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You don't make that much money from it. The offset of all money for the hardware and power consumption of all of it 24/7 it's not worth it. People have spent $30k for mining farms and lose money on it.
Noob, you answered a lot of what I was interested in without even having to type it out. I have a lot of hardware sitting around so figured I would just spend some money on power and time isn't related to cost atm.
I have a couple Edge servers with Dual Xeons and a few 590GTX's,Even considered running my 980 rig for when I'm not home using it. Figured I would start experimenting. With Etherium just crashing now is the time to get in, like, by this weekend. Zcoin and Litecoin are my alternatives that look promising.
Rig 1 ( 6x RX 470, old MB, memory, and drive) = $1500
What mb are you using for this one?
What mb are you using for this one?
To my knowledge, the only manufacturer that is doing a large number of cards per board say 4 to 6 is ASrock
Here is what I bought
https://www.newegg.com/Product/Product.aspx?Item=N82E16813128886
GIGABYTE GA-990FX-Gaming AM3+ AMD 990FX
The old AM3 chips are stupid cheap and a mining rig requires almost no processing power. I am able to get away putting a $5 Athlon X2 chip in it lol.
ASRock actually isn't very good, Gigabyte has a couple boards, but most miners use Biostar they have boards meant specifically for mining.
I remember coming across an article about if it was worth it and even someone from west coast that was a electrical engineer used solar panels he had to power the devices. honestly its nice but its a very very long term investment for anyone who wants to do this.
Well said.
I've been in favor to see it do well for almost half a year, but it's a fairly high risk/high reward investment in terms of volatility that may not be a very practical avenue for people on a budget, with small savings, limited expansion of income by changing company or position, or people who have a family and more expenses than a single investor. Bitcoin and Ethereum are still relatively new currencies/technologies that still widely limited by accessibility, ease of use, and congested blockchain channels that keep many merchandisers from accepting bitcoin. There's lots of promise with Japan backing it as an official currency, a giant growth in merchandisers accepting bitcoin compared to just a year or two ago, and PayPal supposedly developing some kind of bitcoin wallet.
While there are only supposed to be 21 million bitcoins in circulation once all are farmed, there has been talk of splitting bitcoins or introducing more, and while that could be speculation, even that one of the devs would consider it which seems to be the world around the internet would put a more than undesirable earthquake to a growing worth. At the end of the day if you're an aggressive investor and don't mind losing/starting over the potential for a great return is there, it's just a shame the technology isn't perfect. It should be, and with all due respect to other digital currencies bitcoin is the only one that has outgrew its bubble time and time again. I track BTC/ETH pretty closely, and a few others that don't have much traction/substance. If you're really interested do your research, but using already made capital to acquire BTC/ETH is a lot less energy and overhead compared to trying to farm it unless you're with a giant company, pay a company for their farming services and maintenance, or already a millionaire to dump an aggressive amount of money into massive rooms and or facilities then it's not worth the time. You'd be better off working a 2nd job at a restaurant or retail.
Well said.
I've been in favor to see it do well for almost half a year, but it's a fairly high risk/high reward investment in terms of volatility that may not be a very practical avenue for people on a budget, with small savings, limited expansion of income by changing company or position, or people who have a family and more expenses than a single investor. Bitcoin and Ethereum are still relatively new currencies/technologies that still widely limited by accessibility, ease of use, and congested blockchain channels that keep many merchandisers from accepting bitcoin. There's lots of promise with Japan backing it as an official currency, a giant growth in merchandisers accepting bitcoin compared to just a year or two ago, and PayPal supposedly developing some kind of bitcoin wallet.
While there are only supposed to be 21 million bitcoins in circulation once all are farmed, there has been talk of splitting bitcoins or introducing more, and while that could be speculation, even that one of the devs would consider it which seems to be the world around the internet would put a more than undesirable earthquake to a growing worth. At the end of the day if you're an aggressive investor and don't mind losing/starting over the potential for a great return is there, it's just a shame the technology isn't perfect. It should be, and with all due respect to other digital currencies bitcoin is the only one that has outgrew its bubble time and time again. I track BTC/ETH pretty closely, and a few others that don't have much traction/substance. If you're really interested do your research, but using already made capital to acquire BTC/ETH is a lot less energy and overhead compared to trying to farm it unless you're with a giant company, pay a company for their farming services and maintenance, or already a millionaire to dump an aggressive amount of money into massive rooms and or facilities then it's not worth the time. You'd be better off working a 2nd job at a restaurant or retail.
