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MrClass wrote
Leb_Knight wrote
Hackour wrote

How cloud mining work?
well you buy hash power online and you will start mining and you will pay a maintenance fee that is much lower than the electricity bill in Lebanon if ur interested in this i can help you
home mining is more profitable when you have more cash to spend on a rigs but cloud mining i think the best choice for starting
Let's take Genesis Mining for example:
Say we go with the 100TH plan to mine BTC. That plan costs 13000$.

Over 1 year, you'll be able to generate 10BTC; which at current price is around say 41000$.

Sounds good?

Well wait, cause you still have to pay maintenance fees. Genesis Mining takes 0.00028$ per 1GH per day.

This means with 100TH (which is 100000GH), you pay 28$ per day. That is 10220$ per year.

So you have to invest 23220$ to get 41000$ and that with the assumption that difficulty and the mining reward stays the same. But guess what? It doesn't.

Mining difficulty is on the rise (see here https://bitcoinwisdom.com/bitcoin/difficulty)

You will not make ROI within 1 year.

Now stop suggesting Cloud Mining please.
yes i know that difficulty is rising everyday every min and every second but i have one question for you what was the exchange rate for BTC USD in 2016?? or what was the exchange rate in the past month ? price is going up with the increasing of the difficulty only 5 million bitcoin or less is available to be mined so you do the math if ur saying u need 1 year to make ROI you totally wrong i don't know
so i have my point of view and ill keep recommending the cloud mining till am ready to get my rigs into my house here in Lebanon than ill move to other coins like ethereum of XMR or even onecion
Hello plebs. My rig (2 lousy machines, 3x 1070 cards each.)
They're not on a UPS (start automatically with electricity for better or worse; mostly worse - I already sent one card back to warranty, hoping I just exposed the defect, not created it.) Learned my lesson, getting a big ass UPS now.
Already made $700 with BTC rising.
I find it more financially secure to invest in real life machines and participate in the network, than to inflate the currency by buying some.
I use Nicehash btw, and mine Ethereum, ZCash and what not.

BUSINESS
Looking to buy a used Motherboard with at least two slots to start mining with 2x 1080Ti (because why not get larger more versatile ones!)

If you're into this to get rich, go away. (Unless you're able to lose $100K without flinching)
If you're into this because you want your hardware to pay for itself, then you might have a place.

There's lots of risk, and I already rode a wave of bitcoin rising (the $700 were supposed to be much less, around $500, but bitcoin has a habit of rising.)

Sending bitcoin around is quite easy, which definitely verifies some of the hype for me. It not being a government controllable is a big FU to governments (I am a cryptopunk that only has gaming hardware afterall.)

Seriously tho, have fun and stop being a fucking whinge.
arithma wroteHello plebs. My rig (2 lousy machines, 3x 1070 cards each.)
They're not on a UPS (start automatically with electricity for better or worse; mostly worse - I already sent one card back to warranty, hoping I just exposed the defect, not created it.) Learned my lesson, getting a big ass UPS now.
Already made $700 with BTC rising.
I find it more financially secure to invest in real life machines and participate in the network, than to inflate the currency by buying some.
I use Nicehash btw, and mine Ethereum, ZCash and what not.

BUSINESS
Looking to buy a used Motherboard with at least two slots to start mining with 2x 1080Ti (because why not get larger more versatile ones!)

If you're into this to get rich, go away. (Unless you're able to lose $100K without flinching)
If you're into this because you want your hardware to pay for itself, then you might have a place.

There's lots of risk, and I already rode a wave of bitcoin rising (the $700 were supposed to be much less, around $500, but bitcoin has a habit of rising.)

Sending bitcoin around is quite easy, which definitely verifies some of the hype for me. It not being a government controllable is a big FU to governments (I am a cryptopunk that only has gaming hardware afterall.)

Seriously tho, have fun and stop being a fucking whinge.
if you want my advice if you are going to upgrade go with AMD Rx 580 its cheaper with a good result you should watch youtube videos about the hash rater for both of the cards and why to buy more motherboards and more rigs just buy a asrock BTC h110 it support up to 13 GPU on the same rig wish you good luck with your mining plans
re: rx580: If anyone ever find one please let me know. They're practically evaporating at the end of the production line.
We're getting risers, the machines I have already support 3 (PCIE x16) out of the box and have 3 expansion slots at 1x. Investing more into it will be kind of a challenge, so we opted to scale horizontally first (you have to create custom rigs to support the cards, and then there's the problem of feeding those cards enough power.)
Going for full mining optimisation is valid. The other way I've taken things is: resale value. I can probably resell everything at half price in a year if needed.
built two small units: 5x1080Tis each, been mining for a month or so now. Not so shabby. I Do have UPS on them.
arithma wrotere: rx580: If anyone ever find one please let me know. They're practically evaporating at the end of the production line.
We're getting risers, the machines I have already support 3 (PCIE x16) out of the box and have 3 expansion slots at 1x. Investing more into it will be kind of a challenge, so we opted to scale horizontally first (you have to create custom rigs to support the cards, and then there's the problem of feeding those cards enough power.)
Going for full mining optimisation is valid. The other way I've taken things is: resale value. I can probably resell everything at half price in a year if needed.
i think mojitech got rx 580 cards and the reason that i told you not to go with Nvidia that the cost is high for a little really different in the hash rate i think you could wait for the AMD Vega 64 its cheaper and with a really good mining hash rate
for me ill start to build my rig very soon so ill have the both options cloud and home mining to max my profits but am going step by step by not putting all the eggs in the same basket :D
4 months later
hello guys,

I'm late to the crypto currency party but better late than never i guess.
Lately I've been doing quite a lot of reading and at this point i'm not so sure about investing in bitcoin; Ethereum on the other hand feels more promissing when it comes to long term ROI.

I wanted to get your opinion on whether mining or buying is the way to go and why?
The best way to acquire cryptocurrency is to earn it. We're not used to earning money online in Lebanon given the absence of Paypal and high fees imposed by services like Skrill. Earn.com is trying to lead the way there.
Mining may be profitable, but it will require you lots of upfront costs and trial-and-error. Some other members who are mining are better suited to give you advice on this.
Metalloy wrotehello guys,

I'm late to the crypto currency party but better late than never i guess.
Lately I've been doing quite a lot of reading and at this point i'm not so sure about investing in bitcoin; Ethereum on the other hand feels more promissing when it comes to long term ROI.

I wanted to get your opinion on whether mining or buying is the way to go and why?
Thanks Samer for the answer; first time i know about earn.com and i'll look more into it.

Yea i would like to get more info about mining from experienced members.

Also about coin wallets.

there are still lots to grasp.
2 months later