Topic: About to turn off my mining rigs (Read 2335 times)

Well with the latest difficulty increase, I shut down the system today.   Deadly quiet in that room now.

Bitcoin is a bidirectional digital currency. The reason it is catagorised as this, is because BTCs design allows users to buy and sell this virtual currency on exchanges, so cash is traded for virtual currency, and currency can be exchanged for cash - this activity is called trading.

It also allows a user to directly purchase goods and services whether virtual or real. When you buy a miner you are buying physical goods. When you buy BTC with fiat, that is participating in trading whether you want to call it something else or not.

Who said anything about trading.  I said just buy BTC for $560.  When you buy a miner you're doing the same thing in a roundabout way with risk/benefit of variable ROI.

You would be unlikely to find one, at least one that will allow you to ROI over the long term. you may be able to ROI over short periods due to market inefficiencies.

There is no real reason why a miner would rent his miners for less then EV

  It is a bit of a bummer to think of home miners shutting down but also (unfortunatly) understandable.

So far I've done ok reselling mining gear when upgrading but it's mostly been through ebay and I'm relutant to sell anything with moving parts that require shipping.

It would be nice to be able to keep something hashing in support of the network >>>something like an undervolted S1 or its equivalent.

On one hand my train of thought is  "it's not that important for little 'ole me to support the network" but the second thought is that it is important.

For now mining pays for itself but when it stops I'll have to downgrade the 1k + watts (at least little;-)


*Edit: my single never paid for itself (cost of education) but the Ants are doing ok

Unfortunately the idea that miners should just trade has never been a goer. Its a bit like telling a crack head they should just sell crack instead of using it.

As for turning off mining rigs.

I have this feeling that the bigger established mining farms are struggling themselves to survive with the massive increase in difficulty which hasn't been the result this time of them all incrementally increasing their hashrates as appears to be the case in the past, but rather it appears to be the result of lots of new mining farms coming online and taking away a large chunk of others earnings.

I assume then that these established farms will now be hoping for a drop off of the part of the network hashrate that exists because of home mining and just may be trying to hang in there until this happens.

I wonder what would happen if we just didn't turn our miners off when they cease turning a profit, and just kept on mining even if there was no ROI but just enough turn around of BTC to pay the power bill.

Especially those in the northern hemisphere who are heading toward fall, and could subsidise their mining costs by using them as heat sources throughout fall, winter and spring.

That might just be the proverbial straw that breaks the camels back in the next 3 - 5 months as the big farms continue their little stand-off waiting for some section of the hashing network to break first.

It would be a gamble that could have little to no affect, but it might be worth considering.

Think about this.  Why would somebody go out of his/her way to host miners and have them mine so that you could make a PROFIT off of such an endeavor.  They would be dealing with the noise, heat, pollution, maintenance while you get the riches?  It is possible, but I can't really find examples of this in my life.

Having said that, I can't really find too many examples of where buying a miner earns you more than buying the coins.  BTC dropped to $560, it's even cheaper to buy now, makes more sense than 2 weeks ago to buy as opposed to mine unless you plan on solo mining.

I too want to know a renting service that can ROI.

Is renting has any sense now ?

Don't bother to mine anymore. If you still like to mine, rent . There are gr8 offers available out there.

Yes for the southern hemisphere that has cheap electricity and expensive gas heating with miners is an option.  That's probably the only place you'll find Avalons, BFL Singles, and AM Blades running.  Even if you have free power the space the miners occupy is propably not free... somebody has to pay for a lease or property taxes.

I'm trying to sell my Terraminer.

The cost of electricity mixed with the nutty hashrate is getting out of control.  Cant beleive how fast that hashrate climbed.   

Maybe to do mining a little longer you can downclock them and get better cost per gh/s ?

Depending on where you live they may be able to be used as heaters and you could turn down your furnace a little bit

The half should be interesting.  As for long term mining in house  not that easy to do.

   I have supplemented mining by selling off gear on ebay far quicker then  the op has done. My cubes sold in Jan. 

I set the buyer up he made some coin and he sold them in feb.   fast turnover or die.  If you held and mined most any gear other then a perfectly timed jupiter purchase you got killed.

I have about 210gh in house and a hosted 1th miner in china along with 3 s-1's in a friends office.  the s-1's cost use 3.5 to 4 cents a k-watt  under volt under clocked  and they  have roi'd in fiat due to the btc price jump from 420 usd to 586 usd.   They won't do btc roi until july 30th.  That is with my lower power rates.

Wait until 2016.  It will turn around when the 1/2 comes.  Hopefully by then a lot of the big players will be marginalized.  Of course 2016 is the equivalent of a century away in BTC terms 

Damn, it is kind of sad hearing these stories. Satoshi envisioned everyone mining with their PC in an egalitarian fashion and now even with ultra expensive specialized equipment, mining is no longer viable 

Shutting mine down in the next few days. Cost of running and expected return means it's not worth it for much longer. Decided to sell on the equipment while I can to get some extra money back from it.

After this I'll try some cloud mining or maybe try some co-located equipment somewhere the electricity is cheap....

just shut it down, mining has become over saturated, and profits are none/minimal.
i would also sell all equipement asap, while it still worths something.

there were some nice and profitable days as a miner, but that is long gone now.

I'm doing the same. My first gen gear has long been dormant. But I still have a house full of 1GHs/1w miners that will probably get shut down by the end of summer.