1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Still worth it to invest in a mining rig?

Discussion in 'CryptoCurrency' started by jihalliday, Jun 17, 2017.

  1. jihalliday

    jihalliday Registered Member

    Joined:
    Feb 5, 2014
    Messages:
    90
    Likes Received:
    9
    I have around $700 to invest. I know Etherum mining is big right now, my personal gaming pc with a 1060 makes around $4/day.

    Is there any rigs I could build with $700? I know of $2k rigs with 5+ cards hooked up, but I don't want anything that intense.

    Just curious.
     
  2. TeslaFan

    TeslaFan Junior Member

    Joined:
    Mar 6, 2015
    Messages:
    121
    Likes Received:
    23
    No
     
  3. ExpressFans

    ExpressFans Jr. VIP Jr. VIP

    Joined:
    Dec 11, 2011
    Messages:
    1,431
    Likes Received:
    558
    Occupation:
    Service Provider
    Location:
    Probably on GitHub
    Home Page:
    Unless your electricity costs next to nothing, or you're getting it for free, then no, it's not worth mining. China has basically overtaken this industry, as they can source cheap hardware and electricity.
     
  4. jihalliday

    jihalliday Registered Member

    Joined:
    Feb 5, 2014
    Messages:
    90
    Likes Received:
    9
    Electricity is free as I live in an apartment.
     
  5. marbinx

    marbinx Junior Member

    Joined:
    May 2, 2016
    Messages:
    131
    Likes Received:
    19
    That doesn't mean it's free xD
    I guess you're not the one paying the electricity bill
     
  6. jihalliday

    jihalliday Registered Member

    Joined:
    Feb 5, 2014
    Messages:
    90
    Likes Received:
    9
    Well, the cost of utilities is included in my rent. So I'm still paying for it... but a flat rate :p
     
  7. bendutchman

    bendutchman Regular Member

    Joined:
    Jun 1, 2012
    Messages:
    237
    Likes Received:
    74
    Occupation:
    genetic engineer
    Location:
    House, Road House
    You would be better off buying into a hosted mining rig. Some of them get electricity cheaper than you could ever get.
     
  8. marbinx

    marbinx Junior Member

    Joined:
    May 2, 2016
    Messages:
    131
    Likes Received:
    19
    That's what I was thinking.

    You should still be careful, cause if your owner see some increase in the electricity consumption he will for sure come down to ask you some questions (and that will maybe lead to an increase of the rent).
     
  9. roguerabbit

    roguerabbit Regular Member

    Joined:
    May 11, 2015
    Messages:
    211
    Likes Received:
    61
    Occupation:
    Electrician by day, freelancer by night
    Location:
    Earth
    The owner can easily install a kw/h meter and give you a nice surprise monthend after he sees that his bill skyrocketed for the second month in a row.
     
  10. roguerabbit

    roguerabbit Regular Member

    Joined:
    May 11, 2015
    Messages:
    211
    Likes Received:
    61
    Occupation:
    Electrician by day, freelancer by night
    Location:
    Earth
    Just as a historical thought : When goldrushes where still a real thing ( not much unlike any crypto these days ) the people making real money where the ones selling commodities to the miners. It rang true for the gold-diggers and will likely ring true now. I just did the maths ( well I used the official Ether calc ) and it seems that about $140 can be had a month with one card. Now keep it mind, as more and more people jump on this wagon ( not much unlike gold ) the network hash rate goes up. So instead of worrying about your investment ROI going down as time ticks, sell them spades ( well I know you cannot really sell GPU's profitably as a one man show with $700 to spare, but you can write about it, even for other people and make money that way ) Or open a website with tips and use that $700 to get some black hat page 1'er

    I spend about 10 - 20 hours writing to get $140, sitting cosy and warm behind my pc, so effectively my hash rate is 900 ( compared to a GPU with a hash of 25.
    To get the gpu equivalent you would need to buy 36 of them. Granted I cannot ever be a gpu and run 24/7, but just saying.
     
  11. Entriquit

    Entriquit Registered Member

    Joined:
    Feb 7, 2017
    Messages:
    93
    Likes Received:
    12
    Gender:
    Male
    Occupation:
    Entrepreneur
    Location:
    Canada
    Ethereum is supposedly soon switching to Proof of Stake. I believe mining Zcash is still profitable except you would probably need closer to $2000 for a setup.

    With $700 I would personally diversify myself with a few of the lower cost coins that have a large change to gain some traction ie: Siacoin, Ripple, NEM etc.
     
  12. W9go

    W9go Jr. VIP Jr. VIP Premium Member

    Joined:
    May 16, 2011
    Messages:
    4,861
    Likes Received:
    1,001
    Gender:
    Male
    Occupation:
    chasing girls
    Location:
    chasing girls
    4$ a day with you pc is not bad ....... you should scale it up.
     
  13. Mikaelo

    Mikaelo Regular Member

    Joined:
    Nov 10, 2013
    Messages:
    454
    Likes Received:
    106
    Location:
    Australia
    Definitely depends on how cheap you can get your power. If you were to take this to a serious scale, your landlord would notice the spike in energy use. Majority of the miners/rigs out there that are actually profitable are not in residential properties.
     
  14. extremeboy

    extremeboy Jr. VIP Jr. VIP

    Joined:
    Jul 8, 2010
    Messages:
    3,217
    Likes Received:
    673
    Occupation:
    World Best RANK Tracker SERPCloud.com
    Home Page:
    leave all simply take an action instead waste time in too much discussion ;)

    End of the the day if you get nothing at hardest at least you own the hardware which can be resell simple.
     
  15. whiteblackseo

    whiteblackseo Jr. VIP Jr. VIP

    Joined:
    Apr 11, 2015
    Messages:
    2,487
    Likes Received:
    925
    Home Page:
    It's definitely possible to make it profitable, you just won't make a shit load of money. I like to think that if you're running in the green doesn't hurt to expand, does it? If you got some btc profits invest it in a mining rig if you believe that it can be successful. Contingent it's running in green, even a dollar a day. Doesn't hurt to set it up and leave it.