Topic: WHY NEWBIES KEEP ASKING THE SAME QUESTION " ITS TO LATE TO START MINING ? (Read 17786 times)

This is a very useful post for newbies that wants to go to the world of mining but mining is good for countries that has cheap electricity

You really said it all. The last part is just it, invest what you can afford to lose; not only is it applicable in the outside world it is highly recommended in the crypto space too. Mining now depends mostly on energy, that is cheaper energy gives more reward in most cases and vice versa.
So anyone aiming to venture into mining must be ready to make research.

I think this happens mostly to newbies recently Introduced to crypto currency or just learning about crypto
Everyone wants to make a sudden breakthrough from mining and trading but doesn’t work that way

Newbies simply have to learn first. It’s not too late to mine if it’s not bitcoin but another token

I was at some point fixed on this,especially on the mining calculator until I figured out it. Even the GPUs in your rig may give values that vary widely from watch you get online sometimes. Do your own research and practical test on a small scale before going heavy.

NO WAY !!!!  HOW ??  
You should know something what we don't know  

If you have 70 cent per kwhr power you will never be profitable. Vega or not espcially in a bear market.
Perhaps you meant 7 cents per kwhr in that case the ROI on a used Vega56 for 250$USD is 641 days at present. (rough estimate mining monero as per WTM)
Unless the price of BTC goes up thats a shitty roi whichever way you look at it.

As long as ppl know what a hobby is versus an actual income generator then they'll be fine.
Most noobs want to get into this thinking its a get rich quick scheme. Yeah no its not.
2 years roi is anything but quick.

So i think my post is especially addressed to you also ...
No one blaming newbies, but they asking questions no one ever can answer !!!
People like You try to give a totally fake, non existing assurance about "mining will be profitable and they won't lose their hard earned money"
You cant, and  No one can give any kind of assurance about ""mining will be profitable and they won't lose their hard earned money""

And you know why ? Because members like you tried to give them assurance about ""mining will be profitable and they won't lose their hard earned money""
And because they listened for those ppl who give them assurance about "mining will be profitable", instead of doing they own research, market calculation, reading coins white papers, getting deeper knowledge about mining, understand power usage, understand bios modding, learn about what halving mean, what difficulty bomb mean, how difficulty changing mining profit ........
Instead of asking questions about all those important things, the only things they asked is :
"" ITS TO LATE TO START MINING , IT IS STILL PROFITABLE ? WHY MY EARNING IS LESS THAN ALL THOSE ONLINE CALCULATORS TELLING ME? WHAT IS THE BEST COIN TO MINE ? WHAT IS THE MOST PROFITABLE COIN TO MINE""
 

We had new topics with those questions on a daily basis when more and more ppl jumped into mining ( 2017-2018 first quarter )
Newcomers still asking the same questions

Mining is a serious business. Once amateur was engaged in mining and it was possible to make money relatively easily and simply there. Today mining is a business of big people with multi-million investments. Lovers have almost nothing to do in this business.

As a newbie, I can confirm that this is true.

many newbies try to search a profit by mining because they see the benefits of mining it seems are very large, but they do not know that mining has a big risk of loss or high costs. generally miners are newcomers. then no need to be surprised.

in my country, you cant get profitable the minning cost (electric, internet, maintenance) is hisgher than the reward.
im still have 2 rig but i dont running it due the ethereum price stagnan and the dif rising again.

The newbies are quite different people and most times, they hardly make a simple research or scroll to the next page where the answer to their questions lie. This post should be adopted as a permanent banner on the forum for newbies. Let's make it the first thing they read when they log into the mining section if possible

Because they feel insecure, they don't read because most of the newbie is lazy! If you tell them to use the search option to find any topic you want but then they may ask you where is the exact search option! It happened to me. I think most of the newbies are very confused, but this thread can help them to be self-confident! No one can help you if you stop helping yourself!

That's why they called newbie.. some of them are still new here in the forum that's why they are asking.. it's not to late to start mining as long as you know what are the expenses you will face

You can't blame newbie. Some of them have also lost a lot in this crypto business. So it doesn't hurt if they keep asking. They just need some form of assurance at least that mining will be profitable or investing and they won't lose their hard earned money

Because you answered, they are newbies. All newcomers ehen they hear about mining they are amazed about the profits but they do not understand all circumstances and difficulties connected to mining.

