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The cutoff for new mining rigs as far as sensible return was about April. Some of the very newest miners might think we're saying this to keep them out. That's not the case! Individual miners or groups of them will not affect the curve materially. This is about keeping you from making a regretful decision. ETH would have to increase in price 2 or 3 times over the next six months to keep up with the difficulty curve enough to make a new rig reasonable. It looks like you're new here.
If you want to get involved, click one of these buttons! June in Mining. So I'm brand new to mining. I missed out on bitcoin after I decided against it in , absolutely kicked my self for not jumping on the bang waggon.
Decided to take the risk with Ethereum and have purchased the following. I'm setting it all up this weekend if it all arrives in time. I just hope I can make a decent profit on it before the bubble bursts? June edited June I am with you, just started and should have things going this weekend.
I believe it will be a bumpy ride with the volatility of the price of Ethereum , but we will see how it play out. Best of luck to you. Friendly Canuckistan Member Posts: Crytpo is always a risk It's a shot in the dark. More people mining also increase he supply which hampers price a very little bit. If you enjoy computers and cryptos then who cares if it makes you money. If you got into mining purely for profit then keep your sights in reality. You will not get rich mining, it inherently doesn't allow that.
The more people that mine the less you get and when the price drops you can start earning negative profit. For right now you will be okay either way, but make sure you truly enjoy mining if you really want to get into it. Well I've never mined before so I'm just taking a jump in the deep end and seeing if I can swim. The price will go down as people dump it and then I guess go back up again , who knows. I'm really only looking to double my investment and get into mining so I can catch the next wave: Wow Mattiegk, I'm in the same boat as you.
Pooled resources with mates to get established with mining Eth, and then going after other cryptos. Could really do with breaking even on Eth and then diversify. You should both be alright breaking even. Beyond that there is really no promises.
I would focus on getting everything up and running and then after you break even most likely months worry about how you can continue or if you even want to. A lot of people realize how long it takes to break even and that each month yields less and less and decide to get out. Other people decide to make the investment to stay relevant and keep going. Last set of people do it for fun and don't really care how much they make. You know I think there might be a future increase in ETHs value.
If this happens not I will sell my card - probably realizing a loss in value. And that's the whole story. I will do it for fun with possibility to get some return out of it.. Planning to get ETH in a paper or hard wallet for the very long run Got some good deal i think here.. Its not a game u know like World of Warcraft, theres nothing to sit and watch. And why would u do it if it were to actually cost u money are u mad.
And as for the price dropping its like a brides knickers its up and down all day long and it always will be. You just have to keep the damn things in ur wallet until the price goes up,, how old are you all 5?? Ethereum mining is very close to being finished. The hashrates are dropping in a month and will continue to. Also pos is right around the corner.
Don't buy a rig for ether mining to break even, plan on something else. Even if Ethereum dies, which it's not going to, a mining rig will work for the next big thing to mine. So even if you don't make a profit with Eth, it's not like you have to throw away your rig and you're out all the money. Gord2u There is plenty to watch! I stare at my little window that shows Mining on Powhash scrolling by, over and over I know what the A in the brackets at the end means, that's the shares Just not sure about the R and F Wait, that's not right..
I need more fingers. July edited July Looking at the diff chart below, better add at least another month or more to your breakeven timeframe. It could even be longer than that if graphic card suppliers start to release stock and every noobie miner jumps on the bandwagon. Be prepared for a massive plummet in profitability and long payback period. By then POS will occur. A lot of folks try to justify by convincing themselves that they can mine another currency.
What about all those established ETH miners whose rigs are already fully paid for? Won't they switch to the other currencies as well? If you think you can make good money in another currency once the ETH rush is over, think carefully again. If you really believe in ETH prospects, might as well just invest outright and hold. Your time taken to build the rig, tweak it for performance and the frustrations and sleepless nights that go with it.
Maintaining and monitoring is also quite time intensive 3. Electricity price increases If you are doing it for 'fun" read all the posts in this forum about new miners pulling their hair out over building rigs and waiting for a period of time before you can even recover your cost, then go for it.
You are also banking on ETH price to rise or at least maintain value. If its for the latter, might as well just invest outright but then you will lose out on the 'fun' if you really 'enjoy' that kind of 'fun'. A lot of noobie miners are patting themselves on their back that they have managed to jump on the bandwagon just in time to enjoy the great goldrush but what they don't realise is that they are buying hardware components GPUS specifically at hyperinflated prices now.
The questions you have to ask yourself. Can you mine enough ETH in the interim to cover the higher price differential you are paying now for your components? Are you willing to wait for a much longer payback period for your investment as profitability starts to fall drastically. Note that miners jumping on later may have more efficient and cheaper hardware and their payback period may be shorter than yours.
Will you make enough in time before POS is implemented? Would it have been better to just invest the rig cost outright in ETH since you are betting on it to rise in price? Post edited by kentan on July As one of these noob miners I can admit that I bought my card for a too high price. The fun I am having on it is going down day by day because the rig now simply runs, costs electricity and is noisy. I really put some effort in building my small rig.
And of course I will be unhappy if the price for my card will start falling. So now I am sitting there, started using a calculator and I have experienced how noisy this one-card-rig is. And how much time it will take until it has back brought its costs. But what shall I do? Will that be more fun? I have owned many kind of shares. And it never was fun. To see this miner run is fun. Yes, it is a 5 years old childs fun.
Rewards will be 3 eth per block and block times will also be reduced so the mines who are coming on with new rigs will keep coming and raising difficulty and reducing the ROI for a longer term. And since making the network more secure is surely your goal you should be covered.
I believe that there are other things to consider.