Started my mining operation

Thanks for an easy to read response lol. I didn't think my comment woulda been taken so serious - I don't fuck with BTC/LTC/DASH nor do I ever read about bitmain or talk to miners, so was just pulling shit outta my ass when I said that simply because if I was in their position that's exactly what I'd do.

 

We're all here to learn and hear other people's input, any comment is appreciated.

I'd be tempted to mine with the product as well, but it seems like the long term goal would be affected by that action. It's getting to the point to where it is almost hard enough for them to sell their miners. They used to sell out in minutes and now their products are available for days. By mining, and pushing the difficulty up and profits down, it wouldn't help them sell faster.

I feel like they are pushing all the miners out as quickly as possible these days. It doesn't appear they care about their customer's ROI. While doing research it appears they are venturing into AI. I believe they will switch over soon.

 

Yeah, you make a good point at "by mining, pushing difficulty up and profits down, wouldn't help sell" - honestly never thought of that. That's a strong point so thanks.

I'll just stick to trading

 

Yeah sorry if my message sounded harsh it wasn't meant to be, it's just I had made a posting about bad but main customer service on reddit and got a lot of people telling me the same thing, and some called me stupid for buying from bitmain.

You are right though, they do technically control the hashrate, and it kind of reminds me of the gold rush in the U.S... The companies selling shovels, buckets, and mining equipment made the most money..

@Giddy makes a great point. If they did mine, the hashrate would be so high the profits would look shitty, which is why I think that they actually produce way more machines than they say per batch, and then sell them in "batches" to control the hashrate.

.. That being said, it is possible that because of this they are mining on the back stock, but it can't be for long IMO

 

Yes, stick to trading. If I had a much money in LTC itself, I would have made more profit (not much more but still).

However, one good thing is that once I do not feel like mining anymore, I can sell my machines and use the profits to buy a decently large amount of LTC or maybe even some ETH

 

That's the good thing about GPU's you can always just sell them off when you don't want em anymore.

 

Yes but also it sucks for the buyers because

A. Some people actually want to put them to use by playing games and for media..
B. Resellers sell their used GPU for basically the same price they bought them for, despite using them 24/7 usually OC and sometimes in harsh conditions not in a case protected from dust
C. Makes getting GPU for gaming very hard for some users, especially those who can't afford them (remember GPU mining has made the price of GPU go up quite a lot). Usually I wouldn't gaf but its because GPU were meant for gaming and graphic processors, not as a mining investment. Once you turn things like GPU into a mining investment expect for there to be a shortage and in turn create a higher demand with less of a supply which results in higher prices (GPU market was never set up under the impression users would be buying 6-36 GPUs)

Just some reason why GPU mining isn't always a good thing for everyone

Also security of GPU mining for the network is actually not good, which is one of many arguments for ASIC, but I see both sides of the argument as valid

 

BUMP WHOS MINING

 

Elite and @Giddy

 

Yes sir. Still mining ETH

 

How hard is it to setup a miner for someone who has never done it? I am thinking to do LTC/ETH. I probably have to buy antminer, but it seems the next batch is in March??? way too far... any tips to expedite?

 

If you want to do eth I'm selling one of my rigs that average like $500/month. Also with the antminers bitmain is way behind and if you want to buy one from someone else they are charging like 2x the original price.

 

What about hashflare? Genesis mining? Why are they behind, I did not know they had a competitor? And what is your rig called and how much?

 

ASIC not worth RN

ETH GPU mining
6 GTX 1060s is an okay build for beginners. Need knowledge of command prompt, need CPU, power supply, Rig frame, Etc.

Probably a $1700 investment. Maybe more, maybe less.

Youtube guides will help you the most

 

@15.5 MH/s that would net currently $250 USD a month. $280 per card would take roughly 7 months to pay off the 6 cards, and coin gets slower to mine which I imagine that profit per month will go down right? so possibly 10 month for return investment?

Wouldn't spending $1500 on investing net more in that timeframe?

 

Well of course the price will fluctuate with the price of ethereum.

 

If you want to mine LTC you have to use an antminer if you want to profit. If you want to mine ETH, you can build your own mining rig, using GPUs. I made my own and it wasn't too hard.

 

Well, although it will get more difficult to mine, if your truly believe in the coin you are mining you can hold it and the month to month estimate is kind of pointless since its value would have increase.

For example, I use to mine a lot more Coins / day .... However, now I mine more in USD despite having the ammount of coins I mine cut in half. So be careful when looking at those calculators. They do not calculate. When I started mining LTC the calculator didn't account for 5000% gains

 

I just switched from ETN to ETH, little messy since i only have 1 modular psu with no cable management
I am running 8 RX580s 4GB @ ~29.5 mhs and 2 GTX 1060s @21.5 mhs, all undervolted flashed overclocked
Total mhs @ 273mhhs looking to go for over 500 by march or april

 

NIOCE NIOCE!!