Asking for Help GRIN Miner

[bleepyy]

Greetings,

I would like to invest my money on purchasing G32-500 or G32-1800 Grin Coin miner. A friend of mine said that there is a possibility that you purchase it and the code gets updated and your miner gets trashed, you cannot use it for mining anymore because of the code update.

This made me doubt about my investment plan, is this possible? And how usually that kind of things happens? If I were to buy this miner, a lot of them ,do you think it will be okay for the next 1 year at least, because it break evens in 3 months anyways so after 3 months I would really care if the miner gets trashed.

Thank you for your help, have a lovely day and a week!

Kind Regards,
Bleepyy

 

[R-T-B]

If the algorithm for the coin you are mining is updated to not work with your ASIC, yes, your ASIC may be unable to mine that coin. This is why it's important to follow the politics of the coin you are mining.

 

[bleepyy]

For now

If the algorithm for the coin you are mining is updated to not work with your ASIC, yes, your ASIC may be unable to mine that coin. This is why it's important to follow the politics of the coin you are mining.

For now what you think about mining GRIN for this year 2019/2020 , at least just for 1 year? Should I invest?

I dont understand politics really thats why I really need advice before investing.

 

[ZenZimZaliben]

What do you find attractive about GRIN?

 

[LFaWolf]

For now

For now what you think about mining GRIN for this year 2019/2020 , at least just for 1 year? Should I invest?

I dont understand politics really thats why I really need advice before investing.

If you don’t understand what you are investing, it is not investing. It is gambling. Spend some time to try to understand it. If you still cannot, my advice is don’t even bother.

 

[bleepyy]

What do you find attractive about GRIN?

What I find Attractive is the power consumption of it which is 140W , and in Bitcoin its 2000W.

 

[STSMiner]

You will never make your $ back on it v's the cost to purchase.

Innosilicon G32-1800 profitability | ASIC Miner Value

Live income estimation updated every minute.

www.asicminervalue.com

Innosilicon G32-500 profitability | ASIC Miner Value

Live income estimation updated every minute.

www.asicminervalue.com

By the time you get one of these the profits for them will have dropped 50% or more.

 

[bleepyy]

You will never make your $ back on it v's the cost to purchase.

Innosilicon G32-1800 profitability | ASIC Miner Value

Live income estimation updated every minute.

www.asicminervalue.com

Innosilicon G32-500 profitability | ASIC Miner Value

Live income estimation updated every minute.

www.asicminervalue.com

By the time you get one of these the profits for them will have dropped 50% or more.

What do you personally suggest as to mine, or as to miner to buy? Could you please tell your opinion?

 

[juiseman]

Find another hobby.
I would research a lot; get to know the TAX laws in your applicable region.
the time to mine was 2016-2018-ish.
I would just buy and sell these days. Your going against professionals who know the system and how to manipulate it well.
Its hard for a new comer to get into this. You could loose a lot of money. Proceed with caution.
Sorry to be so negative. But many fail at this.

But, like anything else in life; if your persistent and find good resources... you can make profit.
Will it be worth your time? that question only you can answer....

 

[bleepyy]

Find another hobby.
I would research a lot; get to know the TAX laws in your applicable region.
the time to mine was 2016-2018-ish.
I would just buy and sell these days. Your going against professionals who know the system and how to manipulate it well.
Its hard for a new comer to get into this. You could loose a lot of money. Proceed with caution.
Sorry to be so negative. But many fail at this.

But, like anything else in life; if your persistent and find good resources... you can make profit.
Will it be worth your time? that question only you can answer....

I have 15.000 dollars in my hand , and 1 million euros debt to be paid in 2021. So what do you suggest I mean theres nothing that I can invest in.

 

[flmatter]

Yeah with that kind of debt against you better to get 2 more jobs and an attorney. With less then 2 yrs to pay that off, you need negotiating skills not mining coins.

 

[bleepyy]

Yeah with that kind of debt against you better to get 2 more jobs and an attorney. With less then 2 yrs to pay that off, you need negotiating skills not mining coins.

I cant find another job because I dont work for someone, I own my business , Raimondi Cranes and the country sucks rn. Me going to another job would mean I leave 600 staff behind on their own.

 

[juiseman]

wow....man sorry about that.... Well, I'm not the crypto expert. I know enough not to mine it anymore. I think their are some new rules in the US about
claiming mined coins on your taxes as income even though you don't cash out to USD. I haven't been interested at all since that..

