Newbie seeks advice

Joined
Jun 7, 2021
Messages
11
Hi, all. I'm considering building a dedicated mining rig, but don't want to purchase multiple GPUs at todays scalper prices. After doing some research, I'm guessing I could put together a rig with a 3080 for around $3,000, maybe a bit less.

Is this even worth it? What kind of return might I expect mining bitcoin with a system that had just 1 3080? Are there other currencies that might offer a greater return using such a modest rig?

Thanks for any clarification you can provide... >Charlie
 

Orddie

2[H]4U
Joined
Dec 20, 2010
Messages
3,105
I would not mine BTC directly.

I do not think mining is a good idea for starting out.
Take the $ you would spend on a rig and buy the coin. Hold it.
What is the goal of mining for you?
 

auntjemima

Supreme [H]ardness
Joined
Mar 1, 2014
Messages
8,007
I would not mine BTC directly.

I do not think mining is a good idea for starting out.
Take the $ you would spend on a rig and buy the coin. Hold it.
What is the goal of mining for you?
Agreed. One 3080 will bring you a few $ a day. Just spend the 3k on eth or BTC.
 
Joined
Jun 7, 2021
Messages
11
I would not mine BTC directly.

I do not think mining is a good idea for starting out.
Take the $ you would spend on a rig and buy the coin. Hold it.
What is the goal of mining for you?


Thanks for the solid, frank advice. My goal for mining is twofold. First, I enjoy technical pursuits, and cryptomining has held my interest for a while now. I want to dabble, without taking out a second mortgage for equipment. Second, I'd like to put my money into a toy that promises some return on investment. But I don't want to drop $20,000 on a full blown mining rig.

A guaranteed return on investment - such as a guaranteed investment certificate from a bank - would deliver about 1% annually, or about $30 a year on that $3000. My hope is that one 3080 card would deliver about $3 a day, based on a bitcoin price of $35,000. If that happened, I'd have a return of around $1,100 a year, at $35,000 bitcoin value. Much better than $30.

I'm not looking at this as a short term investment. I fear that bitcoin will continue to decline in value, and may fall to the $12K - $15K range over the next year, before recovering over the next several years. If my only goal was to own Bitcoin, I would not buy it now. I guess my goal is to gain the experience of mining bitcoin, with the bonus of a potential return considerably greater than bank interest.

Since writing my previous post, it appears that I've bought the beginnings of a system. Specifically, I've purchased an Asus Tuf Z-390 plus gaming motherboard, 2X4 GB of DDR4 ram, a 500 GB M2 SSD, a Celeron G4930 processor and a 750 watt PSU. The MB will support up to 6 cards, which was its major attraction. Everything else was purchased with value in mind. If I can find a 3080 for $2,000, then the system will have set me back around $2600.

Sometimes, I myself have no idea what I'm doing. I was watching my hands fly across the keyboard, comparing prices and specs and placing orders, and all the while I was thinking... "Wait. What the hell am I doing!?"

So, I guess I'm in.

My only source for 3080 cards right now is Ebay. Any thoughts on where else I might look?

Thanks, Charlie
 
Last edited:

Archaea

[H]F Junkie
Joined
Oct 19, 2004
Messages
11,270
A 3080 brings in $5 a day right now. Profits are down right now because Crypto is down right now. It’d take a long time at $5 a day to pay off a $3k machine. That’s assuming Crypto stays at current value. If you just hold of course you get what it’s worth at the time you cash out - which could be many times more than it is now, or yes much less.

I’d also argue you don’t need to spend $3K on a 3080 prebuilt. You should be closer to $2K for an Alienware R12 with a 3080 for instance. (Though you might have to wait a month for shipping). Also ASUS ROG machines are closer to $2K at BestBuy than $3K with a 3080.

Profitability calc:
https://www.nicehash.com/profitability-calculator/nvidia-rtx-3080
 
Joined
Jun 7, 2021
Messages
11
A 3080 brings in $5 a day right now. Profits are down right now because Crypto is down right now. It’d take a long time at $5 a day to pay off a $3k machine. That’s assuming Crypto stays at current value. If you just hold of course you get what it’s worth at the time you cash out - which could be many times more than it is now, or yes much less.

