I started mining at the start of 2021, just before crypto really blew up. Eth was sitting at $90 a coin and the Nvidia 20 series cards and rx580s were still available. I had seen a video from Chubbyemu which peaked my interest in crypto. I figured if a man was willing to sit in a room that was so hot, he had a heat stroke then it was worth investing in crypto.
I started with a single MSI ventus 2060 super, that came with a free game code for Death Stranding! When the GPU arrived, before I got serious with mining Ethereum, I stayed up for 24 hours playing Death stranding and completed the game after some much needed rest.
After completing the game I looked into a simple mining software that was convenient, easy to use, and would allow me to make the most profit without really knowing what I was getting into. That is how I came across Cudo Miner. Mining with Cudo Miner is as simple as pressing the enable button, it will automatically switch which algorithms it mines based on profitability and also allow you to monitor your workers remotely. The downside to software like Cudo Miner or NiceHash is that even though its extremely convenient, the crypto you mine is stored in a sub wallet. This means that if there was a hack on the network, they would have access to your funds. When I started with a single 2060 I was generating around $2 a day, and a few months later when crypto started to boom, I was making $4 a day on a single 2060 super. When I saw my daily return double I decided to purchase another 2060 super on of Offer Up. After hours of searching and sending messages to other users I managed to get my hands on an Asus ROG Strix 2060 Super for $330 shipped! The cost of this higher end card used, was less than my brand new low end msi card. Shortly after I moved out of my parents and started building an rx580 rig and with bios flashes and constant driver issues I ended up selling those cards for a profit and moving to Nvidia cards.
The 30 series had launched at an amazing price and had amazing hash rates. Over the course of 2021 I managed to get 4 of these cards and put them to work with stable undervolts and even after EIP 1559 aren't batting an eye. I am currently making stable profit and working on building my 2nd mining rig.
Currently my first rig is generating anywhere from $600-$700 a month on ETH and I have reached the ROI. I am currently building a 2nd mining rig out of older cards that I can get for less that $10/MHS.
This 2nd rig is going to mine Ethereum on the Ethermine pool and be transferred over to BlockFi. I am then going to convert the Eth over to Dai to earn 4-8% APY to help payoff the 2nd rig faster. Because I don't depend on the income from this 2nd miner and with the combined hashing power this 2nd build should ROI in about 1.5 months.
This made it easier for me to purchase the parts needed to build the miner, especially with Eth moving to POS sometime in 2022. When this happens there will be other coins like Ergo, Etc, Raven Coin and much more for us to mine. However I figured the safe bet was to put more money into Defi to earn intrest on what I currently mine to minimize loss of profits in the long term. Crypto isn't extremely stable and most experienced miners will tell you this bull run won't last forever, and those that make it through the bear run into the next bull run make huge returns.
While mining Eth right now is more profitable then it has ever been it still is risky. With Eth moving to POS within the next 6-8months and only being able to mine Alt coins with gpus after this update. If you wanted to get started I would recommend only getting gpus below $15/mhs and throwing them into your gaming rig and see where everything is after POS. The ROI on most of the 30 series cards now is too high, along with the cost of crypto specific hardware like motherboards, processors and frames to seriously invest more money. I am personally getting into this for the long haul and can't wait to see what happens after POS is implemented, while minimizing my risk.