Still planning to build a mining rig?

zasad@

legendary

Activity: 1932

Merit: 4602

Buy on Amazon with Crypto

Quote from: Bravehash on March 06, 2021, 12:06:40 PM

Crypto mining future looks uncertainty right now because ethereum is the best in this part as we know it, EIP1559 is coming and we still don't know what impact this will have on miners, the London upgrade is said to reduce miners reward down to 30% or even 40% so miners have three more months, my advice is do not build any gpu mining rigs for ethereum mining purpose anymore because 90 days of ROI is impossible right now

I cannot give you advice on mining, but if we talk about EIP1559, but your data about 30-40% in my opinion is exaggerated.
There is 1 more problem - difficulty bomb Jul 10 2021
https://etherscan.io/block/countdown/12800000
And I do not see her solution in the London hard fork project.

examplens

legendary

Activity: 3472

Merit: 3507

Crypto Swap Exchange

Quote from: XUR_TIP on March 08, 2021, 02:35:43 AM

It will be a different result if one can buy gpu at cheaper price, that's all that matters if you want to build a mining rig today, can you get the GPUs at cheaper rate? The cheaper the GPUs the faster you get your ROI, I mean a single gtx1660ti costs over 500$ now and to get back your ROI will take roughly 8 months

8 month if everything stays at the current level at this time. We all know that is not possible.
Buying expensive GPU's cards now is for noobs, something like when someone buys coins on deep. it is possible that he will pay off the investment but it will take time. Also if spend BTC or ETH for that purchase and his price rise, the question arises, was it enough to just hold crypto.

XUR_TIP

member

Activity: 227

Merit: 24

It will be a different result if one can buy gpu at cheaper price, that's all that matters if you want to build a mining rig today, can you get the GPUs at cheaper rate? The cheaper the GPUs the faster you get your ROI, I mean a single gtx1660ti costs over 500$ now and to get back your ROI will take roughly 8 months

Rikafip

legendary

Activity: 1722

Merit: 5937

Quote from: JeromeTash on March 06, 2021, 02:42:45 PM

The Mining future is still bright. There are many more minable coins apart from Ether. Yes it has been the most profitable but times change Wink

Therefore I don't think it over yet for the GPU guys. This teaches us a lesson to always seize an opportunity when it's still available

Maybe it's not over yet for those that want to start mining with GPUs, but it is still very risky to start. I mean, it's one thing if you got your rig/GPUs five-six months ago where prices were normal, and another thing if you are trying to build one now. Even if you manage to get GPUs in a reasonable timeframe (I know that people are waiting for a month to get them), you will still have to overpay them, grossly.

This reminded me; just few weeks ago one cousin contacted me (whom I tried to talk into investing in BTC years ago but he wasn't interested at the time, i guess BTC was too cheap then), wanting to take a loan from the bank to build the mining rig. He was very adamant about building a rig (he even planned to keep it in an apartment where he lives) as some friend told him that it's "easy money". I somehow managed to talked him out of it, and instead suggested to start buying BTC using dollar cost average method, without bank loans, which I would suggest to everyone who doesn't have an access to dirt cheap electricity.

MCcryptonia

member

Activity: 155

Merit: 10

Imagine all that Terahash power moving out of ethereum and landing on a new coin? That's what is going to happen, some will start selling their gpu because of EIP1559 and yes ethereum won't be profitable anymore but a new coin will take it's place easily and probably affects the new coin value too, mining with gpu isn't done just yet

TheMimic1

member

Activity: 252

Merit: 13

You guys are not getting a point here about mining, for many miners out there it's always about electricity fee or bill, if mining rewards gets too low they won't be able to keep up, those who will be able to hold what they mined for long term are those who have access to free electricity or using green energy for mining

hash.guide

newbie

Activity: 12

Merit: 1

I agree with CrossroadBTC in the fact that another coin will take ethereum's place as the top mined coin on the market. I also wouldn't be surprised if another project was created to replace eth1 with the same ethash PoW consensus. The good thing is, there are many other established coins to point the mining power towards for GPU & ASIC miners!

akirasendo17

sr. member

Activity: 1106

Merit: 310

I think mining is like investing in the token in a long term view, because when you are mining you tend to keep all mine coin and wait for the price to go up then we intend to sell when a certain price is reached, same with investing, for example, ICO or IDO, if you are mining and you don't have certain money to cover the electricity then that is not profitable at all since those token will be sold for electricity and maintenance, the best thing is to find cheaper electricity cost that would make a profit in mining and learn to maintain the rig.

JeromeTash

legendary

Activity: 2338

Merit: 1261

Heisenberg

The Mining future is still bright. There are many more minable coins apart from Ether. Yes it has been the most profitable but times change Wink

Therefore I don't think it over yet for the GPU guys. This teaches us a lesson to always seize an opportunity when it's still available

Staking for rewards isn't also bad. I mean, by the time someone can afford to set up a big mining farm, then It means they can also easily just buy and stake coins in order to earn rewards.

CrossroadBTC

member

Activity: 182

Merit: 14

Thanks for the advice, ethereum is the no1 most profitable coin to mine but unfortunately things will change very fast soon but I believe that another coin will rise and take ethereum place, not in position though but in mining field I mean, I'm looking into RAVENCOIN or Conflux, depending on what gpu you using, to me its not over for gpu miners yet, there will always be another coin to mine

Bravehash

member

Activity: 196

Merit: 11

Crypto mining future looks uncertainty right now because ethereum is the best in this part as we know it, EIP1559 is coming and we still don't know what impact this will have on miners, the London upgrade is said to reduce miners reward down to 30% or even 40% so miners have three more months, my advice is do not build any gpu mining rigs for ethereum mining purpose anymore because 90 days of ROI is impossible right now

Topic: Still planning to build a mining rig? (Read 174 times)