Is it worth making a mining rig now ?

2

Comments

  • kotariuskotarius Member Posts: 331 ✭✭✭
    Marvell9 said:

    Hash rate dropped a bit recently I now know why, the recent DAG has halved the perforamce of the old 7950 cards down to 7.8 mhs from 15 mhs

    Everyone's 7950s are still at 17mh or so on ethOS. If they are ay 7.8mhs for you, something is wrong (unrelated to DAG).
  • newmznewmz AustraliaMember Posts: 299 ✭✭✭
    cviper said:

    otox said:

    Not sure where people are getting the 4-8 month pos thing. According to the devs pos wasn't going to hit until late 2017, early 2018. Unless they have shifted their timeline I don't see it happening any sooner...

    @otox
    i readed on 1 blog interview with vitalik and he said early 2017
    Where did you readed late 2017?
    POS isn't the only thing standing in the way if you are planning on starting now. As @SWDude26 said above, the difficulty is rising rapidly. So many people on this forum are asking questions about using the new RX cards for mining so all that extra hash-power adding to the network is basically competition for blocks and that's only going to get worse.

    I really think that if I was new to this I definitely wouldn't spend a lot of money, unless it was just for fun. I got into this quite a few months ago and at first it was just for fun and because it was so interesting but since it worked I gradually expanded. Recently though, I've been concentrating on improving efficiency and power consumption vs. hash-rate. I had a couple of 280Xs and I sold them because they just aren't worth it any more.
  • adasebadaseb Member Posts: 1,043 ✭✭✭
    You probably WON'T lose money by starting now, however you will most likely waste a whole lot of time buying everything...setting up ... maintaining ... and then the headache of selling all that equipment on Craigslist or eBay.

  • newmznewmz AustraliaMember Posts: 299 ✭✭✭
    adaseb said:

    You probably WON'T lose money by starting now, however you will most likely waste a whole lot of time buying everything...setting up ... maintaining ... and then the headache of selling all that equipment on Craigslist or eBay.

    OK... if you consider that we can only mine until POS happens, which may be 4 months away, or maybe 6-8 months if we are lucky. How do you work out that you won't lose money starting now? Unless the ETH price goes way up of course. Even if it went to $15 - imagine buying everything to build a rig now, and start mining tomorrow. Do you really think you would make back what you spend in 4-8 months? Remember that difficulty is rising rapidly again.
  • oakey22oakey22 Member Posts: 50
    newmz said:

    adaseb said:

    You probably WON'T lose money by starting now, however you will most likely waste a whole lot of time buying everything...setting up ... maintaining ... and then the headache of selling all that equipment on Craigslist or eBay.

    OK... if you consider that we can only mine until POS happens, which may be 4 months away, or maybe 6-8 months if we are lucky. How do you work out that you won't lose money starting now? Unless the ETH price goes way up of course. Even if it went to $15 - imagine buying everything to build a rig now, and start mining tomorrow. Do you really think you would make back what you spend in 4-8 months? Remember that difficulty is rising rapidly again.
    Also remember that you have equity in the rig you built. This can be sold and you will not lose money overall.
  • adasebadaseb Member Posts: 1,043 ✭✭✭
    newmz said:

    adaseb said:

    You probably WON'T lose money by starting now, however you will most likely waste a whole lot of time buying everything...setting up ... maintaining ... and then the headache of selling all that equipment on Craigslist or eBay.

    OK... if you consider that we can only mine until POS happens, which may be 4 months away, or maybe 6-8 months if we are lucky. How do you work out that you won't lose money starting now? Unless the ETH price goes way up of course. Even if it went to $15 - imagine buying everything to build a rig now, and start mining tomorrow. Do you really think you would make back what you spend in 4-8 months? Remember that difficulty is rising rapidly again.
    Even if that happens you can always resell the GPUs to gamers. Even if you sell them for half of what you paid for. And even if you lose some money, it will be a very small loss. You will waste valueable time however. That's one reason why I am not upgrading because its not worth the hassle to make $100 net profit per GPU in 6 months.

    Money wise its seems like a very low risk investment.
  • trump104trump104 Member Posts: 125 ✭✭
    More and more i see people talking about PoS at the start of 2017 is it true or are people just talking gossip?
  • otoxotox Member Posts: 41
    trump104 said:

    More and more i see people talking about PoS at the start of 2017 is it true or are people just talking gossip?

    There's no specific date, if you are really concerned about pos you should mine etc as they have committed to pow during their conference.
  • trump104trump104 Member Posts: 125 ✭✭
    otox said:

    trump104 said:

    More and more i see people talking about PoS at the start of 2017 is it true or are people just talking gossip?

