/biz/ - Business & Finance

[Anonymous No.8742008]

Assuming I have access to free electricity, is mining coins profitable?

Would 6 1080s be a start?
What coins to mine?

Overall, mining general

[Anonymous No.8742145]

Someone please fucking send me something I'm running a 7870 and I'm just struggling to play shit

[Anonymous No.8742195]

>>8742008
>Assuming I have access to free electricity

Don't freeload your parents anon

>Is mining coins profitable?

If you know what you're doing, yes. If you are a normie just renting your hashpower through nicehash or mining eth or whatever top 10 coin on CMC, no, it's not worth it.

[Anonymous No.8742293]

>>8742008
Given the current stake of the market, mining profitability versus cost of electricity is not so great at the moment. Make sure to do your research on your cards and decide what coin you want to mine before you buy anything, because different GPUs are better for different algorithms.

In your case, the most profitable coin to mine with 6 1080's at the moment would be Zcash at the moment. 1080's are way better for mining Equihash coins and 1070's are better for Ethash coins.

[Anonymous No.8742303]

>>8742195
>If you know what you're doing, yes. If you are a normie just renting your hashpower through nicehash or mining eth or whatever top 10 coin on CMC, no, it's not worth it.
fucking throw me a bone please. Im so fucking desperate, dunno what to do. I put everything into mining because "muh safenet" but looks like I fucked up bigtime. 21k usd. all wasted.

[Anonymous No.8742327]

>>8742195
Nah man
Got a friend in IT in some public school district that can get me in some free electricity (inb4 going to jail anon)

Any good forums or articles you recommend to not be the normie?

[Anonymous No.8742329]

>>8742303
What's your setup, Anon? How many cards do you have, what coin are you mining and what settings do you have with your GPUs?

[Anonymous No.8742332]

>>8742008
Yes it's profitable but you need at least 1 full rig. Also if you're just starting now the initial cost is very high. I have 4 rigs that I built when 1080s were going for $400-450 used on eBay/CL now they're still $700+ post crash. If you can get them under $550 I would say do it otherwise it's gonna take a long time to break even and you'd be better off just buying the coins.

Zcash (ZEC) is consistently the most profitable because it holds it's sat value pretty well and is always in the top 3, with the other 2 being negligibly more profitable and changing based on market and what's getting pumped and dumped.

Electricity and startup cost are the 2 things to be concerned with. If you have free electricity than you'll need a minimum of $4k to build one.

[Boberino No.8742349]

Mining make you awesome profit by just mining new released coins the first 2-3 days while diff is low. Then just dump them once they hit exchange. Then repeat.

[Anonymous No.8742370]

>>8742293
Is there other gpu you recommend?

[Anonymous No.8742407]

I finally sold off my mining rig gpus. Got a bunch of rx570s last spring and still sold them for $100 each. Feels good to have my investment back. I don't give a shit was the market does now.

[Anonymous No.8742416]

>>8742303
>>8742327

I'll throw you guys a bone. The way to make BANK mining is through low market cap coins. Some aren't even listed on CMC yet. Even better if you can mine a genesis block or something near it, since difficulty will be very low, thus block rewards will be high. Then you hold what you mined, and sell when it pumps. It is possible to make a lot of money doing this, seen it have multiple times.

The thing is, that's a high risk strat, very speculative. You really have to do your research and filter out the shitcoins from the promising ones, if you can't do that, all your work will go to waste. Better mine whatever whattomine tells you and reach ROI in years making chump change if you haven't invested enough.

[Anonymous No.8742429]

>>8742008
If you are using free electricity in college and you do this they will notice the spike in electricity usage and tell you to stop

[Anonymous No.8742440]

>>8742416
>high risk strat, very speculative
Basically this. I walked out of the whole ZCL/BTCP deal pretty happy, but a lot of people got burned

[Anonymous No.8742451]

>>8742370
I prefer Nvidia GPUs because they're a lot more straightforward to set up than AMD GPUs in my experience. As for what GPU in particular you should buy, you should ask yourself what coin you want to mine first and how much the GPU costs. Remember that you don't actually make any profit until the GPU has paid itself off.

[Anonymous No.8742484]

sell the cards dumbass. you'll take a loss, but less of a loss than you will in six months when 1180s are out and you've made about $80 in crypto.

