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why should i start cryptoming

i am trying to convince my parents to start cryptoming bc it could help pay for things and so i dont have to ask them for money to go to places and i need some reason to tell them that crypto mining has some benifits other than buy a 999+ miner or a cheaper miner for 200

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Own a PC?  Download Nicehash, mine for 1 month, compare electric bill from previous year, previous month, and this month for differences.  See if you created value.

 

If you did, show them

If you didnt, dont show them the results.

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50 minutes ago, xxxsadboy1317 said:

not a bad idea but im using a ras pi as a computer

then no, you shouldnt mine

 

52 minutes ago, Oshino Shinobu said:

Unless it's on a very large scale, you'll barely break even and it'll take a long time just to do that. 

no

edit: i guess a "no" is not constructive
let's say if you bought a 3080 at $2000 back in january this year, you'll have earned about $2500 in profit by now from mining (roughly $300 a month avg, been dropping but still)
less than a year for ROI is not a "long time", even in the fast progressing world of tech

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btw speaking of breaking even ,what does it mean? if you bought the thing paid in full than what is the importance of breaking even. I can see it as a achievement of making the same amount of money as you mining rig

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2 minutes ago, xxxsadboy1317 said:

btw speaking of breaking even ,what does it mean? if you bought the thing paid in full than what is the importance of breaking even i can see it as a achievement of making the same amount of money as you mining rig

This is telling me this isn't something you shouldn't be getting into. Are you familiar with the term "profit"? Until say a $700 GPU begins to actually make money, you need to factor in the cost of the GPU + power usage. 

5800x/3090

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1 minute ago, xxxsadboy1317 said:

btw speaking of breaking even ,what does it mean? if you bought the thing paid in full than what is the importance of breaking even i can see it as a achievement of making the same amount of money as you mining rig

I don't think breaking even is a good thing when mining on GPUs because you just added wear on said GPU. You would be better off not mining at that point.

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Just now, Ykcud said:

I don't think breaking even is a good thing when mining on GPUs because you just added wear on said GPU. You would be better off not mining at that point.

?

say u have $400, you buy a GPU

it mines $400 (after electric ofc) in profit, you end up with $400 + a GPU

how is that better than not mining?

My PCs: Desky | Beddie | Miney | Benchie

Things I need help with: (nothing at the moment)

Spoiler

none atm

I hate Intel's pricing, Ryzen's weird quirks, Nvidia's pricing, and Radeon GPUs in general

Spoiler

Products I like:

Spoiler

Sony Xperia Z1 / Z2 / 10 ii, Asus Strix 970 / 1070, Samsung SSD, WD HDD, Corsair PSUs (AX, RM, CX(grey)), GeForce GPU, NZXT N450/S340, be quiet! Coolers, G.Skill Trident RAM, Logitech M525, Logitech G440, Razer Deathadder Elite

Products I hate:

Spoiler

Xperia Z3, XiaoMi 5c, Radeon GPUs, Razer Audio Products, any bloatwares

Companies I absolutely adore: (and hope it stays that way)

Spoiler

be quiet! - sent me AM4 mounting for my DRP3 even though it's way past the timeframe stated, no questions asked

Corsair - very good RMA experience, absolutely recommend

Companies I hate:

Spoiler

Nvidia, Intel, Apple, TMT (Thundermatch, a retailer)

Personal Blacklisted Companies:

Spoiler

Acer: shit tier quality products, shit tier customer service thus far, they "tried" to solve my issue but they arent really doing anything but delaying and delaying. (on-going case since July)

Gigabyte: horrible customer service (gigabyte had literally 0 customer service, asked me to go to retailer with NO WAY to email them about a question) but at least they fixed my shit in ONE MONTH (would probably take me 1 hour to fix if they let me email them)

XiaoMi Phones: built like a tank but the software is buggy as all hell

Seagate HDD: had too many dead seagate drives

Kingston SSD: 300V controller swap thingy

Razer (except their mouse)

Remember, just because I had good/bad experiences with these companies/product, doesn't mean you will have similar experiences too. I would still recommend these products if they made sense for your needs, but I'll add a disclaimer of my experience if it's relevant. Feel free to DM me asking why they are where they are.

 

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6 minutes ago, xxxsadboy1317 said:

not a bad idea but im using a ras pi as a computer

 

Do your parents use the same PC as you do? If not, do they have a dedicated GPU?

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1 minute ago, xxxsadboy1317 said:

btw speaking of breaking even ,what does it mean? if you bought the thing paid in full than what is the importance of breaking even i can see it as a achievement of making the same amount of money as you mining rig

Breaking even is making back the initial investment. If you never break even, you've essentially lost money and you've made no profit and you would have been better off if you never bought it. 

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Just now, Moonzy said:

?

say u have $400, you buy a GPU

it mines $400 (after electric ofc) in profit, you end up with $400 + a GPU

how is that better than not mining?

I was thinking more if the amount of power used for it to mine with costed the same as the profit.

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2 minutes ago, Moonzy said:

?

say u have $400, you buy a GPU

it mines $400 (after electric ofc) in profit, you end up with $400 + a GPU

how is that better than not mining?

he is right mining has advantages like this where you can have $400 or more plus a gpu that is payed off

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46 minutes ago, xxxsadboy1317 said:

i am trying to convince my parents to start cryptoming bc it could help pay for things and so i dont have to ask them for money to go to places and i need some reason to tell them that crypto mining has some benifits other than buy a 999+ miner or a cheaper miner for 200

im trying to get into cpu mining, can't afford graphics cards or asics, but i can speculate on cpu mineable currencies and cross my fingers they go up in value one day.  plus my apartment is always freezing and a cpu mining farm will just warm things up in the winter, got plans to pump the heat out in the summer

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On 11/22/2021 at 4:36 PM, xxxsadboy1317 said:

i am trying to convince my parents to start cryptoming bc it could help pay for things and so i dont have to ask them for money to go to places and i need some reason to tell them that crypto mining has some benifits other than buy a 999+ miner or a cheaper miner for 200

You do realise, unless you have a big rig that has paid off already, proftils will be of the order of maybe $5 on the best GPUs, likely less than that, per day right? It's not nothing, but more of a slow and steady process if the current bull market lasts.

