Mining Rig Worth it?

[lmnvum]

Hello!
Before you hate me for mining please read:

This is a rig idea, soon volta is releasing and miners will be upgrading, hence the prices will go down on gaming cards and i was hoping to snatch some either new or used gtx 1060 3gbs (6-12 depending on prices) as the hash is the same pretty much as the 6gb

I can get almost free electricity sorted through a solar power system which i can get for a fraction of the price and with batteries for nightime too.

I understand eth. Coin will be going obsolete in april or something, therefore id want a rig fo mining other coins that are reasonably solid market value vise.

Will it be worth even considering
The whole system would cost me $4000 aud.


Cheers,


lmnvum

By solid market vise i mean not fluctuating and risky

 

[4745454b]

Most people are going to tell you no way. It seems all these people are buying cards and just throwing their money away. You are going to buy a lot of parts, but at current values it will take you 1/2 a BTC to get that money back. I'd look at your projected hash rates and the difficulty of mining to see how long that would take you.

 

[jaslion]

Hello!
Before you hate me for mining please read:

This is a rig idea, soon volta is releasing and miners will be upgrading, hence the prices will go down on gaming cards and i was hoping to snatch some either new or used gtx 1060 3gbs (6-12 depending on prices) as the hash is the same pretty much as the 6gb

I can get almost free electricity sorted through a solar power system which i can get for a fraction of the price and with batteries for nightime too.

I understand eth. Coin will be going obsolete in april or something, therefore id want a rig fo mining other coins that are reasonably solid market value vise.

Will it be worth even considering
The whole system would cost me $4000 aud.


Cheers,


lmnvum

By solid market vise i mean not fluctuating and risky

The thing is no coin is stable. If a bunch of people are like eh that coin is not worth anything anymore then it is worth nothing all of a sudden.

The way everything is going you would be looking at about 8 months according to data available. The mining bussiness is predicted to start falling apart once again at around may but this time it really looks like it's going to be a big crash.

After the crash the market will be flooded by used cards and suddenly even by selling your equipment you will still lose money due to the low gpu prices.

So all in all. You can go for it since it's still doing decently well but the final burst is incoming.

 

[lmnvum]

Thanks, i looked around a bit, seems pretty bad to mine at all. I just had a spark of curiosity .

I think it was more the hardware geek half if my brain looking for an excuse to own 10+ gpus lol

 

[4745454b]

How could i do that?
Just the biggest noob at this stuff lol

I don't mean to be rude, but your reply tells me you need to read up on this stuff.

I consider people asking this question a bit like people looking for bookkeeping/accounting help. How are you going to run your business if you can't find your breakeven point? I don't know your total hash rate, the difficulty when you mine, total project costs, If you are really going to be electric free, etc. These are things you'll find out when you go to build your rig, and YOU need to know if it will be profitable or not. Or are you really going to trust your $4k AUD to some dude on the internet?

 

[wxxyz]

It's a very personal decision, based on what you think about cryptos, and the long-term viability of them as a whole, and specific coins as a whole.

There are many variables. Aside from all of the ins and outs of what mining GPU to buy and what do they cost and how fast can they mine, there are all the questions of:
a) how much money am I willing to risk
b) what do I think the crypto market as a whole will do - up, down, flat in the next (X) months it will take me to make my money back
c) is it better for me to put the cost of the mining GPUs directly into buying coins, and waiting for the price to increase, without the headache of managing mining rigs etc
d) do I support the whole idea of cryptos and want to be part of securing the network, regardless of if it pays well or not
e) am I looking to start a business, because compared to other businesses, even if it takes 1+ years to get your money back (if prices decrease, if mining difficulty increases too much etc), then what is the risk of this compared to the normal returns for most 'other' businesses?

 

[lmnvum]

It's a very personal decision, based on what you think about cryptos, and the long-term viability of them as a whole, and specific coins as a whole.

There are many variables. Aside from all of the ins and outs of what mining GPU to buy and what do they cost and how fast can they mine, there are all the questions of:
a) how much money am I willing to risk
b) what do I think the crypto market as a whole will do - up, down, flat in the next (X) months it will take me to make my money back
c) is it better for me to put the cost of the mining GPUs directly into buying coins, and waiting for the price to increase, without the headache of managing mining rigs etc
d) do I support the whole idea of cryptos and want to be part of securing the network, regardless of if it pays well or not
e) am I looking to start a business, because compared to other businesses, even if it takes 1+ years to get your money back (if prices decrease, if mining difficulty increases too much etc), then what is the risk of this compared to the normal returns for most 'other' businesses?

yeah im dumping the idea alltogether

 

[wxxyz]

yeah im dumping the idea alltogether

Looks like you have a 1070Ti? Why not just mine with that whenever you're not gaming - should be able to produce $4-$5 per day after electricity costs

 

[lmnvum]

yeah im dumping the idea alltogether

Looks like you have a 1070Ti? Why not just mine with that whenever you're not gaming - should be able to produce $4-$5 per day after electricity costs

I don't know how i feel with my GPU being at 100% load for longer periods as i want it to last me as long as possible :/

 

[4745454b]

That's one of the reasons I'm not mining. If my card dies, it will cost way to much money to replace it.