Here are a few links to some main sites:
https://coinmarketcap.com/ This site is a decent one that were tracking prices with while doing some coin research.
https://www.coinbase.com/ Buying selling and cash out

My experience while mining, well kind of a fun hobby. But also a lot of work. I still cant understand how it totally works from a technical approach. Seems like a scam.
used coin base to cash out the few hundred I made.; And really just did this a project to see how the whole process works.
And, yea it was not worth it. I ended up just using NICEHASH (which really pay's worthless amounts) then stopped completely
when I was just braking even with the power bill.

For mining I was only doing limited CPU & GPU mining. Also only bought stuff I could resell or use for other purposes.

A very cautious approach to say the least...​

​

Actually, I made a lot more money buying and reselling computer parts on Ebay that I wasn't using anymore or ended up being extra parts from the mining rigs.

ASICS are the only way to mine anymore; but its risky if they hard fork the coin against your model. Then it's useless.
One thing that could pan out is if they could develop an FPGA based miner that was efficient and cheap. That way they could be reprogrammed against the hard fork.
But that's still a ways off as far as i know.

But, If you still want to just buy and sell Crypto,
you could just wait for Bitcoin (or any of the top 5 ALT coins) to dip again, then buy. Then be patient. and wait, and wait,...wait some more....then sell when it peaks again.
Well, I should say if it peaks again....

I think the low was at around $3700 (1 BTC) in DEC 2018 then spiked in July 2019 around $1200. The hard part is knowing if you will loose all your money or gain some.
So, yes its just like gambling or the stock market. Another thing, is all of the 2700+ ALT coins (like Grin) always follow the BTC price (with a few exceptions)
So if you buy LITECOIN,ETH,GRIN ...ECT that price will follow BTC (BitCOIN) So if you really believe in one of these coins, and they pennies....then buy them.
Me, I won't. I think its a whole scam. most of these coins will fail. and their probably will be only 1 left. Like a world money system.

But its a rich mans game mostly. They pull the Crypto strings and manipulate the market.
Like I said; I'm not the expert on this. Just my venture and testing far enough to know that I won't
ever try to mine again.
Simple rule; never spend what you cant stand to lose.

I hope it works out for you man,
may God bless your ventures.

~JuIsE~

EDIT: Looking at https://www.asicminervalue.com/ I see why you're looking at GRIN,
Profit per day and short ROI. But you have to remember as time goes on, the profitability will go down
because the coin difficulty will go up; and also just may loose value. Look at the history graphs on a lot of these previously "hot" coins,
they don't last forever. For example, you used to be able to mine BTC at home, now the difficulty is so high it take 1000's of ASICS to mine.
So that ROI will fluctuate a lot also..

 

[bleepyy]

wow....man sorry about that.... Well, I'm not the crypto expert. I know enough not to mine it anymore. I think their are some new rules in the US about
claiming mined coins on your taxes as income even though you don't cash out to USD. I haven't been interested at all since that..

Here are a few links to some main sites:
https://coinmarketcap.com/ This site is a decent one that were tracking prices with while doing some coin research.
https://www.coinbase.com/ Buying selling and cash out

My experience while mining, well kind of a fun hobby. But also a lot of work. I still cant understand how it totally works from a technical approach. Seems like a scam.
used coin base to cash out the few hundred I made.; And really just did this a project to see how the whole process works.
And, yea it was not worth it. I ended up just using NICEHASH (which really pay's worthless amounts) then stopped completely
when I was just braking even with the power bill.

For mining I was only doing limited CPU & GPU mining. Also only bought stuff I could resell or use for other purposes.
A very cautious approach to say the least...


Actually, I made a lot more money buying and reselling computer parts on Ebay that I wasn't using anymore or ended up being extra parts from the mining rigs.

ASICS are the only way to mine anymore; but its risky if they hard fork the coin against your model. Then it's useless.
One thing that could pan out is if they could develop an FPGA based miner that was efficient and cheap. That way they could be reprogrammed against the hard fork.
But that's still a ways off as far as i know.

But, If you still want to just buy and sell Crypto,
you could just wait for Bitcoin (or any of the top 5 ALT coins) to dip again, then buy. Then be patient. and wait, and wait,...wait some more....then sell when it peaks again.
Well, I should say if it peaks again....

I think the low was at around $3700 (1 BTC) in DEC 2018 then spiked in July 2019 around $1200. The hard part is knowing if you will loose all your money or gain some.
So, yes its just like gambling or the stock market. Another thing, is all of the 2700+ ALT coins (like Grin) always follow the BTC price (with a few exceptions)
So if you buy LITECOIN,ETH,GRIN ...ECT that price will follow BTC (BitCOIN) So if you really believe in one of these coins, and they pennies....then buy them.
Me, I won't. I think its a whole scam. most of these coins will fail. and their probably will be only 1 left. Like a world money system.

