Well, looks like getting from the ground up to making decent money in crypto is either super expensive or will take a looooong time. Am I right, or is there something I’m missing?
It depends what you consider decent money, but… yea. Now that the market is super bullish, prices on everything have gone crazy (mining equipment). That’s not to say that you can’t find equipment… or make crypto other ways. But, it’s certainly more expensive to get stuff now that most everything is profitable.
It’s certainly much more expensive now than it was even 4 months ago but still not impossible.
I mine now under a company structure and about 3 weeks ago I invested in a new rig containing 8 x RX 580 cards (all brand new). All up the rig cost the company just under US$4,000. Had I bought the components in December or early January of this year it probably would have cost half as much.
The bottom line is though, that my other two rigs (a 6 x RX 5700 rig and a 12 x RX 570 rig) have already paid for themselves in the few months they have been running and the total income from all three rigs will pay for the new rig in about 40 days (at current income rates of US$100 per day). This is mining Ethash which will become less profitable (but still profitable) in July and cease to be minable late this year or early next year - if they can achieve their proposed timeline which is something that they regularly fail to do.
So in summary, for a total expenditure of US$13,000 since the beginning of the year, I will have banked all of that by the middle of May and then be banking pure profit for many months (or even years to come). Being GPUs and not ASICs, I can mine other things once ETH becomes unminable so I could continue to make profits for years yet mining whatever steps up and becomes the ETH mining replacement - that’s my plan anyway.
I must admit it was really difficult to pay double for the GPUs over what I could have paid just a few months ago and my hesitation probably cost me a few thousand before I finally committed to it.
My current life circumstances do not allow me to get into mining(homeless). I work and make decent money but can’t find an apartment I can afford here in SoCal, nor a roomate I can trust.
get in on the the voskcoin group buy for a helium hotspot, being in socal, you’ll earn some money off it guaranteed, when you get it. also if youre using a cell phone, there are many free apps that can get you free and easy crypto like the coin app, and for 12x more rewards, you can get their NFC card which enables a boost in rewards, and costs like 12 bucks. But when you hit their threshold, I’d withdraw to an exchange like kucoin where you can trade it for a coin that has a lower transaction fee(non erc20), plus if you can, setup a crypto.com account and get their basic debit card, not only can you buy, sell, and transfer crypto in the crypto.com app, but you also get a checking account number and whenever you swipe the card or make online purchases you get 1% crypto back until you get $4000 in their coin (CRO) then you can upgrade to a 5% back card. I’m all about the free and easy crypto, even cash app has Bitcoin boosts, when ever there’s a Bitcoin boost on cash app I jump on it. Not much of a fan of coffee shops but they have 15% boost every now and then so I tell my wife to go wild at Starbucks with my cash app card, but the other Bitcoin boost for other places, I use. Also I consult close friends and family on what cryptos to watch and buy, even got a co worker involved and blew his mind when I got him earning 100% interest when he was happy that he was just able to earn a measly 10%.
I’m always down to help people where I’m able to. Hit me up on telegram if you want talk and learn. I got no problem sharing what I know and how I do things. On the telegram app, my username is @cryptosith3 same thing on Twitter.
Probably not what you want to hear, but the absolute BEST time to buy new ASICs and mine is when BTC prices are in a tailspin and the frothy fervor over getting rich overnight is over. Obviously, that time is not now. Don’t despair, though… now is the PERFECT time to actually learn about what you need to know and get your infrastructure installed (make sure your power, ventillation, and – if residential – soundproofing is done).
If you’re still itching to get into crypto NOW, then maybe dollar cost average into some of the larger coins like BTC and ETH. But, as they say, not financial advice… I’m just some rando on the internet
I agree with @CryptoSith. I actually sold my GPUs for now because of how outrageous the market is. I have more my profits from mining and sale of GPUs into Liquidity Mining, Staking, and Lending. I have a crypto.com account where I earn 12% interest on CRO (6 month term to get bonus and %) and 12 % on USDC which is a Stable Coin. I have money in UDT/DFI Luiquidity Pool where I am currently earning 110% APY on investment and 36% on compounded Staking of earned DFI. I am also doing some crypto leaning on kucoin.com where I am making .145% daily on USDT lending which should equal out to 52% APY. There are lots of ways to get into crypto without spending a ton of money.
BTW, Another fun way to get into crypto is to download the BRAVE browser. You can set it up so that you starting earning BAT tokens for watching ads on the browser.
I love the Brave Browser, it’s all I use now
I want to get into the HNT mining, but have to find a place to live first. That looks like a great starter opportunity. I have enough for that just not a place to operate it. Just waiting on the right thing to open up for me.
If you don’t mind me asking, we are you staying/sleeping arrangements, feel free to drop a DM if you don’t want to broadcast it on here. Wheres there’s a problem, there’s a solution. Often times finding the solution is hardest part, but rest assured there is one
Trying to purchase today’s GPU’s for mining can definitely be a barrier for those trying to get into GPU mining. I, personally, have found a profitable use for some of my older cards. Granted I’m not making the “big bucks” but I’m doing fine considering all my old stuff is long paid for. Plus the older cards are easy on my power bill. I’m pulling in a solid 25.00 USD per day with my antiques.
I have enough money to get some hardware to mine with, but no place to put it to actually mine.
did you ever hit that place up?
Yep, and 6 others this week with ZERO responses.
dang that sucks