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Worth it to start Mining now?

Worth it to start mining now?

  • Yes

    Votes: 4 44.4%

  • No

    Votes: 5 55.6%
  • Total voters
    9
  • Poll votes is visible for users with special permission.
  • Poll closed .
CoolRunnings

CoolRunnings

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Hi all ,

I am thinking of buying my first mining rig and are a bit sceptical

Is there a way to make it cost effective and any tips will help.

Thanks
 
Hi,

It depends on a few things:
  • Do you pay for electricity?
  • Do you have cash laying around or plan to do a loan?
  • Do you have properly ventilated room the rig will stand?

  1. Electricity is key here, at the moment mining is profitable with Eskom price as it stands. But the question is for how long would mining be profitable. I haven been miner for over 3 years with about 120 GPU`s, lucky I don`t pay for the electricity used so that is a bonus. There are times where mining profitability will drop significantly and you will barely cover your electricity costs. This is where you decide, is it for hobby or for income. Believe me if I say it dropped, it dropped so much that most miners in SA stopped mining and sold their hardware for next to nothing.
  2. If you have cash laying around, this would be better. Even with the ROI now, you would make your money back in 6 months. But this is a gamble. I went through a 14month period where I almost sold all my rigs because it was simply not worth it anymore. But then picked up again and squashed all the loans. If you are planning on mining, be careful that the mining don't become an addiction, I have seen many people recently buying cards left right and center because there is high RIO over the recent months. Not keeping in mind that EIP 1559 is in the near future. This could lead to many miners failing as the RIO would drop. Key aspect here is, if you do plan on mining, don`t buy hardware just to mine ETH strong. Look at cards than can mine other coins just as strong or slightly less profitable as ETH. NVIDIA cards are good options for this. I am replacing all my AMD cards with NVIDIA going forward purely because of their flexibility for mining other algorithms.
  3. Ventilation and Dust control is key, you need to have a rig in a properly ventilated and dust free as possible room etc. Dust is and Heat the biggest GPU killer. If you can manage to prep a room with both then you should be good to go. Every 3 months you should clean your cards with compressor just to get majority of the dust off the components. Dust becomes like a blanket and sky rocket your GPU heat.

Hope this gives you something to go by. Personally, think about why you want to mine, do your homework and reach out to experienced miners who`s been through the hard times..

Regards
Logicalray77
 
CoolRunnings said:
Hi all ,

I am thinking of buying my first mining rig and are a bit sceptical

Is there a way to make it cost effective and any tips will help.

Thanks
Click to expand...
Go on nicehash profit calc, look what you can earn, put your kw/h costing in,
and decide if it is worth it
 
logicalray77 said:
Hi,

It depends on a few things:
  • Do you pay for electricity?
  • Do you have cash laying around or plan to do a loan?
  • Do you have properly ventilated room the rig will stand?

  1. Electricity is key here, at the moment mining is profitable with Eskom price as it stands. But the question is for how long would mining be profitable. I haven been miner for over 3 years with about 120 GPU`s, lucky I don`t pay for the electricity used so that is a bonus. There are times where mining profitability will drop significantly and you will barely cover your electricity costs. This is where you decide, is it for hobby or for income. Believe me if I say it dropped, it dropped so much that most miners in SA stopped mining and sold their hardware for next to nothing.
  2. If you have cash laying around, this would be better. Even with the ROI now, you would make your money back in 6 months. But this is a gamble. I went through a 14month period where I almost sold all my rigs because it was simply not worth it anymore. But then picked up again and squashed all the loans. If you are planning on mining, be careful that the mining don't become an addiction, I have seen many people recently buying cards left right and center because there is high RIO over the recent months. Not keeping in mind that EIP 1559 is in the near future. This could lead to many miners failing as the RIO would drop. Key aspect here is, if you do plan on mining, don`t buy hardware just to mine ETH strong. Look at cards than can mine other coins just as strong or slightly less profitable as ETH. NVIDIA cards are good options for this. I am replacing all my AMD cards with NVIDIA going forward purely because of their flexibility for mining other algorithms.
  3. Ventilation and Dust control is key, you need to have a rig in a properly ventilated and dust free as possible room etc. Dust is and Heat the biggest GPU killer. If you can manage to prep a room with both then you should be good to go. Every 3 months you should clean your cards with compressor just to get majority of the dust off the components. Dust becomes like a blanket and sky rocket your GPU heat.