But its a rich mans game mostly. They pull the Crypto strings and manipulate the market.
Like I said; I'm not the expert on this. Just my venture and testing far enough to know that I won't
ever try to mine again.
Simple rule; never spend what you cant stand to lose.

I hope it works out for you man,
may God bless your ventures.

~JuIsE~

EDIT: Looking at https://www.asicminervalue.com/ I see why you're looking at GRIN,
Profit per day and short ROI. But you have to remember as time goes on, the profitability will go down
because the coin difficulty will go up; and also just may loose value. Look at the history graphs on a lot of these previously "hot" coins,
they don't last forever. For example, you used to be able to mine BTC at home, now the difficulty is so high it take 1000's of ASICS to mine.
So that ROI will fluctuate a lot also..

I understand you but as for the case of GRIN COIN ; wouldnt it be logical to invest 100.000 dollars in to grin miners, break even in 3 months or lets make worst case 5 months. And make money for 1 year , and dont care if its trashed afterwards because you already paid back?


Second thing I was thinking was an ios application that provides buy-sell signals , its all around whatsapp groups and telegram but no one did a good look app wouldnt it be good?

 

[juiseman]

Innosilicon G32-1800 profitability | ASIC Miner Value

Live income estimation updated every minute.

www.asicminervalue.com

Innosilicon G32-500 profitability | ASIC Miner Value

Live income estimation updated every minute.

www.asicminervalue.com

One thing I noticed is that both of these ASICS aren't going to be released until November 2019.
I would see how that coin is doing around that time then figure out the ROI at that time.
You have to figure out your power requirements and cooling requirements.
Those little ASICS will generate some heat if you have enough of them. Which means you have to pay to cool them also.

Realtime mining hardware profitability | ASIC Miner Value

Live income estimation of all known ASIC miners, updated every minute.

www.asicminervalue.com

When I scroll down the list of ASICS and the ROI time; these older coins
are WAY less profitable (because as the difficulty raises; the profitability goes down as it takes longer to mine as each block is found)
This is true with all crypto currencies. A lot of guys will brute mine through nice hash a new coin as its coming out. to gain a crap load of
coins and raise the difficulty really high so the little guys cant get much. You also have to research 51% attacks. Some coins
are supposed to guard against it; but I don't think its fool proof.

Well, I think I'm out of my league here, you may want to post some questions at
bitcointalk.org and search the altcoin mining forms for GRIN if your seriously going to invest that kind of money.
I wouldn't want to steer you in the wrong direction with your livelihood on the line here.....

There is also some other threads here at TPU with some senior miners with better advice than I can give you.

Good luck,

 

[STSMiner]

Mining that coin with any one of those miners (when they get release) will take ages to get your outlay back, including electric costs to run one.

The makers of these units produce them for a reason, to make money on them 1st and raise the difficulty, then when they think that the coin is going to loose value by mining it, they release the miners to to the public that can afford them which in turn reduces the value of the coin even more.

Pour your floating funds that you have back into the business that you currently own / run.

Crypto mining is not a 'get rich quick' option at the moment, 2, 5 or 10 years ago it was, but in it's current state it's not.

If you want to invest in the Crypto Markets, buy the coins instead and hold them (play it like the stock exchange).

 

[bleepyy]

Mining that coin with any one of those miners (when they get release) will take ages to get your outlay back, including electric costs to run one.

The makers of these units produce them for a reason, to make money on them 1st and raise the difficulty, then when they think that the coin is going to loose value by mining it, they release the miners to to the public that can afford them which in turn reduces the value of the coin even more.

Pour your floating funds that you have back into the business that you currently own / run.

Crypto mining is not a 'get rich quick' option at the moment, 2, 5 or 10 years ago it was, but in it's current state it's not.

If you want to invest in the Crypto Markets, buy the coins instead and hold them (play it like the stock exchange).

The watt for the miner is only 140W , and Im living with someone who allows me to use electricity for free, He knows my plan and he is like ok just give %2 cut and I dont care what the bill is.


I do have 4000 dollars in market, and playing with it everyday , its actually quite more controllable , like being in market and buying and selling is something that you have more control than mining.

But as I search for this GRIN Miner I keep finding out that the Payback Period is 3 months , maximum 4 months. And even the GRIN COIN gets down and becomes so cheap, isnt it better the keep it in pocket and then wait for late year to sell maybe it goes down and then comes back again I mean.