[Anonymous No.8742587]

>>8742329
>built first rig by the end of jan
>mined zcl on mph till fork
>got another rig up and running by the end of feb
>I ALMOST STARTED MINING RVN but I went with the safe bet, zcl...
>zcl-btcp fork fucked me right in the ass
>last 5 1080ti arrived
>run out of risers and pice slots so 2 1080ti is on the table
>asus b250 and gb fintech and risers arrived, they are still unopened
>mined on mph and exchanged everything into btc
>numbers was super shit, mph sucks (used algos I preferred still sucked)
>mined btcp on devpool
>devpool scammed like 20-30% of mining profits
>mined btcp somewhere else it was better but I already lost all hope
>mined btcz for a while put them in online wallet, online wallet stole founds. awesome another week lost
>selling my hashpower on nicehash ever since
>2 1080ti is still on the table. mobos and other shit unopened.
>I should clean the rigs but I lost every fucking motivation/hope/money I had
>16 1080ti up and running. on.fucking.nicehash.
>2 1080ti still on the table since a month? maybe more.
I dont know what to do anymore.

[Anonymous No.8742602]

>>8742429
JUST

[Anonymous No.8742621]

>>8742440
It's risky but honestly its the only way to make mining worthwhile, otherwise its just better to straight up buy coins. And even so, without a mining rig you can still buy hash power on Nicehash too mine these non-listed shitcoins before they hit the markets, so i really don't see a point in mining these days. The only reason i don't sell my rig is because i got them cheap before the last bull run and because i didn't know better. Alsos ASICS are getting better and better each day, if devs don't fork their coins to fight it, they dominate the scene.

Yeah guys i guess i'll pick my bone back and throw another one: don't bother with mining right now, prices are probably still inflated etcetera. Buy your coins, buy hash power if you spot a promising non-listed coin, way less work with the same/better reward.

>b-but you can sell your hardware if things go bad!

Yet nobody who invests in coins or mining equipment expect it to fail.Yes, its a possibility you should consider, but the ones who take the leap expect profits, and guess which one reaps better profits. Also you can sell your coins too unless it drops to zero overnight, which is very unlikely.

tl;dr: go buy coins or hash power, leave the GPUS to gamers and ASICS to Jihan and friends

[Anonymous No.8742683]

>>8742329
>>8742416
im not even kidding
here is the 2 1080ti laying there for a month or more. losing me money every day but fuck it. arms are weak...

[Anonymous No.8742723]

>>8742008

[Anonymous No.8742729]

>>8742587
>>8742683
Do you have any PCI-E slots to accommodate the two remaining 1080ti's directly into your motherboard? It's what I did when I didn't have enough risers. They might run a bit hotter, but it's better than not running them at all.

Also, stop mining pajeet coins and make yourself a paper wallet. Don't have any of your keys or passwords for your wallet saved in any digital format, always write them down on a piece of paper or print them off an offline PC.

Lastly, did you run anything like MSI Afterburner? You need to tweak your GPUs to get the best performance out of them.

[Anonymous No.8742744]

>>8742683
You had it right when you almost mined RVN, so pick up the pieces and actually follow your gut next time. I'm stacking up on coins for the next bullrun, you should be doing the same.

[Anonymous No.8742810]

>A few weeks later

[Anonymous No.8742893]

>>8742370
1060ti's are the most power efficient to mine with, and they are rather cheap.

[Anonymous No.8742904]

The coin i'm mining already 3x'd during this shit market. Stay poor brainlets

[Anonymous No.8742974]

>>8742729
I really appreciate the input, dont get me wrong. I was so happy when I started mining, I was full of hopes. Started ordering stuff on the first day of december. Took a lot of time to get the hardware (and the money).
I use my cards on 65% since the beginning.
I have 2 unused mining boards and who knows how much risers, even 2 1000 seagate platinum prime psus. I just lost my spirit. Once or twice every day I check the rigs if the temps are ok and thats it. They are super stable and all but yeah, as I said I lost my motivation.
>>8742744
yepp. the story of my life
>I almost had it right
It wasnt even my idea. I was in a good private discrod and heard it there. Everything I did in crypto was a mistake. I started reading up the announcments on bitcointalk but I see shitcoins everywhere. dunno what to do anymore.

[Anonymous No.8743029]

>>8742587
xmr is the way to go

[Anonymous No.8743066]

>>8742683

[Anonymous No.8743086]

>>8742974
It's not too late to start making back some cash, Anon. Go with something safe for a while like Zcash and make sure to research any mining pools you join before you get started. I know you had a rough start, but mining is a long term thing.

[Anonymous No.8743165]

>>8743066
What did he mean by this?

