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March 2018: Is it a Good Time to Start Mining Cryptocurrency?

Many persons are nonetheless having a look at mining cryptocurrency.

I give my opinion as to whether or not it’s the best time to get started mining crypto as of March 2018.

Small error: I mentioned I began mining in December 2018. That must be December 2017 🙂

Be certain to go away a remark underneath and provides your opinion in this subject.

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OBVIOUS DISCLAIMER IS OBVIOUS: I’m really not a monetary consultant. My critiques are my very own and it is the accountability of everybody to do their analysis of each and every coin they put money into.

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  1. Best to just buy. 6 ( used ) gtx1080's is going to cost at least 4,000 US. Much better idea to put into crypto. Also, I would never buy a used gtx1080 because the odds are it has been running 24/7 in someone's mining rig. Crazy times haha

  2. Was mulling over mining. I will wait till mid year. Great advice thanks.

  3. Well said, Kev. I started mining in mid-January and at that point people were pretty bullish on GPU mining but I noticed quite a change in mindset amongst miners within a few weeks of me getting started! Initially I ignored the naysayers and continued to expand mining capabilities (I currently have 2 rigs albeit neither is full to capacity).

    However, we've had a perfect storm of: 1/ rise in difficulty levels, 2/ the continued shortage/price hikes of GPUs and 3/ a fall in the overall value of crypto currencies. This has had a pretty dramatic effect on profitability levels for mining: for example, I started off with 2x 1080Tis which made more in mid-January than 4 of them do now! Like many, I've put a fair bit of money into kit so I'd be lying if I said that the current situation doesn't worry me a little, especially seeing how bearish many miners are now "We're doomed! Sell your cards now! It's all over!"

    For the GPUs themselves, we are in a strange place. I definitely sense a cooling of the market and more reluctance from people to commit to buying more cards but it's almost as if retailers haven't really caught up with this and I think stock levels reflect that. I'm seeing cards in stock in various places and they are often remaining in stock because the damned things are just too expensive!

    The new GPUs being on the horizon is an interesting quandary which adds to the uncertainty. We are due a new series of cards and with and a bit more hash power/power efficiency would in theory would make them quite a bit better for mining. However, to quote Donald Rumsfeld, there are quite a lot of "known unknowns"….

    I agree with you: despite nVidia saying all the right things about gamers/video professionals being their core market etc, the truth is they (and AMD) have been more than grateful for the profits that have been generated in recent times. For this reason, I don't believe that they would deliberately gimp any new series for mining. However, it's possible that they may not provide the quantum leap that people are expecting. Price is another factor. The recent shortage (caused more by VRAM supply than mining demand) has set a new paradigm: people thinking that they'll be able to get a new 11xx or 20xx card that is more powerful/power efficient for the prices of yesteryear are deluded, IMHO. My guess is that the new cards will be more expensive than people think. Another thing: availability. Given the memory shortages, I predict that the new range will be in VERY short supply and, irrespective of 'MSRP' (a nonsensical concept where GPUs are concerned) will be inflated as badly as the current 10xx models.

    What if they do split the lines and make mining-specific cards? Many miners find the idea unappealing because such cards wouldn't provide the safety net of any resale value in the event of crypto mining going down the Khyber. I think crypto-specific GPUs would have to be an order of magnitude better for mining and if so, how would they be priced? I imagine they'd be really expensive which would probably limit their appeal further. I'm still not sure that nVidia, AMD or any of the partners believe crypto to be as stable (and long-term) a market as to provide dedicated GPUs for mining. It's possible they could produce a line that is more geared toward scientific/professional use but have you seen how much those nVidia models cost?!

    If anyone asked me about getting into mining, I'd say if you already have the requisite components i.e. a PC with a decent GPU or two, then fine. But as for going out and dropping a big chunk on building a rig (let alone multiple rigs)? Unlike a few weeks ago my answer would be: right now, no. Anyone doing the latter right now is likely to be disappointed/ disheartened and truth be told, they'd be doing both themselves and existing miners a big favour by waiting it out for a bit.

  4. Hey dude one question, I had about 0.066 ether on my wallet in about Juni of 2017. Has there been any forks in the meanwhile? I can’t find anything, is there any way for me to get free money from that?

  5. I've been tossing around the idea of mining, but with the new hardware you mentioned on the horizon – that part makes sense in waiting.

    I do have a question though: I always here the "break even point" being mentioned and I understand that if opening a kiosk or something like that in a mall. I understand that the electricity, difficulty rating and rig cost being in the calculation; however, I'm not sure that I understand the current price of btc being thrown in the calculation on the short term if you're not converting into fiat day-by-day. You are still receiving the coins, right? Why wouldn't a "when btc returns to $__ price" (even though nothing is for certain) be in the equation somewhere? Seems to me that if btc were to go up 20% in 2 months that you wasted that time in getting started if it's all more than a wash in a few months time.

    Am I not seeing this correctly?

  6. Subbed , notifications on . Am from edinburgh , new to the mining . Brilliant video

  7. Nvidia team said GPU cards only go up in future. keep talking nonsense and false info in your videos

  8. https://www.ebay.co.uk/itm/202254404752 someone selling 12 of their GPU's in Scotland 😀

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