Noob 1080 card thinking of buying mining rig

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pixellegolas

n00b
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Aug 8, 2021
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Hi! I am currently using nicehash for my gtx 1080 and doing around 32Mh. Started looking on another countries "craigslist" for some mining rigs and found some for about 4300USD. The owner says it is mining at 370Mh and about 900USD per month (quick currency exchange in head). Can this be? It will just take a couple of months before I see profit. Why would the owner not keep a machine that generates passive income? Someone I wrote to said he will move from a house to an apartment but that sounds dodgy.

Is there are reason to buy a rig today? Will there be something "huge" coming up that makes riggers want to sell?

This is the one I was looking at:

2x MSI GeForce RTX 3070 Ventus 3x 8GB
2x Gigabyte GeForce RTX 3070 Gaming OC 8GB
2x Gigabyte GeForce RTX 3070 Aorus Master OC 8GB
MSI B450 Gaming Max Plus moderkort
AMD Ryzen 5 1600
8 GB Corsair Vengeance DDR4 2666Mhz
2x Evga 700 BQ PSU - 1400W
Kingston A400 120 GB SSD
6x risers - V009S
 
Sounds dodgey as hell, but who knows if he managed to get items for cheap before the jump in prices. Might just be looking to get out of it.

I just sold off my rack because I am moving to a smaller home. I may get back into it later on, but for now, I would rather get some cash at current prices with the unknowns of this home ownership.
 
But what is the unknown. If it generates 370Mh right now it's looking good. Even though ETH 2.0 will come there will be other things like raven, or am I missing something? Is it not a good idea to invest in any mining rig right now? There was another guy who sold for around 2000k the generates 720USD per month
 
pixellegolas said:
But what is the unknown. If it generates 370Mh right now it's looking good. Even though ETH 2.0 will come there will be other things like raven, or am I missing something? Is it not a good idea to invest in any mining rig right now? There was another guy who sold for around 2000k the generates 720USD per month
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I think the low price is his concern. Getting into crypto is smart, no matter the time. All coins have a value and raven is definitely on the rise. You'll hear people saying it's a bad time all the time. For years. In 2018 they would have told you it was bad, 2019, 2020 rise and repeat. The longer you wait, the worse.
 
ok I did a realy calculation and it's 4900USD to be more exact. So that sounds to cheap? He writes about alot of waranties on each item so they are quite new

"The whole rig is built on components from July and has at least 3 year warranty, except the risers"
 
pixellegolas said:
ok I did a realy calculation and it's 4900USD to be more exact. So that sounds to cheap? He writes about alot of waranties on each item so they are quite new

"The whole rig is built on components from July and has at least 3 year warranty, except the risers"
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I think that is a reasonable price. If you alright with overseas shipping, have at it. I would ensure they pay you with a method that allows you to make a complaint, ala paypal, for example.
 
It is like craigslist here in my country so it should be fine. I would probably visit and make sure it works. But I would need to make a bankloan for this so I need to make sure there is nothing dodgy with mining in general and that people in the business know something is coming up. Attached is a file from his ad
 

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I don't have a rig, and I'm new to this stuff. but I think it depends on a few things. if you bought the parts and built it yourself would it be cheaper? the rigs in my area are a joke, they are 3000 usd over priced in parts. I'm going by ebay prices. second thing is what is your ROI time goal? cause you can buy rx 480 or 580 and have around 4 month ROI. compare that to a 3070 for example and you're looking at 8 months. lastly, from what I've read is the hash rate ethereum has on it now is too much for ergo and raven, so there will have to be more coins to mine.
 
The rig seems to make sense and the price is good, but I would only consider buying it in-person or on a site with buyer protection. It definitely seems like a case of too good to be true. The only other thing I might think of is that he's selling it while prices are high, but RTX 3070s are some of the most efficient cards out there so it would be one of the worst choices of cards to sell if you're thinking long-term so that doesn't really make sense. I wouldn't take a bank loan out for it unless you're getting great rates for a business loan or something, but not a high interest personal loan.

As for what's going on in the crypto space, profitability in terms of ETH earned is down since EIP-1559 last week but profit in terms of fiat are stable due to the recent increase in crypto prices so mining is still profitable. Some people are worried about ETH moving to proof of stake in 6 months or so and that combined with EIP-1559 definitely could be scaring people into selling their mining rigs. But ravencoin is a profitable alternative to mine and a lot of the eth mining network is ASICs that won't be able to move away from ETH so I think long-term that if you have cheap power and efficient cards like the 3070s you'll be fine because even if profits decrease they probably won't go to zero.
 
Andrew_Carr said:
The rig seems to make sense and the price is good, but I would only consider buying it in-person or on a site with buyer protection. It definitely seems like a case of too good to be true. The only other thing I might think of is that he's selling it while prices are high, but RTX 3070s are some of the most efficient cards out there so it would be one of the worst choices of cards to sell if you're thinking long-term so that doesn't really make sense. I wouldn't take a bank loan out for it unless you're getting great rates for a business loan or something, but not a high interest personal loan.

As for what's going on in the crypto space, profitability in terms of ETH earned is down since EIP-1559 last week but profit in terms of fiat are stable due to the recent increase in crypto prices so mining is still profitable. Some people are worried about ETH moving to proof of stake in 6 months or so and that combined with EIP-1559 definitely could be scaring people into selling their mining rigs. But ravencoin is a profitable alternative to mine and a lot of the eth mining network is ASICs that won't be able to move away from ETH so I think long-term that if you have cheap power and efficient cards like the 3070s you'll be fine because even if profits decrease they probably won't go to zero.
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Thanks for this answer, it basically answered all my questions in one go :)
 
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