Just tell me if this is a bad idea | Bitcointalksearch.org

batsonxl

member

Activity: 1196

Merit: 26

Quote from: FP91G on September 11, 2021, 03:52:59 PM

Quote from: batsonxl on September 10, 2021, 02:59:14 PM

Crypto has high risk you must know it. Like all markets there is good entry times i mean when it is cheap. You may end up spend 20k for mining and let your money freeze for couple year no one knows thats why it has risk. If you are ok to freeze your money then you are good to go. Personally right now i wouldnt spend 20k for this because i know i can get entry another time when it is dirty cheap. I know it feels like it is never gonna be cheap again but it always gets cheap. if you insist to build rig then why dont you start with cheap cards like rx470-570 just 2 or 3 of them this way you can get experience and continue build your house.

You did not read the topic carefully, the author is an experienced miner and he does not need experience

Quote from: Looper_U on September 09, 2021, 04:49:56 AM

Thanks for caring, I'm a expert in this field and I've been mining since 2017

You can buy rx470-570 video cards only if the price is very cheap. And since most of these video cards are owned by miners, there will be no cheap prices.
And after Ethereum mining stops, these video cards will sell a small profit. Better to buy new graphics cards.

ok my bad

nsummy

full member

Activity: 1179

Merit: 131

Where do you live? If it only costs $20k to build a nice home I might get a 2nd residence

HardCore12V

member

Activity: 223

Merit: 13

I've seen many people that went broke after building their own house, my advice is create something that will bring you money first then start building house from there, if you don't have something that's fetching you money well it isn't the time to build an house yet, focus on money making machine first cos this will give you house or even houses

FP91G

legendary

Activity: 1610

Merit: 1026

Quote from: IceTea91 on September 15, 2021, 10:49:19 AM

I would learn from my grandpa with that kind of life decisions. That man build 2 Houses with his money to get rent out of them before he started the third house which he lived in. My grandma was worried for the first 8 years of investing in 2 houses which other people lived in. After a long waiting time they build the third house which they lived in themself. My grandma and my grandpa would do it all again this way. Invest your money in something which you can pay your house off from. Makes it easier then buildung your own house first and then try to invest in something which brings you money. It's paying itsself of for the first months and years and after that you can pick all the earnings for your own wealth.

Every country has a very different situation.
Due to the coronavirus, the rental business has been greatly reduced.
You can make money in this way if a lot of tourists come to your city and you can profitably rent a house for a month or several weeks.
If I build a house in my city and rent it out, then I may not recoup it even in 6 years.

IceTea91

newbie

Activity: 11

Merit: 1

I would learn from my grandpa with that kind of life decisions. That man build 2 Houses with his money to get rent out of them before he started the third house which he lived in. My grandma was worried for the first 8 years of investing in 2 houses which other people lived in. After a long waiting time they build the third house which they lived in themself. My grandma and my grandpa would do it all again this way. Invest your money in something which you can pay your house off from. Makes it easier then buildung your own house first and then try to invest in something which brings you money. It's paying itsself of for the first months and years and after that you can pick all the earnings for your own wealth.

hub_cat

jr. member

Activity: 40

Merit: 4

Quote from: adaseb on September 09, 2021, 10:28:55 AM

My advice to you is to build your house first and provide a roof under your head and your families.

This is the best advise imho.

or

You can provide them with veggies/fish using the Bruce Hardy's mining aquaponic method.
https://www.cbc.ca/player/play/1129395779938
..just a fun thought.

FP91G

legendary

Activity: 1610

Merit: 1026

Quote from: batsonxl on September 10, 2021, 02:59:14 PM

Crypto has high risk you must know it. Like all markets there is good entry times i mean when it is cheap. You may end up spend 20k for mining and let your money freeze for couple year no one knows thats why it has risk. If you are ok to freeze your money then you are good to go. Personally right now i wouldnt spend 20k for this because i know i can get entry another time when it is dirty cheap. I know it feels like it is never gonna be cheap again but it always gets cheap. if you insist to build rig then why dont you start with cheap cards like rx470-570 just 2 or 3 of them this way you can get experience and continue build your house.

You did not read the topic carefully, the author is an experienced miner and he does not need experience

Quote from: Looper_U on September 09, 2021, 04:49:56 AM

Thanks for caring, I'm a expert in this field and I've been mining since 2017

You can buy rx470-570 video cards only if the price is very cheap. And since most of these video cards are owned by miners, there will be no cheap prices.
And after Ethereum mining stops, these video cards will sell a small profit. Better to buy new graphics cards.

batsonxl

member

Activity: 1196

Merit: 26

Crypto has high risk you must know it. Like all markets there is good entry times i mean when it is cheap. You may end up spend 20k for mining and let your money freeze for couple year no one knows thats why it has risk. If you are ok to freeze your money then you are good to go. Personally right now i wouldnt spend 20k for this because i know i can get entry another time when it is dirty cheap. I know it feels like it is never gonna be cheap again but it always gets cheap. if you insist to build rig then why dont you start with cheap cards like rx470-570 just 2 or 3 of them this way you can get experience and continue build your house.