I think they dont want to be disappoint in mining thats why they are asking if its still profitable but disappointments sometime come in mining 

it's like general things in any other aspect of life too, you bad at almost anything in the beginning. Gradually getting better and better with each mistake you have. Making a friend and widening your network for information will make your chance higher to survive I think.

this remind me of OP post hahaha

well. maybe its true for the big coins but definitely not true for spec mining and launch mining.
there's still money to be made in crypto

I agree. Everyone has questions when learning new knowledge. The questions listed by the OP are logical to start learn mining. It is necessary to be patient with newbies, we, too, were once so.

It's obvious. Even on home equipment it is difficult to do.
The main reason why mining is interesting for newbies is very simple - they hear about cryptocurrency and that it can be mining. This is enough so that they have a question about the relevance of whether he can do it =)

It seems to me that mining has ceased to be an opportunity to earn money for a newcomer to the crypto market. This is a business in which serious players play with many millions of investments in equipment.

Yeah I think I'm still lucky though, my first mined coin doesn't go to zero, yet  . I think it's useless if you want to jump to mining but not experience it first hand, so I give it a try.

Experience is a great teacher indeed and I agree about the risk management, especially for a newbie. I most likely got more stress if go all in with all of my funds.

great point!
I had good experiences with spec mining in the past and bad experiences.
bad ones usually go to zero so it's better to plan accordingly and never invest more than 3% of total portifolio (3% already being high)

Good risk management is not only for traders! also super necessarry for miners.

A few months ago I tried to mining some altcoins, no I don't own any equipment, just renting hash. That was my first time to mining (if that still considered as mining), the coin was a brand new, no exchange yet but there was discord with an escrow to sell the coin I mined. Well the price still on my ROI range for a while, now it's tanked. Silly me, I still hold it.

After that, I just realized and consider many things if I want to FOMO any coins as the OP stated.

- It's not good to FOMO if you don't understand any shit about that coin like the inflation, FA, etc.
- Make a plan based on your research, like I will sell if this alt has a listing on "x" exchange. So if the price tanked your emotion kinda got sorted off.

Yeah gamer can mine instead and learn how mining can be profitable.
By the way if you have 0.7$ electricity price, you always be profitable even in the bear market like couple months ago. if you have good gpu like vegas

Dont be to hard on them"These noobs", crypto price driving up like crazy becauze of them, we should thanks fo their helps 

great post my friend, this just sums it up and should be posted on the "welcome" message on the mining sections...
People are always seraching for someone to do their work for them and someone to blame if things go wrong... each one must learn and calculate what would be good in its own context and take responsibility for ones actions...
crypto brings people the ability to be in charge, but they need to take responsability 

I don't think it is wrong to ask these questions, these is a space full of scams, shillings and pump and dump. They want a cut of the pie, most of the time what I do advice them is that why not first by BTC instead of looking to mining because mining is being hijacked by some power group in the space, that is why POS tokens seems to be on the rise

Exactly

I don`t see any problem. Someone lost his money. Ok, it`s his problem. He turned his rigs off? Ok, difficulty goes down. Mining not profitable? Ok, turn off rigs. It`s just their problem, not yours. If they are listening for unknown man how to spent their money - it`s just their problem.
They don`t disturb me, their problems don`t worry me. I know that mining = profit. And i`m ready to buy their GPU for 50% from MSRP

Do you really think most people are hostile to new miners ?
Or some of us just want to warn new miners for the potential risk.
I created this topic (September 26, 2017) way before the big price jump  of the coin prices, tried to warn everyone its a kind of gamble!
Of course some members said the same thing couple of times like just like you said: most of the ppl on this forum are hostile to new miners!
Newbies started to buy GPU's like crazy, 3x 4x more than MSRP, they put they numbers into a online calculator, and they saw a bright, "getting rich fast kinda" future right away Now this members, people coming back to this forum and crying after they money, this members are who are actually hostile to new miners ! This members opening topics, posting posts like : Turned off all my rigs , Mining is not profitable anymore, My rig making only 900$ a year and that's not good...

"From the looks of things around here most people are hostile to new miners"
Its because they see new miners as potential competitors

I realise now that you started this topic at the end of Sept of 2017, and back then you actually would make alot of money if you started to mine. Since there were great deals on GPUs below MSRP during Black Friday and shortly after BTC peaked at $20K and the following month was the crazy alt-coin bubble which was very beneficial to GPU miners, especially where ETH hit $1400.

