VoskCoin Community I have a few questions I offically sarted mining in Jan of 2022. My first miners are Bobcat, Awair, Voskcoin mini doge 2 of them, and some node projects. Lets just say I got fast tracked on a crypto education really fast, I went from a coinbase wallet to meta mask so and so. With that said I’m at the point that I want a asic miner I need your help what miners do you suggest best bang for your buck, I will have 30k to spend which I know one miner can cost that much, my goal is to make 3k or more a month with my miners. What do you guys suggest?
I don’t think you can get that type of cash flow in this bear market with miners.
It is a good time to find deals on miners but no way you will earn 3K with only a 30K mining investment.
Bitcoin miners make bearly anything and if you want to mine ETH( go small only) POS is around the corner we just don’t know.
Look for coins you are bullish on and how much you pay per kilo watt.
Best miners for doge /litecoin are the Bitmain L7’s you can get one for 13399
Best miners for KDA goldshell depending on power supply KD max for 22K
Top Bitcoin pick I would go for the Bitmain s19 140th 7K
If I had the power setup and funds these are the miners I would get as they are the most powerful and best miners out there and when the market turns around big money makers!
For quiet home mining
KDA box pro Goldshell 999 high efficiency
iPollo ETC, ETH, Grin miners low power consumption/high m/h come with PSU
Check asicminervalue.com and put your electric rate in the bottom and you can see what profit you would make in this bear market.
A lot of us are shutting miners off right now bc it’s cheaper to buy coins than it is to mine them right now.
If you think we have seen the bottom… miner prices might not get any better. Most do not think we have seen the bottom. No one knows. I’m buying a few miners here and there and not going all in at once. This way if the prices drop again… I can buy more for less. If we passed the bottom and prices rise… at least I got some at the bottom.
I have only been mining bitcoin and I’m new to the game as I have only been mining a little over a year. About to add KDA. BUT… I’d be really cautious of ETH and ETC. Folks are buying these machines and there might only be a few months left until the merge. With that you will not make a return on the machine IMO. I do not get these prices. ETH machines are selling where they will take a 2 year ROI and there are probably only 1.5 months left of mining ETH. You can switch from ETH to ETC when that happens but so will everyone else who is mining ETH. So I think the profitability will tank when the difficulty goes up. No one knows when or if the merge will occur but I’m not willing to gamble on both the price of a coin and if mining of said coin will end. It’s enough to gamble that the coin will go up IMO. Others think they can mine for a month or so I guess and then that their machines can be sold when prices are up for a 10x return on their machine (literally seen miners make these videos)… but my issues with that philosophy is that if you can not mine ETH with it and you can not make anything mining ETC bc all the ETH miners flock to it… it’ll be worthless even if the coin prices go up bc you’ll be mine so little coinage. You couldn’t pay me to mine ETH right now.
AS for Bitcoin… I bought two of the fastest miners they make for 15k combined a little over a year ago when China “banned” mining and the difficulty dropped. My main reasoning was that most experts felt it’d take 1-2 years for the difficulty to recover as miners and to shutter down, pack up, move, rebuild and start up again. Sounded reasonable to me so I jumped in. Sadly it recovered in a few short months so it went from being profitable and making close to $60-100 a day to it literally being cheaper to shut them down and DCA bitcoin. I had days where I was down -$5-20. So I spent 15k+7.2k or so in electricity, plus all the money I spent on AC units, fans, vents, ducting etc to modify my home to mine .29 bitcoin and it’s worth 6.7k right now if I sold it. So I’d need BTC to more than triple just to get my money back. My plan was to HODL long term though (at least 10 years) so I’m not super worried about that. But I think one BIG misconception about this space is that you can walk in, plop money down and you suddenly have instant monthly/liquid income.
Right now a “profitable” machine, that use to net 30-40 a day is not YET running in the red, and it only nets $1.77 per day and it costs 1.4k to acquire. Prices do not have to fall much for them to be in the red. Possibly more or less profit depending on your electricity cost. So with a 30k investment you might be able to net 1k a month right now if you sold at today’s prices every month as you earned. Most miners admit it’s their one largest mistake though… selling coins too soon.
On that note… another thing I’d avoid like the plague is having debt for your machines. Miners are selling the bottom/or close to the bottom to make their machine payments right now and they are losing their shirts. You want your machines paid off from day one with a cash investment and you need income to pay the power bill without having to sell all your coins in the short term when they’re worthless in a bear market. Just my opinion and again I’m more of a newbie but I’m seeing the few things I did right and wrong right now.
I guess my main mistake was not selling at the top or close to the top. But I was new and didn’t want to pay capital gains taxes and my main plan was to HODL for 10 years or more. So I was just sticking to my plan. But next run I will probably sell the top and buy in during the bear market.