Topic: My crypto mining journey starts today (Read 365 times)

Nicehash gives a few cents of profit from each video card, but only if you have inexpensive electricity. It's pointless to use new video cards for this. If your friend has already paid off his investment a long time ago, then he may continue mining for a while. But the hashrate is falling for many coins, so buying coins is now more profitable.

I have a friend who still mines on GPUs and just uses nicehash as the pool and auto converts to BTC or ETH after mining the most profitable "coin" for that algorithm. I would suggest doing this. It auto picks the most profitable coin for that algorithm you are mining and then at the end of the day converts to whatever crypto you would like. Mining at this stage in the game i would say is a long game. The times of profiting and ROI in few months is def gone i feel. Also with staking i feel it is easier to make similar or better profits. DEX's and DeFi is still in such an early stage. One of my favorites is a project called Horizon Protocol with synthetic assets and huge APRs for staking all run off the BNB chain. Sorry to get off topic. It has been quite some time since i mined. I found the electric was crazy as i was renting a datacenter with like 30 miners from AntMiner company at the time. Whats funny is it was such a long wait from preorder to delivery when they were delivered and in hand the miners themself were worth about 10x. Year or so later they were almost obsolete and slow compared to newer super ones. Almost better to just get the equipment on preorder and flip in hand lol. But also i found it almost better to take whatever money you are going to invest in mining and put it in said coin as eth or whatever and leave it be. Just some honest tips, hardfalls and opinions from a guy who mined for years, years ago. Hope that helps. Also use lots of math and see your ROI, electric usage ect. Have to have the gut and funds to wether times like now when coins are lower and mining difficulty high. Again its more of a long game. If you can mine and hold for the next 5 years ya you will probably most certainly win

Congratulations for the enthusiasm if you want to participate in the short period that is left of eth mining I recommend the 3000 series cards which have a good efficiency / consumption ratio, if you have a bit of dexterity building a rig is not impossible, you can still wait that  the mining of eth ends and the price of the gpu goes down there are valid alternatives like etc, ergo, raven

Comments on here are very scary, I might have to wait for more ugly bear market before I start buying graphic cards, I wonder how those new ETH forks will perform after the merge, I am willing to wait and see how this plays out.

Which every coin you are trying to hold now make sure its BTC, we are slowly going into a tougher bear market where many altcoins will die off but BTC is simply the strongest, this is where Nicehash can really be handy for a miner, mine other coins and get paid in BTC is a brilliant idea.

I have dabbled with mining extensively back in the day. You need to have good reserve's for when markets crash like they are now and also to maintain electricity costs. Graphics cards are at all time high prices because of the demand and also the supply chain crisis of chips and the shortages. With that being said it can still be profitable if you plan to do this in the long run and or have free/cheap electricity. The card will pay itself off eventually and all the crypto will be pure profit minus costs of electric. Use a search for a mining calculator and set it up with something like nicehash. You can mine the most profitable coin and have it auto converted after the day into whatever coin you'd like to hold after/

check this thread at reddit, https://www.reddit.com/r/terraluna/ , many people lost billions of dollars, many posts of people losing 100k to a million dollars, savings of a lifetime lost in few hours, many have already attempted to commit suicide and many are questioning if suicide will easy their pain, this is how crazy this market is. The issue is people only see the good side of this market, never the bad side of it and when shit happens then they learn, I have been in this market since 2010, have seen many things that taught me to become what I'm today, I lost millions in 2014 at mtgox and to this day I'm still trying to get my money back. You trolls should be very careful, even today with all my experience we never know, even I could be scammed without knowing about it.

😂 hahaha very funny, im glad I knew how tough bear market always looks like, if I am just starting my own journey today I will make a lot of certain mistakes, I pity those newbies honestly, not all of them will under what is going on right now and at this moment on crypto will be labelled a scam, again.

I guess this luna crash is opening eyes of spoiled people who thought they would get rich fast, from 100 usd to all the way to $0.02, that is 5000 times crash, insane. That is what happens to most coins in this market anyway, 99% of coins from 2010 are dead and had the same fate as this luna scam. What you trolls are seeing is just the beginning of a bear market, more carnage, blood, nightmares to come.

The best time to mining is when the bitcoin/ethereum price is low because at that time the mining difficulty is the least, so you will be able to get more bitcoins in a lesser time.

Real bear market is 4xxx series will be a boooooring time frame just like the 2xxx series...like 4090 is 20cents more profitable than the 3090...i mean, who gives a fuck about 20cents?, miners will talk like peasants and fights like peasants...then after the 4xxx series (3xxx refresh) 5xxx series with gddr7x will be released then bull market slowly starts with miners hesitating to buy cards due to PTSD. Heheh

It will take time for gpus to come down in price, expect a huge crash before the 4xxx series.


hehe, 95% of miners have no idea what is surviving the bear market.

I mean "my crypto mining starts today" topic....and the journey ends next month after the electric bill arrives LOL, just making fun here..

It's possible. But now video cards are still very expensive, and the cryptocurrency price has fallen by 50% and the payback period for video cards has doubled. If Ethereum mining ends this year, then the payback period for video cards will increase even more. If a beginner wants to buy video cards, then this should be done after the end of ethereum mining.

What are you talking about @arielbit? Do you believe that market will recover by next month after this whole struggle? I will think about this once Luna and UST gets out of the way but right now if Luna is going to go down many projects will follow, and even the market will still suffer more.

CRAAASSSH PAAANIICC!!

aaaaaaand ends next month LOL  

I have stopped looking for graphic cards to buy, also new graphic cards are coming from Nvidia and AMD soon so I am expecting those RTX 3080 to go as low as 400$, I believe this is possible once ETH gets off the PoW algorithm and Bitcoin dips to under 20,000$, still think impossible?.

I read the topic and figured this was probably a year old topic that somebody had to bump because who would want to start mining during a time like this.

Most miners are going to be packing up their gear and selling it off soon with the way things are going. Right now better to wait and see instead of beginning your mining journey.

Better to wait until after the ETH PoS crash or if the bear market continues. GPU prices could be half, meaning you could buy twice as many cards if you're patient.

Right now is a horrible time to build a rig, because the recent dip in crypto price hasn't been reflected in used video card markets yet. A RTX 3060L still costs $400+ on feeBay. It should really be $370 or lower.

Have you slept in the last 2 years?
The price of ethereum has fallen dramatically, the end of ethereum mining is expected soon, and you want to start mining?
Get started with the mining calculator https://whattomine.com/gpus
and calculate the approximate payback of your equipment