Don't remember the numbers exactly at the top of my head but I think a RX 470 made like $5/day/GPU and the higher end 1080Ti made probably over $10/day.

Now however, it really is too late to start mining.

MY CAPS LOCK STILL STUCK Another bump 4 months later for our newbie members

Shit man, I have been reading these 3 pages and still don't know what is the best coin to mine. 

LETS BUMP THIS TOPIC AGAIN, MORE AND MORE TOPICS SHOWING UP FROM NEWBIES WITH THE SAME QUESTIONS ....

When I hear this asked, I take this to mean: Will profits go back to where they were 6-8 months ago.

Let see whats going to happen soon, when all those Antminer E3's flooding the market 

Equilhash asics will push nvidia cards onto other algos, swamping them , reducing profits for everyone. FPGA on the horizon, this is the worst time to build a rig.

Don't forget to add to that equation = Ethereum is starting to transition from POW to POS.

Basically when POS hits, the profit of all other mineable coins will severely decrease. This has been explained far too many times already. People are dumping GPUs while they can. People who don't do enough research are still buying them. lol.

been mining for about a year, but will have to say this is the absolute worst time to start mining in my opinion.

asics are attacking all algos, fpga is on the horizon, and new gpus are scheduled to be released by eoy. Even gpu's are still slightly overpriced. There's absolutely no reason to start a GPU mining farm.

Even starting an ASIC farm is questionable and FPGA are so unproven at this point, the risk is extremely high.

Its a lazy world now. People need stuff spoon fed unfortunately. Best thing is don't respond and let the threads die.

I realise I'm replying to an old post however a list of online profitability calculators that I compiled.

https://bitcointalksearch.org/topic/websitesonline-profitibility-calculators-for-gpu-mining-3279788

Why do you need to be careful?  Just jump in.

If you are a gamer and have a few GPU, then it is OK to mine. But be careful if you want to build a mining farm.

Still same questions araound. Lets make this topic go front so maybe some more can read again

I'm a noob in the mining world, I just started about a month ago and it's been a hell of a process.  Trying to find GPUs, motherboards, PSUs has been a hell of ride.  Sometimes I wonder why I ever bothered to start.  Apart from paying over MRSP for pretty much everything, I have spent countless hours learning and troubleshooting my rig.

But I never really have questioned whether or not it is profitable, because from I come from electricity is only $0.12 a kWH and I live in Canada.  Even if prices are dropping and continue to drop, I make money.   So on a 6 card GTX 1080 Ti I pay about $120 or so in electricity a month.  And mining right now pays far, far more than that.  If it drops to a really low point, then I'll just hold the coins and sell them later when it goes back up.  

I have spent close to $7500 on this 'hobby' so far and as frustrating as it has been, it's also been a great learning process for me and most of the time I do find it fun.  I certainly do not rely on this to make a lot of money.  Please help me if I do.  I do it to make some passive side money and also to learn more about cryptocurrency because I think it is here to stay for good and within 5 years will really start making its way to more mainstream services and products.  

I see people complaining about ROI times at > 8 months and I just laugh.  I would very happy if my ROI paid back in a year.  Do you know many investments that do that?  

yes you are right i was a noob once too ,just like everyone else... but i did my research  , and did not just jumped into something without knowing what im facing  , never asked questions what no one can answer , because those questions are impossible to answer  , never built any kind of business just because any mining calculator told me, im going to make good money every months... never aksed questions like ; OMG the mining calculator told me 2 weeks ago i should make xxx $ but im only making xxx-100$ WHY
At least i learned the basic things about mining , what is the difficulty , how difficulty growth , coin/usd exchange rate can reduce my earnings ...

I do the same thing! It's pretty amazing how many cards you can pack in to one of these.

WARNING TO NEW PEOPLE: Make sure you give your shelf plenty of space to access the rigs since once it's full of equipment is is VERY HEAVY and it's unlikely you will be able to move it without taking everything off the shelf first! Also worth mentioning that you should use a level to ensure that the shelf is nice and even (use the individually-adjustable feet to level it) which will prevent it from tipping over!

I'll just leave the warning there without mentioning *cough* *cough* my experience with the above... 

Basically this:


Any projection based on current stats that you ask from experienced users basically just comes from some sort of online mining profitability calculator. Again, you can do your own research here.

