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Looking to invest over 5kUSD$ on a mining rig for Ethereum

jakeslayer

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Hello, I'm looking to invest over 5,000USD into mining Ethereum, is it still profitable as of right now? How is the difficulty increase change made? Is it depending on the current price of the coin? I'm looking to get 6x RTX 3080, in the next 2 months if the market becomes stable and if not I'll pay extra to buy them right now. As of the current Ethereum price, I believe I'll be able to get my ROI in 4 months. Do you think the difficulty will drastically change in the upcoming months, and could the difficulty change be so drastic that it can halve you earnings in a couple months? Will the amount of difficulty increased be worth it, since I will be making more money (considering the coin price went up)? Will I still be able to mine on the launch of Eth 2.0? if not, Will my ETH coins stay with me, and will ETH 2.0 and ETH become one coin? Also, I'm aware of the "DAG Epoch" but I believe that shouldn't be an issue since the 3080's have 12GB VRAM.

Any Information is appreciated, Thanks.
 
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Hi,
3080 has 10gb vram
 

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Hi there and welcome to TPU :)

As @ThrashZone says, the 3080's have 10GB of VRAM rather than 12GB (although I believe there's rumours of a 3080 Ti with 12GB?? How true don't know, but meh, we've sorted that out :))

As for the pay back side of things... Well, currently prices for the GPUs are if you use Ebay as an example... Crap. I think from a post I saw earlier, a 3070 is about £1200 and a 3080 £2000 over in the UK (where I'm based... Whereabouts are you??) so with your 5k, I'd guess you might be lucky and possibly get 2 cards with some change left over, maybe enough for the rest of the system (if you've not bought it/have it already) so that side of it, it's going to go very far.

So with regards the cards a bit more depth to them, they do require pads to be changed in certain models. From Reference/Founders whatever you want to call them, they will definitely need doing. Think about $15 should sort out a card but then you have to take them apart, risking the card etc.. Bit of a pain.. However I believe the RTX 3070's don't have the memory issue with the RAM, so, you shouldn't need to replace the pads at all on those cards.

How it's seemed to be working so far..... Profit stays about the same roughly, a bit up and a bit down, depending on the block reward and the network hash rate. So go to a calculator for Eth as you wish to mine that, put in your estimated hash rate for the card/s you wish to use/hope to get, make sure you check your electric costs as well and see what the profit is like. A single 3080 will net you a fairly good return per month, but because of the difficulty you will need to increase your hash rate continuely to get a decent return because as an example, 30 days ago the difficultly was 25% less than it is now. 90 days ago the difficulty was a massive 70% less. (My source - ETH Difficulty) So if the coin continues to get higher in value, you can only expect the difficulty to rise.

I'd really look into costs for electric, where you can get GPUs from, if at all and make a bit more of a decision based on that information. Paying too much for a card will just take too long for it to be paid back and if everything went south, you'd have lost money from over paying too much for each card. If you have something you can use now without buying new hardware, give it a go, check the power consumption and all that, it'll be your biggest outlay (bar buying the cards)

I really do hope that's of some help.....
 
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Do not bother, cryptocoins will crash soon and then you will never get your money back, just like 2018 and if you think crypto crashing now and then prices rising again in 4~5 years then I say that nobody knows how the world will be in 5 years from now. You will have a better chance waiting cryptocoins to crash 95% then you buy it and hold only the amount you are willing to lose, that is a better plan than buying 3 to 5 times any overpriced hardware.
 

jakeslayer

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Hi there and welcome to TPU :)

As @ThrashZone says, the 3080's have 10GB of VRAM rather than 12GB (although I believe there's rumours of a 3080 Ti with 12GB?? How true don't know, but meh, we've sorted that out :))

As for the pay back side of things... Well, currently prices for the GPUs are if you use Ebay as an example... Crap. I think from a post I saw earlier, a 3070 is about £1200 and a 3080 £2000 over in the UK (where I'm based... Whereabouts are you??) so with your 5k, I'd guess you might be lucky and possibly get 2 cards with some change left over, maybe enough for the rest of the system (if you've not bought it/have it already) so that side of it, it's going to go very far.

So with regards the cards a bit more depth to them, they do require pads to be changed in certain models. From Reference/Founders whatever you want to call them, they will definitely need doing. Think about $15 should sort out a card but then you have to take them apart, risking the card etc.. Bit of a pain.. However I believe the RTX 3070's don't have the memory issue with the RAM, so, you shouldn't need to replace the pads at all on those cards.

How it's seemed to be working so far..... Profit stays about the same roughly, a bit up and a bit down, depending on the block reward and the network hash rate. So go to a calculator for Eth as you wish to mine that, put in your estimated hash rate for the card/s you wish to use/hope to get, make sure you check your electric costs as well and see what the profit is like. A single 3080 will net you a fairly good return per month, but because of the difficulty you will need to increase your hash rate continuely to get a decent return because as an example, 30 days ago the difficultly was 25% less than it is now. 90 days ago the difficulty was a massive 70% less. (My source - ETH Difficulty) So if the coin continues to get higher in value, you can only expect the difficulty to rise.

