Hello everybody, I’m curious about mining, but not willing to invest until I see how it works in practice.
My home computer has Gigabyte GTX 1050 2GB OC GPU, and I was wandering is it strong enough to even try to mine?
It would be great to see it all in practice, get some mining experience and do calculations before investing.
You could mine with that, sure. You’re going to very quickly realize however that we’re long past the point of not investing hundreds of dollars for mining equipment. I would strongly recommend you do a lot of research on profitability and how it all works as well. You just missed a good opportunity to buy ZEC as well. There may be another drop but you never know.
A word of advice though, I wouldn’t base your calculations on a 1050. You’re not going get very far with those. Not even a rig full of them. They’re fairly cheap yes, but they have very low hashrates (~100 Sol/s)to go along with that cheap price. The 1080 Ti’s are expensive, but they also give you the highest hashrate per card (~700 Sol/s). I bought 1070’s personally as the price to hashrate ratio is pretty decent (~470 Sol/s at half the price of the 1080 Ti’s). Keep in mind that that current network hashrate is over 300 MSol/s.
Good luck!
I would be happy if I make $20-$30 in a month or two. In the meanwhile I would read a lot and get some experience before investing. That’s my plan.
But everywhere I looked, gtx 1050 isn’t even considered as a mining gpu (1050ti was some kind of minimum to find in articles). That’s why I was asking is it even strong enough to do mining.
I think your absolute best case scenario will be $20/month. That’s assuming nothing changes today, which of course is impossible. Difficulty changes…network hashrate changes etc.
1050’s aren’t used because 6 or 7 of those on a typical rig will produce roughly 25% hashrate of a rig with 6 or 7 1070’s. Both rigs would require the same investment in motherboard, chip, RAM, HD. You could maybe save some with power supply requirements on a 1050 rig, but the rig will still take longer to pay off than one with 1070’s.
Ok, but how can u know how long will the 1070’s be good for mining. I see there are some difficulty mining levels, is it even predictable how long will one gpu type be good?
Example, u buy some 1070’s 400-500 $ each, and after one month they become usable like 1050’s now, so it takes whole year to get ROI. Is this kind of scenario possible?
We’re already at that scenario. I bought 2 1070’s when ROI would have been 2 months. Now it’s nearly 10 months. You can try to predict this, but you won’t have much luck. The price of ZEC, difficulty fluctuations and number of miners make those numbers worthless because they can change so quickly.
ROI is difficult to predict with a volatile difficulty and coin price. What’s easy to predict is what you can get from selling equipment when you’re done.
Let’s assume $100 per 1050 and $600 for the cheapest rig you can build for this. For 7 GPUs that’s $1400.
Now assume $450 per 1070 and $700 for the rig (extra $100 for another PSU). For 7 GPUs that’s $3850.
Now assume you can sell the 1050’s for 80% of their value, disregard the other parts. Selling would get you $560/$1400 which is 40% of your original cost.
Now assume the same for 1070’s, disregarding other parts. Selling would get you $2520/$3850 which is 65% of your original cost.
I’d also point out that 1070’s are much more capable for gaming and therefore would probably fetch a larger original cost percentage when used than 1050’s would, widening the gap further. I disregarded the other parts as since without mining being profitable there would be little demand for those.
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With current difficulty, your power cost burning the hashrate.