Nobody's going to fudge factor difficulty and price changes for you in a way that could possibly be defended as a reasonable "approximation". Additionally, you should know far more about your specific electricity costs than anybody else.

someone pls make this beautyful capslock-manifest a sticky 

This should be sticky on all subforums here.

Built my first GPU rig w/ one of these www.amazon.com/gp/product/B01L0ORH96/ref=oh_aui_search_detailpage?ie=UTF8&psc=1. Pretty much wide open for airflow. Planning on using it to play games once I get more cards and need to build an actual rig. Right now, it holds a 1050ti and 1060 mounted facing forward. Probably not the cheapest open air route to take, but it looks pretty cool IMO

In order to use the GPU for mining we need to change the BIOS and install on a computer of miner's driver. This helps to increase the speed of production and reduces the temperature of the chips. If you only have one GPU you are using for the game you will have a sense to buy for a few dollars the old PC and use it for mining. Rearrange this PC, the GPU will take a few minutes. At the same time to play and get coins, you still will not be able.

SLI is dead, the new games stopped supporting it.

Because they are noobs. You were a noob once too.

I build rigs with these https://www.amazon.co.uk/dp/B01IZP68RK/

Use cable ties to hold the gpu's in place and cut out some plyboard for the base.

One shelf unit can fit 6 rigs but I just use it for 4 rigs, it's not pretty and you won't pick up any chicks by showing them your rigs but it works and it's cheap.

Ohh you haven’t seen hostile yet lol.  It can get pretty ruff on here from time to time.  Anyway. Do your own research. It’s definitely profitable to be mining at least in the USA.  Most are going to say no if they live in high power $ area or they trying to protect their pc of the pie.

As far as your rig goes. Lookup building a rig out of milk crate.  Yea it doesn’t look very pretty but it will cool vastly better.  Or look into spending some money and buy a open air pc case. They can be found more and more nowadays. With a little work you can build a really nice one for cheap. 

BR

Thanks for the encouragement! From the looks of things around here most people are hostile to new miners. While I know I missed the boat so to speak, I am only doing it as a hobby, and as you said I can game with the cards as well.

I am looking to put them in a open air frame though, as running inside my PC case is quite warm even with extra fans. Does anyone else run their gaming PC in an open air design, or run a dual gaming mining rig?

I can tell you the exact roi , if you can tell me the following information for the next six months or a year ahead:
DASH/FIAT exchange rate, day buy day for 6 months or a year
DASH/BTC exchange rate, day buy day for 6 months or a year
Dash network difficulty, day buy day for 6 months or a year
Dash network hashrate change, day buy day for 6 months or a year

Coins can shoot up' in price .   So if you mine and hold. Your roi is speed up a lot.

Coins can crash in price . So if you mine and hold . Your roi is slowed down a lot.

Coin can shoot  up in price. So if you are mining and selling your roi is slowed.

Coins can drop in price. So if you were mining and selling your roi is not as slow.

All those variations  are just a small reason. Why prediction is hard.

I never go past a month.
All I try to do is keep miners that earn more then the power cost.

So if a miner makes 1000 a month and the power cost is 200

I am 800 plus. I put 400 to paying for the gear. And keep 400 in the coin.

It is a juggling act.
It becomes easier if you are ahead.
My gear is paid.
So if I
Earn 1000 and power is 200 I have 800 profit.
I would cash 400 and hold 400 in coin.

The cash in my case is profit not for paying off the gear.

Why Can't you tell the approximate ROI for a giving country and electricity price? Seriously, im just curious don't get it.

or maybe people should just stop being lazy as hell and do some research lol?

second best answer or maybe first best answer.

Depends if you game or if you don't game.

Every gamer should mine.

And if you don't game and have no gear on hand  buy a coin and hold.

The perfect reason to mine with a gpu or two.

And why it is never too late to start mining for a gamer.

Play lottery? Lol. Mining seems to me a whole lot safer.
I just took up mining but for some years I've been an OK-ish Forex trader. That is pure casino stuff.  Yes it makes money and Yes it's really time and resources consuming and YES you first lose before you win. Give up FX? Don't think so. For now I'm on vacation from trading and enjoying the bigger freedom that mining gives me. Vacation won't last long, though, but until then I will learn as much as I can about mining and of course mine whatever pays-off

how about we just tell everyone that ask this to buy coins instead? probably better for the ecosystem as a whole and far less time consuming

This. It is incredibly addictive and becomes more so when you mine shitcoins one year and then they moon overnight and you suddenly are a masternode player. 

 like he said it's completely up to you to Decide no one can tell you, others may and will give you advice from there point of View but you won't know for sure till you try an that's all you. like you said worse thing  if you don't like it, game the cards nothing lost .