Innosilicon G32-1800 profitability | ASIC Miner Value

Live income estimation updated every minute.

www.asicminervalue.com

Innosilicon G32-500 profitability | ASIC Miner Value

Live income estimation updated every minute.

www.asicminervalue.com

One thing I noticed is that both of these ASICS aren't going to be released until November 2019.
I would see how that coin is doing around that time then figure out the ROI at that time.
You have to figure out your power requirements and cooling requirements.
Those little ASICS will generate some heat if you have enough of them. Which means you have to pay to cool them also.

Realtime mining hardware profitability | ASIC Miner Value

Live income estimation of all known ASIC miners, updated every minute.

www.asicminervalue.com

When I scroll down the list of ASICS and the ROI time; these older coins
are WAY less profitable (because as the difficulty raises; the profitability goes down as it takes longer to mine as each block is found)
This is true with all crypto currencies. A lot of guys will brute mine through nice hash a new coin as its coming out. to gain a crap load of
coins and raise the difficulty really high so the little guys cant get much. You also have to research 51% attacks. Some coins
are supposed to guard against it; but I don't think its fool proof.

Well, I think I'm out of my league here, you may want to post some questions at
bitcointalk.org and search the altcoin mining forms for GRIN if your seriously going to invest that kind of money.
I wouldn't want to steer you in the wrong direction with your livelihood on the line here.....

There is also some other threads here at TPU with some senior miners with better advice than I can give you.

Good luck,

On the other hand, thank you so much for your reply and giving your time to assist me with your opinion and knowledge. I really do appreciate it so much. I agree with you on its not a get rich quick option, but what I am really trying is like monthly 3 or 4 grand , not much, and then all of those mined coin incomes I want to invest in the real-time market and do the cycle on and on.

But can you please help me about the pay part. Like it tells how much it will give you daily and all those calculations etc... And its literally in top 2 ranked in ASICS, why wouldnt it be profitable? I mean why are those builders who built this GRIN MINER spending this much time on investing something like this? I just ask these questions to myself and then I say like " There has to be at least a little bit potential I mean why would they spend this much time you build a miner?"

About the daily payment of the GRIN COIN, what changes it? How will it drop? Is it related to people who mine are gonna be too much and it will make it drop?

G32-1800 saying daily 150 to 160 dollars right now, how much will it drop when its released you think? Is it possible that it wont drop but go up by any chance?

Lastly, sorry for too much wording, Im just trying to open all my mind to you guys so that you know what exactly Im thinking when I put my mind in to this kinda investment.I understand buying coins are better options, but buying coins wont guarantee me a daily,weekly or even monthly income. Okay, I get it that I cannot make something like 10k a day, but I dont want that much anyways, like 100 a day even would be great you know? So that I can convert that GRIN asap to BTC and then invest in the market to alts or whatever it is at that day.


Do you still not suggesting me to invest in buying G32-500 or 1800, or at least for giving it a little try G32 MINI which is only 1.300 dollars, might be a good idea to try if everything is going alright for a week or two... If you arent suggesting me to invest in Grin Mining, rather than playing in the real-time market(because Im already doing) what do you suggest me to do , or buy , or whatever you really think that is a better option?

I mean mining Bitcoin is pretty foolish idea at this point I believe , yeah the coin is great and I believe it will go up down up down for the next 5 years which is a great opportunity to make some money, but the block difficulty? Block difficulty will be halves this May, and then what? All those Antminer 57,67 TH/S will be very slow to mine the coins to pay your daily, and then they will be building stronger miners or machines, thats why what Im thinking is I really wouldnt invest in mining Bitcoin because what I said just now and plus because of the power consumption it takes which is minimum 1300-1500 in lowest cases and goes up to 2400, thats a lot of energy even I dont pay electricity, that would be something that causes me to rent a storage or something you know?

How about Dash? Etherium? Or I talked a lot I know, sorry about that. Ill just let you read these above and look forward for your answer, or anyone around here are welcome to try helping me.


Edit: if anyone suggests something rather than playin in market, just to note it down : my capital that I can invest in is 50.000 GBP

Kind Regards,
Bleepy

 

[STSMiner]

The watt for the miner is only 140W , and Im living with someone who allows me to use electricity for free, He knows my plan and he is like ok just give %2 cut and I dont care what the bill is.

 

[juiseman]

Free Power? ahhh.....well then...

I still say wait 2 months and see what the profitability is. From what I understand, you cannot buy those G32's yet, so reassess then,

When Etherium hit its peak, people pulling in big profit from just 6-10 GPU RIGS; but as the difficulty went up it takes longer to mine; thus less
profit per day. Then when BTC hit rock bottom; the ALT coins fell too; so mining was no longer profitable for many people.

