What kind of depreciation do you get on crypto mining hardware though? Will that setup still be profitable in x months, when better performing hardware exists?
The hardware pays for itself with current conditions remain constant (which is never the case!) in about 8 months.
It uses high end graphics cards RTX 3060Ti and RTX 3080 that shouldn't go to zero resale value even in a year or two.
Mining for the same coin typically produces less and less of that coin due to difficulty increase.
However difficulty increase for the same coin typically associated with it's price increase as well.
So to derive most benefits from mining it's better to mine solid coins (like ETH right now) and hold them.
I currently mining non-ETH coin that increased in price 30% in a week by itself.
So this helps to make this venture more beneficial.
And then I use dedicated mining OS (HiveOS) that allows to control the whole thing fully remotely and in fact switch mining to more profitable coins dynamically.
Curious to know where you are running your mining rig? in your house/apartment or you rented some other place? Also is there any limit on how much electricity you can use in apartment/House?
Trias11|4 years ago
It uses high end graphics cards RTX 3060Ti and RTX 3080 that shouldn't go to zero resale value even in a year or two.
Mining for the same coin typically produces less and less of that coin due to difficulty increase.
However difficulty increase for the same coin typically associated with it's price increase as well.
So to derive most benefits from mining it's better to mine solid coins (like ETH right now) and hold them.
I currently mining non-ETH coin that increased in price 30% in a week by itself.
So this helps to make this venture more beneficial.
And then I use dedicated mining OS (HiveOS) that allows to control the whole thing fully remotely and in fact switch mining to more profitable coins dynamically.
jp42|4 years ago