Author Topic: Making Money of Mining Crypto  (Read 3189 times)

Offline SuperFlyer

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Re: Making Money of Mining Crypto
« Reply #20 on: August 10, 2021, 10:16:53 AM »
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.
Or get a cheap hotel room

Offline Moshe123

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Re: Making Money of Mining Crypto
« Reply #21 on: August 10, 2021, 10:27:10 AM »
Go to the homeless shelter. Set up shop and do your thing.

Online AsherO

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Re: Making Money of Mining Crypto
« Reply #22 on: August 10, 2021, 01:06:16 PM »
Go to the homeless shelter. Set up shop and do your thing.

Rags to riches, literally.

Offline SuperFlyer

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Re: Making Money of Mining Crypto
« Reply #23 on: August 10, 2021, 01:07:24 PM »
Rags to riches, literally.
Yesh gorsim: rishes

Offline Darth1

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Re: Making Money of Mining Crypto
« Reply #24 on: August 10, 2021, 01:55:09 PM »
I dont know much about mining but I have a cousin who does it and he mines small coins that I never heard of and then at the end of the month he trades them on coinbase for BTC and ETC

Online avromie7

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Re: Making Money of Mining Crypto
« Reply #25 on: August 10, 2021, 03:04:59 PM »
I dont know much about mining but I have a cousin who does it and he mines small coins that I never heard of and then at the end of the month he trades them on coinbase for BTC and ETC
Makes sense. The purpose of mining is for the short term, if you can't make money in the short term you'd be better off buying the currency instead of trying to mine it.
I wonder what people who type "u" instead of "you" do with all their free time.

Offline SuperFlyer

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Re: Making Money of Mining Crypto
« Reply #26 on: August 10, 2021, 03:07:11 PM »
Makes sense. The purpose of mining is for the short term, if you can't make money in the short term you'd be better off buying the currency instead of trying to mine it.
But he's not buying, he's mining them.

Offline ushdadude

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Re: Making Money of Mining Crypto
« Reply #27 on: August 10, 2021, 03:10:19 PM »
Makes sense. The purpose of mining is for the short term, if you can't make money in the short term you'd be better off buying the currency instead of trying to mine it.


assuming you think it's a good long-term investment
Trolls will always post stupid replies

Online avromie7

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Re: Making Money of Mining Crypto
« Reply #28 on: August 10, 2021, 03:16:51 PM »

assuming you think it's a good long-term investment
For all intents and purposes mining is buying, but at the cost of hardware and energy instead of the value of the currency. If the cost to mine is => the value of the currency it's a waste of money to mine. If you want the currency you're better off just buying it.
I wonder what people who type "u" instead of "you" do with all their free time.

Offline whacked1

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Re: Making Money of Mining Crypto
« Reply #29 on: August 10, 2021, 03:33:13 PM »
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.
i dont pay for electric

Offline gozalim

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Re: Making Money of Mining Crypto
« Reply #30 on: August 10, 2021, 03:33:43 PM »
To put another way:
The coin to mine is the one that costs less in power+hardware then the value of the coin today.
the coin to hold is the one you predict will go up in the short/medium/long term.
if those are the same one, great. if not, do this:
I dont know much about mining but I have a cousin who does it and he mines small coins that I never heard of and then at the end of the month he trades them on coinbase for BTC and ETC
or think of it as 2 separate transactions. mine to sell, use the cash to buy what you want to hold

Online aygart

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Re: Making Money of Mining Crypto
« Reply #31 on: August 10, 2021, 03:51:19 PM »
:or think of it as 2 separate transactions. mine to sell, use the cash to buy what you want to hold
Or mine because it is profitable today, sell it, and use the money to buy any other financial instrument including stocks etc.
Feelings don't care about your facts

Offline SuperFlyer

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Re: Making Money of Mining Crypto
« Reply #32 on: August 10, 2021, 03:58:45 PM »
My first picture of me mining


Online Yo ssi

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Re: Making Money of Mining Crypto
« Reply #33 on: August 11, 2021, 05:20:53 AM »
Also stay away from Chia farming.
What's your reasoning?
_    ,
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Offline justaregularguy

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Re: Making Money of Mining Crypto
« Reply #34 on: August 11, 2021, 06:10:31 PM »
My first picture of me mining


hey have we been talking about the wrong mining this whole time!? :o :D
nothings impossible- the word itself says Im possible

Offline SuperFlyer

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Re: Making Money of Mining Crypto
« Reply #35 on: August 12, 2021, 01:41:28 AM »
hey have we been talking about the wrong mining this whole time!? :o :D
If it makes money, it's the right kind.

Offline Shmulie

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Re: Making Money of Mining Crypto
« Reply #36 on: August 24, 2021, 12:24:55 PM »
Anyone here familiar with helium mining?
Seems a bit different from other crypto mining.

Offline Sum Dum Goy

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Re: Making Money of Mining Crypto
« Reply #37 on: November 22, 2021, 12:21:59 AM »
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...
I recently got involved in mining. I've spent about $70,000 on miners so far. The ROI is great but there is definitely some risk. There are many factors to profitability, including your hardware, electricity, software, pool fees, network hash rate, the price of the coin that you are mining, and costs of setting up the proper environment to host miners (cooling and electric infrastructure)
If you're just starting out, I recommend getting one of these https://compassmining.io/cart?hardware_id=Pc0UzuRn2E9u1UiXqpOe

Offline Joel

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Re: Making Money of Mining Crypto
« Reply #38 on: November 22, 2021, 12:31:17 AM »
I recently got involved in mining. I've spent about $70,000 on miners so far. The ROI is great but there is definitely some risk. There are many factors to profitability, including your hardware, electricity, software, pool fees, network hash rate, the price of the coin that you are mining, and costs of setting up the proper environment to host miners (cooling and electric infrastructure)
If you're just starting out, I recommend getting one of these https://compassmining.io/cart?hardware_id=Pc0UzuRn2E9u1UiXqpOe
Username checks out

Offline SuperFlyer

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Re: Making Money of Mining Crypto
« Reply #39 on: January 17, 2022, 02:36:05 AM »
I recently got involved in mining. I've spent about $70,000 on miners so far. The ROI is great but there is definitely some risk. There are many factors to profitability, including your hardware, electricity, software, pool fees, network hash rate, the price of the coin that you are mining, and costs of setting up the proper environment to host miners (cooling and electric infrastructure)
If you're just starting out, I recommend getting one of these https://compassmining.io/cart?hardware_id=Pc0UzuRn2E9u1UiXqpOe
Strictly talking in numbers, and not in feelings of what the future will bring, if you could do it all again (or not), would you?