Author

Topic: Mining rigs (Read 552 times)

newbie
Activity: 28
Merit: 0
January 25, 2014, 03:19:28 PM
#5
Yeah but you need to know your shit. Easy profit for those of us who can problem solve like never before. For some casual guy who stuck a dimm of memory in and thinks he can excel at this think again. This is for the ones who know how to tinker and been doing it for years. You are welcome to try and when frustrated I will buy your cards. This might not be you but it is for most of these peeps trying to get into the game.

Well that's why I'm taking it slow and not just rushing into mining. I am doing research and looking at altcoins and their worth. I get that you can have a "holier than thou" attitude and perhaps it is justified because of how long you have been doing it. And you're right, I'm a noob.

As far as I can tell right now, there really is no precedence for the altcoins and how much they might be worth except for what has happened with bitcoin and litecoin. However, the difference now is that there are many, many more miners and many, many more currencies. Choosing the correct currency to mine and invest in, is what really has me the most wary. With new currencies seemingly popping up each day, it's clear that you have to be into mining for the long haul, and long haul being years. But again, it goes back to understanding which cryptocurrencies will survive and grow in value, and which will become worthless. At this point, I still haven't really figured it out.
full member
Activity: 166
Merit: 100
January 25, 2014, 12:35:32 PM
#4
Yeah but you need to know your shit. Easy profit for those of us who can problem solve like never before. For some casual guy who stuck a dimm of memory in and thinks he can excel at this think again. This is for the ones who know how to tinker and been doing it for years. You are welcome to try and when frustrated I will buy your cards. This might not be you but it is for most of these peeps trying to get into the game.
newbie
Activity: 28
Merit: 0
January 25, 2014, 11:20:46 AM
#3
I'm in the same boat as the OP.

From what I have read and seen, it looks like a smart investment.

My fears are:

1. The creation of Scrypt ASICs that will make it far easier for miners to generate coin at cheaper prices and hoard more of said coin after I invest in a mining rig
2. The crashing of crypto currency

I know those are risks that I have to be willing to accept, but I just don't have confidence in the purchasing of a rig yet.
sr. member
Activity: 424
Merit: 250
January 25, 2014, 04:35:47 AM
#2
Based on numbers from Coinwarz.com I'd say absolutely!

Economically it is an excellent investment considering the risks.

Scrypt Asics are not worth it right now. The chances of a rig being obsolete soon is next to none. ROI is almost certain.

Here's how I see it (If I'm missing something, anyone is free to let me know!),

If you can make 10% annually on the stock market, your doing it right!

According to current prices and coin difficulty, a rig mining DOGE would pay for itself in about 2 months. That's making 600% annually! Assuming prices and difficulty stay the same of course.

The risks you would be taking with a mining rig are:

1. Power surge occurs. Your entire rig gets fried. Easily avoidable by always plugging the rig into a good surge protector.

2. component failure. If something on the rig fries, you have to replace the part to continue mining, but you also lose mining time. Every minute counts. The more time your miner is off, the more profit you just thew away.

3. The coin you are mining tanks in value. This can be remedied by using a pool such as Multipool.in and always mine the most profitable coin, and sell the coins for bitcoin as often as you can.

4. Bitcoin and cryptocurrencies as a whole crash in value. All of a sudden nobody want them anymore. (This is what I hear from "non-believers" lol). HIGHLY doubtful but still technically possible. The remedy for this would be to sell your Altcoins for Bitcoin, then sell the Bitcoin for USD as often as you can. The downside here, is that you won't experience any growth with the bitcoin price increase that will almost definitely happen over the long term.


As a whole, each risk is either avoidable, or will not cause catastrophic failure should the worst case scenario occur.

Short answer: Get a mining rig!
newbie
Activity: 26
Merit: 0
January 24, 2014, 03:45:21 PM
#1
Right now I only mine on a laptop. Do you think buying a mining computer (case, motherboard, psu, everything) to mine altcoins is economically sensible right now? Will the ROI be enough to pay for my initial investment in a reasonable time? How far are Scrypt ASICs in their development and will I face a danger that my mining rig will become obsolete once they come online? These answers will be subjective of course but I'd like to hear your opinion anyway.
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