Is mining a good Idea???
Greets Streemians !!!
Call for helping hand.
Choosing the Currency
Earlier, I wanted to start mining Ethereum but after little research, I found after november we won't be able to mine Ethereum. It left me double minded. One is i should start anyway, will switch to ETC or some other currency but here came another point that GPU are also specific as per the cryptocurrency like one is best for Ethereum but might not be able to mine XMR at a good hash rate.
Finding The GPU
In last one month of research i came to know names of few GPU that are best in the World for mining .
1. Rx 580
2. Rx 480
3. Nvidia 1060
4. Nvidia 1070
5. 1080 tx
Among these most are out of stock in INDIA and comparatively at very high price. and i have also checked few other components that would be similar for all the currency as well as GPU also.
Motherboard :
H81 PRO R2.0
Biostar TB250-BTC
Biostar TB350-BTC
Z97 Extreme4
MSI Z170A Gaming M5
SMPS : To run 6 GPU power requirement is above 1000kw
I prefer EVGA SuperNOVA G2 1300w 80 Plus Gold Power Supply
This whole rig i found expected cost about $2800. with 6 GPU and best components .
Please advice if i am wrong or you have some better idea. Will be grateful to you ....
I personally think that mining to obtain cryptocurrency is a brilliant idea, as opposed to purchasing.
If you were purchasing cryptocurrency to hold it, then we can only say that mining is a savings machine.
Now if you are looking for profit, I think it isn't a good idea to go with ethereum. Go mine litecoin with ASIC(so you can switch to bitcoin incase anything happens and you need a steady stream). Mining litecoin at current prices and hashrate with an ASIC L3+ is around $1400 a single month. If you want your mining to be more stable and less time consuming, check out giga-watt.com. You can purchase your equipment from them and then send it to their facility where they do all the legwork for you and you just sit pretty while making some tokens.
Thank you so so muchh .. You really helped me .. let me give a try ..
With the price of GPUs right now and the fact suppliers are bring mining gpus out now is not the time to buy 6 high end over priced gpus for mining.
Yes Thats the struggle i am facing .. Whether to buy or not.. Thanks for your suggestion
Mining isnt a horrible idea, but I feel like holding cryptocurrency at this point might be more profitable, gl!
Thanks dear.. i too think same
It depends, if you buy GPUs with high resale values (1080 Ti for example) you can mine for a few months to get ROI + extra and then sell them for 80% of the original price. If your investment doesn't do very well, you may have lost money or gained little, but by mining you can gain and then get most of the money back for the rig potentially.
Or be like me and get lucky, I got 6x1080 Tis for less than $2000, muhaha! ROI in one month and now I'm on pure profit. I might sell my cards in a few months depending on how much they are still earning vs. gains from selling them.
I would say just invest those funds into the coins your mining.
Yes for sure i am going to do that
I'm not very good at this but my good friend @sflaherty might help you out.
Feel free to join us at our chat :)
https://sbcautoinvite.herokuapp.com
Sure friend .. thanks. . lets us talk on chat
Great, just drop by when you have time.
People are very friendly here :)
Hi there! I managed to bought 12 cards Radeon Saphire nitro + 580 for 300$ each one about 4 months ago. Right in one week all the power cards were out of sale or rised their prices about 0,5 per cent pr even higher. What i want to advice to u. Now u will spend lots of money, but u will win if you have 2 mining farm with 6 cards each one. This power is now enough to make money and gather new farms. But if cannot such money, that is not a good idea.
you may read my last post to know which ones are going to be the best choice in July. https://steemit.com/bitcoin/@vikky/top-10-altcoins-going-into-july
Wonderful . Thanks for your advice.. can you lend me one of yours .. ;)
why not Antminer?
Why do Antminer ? Kindly explain
much more professional, higher ROI (I believe?)
All-in-one solution. less headaches =)
ASIC L3+ this has ROI 31 day. Shipping September.
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by cityboy from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, and someguy123. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you like what we're doing please upvote this comment so we can continue to build the community account that's supporting all members.