Best Time To Get Into Mining?

Best Time To Get Into Mining?

By Cryptopeach | Public Thoughts | 7 Jun 2021


Hello,

Today I'm aproaching a theme that is always talked about everywhere, when is the best time to buy and setup a GPU mining rig.

The last few months have been bad for people who want to start mining, price of the GPU's is going through the roof, there's shortage in GPU supply, second hand GPU or rigs are at prices that make your ROI (Return on Investment) way to long. With this said I believe that this is not the time.

Price of ETH has been one of the major problems for new miners. Miners who already had GPU's are selling for prices above the retail price. The shortage in building materials of GPU's lead the prices up because they are all out of stock.

What should you do?

In my opinion you should wait first for ETH EIP, happening soon, this should reduce the profit on ETH mining and maybe prices will go down a bit. Another thing is the Nvidia barrier in the new GPU's, this makes the GPU mine at a shorter rate, but this block will only affect ETH mining which means other coins will still be mining at GPU full speed. You can buy them at shorter prices maybe and mine something that is not ETH.

In the longer run ETH 2.0 will be launched and PoW for ETH will stop working making prices to go extremely down maybe, this can be a good entry point too, because other coins will be mineable and some hash power will be redirected to other coins.

Let's see how the market reacts to all of this, we hope that we can enter at good prices in the future. For now I'm sticking to mining Monero with my CPU. 

The other option is searching for PC's already built with GPU, this sometimes can be more profitable, buying the whole package from a local store than to buy only the GPU.

Hope you like the article and best regards,

Cryptopeach.

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Cryptopeach
Cryptopeach

Crypto enthusiast.


Public Thoughts
Public Thoughts

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