Topic: Viability of a (Long Term) Mining Career? - page 2. (Read 7179 times)

He lives in Italy, where life costs 35/40% more than czech republic.

If living with 500$ it's incompatible with a decent life, how could it be compatible with mining ? (one of the most expensive activities as an "hobbyist")

If someone argues that it's possible in a western europe country, this means the following:

- he never had a  girl, never dated anyone or built a solid relationship
- he never made vacations
- he've never been in museums, cinemas, opera, events, concerts, nothing " expensive" at all
- never had a car, never practiced sports, never had the oportunity to buy complex instruments, never practiced music, never had courses, never.. Etc.
- he won't have ANY oportunity to raise a child, a relationship and a family, or to support himself when in need
- he hadn't any of the things mentioned above, while living with his parents (a rent in italy, for a single room in a decent city, it's almost what he stated) and while abusing of their income (especially if with an age bigger than 30)

The fundamental question, as greatly stated in the book "to be or to possess" (E. Fromm), it's if we need to be, or to possess things in life, but let"s be honest: this is a very costly hobby, and given the amount of time and income that one could expect (low, on average, with a 50k USD budget, high if you invest 500k) it"s pretty clear tha having a backbone of 500$ to support your life and your activity it"s foolish, to say the least.

In iceland:

A coffe 4.5 eur
A rent 2000 eur/month
A beer 13 eur
A car rent: no way...
Food: prepare yourself to starve (restaurant average/ person 40/50 eur if not more)
Clothes: .. .. It's very cold, and all terribly expensive

Yeah, 1k gross in iceland it's fine. Go on, try it and report. Just to get there and return you need to spend from 430 to 700 eur by plane, from europe.

Haha this is a funny discussion. In Czech Republic 1k USD is about the average GROSS wage ( median is about 900 USD). Actually 60-70% people dont make that amount of money here and they can even have a car and a family! Dont know about Iceland though, that place seems kind of expensive

https://www.numbeo.com/cost-of-living/compare_cities.jsp?country1=Iceland&city1=Reykjavik&country2=Czech+Republic&city2=Brno&displayCurrency=USD

Iceland 1k/month living easily? You're alone and you live with 500 bucks/month?

Pretty hilarious statements (to not mentioning mining in kuwait, sorry but you've got literally no clue about what you're talking) 

500 usd/month probably in a communist block, eating each others

I don't agree with you, mining is more fast,fun,safe and profit than buying and holding some coins , you just need to make your calculations and have access to cheap electricity and then give it some time and patience.

For most people, it is better to buy the bitcoin directly.

buy BTC till its cheap you shall get quicke roi

With those conditions and 3k$ usd u can make 2x 6GPU rigs with rx 470 8 GB cards.
If a card is hashing at 29Mh/s ETH, thats 12x1,23$ which comes to about 440$/monthly
And thats just mining ETH, if u dual mine with decred of pascal u are looking at close to 500$ monthly ( BTW, even with 10c/Kwh you'd still be making about 400$ ).

Just go for it  

At the moment, mining is in a realy good place and you can make serious profits from it, don't listen much to other people and make your own calculations...

You can start with a couple of 6 GPU rigs made with classic equipment:
- g1840
- h81 pro btc
- rx 470/480 or gtx 1070

If those assumptions are real you can make good money with mining

Hi,

After my miss back in the 2011 when i didnt trust Digital currencies i'm willing to start small just for fun and if it gets good i will expand.

I have few questions assuming that i have:

1) No electricity cost
2) No rental
3) No utilities fees
4) Really great server rooms with a lot of cooling

And i am willing to spend $2000-3000 what am i to build GPU rigs to mine altcoins invest into dedicated equipment for mining ? I'm fairly familiar on the topic of crypto currencies  after my miss with BTC back in the day ( sold them way to cheep).

Edit: I chose to ask question here because i saw that some people have free or low cost electricity here.

Living in Cairo is cheap. You cant compare to the rest of the world

https://www.numbeo.com/cost-of-living/rankings.jsp

As you said you pay 20$/month for electricity, that's pretty unique.
We are thousands of people on this forum and i've never read about anything similar, that's the main reason you are making good money.
We are not trying to scare people, but just make them to think about costs, that are usually as high as mined alt coins

Mining became my primary job now and takes all my time ,and by the way if i continued in my previous job as electrical engineer i won't make even half what i am making now from mining and i don't have that insane hardware.....i think they are trying to let newbies out of buisness

like i said in this thread, regular job give them 1-2k per month, but they want to make 60k with mining...this is nosense to me

mining is becoming as a stable as any other job out there

Thats a very interesting thread here,and the most interesting part that $1k/month ....guys i realized that most ppl here dont know anything about prices worldwide,you are living in realy expensive countries if $1k is not enough , do you know that $1k=20,000 egyptian pound per month and thats a f**kin rich man here, lol, i will give you an example here to clear that situation : uber here in cairo charges 1.5egp/km and thats is $0.075/km ......do your calculations , here i am paying a fixed charge for electricity $20/month no maximum amps just draw as much as your wire can carry .....my question why are you mining if $1k isn't enough ....thats nonsense

OMG - this ^^^

What you people are all missing the point of is that difficulty acts as a mediator between inflation and deflation. A coin with too many miners generates too many coins, which will be dumped on the market, dropping the price. It will get to the point where there is no point in mining it. Don't be fooled; a majority of miners out there are NOT mining it based on ideology. They are chasing ROI.