FP91G

legendary

Activity: 1610

Merit: 1026

Quote from: philipma1957 on September 09, 2021, 06:54:26 PM

Quote from: Bitbtc8 on September 09, 2021, 04:52:32 AM

Since you aren't in any form of hurry then it can work, you will need alot of patience because in coming months crypto market can decline alot making every dream not worth it anymore, think about this very well before doing it and also make sure your electricity bill is nearly free ( cheaper ) just for the sake of continuous mining in bear market period

cheap power and good card deals do the trick.

all my 1080ti evga hybrids ran from 2017 to 2021 I sold all of them in Jan of 2021 for close to list price of 2017. my partner and I had 28 of them. not a 1 failed. well a fans on the radiator needed replacement but that is nothing.

So they all paid off fully more then once and were sold close to original price in 2021.

needless to say we did well.

we have a lot of gear again. but we have cheap power and do no run the gear hard.

so if profits drop from 5 k to 1k a month they will take 20 plus months to pay off.

In 2017, there were no ASICs that could compete with video cards.
I remember that it was cheaper to build a farm from video cards.
Ethereum has a constantly growing hash rate and the developers are planning to change the algorithm soon.
To put it simply, the situation is completely different now in order to invest in mining.

philipma1957

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Activity: 4116

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'The right to privacy matters'

Quote from: Bitbtc8 on September 09, 2021, 04:52:32 AM

Since you aren't in any form of hurry then it can work, you will need alot of patience because in coming months crypto market can decline alot making every dream not worth it anymore, think about this very well before doing it and also make sure your electricity bill is nearly free ( cheaper ) just for the sake of continuous mining in bear market period

cheap power and good card deals do the trick.

all my 1080ti evga hybrids ran from 2017 to 2021 I sold all of them in Jan of 2021 for close to list price of 2017. my partner and I had 28 of them. not a 1 failed. well a fans on the radiator needed replacement but that is nothing.

So they all paid off fully more then once and were sold close to original price in 2021.

needless to say we did well.

we have a lot of gear again. but we have cheap power and do no run the gear hard.

so if profits drop from 5 k to 1k a month they will take 20 plus months to pay off.

FP91G

legendary

Activity: 1610

Merit: 1026

Quote from: Looper_U on September 09, 2021, 04:49:56 AM

Quote from: bitbollo on September 09, 2021, 04:43:16 AM

What about difficulty change, bear market or a quick collapse?
Plus how did you want choose this coins to be mined?
What about an incident, issues with equipment, did you have planned to get an insurance?
It would be just more profitable and easy buy/hold and exchange during the right situation?

I see too many questions, probably because I am not an expert on mining. But ,I think you are in a similar situation so you should be very careful before making such type of investment.

Thanks for caring, I'm a expert in this field and I've been mining since 2017 so I know how bear market feels like, the lowest return of investment through mining that I've seen is three years and that was in march 2018 to early 2020, I still have cards from 2017 that are working perfectly ok, the R9 290x and 7970s it depends on how you care for your cards though so that doesn't worry me

Then I don't understand why you are asking this question. I sold R9 290x and 7970 back in 2016-2017 and bought new graphics cards.
I was so excited to sell these heaters

There is one rule that you need to invest in mining when the demand for video cards is minimal. I wouldn't risk that if this is your last money.

TheMimic1

member

Activity: 252

Merit: 13

Quote from: adaseb on September 09, 2021, 10:28:55 AM

My advice to you is to build your house first and provide a roof under your head and your families. What is going to happen if you spend all your $20K on GPU rigs and all of a sudden the profitability drops because ETH crashes under $1000, difficulty doubles, or POS is announced in 6 months. Then you can sell the GPUS, however nobody will want to buy GPUs then because the profitability is there.

Selling GPUs to gamers is not always easy, trust me. Most gamers are not dumb and they know which GPUs were used for mining and which werent. If you make a Craiglist ad and you got like >3 GPUs for sale, they automatically assume you were mining with the GPUs. And many gamers will message and you say stuff like "I know you mined with this GPU, so I will give you $30 CASH for it, today!, nobody else will buy your mining GPUs, this is the best deal you will get and its only valid for the next 24 hours". Trust me its a headache dealing with some buyers.

There is no information regarding where OP is living presently but I'm sure it's not on the street, not someone who makes 20k of cos and saying ETH could go down to 1000$ seem impossible but yes it's possible, remember once bear market is here the difficulty will decrease alot, many will sell their GPUs and quit mining but believe me bear market won't last longer like the past

adaseb

legendary

Activity: 3738

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My advice to you is to build your house first and provide a roof under your head and your families. What is going to happen if you spend all your $20K on GPU rigs and all of a sudden the profitability drops because ETH crashes under $1000, difficulty doubles, or POS is announced in 6 months. Then you can sell the GPUS, however nobody will want to buy GPUs then because the profitability is there.

