If you were new to mining and had a budget of $5,000 how would you use it?

[didymus]

Okay, so, I was going to build a rig, but as all of you know easier said than done as the cards are always sold out or over MSRP. I know there are some hardware watching services to catch cards when they’re in stock and I’m going to check those out once I figure out the names of them again. Without getting too much into detail it’s really critical that I pull this off. I understand that nothing is certain, but mining seems the most certain of the different avenues I’ve considered. I’m handy with IT and other tools. Having some passive income coming in is going to literally transform my life for the better as it will allow me to focus on getting my OSCP certification among other even more important personal things. Any solid advice put here is going to directly translate to transforming my life for the better. I’ve done a lot of reading, but nothing makes up for the experience of people in the trenches of the field.
I think GPU is still the most efficient, but I could very well be wrong. I’m open to any suggestions of smart uses for the budget that involve mining. I’d maybe be interested in hearing other ideas crypto-related passive-income streams, but mining is what I’ve been reading about most.
Thank you!!

 

[TheoneandonlyMrK]

Still , buy crypto, if you spend 5000 you can see what you could buy.
Take the number and type of GPU and put it in one of the many mining calculator's online and you will realise it's never a wage at that investment level.

More of an aside.

 

[R-T-B]

I'd stake it in ethereum for PoS rather than mine.

 

[DeathtoGnomes]

I'd stake it in ethereum for PoS rather than mine.

Just dont use Coinbase they take 2 or 3% of your staked coin.

 

[mrthanhnguyen]

For $5000, you can buy 2x 3090 which can make $500/month after power bill at 250mh/s
Or
10x 1660 super ($500/each) and each of them can mine at 30mh/s so 300mh/s for total 10 cards.
Or
Innosilocon a10 pro 7gb 750mh/s. I saw them on sale before for only $1500-$2500 or so and it can earn $50/day.

 

[R-T-B]

Just dont use Coinbase they take 2 or 3% of your staked coin.

All staking pools will take a cut. That's actually not the worst.

 

[glsn]

just put in money that you can allow to lose imo

you don't need to be "techy" (besides most "tech guys" don't know wth are they talking about), you just need to run a software

also it depends on where you do live, now hiveon pays ~7usd 4 100mhs, so let's say you have 200mhs = 14usd daily, 420 usd daily (without counting electricity) in some countries they are nice, in other... meh

 

[lexluthermiester]

Okay, so, I was going to build a rig, but as all of you know easier said than done as the cards are always sold out or over MSRP. I know there are some hardware watching services to catch cards when they’re in stock and I’m going to check those out once I figure out the names of them again. Without getting too much into detail it’s really critical that I pull this off. I understand that nothing is certain, but mining seems the most certain of the different avenues I’ve considered. I’m handy with IT and other tools. Having some passive income coming in is going to literally transform my life for the better as it will allow me to focus on getting my OSCP certification among other even more important personal things. Any solid advice put here is going to directly translate to transforming my life for the better. I’ve done a lot of reading, but nothing makes up for the experience of people in the trenches of the field.
I think GPU is still the most efficient, but I could very well be wrong. I’m open to any suggestions of smart uses for the budget that involve mining. I’d maybe be interested in hearing other ideas crypto-related passive-income streams, but mining is what I’ve been reading about most.
Thank you!!

My advice is to invest your money in something that is more stable, isn't slowly being banned all over the world and will not contribute to the world's energy problems.

 

[trog100]

your problem is you need extra income to augment your existing income.. i assume you need this income fairly quickly..

lets assume you have $5000 to invest and you cant afford to lose it.. .. mining isnt the way.. mining is more long term and needs a larger initial investment..

money can make money if used wisely but in truth $5000 isnt enough.. its kind of sad but its why the rich get richer and the poor stay poor..

i am currently mining and making some money but its not money i can spend.. it all goes into accumulating more bitcoin which i am rather hoping will be worth a million dollars per coin in a few years time.. he he..

so far this year i have mined about 1/3 of a bitcoin.. current value about 20K.. future value who the f-ck knows but i am pretty sure it will be higher..

trog

 

[xrobwx71]

Just dont use Coinbase they take 2 or 3% of your staked coin.

Who would you recommend?

 

[R0H1T]

I'd donate it towards the #11 poster's dream machine

More to the point ~ for relatively quick returns just invest in crypto directly! Otherwise when you're buying hardware it can take a while for you to make profit off of it, the good thing of course is that you'll still have the hardware which can be used for a lot of other stuff.

I’d maybe be interested in hearing other ideas crypto-related passive-income streams, but mining is what I’ve been reading about most.

This really only works when you have super cheap electricity or the coin(s) you're mining have some explosive growth like ETH had last year.

 

[R-T-B]

Who would you recommend?

I'd personally actually ADVISE coinbase for their size and security, but that's just me.

 

[DeathtoGnomes]

Who would you recommend?

If you do your research, there are a few that, while not as large or popular as Coinbase, offer the same rewards or better (and lower fees) as Coinbase. Some exchanges offer staking but US cant trade on them. Some coin wallets (software) offer staking, Algorand wallet does, others IDK (yet).

Dont get me wrong, I still use Coinbase because I'm fully verified and there wasnt really many choices when I started.

 

[Simpleris]

SNS, I would invest it in flowers, by the time mining has destroyed most of the environment, your plants will be worth more than any crypto that could be mined up until then.

 

[R-T-B]

If you do your research, there are a few that, while not as large or popular as Coinbase, offer the same rewards or better (and lower fees) as Coinbase. Some exchanges offer staking but US cant trade on them. Some coin wallets (software) offer staking, Algorand wallet does, others IDK (yet).

Dont get me wrong, I still use Coinbase because I'm fully verified and there wasnt really many choices when I started.

And I appreciate you explaining the options, too. I just err on the cautious side here (weird in crypto land, I know).

 

[ZenZimZaliben]

$5k will not net you much with todays complexity and energy requirements. You will need 4x-5x that amount to make a good revenue stream. But then you won't want to cash out because you will be taxed and the value keeps going up.

 

[DeathtoGnomes]

And I appreciate you explaining the options, too. I just err on the cautious side here (weird in crypto land, I know).

Oh, one last bit of info, Coinbase limits staking rewards to 5% total, averaged across all holdings that pay staking.