Stop Building New Rigs! It is not worth it! Please Read before you start mining!

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Comments

  • bluelogicbluelogic Member Posts: 86
    edited June 2017
    I bought $20,000 in Eth aka 2,000 when it was cheaper instead of building a mining farm. I'm much happier with that decision, but I got lucky. No one knows exactly when an alt currency might pop.

    Now mining has its place, it is nice to have a rig passively grind away in your garage and not everyone wants to throw $20,000 on a chance. I would never tell a person to stop mining; however, you shouldn't build a rig just to mine ETH. ETH might have some more room for profits but you should be looking at what is next. Mining gives you this flexibility and the ability to diversify. In other words, your miner should not be banging away on ETH only, because if you did you would have realized you missed, zCash which is now $420.03. I see mining rigs as a low-risk method to invest in early adoption when the difficulty is low.

    Now to comment on the thread. There is a lot of you should of bought and you would have made more money. This is only true because of the current market condition. What if the priced of ETH stayed at $10/ETH when I bought them for 2-3 years? Would mining have been better than? You can't make judgments and what ifs after the fact.
  • kekekekekekekeke Member Posts: 61
    Calm down people, you can build a mining rig and buy ETH. The two are not mutually exclusive. This doesn't excuse the shitty behavior of a certain individual though.
  • cvethmooncvethmoon Member Posts: 24
    Sounds like the OP was really trying to be a somebody, really wanted to be seen as a very knowledgeable guy.

    #Fail
  • praestopraesto Member Posts: 115
    All the comments in this thread are decent but no one needs to bash anyone. Ultimately the best points in this thread include:
    • There are multiple ways to invest in cryptos, mining is preferred by one group and buying outright by another
    • Mining and buying outright are not mutually exclusive, one can do both
    • Eth was and still is relatively profitable to mine, in the future it won't be but we aren't there now and anyone who invested in mining prior to today will and has definitely made their money back
  • kekekekekekekeke Member Posts: 61
    edited June 2017
    Just some approximations. $1000 dollars for a 5 card mining rig in March. That would've bought 25 ETH. At the current rate, that rig would've mined 20+ ETH by November which is probably the earliest it may go POS. At this point you can choose to liquidate or switch the rig over to another coin. We're talking the difference of just a few ETH between investing/mining. If POS doesn't hit until 2018 the mining rig will edge out investing.

    Of course, this doesn't apply to anyone starting today. But to clarify when this post was made, it's pretty damn close between investing/mining with the edge going a little towards mining. If the POS is pushed anywhere past 2017, mining would be the clear winner.
  • tropicofcancertropicofcancer Member Posts: 8
    I quit this dirty farming loong ago. For it's better to work with market and exchange.
    Without almost no skills and a good broker from this list of best Forex Brokers trade-leader.com/forex/category/best I managed to earn quite a lot. So no thanks
  • Supra9710Supra9710 Member Posts: 1
    Your logic is that of a retard that can only see 1 month ahead, when difficulty goes up price of ether goes up, yes you may mine 6 a month at 100 dollars, but you have 6 eth. What about when eth is 1000? Your 600 in eth is now 6000. The profit from mining is long term, not month to month. Even with high difficulty, still worth it, theres other coins besides eth as well. I agree if your trying to make a quick buck mining eth, Its not going to happen for you, unless you run several dozen rigs with hundreds of gpus, on a large scale, and have deals with the elect co. Doing that say 800 gpu farm could produce 500000 in annual revenue, do the math, get investors make a real business with real profit, be patient tou dont get rich overnight. BUCKETS FILL DROP BY DROP.
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