QuestionIs investing in crypto mining rig is good?

1
hi there
i am planning to get one mining rig consist of 6 3080 gpus . i wanted to know is it good to invest in mining rig will it have any future?
please note that i am newbie to this also i watched some youtube video that is saying that mining rig will be useless after eth 2.0 release. i am not sure about what that means
i want some expert to tell me should i buy or leave it as rig will be useless after eth2.0

thanks


Re: Is investing in crypto mining rig is good?

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sure it is when you have properly done your estimate very well especially Electricity cost. I tried mining with my GPU laptop, and it was really not worth it due to the amount of electricity it drains. if you have cheap electricity and quiet place you can silence the noise it will be profitable.
A man's Past is his Pride, But my Pride is Shaping the Future.

Re: Is investing in crypto mining rig is good?

3
ujtrader wrote: Fri Dec 17, 2021 5:17 am hi there
i am planning to get one mining rig consist of 6 3080 gpus . i wanted to know is it good to invest in mining rig will it have any future?
please note that i am newbie to this also i watched some youtube video that is saying that mining rig will be useless after eth 2.0 release. i am not sure about what that means
i want some expert to tell me should i buy or leave it as rig will be useless after eth2.0

thanks
Currently ETH runs on a Proof of Work concensus (PoW) which requires miners to participate to process transactions. The move over to ETH 2.0 will see the concensus move over to Proof of Stake. This means that those who own and stake ETH 2.0 will be the ones who validate transactions and not the miners. So essentially in buying a rig to mine ETH you have to weigh up if you think based on the cost of the rig, electricity cost and hashrate you will get from the rig if you will make enough money mining while you still can to at least cover the cost of the rig. The issue at this moment in time is that there is no fixed date that the concensus will change. It could be early next year or well into 2023 or later.

Re: Is investing in crypto mining rig is good?

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sebking1986 wrote: Sat Dec 18, 2021 1:39 am Currently ETH runs on a Proof of Work concensus (PoW) which requires miners to participate to process transactions. The move over to ETH 2.0 will see the concensus move over to Proof of Stake. This means that those who own and stake ETH 2.0 will be the ones who validate transactions and not the miners. So essentially in buying a rig to mine ETH you have to weigh up if you think based on the cost of the rig, electricity cost and hashrate you will get from the rig if you will make enough money mining while you still can to at least cover the cost of the rig. The issue at this moment in time is that there is no fixed date that the concensus will change. It could be early next year or well into 2023 or later.
Thankyou!! for clearly explaining it, so suppose if the concensus change next month then i can still use the rig to mine other coins like ravencoin etc rigth? only eth mining will be affected with the change right?


Re: Is investing in crypto mining rig is good?

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andrei-1 wrote: Sun Dec 19, 2021 3:25 pm You can assemble a 20-30 kilowatt farm. Collect water cooling, heat the house in winter. :D

This is an interesting business idea. To put heating for people from ASIC. :idea:
what about the noise then?
A man's Past is his Pride, But my Pride is Shaping the Future.

Re: Is investing in crypto mining rig is good?

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Narutopips wrote: Mon Dec 20, 2021 9:34 am what about the noise then?
An ordinary room needs 1 kilowatt. A small and fast fan is making noise. You can connect a large water radiator with a large quiet fan. And you have a portable heater that makes money. I speak theoretically, but everything is simple there. :Rofl:

Re: Is investing in crypto mining rig is good?

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andrei-1 wrote: Mon Dec 20, 2021 10:30 am An ordinary room needs 1 kilowatt. A small and fast fan is making noise. You can connect a large water radiator with a large quiet fan. And you have a portable heater that makes money. I speak theoretically, but everything is simple there. :Rofl:
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