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What would it take to start mining bitcoin?

Vod

Hello!

 

I was just wondering, since I do have the option to buy a couple of used rtx 3060s at an actually decent price, and I wouldn't have to fear much about losing money since I can always resell the gpus.

I just thought that it'd be a cool project to do, and maybe even turn out to be some kind of passive income, so I'm just asking on the internet if the potential headache is worth at all.

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Just now, Mel0nMan said:

Bitcoin is no longer profitable to mine with 3060s AFAIK.

Oh really?

What about ETH?

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You need a time machine to go back to 2012 or so. You don't mine BTC with GPUs anymore.

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1 minute ago, Vod said:

Oh really?

What about ETH?

You'd still be turning money into heat. If you get the LHR versions, well... that's even worse. 

You wouldn't make enough to pay off the cost of the hardware before Ether turns proof-of-stake and can't be mined anymore.

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1 minute ago, Mel0nMan said:

You'd still be turning money into heat. If you get the LHR versions, well... that's even worse. 

You wouldn't make enough to pay off the cost of the hardware before Ether turns proof-of-stake and can't be mined anymore.

proof of stake will probly be pushed.

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One does not simply start mining bitcoin in 2021.
To mine cryptocurrency you're going to have to learn about the different cryptocurrencies.
Then it would probably help to predict what will be mined with GPUs once ETH can't be mined anymore

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If you already have a efficient graphics card to mine with then you can start with that. You will not likely make the money you invested into buying a used or new graphics card at the prices people are selling them at. If you are seriously going to continue to mine you have to do it for the long term and hope whatever you mine goes up in value, but things don't look good right now.

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If you want to start mining BTC you need to buy an ASIC or 5 and have a location with very low cost electricity and a cooler climate.

An ASIC will cost about $1300-$2000 each and will require 240v and usually around 10A each so you need to have a breaker box that can support that.

 

Since you say you say you can get some GPU's cheap then you are talking about building a rig for mining ETH which is currently the most profitable alt coin. However RVN is a close second and my speculation is whenever ETH gets around to going POS them RVN will jump as the most profitable.

 

To build a mining rig you need a cheap CPU and 8gb RAM, and a MB that is cheap but also supports as many PCI lanes as you intend on having GPU's. Most MB have like 4 but if you intend on getting a full blown rig and slowly adding more GPU's to it then get one that can support like 10+. You will also need 1x to 16x riser cards, they are cheap and can be found on Amazon. I prefer the ones that use PCI power connectors instead of MOLEX Because MOLEX tend to fail from drawing too much power. Then PSU you will need a PSU that can support all the crap you're going to use. I prefer server PSU's with a breakout board for as much stuff as it's wattage can handle and then use a standard computer PSU for the MB and other crap.

 

There is a lot of information out there on mining setups and stuff. The biggest thing to consider is your initial investment and the fluctuations of the price of coins. And the cost of power will slow the amount of time until you get your ROI. You need to see how much speed you can get for the least amount of power and how that translates into an ROI.

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  • 2 weeks later...

unfortunately if im not mistaken then all 3060 (non ti) are LHR (low hash rate) which halves its potential hashrate. to start mining you need to build a pc which means cpu, motherboard, psu, ssd etc. it probably wont be worth it as you wont be making enough on those cards to pay off the rest of the pc let alone the cards. however you will make something and if you want to do it just to try it and learn something then go for it. like you said you can always sell the cards and components later if it doesnt work out for you. but be careful its addictive. my advice would be to start out mining on nicehash and see how you go.   

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