Is is possible to live off mining ethereum? Is anyone here doing

>i make $50
good lord

>>57177281
>i make about $50 a month.

lmao

>>57177281
>$50 a month
Nigga you couldnt live off $50 a week

>>57177281
>I make about $50 a month
Come here to Bombay in India friend, you can live a month with that. You can stay with me.

People used to make money mining bitcoin too, and then it got to the point where it takes a datacenter full of ASICs to turn a profit.
So this is not a career, unless you're looking to get into the datacenter business.

>>57177281
>With solar panels
you have $50000 to spend?

>>57177597
How come though? Doesn't the exclusion of so many make it lose value since only a few can actually mine it?

>>57177597
This. When you're quick enough with a cryptocurrency you can make millions, otherwise it'll just be peanuts and a recked GPU

>>57177617
>you can make millions
name more than 1 person in the world who has made millions off of bitcoins with factual evidence, i'll be waiting

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>>57177281
The thread of the year ladies and gentleman

>>57177640
literally all you had to do was buy in back when cryptocurrency was off most people's radar
even latecomers like me made a couple thousand once the market exploded
http://abcnews.go.com/Technology/bitcoin-pizza-day-pies-now-worth-million/story?id=23824128

>>57177745
so no one actually made over a million

great article, thanks for playing

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wew lad
can someone explain to me what is happening here?

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>tfw when you didn't invest money into bitcoin and not a millionaire

Solar is for light bulbs or ulv macbook air. Not your mining rig.

>>57177512
$50 is like £5000. Pretty good wage here in the UK.

>>57177991
BUY BUY BUY BUY BUY!!!!

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>>57178101
It's funny during end of 2009 I was furiously researching ways to make money online I even stumbled on some company that pays you for your internet and processor time

during that time I heard about bitcoin but didn't read the blueprint. At that time price was like 0.003USD/BTC I thought it was just scam because anybody could make his own currency. I didn't have info about underlying technology and minning possibilities.

I consider this my biggest fuckup in life yet.

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>>57179231
lmao I just checked it again
the fuck is this? bot swarms creating an artificial bubble then selling off?

>>57179279
pump
and
dump

>>57177451
>>57177512
>>57177533
>>57177551
You know, I'm thinking he has a single RX480 currently and he is wondering whether it is worth buying more to scale up his operation rather than wondering if he can live off his current setup.

>>57179440
OP here. I have a job making about 50m a year in the US. I'm just wondering if this is a viable passive income. Would hopefully add around 20 k a year with enough GPU power.

>>57179488
50k* sorry

>>57179488
you said you're making money now. scaling it up would obviously increase your profits. just remember it's a volatile market.

>>57179154
$50 is anywhere between £40 - £60

depends where the fuck sterling is at this second

>>57179577
And that your hardware costs money. If you spend 2000 dollars on GPUs you aren't going to make that money back within a year.

Is BTC the only crypto coin worth a shit? Like what is the point of ETH and Litecoin?

>>57179589
>taking a bait this obvious
KYS retard

>people still use Etherium even after it was proven to be centralized
lel

>>57179603
Hardware costs are fine as I realize this takes time to be profitable. I'm more worried about electricity costs and wonder how much solar power will help.

>>57179607
BTC isn't profitable for normal people to acquire anymore and the price is stupidly volatile.
Other cryptocurrencies exist to try and be was BTC was supposed to be, but failed dramatically.

>>57179640
are you really so retarded you cant tell if solar panels will help reduce electric bills?
the issue is the initial cost of panels and you will probably need batteries if you want to keep mining on cloudy days which will be even more expensive.
then figure out how long it would take for your investments to pay off.

>>57179640
Solar is too much of an investment, you will literally cut years income off before you see any return and no one knows what will still be profitable then.

Solar could have a lasting benefit, though, if you stay where you are currently living. It may even increase your property value a bit if you look to sell.

I would rather wait on the decision to go with solar.

>>57179737
The other thing about waiting to make the decision of solar is that the price of solar is steadily decreasing, so if you wait to confirm the income stream it will cost less to install by then anyway.

>>57177533
> cant live 50$ for week
Kek

Don't be an idiot, OP.

Did you actually cash that $50? Or did you just get $50 worth of Etherium? Until you can convert it from crypto to real currency it's worthless.

Also ask all the LTC fags a few years back how that all turned out for them. GPU mining stopped being profitable after like a year at best.

Just think of it this way: If you spend $1000 on set up, that's a year and a half before you see profit at the current market rates. If the rates go down, you could never see any profit. If everything doubled it would still take you nearly a year to see any profit.

There are thousands of better ways to make an extra $50/month. Don't be a fucking retard.

>>57179825
Not unless you live in your mom's basement at least.

