Am I to late to mine crytpo?

[whoknowz]

I got money to spend, as you need money to make money but I am just wondering am I to late in the game to get into the game of crypto mining?

 

Looks like Bitcoin took a dump, what other currencies should I look into or should I just dump it all into index etf's instead as inflation is about to hit the worlds economy with all the free money being "printed"?

 

What are the top 8 crypto's to search for, do they all use expensive gpu's or do a i need a mining specific card?

 

Its always seemed to dicey to play with everytime I've looked into it in the past. I might just go for higher dividend yields or specialty investments with higher risk for more reward.

[TheBean]

unless you have >5000usd to spend on GPUs, its honestly not that worth it. I have a single gtx 1060 and I can get just over $1usd per day with ETH which is currently the most profitable. But considering that ETH will move to POS in the coming year, you will not get ROI before that happens. so imho, its not worth it anymore and yes you are late. 

What I have done is put most of my money into blockfi and I earn yield there. it does fluctuate, but currently getting 9% APY on GUSD (not insured). dm me if you want a referral

 

if you dont trust gemini with GUSD, then just going with an ETF seems pretty reliable as well. idk how strong the US market is looking for the next couple months and I feel like stocks are highly overvalued currently and I expect a "crash" / "correction" soon, so maybe put money into an ETF in February or something.

 

 

non of this is financial advice. this is all speculation on my end and I know nothing about tax laws, finance laws or anything like that. Im just some random guy on the internet. 

[whoknowz]

@TheBean What does POS mean?

ROI - Return on Investment

What is Blockfi, I know Mr Wonderful Kevin Oleary might have talked about it in one of his videos. I see a web search reveals what Blockfi is, interest on crypto looks interesting. Up to 7.5% is nothing to sneeze at but anyone and everyone can get a minimum of 6% interest on the open market and its insured and guaranteed.

 

If one can get a gtx 1060 for free or cheap, might be worth setting something up as $360 aint bad for minimum investment.

What kind of a computer system would I need if I do a deep dive searching for ways to get a 1060?

 

[Tech87]

GameStonk to the moon!

 

In all seriousness, I dont mine, never have, but have read up on it a little, and I think you need to be highly invested in order to make it profitable, due to electricity costs, initial hardware costs, wear and tear on the hardware, etc..

 

I do invest in stocks, and have for over a decade. 

I have had some ups and downs along the way. High div yield stocks are great for that steady stream of income, but are just as susceptible as any other stock to tank at any time.

 

Only ever invest what you're willing to lose.

 

Good luck!

[TheBean]

3 minutes ago, whoknowz said:

What does POS mean?

Proof of stake. Currently BTC and ETH are PoW which means they require computation to produce new blocks (ie mining with gpus). 

POS (proof of stake) is different because its a complicated algorithm that requires you to purchase the asset (ETH in this case) to contribute to the blockchain. It does not consume your ETH, you just need to have it in the 1st place and you will get a small bonus everytime you are chosen as the validator. I am summarizing it in like 3 sentences but its a lot more complicated. if you want to understand it better, lots of YT videos exist. 

 

Basically with POS mining will not be a thing anymore, so miners will have to either mine another PoW crypto, or sell their GPUs/ASICs.

 

Think of BlockFi as a "savings" crypto account. When you make a blockfi account and fund it, the asset is not held by you technically. BlockFi takes it, loans it out to people, then they make money from the interest, and give you part of it. almost exactlly like a savings bank account but significantly more APY and also not insured since its not FDIC. again, I am simplifing this and if you want to learn more, numerous YT videos can explain it much better than me. 

I trust BlockFi and Gemini, so I am confortable. If you arent, then regular markets still exist

 

Hey if you can get a free 1060, then theres no reason not to mine with it. You can always sell it later once ETH transitions to POS. 

when mining, literally any computer will work if you can plug the 1060 in. Mining requires at most 1-2gb ram, 4-5gb vram, 1-2 cpu cores, 20gb storage. 

 

 

 

I would suggest YT videos by Coin Bureau and Graham Stephan. CB is purely stuff about crypto, GS is general investing stuff. 

In terms of their bias, because BS is a crypto channel, they are very bullish on crypto so beware of that. GS is more of a light hearted investing channel and arent as serious as Kevin oleary. 

[whoknowz]

2 minutes ago, Tech87 said:

GameStonk to the moon!

 

In all seriousness, I dont mine, never have, but have read up on it a little, and I think you need to be highly invested in order to make it profitable, due to electricity costs, initial hardware costs, wear and tear on the hardware, etc..

Yeah electricity costs have gone up, but you can buy a condo with its condo fee includes all utilities. Thats the way to go, just rent it out and lock out a closet.

