is it too late to invest on mining?

[readthis]

Hi everyone, these two days I have watched a lot of youtube and reddit forums educating myself about bitcoin and mining, and now I have decided to actually drain dimes from my wallet,
so i saw this gaming laptop MSI GP66, i7, 16gb, 65w, with RTX3070 and its own dedicated 8gb, for 1399cad on bestbuy, a youtube from june 2022 tested this laptop, it makes a profit about 4dollars/day, however the power it was working in the video was not given, I know 140w and 65w would make a difference, but how big is that difference?
I know I am carrying the risk of bitcoin or crpto price dropping, therefore here i am asking you smart guys opinions, is it a good time to purchase this laptop for mining? or should i look for other ways to get passive income?
heres few thing i have taken into consideration:
1: laptop deflation rate
2: electricity bill
3: GPU wear/tear
since i am not sure about how much difference in power would impact on my mining speed, i will just say i could earn 4CAD/day at most, therefore in order to make a return on invest, it takes at least 1400/4=350 days, the deflation of my laptop after 350 days would probably be 2/3 of its original price, therefore if i sell the website after 350 days, i will earn 1/3 of the laptop price which is 1400cad/3=433cad. if you guys disagree with my calculation, feel absolutely free to speak out your thoughts!
do you guys think its a good investment? or you have a smarter idea to invest that 1400 dollars?

 

[AusWolf]

Mining is a bad idea. All of the major currencies have switched to a proof-of-stake model (read about it, seriously).

 

[R-T-B]

Yeah, mining is basically deas as of August. I'd look at investing if you really have a need to play with crypto.

 

[Colddecked]

Just wondering, how are you estimating that 4 dollars per day in profit? What coin will give that kind of return right now? I think your estimates are WAY OFF.

Its way easier to just buy the coin you want to invest in.

 

[ThrashZone]

Hi,
No mining is not worth it
Buying coin well moto is buy low and sell high so risk verses loss and profit is if your luck 50-50 chance of either happening.

 

[Lei]

Basically that's what miners do:

they mine bitcoin. they need someone to buy it.
how they find a buyer? they make a profile on a dating app with a female photo and seduce a match to buy their bitcoins....
because who else would buy it? I mean it's cool to see something you owned rise in value by 200% next month, but who the hell will buy it when its value is high? everyone wants to buy it when it's cheap... so how can you make profit by selling it?

 

[DeathtoGnomes]

Its an ideal time to invest in bitcurrency, prices are low and appear somewhat stable. Find a coin to stake while you build your wallet.

Actual GPU mining is dead as @R-T-B said.

 

[readthis]

Yeah, mining is basically deas as of August. I'd look at investing if you really have a need to play with crypto.

Thank you for your advice! I was googling a lot of forums from a year or half year ago, thats how i came up with that rediculous number, I used a mining calculator online and found out i can probably make like 3cents a day..... i do appreaciate your advice!

Basically that's what miners do:

they mine bitcoin. they need someone to buy it.
how they find a buyer? they make a profile on a dating app with a female photo and seduce a match to buy their bitcoins....
because who else would buy it? I mean it's cool to see something you owned rise in value by 200% next month, but who the hell will buy it when its value is high? everyone wants to buy it when it's cheap... so how can you make profit by selling it?

Yeah, mining is basically deas as of August. I'd look at investing if you really have a need to play with crypto.

Thank you for your advice! I was googling a lot of forums from a year or half year ago, thats how i came up with that rediculous number, I used a mining calculator online and found out i can probably make like 3cents a day..... once again, appreaciate your advice!

 

[An0maly_76]

Meh. I considered mining when I had some cash to burn. I'm glad I didn't now. It has ruined and will continue to ruin the hardware market for awhile now, and to come.

 

[duncaniso]

