My mining rig for 2017, is it profitable for the next 12months

MattiegkMattiegk Member Posts: 18
So I'm brand new to mining. I missed out on bitcoin after I decided against it in 2015, absolutely kicked my self for not jumping on the bang waggon.
Decided to take the risk with nyoc and have purchased the following.

MSI z170a pro gamer carbon, £125
7x GTX 1070 8GB Founders Edition, £2700( ouch)
120GB SSD
G9300 CPU
2x4GB DDR4 Ram
1200w crossfire PSU

Total cost was like £3200 so about $4000 +
As nyoc price rocketed so did the hardware cost and availability. 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?
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Comments

  • PlantDrPlantDr Member Posts: 122 ✭✭
    edited June 15
    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 nyoc), but we will see how it play out. Best of luck to you.
  • FriendlyFriendly CanuckistanMember Posts: 31
    Crytpo is always a risk...it's decentralized and inherently unstable, but the trend shows that it is profitable, particularly now. so have at 'er! I just dropped $3K on four GTX 1070's and two EVGA 850w G2 to pair up with my old Asrock Z87 Killer...gonona order another three 1070 and run 7. also thinking of adding a couple six 1060 6GB rigs to this as well.

    1070's are the way to go I think, as they're 20% more powerful than a 1060 for about the same 20% in higher cost and help maintain a much higher resale value when you retire them for a new/better GPU. B)
  • praestopraesto Member Posts: 115
    It's a shot in the dark. Eth has dropped over 30% in the last two days and is continuing to decline. 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.
  • MattiegkMattiegk Member Posts: 18
    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 :-)
  • aswasw Member Posts: 4
    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.
  • praestopraesto Member Posts: 115
    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 4-6 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.
  • AnnaNuemaAnnaNuema Member Posts: 12
    In my opinion - and I started as well only this week with just one card (Asus AMD R9 390, it makes about 30MH/s) - I just want to get some ETHs in order to be with the wave if it happens. You know I think there might be a future increase in ETHs value. And if this happens I have already mined some ETHS into my wallet. If this happens not I will sell my card - probably realizing a loss in value. And that's the whole story.
  • DjithBitDjithBit Member Posts: 40
    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... mining it all the way instead of buying right from the exchanges.

    Got some good deal i think here.. still 4 weeks to delivery :(

    Expected 20 jul - 31 jul
    MSI GeForce GTX 1060 Armor 6 G ocv1 6 GB ddr5 RAM 192bit 1 x DVI 2 x HDMI 2 x DP
    Amazon EU S.a.r.L.
    EUR 280,84
  • Gord2uGord2u Member Posts: 2
    guys not really sure what u r talking about, " do it if u wanna have fun". 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??
  • ForceliteForcelite Member Posts: 23
    nyoc 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 .
    Force
  • danxdanx californiaMember Posts: 145 ✭✭
    Even if nyoc 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... And I wonder... I know what the A in the brackets at the end means, that's the shares... Just not sure about the R and F.... And i'm not 5, i'm this many years old *holds up a bunch of fingers*.. Wait, that's not right.. I need more fingers.

    noobpool.com A mining pool for everyone, even those who don't have a house full of mining rigs.
  • kentankentan Member Posts: 82
    edited July 4
    Basing profitability/breakeven on current calculators is a mistake many beginners make. 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.

    Tangible/Intangible costs that a lot of people don't consider:

    1. Your time taken to build the rig, tweak it for performance and the frustrations and sleepless nights that go with it.
    2. Maintaining and monitoring is also quite time intensive
    3. Incidentals like PCI-e risers, frames, cooling fans, power outlets/wattage monitoring etc all add up
    4. 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. In about a months time, AMD/NVIDIA will start flooding the market with cheaper and more efficient GPUs.

    The questions you have to ask yourself.

    A. Can you mine enough ETH in the interim to cover the higher price differential you are paying now for your components?

    B. 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.

    C. Will you make enough in time before POS is implemented?

    D. 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
  • AnnaNuemaAnnaNuema Member Posts: 12
    kentan, all you are mentioning is exact right. 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. All true. But what shall I do? Unplug the card? Sell it? Put these $$$ into ETH? 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. So what?
  • RabassoRabasso Member Posts: 150 ✭✭
    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. if you spend 4 or 5 thousand dollars in a rig, you will not get it back, maybe break even, but sure you are making the network more secure!
  • hknoenerhknoener Member Posts: 29
    And since making the network more secure is surely your goal you should be covered. :#
  • SamsanSamsan Member Posts: 36
    nice i am use 3 x gtx 1070, msi z310 plus board 4gb ddr4 ram
  • PlantDrPlantDr Member Posts: 122 ✭✭
    edited July 4
    I believe that there are other things to consider. Maybe not everyone feels this way, but some people like to do something new that challenges them, takes them out of their comfort zone, etc. Some of the new miners might not really know a lot about computers and after this experience will gain a nice understanding of how a computer is actually put together, how to troubleshoot computer related issues in the future, and also will gain more knowledge about cyrptocurrencies in general during the process. To some people, spending $2-3k on a rig or two could get satisfaction out of that couple week endeavor of getting things set up. To be honest people spend so much on hobbies anyway, but here some may feel that they can gain some interesting knowledge in the process, rather than just reading forums and articles, they want to actually experience it.