I dont think you are in the same realm hobbyist farmers are, from large investment practices you are probably spot on. You state that this isnt worth it unless your dumping a ton into this. Where as Noob has proof of practice in the second post. If you have decent enough hardware to let sit and run when you are already at work to make a little side cash then why not? So if its even a few hundred dollars a month and its costing you very little to do I don't understand the discouragement. Not trying to make it rich but making a little cash off something that takes very little of my day is far better supplemental income than working a second job.
My personal example fits this, I have hardware sitting around and the ability to get my hands on decent video cards relatively cheap. I work 10 hours a day already, a second job and keeping my family together is out of the question. Letting a PC work 24/7 while I'm doing something else is no different than legal AFK botting for that 1 rare a week that you guys sell here for $100 or $200. Sure the market is volitile but most money markets are. But I dont think its as high risk as you are saying when there isnt a huge investment.
Yep there are plenty of failed bitcoin stories, but I would rather dump a couple grand into this than go dump it in the stockmarket. We've had mutiple market crashes in the last decade that have ruined people with no hope of making it back (I personally lost half my 401k on the so called safer investments) , this is a much smaller scale that most are talking about here, not looking to retire off mining. I'm not trying to be argementitive but, you are looking at making this a business when really I think most are here as hobbyist.
I backed out when bitcoins were only 20cents a piece and didnt take the initiative to learn about this, now granted the opportunity isnt as great but its still a fun opportunity when the cost of power is less than the market price of creating it.
I appreciate your contribution to the thread but I just think you are looking at a much larger scale than the scope of the thread.
I think you both are spot on. I'm far from being a rich man, and I come from pretty humble origins. I am always trying to do a side hussle to make a little extra for the family. EQ is one of the few games I've actually spent time on and made a little bit on. If I really tried to make the highest return on EQ I'd probably max out at $200-$300 a month if I started leveling and selling characters with a couple donations from macros on the side, but at that point it is like a second job.
Crypto on the other hand has given me a good bit of wiggle room and some freedom. I paid for my family's last vacation hotel in bitcoin through expedia. Now it was only the equivilant of $500 but still that is free money so to speak. I've pieced together my rigs at the lowest possible cost and after an initial $400 investment, I've slowly chipped away at buying new equipment with mining earnings, and also taking a little out for my family and personal expenses.
I started with just running a miner on the main PC making about $3 a day and then slowly built it from there. Its a fun hobby for me, but at this point its paid for itself and I am just slowly adding to my rigs and building them out. If you have the ability to do this and slowly piece together the rigs do it! I love learning about it, and the communities and the very fickle nature of it all.
That all said, I'm not advocating going and taking out a loan of 10k and building a huge mining setup, you will probably lose your ass. VirtualWorkshop is very correct that crypto is EXTREMELY volitile. You can make that back in 2 months or be out all of it in 2 months and that is no joke.
All of this said, I love crypto, and I spend more time in it than I do playing games these days. I always encourage people to invest their time in it, not nessessarily there money. One last thing... Litecoin is my big bet. I consolidated all my holdings across Bitcoin, Ethereum, Golem, Augur, Lbry, Dash, Dogecoin, and Ripple. I'm 100% Litecoin here on out! All my mining rewards are converted to Litecoin (LTC) and I think some wonderful things are about to happen. I follow their development and it has some amazing applications with none of the problems that the above coins have currently.
I would consider investing in the stock market, which is what I do with the little cash I make off EQ (ROI is substantial if you do this, but you need some basic knowledge in options trading or a good broker). If you want to make sure EQ doesn't become a 2nd job, I'd consider plat farming, completely AFK in the EQ bazaar. Completely legit from Daybreak perspective and no MQ2 needed.
401k is a no brainer, everyone should be doing it, but buying Stock direct... Hell no. Its horrible and moving funds around you have to complete complex tax returns on any gains. The average person should NEVER buy stocks directly, that is just bad advice. 401k buying index funds is a must for everyone and where the bulk of your investments should reside. If no 401k, do an Individual IRA. That is the proven investment that EVERYONE SHOULD DO!
Huge miner here
For straight up mining, RX 470 is by far my top performer. Hits about 80W and produces a rock solid 26 MH/s with bios mod and mem overclock. I also undervolted/underclock the core for a nice chilly 70C running temp. Windows is my go to for all AMD Cards as their Linux support is horrid. I install a stripped down version of Windows 10 that is very clean and disabled updates.