 

 

 

Yeah I remember hearing about that, didnt know it was POS. Extra computer resources to help the general cause.

I thought about just buying crypto outright but to scared LOL Its like trying to buy an Amazon stock for $3500 LOL

Yeah I may have friends of friends or even family members with a spare one. But its a stretch, but theres always other means and ways. Making $1/day, $30/m, $360/m is better then nothing. I am always aware of bias people on the internet, I always need multiple points of view, like in dieting, I do listen to non doctors but mostly just doctors not influencers but even doctors you have to be aware, what else do they sell.

 

3 minutes ago, TheBean said:

Proof of stake. Currently BTC and ETH are PoW which means they require computation to produce new blocks (ie mining with gpus). 

POS (proof of stake) is different because its a complicated algorithm that requires you to purchase the asset (ETH in this case) to contribute to the blockchain. It does not consume your ETH, you just need to have it in the 1st place and you will get a small bonus everytime you are chosen as the validator. I am summarizing it in like 3 sentences but its a lot more complicated. if you want to understand it better, lots of YT videos exist. 

 

Basically with POS mining will not be a thing anymore, so miners will have to either mine another PoW crypto, or sell their GPUs/ASICs.

 

Think of BlockFi as a "savings" crypto account. When you make a blockfi account and fund it, the asset is not held by you technically. BlockFi takes it, loans it out to people, then they make money from the interest, and give you part of it. almost exactlly like a savings bank account but significantly more APY and also not insured since its not FDIC. again, I am simplifing this and if you want to learn more, numerous YT videos can explain it much better than me. 

I trust BlockFi and Gemini, so I am confortable. If you arent, then regular markets still exist

 

Hey if you can get a free 1060, then theres no reason not to mine with it. You can always sell it later once ETH transitions to POS. 

when mining, literally any computer will work if you can plug the 1060 in. Mining requires at most 1-2gb ram, 4-5gb vram, 1-2 cpu cores, 20gb storage. 

 

 

 

I would suggest YT videos by Coin Bureau and Graham Stephan. CB is purely stuff about crypto, GS is general investing stuff. 

In terms of their bias, because BS is a crypto channel, they are very bullish on crypto so beware of that. GS is more of a light hearted investing channel and arent as serious as Kevin oleary. 

 

 

 

 

[tikker]

7 hours ago, whoknowz said:

I thought about just buying crypto outright but to scared LOL Its like trying to buy an Amazon stock for $3500 LOL

If you're scared of buying crypto then you also shouldn't think about mining. It's the same thing. There's also another difference. In my country, and maybe yours as well, one can't buy fracitonal stocks, but crypto you can buy in very small amounts. You don't have to drop $60,000 to buy a 1 BTC. You can simply buy $10 worth of it on an exchange.

8 hours ago, whoknowz said:

Looks like Bitcoin took a dump, what other currencies should I look into or should I just dump it all into index etf's instead as inflation is about to hit the worlds economy with all the free money being "printed"?

Crypto still mostly follows Bitcoin, so if that takes a dump everything takes a dump.

8 hours ago, whoknowz said:

What are the top 8 crypto's to search for, do they all use expensive gpu's or do a i need a mining specific card?

Look at coingecko or similar. You should base it more off of what they do though and not just what happens to be in the top 10 at a given time. It's a long-term game like any investment, be it an extremely risky one.

8 hours ago, whoknowz said:

Its always seemed to dicey to play with everytime I've looked into it in the past. I might just go for higher dividend yields or specialty investments with higher risk for more reward.

It is extremely risky indeed. No pain no gain. With its ability for big profits comes the risk of big losses.

8 hours ago, whoknowz said:

I got money to spend, as you need money to make money but I am just wondering am I to late in the game to get into the game of crypto mining?

Might as well invest directly. My reasoning from another thread:

13 minutes ago, tikker said:

My reasoning: $10k may get you 5 3090s maybe, which could make 5 x $8 = $40 per day mining ETH. That will take $10,000 / $40 = 250 days (roughly 8 months) to recoup if the price of ETH remains the same and not accounting for electricity. Now ETH's difficulty bomb has been postponed once again to June 2022 now, but say that it goes through, in 6-7 months time Ethereum mining would be dead and you wouldn't even have your initial investment back. As for Bitcoin, can you even get the miners again? Last I checked orders were still backed up.

Just replace $10k with your budget and the 3090s with whatever card you're going with. Something like WhatToMine can estimate your revenue.

7 hours ago, TheBean said:

Basically with POS mining will not be a thing anymore, so miners will have to either mine another PoW crypto, or sell their GPUs/ASICs.

Realistically they'll just start mining other PoW coins as they are also still profitable.