    There's no specific date, if you are really concerned about pos you should mine etc as they have committed to pow during their conference.
    Not really concerned, its just that i sow a lot of people talking abour PoS thats gonna happen in 3-4 months and just wanna know if its people full of shit or i missed some news.
  • otoxotox Member Posts: 41
    It's people full of shit cause as now there's no way to know without uncertainty when it will happen. If it does btw treey are tons of other coins to mine.
  • jottyjotty Member Posts: 1
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  • newmznewmz AustraliaMember Posts: 299 ✭✭✭
    It's true that we don't know the exact date of POS but we do know that the core developers want to swap over as soon as they can to stop all the excessive usage of electricity that mining causes. It's supposed to be for environmental concern but it also allows the POS stakeholders to make a lot of money.

    Even without POS if the difficulty continues to rise like it has been lately - and it will as the price recovers - it just won't be worth mining soon because your hashrate will cost more in electricity than it pays in ETH.
  • mine_ethmine_eth Member Posts: 45
    I am reading the forums all over again :)

    I plan on building my first rig soon, but the POS date keeps me back.

    How smart is it to spen money for GPU right now? Also, what would happen to mining after eth hits POS? Would it be worth it to mine a different currency? Would maybe a new currency come to life on the market? Or thats it?


    Thanks
  • YogiYogi Member Posts: 147 ✭✭
    It depends on your goals and I've said this before.
    if you want to learn some stuff, spend some time putting it all together and building something cool then I think it's ok to build a 6gpu rig now.

    I wouldn't go higher than that.. at that point it really becomes about making money. My honest opinion is you would get more ETH by just buying the ETH than buying GPU's and mining. But get it soon while it's cheap. I think it will maintain current price for a bit but will go up long term.. maybe even significantly.
  • mine_ethmine_eth Member Posts: 45
    Yogi said:

    It depends on your goals and I've said this before.
    if you want to learn some stuff, spend some time putting it all together and building something cool then I think it's ok to build a 6gpu rig now.

    I wouldn't go higher than that.. at that point it really becomes about making money. My honest opinion is you would get more ETH by just buying the ETH than buying GPU's and mining. But get it soon while it's cheap. I think it will maintain current price for a bit but will go up long term.. maybe even significantly.

    Well yes, partly I want to invest in a new hobby, but at the same time I'd like to get something in return. What do you think, after how long and by how much is it expected for ETH to rise?

    Lastly, what about the second part of the post. What happens with the hardware afterwards? Any good alternatives for mining? Or just sell it, or store it for better days?
  • breathesumetherbreathesumether Member Posts: 20
    A hobby is something you do for fun and not expect any income. If you decide to quit you can sell your rig piecemeal on ebay for half what you paid for. Or mine some other coin. Out of 700 cryptocoins, only 2% are profitable, but you're mining for the future, right? Who knows what coin will be the next blockbuster? So pick your lucky winner!

    Check this link out
    https://www.whattomine.com/
  • ZiljZilj Member Posts: 61
    Starting a new mining farm now... start will be 60x RX480 8gb cards

    I've been mining with 2-3 rigs for a few months, still worth it to me :) once ethereum becomes non profitable there will be something else. check out my intro vid if you want to follow -
  • hasherhasher Member Posts: 642 ✭✭✭
    edited October 2016
    @Zilj Good luck in keeping all those cards cool with that tiny air conditioner. I have a massive 48000BTU 3-phase Carrier aircon struggling to keep 8 rigs cool (about 1.5GH) - and the only reason why they're still barely running is because i've had to install fans on each rig to keep the flow of cool air running through the cards and expel the heat ASAP. My mining room is tiny, and the temps inside the room is still 32-33C *with* that aircon running. Just thought i'd give you a heads up before you jump into this..

    The additional 1GH of my farm has been spread amongst different rooms in my house with individual aircons running in each room, as it just wasn't going to all work in the one mining room as I had originally planned.. Sure the 480s can be reasonably cool, but once you start getting a lot of them running close to each other, you will quickly learn that heat dissipation and expulsion from your room will be your number one priority.

    Best of luck mate, you'll need it.
  • blackwolfblackwolf EarthMember Posts: 86
    trump104 said:

    More and more i see people talking about PoS at the start of 2017 is it true or are people just talking gossip?

    the developers said that POS will happen before Nov. 1st 2017. thats the best they have given us.... but based on Nov 1st as the deadline... i doubt that POS will come in 1st or even 2nd quarter of 2017
  • bluelogicbluelogic Member Posts: 86
    edited October 2016
    I would only build a rig now because you want to get into mining, not to mine only ETH. The difficulty is over 100 now which means low end miners are at the point were you could buy 4 x R480s ($880) or just outright buy the ETH (73) which would take over 7 months at current difficulty. That could easily move up to the Nov 1st, 2017 mentioned above, so buying now is really the lowest you can buy before ETH sinks or swims. You will not ROI unless you hold now since the only way to ROI is ETH's success.

