Author Topic: Making Money of Mining Crypto (Read 7894 times)

SuperFlyer · « **on:** August 09, 2021, 04:47:20 PM »

Anyone into this?
Did you make money?
Is it still possible to make money?
Do the graphic cards die just fast enough to kill your gains?
Etc etc...

Lurker · « **Reply #1 on:** August 09, 2021, 04:48:01 PM »

Following.

SuperFlyer · « **Reply #2 on:** August 09, 2021, 04:52:27 PM »

Quote from: Lurker on August 09, 2021, 04:48:01 PM

Following.

Also lurking

SuperFlyer · « **Reply #3 on:** August 09, 2021, 05:09:35 PM »

What I was told. I wouldn't mind input. Please state your own assessed experience level at it.

Only mine (medium) big coins, like raven, etherium, etc, but not the very big ones.

The scary electricity bills are less scary when buying very expensive graphic cards that have a lower consumption in comparison to it's work it can accomplish.

The graphic cards die easily after a year or 2 at most.

whacked1 · « **Reply #4 on:** August 09, 2021, 05:33:27 PM »

https://www.cnbc.com/2021/08/05/ethereums-mining-cliff-moved-up-from-summer-2022-to-december-2021.html

whacked1 · « **Reply #5 on:** August 09, 2021, 05:49:04 PM »

https://www.youtube.com/c/HowMuchBitcoin/featured

This guy seems to break down numbers. I want to try this. (Especially since i dont pay for electric)

ah giten · « **Reply #6 on:** August 10, 2021, 12:35:51 AM »

Quote from: whacked1 on August 09, 2021, 05:49:04 PM

https://www.youtube.com/c/HowMuchBitcoin/featured

This guy seems to break down numbers. I want to try this. (Especially since i dont pay for electric)

I once looked into it, bit in NYC, it doesn't end up earning you anything. The electric bills eat up all the profits. Unless you want to believe that 1 day Bitcoin will reach 1mm.

yesitsme · « **Reply #7 on:** August 10, 2021, 12:54:14 AM »

some viruses do just that, they use your resources to make a profit

SuperFlyer · « **Reply #8 on:** August 10, 2021, 02:23:33 AM »

Quote from: ah giten on August 10, 2021, 12:35:51 AM

I once looked into it, bit in NYC, it doesn't end up earning you anything. The electric bills eat up all the profits. Unless you want to believe that 1 day Bitcoin will reach 1mm.

Seems like the consensus is that BTC shouldn't be mined at all, rather go for a bit smaller coins, otherwise it's almost like playing the lottery + heavy electricity bills and expensive equipment.

gozalim · « **Reply #9 on:** August 10, 2021, 02:25:45 AM »

Quote from: ah giten on August 10, 2021, 12:35:51 AM

I once looked into it, bit in NYC, it doesn't end up earning you anything. The electric bills eat up all the profits. Unless you want to believe that 1 day Bitcoin will reach 1mm.

even if you do believe that, buy it outright for the same price of the power.
For the same reason

Quote from: SuperFlyer on August 10, 2021, 02:23:33 AM

Seems like the consensus is that BTC shouldn't be mined at all, rather go for a bit smaller coins, otherwise it's almost like playing the lottery + heavy electricity bills and expensive equipment.

you want to find one that can be mined for less cost (power) than the *current* sale price of that coin

SuperFlyer · « **Reply #10 on:** August 10, 2021, 02:26:49 AM »

Quote from: gozalim on August 10, 2021, 02:25:45 AM

even if you do believe that, buy it outright for the fame price of the power

If going for strictly for BTC, sure

yuneeq · « **Reply #11 on:** August 10, 2021, 08:49:55 AM »

I remember back in the early days I joined a mining group and mined BTC with my web browser

Don’t remember if I earned anything more than a fraction of Bitcoin it was mostly for fun.

Not worth mining these days unless you’re electricity is extremely cheap and you have a large setup with optimized hardware. If anything you'd rather be staking. Also stay away from Chia farming.

SuperFlyer · « **Reply #12 on:** August 10, 2021, 08:59:15 AM »

I was told the following:
Buy a PC costing approx $1000
Add up to 6 graphic cards, costing $3000 each
Keep in a cool or cooled space
Was told to mine ETC and similar
My local raise in electricity bill would be approx $40/month/graphic card l
I'd break even in approx 11 month, and its profit from there

Electricity isn't cheap in my place.
Makes sense

I was told by others, that I should expect a graphic card not to last very long

If anyone can agree or disagree

aygart · « **Reply #13 on:** August 10, 2021, 09:27:15 AM »

Quote from: SuperFlyer on August 10, 2021, 08:59:15 AM

I was told by others, that I should expect a graphic card not to last very long

If anyone can agree or disagree

More or less than 11 months?

SuperFlyer · « **Reply #14 on:** August 10, 2021, 09:28:40 AM »

Quote from: aygart on August 10, 2021, 09:27:15 AM

More or less than 11 months?

And if a bit longer?
Not worth the risk.
It's all statistics.

avromie7 · « **Reply #15 on:** August 10, 2021, 09:34:32 AM »

Quote from: ah giten on August 10, 2021, 12:35:51 AM

I once looked into it, bit in NYC, it doesn't end up earning you anything. The electric bills eat up all the profits. Unless you want to believe that 1 day Bitcoin will reach 1mm.

Electricity is extremely expensive in NYC. I'd be shocked if you didn't lose money.

Quote from: SuperFlyer on August 10, 2021, 08:59:15 AM

I was told the following:
Buy a PC costing approx $1000
Add up to 6 graphic cards, costing $3000 each
Keep in a cool or cooled space
Was told to mine ETC and similar
My local raise in electricity bill would be approx $40/month/graphic card l
I'd break even in approx 11 month, and its profit from there

Electricity isn't cheap in my place.
Makes sense

I was told by others, that I should expect a graphic card not to last very long

If anyone can agree or disagree

The upfront cost is easy to see, you need to make sure your cost to operate and projected revenue are correct.

SuperFlyer · « **Reply #16 on:** August 10, 2021, 09:36:38 AM »

Quote from: avromie7 on August 10, 2021, 09:34:32 AM

...you need to make sure your cost to operate and projected revenue are correct.

Exactly what I'd like to hear.

avromie7 · « **Reply #17 on:** August 10, 2021, 10:06:43 AM »

Quote from: SuperFlyer on August 10, 2021, 09:36:38 AM

Exactly what I'd like to hear.

Where are you located? What's your cost of electricity?

SuperFlyer · « **Reply #18 on:** August 10, 2021, 10:08:14 AM »

Quote from: avromie7 on August 10, 2021, 10:06:43 AM

Where are you located? What's your cost of electricity?

In Europe.
If you read my concern, it's mainly about the hardware surviving, as well as the general "business plan feasibility"

avromie7 · « **Reply #19 on:** August 10, 2021, 10:13:26 AM »

Quote from: SuperFlyer on August 10, 2021, 10:08:14 AM

In Europe.
If you read my concern, it's mainly about the hardware surviving, as well as the general "business plan feasibility"

Before you get to the hardware surviving, you need to make sure your cost of energy is less than the value of the coins you mine.

I don't know if it's feasible, but it may make sense to only mine during off-peak hours to save on energy costs and keep the hardware from burning out.