Topic: Mining as full time income - page 2. (Read 1099 times)

WAAAAT!!! But of course you do!!  

Joking aside, @op - everyday job may be boring, repetitive, unpleasant.. hell, even getting up almost every day to all kinds of weather outside, etc.. yeah it sucks, but it is a safe bet dude. Like so many pointed out already, depends on your situation and age. And this whole mining game is still kind of a gamble. Your choice, your consequences.

I'm putting together my third rig now and day dream about this but I would have to 5x my rig count to even consider it.  I don't even know how I would manage all that electricity / heat so I treat mining as a hobby.

Completely agreed with this. Do it as something on the side. Mining should not seen as a long term thing.

If this is what you want to do, dont let the naysayers get you down. I know a fair number of people mining that have been very successful.

A few suggestions if I may:

1. Create your own VPN server to your miners, teamviewer is known to be insecure and you will eventually get hacked. I would recommend you take a look at http://www.pivpn.io/. Full VPN security on a $35 RPi

2. Always make sure you have enough mining revenue to set aside say 30% of your earnings that you need to put right back into your hardware. You have to be constantly expanding to keep up with network difficulty hardware that ages itself out. The single biggest mistake I see people make is they just think they can keep mining on the same hw forever and eventually their income dwindles until they are ass out and have to go back to a day job.

3. Diversify your hardware and get yourself some ASIC miners as well. ASICs require very little maintenance and you dont have to worry about always jumping to different coins and all that annoying stuff that comes along with trying to max gpu profits. Some of my asics have uptimes of over 6 months without me having to lift a finger.

You should do mining alongside your main job. This market is very fluctuating and you can not just live with mining. So do not miss the caution

You know what man, if it makes sense to you and you've done your calculations, then fuck it and go for it. You can always find another job.

I have 6 rigs at home + some in a farm I run with 2 friends, some masternodes etc., so I make a decent amount of cryptos daily (and cash if I sold them). But I can't quit my job because of mortgage, family to take car eof etc. But fuck me if I could, I would quit my desk job and enjoy life for a bit just mining and managing my portfolio.

Too many nay-sayers in this topic. If you are young, have no kids/debts then most of what you'd earn with cryptos would pay for your needs to travel and see the world.

Cheerios

I think best thing to do is to reinvest ALL of what you get from mining back into mining hardware.
That way you can exponentially increase your income.

but, if you invest everything you get, at some point you do have to stop so you can actually USE the money you made.

It's an interesting dilema.

as for the coins, you would need to get at least 1.5$ per day per 1060, is that possible with current profitability?

couldn't agree more quitting your job to live off mining is insane you could have it as a second income though but i have to say what made crypto currency profitable and  even more profitable  of use the interest that people have in this technology the more people join in the more it will have a real world use case and it will get the adoption that it fully deserves

what coins do you mine that gives a net of minimum 700 net?

It really depends on how much you can invest into new hardware. There will always be different coins to mine but it will be difficult to keep a consistent income if your not working, in the long run it could work out very profitable but its the uncertainty that's the issue when it would be your main source of income.

If you have enough spare money to fund it then it's worth a try to see how it goes as long as you'd be able to get a job again if it fails.

Too risky, even if you have super hash power .  You just never know when the bottom will fall out.

You should totally do it.

YOLO!

wow, you give your life for mining ? I think that's very dangerous. We don't know what happen to you and your RIG later.

I think you need more than  miner you currently have but it is quite fine if you are not going for btc,eth or monero.the problem is you are going full time if in future blockchain adoption goes more than many mining farm can be introduced to gain from crypto then you will need to compete with them.side business is ok but going full time take lot of risk.

there must be coins created every now and them to mine like ETC and its derivatives.
You won't be doing anything when you let your computer mine coins, its just the computers that will be working not you. So why stop working on your day job, just keep working and let your machine mine coins for you.

I would say that right now it's possible but with more than what you earn and forget about travelling.
If it's an income, it is indeed WORK.
You can't leave your rigs unattended for several weeks/months.

In the long term, who knows ? It will depend on a lot of factors

Might want to read the above post.

I have a laptop set up with Teamviewer to control my 3 computers remotely. Changing coins, etc won't be a problem.
Thanks to mining I'm heading to Thailand this weekend and will stay there for a month.

I think that mining has become a big business. And even though difficulty will increase there will be new coins created for mining. If you sell coins on a 2 week basis that will be quick enough not to end up with a shitload of scamcoins which get dumped easily therefore lose value.
I will need a place to store all these computers while I'm gone and for that I have my parents. I don't need them to do much than maybe inspect every month or two. I've had my 13 cards since June and I have never experienced a single hardware failure.
Sure after 3 years of constant mining some cards might fail, but I don't mind coming back and fixing them every 2 or so years.

I am not mining Bitcoin, but I have monitored Bitcoin mining profit for 8 months now and it hasn't changed much. Yes suddenly I don't mine 2.5BTC for the value of $8000/month like 6 months ago but I mine 0.8BTC for the same value. The difficulty went up a lot but so did the value.
I don't think altcoins will be much different, and those that spike up in difficulty is because they suddenly became more valuable than others, which will equal the whole earnings/difficulty situation and give you roughly the same as before.

to TS: i would do so only if i have another passive income that will be enough for my family needs.
If you are young and open to the world - then it maybe worth a shot, at least you will have a good experience and see the world


thats a great statement!

Agree.
If have 1 or 2 RIG doesn't too complex when RIG  has a problem but when have more from 10 RIG, obviously it takes more time for controling that. You must check every cable of PSUs, USB Riser, calculate a coin which profitable except if using NH,that's doesn't need.