Want to start ETH mining. need advise please

Mining & Hardware GPU Mining
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#1

Hi thanks for reading, I have been interested in cryptos for about 3 years but wasn’t sure how to get started or whether to buy crypto or mine crypto. I want to invest about 1500$ (increase that to more in the future) in mining since I live in a country were power is only 0.06-0.09 per kwh. For that price point it seems that eth mining is the most profitable. I have already done extensive research about cryptos and understand risks and everything however there was something I was unsure about. Bitcoins algorithm calls for a halving right around every 4 years (I know its based on when the blocks are mined) but for eth I haven’t been able to find much about how the block reward changes. I learned that it has changed from its original 5 block reward to 3 then again to 2 but couldn’t find out why? Also have heard things that based on the amount of people mining eth the difficultly of block rewards increases is that true?

So to summarize my questions are:

  1. For a 1500$ budget (for now) it seems that a mining rig of 6 580 8gb cards are the best investment to get started would you agree?

  2. How does the thirdening for eth work? Any idea when the next one will occur? Does the amount of people mining affect the difficultly or rewards for mining eth if so how will it affect my rigs profitability in the future?

  3. If I were to setup a 6 gpu mining rig with rx580 8gb cards I’d want it to remain profitable for around 3-4 years which based on current stats it should unless there’s something I’m missing? (Assume price doesn’t move from current position).

Any advise or help is greatly appreciated! Thanks!

#2

@Nightmare First thing I would recommend is that you research the recent launch of Eth 2.0 to make sure you understand the upcoming end of Ethereum mining. While the end date is not yet fixed (and they are well known for taking longer to achieve milestones than what they predict) I don’t expect that you will get 3-4 years out of that rig mining Eth.

#3

@Nightmare You’ll likely get the 3-4 years out of those cards, if Eth 2.0 does force mining to stop somewhere in the 1.5-3 years, you can easily switch over to mining another coin and still be profitable. Granted that all depends on what crypto is like in 3 years. Using WhatToMine’s calculations, a 6x 580 rig should break even in under a year at that budget and elect. cost. Not sure about the thirdening, haven’t heard anything on that, but it doesn’t seem like a bad investment to me if you’re looking to get into mining (not advice, just based on the numbers). You could also start the rig with just one of the 580s, get it set up and see how you like mining, then get the other 5 when you’re comfortable and ready.