Topic: It is too late to start mining? (Read 521 times)

I think you could learn how to scale with a larger investment once you prove out the Return on Investment with a smaller one.  I would not be comfortable investing 400k without starting off slow...but that's just my approach. 

Never too late...

Only thing that can make it not profitable would be new, cheaper and faster video cards
coming out soon...but I doubt that

This man speaks the truth. The biggest profits have never been made by buying and selling immediately, they're made by picking the best of the best and mining / holding. There have been times I was mining at only $20-30 per rig per day (even $0 when mining new launches), but with hindsight the amount was 4-5x that and more.

If you are thinking of pulling the trigger just do it now and worst case you sell all your equipment and make back 40-60% of your investment.  Dont be a victim of would of, could of. If you truly believe in mining and want to put the effort in you should do it.  If not then invest directly into certain coins.

it is never too late believe me. I was thing about setting up a mining rig last March to mine ETH, did some research and gave up, cus with the price of ETH at that time around $20 i would have had break even point in 8 months and here i am after 9 months still looking into mining. Looking into hindsight, i would have made almost 10 times my investment. So go for it and take your chance, it is better to lose after trying then not trying at all.

I have a meter at the wall (including the whole rig) and depending on the currency, it fluctuates between 750 and 850W. With ZEC it consumes less than with ETH, same for Monero.

See for yourself:

klintistwood,

Might want to put a meter at the wall and see what your power draw is what you have listed seems a little unreal .. especially if it is in full mining mode...   ( Hash rates seem a little low also did you mod there bios ) .. please let me know and looking to make another rig and if your post are true would like to know how you set things up...

Not too late, you need to buy the right equipment and buy enough GPU to compensate for the cost of the rest of your hardware (motherboard, cpu, memory,...). Anything below 6 GPUs is probably not interesting unless you invest in very expensive gpus like 1080 type of cards. Electricity cost is another factor to take into account.

I was break even after 3 months with my 10 gpu rig (see details in my signature). I mainly mined ETH but also mined other coins when they started to become profitable.

It is still profitable to mine the question is really how long will it take to reach break even on your equipment.  It could take up to a year depending on how much you spend up front.  Although if you mine the right coin or value increases you could cut that down significantly as we have seen in the past few weeks.  You could potentially reach break even in 5 months and then its all profit.  Granted you wont get rich overnight but its something that could provide a little bit of extra income.

I would have to say no not to late at all !!!  

I stared mining about 3 months ago and then it was half the profit it is now .. I started out with a 6 card miner that cost about 2.400 to build mined ETH .. it was only at $360 or close to.. i was making about $200 a month (now it would be $300 plus) and power was costing me about $80 and the other $120 i put on CC to pay off hardware. Then it would of taken almost 2 years to pay off... Now at the $$ it is at would cut it down to 10 month's if i just ran the one rig..
But i cough the bug well learning how to build my first rig and seeing the price of ETH going up only concluded that more hash rate the more $$$ it will make ... I am in for about $5000 now and running 2 rigs ...  14 cards total dual mining and doing  366.7 Mh/s ETH / 4,820.8 Mh/s SIA  power cost $180 ....   but the est of $$ on nanopool as i am writing this is ... $924 month ETH and $71 SIA... so total of $995 .. (that will go up as we just had a whole dip in market was over 1300 just for ETH when it was in $800+) but at $995 .. $180 for power that $815 used to pay off hardware... around 6 months and paid off...   less when it hits $1000 a ETH coin...   and when they do the fork and change its proof, i will just start mining a different coin then as some others will come more profitable to mine by then....     i would tell you as long as your build a rig that pays for itself and the becomes pure profit ... oh its well worth it... cant wait till it pays last cc bill off and that $815 goes in my pocket per say ...  thats the house payment .. :-)

hope this helps out...


PS.. am thing of mining PASCAL instead of SIA... it up to $1000    .. and can duel mine with ETH..  finding out I will get way more $$$ for hash rate...

Why don't you try it and find out?

It's never to late. But you can find a regular job if you want lol
It will pay of just try it. At first you can try it with a few cards and see if you will like it.

mining is profitable, just gotta do it the right way

With a 400k $ investment in processors you will get it back in about 1 year, then its all profit and energy expenses. If i had such a large amount of money I would definitely start mining but since I don't well... Only investing right now..

profit is higher than before thanks to bitcoin, so no it's not too late, you can enter now with oen rig and do $500 a month, which is high amount of money for just 6 card, i would probably go easy at first and see what will happen, you can add later more rigs

Thank you for your advice, I'm interested in Mining and still consider about it, but i just find out a website about investing that they have Mining,you just pay them and they will return the coin for you everyday. When i calculate the interest, it's almost the same( a bit lower) with building a rig and  mine. But you dont need to have a big investment at the begining, that why I confuse a lot.

Really good question, that why I need advice from everyone. But, like you said, just buy coin and hold, then there is nobody in mining?

yes, the elec. price in Vietnam is not so expensive, but thing is more elec u cost, more expensive price for that. Btw, i've ready calculate a bit, so like you say, around 6-8 months I can get ROI.
Thank so much for your advice.

no, you can mining now, and still make a profit. the crypto currencies price is still increasing.
if you start mining now, and next year the price increase to the highest, you will get much profit