I'll warn you if you do like it is very addicting and can turn into a costly hobby, no one i know that mines will say other wise.

 if they do there lying ...

I am looking to get into mining but not in a big way. I just want to buy one or two GPUs and put into my existing computer. I figure if nothing else I can SLI them together for gaming...

To me it will never be to late to start mining it's more what your willing to put up Cash wise and can afford ... what you want to do with mining etc ... or what do you expect to get out of mining ...

when it will be to late, if it happens is when the coins have no value, then it will be,

Like music from the 70 to 90 that was music, not the shit they call music to day .if you lived during time you know what I mean .

Just a example to try to get my point across so if your living now in this time an you can afford to mine and not worried if your gonna make a living at first, go for it .

You can make a living mining but make sure you know wtf you are doing ..
It's all up to you.

This is true!!!

Since they asked such question, then they must be comparing mining profits 3 months ago. So, they should not be real "Newbies" actually, they know how to calculate...

Maybe a "new to mining?" thread should be made with links to things like the bitcoin calculator on it so people can figure out what the profitability of a card/miner currently is.

Dear Moderator can you make this post stickied ?
This way the forum going to much cleaner , we not going to get same questions all the time

Honestly its started to feel like to me it was automated posts. Usually all about the same bs day in day out.

Great post!  Sums it up in a nutshell.  Maybe do what i did and unfollow the main sections. That way all new threads don’t come thru email.  You wouldn’t believe the amount of btctalk posts I delete a week. Most are new threads when the info all exists with a simple search.  When it comes to money people want it the easiest way.  I guess it’s sort of all our fault for trying to be so helpful and regirgitate info that already exists. If they want it bad enough they will do the research trust me on that.  Have an awesome day!!

BR

first, laziness, just like asking "which college I should apply?" or "which car I should buy" instead of doing a little research over the tons of information over the internet... just pure laziness
second, lack of analytical capability, likely stuck with tons of different pieces of information, and cannot figure out the valuable part
third, don't want to take responsibility and accountability for self, bet thousands of dollars on an investment is not buying a hot dog, someone just afraid of making that decision by themselves

This post should be stickied or made a permanent banner across the top of the mining forums.

I DONT UNDERSTAND WHY NEWBIES KEEP ASKING THE SAME QUESTION " ITS TO LATE TO START MINING , IT IS STILL PROFITABLE ? WHY MY EARNING IS LESS THAN ALL THOSE ONLINE CALCULATORS TELLING ME? WHAT IS THE BEST COIN TO MINE ? WHAT IS THE MOST PROFITABLE COIN TO MINE"

No one can tell you !
Always going to be a 2 group of ppl who telling you it's ok go for it , or dont bc you just wasting ur money and time !
You have to make a decision for yourself !
Do your own research !
No one can tell you for sure what's going to happen with cryptocurrency !
No one can tell you it's going to be profitable for you or not !
No one can tell you how much profit you going to be able to make ! ( if you can make any at all )
No one can tell you the ROI ( return of investment) time !
No one can tell you what is the best coin to mine !
No one can tell you what is the most profitable coin to mine! Coins profitability always changing, what is best to mine today, maybe going to be the worst to mine tomorrow !
None of those calculators you are seeing on the web can tell you what's coming tomorrow , months later or 6 months later !
Those calculators telling you about today , at that moment when you typing in your information !
None of those online calculators calculating pool luck !
None of those online calculators calculating your stale/rejected or invalid shares !
None of those online calculators able to predict difficulty growth !
None of those online calculators can predict what would be the coin/$ exchanges rates a minutes later, a hour later,  tomorrow, next week,  months later, 6 months later or a year later !
It's little bit of gambling , you must to decide you want to play on the lottery or not  
YES some of us got lucky , made some money with mining
YES some of us got unlucky , lost some money , bc when price started to fall , sold they coins , miners...

! INVEST ONLY WHAT YOU'RE WILLING AND ABLE TO LOSE !
! INVEST WITH THE UNDERSTANDING , THAT YOU COULD LOSE EVERYTHING !