ETHEREUM - Let's see 'em...your rig

[rbstern]

so i

So if you mined a BITCOIN back in the day...for next to nothing...is it your position that it's still better to just buy a bitcoin back in the day? Because if you did buy one today...your theory holds true...

Just askin' cuz something today is better than nothing

Depends entirely where you insert yourself on the valuation and blockchain timeline / difficulty curve.

Which is why I liken it to both gambling and pyramid schemes. The gambling part is the timing: Will the cyrpto I start mining right now actually increase substantially in value? The pyramid part is the mining difficulty curve: Certain types of players will always be able to dominate the upper portion of that pyramid with more powerful hardware and lower energy cost. Lower rung players are blocked from effectively competing.

Consider this article, written when BTC was $9K:

https://cloudwith.me/posts/is-bitcoin-mining-still-worth-it

The same dynamics are in play with Etherium. It's already attracting a lot of ASIC mining attention, and there's no guarantee it will ever reach BTC type valuations.

 

[Nuke And Juke]

Which is why I liken it to both gambling and pyramid schemes. The gambling part is the timing: Will the cyrpto I start mining right now actually increase substantially in value? Consider this article, written when BTC was $9K:
https://cloudwith.me/posts/is-bitcoin-mining-still-worth-it

This isnt financial advice nor am I providing any. I disagree whole heartedly about it being a pyramid scheme. What is a pyramid scheme is FIAT money and how we keep printing it.

This article would be prove mining is very lucrative now that a single coin hit $50k. Is it just as lucrative if you bought a coin at @$25k a coin and sold it today? Sure...

This is about mining and that it CAN be very productive. I wont even get in the mindset of parents who buy gaming computers for their children. I wont be distracted here.

Let's just assume there are many gaming computers out there. It gets used 3 to 4 hours a day. But it can be used to mine the other 20 hours a day. In that case, what is there to lose to mine ETH?

As long as there is market wide adoption for crypto currency...why would we not find ways to suppor this?

 

[rbstern]

This isnt financial advice nor am I providing any. I disagree whole heartedly about it being a pyramid scheme. What is a pyramid scheme is FIAT money and how we keep printing it.

Crypto itself is not a pyramid scheme. The mining process, based on computational power required as the blockchain calculations get longer, required energy use, and eventually cooling requirements for the heat generated, means that certain players will always be advantaged after a certain stage of acceptance is hit.

This article would be prove mining is very lucrative now that a single coin hit $50k. Is it just as lucrative if you bought a coin at @$25k a coin and sold it today? Sure...

This is about mining and that it CAN be very productive. I wont even get in the mindset of parents who buy gaming computers for their children. I wont be distracted here.

Let's just assume there are many gaming computers out there. It gets used 3 to 4 hours a day. But it can be used to mine the other 20 hours a day. In that case, what is there to lose to mine ETH?

There will be a short window before it's more expensive to mine ETH than the coin is worth.

As long as there is market wide adoption for crypto currency...why would we not find ways to suppor this?

I'm not saying it shouldn't be supported.

I'm saying that the ETH mining train has left the station. I think you've got a decent shot to pay for the rig you bought. Great! Beyond that, you'll likely be in a situation where it can't mine fast enough to pay for the electricity it uses.

Meantime, you'll gain knowledge, as will your son, which is always a good thing.

 

[Defuzilier]

I used to mine bitcoin and litecoin back in 2014 when it was 300/bc. I'll outline my experience.

- Initial setup and purchasing of equipment is going to be your largest expense.
- As more miners join in you it will take longer to mine a single coin.
- Component degradation has to be factored in because your rig will be running at max 100% of the time.
- invest in quality cooling equipment. GPUs are going to be toasty hot. I kept my rig in an spare room and kept the windows open during winter with huge fan blowing on them.
- if your rig does not have it's own room you will have to deal with constant noise and an increase in ambient temperature. Not so bad in the winter, but will lead to increased cooling cost in the summer.
- you might want to build on a test bench to avoid increased heat from a case
- you will have to constantly monitor for crashes. Get something like teamviewer to remote access and check in while you are at work.
- store all coin on a separate hard drive. Never store on a online coin bank.
- test mine multiple coins to find the one that offers the higher ROI. I found that at the time that I could make more on litecoin than bitcoin.

Why I stopped mining.
- the headache of dealing with it outweighed the income.
- over the course of a month I hadn't made enough to cover equipment. I was running 3 GPUs and didn't have to pay for electricity.
- an online bank folded and took with it some of the bitcoin I was waiting to sell
- summer came and I was unable to keep the rig from overheating.

 

[Zen_Life]

Yup just invested in bitcoin and etherium on the coin base app. Im making money right now while i sleep. Its money that i can take out and transfer it to my bank account. But i wont touch it til im about to retire. Just keep putting money into it