Mining advice needed

[Prepper]

Hi. I'm in need of some advice to know what steps to take. I'm completely new to crypto mining, and I've only watched a couple of videos pertaining to building rigs, so my knowledge is very limited on this topic. My question is, with a budget of approximately R90,000, is it possible to build a mining rig with the capability of earning about R9000 a month? Taking into consideration Ethereum moving to 2.0, and GPU cards being extremely difficult to come by.

If it is possible, what would be the best GPU cards to get (with my budget), and what would be the cryptocurrency to mine?

Thanks in advance.

 

[Confucius]

Go over to whattomine and select some quantities of gpus and see what it comes out with. 9k a month is around 20 usd a day currently. You would need around 350 MH on ethereum for that based on current profitability. You could fit that into your budget if you can find cards though. Beware, there’s a lot of scammers around.

The problem is no one knows what crypto is going to do next week or next month, it could go bust and you can’t mine anymore as it’s no longer profitable. I would therefore suggest to get gpus that at least are able to retain some value when that happens. Rx580 and 1060 were selling for around 2k a year a bit ago. If markets crash, they going to be worth less than that. They also come with no warranty.

 

[daveywen]

i would say 10% investment return is very hard now, unless you score some very cheap cards and no electricity cost

 

[Prepper]

The issue is that I would be purchasing the rig/components with my credit card, so I wouldn't be able to purchase the GPUs second hand from other users, that's why I would need to be able to mine an amount sufficient to cover the monthly installments and have an additional extra.

The only up side is that I will be setting the rig up on a farm that's run primarily through solar power and wind turbines, so I wouldn't have to worry about the electricity costs.

I was told by a guy that if I purchased a rig with two 3070 gpus I would be able to mine 1 BNB coin per month, and the current value of the coin is about R8200. But like I said, I'm totally new to mining, so I don't know what's true, that's why I'm here to get advice from people who know better.

 

[Oj0]

Doing into debt to mine is the worst idea I’ve heard in 2021, and we’re right at the end of the year.

 

[AinsleyHarriott]

Yeah, what the midget said. Only spend what you are able to lose.

 

[Prepper]

That's why I'm asking if it's possible to earn enough to repay the debt. I wouldn't do it if it was not possible.

According to my limited understanding, based on a search I did using nicehash, two 3070 gpus and about six 1660s should mine enough bitcoin to pay off the installments. That is what made me consider this. If electricity costs were including I'd be breaking even, but without the worry of electricity costs I'd be able to cover that and generate a profit.

But if I'm mistaken and mining isn't as simple or accurate like what's shown on nicehash, please let me know what I'm getting wrong.

 

[solz]

like the guys said before.

it's really an unknown. yes stats say its possible. but if tomorrow your cards/rig is unable to mine will that be fine with your debt? but who know might work for the next 10month and you end up paying it off. but no one really knows.

hence spend what you can afford to loose. if you fine paying off the credit card if the cards stop mining due to unforseen circumstances. and note if the mining on cards goes down south so would their resale value. (that's what I'm waining for, but I but been a long wait)

 

[Confucius]

The issue is that I would be purchasing the rig/components with my credit card, so I wouldn't be able to purchase the GPUs second hand from other users, that's why I would need to be able to mine an amount sufficient to cover the monthly installments and have an additional extra.

The only up side is that I will be setting the rig up on a farm that's run primarily through solar power and wind turbines, so I wouldn't have to worry about the electricity costs.

I was told by a guy that if I purchased a rig with two 3070 gpus I would be able to mine 1 BNB coin per month, and the current value of the coin is about R8200. But like I said, I'm totally new to mining, so I don't know what's true, that's why I'm here to get advice from people who know better.

2 3070 gpus are definitely not going to make you 8k a month. you will need more like 6 of them to get that return.

whattomine and nicehash show a daily income of around 6.5 usd for 2 cards. At the current exchange rate that's about R100 a day which is R3000 a month. However 3070 non LHR cards are hard to come by second hand and close to impossible to find new.

If I were you, I would get 1 or 2 cards which if things go south, I can still recover from the debt. Dont spend 90k on a credit card at 15 - 20% interest which costs you around an average of R1200 - R1500 a month just to service that debt.

 

[Oj0]

Spend the R 90k if you don’t NEED a cent of it back. If you can afford to repay it without returns, you don’t need to go into debt to buy the rig/s. Ergo, don’t do it. Going into massive debt without guarantees of returns and clearly without knowing what you’re doing is borderline Darwinism at its finest.

/waits for the Back-a-Buddy or Go Fund Me page popping up in a few months

 

[Xzaine]

That's why I'm asking if it's possible to earn enough to repay the debt. I wouldn't do it if it was not possible.

According to my limited understanding, based on a search I did using nicehash, two 3070 gpus and about six 1660s should mine enough bitcoin to pay off the installments. That is what made me consider this. If electricity costs were including I'd be breaking even, but without the worry of electricity costs I'd be able to cover that and generate a profit.

But if I'm mistaken and mining isn't as simple or accurate like what's shown on nicehash, please let me know what I'm getting wrong.

HI, I have moved over to nicehash 6 Jan 22, whats send me an inbox with your number i will show some screenshots, i have 1 1660 ti and 2 x 1650's and a amd card and am doing between R40 and R50 per day

 

[Dirtdiver]

Firstly dnt do it on credit. Statistically it's dumb right now. Risk vs reward, is a decision you make for your self. That said people who make it big who are a small percentage are the risk takers, buts there is some sort of calculation.

Secondly do you have an understanding of hardware and software, or just a general user? There will be troubleshooting involved.

Unfortunately most people who are losing are the ones who never build used a PC in their life but who's neighbor is an expert.

Do more homework or pay someone reputable to do it for you, which comes with added costs. Becareful of scammers on Carb.