[SOLVED] Mining Ethereum with 5 GTX 1060-good investition?

[Jurassic Park]

Hello guys,

I'm planning to buy 5x GTX 1060 GPU for mining (primary Ethereum),but I'm still very new with all this.
I would like you to help me with hardware choice,because from what i read GTX 1060 is best for mining and i could be wrong.
My current rig specs are:
Windows 7 Ultimate x64
ASUS VG248QE
ASUS Z97-C
Intel i5 4670K
8 GB RAM
ASUS Strix 970 OC 4GB
Coolermaster G550M

Could you tell me do i need new MBO to connect 5 card Risers and what Risers do i even need for GPUs -I'm planning to buy 7 risers (2 for backup).
I would like to know what do i have to buy (except new PSU and GPU) to have mining rig(this is very important!)
Is there better GPU for mining Ethereum and Zcash.
Should i buy 2x GTX 1070 and 1x GTX 1080 Ti or should i stick to 5x GTX 1060?
My electricity cost is $0.14 by day and $0.06 by night,so by your experience when should i get ROI if i pay $3100 for rig?

What hush rate will i get with these GPUs?
What is best software to use for mining Ethereum and what are best adjusts/tweaks?
You can link me good tutorial on internet if you have time.


Since I'm still beginner,i treasure every help i can get,so i would be really,really grateful for good answers.

Kind regards

 

[mdd1963]

Your existing PSU is sure not going to cut it whichever way you choose to go...

 

[InvalidError]

AntMiner and Bitmain have or will be releasing ASIC miners for Ethereum and a few other alt-coins. GPU-mining of those currencies may not be economically viable for much longer, you may not be able to recover your investment before the difficulty increases kick in.

Where do GPUs stand compared to the upcoming ASIC miners? A 1080Ti can do 40-45MH/s on Eth for $1300 while the ASIC miners' marketing claim these will be delivering 200-230MH/s for ~$2500. That's ~2.5X the hash rate per dollar at the current difficulty level.

 

[TJ Hooker]

Many of these answers are trivial to find through googling them (i.e. hashrates for different cards with different coins). There are plenty of eth mining guides out there.

You can use this site to estimate hashrates and current profitability: https://whattomine.com/

You can use this site to estimate future profitability as mining difficulty continues to increase: http://www.mycryptobuddy.com/EthereumMiningCalculator

To use 5 cards with that mobo, you could plug 2 cards directly into x16 slots, and then would need 3 risers (as well as an M.2 to PCIe adaptor).

You will need a new PSU.

 

[TJ Hooker]

AntMiner and Bitmain have or will be releasing ASIC miners for Ethereum and a few other alt-coins. GPU-mining of those currencies may not be economically viable for much longer, you may not be able to recover your investment before the difficulty increases kick in.

Where do GPUs stand compared to the upcoming ASIC miners? A 1080Ti can do 40-45MH/s on Eth for $1300 while the ASIC miners' marketing claim these will be delivering 200-230MH/s for ~$2500. That's ~2.5X the hash rate per dollar at the current difficulty level.

That's really no better (maybe worse) hash/dollar than an RX 580 at MSRP. Obviously RX 580s at MSRP aren't really a thing these days, but it would ultimately depend on what sort of price you can find one for.

Also, I can't find any info on eth ASIC miners other than rumors.

 

[Jurassic Park]

Thanks for answers guys,i really appreciate it.
@mdd1963,i will buy PSU.
@Invalid Error i was planning to buy ASIC but i heard i would have to wait 4-6 months before i receive it,plus 70dB of noise.
@TJ Hooker i will look up for guides,thanks.
From what i calculated,i will get around $150 monthly,and i planning to spend $3100,so i guess it doesn't pay of to mine,because i was hoping to ROI in at least 4-6 months...
Anyway,i will do a bit more research,but i you guys still have some advice,please share it.

 

[10tacle]

Cryptocurrency mining is like any other investment risk. The earlier you get in on it, the better your ROI will be exclusive of your up front outlay expenses. Getting in late as you are wanting to do increases the risk of losing money if the currency crashes or if the market gets saturated and the upward trend starts turning flat.

With that said, Bitcoin and Ethereum have been the two top dogs for a while now. There will be another that will crop up eventually that people will jump towards and it will take off. But nobody knows what that will be or when that will be. Your best bet is to watch industry trends on cryptocurrency and get educated on where the trends are going. Specifically how worldwide governments react to cryptocurrency and regulations. If EU and North American nations start making cryptocurrency illegal for example, it's game over.

And I will finish that thought by saying this: governments do not like what they cannot control. And right now, they can neither control nor monitor who actually is involved in cryptocurrency transactions. For big fat government bureaucracies, that's a big problem because they can't validate who is and who is not paying taxes on transactions. At one time the US government made it illegal to own non-jewelry gold. Keep that in mind.

 

[Jurassic Park]

@10tacle,thanks for answer.
IF i'll went with mining,what GPU should i take by your opinion 5x MSI RX580 8G Armor OC, 8GB GDDR5 for $3200 or 5x Gigabyte GTX1060 WindForce OC 6GB, 6 GB DDR5 for $2470?

I still have a big concern regarding memory type.
Those cards have hynix memory,which only give cca. 16-17 MH/s when it should give around 25 MH/s.
I heard Hynix is worst,and that's a fact,while Samsung one are the best.
Many people complained about Hynix,and I'm very concerned about it.

 

[TJ Hooker]

RX 580s will probably give you aroud ~30% higher hashrate, and in your case cost about ~30% more. So in theory it should take around the same amount of time to recoup initial investment and then have increased profit with the 580s (not taking into account higher power draw). Talking about eth that is.

I have and RX 580 and two 570s with hynix, getting 31 and ~28.5 MH/s respectively.

There's a good change you'll never make your money back mining eth though if difficulty keeps increasing. Not unless the price of eth goes up a fair bit, in which case you probably would have made more money just buying eth with the money you were going to spend on a rig.

 

[Jurassic Park]

RX 580s will probably give you aroud ~30% higher hashrate, and in your case cost about ~30% more. So in theory it should take around the same amount of time to recoup initial investment and then have increased profit with the 580s (not taking into account higher power draw). Talking about eth that is.

I have and RX 580 and two 570s with hynix, getting 31 and ~28.5 MH/s respectively.

There's a good change you'll never make your money back mining eth though if difficulty keeps increasing. Not unless the price of eth goes up a fair bit, in which case you probably would have made more money just buying eth with the money you were going to spend on a rig.

How is possible for you to get 31 MH/s with Hynix,did you make some tweaking or modding?
From everything i read,everybody complained on Hynix memory for slow Hush rate.

 

[TJ Hooker]

Well yeah, everyone mining eth on AMD cards should be BIOS modding their cards to get optimal performance. I adjusted memory straps and overclocked the memory.