Hope this gives you something to go by. Personally, think about why you want to mine, do your homework and reach out to experienced miners who`s been through the hard times..

Regards
Logicalray77
Click to expand...
If you don't pay for your electricity, who does?
 
What do you want to mine?
Also setting expectations of one, or even a handful of machines, you're not going to see huge incomes.

Best to run throug some calculations, decide on a sell strategy or consider re-investing it back into more machines, and prepare for lots of electricity bills.

Also consider buying crypto and holding it.
 
Don't invest money you can't afford to lose.

We are currently in a bull run for the next few months or until btc drops.

You could wait for the next bull run [2024] or try your luck before eth 2.0 comes into full swing.

of course there are other High Risk, High Reward alternatives to mining

deFi
pancake
uniswap

the list goes on, but remember this is not financial advise.
 
Getting a new PS 5 in March so I am considering using my old PC as a mining rig instead of selling it. Currently have an I3 9100f, and GTX 1660 Super. Found this link not sure how much electricity costs but assuming I can make 1.5 dollars a day (12 hours mining) that's around R 8000k in a year which is slightly below the PC's value so it seems to make sense. You guys find Ethereum or bitcoin more profitable ?


NiceHash - Leading Cryptocurrency Platform for Mining and Trading
 
L-Dog said:
Getting a new PS 5 in March so I am considering using my old PC as a mining rig instead of selling it. Currently have an I3 9100f, and GTX 1660 Super. Found this link not sure how much electricity costs but assuming I can make 1.5 dollars a day (12 hours mining) that's around R 8000k in a year which is slightly below the PC's value so it seems to make sense. You guys find Ethereum or bitcoin more profitable ?


NiceHash - Leading Cryptocurrency Platform for Mining and Trading
Click to expand...
In this current btc bull run, eth is more profitable to mine at home.

Just make sure you are aware that once eth hits 2.0 your mining rig will be rendered useless when mining eth.

Other coins to consider are Ravencoin for Gpu mining or XMR for Cpu mining.
 
I'm not a financial adviser, but I do watch a guy on YouTube called Allesio Rastani, a chart analyst. One thing he said is "not to catch a falling knife". You have a good chance to get hurt, or in this case, lose a lot of money. The other thing he said is that investors have a saying: "sell in May and go away". If you look at past charts like Bitcoin, Stockmarkets, Gold, etc, there seems to be a general pattern that suggests that markets tend to go bearish (drop) from May until October, where after the "Halloween effect" kicks in and markets tend to go up again.

I am fully siding with Lucy above. I personally would rather save the cash and buy the newest next generation RTX40.. / RTX50.. series graphics card and start mining end of 2023 / 2024 when the (potential) next bull run will be.

For now, use what you got. Even if it's 1 GPU, use that to make a small income and save it for your future mining rig.
That is just my personal take on the matter and that's my personal strategy.
 
L-Dog said:
Getting a new PS 5 in March so I am considering using my old PC as a mining rig instead of selling it. Currently have an I3 9100f, and GTX 1660 Super. Found this link not sure how much electricity costs but assuming I can make 1.5 dollars a day (12 hours mining) that's around R 8000k in a year which is slightly below the PC's value so it seems to make sense. You guys find Ethereum or bitcoin more profitable ?