>>57179832
I get $50 USD worth of ethereum per month with it and of course I cash it out on coinbase. It goes directly to my bank account.

OP are the kind of people that really trigger me. How the fuck can't you figure out the math by yourself? You don't even need college tier math for this.

>>57177695
Why do people save this as an instance of wife's son when the mom is clearly black or at least half?

>>57177991
Pump and Dump ponzi scheme

>>57179279
>it's 8 years past 2008
>2008 when algos pretty much started to gobble up the markets
>8 years later algos are the majority of trades
>can't realize that humans are out of the loop
To answer your question, yes. And they are late to the party. If you think about it, it's surprising that no-one has put the stock-algo iron brand to the feet of cryptocurrency, just like all the other markets in the world.

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I made $50 because I had to stay an extra few hours at my job this week.

>>57177991
What ever happened to doge coin?

>>57183566
I'm making $150 for an hour of setting up some old idiots overpriced audio gear tomorrow. OP could literally do anything else and come out with more money than this

>>57177281
Take the time you spent on it and multiply with the minimum wage in your area, you will get the answer. Note: you only have a few months left before ethereum switch to pos

>>57183632
It's still $50 a month more. I remember when I mined litecoin and dogecoin I got at least $300 worth of free drugs because of it.

>>57177281
>I make about $50 a month with my electric bill

factor in your startup costs (cost of equipment), payment on interest for your equipment if you didn't buy it with cash, the cost of depreciation and wear on tear on your equipment, then multiply all of the previous times the number of additional GPU's or computers you buy in effort to "scale up" your mining effort, plus the portion of your monthly ISP bandwidth used (i.e. the portion of your monthly ISP cost), plus the time you spend checking, or maintaining or troubleshooting or configuring your mining software (minimum wage), plus factor in projected long term decrease in revenue (due to increased difficulty in mining), etc etc. tl;dr - NO, fucktard, you can't make a living off mining. God your stupid.

>>57183692
I still remember ignoring you faggots about bit coin and not buying 10k of it when it was $50

I don't think I'll ever forgive myself for not doing that

>>57183712
Got an AMD GPU? Good, you mine. Unless you have crazy expensive electricity it's probably free money. Why not?

Moot owns 0.3% of google with the bitcoins he got from passes, why do you think they gave him a job when he asked?

I've built a mining rig a few months back, and it's been paid off and making about 350$ a month now, which is enough to pay my rent bills and food monthly(I live in a poor country), though i would not at any point consider quitting my job to become full time miner, the risks are high and it can be totally maintaned while having a normal full time job, it's okay as a hobby though, there's still plenty of money to be made mining coins.

>>57183734
I live in Ontario, our energy is fucking retardedly expensive. My bill was $600 in august

>>57183712
puh leaze. do you cry yourself to sleep everynight because you didn't buy apple shares when it bottomed out at $13 in 2003?

>>57183759
This.
Invested in btc and alts 2.5k early this year, pepecoin/eth/lisk ico/silk I can't even understand how easy it was to get more than 10k, sold a lot to diversify and got a mining rig(now building the second), already roi, now is paying gym food and electricity bill.
Feels good man.

>>57183786
Nah, I just think what is $50 in the grand scheme of things, worst case scenario it's all gone, and best case would have been what happened and I'd be retired. Strange that being on here you learn to trust absolutely nothing but if I did that once I'd have been in a substantially better situation than I am now

>>57183815
Paid all summer vacations have more than 4k in mining rigs, still more than 4k in btc/alts and still having extra cash on the bank.
This sounds like those scammy comments to get you sign up in a website, but this shit is tru.

>>57177745
>>57178101
>>57179269

Fuck me man. I didn't find out about bitcoin till like 2012.

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>>57177281
>I make about $50 a month with my electric bill
christ almighty did you mean to sound this dumb

>>57177745
>>57178101
>>57177991
>>>/biz/ can help you they are actually good at the concurrency

I don't understand all the hate on OP in this thread, his post is worded perfectly fine and $50 seems like a good payoff per month on a $250 purchase...

>>57184263
People is retarded.
X went up 50%
>Kek x is only 1 usd enjoy your 50 cents
How can someone be so limited? It happens a lot more than I can handle.

>>57177281
Have you even broken even yet, lol?

So how do I actually make money with mining ethereum? The site tells me all about the shit it does, but nothing about how to just mine it for some dosh.
Also is a 970 okay for mining or not worth it? Electricity is pretty cheap here.

I never fully understood cryptocurrency, no matter how much I read it just seems like made up value inflated by interest/demand.

what IS it that you're actually 'solving' to gain coins, and why did it need solved in the first place?

>>57187628

It is made up value based on demand, but that doesn't make it wrong. no different than how Nike sells plastic shoes for $300