    I know there are some of you who are actually worried about the new miners and not taking everything into consideration, but I feel like people are not as stupid as you might think. Information and very accessible now a days and people do make calculated risks. I also feel that there are a lot of older miners who are just trying to scare off these new miners so that they can potentially make more as the difficulty will go up slower with less new miners jumping on board. To them I say nice try, the knowledge/fun I gained from this is already worth it and you do not know what the future holds. Also my power is free (campus housing) so that was one of the variables I had when calculating my risks. Other people might have other variables you aren't aware of.
  • ResonanceResonance Member Posts: 57
    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.
  • PlantDrPlantDr Member Posts: 122 ✭✭
    I believe that there are other things to consider. Maybe not everyone feels this way, but some people like to do something new that challenges them, takes them out of their comfort zone, etc. Some of the new miners might not really know a lot about computers and after this experience will gain a nice understanding of how a computer is actually put together, how to troubleshoot computer related issues in the future, and also will gain more knowledge about cyrptocurrencies in general during the process. To some people, spending $2-3k on a rig or two could get satisfaction out of that couple week endeavor of getting things set up. To be honest people spend so much on hobbies anyway, but here some may feel that they can gain some interesting knowledge in the process, rather than just reading forums and articles, they want to actually experience it.

    I know there are some of you who are actually worried about the new miners and not taking everything into consideration, but I feel like people are not as stupid as you might think. Information and very accessible now a days and people do make calculated risks. The knowledge/fun I gained from this is already worth it and you do not know what the future holds. Also my power is free (campus housing) so that was one of the variables I had when calculating my risks. Other people might have other variables you aren't aware of.
  • kentankentan Member Posts: 82
    edited July 5
    Please don't get me wrong. My previous post was in the context of this thread whereby thread starter plonked down $4K and is now asking the forum whether he can make a decent profit.

    If you are doing it for fun and recreation, please join in the fun but if you are seriously considering this as a money making investment then think carefully again. Many new miners may not have been aware or did not catch the bug during the bitcoin mining craze where the exact same situation happened. Everyone jumping on the bandwagon and graphic card shortages everyhwere. A lot of the bitcoin miners eventually had to sell off their rigs at a fraction of the price that they bought it at.

    Fun, learning, recreation, hobby - go ahead, knock yourself out and and enjoy
    Serious money making/get rich quick investment - think carefully again.
    Post edited by kentan on
  • PlantDrPlantDr Member Posts: 122 ✭✭
    edited July 6
    Not sure why it 5x posted
    Post edited by PlantDr on
  • PlantDrPlantDr Member Posts: 122 ✭✭
    edited July 6
    Not sure why it 5x posted (deleted comment)
    Post edited by PlantDr on
  • PlantDrPlantDr Member Posts: 122 ✭✭
    edited July 6
    Not sure why it 5x posted (deleted comment)
    Post edited by PlantDr on
  • KainzoKainzo Member Posts: 12
    Resonance said:

    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.

    There's other coins to be mined. Eth will dry up, the smart miners aren't in eth at this very moment ;)
  • PlantDrPlantDr Member Posts: 122 ✭✭
    not the best, but a good place to start for looking at other coin values. https://coinwarz.com/cryptocurrency
  • mikeomikeo Member Posts: 176 ✭✭
    Please allow me to offer a longer perspective on mining. I started mining Bitcoin on gpu as a hobby when it was under $10usd. I mined for almost two years on up to 10 gpu then sold my rigs when it became obvious that asic mining would supplant the gpu effort. That decision turned out to be premature by about 9 months as asic machine delivery was incredibly slow. I would have been better to mine on gpu over those months. Was it profitable? Yes indeed. And you know what? People were making the exact same arguments back then as I'm seeing here now. Just sayin'.
  • kentankentan Member Posts: 82
    Ah..but the key question you should ask yourself. Would it have been much more profitable if you had invested all the hardware and electricity cost directly into bitcoin when it was under USD10?
  • PlantDrPlantDr Member Posts: 122 ✭✭
    But the key question to you kentan is. Do you think money is everything?
  • kentankentan Member Posts: 82
    I have already pointed out in my earlier post (5 Jul). If you are doing it for fun and recreation, go ahead and knock yourself out but if you are treating it as a serious money making investment as in the context of this thread, then think again carefully. Please read through all posts before you jump to conclusions
  • PlantDrPlantDr Member Posts: 122 ✭✭
    I've read your posts, but your last one stresses that mikeo was going for "profitability" during his Bitcoin adventure, yet he started off saying that he was doing it as a hobby. So you seem to be the one who is flip flopping ideals. Why are you saying that if people go in as a hobby it is fine, then criticize them for no just investing in Bitcoin as $10.
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