Is it still worth mining crypto currency?

flashhhhhhh

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Hey guys, to make things short I am about to lose my jobs soon so I’m considering in buying a mining rig, is it still profitable? If so which currency? Any advice would be highly appreciated :)
 

Prensty

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You know, the crypto market is stuck right now and you have to do a big research before you'll start mining.
I think it's better not to mine as it takes much money for electricity bills, but to trade.
Or you can try signing in some blockchain based messengers which allow you to gain some crypto for posting and chatting or simply being online.

Anyway you don't have to believe in crypto only, try to find a new job as coins are not in the best condition these days.
 

alt1

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Mining is not profitable much these days, unless you were lucky and mining raven or straks in the early days. However, it is much better to stake for example PIVX, and keep getting 7% ROI per year + price will go up during the time because it is bottomed out already.
 
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Theoretically, it is definitely still possible to "make money" mining, but the amount of money and time that you will have to invest in order to make a ROI is most likely out of reach from most individuals.

About a year ago, I actually tried mining with a friend out of curiosity and to learn more about the basic workings of different cryptocurrencies and how mining actually work. We basically broke even, but we did little research before buying the GPUs so the amount taken to make a good profit changed hugely based on the price of the coins that we mined.

The biggest problem currently is not so much the time taken for ROI (it was 6-12 months when I started, it's probably around 1.5-2 years now) but rather, the instability of the coins: The decision of selling and getting a very small margin of profit versus holding and betting on the specific coin you are mingin is extremely time consuming, as you have to basically end up predicting the wellness of the crypto market in the long term.
So, nowadays, unless you can spend a whole lot of money filling up your garage/storage unit / house with GPUs in order to enlarge the amount of profit through the idea of mass-production, you are essentially going to be waiting a very long time to break even, and then making small profits because the margin of profit is quite small.

Also, the main problem with large-scale mining is not so much the cost of the GPUs (since this is a single payment), but the recurring cost of electricity. If you manage to find somewhere that has free or extremely cheap electricity, then go right ahead! Otherwise, it's probably not a good idea anymore to mine, even if you use a multi-algorythm pool.


Good luck if you go ahead with it though!
 

seanfoster

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It's not worth your time and money if you don't have about 20-30k$ for a huge mining farm.
 

296628

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I would not reccomend it. As everyone's saying above, everyone I knowt hat started in the last 2 years is breaking even or losing money.
 

redarrow

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was never worth it, the lay out was to exspensive, just end up getting money back no profit.

electricity and video cards exspencive , made it to hard to earn a good buck in uk.

it all stuck as said above.

good old day are gone.

even online business in the niche going down hill quick

bitcoin getting less used in uk know shops seem to be taking signs down , where 1 year ago was good payment idea.

the news in uk condemed bitcoin as a money used to protect crimnals , so many business just gave up


no one surviving

your very lucky if you still going strong .
 
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paja93

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Of course it worth it, if there was no profit, POW currencies wouldn't work any more. It's harder for small investors, so i would recommend trading rather than mining. But if you have cheap electricity, yes you can make some money. In my country, electricity is cheap, with around 4-5k investment, you would get your money back maybe in a 10-12 months plus if you have warranty on your GPUs, it's great for you.
If you combine mining and trading... well you know ;)
Also if you have some second source of money to cover the electricity, you can hold those coins and wait for later grow and there you go.
 

bartosimpsonio

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There is a automated mining program called honey something. It mines any profitable crypto and converts it to Bitcoin for you.
 

Areding

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Recently, mining began to fall in popularity and people began to extract the bitcoins in games or somewhere else on other resources.
 

hammers

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I still getting enough profit with GPU mining, but I have done this for a few years. I doubt for someone new in mining, as another said above, this is not good enough idea for you.
 

kuramasdistro

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The most profitable coin to mining is xmr, but you need varies good cpu to get 200$ of profit for month, the investment is high to return, I think then not worth the big investment, the cost then you will have to mantain the gpus (repair, eletrical energy, and others) and if you live in one country then eletrical energy is not very cheap, you may pay more eletrical energy then you will receive in cryptos.
 

hammers

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The most profitable coin to mining is xmr, but you need varies good cpu to get 200$ of profit for month, the investment is high to return, I think then not worth the big investment, the cost then you will have to mantain the gpus (repair, eletrical energy, and others) and if you live in one country then eletrical energy is not very cheap, you may pay more eletrical energy then you will receive in cryptos.

For a home miners, the most profitable coins are some coin that not appears easily anywhere. Mean what? coin with a lot of miners isn't really good for home miners, except you have a big scale of mining equipment (farmers).
 

Verost

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If you decide to buy iron, take it on the secondary market, now you can collect normal Asiki there for a good price.
 
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