    Now if you want to build to say mine: Ripple,Monero,Dash than go for it. You can even share the mining load between them and diversify, this is the whole point....to find the next coin.
  • ursul0ursul0 Member Posts: 54
    I think POS is currently planned for the summer of 2017
  • mine_ethmine_eth Member Posts: 45
    bluelogic said:

    I would only build a rig now because you want to get into mining, not to mine only ETH. The difficulty is over 100 now which means low end miners are at the point were you could buy 4 x R480s ($880) or just outright buy the ETH (73) which would take over 7 months at current difficulty. That could easily move up to the Nov 1st, 2017 mentioned above, so buying now is really the lowest you can buy before ETH sinks or swims. You will not ROI unless you hold now since the only way to ROI is ETH's success.

    Now if you want to build to say mine: Ripple,Monero,Dash than go for it. You can even share the mining load between them and diversify, this is the whole point....to find the next coin.

    And since I am not that "educated", will there be another profitable currency after ETH, or nobody knows?
  • bluelogicbluelogic Member Posts: 86
    @mine_eth nope, but let me know if you fine out so I can be rich as well.
  • banzsoltbanzsolt Member Posts: 41
    @mine_eth here is a list what I usually follow:
    http://www.coinwarz.com/cryptocurrency

    The things you are interested in is the Revenue/Profit column, but also the exchange rate and the current difficulty columns. Combine all of those 3 and decide yourself what is the best one to mine :)

    Higher Exchange => increase in profit
    Lover difficulty => increase in profit
  • cidmocidmo Member Posts: 446 ✭✭✭
    not really sure why everyone is so ready to jump in now after recalculating
    per card i think im making less right now than i did on quark last summer
    electricity is higher but i remember making over $2 per card last year
    right now diff and hashing is so flooded that ur making less than that per card per day
    makes sense for ppl mining to continue but if u do hop in now from nothing be prepared for what happened last fall
    last fall unless u were mining with nvidia u were in and out of profit day to day
    i shut down what lil i had a bunch and at times was only running 3 750tis which were only pulling $.40 a day each
    as many have said here just be cautious, u could dump $10k into mining right now basically setup and mine for a month and already be out of daily profit
    but eth price could skyrocket or fall and change things fast
  • cvipercviper Member Posts: 132 ✭✭
    Its not the PoS you should be afroid of guys , its the ICE AGE.Difficutly bomb will start soon and we will get like 30-50 sec block time compared to 14.5sec now wich means 80$ for 6x rx480 rig per month without taking eletricity into count.
    PoS ofc will be the end of ethereum mining when nobody can profit from it
  • bluelogicbluelogic Member Posts: 86
    cviper gives another reason that starting from scratch now it way to risky; however, if you intend to mine consider mining other currency. Now what http://www.coinwarz.com/cryptocurrency doesn't tell you is what the next best thing it. Some of the loses on their could be winners in the future that does haven't popped yet. I will mine ETH until there is no profit. Every dollar does matter and if you live in the US you got taxes to pay. If you own ETH less than a year you are looking at up to %40 in taxes. So create a spreadsheet and determine your true cost.
  • retherrether Member Posts: 258 ✭✭
    bluelogic said:

    cviper gives another reason that starting from scratch now it way to risky; however, if you intend to mine consider mining other currency. Now what http://www.coinwarz.com/cryptocurrency doesn't tell you is what the next best thing it. Some of the loses on their could be winners in the future that does haven't popped yet. I will mine ETH until there is no profit. Every dollar does matter and if you live in the US you got taxes to pay. If you own ETH less than a year you are looking at up to %40 in taxes. So create a spreadsheet and determine your true cost.

    What's the best way to benchmark your rig to get the proper numbers for those algos on the coinwarz site?
  • LasmLasm Member Posts: 3
    edited October 2016
    Hello friends, on one hand I see many say it is not profitable, but if you have the burning rig guess it is. I have no problems with electricity consumption, but I'm confused with the decision to buy. Thank you

  • adasebadaseb Member Posts: 1,043 ✭✭✭
    Lasm said:

    Hello friends, on one hand I see many say it is not profitable, but if you have the burning rig guess it is. I have no problems with electricity consumption, but I'm confused with the decision to buy. Thank you

    You dont need the Power on/off button or the thermal paste.

    You will need a bigger PSU and RAM and HDD
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