Post 3 -Building Mining Rig - Research and ROI
Another few days go by and I find myself buried in a flurry of research and excel formulas. It seemed so straight forward the other day, just do it, build the computer. Does this statement still hold true, 'Build it and they will come,' the they in this case being the mined coins.
If this were truly so easy then everyone would be doing it. Right?
The hanging question remains about the true ROI of this entire endeavor. The cost of GPUs has gone up considerably over the past months due to a supposed diluge of miners clawing their way to buying up GPUs at an exponentially growing pace. Are the many people who are buying up these cards so right or are the so wrong?
If purchased new, the computer components less the GPU have an average total cost of around $750. Then when you add the GPU, depending on which level of card you go with, can cost anywhere from high 300s to around 1200 for an 1080ti. So basically on the low end, based on recommendations that I have read about, costs will be around $3500 and on the high end closer to $8000.
I find myself asking the same question I began with, is mining still viable and are there sufficient profits to be had at considering electricity and equipment costs? I am completing my excel excel number crunching ROI analysis. I expect that from preliminary research there can be mining profits per card of $3 to $6. The ROI per card can be seen within 4 to 6 months, depending on the card. I haven't yet found a solid excel spreadsheet, done by another blogger, breaking it down to decimals, so I am building one.
Another factor that I have added to my equation is space. Setting up a starter rig in the house is ok, but it is not sustainable if the intent is to build rigs to generate a decent monthly number to pay for more than a few dinners out per month. :) Finding a space that has good AC to keep the number of GPUs to optimal temperature range, while also having good quality high speed internet and security.
I am one post closer to mining.
Is it cheaper to buy or build a rig?
Cool Post. Since you got the bitcoin tag do you have a prediction for Bitcoin over the next few days? Also followed you for future posts :)
I'm not a magic 8 ball. :)
I, as I am sure you are, am absorbing as much blogged content as possible on all cryptocurrency. I do hodl Bitcoin and in my opinion it is a good solid investment for long let term. I firmly believe that we will see Bitcoin and other cryptocurrency gain in momemtum though mainstream adoption. Only a small percentage of the world knows about and has invested, this leaves a significant surge her to come from investors in the banked communities and from a large majority of those in the unbanked communities.
The world is going through financial Renaissance, it is amazing to be witness and participating in it. I believe that we are lucky to have lived through the Hi-Tech boom and now this.