I probably came across wrong on Bitcoin; there is simply no way to mine that without 1000's of ASIC's and cheap as dirt power. I was referring to just buying
BTC at a low and sell it higher. Just like the stock market.....if BTC tanks again back down to $4000 (or less) I can guarantee the GRIN will tank also. So that will
effect the current profitability also.

Look at the life history of these coins on https://coinmarketcap.com/ from there initial creation. They fluctuate more than the stock market. Its crazy;
that's why I was saying tread lightly. On the flip side, if you bought a lot of BTC or mined it when it first came out; you'd be a Rich son of a bitch.....so it really is
like gambling in a way.

I think what a smart thing to do is what my buddy did. He mined new coins when they came out (and mined a hell of a lot) in hopes that some day they might
hit it big. So that was his long term invest. Then he also bought and sold some crypto I believe just a from the top 5 BTC, ETH, XRP, BCH, LTC

You could test the waters a little and get a coin base account, (its kind of annoying to setup, have to provide multiple forms of ID) I had to provide my
drivers license photo) but you could buy a $100 here and there, then see how it goes. Buy it then sell it then cash it out to your bank.
Some people (Like myself) were using it as short term piggy bank. So like on a tight month money wise, I was buying some then cashing out when my bank account looked bad. But since the new
TAX laws in the US its not really worth the effort anymore.

EDIT I just saw that. Man, that is A lot of power. your friend will hate you...lol
how many of these G1800's are you planning on?

 

[STSMiner]

As for the Mini --- the profits have dropped by over half already !

 

[bleepyy]

As for the Mini --- the profits have dropped by over half already !

View attachment 131902

Generally you guys say that big whales make profit from these miners right? Would 200 thousand dollars worth of miners enough for this? Because I keep supporting the fact that the electricity in my country is half lower than USA and EU, but I think with 1,2 miners its just a dream that wont come true right :d

 

[TheoneandonlyMrK]

Generally you guys say that big whales make profit from these miners right? Would 200 thousand dollars worth of miners enough for this? Because I keep supporting the fact that the electricity in my country is half lower than USA and EU, but I think with 1,2 miners its just a dream that wont come true right :d

at that scale power and cooling becomes the issue Kwatts build up quickly to a point that overcomes your supply.

even commercial units might need some work for that.

 

[Solaris17]

If you want to mine it mine it. No need to fight experienced user findings. I think if you are already pressured by a 1mil guarantee this is squandering money to the max. Ontop of not knowing how the market works this is illogical. If what you say is true (and in itself off topic) the 600 people under your employ are already gonners.

Never invest what you arent prepared to lose. I forsee this as a total loss.

 

[bleepyy]

If you want to mine it mine it. No need to fight experienced user findings. I think if you are already pressured by a 1mil guarantee this is squandering money to the max. Ontop of not knowing how the market works this is illogical. If what you say is true (and in itself off topic) the 600 people under your employ are already gonners.

Never invest what you arent prepared to lose. I forsee this as a total loss.

Okay! I wont go for any miners then, this is fair enough .

If you want to mine it mine it. No need to fight experienced user findings. I think if you are already pressured by a 1mil guarantee this is squandering money to the max. Ontop of not knowing how the market works this is illogical. If what you say is true (and in itself off topic) the 600 people under your employ are already gonners.

Never invest what you arent prepared to lose. I forsee this as a total loss.

But like you know when I read the chart its definetly not bad

 

[STSMiner]

@bleepyy,

I help run a mining pool, I know the limits on earnings for the crypto coins, buying expensive ASIC units from new is not the way to go, they become obsolete very quickly when the difficulty goes up and the profits for the coins drop, you end up with what's known as a door stop / space heater that owes you money.

Most are buying used units for $200.00 or less, these can be ideal to get your money back if you know how to exploit it and mine the right coin or rent them out on sites that have this feature (NiceHash springs to mind here, there are others).

Mining crypto coins is not easy, even the pro's are finding it hard (except the companies that make these ASIC's).

The latest hardware that's able to mine these coins and stay usable is FPGA's and GPU's, these are the only units that are able to mine different coins on different algorithms and earn you money, but you got to pick the right coin to mine at the right time and sell them at the highest price, research, research and more research, you also have to take into account your electric costs and the time you put into it, it can consume a lot of time etc.

There are some sites that will auto convert your mined coins to BTC which you can cash out to fiat money on any of the exchanges that offers that (CoinBase).