I have 10kusd to start mining...

[BLT_Sharpies]

So i have 10k that i want to put into ethereum mining and wanted to know what i should do to start. I know that just trading ethereum is a valid option with potential to make more money, however with the mining i could always resell the hardware if worst comes to show. I wanted to see if anyone had an idea for a rig (gpus, mobo, cpu, psu, etc.) that includes the current market prices of hardware. Thanks for any help

[Shimejii]

I would highly suggest you dont, as its not really worth it at this point since they will be changing over soon and the difficulty is not profitable.. You have much better oppurtinities elsewhere to make that money grow.

[BLT_Sharpies]

1 minute ago, Shimejii said:

I would highly suggest you dont, as its not really worth it at this point since they will be changing over soon and the difficulty is not profitable.. You have much better oppurtinities elsewhere to make that money grow.

yea i know its not the most profitable thing rn but i am moving to an apartment where i dont have to pay for utilities so i wouldnt be really losing money besides initial startup price

[Shimejii]

20 minutes ago, BLT_Sharpies said:

yea i know its not the most profitable thing rn but i am moving to an apartment where i dont have to pay for utilities so i wouldnt be really losing money besides initial startup price

If your doing mining to that Degree, you are going to have to start paying for utilities. The owner is going to see a MASSIVE spike in energy usage and start asking what the hell are you doing that drove up the energy usage, thus you would lose the reason why you did this.

[adarw]

just dont, if you have extra money invest it in the stock market, crypto (for now at least) is a ponzi scheme and not a currency.

[dizmo]

I probably wouldn't. While you won't be paying for power, you're going to be paying tons for the hardware, that will depreciate very rapidly. If it was a time where you could buy graphics cards at MSRP, sure maybe. But you're still going to be paying inflated prices, meaning that when their value drops to where it should be before you sell them, you're going to see an even bigger loss.

 

17 hours ago, adarw said:

just dont, if you have extra money invest it in the stock market, crypto (for now at least) is a ponzi scheme and not a currency.

Eh. It's not really any different than the stock market. You have a chance to lose huge on both, and, really, a lot of the stock market value is simply speculation, much like you have with crypto currency. Crypto has been around long enough now that I think it's fairly established, and won't simply disappear overnight.

[MrSmiles]

Srry wring guy

Edited March 26, 2022 by MrSmiles

[dogwitch]

what sim said... changing real soon... that line been going on since 2016... so those comments hold no weight.

if you wanted to get into it.

just buy 2 or 3 cards and see if you like it. if not your thing. you can re coup your money.

[Alex Atkin UK]

On 3/26/2022 at 8:35 PM, dizmo said:

Crypto has been around long enough now that I think it's fairly established, and won't simply disappear overnight.

I wouldn't be so sure, a lot of governments are looking at clamping down on it now.

[dizmo]

2 minutes ago, Alex Atkin UK said:

I wouldn't be so sure, a lot of governments are looking at clamping down on it now.

People have been saying that since it's inception

[Alex Atkin UK]

8 minutes ago, dizmo said:

People have been saying that since it's inception

Fair enough, but in a world where some places have rolling blackouts due to lack of energy production, is it really wise to be using energy this way?  The idea that anyone would pollute the planet just to make a few bucks (while producing no tangible benefit to society) is abhorrent to me.

[dizmo]

5 hours ago, Alex Atkin UK said:

Fair enough, but in a world where some places have rolling blackouts due to lack of energy production, is it really wise to be using energy this way?  The idea that anyone would pollute the planet just to make a few bucks (while producing no tangible benefit to society) is abhorrent to me.

That's not really related to the initial comment. Also, depending where you live it can be done with little to no harm to the environment at all.

There's tons of things that don't have ant tangible benefit to society.

[Moonzy]

in today's climate, i wouldnt recommend you get into it

in fact, i have told people that asked me about it since last year May to not do it unless they can get GPU at MSRP (impossible then)

 

if you want to get into mining, however, i would wait for 2 things:

1) see what's going to happen to mining after (if) ETH moves to POS from POW, as currently ETH is the most profitable coin with others earning half of that (and potentially lower if every ETH miner flocks to them after the move)

2) GPU prices are falling rapidly, probably faster than what u can mine at

2.5) new gen GPU soon

 

you can look into getting into it after things calm down and prepare for the next bump, if any