Wanted: Advice on Crypto Mining (2 Viewers)

[chkmte]

Recently I've become obsessed with crypto. In fact, I'm considering setting up a mining rig. But, I really don't know much about it. I've watched several helpful YouTube videos. Does anyone else mine? Any advice out there regarding how to spend my money? I don't necessarily have a budget in mind, but I can probably spend $5k on the right gear.

- Thanks

 

[Marius L]

@Anthony Martino

 

[wuffle]

Mining is hardwork. It's probably tough to breakeven to mine at home (be it BTC or ETH). With the budget of $5k, it's better to "yield farm" on defi protocols. The concept is fairly similar. Just be aware of the risks like smart contract risks

 

[LotsOfChips]

The Bitcoin mining opportunity has long since passed (AFAIK). There are huge mining farms around the world struggling to eke out the relatively few remaining coins available (total number of coins is fixed, and it takes progressively more computing power to mine coins as the remaining number decreases).

Other coins such as Ethereum and DogeCoin may (or may not) still be viable for a small scale miner to recover their costs.

 

[RudysNYC]

Mining is hardwork. It's probably tough to breakeven to mine at home (be it BTC or ETH). With the budget of $5k, it's better to "yield farm" on defi protocols. The concept is fairly similar. Just be aware of the risks like smart contract risks

For whatever it’s worth, I’ve never heard @wuffle give bad crypto advice, especially with respect to defi.

 

[RudysNYC]

Continuing what wuffle said, IMHO @chkmte you should take your 5k and either:
1) put it into an alt coin/stable coin of your choosing and lend it on an exchange. Some of the rates right now are out of this world. Assuming you pick an exchange and coin that are both safu, it is essentially free money especially if you don’t plan to actively trade. Given that you wanted to mine, this seems to be the case.
2) like @wuffle said, pick a coin to farm. Again, assuming you pick one that’s safu, it is literally free money. You take your farming rewards and compound it—put it back to work on the farm.

Take out your initial once you’ve doubled up and forget about it. Come back when you want a CPC set or five.

 

[Colquhoun]

If you don’t have a REAL powerful computer, good luck finding a capable GPU...they’re IMPOSSIBLE to find.
I’m on every waiting list and am using bots to help me purchase one, and still coming up with nothing.

 

[chkmte]

Continuing what wuffle said, IMHO @chkmte you should take your 5k and either:
1) put it into an alt coin/stable coin of your choosing and lend it on an exchange. Some of the rates right now are out of this world. Assuming you pick an exchange and coin that are both safu, it is essentially free money especially if you don’t plan to actively trade. Given that you wanted to mine, this seems to be the case.
2) like @wuffle said, pick a coin to farm. Again, assuming you pick one that’s safu, it is literally free money. You take your farming rewards and compound it—put it back to work on the farm.

Take out your initial once you’ve doubled up and forget about it. Come back when you want a CPC set or five.

I've currently got the funds on BlockFi. It's earning a 6% APR. The problem is, the spread between the purchase price and the sales price is so extreme (on BlockFi), I'd have to move it somewhere to liquidate - which will cost me more in fees than I'll even make in interest.

 

[RudysNYC]

I've currently got the funds on BlockFi. It's earning a 6% APR. The problem is, the spread between the purchase price and the sales price is so extreme (on BlockFi), I'd have to move it somewhere to liquidate - which will cost me more in fees than I'll even make in interest.

I don’t know what the rules are in Missouri but download a good VPN, send your IP to Europe, and create an FTX account. If you want to use your real name, you can. Can withdraw up to 9k per day without KYC.

If you want to buy more, you can. Then send it back to a meta wallet and farm tokens for free money

 

[Anthony Martino]

@Anthony Martino

I build gaming PC's, no experience with dedicated crypto mining

I have used a program called Nicehash in the past to mine with my gaming PC's.

I tried again recently (i have a 12 core Ryzen 3900XT and my wife an 8-core Ryzen 5800, plus both have the new RTX 3700 graphics cards)

Running the systems 24 hrs/day, we'd payoff the MSRP cost of the graphics cards within a few months time, provided Bitcoin prices remained stable above 50k

However, that doesn't account for electricity costs. Plus Windows kept having an issue with the Nicehash program, and kept uninstalling it daily, despite my following the instructions on how to avoid this

So it became more work than it was worth

Also, factor in that most folks will be hard-pressed to get a graphics card at close to MSRP right now, and your profit marguns drop further