Now, that all said, I'm not a huge ethereum or bitcoin fan. I have my 6 card RX 470 rig going for ethereum, but my baby is the Nvidia Linux box I have been putting together. I a big fan of the GTX 1070 running CUDA 8.0 dev, with the latest drivers. I do not mine ETH with these like most the fools out there. ZCash (Equihash Algorithm) is where it is at. These have been performing almost double my AMD cards in daily mine profits. That said, they are expensive at $400 a pop. The Nvidia Linux support is pretty solid, and I run Ubuntu 16.04.
I really like running both as they offset each other because of the fickle crypto markets, this makes me a bit more resilient to them. That said, It's a bloodbath today, and I'm shitting the bed on all my Crypto holdings.
Oh, and here is my partial setup in the garage (it gets a little hot during the summer, about 10 degrees hotter inside) I have zip tied a bunch and added some more cards since this pic, but here you go:
View attachment 12252
Here is my monitoring, I use the open source enterprise monitor software Nagios. A bit overkill, but hell its nice for a birdseye view. I also create custom scripts to watch my temps on the linux box GPUs: (Blur'd out my work server and gateways, this is hosted on a Google Cloud server, which is amazingly cheap at less than $1 a month. )
View attachment 12253
SOME options can be incredibly risky, but not all are so bad. a lot of people write covered calls as a consistent income source. but like you said, you need to understand what you are doing.
this is a good thread!
I'm selling off all my rig parts while demand is high and all gpus are out of stock. The key to profits no matter what you are doing, is knowing when to quit.
Sent from my SAMSUNG-SM-G920A using Tapatalk
You cant even find the 470-480 or 570-580 AMD cards in stock in a lot of places right now. I remember a few months back they were on sell for $199 for the 580 now you will never find that price.
Unable to play EQ lately so been spending what little time available to work on building a rig. Managed to get my hands on (6) 580's. Cant wait to put it together.
You poor soul, the market has gone to complete shit. Difficulty bomb went off on Ethereum and add the influx of new miners = Went from making $4 a card to $1 a card. Sell those cards ASAP before aftermarket prices go to shit. As soon as stock returns all 400/500 series RX cards will be worthless ($60-$100 each). I'm almost done reselling all my cards and am lucky to get such a great bang for the buck. Its not too late, but I'd make it a point to try and get rid of all of them before July is over. Once August hits and stocks normalize, its going to be a rough go for miners and resell of GPUs.
I appreciate the advice, but I'm going to stick it out. If not running for ETH we'll run another currency. IMO the investments made and those of us involved talked about it, these types of currencies aren't going to disappear.
If you have 580's to sell, PM me.
Which complex tax returns are you referring to?
With that said, if you're smart about individual stock investing (by "smart" I mean read some books and understand tax implications and basic strategies) you can make some money. You also need to set rules for yourself, and be EXTREMELY disciplined about maintaining those rules. Greed will KILL you. You need to be heartless about it. An example of that is setting a percentage goal that you want to make for a particular stock. You think Apple will make 10% this year, so you invest in Apple. Should Apple hit the 10% goal, you sell (if you're looking to avoid certain tax situations, another criteria may be you have to have held it for a year).
And options trading.......... jesus... lol... you can make a SHITLOAD of money, but you can also loose your shirt faster than you can hit the enter key on the transaction. Make sure you know what you're doing and how to offset potential loses. Hedging is king with options.
QFT. You gotta be really disciplined. The only downside to options trading is the taxes, I'm paying a lot of taxes since these are short term investments, but the gain is still huge if you play your cards right.
Hey about to drop a few hundred bucks on some currency, any pointers? I am looking for good growth on some that I plan to keep for a long time. Retirement kinda longtime. So if you know of any that are set to explode on the 28th like they claim and that will be around please let me know I figure on buying 8-10 currencies and sitting on them.
If it is super secret feel free to PM me....
To be clear I do not want to mine, I want to just invest in a few cryptos and sit on them...
Not sure I'd say the ONLY downside is taxes, but they certainly hurt. My issue with options trading is I've done well evaluating which way a stock would turn and by how much, but I overestimated how fast it would hit my price. In one case, the difference between a nice payday and nothing was about two weeks (fucking Deutsche Bank).