[Anonymous No.8743202]

>>8742008
New ASIC devices are killing GPU mining.
Like i saw one thing yesterday it was capable of 40.000 Hashes for Monero. Like a aingle GTX1080 gets around 850 Hashes....

Go either ASIC miner or get fucked, this stuff is literally killing everything else. The GPU era is definitly in its late stages, i cant imagine GPU mining will be still around on a professional large scale in 5 years and likely it will die even earlier.

[Anonymous No.8743235]

>>8743202
There are forks coming out right now to shut down Cryptonight ASICS, so that's a bad advice right now. But they'll probably return at a later time, when the chinks mine enough coins with them lmao

[Anonymous No.8743286]

buy more GPU
evga make the best you can't beat their performance. you will get all the hashes and mine all the litebitmonethecoin

[Anonymous No.8743301]

>>8743235
fork(s) plural

attack by fork

[Anonymous No.8743318]

>>8743202
the upcoming monero network update will end ASIC mining. The difficulty is expected to go down alot.

[Anonymous No.8743374]

>>8743318
bitmain have been 1 step ahead of all of the devs and public for some time now.

[Anonymous No.8743379]

>>8743165

[Anonymous No.8743394]

>>8743318
Oh well thanks for that info

[Anonymous No.8743402]

I mine with my phone. make $100 a month

[Anonymous No.8743466]

>>8743379

[Anonymous No.8743524]

>>8743086
>Go with something safe for a while like Zcash
Thanks mate. Im trying. I go and clean my rigs and maybe just maybe put that 2 fuckers in use.
>>8743165
no idea

[Anonymous No.8743547]

>>8743466

[Anonymous No.8743566]

>>8742587
Try mining brand new coins and holding if you don't need short term profits. Obviously a lot of them are horse shit, but if you invest in the right project you could make massive gains. But imo, mining is going to get slowly phased out in newer coins due to the amount of energy it's wasting.

[Anonymous No.8743576]

>>8742008
>what is whattomine.com

[Anonymous No.8743618]

>>8742587
but at least you can play vidya!

[Anonymous No.8743648]

Good information thus far bois

Is there a good forums or discord group I can join?

[Anonymous No.8744049]

>>8742683
HOLY FUCK do something. Poor 1080Ti's

Sell or mine jesus christ. I just started mining too, but at least I have auto switching software set up as a baseline.

[Anonymous No.8744380]

>>8742484
You keep hoping that prices are going to drop on the release of the 11 series. Note that 1050's are utter shit for mining but are still expensive right now. Just because the 11 series releases it isn't going to magically make 1060's through 1080ti's suddenly shit for mining. They will remain high in price and availability of cards will still be shit.

[Anonymous No.8744410]

>>8743566
I hold everything I mined. Too bad half of that lost its value bc I was a total idiot. Then I lost some funds experimenting with other stuff. Yeah things look bad...
>>8743618
Ive grown out of video games. I still play a lil here and there but nothing AAA. In the past 5 years something happened to me and I no longer enjoy vasting time on games. Maybe I got old, my dreams died and reality hit me right in the face.
>>8744049
I know I know... maybe tomorrow. Im too tired.

[Anonymous No.8744445]

>>8744380
but 1080tis are already under msrp on the used market.

[Anonymous No.8744882]

>>8744410
>Too bad half of that lost its value
I mean you don't have to hold forever. You can sell off portions when you think the time is right, at least to recoup your costs on electricity or whatever.
>I no longer enjoy vasting time on games. Maybe I got old
I feel the same way too. But I think it's mostly due to games being shit. AAA titles are just rehashes. Anything Ubisoft makes is a good example.

[Anonymous No.8745134]

I too have access to free electricity. It’s myself and one other guy who a buisness out of a facility in the middle of no where. Let’s just say Uncle Sam pays for the power bill. Anyways I’ve been on the edge of getting into mining but the only thing I don’t want to waste is my time.

[Anonymous No.8745806]

>>8742810
>all these people on craigslist trying to dump their overpriced mining rigs
haha holy shit miners on suicide watch

[Anonymous No.8746802]

Not wort at all. Bitmain has ethereum asic for 800 bucks. Just buy coins. Use whattomine .com to see profit for each card, try not to cry

[Anonymous No.8746935]

>>8743524
sell me those two cards

[Anonymous No.8747254]

>>8742810
Asking to get robbed lol

[Anonymous No.8747899]

>>8744410
kys

[Anonymous No.8747971]

>>8746935
you live in europe?
>>8747899
ladies first

[Anonymous No.8748021]

Get on my level

[Anonymous No.8748967]