 

Getting into crypto is already a huge gamble. It could all crash tomorrow. The next worst idea is to start mining without realising that it'll take you quite a while to get your initial investment back. In other words, if you buy a $1000 GPU to mine on now you are not making any profit until you have mined (and sold) $1000 worth of crypto. The final absolute worst idea is to try and convince your parents that they should spend their paycheck on the powerbill of something more than a little bit uncertain.

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even if it did crash i could use the gpu psu , hard drive and frame to tun into a computer that might help if i get a job that need to have graphic designs so either way its a win win and yes ik if i bought (6) 1000 gpu's and i only got five bucks a day doesnt mean i could mine with 3or 4  of the gpus and  use the other 2 as a computer i have seen this done by some people

 

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On 11/22/2021 at 9:47 AM, Ykcud said:

Do your parents use the same PC as you do? If not, do they have a dedicated GPU?

my parent don't have computers bc the are computer illiterate but they know how to work phones?🤷

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9 hours ago, xxxsadboy1317 said:

even if it did crash i could use the gpu psu , hard drive and frame to tun into a computer that might help if i get a job that need to have graphic designs so either way its a win win and

Having a GPU and a PSU does not replace having money in the bank though, and in case of a crypto crash less people may be willing to buy it from you. You can't buy your groceries with a 3070 or get extra airmiles if you own a 80+ Platinum PSU. Skills in graphic design will land you a job requiring graphic design, not having a computer with a GPU. You could use it to practise.

9 hours ago, xxxsadboy1317 said:

yes ik if i bought (6) 1000 gpu's and i only got five bucks a day doesnt mean i could mine with 3or 4  of the gpus and  use the other 2 as a computer i have seen this done by some people

That wasn't the point. If you spend $1000 on a GPU, say a 3070, then it'll make you ~$4 per day before electricity costs. Best case scenario of free electricity that means you'll have to mine for 250 days (two-thirds of a year) before your mining revenue hits $1000 meaning the GPU has paid for itself. Buying 6 of them only means you are now $6000 in and still have to mine for at least 250 days to earn that back if all 6 are mining 24/7.

 

Point was: you'll be a year in before you start making profit and nobody can predict what the crypto market is going to be then.

9 hours ago, xxxsadboy1317 said:

my parent don't have computers bc the are computer illiterate but they know how to work phones?🤷

Well start by educating both yourself and your parents in what crypto is. And by that I mean really educating yourself, not just to the point of "GPU prints magic internet money". Convincing them to use it as a risky investment (you can just buy crypto) might go off much better than spending tons of money into hardware that is 1) too expensive right now anyway and 2) is tech, so lifetime and resale value will be low(er), especially with these inflated prices and if you mine on them.

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nevermind you don't really help so deleting this post

 

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i am showing my parent this as you guys talk to try to help me because we are a poor fam trying to get some money so we dont live with our grandparents

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7 hours ago, xxxsadboy1317 said:

nevermind you don't really help so deleting this post

 

You have to understand that crypto is EXTREMELY risky. It can ruin you financially if you jump in without knowing what you are getting into and still even if you know what you are getting into. The negatives are crucial to understand here, because you are quite literally playing with your parents' livelihood.

7 hours ago, xxxsadboy1317 said:

i am showing my parent this as you guys talk to try to help me because we are a poor fam trying to get some money so we dont live with our grandparents

Do you and your family have money to set aside each month? If yes, then start by simply saving some money each month. Priority should be immediate bills first, then saving up for an emergency fund and then potential investments. If you have no money to save each month then you definitely don't have money to invest in crypto or other things. Investing is also a long term game, and by long term I mean many months at least to years. The unfortunate thing about investing is that it takes money to make money. You won't get rich putting putting $5 into Bitcoin now. It will take a steady stream of money to build up capital over time. Furthermore, you might be better off directly investing the money instead of buying a computer specifically for mining, depending on what else you want to use the computer for.

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On 11/22/2021 at 3:44 PM, xxxsadboy1317 said:

btw speaking of breaking even ,what does it mean? if you bought the thing paid in full than what is the importance of breaking even. I can see it as a achievement of making the same amount of money as you mining rig

Mining bitcoin isn't really profitable so I would suggest just buying some crypto instead

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I'm going to come at this from a different perspective. If a person already owns a decent GPU that they use for other tasks such as a gaming, getting into mining to help make some extra money as an investment into crypto can be a good use of the hardware when not using it for its primary purpose. Buying hardware strictly to engage in mining on the other hand would not be a wise thing to do. As others have mentioned, crypto mining isn't a magic money-making bullet.

 

In my own case, I have two gaming rigs with a Vega 56 and RX 5700. When they're not being used during the day (or night), I mine on them. However, I would never dream of purposely buying a GPU just for the sake of mining.

 

Think of it this way, nobody buys a car with the strict intent of only using it for Uber. They instead already own a car that they use for personal transportation, so they then have the option of trying to bring in extra money by getting more use out of their equipment.

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