Any members Mining Cryptocurrency?

So I got about 20/30k I want to invest in some Mining rigs for alt coins forsure not bitcoin the cost to mine too high to turn a profit

I got a company that has been building solid rigs and they will help as well as far as the set up
I have a warehouse and want start mining

just wanted to hear anyone experience

not worth it. it's better put the money to buy the coin directly.
this is from my experience trying to mine.
reason:
1. you must mine alt coin to profit ( sometime alt coin become trash . so you need to manage which coin to mine, and when to stop, sell and change)
2. you need to upgrade the rigs, cause technology grow so fast, this what happen to me purchase new device from antminer, but when it reach me there are already newer one
3. you must be ready to maintain it., mean more monthly cost.

How much you pay per 1k wat?

> 1,000 kWh/ On-Peak Energy Charge

$6.11 usd

Jonnn said:

So I got about 20/30k I want to invest in some Mining rigs for alt coins forsure not bitcoin the cost to mine too high to turn a profit

I got a company that has been building solid rigs and they will help as well as far as the set up
I have a warehouse and want start mining

just wanted to hear anyone experience

Click to expand...

Question: You said "I got a company that builds mining rigs"...Does that mean it's your company or you know of a company that will build and help you setup the rigs?

If it's the former than you should already know the answer to your question which is to just keep selling the shovels if you're profitable...but I am assuming you mean the latter in which I think that company is just trying to sell you on their service...

I second Elvlin's statement of "Not worth it"...I did it twice first time back when BTC was $250 with the Bitfury machines and again most recently when it went from $10k to $20k mining ETH and ZEC. A buddy and I built out about 16 - 8 GPU rigs between the two of us. We got good deals at the time on both the GPUs and electricity The biggest issue is the GPUs, it's an arms race getting powerful GPUs quickly and cheaply enough before they become obsolete. Then comes the issues of electricity costs and cooling to maintain good hashrates, we were also in a warehouse and paid industrial rates for electricity. We barely broke even after selling off all the rigs and it was just a massive pain selling them too. We did the math and if we would have just bought the coin at the same time we bought the machines then we would have actually been way better off and skipped all the headache.

In conclusion, I highly highly recommend you do not proceed with investing into mining as it turned out to be a dead end for me both times. Let me know if you have any other questions.

Depends on a number of factors like the electricity charges you are paying.

Mining is almost dead, unfortunately. When it was profitable, I mined

In 2017 i did, after that it is utterly useless

I fear it is not that useful, I would invest the money different.

Mining requires lot of investment and there will also be expenses for updating the mining equipments.

Mining is no longer worth. I would recommand either to trade coins or staking which is still profitable. If you have lots of money, you may invest in a Dash masternode

I'm new to the crypto industry. Actually, I would like to buy some Ethereum token based on ERC-721. Is this a good idea to invest and buy this ERC-721 token? Experts please leave your solid opinion.

GPU mining is just not profitable anymore too many botnets mining coins now. ASIC mining requires extremely low power costs and with BTC halving coming in <30 days it's not a good time to get in.

I am mining a coin that will be in public exchange soon. I think it is better mining (at least for now) than buy it. They are selling pack of the coin, and s more cheaper mining it.

Since everyone says it’s not worth it, then why are those who are mining still mining? How do they turn a profit..or is it illegal botnets that are really doing most of the mining now?

I've been mining crypto for two months now. I went with Monero in the beginning but switched to Loki later. If you want to make mining profitable, you must have cheap electricity. I am mining crypto from my college PCs, so I don't pay for anything at all. In two months, I have mined around $200 worth of cryptocurrency. In my opinion, if you have enough money then invest in cryptocurrency instead of mining. Mining is too much trouble in my opinion, although I am not that experienced.

It's not profitable like before, mate.

Brickbat1 said:

Since everyone says it’s not worth it, then why are those who are mining still mining? How do they turn a profit..or is it illegal botnets that are really doing most of the mining now?

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They have the capacity to wait for bitcoin had more price. And other people disconected their machine because it is not profitble for them

I've been mining Bitcoin for over 2 years.

The only way it's profitable is if you buy brand new ASICs when first released (on bitmain for example), shipping it FAST to your country and mining 1-2month with cheap electricity cost (under $0.05kw/h will work)

ROI decrease over time so you don't want to keep equipments to long, unless you have really cheap power or can use mineral oil for refrigeration to reduce electricity consumtion. And even so.

But... Once you've been mining for a while, you can sell the ASICs for a profit in the local market (plus your mining earnings for that period). Finance infrastructure improvements in your farm and repeat.

It's not like you buy, plug and have pasive income for years. With new miners released frecuently you have to stay up to date.

If you're not willing to do that, I would also recommend just buy the coin and hold it.

Good luck.

I had a farm for 50k in 2017. Then every second bought them. At the end of 2018, I sold it. It pays off for too long + a lot of problems (specially rented a barn under it and let down good ventilation)