
)
What do you pay for electricity?
How long are you willing to wait before breaking even on your initial investment?
How much faith do you have in cryptocurrency mining? You say you're "pretty new". New to cryptocurrencies in general? Just new to mining?
How will changes in difficulty skew your expected proceeds?
If you choose to sell your hardware at some point, how much can you expect to recover at that point?
etc.
To be clear, mining is not a get-rich-quick scheme. Sometimes, you can get very lucky when a coin skyrockets in value. However, those proceeds are derived from lucky speculation, and not mining alone. In certain cases, your original investment would've been better spent in obtaining cryptocurrencies directly, rather than purchasing hardware to mine.
(But running a mining rig is fun
)
I'd say go for it. There are several things to keep in mind though. If you are looking to make a quick profit it would be better to just buy currency and wait a month or two for a 10-30% ROI.
However, if you are like me and enjoy the mining experience then you can do like I did.
I started out with 1 GPU rig of 6 480RXs. I reinvested all of the revenue and I currently have over 80 GPUs. My electric bill is over $700/mo. My GPUs are bringing in nearly 4,000 a month. However, Instead of cashing out or taking any profit i've been re-investing for hardware. It's been an amazing journey over the last year. Not bad for an initial investment of $3000. I now have close to $24,000 in equipment. I wasn't in this for the money, just the experience.
The point of it all imo, is to have fun. Re-invest all your profits and just see what happens. My personal goal is to have 3,000 GPUs mining from the initial investment of $3,000. Note: I do pay the electric bill out of my pocket.
That is all.
However, if you are like me and enjoy the mining experience then you can do like I did.
I started out with 1 GPU rig of 6 480RXs. I reinvested all of the revenue and I currently have over 80 GPUs. My electric bill is over $700/mo. My GPUs are bringing in nearly 4,000 a month. However, Instead of cashing out or taking any profit i've been re-investing for hardware. It's been an amazing journey over the last year. Not bad for an initial investment of $3000. I now have close to $24,000 in equipment. I wasn't in this for the money, just the experience.
The point of it all imo, is to have fun. Re-invest all your profits and just see what happens. My personal goal is to have 3,000 GPUs mining from the initial investment of $3,000. Note: I do pay the electric bill out of my pocket.
That is all.
NO
Mining is slowly dying especially with the Metropolis update for ETH
Mining is slowly dying especially with the Metropolis update for ETH
Emphasis on slowly though
Im confident devs wont let ETH mining die.
They said so themselves they are pushing POS to a later time, meaning they need miners to keep the ETH network moving. Given this, they also need to make ETH profitable to mine or nobody will do it leaving the ETH network slow and vulnerable.
NO
Mining is slowly dying especially with the Metropolis update for ETH
Mining is slowly dying especially with the Metropolis update for ETH
Emphasis on slowly though
We can move to other coins.
This is the biggest fallacy out there. Not the fact that you can move to other coins, as yes you definitely can, but in thinking that those coins can absorb all of Ethereum's current hashpower and still remain profitable to mine.
Even now people are still adding rigs daily, so even if Ethereum never went to PoS and remained a PoW coin, at some point the hashpower saturation will become so great that only those with super cheap or free power would be able to survive.
The only question is at which point this happens. External events such as price of a coin exponentially rising, such a ETH in the past year can delay the inevitable, but sooner or later the mining party will come to a spectacular end. So you not only need to consider if you can ROI within 7-8 months, but will enough profitable coins exist that can be mined long enough to keep this ship afloat.
Perhaps we get another "Ethereum" meaning a coin popular enough to absorb the hash-rate and keep the party going for awhile longer, but I think this blind trust in that mining will be profitable no matter what is a bit foolish.
NO
Mining is slowly dying especially with the Metropolis update for ETH
Mining is slowly dying especially with the Metropolis update for ETH
Emphasis on slowly though
We can move to other coins.
Other coins are NOT profitable. The only exception was Signatum when profit is more than triple or quadruple than ETH before the Halving
We waited and sold the coins for x3 it's original value during the 1st halving
Unfortunately it is dumping now and it got low volume @ Cryptopia because of the Crowetic Scam
It isn't worth. With Metropolis on ethereum he won't be profitable.(Today most people are mining ETH) Miners will go on other coins and his difficult will drastically increase. Hardware is today so much expensive and Roi is about 9-10 months.
NO
Mining is slowly dying especially with the Metropolis update for ETH
Mining is slowly dying especially with the Metropolis update for ETH
Emphasis on slowly though
We can move to other coins.