I'd really look into costs for electric, where you can get GPUs from, if at all and make a bit more of a decision based on that information. Paying too much for a card will just take too long for it to be paid back and if everything went south, you'd have lost money from over paying too much for each card. If you have something you can use now without buying new hardware, give it a go, check the power consumption and all that, it'll be your biggest outlay (bar buying the cards)

I really do hope that's of some help.....
Thanks for the reply,

I'm based in the UK, although I can pay for shipping from other countries if it's reasonable, my brother is based in Canada as well and can buy parts for me, I also fortunately don't pay for electricity, so I guess the only problem is finding GPU's to buy, I do have one more question though, you said as the coin gets higher in value, the difficulty rises, so based on the past 90 days, where the difficulty rose 75%, Wouldn't the value of the coin also have gone up a good amount where it would maybe make a minimal difference? Since yes, the difficulty went up but you're mining with the coin being at a higher value than it was before. Also if the market becomes stable again and I'm able to get my hands on some GPU's, it would be a good idea to invest into ETH mining, correct?

Thanks.
 

ppn

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The daily mining revenue has dropped 130 to $90 per 1GH/s for the last 2 months to what looks like it could be $60 in june, so ROI expectations can't work at all. The more HASH rate goes up the difficulty does also linearly or more and killing all the profits, so why are people adding more cards at this point.
 
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current UK ebay prices are around £1200 for a 3070 and £2000 for a 3080..

you can keep dreaming about getting some cheaper but dreaming is all it will be..

the price of a graphics card is now based on the money it can earn mining..

mining isnt about short term cash profits.. at todays hardware prices its all about earning coin.. sitting back and waiting for the price of the coins mined to rise..

an example.. three years back when the dollar gains form my mining machine got very low i switched the machine off.. it didnt seem worth leaving it running.. but if i had have left it running during the slump the coin mined during that three year period would now be worth around 100K...

basically you have missed the boat.. you are three months too late.. 5K will buy you bugger all now...

i am not saying dont do it.. just think in terms of spending more money and waiting longer for the real profits to show up..

trog
 
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jakeslayer

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current UK ebay prices are around £1200 for a 3070 and £2000 for a 3080..

you can keep dreaming about getting some cheaper but dreaming is all it will be..

the price of a graphics card is now based on the money it can earn mining..

mining isnt about short term cash profits.. at todays hardware prices its all about earning coin.. sitting back and waiting for the price of the coins mined to rise..

an example.. three years back when the dollar gains form my mining machine got very low i switched the machine off.. it didnt seem worth leaving it running.. but if i had have left it running during the slump the coin mined during that three year period would now be worth around 100K...

basically you have missed the boat.. you are three months too late.. 5K will buy you bugger all now...

i am not saying dont do it.. just think in terms of spending more money and waiting longer for the real profits to show up..

trog
Thanks for the reply.

Sure, I guess I can leave it running since I don't have a reason not to, and I'll save up the coin and not exchange it into USD until it gets higher and I'll keep it mining as long as ETH exists, I guess I'll also have to invest more than 5k, one question though, Will I be able to mine once ETH 2.0 is launched, and will ETH and ETH 2.0 become one coin so that I can still save the coins I've earned while mining ETH?

Thanks
 

ppn

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They say during the transition period that yes, maybe years, /can mine/. But in the end it all amounts to one big fat zero. Think about it. 3080 ROI is what now 300 days, at 8USD, not accounting for the difficulty bomb and impending crash is near like every time until now. just open the ethchain stats and ask your self what you see, it should speak volumes. Just buy it when it crashes to $100 if you have money to burn and wait for it to pickup then as it is your intent to begin with. and you'll have 100 ETH then,. that you can never be able to mine with the 6x3080, ever.
 
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back at the beginning of this year an eth was worth $600 maybe a bit less.. three months later an eth is approaching 2400 dollars.. i own 10 eth from the last time around.. my 10 eth is now worth around 24000 dollars.. a nice profit of around 18000 dollars.. during this time i have mined maybe 3000 dollars worth of eth..

maybe mining is a waste of space.. maybe simply buying the coin makes more sense... i went through this line of thought the first time around back in 2017.. back then i spent 4K building an 8 card mining machine back then that 4K would have bought me one whole bitcoin..

any way i now think mining needs to be looked at over a 4 year time period to make real sense.. my mistake was to waste three of these years by turning my mining machine off.. :)

trog
 
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They say during the transition period that yes, maybe years
Are you saying the break even time can be years? At that point it might make a lot more sense to invest the money; 7% interest almost doubles the money every decade.
 
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Are you saying the break even time can be years? At that point it might make a lot more sense to invest the money; 7% interest almost doubles the money every decade.
I always like slow and steady investing that I don't have to worry about. Seems it has grown out of fashion though.

I will say this: If you want to get rich right now, don't mine, build mining rigs. It's similar to the gold rush before it: The people who got rich were the ones who stayed in Seattle and the like and sold the pickaxes.
 
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And maybe if there is a mining crash, all those video cards will be going for cheap.
 
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By 5k worth of ETH and hold.
 

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so budget of 5k thats one rx 3090 >_>
 
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3060 has 12gb, and isn't mining vram intensive rather than gpu intensive? I would get 10x 3060's, or at current market value 3 or 4 and a mobo that can support more, there are custom mining motherboards, look on newegg for mining motherboards.
 
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