Topic: Wow! What an interesting (and costly) experience! Looking forward for more! (Read 179 times)

My cheapest rig cost me under 1000$ for 6x RX570 8GB and 192mh but back in 2019 and sure used parts - but it still running 

The cost right now to start mining is extremely high. Back when I started in 2014 it was very cheap, this was a few months prior to the GPU shortages.

I bought everything on Craigslist, motherboard plus CPU for $50, PSU for $30, GPUs for $100 or so. I spent $750-900 per rig. And if I recall correctly each rig made about $15 a day.

So now the entry price is extremely high for the profits.

I don't understand your investment logic. You bought video cards for a good price, but I don't understand what you paid the rest of the money for. 3500/5 is 700 days payback.
My first advice would be to buy video cards of the same model and build a rig of 5-6 video cards. Next time, ask for advice first.

So the reason I was going for the older GPU’s is because
1) not as inflated on the resale market. Got them, I think, fairly cheap
2) wanted to get the rig mining at least something
3) my energy cost is not terrible. $0.12kwh
4) I refuse to pay exorbitant scalper prices. Gotta fine tune my script and be patient for drops. Plus I live by a MicroCenter so I can go one day and hit that lottery.
5) I’ll upgrade as I go. I’m sure I can recoup the cost I paid for the other 3 resold GPU’s
6) the learning experience. It’s easy to watch YT vids and read docs, it’s something else when you’re actually doing it

But hey, my reasons could be wrong. I’m still new. Need to learn to crawl before I can walk

A big part of why some people choose to go the high end route is that on some older GPUs the efficiency is so low that they cannot turn any profit at all, making them a complete waste where buying Bitcoin alone would be the hands down better option.  Buying the higher end cards may not appear worth it at current difficulty and rates, but these things can change a lot.  Everyone looks like a genius mining with old ASICs now that were being given away for free 18 months ago, but that isn't always the case.  There are so many variables involved in mining, everyone's ideal hardware is different.  Same with people's timeframe and risk tolerance.  Some people mine with old GPUs until they die, others want to game and resell when it's profitable.  You never know what will end up being the best move, but I'm certain it won't be the same for everyone.

Yes, the biggest cost was the new equipment (ie. motherboard, PSU, CPU, frame, ram, etc). My cost basis should go down when I start adding more GPU’s. Though, I’m thinking I should’ve either bought a second hand rig or not went all out on the 3080 and other expensive stuff. You live and learn.

Based on what I have learned, next build, I’ll be using server PSU’s and various other equipment to cut down on costs. That is, if ETH mining is still around and if alt coin mining is as profitable

3500$ for 115MH? This is why I don't like high end GPU for mining, if your ROI is  your first target you need to go for smaller GPUs, with just 3600$ I help someone build 240MH mining rig with 10x gtx1660, I think this is the cheapest rig I've ever build... Anyways nothing spoilt your ROI will only take longer unless bull market erupt once again.

I’ve been investing into crypto for a couple of years already, but this time, recently, I decided to take the plunge into crypto mining. I understood the concept but did not have the time and resources to mine without losses. Well, with ETH mining potentially coming to an end, I decided to pull the trigger on equipment anyway. Reckless, I know

Costly? Yea… didn’t really realize how much total everything was going to cost me until the end. I’ve been fortunate enough to be obtaining older cards (2060’s) for around $10/Mhs (except for that 3080 I purchased in a build) but didn’t realize how much a bare bones rig would actually end up costing! The little things add up. But I’m not too worried because it’s money I had set aside for this “risk”.

So, the cost to me? Just under a grand for a barebones rig. All new equipment except for the 8th gen CPU
Cards? 3080- paid roughly $1700 because it came with a PC (the whole PC was more but needed the comp anyway) 2 2060’s- $400 and $340, and a 1070- $200

All in all, I’m just over $3,500 in this project, churning a mere 115/Mhs ETH and 150/Mhs on ERGO. Yielding about $6 or so a day, $5 after electric…. Hey, at least it’s keeping part of my house warm.

Mind you, I’m new to mining. I’ll pay for the experience, but learning ways to cut unnecessary costs.