[bizaro86]

Originally Posted by Krovikan

I did mining in 2017/8, I spent around $3k on equipment earned my money back plus enough that I currently have a decent chunk of cryptocurrency (even after falling for a couple of scams).

If I have bought the Etheruem straight up at the time, instead of mining it, I would have made 10x what I did. So IMO, if you believe in the asset, just buy the coin, don't mine the coin. If I was to buy Eth today, I wouldn't buy the coin either, I'd just buy an ETF that tracks it, that way I can buy it in my TSFA.

If you are looking to extract value, maybe mine it, a lot of coins aren't profitable without scale to mine. With my video card (RTX 2070), I'd make 5.36 USD per day on Eth, Power Cost would be 1.82 USD, which would net me 1,277.5 USD over the year.

But based on my previous mining experience, the card would probably not make it past a year, there is a high failure rate in mining. So I'd make myself enough to upgrade from an RTX 2070 to an RTX 3070 if I can find a card because graphics cards are really hard to find.

Plus you have to deal with noise and excess heat, which in the summer is a huge issue.

Edit: oh another issue with extracting value, is transaction cost, your ability to get your coin to an exchange to sell it is expensive right now on Eth. I use Eth as after a quick Google it seems to be the most profitable right now, doubling the profitability of the next coin.

I probably know only enough about crypto to be dangerous. But I think its likely that the combination of ethereum being expensive to transfer right now plus the upcoming switch to proof of stake from proof of work are the reasons ETH mining margins are temporarily high. I wouldn't make any long term plans around mining crypto unless you also have a way to get free power.