Hi everyone, these two days I have watched a lot of youtube and reddit forums educating myself about bitcoin and mining, and now I have decided to actually drain dimes from my wallet,
so i saw this gaming laptop MSI GP66, i7, 16gb, 65w, with RTX3070 and its own dedicated 8gb, for 1399cad on bestbuy, a youtube from june 2022 tested this laptop, it makes a profit about 4dollars/day, however the power it was working in the video was not given, I know 140w and 65w would make a difference, but how big is that difference?
I know I am carrying the risk of bitcoin or crpto price dropping, therefore here i am asking you smart guys opinions, is it a good time to purchase this laptop for mining? or should i look for other ways to get passive income?
heres few thing i have taken into consideration:
1: laptop deflation rate
2: electricity bill
3: GPU wear/tear
since i am not sure about how much difference in power would impact on my mining speed, i will just say i could earn 4CAD/day at most, therefore in order to make a return on invest, it takes at least 1400/4=350 days, the deflation of my laptop after 350 days would probably be 2/3 of its original price, therefore if i sell the website after 350 days, i will earn 1/3 of the laptop price which is 1400cad/3=433cad. if you guys disagree with my calculation, feel absolutely free to speak out your thoughts!
do you guys think its a good investment? or you have a smarter idea to invest that 1400 dollars?

alt coin PoW mining is at the bottom of the cycle right now.

there is still too much hashrate and the mining difficulties are too high.

that being said, now is the time to buy GPUs.

take a look at AMD 5700’s. The Polaris cards are at the end.

be ready for the upcycle.

until then, use the exchanges to buy and HoDL.

 

[ir_cow]

I always tell people its a giant ponzi scheme. However, every 3-4 years is this cycle of a massive crash. You buy low, wait a few years and sell high. Ride the train! Its easy to make a few thousand, but also just as easy to lose that amount overnight.

The big problem here in America is since 2018 it is treated as taxable income even if you don't "cash out". It also is taxed at the value it was when you bought cytro (or mined it). So come tax time this year, those who dropped 60K on one BTC will be paying taxes for 60K value, not the 17K it is at right now.

 

[Lei]

I always tell people its a giant ponzi scheme. However, every 3-4 years is this cycle of a massive crash. You buy low, wait a few years and sell high. Ride the train! Its easy to make a few thousand, but also just as easy to lose that amount overnight.

The big problem here in America is since 2018 it is treated as taxable income even if you don't "cash out". It also is taxed at the value it was when you bought cytro (or mined it). So come tax time this year, those who dropped 60K on one BTC will be paying taxes for 60K value, not the 17K it is at right now.

Well-done, keep it that way. God bless America

 

[Vayra86]

I always tell people its a giant ponzi scheme. However, every 3-4 years is this cycle of a massive crash. You buy low, wait a few years and sell high. Ride the train! Its easy to make a few thousand, but also just as easy to lose that amount overnight.

The big problem here in America is since 2018 it is treated as taxable income even if you don't "cash out". It also is taxed at the value it was when you bought cytro (or mined it). So come tax time this year, those who dropped 60K on one BTC will be paying taxes for 60K value, not the 17K it is at right now.

I love it! Brilliant.

 

[ir_cow]

I this will be my 3rd time buying Litecoin at 45-60 and selling when it hits $250-300. But you shouldn't even invest money you aren't willing to lose.

 

[An0maly_76]

I always tell people its a giant ponzi scheme. However, every 3-4 years is this cycle of a massive crash. You buy low, wait a few years and sell high. Ride the train! Its easy to make a few thousand, but also just as easy to lose that amount overnight.

The big problem here in America is since 2018 it is treated as taxable income even if you don't "cash out". It also is taxed at the value it was when you bought cytro (or mined it). So come tax time this year, those who dropped 60K on one BTC will be paying taxes for 60K value, not the 17K it is at right now.

In total accord here. I live in the US, and not only have our esteemed "leaders" forgotten who they're supposed to serve, everyone seems to have forgotten that the Revolutionary War was fought over excessive and unfair taxation.

 

[R-T-B]

In total accord here. I live in the US, and not only have our esteemed "leaders" forgotten who they're supposed to serve, everyone seems to have forgotten that the Revolutionary War was fought over excessive and unfair taxation.

I mean... technically it was "taxation without representation" but meh....

 

[An0maly_76]

I mean... technically it was "taxation without representation" but meh....

Hence the quotes around "leaders", as we aren't really represented anymore, we are fleeced. Maybe pimped is a more accurate word.

 

[R-T-B]

as we aren't really represented anymore, we are fleeced.

So you say. I'm dropping this here.

 

[ShiBDiB]

Hence the quotes around "leaders", as we aren't really represented anymore, we are fleeced. Maybe pimped is a more accurate word.

But yes like was said. Mining is dead. There's some altcoins that still have some small value but outside of hobbyist stuff you're better off buying and staking/hodl'ing.