NiceHash - Leading Cryptocurrency Platform for Mining and Trading
Click to expand...
Hey there.
First off, take Nicehash calculator results with a grain of salt.
The profits they are showing are a bit inflated.
(FYI: approximate power costs +- R1.92, depends on where you stay or if you're using a prepaid meter ;) )

For example. I'm mining with a GTX 1080ti.
Nicehash is showing I'll earn R67 a day, but the app on my PC shows R56.
To match the price on Nicehash calculator, I had to adjust my power cost to 5.4.

Using that same equation for your card shows that you could earn +-R36 a day / R1200 a month.
So yeah, it will be worth it to use it for mining, at least for now :)

ETH is worth mining with NVIDIA cards, but as another user said, all of this might change when ETH 2.0 comes out.

Hope this helps.
FYI, I ain't no expert. This is my personal opinion from my personal experience in the last month I've mined.
 
That yip think I will try mining etherium for a month and check it out. Will probably not mine 24/7 as I will still be using the PC for media and occasional gaming but an extra R 1000 - R 600 a month won't hurt.
 
Hey guys any software you guys can recommend ? I start using Nanominer last night but I see you can only withdar 0.05 etherium which is basically a months worth of mining on my rig. Any better programs or one's that lets you withdraw earlier ?
 
L-Dog said:
Hey guys any software you guys can recommend ? I start using Nanominer last night but I see you can only withdar 0.05 etherium which is basically a months worth of mining on my rig. Any better programs or one's that lets you withdraw earlier ?
Click to expand...
I personally use Nicehash.
It's easy to use and you can withdraw from BTC 0.001.
Not sure exactly what withdrawal percentage fees are, but it's about R15 on the above-mentioned Bitcoin amount.
 
Hi all

I am also thinking of starting out. Played around with NiceHash when I got my gaming PC to see how it works. (1070Ti) and made about R200 in a few days. Sold the card and now I'm selling the PC as well.

I got a custom built mining chassis/frame for free that can do up to X6 GPU's and I'm thinking of picking up the following:

Cooler Master Vanguard 1200W PSU
Biostar TB250-BTC Pro Mobo
Intel Celeron G4930 CPU
X2 Corsair 4GB 2666MHz Vengeance LPX
X1 Transcend 120GB SSD
X1 RTX 3060Ti to start off with

Start off cost is about R16k - R17k, if I buy everything new.

I then want to get a backup power system installed to have it run constantly, which I still need a price on, because Eskom is a bitch. And then lastly I need to figure out cooling for the rig.

I will add GPU's as I have enough money to buy more.

Any advice on if I'm doing it right and what I could do/buy to have a better startup rig?

André
 
Well with BTC just smashing pass 51000usd ask your self why have you not started already > ?
 
Why dont you take the money you going to invest in hardware and purchase Cryptocurrency that you trade with? Just my 3 cents but I have doubled my wallets since December and I have barely done any research. Buy low, sell high?
 
Notorious_ZA said:
Why dont you take the money you going to invest in hardware and purchase Cryptocurrency that you trade with? Just my 3 cents but I have doubled my wallets since December and I have barely done any research. Buy low, sell high?
Click to expand...
It's at an all time high atm... Not a good time to buy? Thing is I only have the money now to start out. Didn't have it before the spike.
 
andreslabbert22 said:
It's at an all time high atm... Not a good time to buy? Thing is I only have the money now to start out. Didn't have it before the spike.
Click to expand...
Yeah agreed but for now work on small percentages. There's lots of other coins to look at other than Bitcoin and Ethereum. Bought a coin last week and made like 33% on my investment. FYI I am just doing small trades with like 20-30$ at a time. Nothing huge literally only started in December so still learning.
 
Notorious_ZA said:
Yeah agreed but for now work on small percentages. There's lots of other coins to look at other than Bitcoin and Ethereum. Bought a coin last week and made like 33% on my investment. FYI I am just doing small trades with like 20-30$ at a time. Nothing huge literally only started in December so still learning.
Click to expand...
Which coins would you suggest trading with?
 
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