Let me give you an example; with Monero. The same power mining a half year ago and the same power mining today on the different difficulties yielded relatively the same profits +/-. But no one talks about that. Why? Because too many idiots are still comparing ASIC resistant Altcoins to Bitcoin mining.

Bitcoin mining took a spike in difficulty because of the release of NEW TECHNOLOGY that hashes faster. It killed the GPU miners. Monero, ETH, ETC and ZEC do not have ASICs. This mysterious spike in difficulty that so many neigh-sayers are boasting; where will it come from?

Yes you can make Mining a career but you are taking a heavy risk. You have to consider many several things.

1. The cost of the rigs and their efficiency.

2. The placement of said rigs. Once you hit a certain amount of rigs your breakers won't be able to cope. They will also generate a crapload of heat. I got 4 rigs in my bedroom and during summer its bad. My breakers can cope though.

3. Cutting costs; locating sources of cheaper equipment and looking for cheaper electricity sources, ie. Solar. Solar took my costs from 0.187AUd to 0.09AUD per kWh. Min you, I am in a pretty decent profit even at 0.187kWh. I also have the luxury of converting the coin from USD to AUD which is at a rate of about 0.76c as of today.

4. Market stability, coin utility; ie. Fundamental Analysis and due diligence.

If you read most of the misguided posts in this thread you will find that the qualms are mainly with difficulty. But no one has taken into account the price rises that accompany difficulty. No one takes into account the fact that Divergence of Dif/Price are short lived. And most of all no one takes into account the REASON BTC dif skyrocketed and why Altcoin Algo's are mitigating this with the resistance of ASIC.

You might not make a full CAREER out of mining. But you will supplement your income with a hefty (tax free in some cases) residual boost, that you can not only CLAIM tax credits on, but claim tax credits on your electricity there-by lowering your overall costs!

Are there viable wind power sites in those states?

 The good wind power areas I know about are the "corner" of NW Iowa/MN/NE area, parts of Texas, and parts of California.
 I could see some of the mountain passes in AZ and CO being viable, like the Cajon/Tehachapi passes in California.

 AZ for solar is pretty obvious, given how many large commercial sites and experimental plants have been set up there.

Do you buy the land to set up the renewable energy generation plant? That would cost a lot of money.

One would need to take advantage of renewable energy (Solar, Wind, Water) and renewable energy rebates for city, business, state, federal (in USA).

I can only see this being a  viable career if you get your power costs down to zero or it in fact returns money by selling power back to the company.




BTW, if anyone is interested in doing this with me...LMK.  I'm thinking of buying land in Arizona or Colorado.


Oh and mining and being successful is about doing the numbers and having a strategy and maintaining that strategy or change gears if you have absolutely have to.

Litecoin is profitable NOW with the older A2 units.

 The A4 will be profitable immediately, but will take some time to achieve ROI - and if enough of them are sold they will eventually make the older A2/Alcheminer and eventually the Titan miners unprofitable at anything less then VERY VERY cheap or free electric.

 It will NOT be a $60/day machine - I've got a bit over 450MH mining Litecoin right now, and I pull in more like $20/day (bit higher this past week with the out-of-nowhere BIG diff drop coupled with the Litecoin price surge of the last month and some). That's GROSS income, not net after electric use - the NET on an A4 will be higher than on my existing A2 farm due to the much lower power use.


 Get used to machines needing a YEAR to ROI - the days of 3 month ROI on new gear is LONG GONE for the most part, and even managing 3 month ROI on USED gear isn't real likely.


 Based on what I'm estimating the cost of a single A4 to be to the "partners", I'm figuring on Litecoin diff doubling over the course of the rest of this year - NOT factoring the "where the heck did it come from" massive DROP of the last week. The main kicker in that estimate is "how many chips will they get out of the foundry how fast" coupled with "how much money are non-founders willing to invest into Scrypt gear".

 S9 at current pricing I'm not sure WILL ROI - many variables involved, and the current price is high even for an "early adopter" premium price.

Yeah they would of been VERY profitable only if they were FREE. However most Scrypt equipment is like 1 year ROI. And the S9 is like 7-8 months ROI.