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/biz/ - Business & Finance

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4805944 No.4805944 [Reply] [Original]

I am considering selling some of my monero now to buy a GPU to mine more monero with. Does this make sense financially?

>> No.4805971

>>4805944

you should sit on the monero, wait for it to 2x, buy drugs with it and then sell the drugs, turn around and buy more monero, repeat until rich

>> No.4806612

>>4805971
That sounds very profitable, but I’d rather not go to jail

>> No.4806648

Dog you already a criminal for using crypto. Don’t answer the door when you hear that knock

>> No.4806651

>mining monero
retard
you mine shitcoins like zen and etn, sell them for btc (or ltc/eth if that possible because fuck btc fees) and buy monero with it

>> No.4806750

>>4805944
no, because gpu mining monero is literally dead you stupid cuck

>> No.4806773

>>4805944
>Does this make sense financially?
well, it all depends on your risk. from a pure ROI point of view this makes no sense. however, since monero is a PoW crypto, you might have incentive to help keep the network secure. but by holding XMR you will probably make a 5x - 10x greater returns with the money you would have used to buy GPUs.

however, large holders in BTC are usually incentive to buy mining equipment since the rules of the BTC run on that hardware. so financially it doesn't make too much sense. but morally it does.

no idea what i am typing but i high af

>> No.4806829

>>4806651
My friend has been mining monero for the last 6 months with a single rig and has been absolutely killing it. Obviously he made the right call. Do you think hes a retard ad well?

>> No.4806870

>>4806750
Its the only way to mine it now. Cpu mining has been phased out for xmr you stupid monkey

>> No.4806980

>>4805944
It would be a good move if you loaded up on Vegas 56, but that ship has already sailed anon

>> No.4807392

>>4806980
Why cant I just buy one now, it’s $700 at newegg? I used an online mining profit calculator and I would make $2K/year from it so it sound like a decent investment as long as the difficulty doesn’t skyrocket

>> No.4807786

>>4807392
Get a 1070ti and mine equihash. Much more efficient.

>> No.4807926
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4807926

>>4806829
how much more money would have have now if he used the amount he spent on hardware to just buy $XMR ?

>> No.4808247

>>4805944
With this level of meme quality, Monero will never die.

>> No.4808303

>>4805944
if you dont pay electricity then maybe

>> No.4808400

>>4805944
What do your hash rates look like? I'm getting like 650 H/s and it feels like a waste of time.

>> No.4808570

>>4808400
Cards I’m looking at are around 2MH/s

>>4808303
I live in canada and pay $0.20/KWh on peak, and $0.08 off peak. It is profitable at those rates

>> No.4808595

>>4808570
>2MH/s
The fuck? I'm on an RX 480. I know I'm not high tier or anything but are the levels that different or is my setup way less than ideal?

>> No.4808606

>>4808595
I’m just looking at benchmarks for the vega 56 & 64

>> No.4808703

Does anyone know how mining works with Monero and cryptos in general?

Say I'm mining monero 24/7, with a GPU setup at 2400Hash/sec. Do I get the reward of 24 hours of work, or is it something like 23 hours, or lower? I'm using nanopool btw.

>> No.4808731

>>4808606
Welllllll okay, those are also 4x what I paid for mine. That makes sense, but also means I probably shouldn't be mining this. What's the go-to shitcoin right now?

>> No.4808741

>>4806612

don't already know anyone who does drugs? pussy faggot what are you doing on /biz/

>> No.4809100

>>4808741
I never said I don’t do drugs, I just don’t want to sell them