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25764759 No.25764759 [Reply] [Original]

Is mining worth it? Would like to hear from miners. Considering putting some of my stock and crypto gains into this.

>> No.25764795

>>25764759
No.

>> No.25764900

>>25764759
only if you are a chink

>> No.25764965

>>25764759
I mined from 2017-2019. At my peak I had 450TH/s. It was not worth it, I made money still but would have been far better off just buying Bitcoin outright with my original investments.

If you don’t have access to power less than $0.02 Per KwH don’t do it. If you have a lot of land where you could install wind or hydroelectric farms it could also be worth it.

>> No.25765090

>>25764965
did you only mine bitcoin? i was thinking of mining altcoins im holding longterm (>1 year) due to less competition. For reference the biggest, by mcap, i was looking at is Monero.

well my family and i are looking at buying un/derdeveloped real estate. if i laid out the right numbers im sure theyd be down for it. my starting capital would be $50k.

>> No.25765118

>>25764759
I kept hearing it wasnt worth it, although I really wanted to do so. I dont have the technical knowhow or cheap enough power to run a huge operation. knowing those two facts i bought two miners from coinmineone, its just plug and play and it has an app so you can see what your mining. i spent rough y $1,500 last year. i have been mining ETH and BTC, recently the two miners have just paid for themselves, SATs wise. of course the obvious, the higher the price the faster it will pay for itself, but since i am a big believer that crypto has a big place in the world in 5 10 or 20 years i dont mind holding my coins for retireement. its up to you really, the initial cost is pretty big and like anything there could be a downturn and your not making your investment back for a decade.

>> No.25765213

>>25765118
thanks broski ill check them out.
that's the same reasoning im looking at mining. when crypto is that big im gonna wish i had been mining.

>> No.25765309

>>25765090
Yes I only mined Bitcoin. ASICs for altcoins are WAY harder to get and they are closely held secrets. GPUs are way too expensive to mine altcoins efficiently. Don’t believe that BS that Monero has no ASICs, I promise you that some people have created ASICs for monero and they massively outperform GPUs.

If that real estate has a fast flowing river it could be good for a small used hydroelectric damn. They can be found pretty cheap, the windmills are harder to get but can also be found used.

Hydro is easier to set up from scratch. 50K wouldn’t be nearly enough starting capital though. We’re talking 300K+ minimum if you are going to setup your own power source. Land in West Texas is great for cheap wind energy and many of the power companies out there are now selling unused power to Bitcoin miners but if you wanted to get a good contract you’d need to be consuming >1MW which 50K won’t get you that kind of draw. Need way more machines.

With 50K you could set up some covert mining OP in venezula or Iran but good luck LMAO.

>> No.25765455

>>25765213
np op. i think our best bet is a smallish operation, with a plan hold date of ....forever. 9/10 i talked to kept telling me it wasnt worth it, you wont make any money, small operations are useless there is a lot of FUD around mining.
i say if its something you really want to do, then do it, like i did. im looking pretty good now when BTC is ATH, but up until the past few months it was looking like it would take 2 plus years to pay off my initial. i dont know how long these miners are going to be viable for but i am looking at this as just a small part of a diversified portfolio going into middle age and then retirement.

>> No.25765718
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25765718

>>25765309
noted. i can do 300k if i liquidate more of my portfolio, i'd just have to be more sure.

interesting, we were actually already looking at land right outside the Texas Triangle cities.

how much land we talking? Considering land + building a equipment facility on top, we could squeeze something in the 10 acre range.

power supply im unfamiliar with so id have to contact professionals.


>>25765455
2 years is way way way in my timeframe. i was expecting something like 5-10 years so that's actually good news. how was ETH mining compared to BTC? i dont want to touch BTC because its so popular.

>> No.25765782

>>25764965
>I made money still but would have been far better off just buying Bitcoin outright with my original investments.
i hear this from everyone mining
"i should have just spent the money directly on the coin in question"

>> No.25765797

>>25765718
great question, i was mining ETH and moved into BTC recently because i was losing SATS. im about to move back into ETH as there is now a noticibally slow down in my mining of BTC, which just happen recently like the past week or two, you can tell every one is dog piling into BTC, so your right time to switch

>> No.25765902

>>25764759
>Is mining worth it? Would like to hear from miners. Considering putting some of my stock and crypto gains into this.

Only if you can either A: find good mining hardware for a low price and/or B: Have enough space and power to plug that shit in at a reasonable cost. You could have a rig or 2 in your house or you could have a full scale op in a garage you rented out or anywhere inbetween.

If you can find a rig that can pay around 15 usd a day that costs around 2 grand that would be a good deal. Its possible to find on used marketplaces but id be cautious

>> No.25765975
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25765975

>>25765797
yeah competition is fierce. MARA and RIOT gaining steam makes the little guys' chances so slim. im sure theres some correntional relationship # of miners to # of avg 24 hr volume for a given crypto.

coinmine only supports 6, do you know if theyre gonna add support for others? their current basket looks unappealing outside ETH/XMR mining.

>> No.25766030
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25766030

>>25765902
one of my business partners already runs machine heavy ops (different industry). we talking like 1-3 office rooms of mining equipment? if so 100% doable.

>> No.25766186

>>25764759
No, for an individual mining is not worth it. If you have enough to invest in a true mining rig, you’re better off just buying BTC or ETH.
However, if you’re a gamer and already have a decent card (3060 or higher) plus low cost electricity, something like NiceHash is a way to earn a little money. I lucked into a 3080 at Best Buy. Set it up to hash on new year’s. Currently making around $7/day after electric costs. Will pay off the card in 3-4 months and the rest will go into coins towards my next upgrade.

>> No.25766193

>>25765975
im not sure, coinmiine is the apple of the crypto mining world. expensive, easy to use, good customer service, works. like i said i dont have the technical know how and its not feasable for me to run a large operation so this fits, for me. send them a message, they always get back to me right away

>> No.25766319
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25766319

>>25766186
thanks i like the sound of those numbers.

>>25766193
appreciate it broski. me thinks coinmine is a good enough place to start.

>> No.25766639

Do you live in a third world country? do you have money to mine eutheruem right now? Can you get free electricity?

I started mining at the beginning of December. I make no realistic profit because expansive electricity. if I lived outside of city and state my profits would not be over 10%

For now mining is a noisy mistake I've "invested"

I'm going to install solar panels before the next month. 6 panels 300 watts each, will help me hash 23ths the hour.

Just put your money in the crypto. Mining takes a lot of decisions and calculations that if not executed properly will make you question your entire life.

>> No.25767747
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25767747

>>25766319
If you do grab a 3080, look up online how you tweak it for mining. You actually under clock the gpu, decrease power to the gpu and over clock the memory. Ends up with lower power consumption but a higher hash rate. Nicehash has very good setup guides on their site. Plus you’re paid in Bitcoin, which is nice. Pic is earnings starting Jan 1st and running only when my computer is idle.