NO
Mining is slowly dying especially with the Metropolis update for ETH
Mining is slowly dying especially with the Metropolis update for ETH
Emphasis on slowly though
1) Read Phil Ma's blog (in this forum) for tips and heads up on component bargains. Among other things, he finds amazing deals throughout the commercial and ebay worlds. He is also someone that discusses money management. You cannot read too much.
What is the URL?
the most trended thread
https://bitcointalk.org/index.php?topic=2019146.860
Let me put this way, if you are a business owner and you can invest your money in something that will ROI in six month don't do it. If your money is sitting in a bank or an invesment fund that gives 10% profit per year, then yeah mining is still profitable.
Uh... what? Ask any real-world business owner if they would like to make a 100% return on their investment capital (not ROI!) in 6 months and 100% of them will take that deal. Many real-world businesses don't make any profit for 1 to 2 years. Every cent of revenue goes back into the business, and many owners don't take a salary in the beginning.
Well, it is still profitable if your electricity bill not too high per kW. But you won't get profit too soon. Based on ROI, currently might takes about 9 months or more to break even your investment on hardware. Or even longer depends on cards and coin mine.
1) Read Phil Ma's blog (in this forum) for tips and heads up on component bargains. Among other things, he finds amazing deals throughout the commercial and ebay worlds. He is also someone that discusses money management. You cannot read too much.
What is the URL?
NO
Mining is slowly dying especially with the Metropolis update for ETH
Mining is slowly dying especially with the Metropolis update for ETH
I am new to this but have built a ton of computers and am pretty tech savvy. I currently have an ASIC mining BTC.
With the upcoming difficulty bomb looming for ETH is it worth it to spend the 3.5k or so to build a 6-8 GPU miner? No one can predict the future but is it reasonable to expect this to remain profitable long enough to see ROI?
With the upcoming difficulty bomb looming for ETH is it worth it to spend the 3.5k or so to build a 6-8 GPU miner? No one can predict the future but is it reasonable to expect this to remain profitable long enough to see ROI?
I think you need to set your expectations and be prepared to mine other currencies beside ETH. I actually got into mining to mine ETH, but once I got my cards I realized mining other currencies were more profitable. That was just in my situation though. Certain cards perform differently than others, you have to be willing to read a lot of forum posts, do research, find the best miners, and mine the currency that will bring in the most profit. Its almost been a blessing for me, as I had been converting all of the alt coins to bitcoin, hadn't sold my bitcoin, and now its at record prices.
I am new to this but have built a ton of computers and am pretty tech savvy. I currently have an ASIC mining BTC.
With the upcoming difficulty bomb looming for ETH is it worth it to spend the 3.5k or so to build a 6-8 GPU miner? No one can predict the future but is it reasonable to expect this to remain profitable long enough to see ROI?
With the upcoming difficulty bomb looming for ETH is it worth it to spend the 3.5k or so to build a 6-8 GPU miner? No one can predict the future but is it reasonable to expect this to remain profitable long enough to see ROI?
I think you need to set your expectations and be prepared to mine other currencies beside ETH. I actually got into mining to mine ETH, but once I got my cards I realized mining other currencies were more profitable. That was just in my situation though. Certain cards perform differently than others, you have to be willing to read a lot of forum posts, do research, find the best miners, and mine the currency that will bring in the most profit. Its almost been a blessing for me, as I had been converting all of the alt coins to bitcoin, hadn't sold my bitcoin, and now its at record prices.
It does not seem profitable at all right now no matter what cards you choose. Best config and price I can configure in my head is like a 6 mos roi or more. On amazon all the gpu are way over msrp.
I think 1060 6gb if you can get a good price give the shortest roi. The power reqs are great too.
Also consider it future speculation...
I think 1060 6gb if you can get a good price give the shortest roi. The power reqs are great too.
Also consider it future speculation...
You pretty much contradicted yourself. You say its not profitable at all right now, but then go on to say there is a 6 month roi. People were spoiled by the mining boom I think. 6 months to get your investment back and then its pure profit is not bad.
I'm building a 12*gtx1060 3gb(samsung memory) rig at 3000$USD, i think it is profitable.
Nice! I can't get any Samsung memory cards in the 3gb versions but I do the love the 1060's. Power usage is so low compared to my 1070's.
I'm building a 12*gtx1060 3gb(samsung memory) rig at 3000$USD, i think it is profitable.
Nice! I can't get any Samsung memory cards in the 3gb versions but I do the love the 1060's. Power usage is so low compared to my 1070's.
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