Cryptocurrency mining - Why I sold my mining rig (6x RX 470 Strix@160MH/s)
Hey guys,
I would like to share with you, why I sold my mining rig.
I've already stated in my other post, why I think its the worst time to jump into mining (June/July) here:
https://steemit.com/cryptocurrency/@kazen/cryptocurrency-mining-the-worst-time-to-jump-on-the-train-june-july-2017
I would like to share few details what lead me to actually sell my perfectly set-up mining rig.
As I mentioned, I believe June/ July is the worst time to jump on the board of the mining train/hype and spend your hard-earned money on the mining equipment. However, if there is a very bad time to spend your money on equipment, it migt be very well profitable, if you own one and considering to sell it.
I purchased parts for my rig during May, when the prices were still kind of OK for about €1650. I've mined for roughly 2 months, which you can estimate the profit based on my 160MH/s and deduct roughly 20% from this for elektricity cost.
I sold my mining rig for €2850.
Now, you migh say that I should keep the rig, keep mining and I would earn even more then the €1200 difference I've earned on sale.
But my point is very straight forward. I basically paid my investement, earned 2 moths profit (I do not expect to get ETH over €330 any time soon) and I'm currently sitting on the earned money and waiting for Vega to get out.
Considering, that I've sold a single RX 470 (bought for €200) for the price of 1070, I do have 2 moths to wait for the price drop on 1070 as I belive its a superior card if you leave the price point out of the equation.
Why I think 1070 is a better card:
- more MH/s
- no speed degradation with bigger DAG file
- dualmining with no impact on ETH mining MH/s
- power consumpion
- the variety of other tokens you can min
Considering this, it was profitable for me to sell my mining rig given my specific cirumstances.
When I look for mining rigs on ebay, they are going even up to €4000 (6x RX 480), which I think its very high for given cirumstances with price, difficulity.
What do you think guys? Would you buy a mining rig today for €3k?
I was an old school miner. Doesn't make sense to mine. Just buy the coins.
agree, thats what I did :) ETC/ LTC/ DOGE :D
hi they say that the vega will have 40 mhs that is not much for 999$
yup, thats why im waiting for 1070's price to get ideally around €350 after Vega release :) Also, "gaming Vega" wont cost $999, it has to compete with 1080 price
yes 1070 for €350 is what i am waiting for too :-)
Good for you! Who has ever heard of selling used hardware for MORE than they paid for months later? Never thought I'd ever see computer hardware appreciate in value haha. Good call, and hope you put that profit to some good use. Upvoted!
thank you! while waiting for the prices to go down... the "profit" went to BTC/ LTC/ DOGE .. and new shoes :D
Doge and hopefully some Doge shoes. Well worth it :))
Hi! Well, I would have waited a little more time, while mining, but yes, soon the 470x won't be so profitable.
But the main problem is not the DAG size issue, but that in less than 1 month, the profitability has halved, because the network hashrate has almost doubled, and now the prices are little lower. They will surely go up again, but as miners keep on buying everything that's on sale (WTF! I think they even mine with coffe makers!), the situation is going to go worse and worse... I keep on mining (only 2 cards), because in this world... Who knows!
BTW, do you know this?
Proud Miners Calculator & Tools
You can do all calculations very easily.
Have fun!
well, for me it was the combination of multiple factors. The total hashrate, current RX prices and ETH price drop.
I believe, I will be able to buy GPUs in those 2 months for a decent price again and I've already collected the profit for those 2 months.
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