Im pretty newish to the crypto world.
Im 17, have some money saved up and looking to invest. One thing thats bothering me, is the inconsistency of mining, all the stages of the crypto market and etc. Im looking to build 4x 1660ti rig to start off.
What would be the biggest risk in Your humble opinion?
Here is my 2 cents…
I am very new to mining as well, I put together a 13 gpu rig with Rex 570’s 8gb cards. When I did the calculations the ROI was 10-12 months with no electric cost included. I have 65 panels on my roof so I over produce electric. The goal was to make $8 a day min. Since then Ethereum has doubled almost and my lowest day is $15 a day. Last 30 days is averaging $600+. So now ROI is 6 months or less with the current prices. I do have days that are $30+.
Even if the market takes a crap, you own some awesome video cards that you can sell. Doing 4 cards isn’t a lot, but look at the Rx 570’s or 580’s. They are a lot cheaper than a 1070 and with over locking bios flashing and undervolting run around the same as the 1070’s and cost less to run. I’m running around 89-85 watts a card where 1070’s use way more around 120 for the same hash rate at least with Ethereum.
So go for it what do you have to lose? If it doesn’t work you have a kick ass gaming system.
If you have very cheap electric, or live in a place where you can always use extra heating, it may not be a bad idea. Electric cost is really the biggest factor though.
Inconsistency in Mining. That’s the name of the game. You must be prepared.
Each coin has a wallet and address (for your wallet)
Mining requires the coins Miner software and a Pool to Mine to.
After mining for a while you should have an adequate supply of mining programs like GMiner, CCMiner, CryptoDredge, Claymore, T-Rex miner and so on.
You may mine to many pools such as Ethermine, Leafpool, MintPond, 2Miners, F2pool, and many others.
Wallets like atomic wallet, zelcore wallet will hold many different coins and give you wallet addresses for each.
To get these programs and a wallet, just google the coin and go to the GITHUB repository and download the latest version. This is also necessary after a coin forks. If it does, you need a new miner.
Visit the URL of the pool you wish to study or mine to and click on getting started. Many pools will show you how or do set up your batch file for you. Then, you
An individual Miner program may work for several coins if it can perform the algorithm for that coin.
The best way to start the miner program is with a batch file… That batch file will call the program, select the algorithm, select the pool, establish your wallet address, and optionally, your rig name.
After a while you may have many batch files, not only for different coins, but also for different pools.
Not all pools win equal blocks or have as many miners performing the pool hashrate. Experimentation will determine if the big pool with many miners pays you the same as a smaller pool with good luck and fewer miners. You can possibly make more money in a small pool if it wins blocks.
I create shortcuts to these batch files and place them on my desktop. When I want to mine a different coin or use a different pool, I just close the current miner, click the appropriate shortcut and boom I’m off and running, mining to a different poo, different coin, or using a different miner on the same coin and pool.
Crypto Calc can tell you which coin is outperforming and thus you should switch to it. However, you need to experiment to get your hashrates for each coin and fill in the table. After that the results are fairly accurate.
So, coins and mining are fickle but you can set up to switch at a moments notice and always mine the most profitable coin using the most profitable miner and pool.
Do you have a gaming pc? Start with that. The trouble with starting out with a $2k investment is that it’ll take you a very long time to get to the breakeven point. If you do buy and build, buy cards that you think will have high resale. Newer cards will be more profitable, use less power for more hash and have higher resale so if you buy, mine for a year, then sell up you’ll be further ahead than if you bought cheaper, older cards.
I’m a big fan of the trio design. Three cards plugged directly into a motherboard, minimal parts, no risers, no frame, less to buy, less to go wrong. With this kind of design you’ll want higher spec cards, the idea is a dense setup, get a lot of hash out of a little.
I’m really excited for the 3000 series nvidia cards for the trio design because they are supposed to run so much cooler.