$123 · Etherium Mining Advice

Are you thinking of purchasing a Mining Rig for Ethereum or other coin? Talk to me first! My free advice is listed below, formal consultations are billed hourly. 1) Ethereum mining is NOT as profitable as sellers claim. At current market conditions a 3070 or 3060ti makes $4-$5/day, and things aren't looking up. 2) Ethereum mining is NOT viable long term. The Ethereum network is migrating to a new 2.0 network that does not use GPU power. This switch is happening right now - when it is complete (could be as fast as a few weeks, could be months), mining Ethereum will be entirely worthless. 3) When Ethereum mining becomes unprofitable, there are no comparably profitable alternatives, rates will absolutely tank, and everyone will mass sell their rigs. 4) This will lead to a glut of used cards on the market, likely pushing scalper rates down significantly. 5) Do the math! A 20-card rig is probably generating 70-$80cdn per day at current rates. In short order it will likely be worth nothing as a miner, only market rates for used parts. In my opinion if you purchased a 20-card rig today and tried to mine with it until things collapsed, you'd be lucky to generate $25k combined between the mining and selling the hardware. Most rig sellers are trying to get 3x this value. If it was that profitable do you really think they'd sell their rigs? Don't get burned. Reach out if you want more info. Sam