Tax wise there's no taxes to pay until you sell/convert. And taxes are typically cheaper if you hold longer than a year and hit the long term cap gains category. An0m is wrong in his example of paying taxes on a losing investment as you're only taxed on gains, you actually deduct loses from your taxes. It's now taxed like your typical stock investments as it should be. There's crypto ira's slowly popping up (pre crash, haven't looked into it in awhile now) that would help with taxes but limit your liquidity. There's also off shore exchanges that you can dabble in at your own risk.

 

[the54thvoid]

Hence the quotes around "leaders", as we aren't really represented anymore, we are fleeced. Maybe pimped is a more accurate word.

So you say. I'm dropping this here.

Yar. Nobody has been truly represented by their leaders for decades. But TPU doesn't do politics so please, let's move away from that.

 

[ir_cow]

Tax wise there's no taxes to pay until you sell/convert.

Kinda. If you mine the coins, you have to pay as it's income even if your just holding and it's the value at which it was mined at. If you sell. You are paying taxes for each and every trade even if your just converting it around.

Now most don't report any of this and just the value at cash out, but when the tax man comes you are screwed. This is why I hate trading now. 2018 law ruined it.

I buy once and sell once now to keep things simple. The good old days you could easily pull 2-3 BTC from day trading. Now it's not worth it when it comes to taxes, you'll be at a serious loss.

 

[Bomby569]

stupid question: how does the state know that you mined a coin (whatever coin) unless you tell them? and why would you? if you convert it to fiat that's another story.

 

[TheoneandonlyMrK]

Hi everyone, these two days I have watched a lot of youtube and reddit forums educating myself about bitcoin and mining, and now I have decided to actually drain dimes from my wallet,
so i saw this gaming laptop MSI GP66, i7, 16gb, 65w, with RTX3070 and its own dedicated 8gb, for 1399cad on bestbuy, a youtube from june 2022 tested this laptop, it makes a profit about 4dollars/day, however the power it was working in the video was not given, I know 140w and 65w would make a difference, but how big is that difference?
I know I am carrying the risk of bitcoin or crpto price dropping, therefore here i am asking you smart guys opinions, is it a good time to purchase this laptop for mining? or should i look for other ways to get passive income?
heres few thing i have taken into consideration:
1: laptop deflation rate
2: electricity bill
3: GPU wear/tear
since i am not sure about how much difference in power would impact on my mining speed, i will just say i could earn 4CAD/day at most, therefore in order to make a return on invest, it takes at least 1400/4=350 days, the deflation of my laptop after 350 days would probably be 2/3 of its original price, therefore if i sell the website after 350 days, i will earn 1/3 of the laptop price which is 1400cad/3=433cad. if you guys disagree with my calculation, feel absolutely free to speak out your thoughts!
do you guys think its a good investment? or you have a smarter idea to invest that 1400 dollars?

You might as well be talking about America's historic gold rush at this point.
Investing in that gold rush NOW would actually make more sense then your poorly thought out and researched piece of idiocy.

And I have FREE electricity in effect here and it's still no where near worth ANY effort and I know this because I have mining software and try every now and again, just to see.

So no run away from your brain, put the wallet down, slap yourself, take up another hobby and do not continue with this plan , YOU will regret it.

 

[DrCR]

or you have a smarter idea to invest that 1400 dollars?

You sound like a young guy. My advice:
Create a Roth IRA account at Vanguard
Then schedule an automatic reoccurring investment of $54 every two weeks from your checking or savings account into their target date mutual fund. Over the year, you’ll have dollar cost averaged ~$1400. As your increase your income, keep upping your contribution until you’ve maxed out what you can contribute per year to a Roth IRA. (Look up the limits.) Pay zero attention to the stock market performance, or at least don’t let it deter you, over the next 40/50? years while you do this until you’re too old to work.

That’s it. Boring, unexciting financial discipline. Be sure to not too aggressively ramp up your contribution amount as you need to save a large chunk of money for a house down payment. And certainly be sure to take advantage of any 401k match your employer may provide.

To do forex or coin trading, or derivatives or margin trading for that matter, just don’t. Or at least not until you know it well enough to teach it. And still don’t. If you feel compelled to e.g. after taking a half dozen finance electives in uni, set up a paper trading and and then be glad all the money you loose vs dollar cost averaging was only virtual money.

 

[Hofnaerrchen]

It's never to late to invest in mining: Your electricity supplier/power company and it's shareholders will be very happy when you do. If you plan to do it in a large enough manner just tell me which power company you are going to use.^^