Please Need Some Help Regarding Mining Crypto.

[Confusedboi_1]

Hello Everyone,

 

Hope you all are doing great,

 

Firstly, I'm really grateful to be a part of this community as all my queries are solved within minutes, a big thank you to all of you.

 

I need some information regarding crypto mining,

 

So, I know this is not a website for therapy, but I'm under an immense pressure from my family and generally, I also suffer from Mental health problems so that is making everything really difficult for me.

 

I have thought of doing everything. Opening a retail shop to opening an amazon seller account to driving for uber. I've never been so confused in my life. So, whoever is reading is, your help will mean a world to me

 

 

Basically, I have some savings given to me by my family so I can generate some revenue and send it to them because we don't have any businesses or consistent income.

 

I can invest around £25,000 - £30,000 Maximum. (If my family sees profit coming they will invest more in the future)

 

I am a newbie in crypto mining, that's why I came here.

 

If I invest in a crypto mining rig in this budget, what will be the monthly profit after all the expenditures? I live in the United Kingdom but unfortunately I am not sure about the power consumption rates.

If you are reading this from UK, you would have a great idea.

 

Also, the profit that I will be receiving, can I convert that to actual cash? for example I mine 0.5 ETH per month, can I just sell it right away or there's another procedure for that? 

 

I will be really grateful is someone could help me as I really need you!

 

Thank you in Advance,

Kindest Regards

 

 

[Zalosath]

17 minutes ago, Confusedboi_1 said:

Hello Everyone,

 

Hope you all are doing great,

 

Firstly, I'm really grateful to be a part of this community as all my queries are solved within minutes, a big thank you to all of you.

 

I need some information regarding crypto mining,

 

So, I know this is not a website for therapy, but I'm under an immense pressure from my family and generally, I also suffer from Mental health problems so that is making everything really difficult for me.

 

I have thought of doing everything. Opening a retail shop to opening an amazon seller account to driving for uber. I've never been so confused in my life. So, whoever is reading is, your help will mean a world to me

 

 

Basically, I have some savings given to me by my family so I can generate some revenue and send it to them because we don't have any businesses or consistent income.

 

I can invest around £25,000 - £30,000 Maximum. (If my family sees profit coming they will invest more in the future)

 

I am a newbie in crypto mining, that's why I came here.

 

If I invest in a crypto mining rig in this budget, what will be the monthly profit after all the expenditures? I live in the United Kingdom but unfortunately I am not sure about the power consumption rates.

If you are reading this from UK, you would have a great idea.

 

Also, the profit that I will be receiving, can I convert that to actual cash? for example I mine 0.5 ETH per month, can I just sell it right away or there's another procedure for that? 

 

I will be really grateful is someone could help me as I really need you!

 

Thank you in Advance,

Kindest Regards

 

 

As I'm sure you're aware, energy prices in the UK are ridiculous at the moment, makes mining very difficult to profit from.

 

If you earn over £1000 then you'll have to pay tax on any income you make from mining crypto (this is also assuming more than £2500 earned from another source). Read more here. You also have to pay tax when you sell your crypto too, so keep that in mind. 

 

In other words, I don't think crypto is the way to go with the amount you have, others are free to contradict me, just my opinion.

[Eigenvektor]

You can have a look at something like this ROI calculator: https://minerstat.com/mining-roi-calculator

 

Enter energy prices, the GPU(s) you have (or want to buy) and it should tell you how long it takes to get your money back (i.e. how long until you actually start earning money)

 

Keep in mind that Crypto is a high risk investment. Prices can fluctuate wildly, so you could end up losing everything.

 

Not in the UK, but from what I've read energy prices are supposed to go up a lot, which could mean mining is no longer profitable, because money you pay for electrocity could eat up all profits.

[CT854]

4 hours ago, Confusedboi_1 said:

Basically, I have some savings given to me by my family so I can generate some revenue and send it to them because we don't have any businesses or consistent income.

 

I can invest around £25,000 - £30,000 Maximum. (If my family sees profit coming they will invest more in the future)

Any investment is a risk, but this is a risk beyond most other risks. I would heavily advise against it. Crypto is more volatile than most and there's a nonzero chance that the value of GPUs will collapse right along with it in the near future. If there was ever a time to avoid crypto mining like the plague, it'd be now. There are myriad other investments you could look into, but crypto mining is the riskiest and potentially the most destructive.

[Eigenvektor]

According to Best Mining GPUs Benchmarked and Ranked (Tom's Hardware), the GTX 1060 currently has the fastest ROI based on price, energy use and hash rate. The price they found was $300 a piece.

 

£25,000 translates to roughly $32,775. Let's assume we can buy GPUs for $30k, the rest is needed for PSUs, motherboards and so on (I expect this is overly optimistic and you'd have to spend more on additional hardware). This means we can buy 100 GTX 1060. Each 1060 should have a hash rate of 25 MH/s for ETH, while using 90W. So let's enter $30K, 100x 25 MH/s and 100x 90W into the ROI calculator.

 

According to Average Cost of Electricity per kWh in the UK 2022, the price per kWh in 2022 is expected to be somewhere above 26p/kWh for most regions. Let's go with 26p and convert that to 0.34 $/kWh. We spend the remaining $2,775 on other hardware and assume it uses only 1 kW (opposed to the 9kW used by the GPUs).

 

With these numbers, the likely outcome would be >4,000 days or 11 years to break even. This means 11 years until you've got the money back you spent on hardware, before you see any profits come in. This assumes ETH stays profitable during this time, the difficulty stays at a level where a GTX 1060 can realistically be used to mine, and none of your hardware breaks and needs to be replaced.

[jwwagner25]

coming from someone who is currently mining with 12 GPU's and has been for around 12 months, I strongly advise against it for several reasons. 

1) price of electricity

2) difficulty in getting FHR cards for decent price

3) difficulty of mining ETH currently (search google for ETH difficulty chart) this refers to the amount you get paid from your hash rate

4) impending transition to PoS meaning mining ETH is a time-limited prospect

5) no one knows what the next big thing will be, if anything. it is likely some other coin will skyrocket in value after ETH PoS transition, but no one knows what It will be

6) the only way I'd adivse investing ANY money in mining right now, would be to use a time machine and go back two years. if that cannot be done, I would stay away!!

 

best of luck, 

Jake

[marcuzx]

I would invest into stocks instead. possibly invest up to 5k into gpus but I personally only suggest either 6600xts or 3090s. never get that lhr garbage and save yourself from headaches