First timer… Looking to buy/assemble a mining rig.

[SterlingMines]

Hey guys,

From the title, you probably know I have no clue where to start here in terms of mining rigs/everything else that comes with it.

I have no problem deep diving into this space to learn but I just need some guidance.

Looking to buy/assemble a mining rig. I have $10k USD set aside (Willing to increase if needed). What setup would be the best bang for my buck? I am not looking to solely rely off this income or anything like that but obviously a good return is essential for all of us.

I know some methods may be dated at this point so with that being said what is the most efficient way at this point? Along side of that, are there any new and improved helium miners or any miners that are simplistic in that respect since it appears the hnt miners are past their prime?

Thank you in advance for any input!
PS I’m not asking for your secret recipe just some of the mixing utensils to get started.

 

[Fourstaff]

Before you start mining, I think its important to take stock of the electricity prices. If its high, mining is a non-starter.

You may also need to consider what to mine, as it will drive the hardware. For example, bitcoin uses specific mining machines, where as other coins may be graphics card.

 

[R-T-B]

Before you start mining, I think its important to take stock of the electricity prices. If its high, mining is a non-starter.

Sort of. There are times when mining is profitable pretty much anywhere at any rate (within sanity), but a low rate certainly helps.

I have a Helium bobcat miner. I can safely declare if you do not research your location well, they are far from a sure thing. But they do sip power compared to PoW.

 

[ir_cow]

Well if you want to throw money away - I'll take it . Honestly it much more profitable to buy and sell coins. I cannot give profesional advice but ADA coin went from $1.15 to $3. It was a easy return. 10K turns into 26K in 4 months. It back down to $1...Just saying...

Good mining returns went out the window in 2017. I could pay off a $700 GTX 1080 Ti in a month. Now its 2 years for the same return. For example using a RTX 3060 you can get $1.5 a day. The card costs $700 because of the current market. That's 466 days to break even if your lucky. At one point 7x 1080 Tis gave about $150 a day. Its about $30 for the same amount of money.

Crypto is a scam and as long as you are not holding the bag in the end, its free money. At some point people will realize paying 3k for a video card just to mine $3 a day is stupid.

 

[R-T-B]

I don't agree crypto is a "scam," but I do agree that you'd be much better off buying coins than mining.

 

[SterlingMines]

Rough lol.
Appreciate all the honesty, I am invested in crypto/stocks. Building computers and some programming has always been an interest for me.

Found this link so it my interest sparked but had my reservations:

Bitmain Antminer E9 (2.4Gh) profitability | ASIC Miner Value

Live income estimation updated every minute.

www.asicminervalue.com

So pretty much the general consensus is too late to the mining party?

 

[ir_cow]

Never to late. If I could predict the future, I'd be rich. If BTC goes to 100K while your holding, its great. If it doesn't move up, you aren't making money. I think it just depends on the risk you are willing to take. It was risk free in 2017 for me. At this point in time I will not go back into mining. So much more money in trading. Once again I think it is a big scam because its based on a broken system that values holding instead of using. Good coins like ADA and Ravencoin exist, but those aren't big money makers so its slow going for real progress.

Just looking into how flawed BTC is. It takes days to get a transaction done, it cost gas based on the current value. So to send Eth, its like $300. I remember once when I moved a "large" amount it cost me equivalent of $1000 in BTC just to move it. It would have been pennies if BTC wasn't "worth" 20K at the time.

Like I said - trading is free money. As long as people believe it has value, I make money without doing anything. Just wait for the dip or crash. Buy and wait 6 months. Sell and repeat.

 

[cvaldes]

Rich people trade the commodity. Mining is for peasants.

Cryptocurrency mining is like trying to get rich from Amazon by driving one of their delivery vans. Rich people trade shares of AMZN.

Peasants find land, buy a tractor, biodiesel, soybean seeds, fertilizers, etc. and grow soybeans. Rich people trade soybean futures.

If you have $10,000 to buy cryptocurrency mining hardware, you're better off buying and selling the crypto. When you mine, you are spending money on semiconductors and spending more money to buy electricity to convert into cryptocurrency. Cut out the middleman and just buy the currency.