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I've only been mining for a few of weeks but I think I can share some of my findings about mining.
In no particular order...
In no particular order...
1. DON'T build a mining rig from scratch. If you have spare system, say mb/cpu, memory, PS and storage. You could get say a GTX1060 to start and see how it goes. Better yet if you already have a card. The less you spend, the quickest you'll recover you investment.
2. Start slow and grow as you see fit. Don't get 8 GTX 1060s, start with one or two and see how it goes.
3. People claiming that they are earning $800 dlls a month are BULLSHIT. The guy from tweaktown claimed he was making over $800 and then over $1000 a month. That was impossible as he only started mining for about a couple of weeks at most. So those were "projected earnings" using a mining calculator. The actual earnings could be much less (and probably were since the market crashed, which take us to the next point)
4. Don't panic when the market crashes. It would seem like all your earnings are gone, but it will bounce back. Just this month the market already crashed twice. it went for less then $10 a few days ago and as of today its a little over $300. Hopefully this will scare lots of people and that means more to us. When I started ETH was around $360, so I expected to recoup what I paid for my GTX1070 in 2 to 3 months. Now I think it will probably be 4 months or so.
5. Be aware of hidden costs. Depending on where you live, you could see you power bill skyrocket once you hit certain kilowatts. Also keep in mind that the more GPUs you add, the more money you'll have to spend in MBs, risers, PS, cooling, etc.
6. Don't go extreme on OC. While its nice to get close to 35mh/s on a highly OC GTX1070, its better to get around 31~32mh/s while keeping things cooler, saving some power and not risking frying your card.
7. Don't go cheap on the PS. You could get by with a "El Cheapo"TM Power supply for gaming, but it won't stand a chance once you start mining. You not only risk frying it but also your video card, mobo, etc.
8. Less might be more. At some point it just won't be profitable to add more cards. You'll have to settle for the ammount that makes sense; as I said there are hidden costs that will eat on your profits.
9. At some point it just won't be profitable. It could take some months or even a few years, but as difficulty increases, it just won't make sense anymore.
4. Don't panic when the market crashes. It would seem like all your earnings are gone, but it will bounce back. Just this month the market already crashed twice. it went for less then $10 a few days ago and as of today its a little over $300. Hopefully this will scare lots of people and that means more to us. When I started ETH was around $360, so I expected to recoup what I paid for my GTX1070 in 2 to 3 months. Now I think it will probably be 4 months or so.
5. Be aware of hidden costs. Depending on where you live, you could see you power bill skyrocket once you hit certain kilowatts. Also keep in mind that the more GPUs you add, the more money you'll have to spend in MBs, risers, PS, cooling, etc.
6. Don't go extreme on OC. While its nice to get close to 35mh/s on a highly OC GTX1070, its better to get around 31~32mh/s while keeping things cooler, saving some power and not risking frying your card.
7. Don't go cheap on the PS. You could get by with a "El Cheapo"TM Power supply for gaming, but it won't stand a chance once you start mining. You not only risk frying it but also your video card, mobo, etc.
8. Less might be more. At some point it just won't be profitable to add more cards. You'll have to settle for the ammount that makes sense; as I said there are hidden costs that will eat on your profits.
9. At some point it just won't be profitable. It could take some months or even a few years, but as difficulty increases, it just won't make sense anymore.