Selling GPUs to gamers is not always easy, trust me. Most gamers are not dumb and they know which GPUs were used for mining and which werent. If you make a Craiglist ad and you got like >3 GPUs for sale, they automatically assume you were mining with the GPUs. And many gamers will message and you say stuff like "I know you mined with this GPU, so I will give you $30 CASH for it, today!, nobody else will buy your mining GPUs, this is the best deal you will get and its only valid for the next 24 hours". Trust me its a headache dealing with some buyers.

Bravehash

member

Activity: 196

Merit: 11

Quote from: fmz89 on September 09, 2021, 05:42:36 AM

Quote from: Looper_U on September 09, 2021, 04:37:36 AM

Im looking forward to build my own house 🏘️ soon but an idea came up in my mind today, here is what I think

In my country 20,000$ is enough to build a very good looking home so my thought is since I'm not in a rush to build the house very quickly why can't I just use that money to build mining rigs instead? Then forward the money every three months to build the house slowly ? Like I said I'm not in a rush can take me two to three years to build I don't mind

The reason why this comes to mind is I think having something left after building a home makes sense than just throwing that cash for a home direct, what do you think ?

On this bullrun better focus on crypto side, mining is safer option, but at this very moment to expensive for built mining right, i'm sure if yout right price, roi 4months should be doable, and after you got money back, only left profit continue + got new house

I like this idea than building a house and no money is coming in from somewhere 🤷🏽‍♂️ since OP is a pro in mining field it will be possible to build a house and still get your mining rigs running, meaning after successfully building your house you will still keep making money none stop.

fmz89

legendary

Activity: 1766

Merit: 1002

Quote from: Looper_U on September 09, 2021, 04:37:36 AM

Im looking forward to build my own house 🏘️ soon but an idea came up in my mind today, here is what I think

In my country 20,000$ is enough to build a very good looking home so my thought is since I'm not in a rush to build the house very quickly why can't I just use that money to build mining rigs instead? Then forward the money every three months to build the house slowly ? Like I said I'm not in a rush can take me two to three years to build I don't mind

The reason why this comes to mind is I think having something left after building a home makes sense than just throwing that cash for a home direct, what do you think ?

On this bullrun better focus on crypto side, mining is safer option, but at this very moment to expensive for built mining right, i'm sure if yout right price, roi 4months should be doable, and after you got money back, only left profit continue + got new house

LostEcho

jr. member

Activity: 75

Merit: 4

I love crazy ideas and my friend this is one hell of a crazy idea, I'm guessing you like adventure journey? A house won't give you money back unless you are building for rentals purposes, if you are building for rent then it's a business just use the money to build the house but if you are planning to live in the house then it's a liability, I know what you are thinking, it's same reason why I find it hard to get a car just for driving around sake, I prefer to buy car or bus for business purposes only, I feel your pain bro 👍

swogerino

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Leading Crypto Sports Betting & Casino Platform

The better idea would be why not build the house first and this way you have assured a shelter for you and your family which is the most important thing to do in life,it should be at the forefront of everyone of us.After you have achieved this you can start building rigs really slow,like you start with a single rig with a single card and add as you have other money to invest.

Going in favor of mining rigs rather than to get a house for me is a really big error but this is just my point of view.In the end the decision is only yours,we all are giving our suggestions and our opinions here.

Bitbtc8

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Since you aren't in any form of hurry then it can work, you will need alot of patience because in coming months crypto market can decline alot making every dream not worth it anymore, think about this very well before doing it and also make sure your electricity bill is nearly free ( cheaper ) just for the sake of continuous mining in bear market period

Looper_U

member

Activity: 369

Merit: 16

$CYBERCASH METAVERSE

Quote from: bitbollo on September 09, 2021, 04:43:16 AM

What about difficulty change, bear market or a quick collapse?
Plus how did you want choose this coins to be mined?
What about an incident, issues with equipment, did you have planned to get an insurance?
It would be just more profitable and easy buy/hold and exchange during the right situation?

I see too many questions, probably because I am not an expert on mining. But ,I think you are in a similar situation so you should be very careful before making such type of investment.

Thanks for caring, I'm a expert in this field and I've been mining since 2017 so I know how bear market feels like, the lowest return of investment through mining that I've seen is three years and that was in march 2018 to early 2020, I still have cards from 2017 that are working perfectly ok, the R9 290x and 7970s it depends on how you care for your cards though so that doesn't worry me

bitbollo

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Nec Recisa Recedit

What about difficulty change, bear market or a quick collapse?
Plus how did you want choose this coins to be mined?
What about an incident, issues with equipment, did you have planned to get an insurance?
It would be just more profitable and easy buy/hold and exchange during the right situation?

I see too many questions, probably because I am not an expert on mining. But ,I think you are in a similar situation so you should be very careful before making such type of investment.

Topic: Just tell me if this is a bad idea (Read 232 times)