I just made an order for a 5x 280x Mining rig for ~2200. I'm curious if it's still viable to mine and break even or make a profit after a couple months. Are alt coins difficulties destined to keep dropping? How near in the future do you think this rig would be losing money?
Thanks in advance, Matt.
Thanks in advance, Matt.
Welcome to the crypto coin mining world.You are investing quite a money I see.You can break even or go in profit in a couple of months if you mine the most profitable coins.As for losing money difficulty for the very famous coins like bitcoin,litecoin etc keep increasing.They will never decrease thats for sure.You will see coins like Dogecoin and some others difficulty goes up and down depending on the condition.Also new coins keep coming every few days and some of them go big.You can mine those and see where they go to.You have to keep your eyes open in the mining world.
Have a look at this site every now and then: http://www.coinwarz.com/cryptocurrency
Best of luck.
Thanks for the great response. One of the reasons of making this rig was to speculate into new coins and possibly join a profit pool like multipool or hashcows. I've been trading on crypsty and have been doing pretty good so I figured this was the next step. I just don't know much about mining but I've been building computers for a while so I figured it'd go good.