Is it worth to get eth mining rig right now?

DissDiss Member Posts: 3
Hi guys, I need professional advice about this.

The rig is 6x Sapphire RX580 Nitro+ 8GB, which does 186-190 mh/s mining ethereum. And costs arround $3.8K.

Considering i have very low rate to pay electricity.

I don't prefer buying coin then keeping it and waiting for it to raise. I prefer mining.

Is it worth to get it right now? On cryptocompare I calculated that I would make like $480 a month with it. And difficulty of mining eth is raising every day. So I need advice on is it worth to get that mining rig right now, because that is all money I have.

Thank you in advance.

Comments

  • TodgerTodger Member Posts: 8
    Better investment would be just to buy the coins you want. I only started December 2017 and with the difficulty climbing and DAG file size moving in 2 months since i started. I would just buy. Cards and Rigs are overpriced and would take months to pay for itself. You can buy 2500 Sia coin for $100. It would take you 2 1/2 months (8 GTX 1070 cards) to mine that amount but you got over $4k in equipment. Buy a few cards to do it it as a hobby but don't think your going to get rich from it.
  • DissDiss Member Posts: 3
    Todger said:

    Better investment would be just to buy the coins you want. I only started December 2017 and with the difficulty climbing and DAG file size moving in 2 months since i started. I would just buy. Cards and Rigs are overpriced and would take months to pay for itself. You can buy 2500 Sia coin for $100. It would take you 2 1/2 months (8 GTX 1070 cards) to mine that amount but you got over $4k in equipment. Buy a few cards to do it it as a hobby but don't think your going to get rich from it.

    Hi. Thank you for the answer. But like I said, buying coins is not an option. And I'm not looking to get rich. I just want a hobby that will eventually earn my money back and some more on top of that, later maybe buy one more rig etc etc. I'm not in a hurry. For the start, the only thing which is important to me is to have a monthly income.

    With current eth price/difficulty, I could mine like $480 monthly, which is great for me. For me right now is important only to have a monthly income from that rig. Let's say it's $480. -$100 on expences, I have left $380. If i withdraw lets say $180, and leave $200 in eth. I will have to spend $180 every month, and if eth raises i will earn some more extra on that $200 I left in eth. This is roughly calculated, but you get idea of what my plan is.

    Is this ok or no? I'm new in mining so any advice is welcome. Ty
  • TodgerTodger Member Posts: 8
    yes... I do it on my kids gaming computers as a hobby and they each (13 & 15 y/o) get half of what their computers earn. It gets them off of the PC and outside if they want money. I keep all of the ETH and just pay them cash for it. I would not count on it as study income, only a hobby for you
  • rmhrmh Member Posts: 410 ✭✭✭
    Diss said:


    With current eth price/difficulty, I could mine like $480 monthly, which is great for me. For me right now is important only to have a monthly income from that rig. Let's say it's $480. -$100 on expences, I have left $380. If i withdraw lets say $180, and leave $200 in eth. I will have to spend $180 every month, and if eth raises i will earn some more extra on that $200 I left in eth. This is roughly calculated, but you get idea of what my plan is.

    Is this ok or no? I'm new in mining so any advice is welcome. Ty

    Mining usually worth it really in the longterm. If you plan to sell the mined coins instantly at daily prices, then don't buy that expensive rig.
    Right now the hardware is insanly expensive (check prices a month before:)) and there's a brutal growing in difficulty because of the new miners, who calculated the ROI a month before :D when the price was high and the difficulty is low (from now point of view). But for them, in the long term, mining will pay off greatly, as those, who started last summer(and 2016 spring and 2015 fall and 2014), and also experienced, that they calculated ROI is a joke at current difficulty and price trend.
    Mining only worth really in the long term (i mean very really). Daily profits are usually less than many.
  • glenn_txglenn_tx Member Posts: 67
    Difficulty for ETH rose 1/3 in the last month, so profits are only 2/3rds what they were a month ago. It'll surely rise at the same rate if not faster. You really can't plan a "monthly" budget calculation as it changes so fast.
  • jetpackjetpack Member Posts: 88
    It always seems worth it. You say you earn 480 a month but in two years that 480 a month is 2000+ a month really. Equally buying just eth or some other coins and sitting on them with the 3500 is smarter but it sounds you dont want to do that. Picking up your top 5 coins right now and sitting on them for 2 years is going to make a killing vs finally sitting on 3500 worth of eth that took 9-12months to mine but then you can sell the rig, just sucks waiting for all that eth and missing some good coins at low prices as they are now. But yea.. its always worth doing some mining.
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