I’d also argue you don’t need to spend $3K on a 3080 prebuilt. You should be closer to $2K for an Alienware R12 with a 3080 for instance. (Though you might have to wait a month for shipping). Also ASUS ROG machines are closer to $2K at BestBuy than $3K with a 3080.

Profitability calc:
https://www.nicehash.com/profitability-calculator/nvidia-rtx-3080
Hi, Archaea - thanks for the great information. Sadly, I can't reach nicehash right now - the TV was saying there's some kind of big internet outage, maybe that's the problem - I'll try it later. I should have mentioned my $3,000 price tag was in Canadian dollars - I think your price quotes in US dollars are quite accurate. Canada really pays a huge premium for a lot of computer technology. Some of it is exchange rate, some of it is... well, not very nice deals made at high levels. Anyway, I've got about $588 invested, and all I need is a frame and a card. If I can earn $5 USD a day, I'll be quite satisfied. Thanks! >Charlie
 

Archaea

[H]F Junkie
Joined
Oct 19, 2004
Messages
11,270
Hi, Archaea - thanks for the great information. Sadly, I can't reach nicehash right now - the TV was saying there's some kind of big internet outage, maybe that's the problem - I'll try it later. I should have mentioned my $3,000 price tag was in Canadian dollars - I think your price quotes in US dollars are quite accurate. Canada really pays a huge premium for a lot of computer technology. Some of it is exchange rate, some of it is... well, not very nice deals made at high levels. Anyway, I've got about $588 invested, and all I need is a frame and a card. If I can earn $5 USD a day, I'll be quite satisfied. Thanks! >Charlie
Here’s another site to check to monitor mining profits. It’s set to electricity rate of 11 cents per KWH (you can adjust as needed). It has a 3080 programmed in now.


https://whattomine.com/coins?aq_380...changes][]=stex&dataset=Main&commit=Calculate
 

dthree

n00b
Joined
Apr 5, 2016
Messages
61
With GPU mining, 99.9% of people will mine ETH. I can't remember ever seeing anyone mining BTC with gpus (it's dominated by ASICS now).
So ETH is the direction you'd want to look into.
Also $3k for a 3080 is a lot. You can buy cheapo old used hardware (mobo, ram, cpu) for about $75-$100 and throw in a 3080 that you buy elsewhere ($1800-$2000) and overall it would only be about $2100.
If you are in it for the long haul (like 1+ years, then it is a decent investment).
 
Joined
Jun 7, 2021
Messages
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Thanks for the info! I currently have a bid in on a 3080 at $1750 USD - the auction resolves tomorrow. But with exchange, shipping and taxes, the price turns into $2250 CAD. I can buy the same card locally for that amount, so if I lose the auction I won't cry too many tears. I bought everything else - mobo, CPU, memory, SSD, PSU, case - for about $600 CAD (roughly $450 USD).

I've heard that Etherium is moving to a different model that will make the currency far less attractive to mine. Don't know when that will happen, but it concerns me.
 

Gigantopithecus

[H]ard|Gawd
Joined
Aug 6, 2009
Messages
1,526
You're too late. GPU prices are too high, crypto prices are too low, and ETH mining will become less profitable too soon (EIP 1559).

If you believe in cryptocurrency as a long-term investment, then buy it - don't bother mining it.

That's my free advice, which might be worth more or less than what you paid for it!
 

auntjemima

Supreme [H]ardness
Joined
Mar 1, 2014
Messages
8,007
You're too late. GPU prices are too high, crypto prices are too low, and ETH mining will become less profitable too soon (EIP 1559).

If you believe in cryptocurrency as a long-term investment, then buy it - don't bother mining it.

That's my free advice, which might be worth more or less than what you paid for it!
Yup.

At this point I would buy eth directly, based on card prices. For a couple 3080's you could buy nearly 2 eth.
 
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