Too late to look into mining?

yomommayomomma Member Posts: 3
Is it too late to get into mining? I am learning about it, and read about PoS, and wondered if it happened already.

Comments

  • kekekekekekekeke Member Posts: 61
    This question gets asked a lot. It's up to you really. People will say it's too late, but just remember there's always other currencies to GPU mine. If you're interested and you have money to spare, I'd say why not? I'm no expert but PoS hasn't happened yet, it is expected to before 2018 from what I can gather.
  • yomommayomomma Member Posts: 3
    Thanks for the honest answer. You get so many conflicting statements, and I guess I will have to start small and see how I can expand.
  • EtherealmsEtherealms Member Posts: 60
    edited March 2017
    I have been in the same dilemna just getting started. Then I realized there will always be something to mine. For me also it is as much about the fun of it as well, I love playing with hardware and tuning it!
  • LickMyNvidiaLickMyNvidia Member Posts: 36
    One year ago next month everyone said don't do it! ETH is moving to PoS. I didn't listen, and have $6200, after expenses, in my pocket because of it. Like Etheralms said "...there will always be something to mine." If not, you will have had a learning experience. Just don't let it get out of control. Don't take out a mortgage to pay for it, don't "go with-out" to pay for it. If you want to a hobby, give it a try. Hobbies that have an ability to make you money are always better then hobbies that cost money.

    Start small and let it grow on it's self. At the very least it will be fun!
  • yomommayomomma Member Posts: 3
    I think you experience says it all, and the others- who don't recommend it - are a bunch of tools.
  • vgmvgm Member Posts: 53
    If you assume people are intentionally giving bad advice, then you aren't doing your homework! I know from experience, because I'm a miner with multiple 6 x 480 rigs.

    You must consider opportunity cost. Take the amount you spent on your hardware and calculate how much ETH you could have bought at the same time you bought your rigs. I guarantee you would have more ETH from buying outright than you got from mining. Personally, I could have had about 100 more ETH if I had simply bought ETH instead of building my rigs. The opportunity cost of building the rigs means that I lost $5000 in potential profits, which I would have made had I simply bought ETH.

    Anyone who tries to argue against this rational advice isn't bothering to look at the numbers. Numbers don't lie. Don't get me wrong, mining ETH is extremely profitable right now. But the question you should be asking yourself is: will I be better off building a mining rig or buying ETH outright? It all depends on the price of ETH. If you're bullish on ETH and your primary objective is to invest in ETH, then forget the rigs and buy as much ETH as you can instead. If you're more interested in building something or GPU mining in general, then by all means build a rig, as there will always be another coin to mine (ETC, ZEC, XMR).
  • wcryanwcryan Member Posts: 155
    Either way if you buy ETH outright or get into mining its both a crapshoot in terms of whats gonna happen in the future. It could go bad, it could go very well. I think the good thing about mining is if you get your rig paid off from mining over a few months then anything after that is pure profit
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