Topic: Advice to new crypto miners (Read 420 times)

Unfortunately, you're lumping all situations into one general assumption. Its okay. If you have a 1 time cost of the equipment and no power cost, then you're incorrect. Have a nice day.

Even your link provided states "Whether a miner can make money with this depends on various costs such as electricity consumption during this process, transaction fees or whether the hardware used is efficient or not."

You are saying fact as pointed here https://www.statista.com/statistics/1201657/ethereum-mining-profitability/ is false to conform to your narrative and that is when I leave the discussion, have a good day.

This is false. Especially false if you didn't have electricity costs like I did. That link you provided requires a paid subscription. I was able to spend money on hardware once, and mine eth all year long.

I get you're a bear and thats your shtick on here...

Sheeps always go bust and the majority of traders are indeed sheeps, because they buy on hype and sell on fear, if they did the opposite then they would do better, meaning, buying on fear and selling on hype, scammers do that, so in that sense sheeps never make money, they end up losing all or most of it, so yeah bad traders will always end up losing, with mining you can't in that sense because if is not profitable you just turn off and sell that gpu,  I know where you are going here, your point is, you hedge your money on gpu and if no profit, you then resell that gpu to recoup some of the investment, to this day if you were smart and since bullruns are 4 to 4 years at most, gpu mining in that sense has been profitable, like I said before, mining is a wasteful effort in the sense it doesn't payout that effort as much as should be, mining requires too much effort and the returns are little, trading requires not much effort and end up with big payouts if you are a good trader. My point is, a good trader always earn a lot of money, a bad trader never earns anything, only loses, a good miner earns only a little more money than a bad miner because even if is a bad miner that person will not lose much money. By the way, that is only true if no miners buy overpriced gpus, reason i always say, never buy gpus for more than msrp, that is the first rule of mining, if you decide to buy overpriced gpus and ignore the first rule of mining then you are gambling, just like what traders do, they gamble.

I think most traders end up going bust, that's what famous traders say. And most miners always make a profit, even if you bought video cards at the wrong time, the payback period will increase to 3 years. Therefore, I prefer mining, there are no big profits now, but there is always a stable profit.

The only proof I have is "I see as I see", yeah bit-connect I said the same thing. What makes me very skeptical about it, is everyday you see scammers marketing it and writing articles and implying "whales bought billions of it" at social media hehe and price so far still going down, that is a red flag no matter how you see it, I know when something is a scam by how is being marketed, call a 6th sense hunch.


As far as I remember, for every eth you mined you spent 65% more than if you decided to have bought directly, it was like this, buy 1 eth for 100 usd or mine 1 eth and pay 165 usd. You can check profitability here https://www.statista.com/statistics/1201657/ethereum-mining-profitability/ and that data is the real deal, you can argue all you want but fact is fact and that data shows the best case scenario and the best case scenario was 5 to 10 cents per 30mhs per day, the worse case scenario was negative at around 1 usd per 30mhs.

Estimated rewards in 2019 based on 2mil diff was anywhere from .15-.30 with a small farm of 250mh/s. Purchasing 8x 580/480 at $60-$120 a card. You would have an investment cost of 1K maybe for everything. You would earn 1 eth in about 4-6 days. by years end you would have ended roughly at 50 eth. This is all rough math. Buying about 1k of eth @ 100$ per would fetch you 10 eth.

So what is better? Buying 1k of eth at $100 a coin? Or making roughly .10-.30 eth a day with a small farm?

OP is correct. Mining when diff is down and equipment, difficulty, and interest is low is the best time for miners. This allows for coin accumulation at faster rates. Mining all of 2019 vs buying once, if considering equal capital is applied on both sides, would have been the better choice.

I mined all of 2018, 2019, and 2020. Picked up cards at heavily discounted rates, mined on em for 2-3 years, and sold them for 7-10x of what I purchased them for. Plus, this avoids "on ramps" and "kyc" if you had to use Fiat to purchase the coin.

Do you have any proof that shows why shiba inu is a scam project? This whole thing is making me look the project like another bitconnect all over again, the insane volume and liquidity also other use cases like shibaverse and shiba swap I don't see any reason to kill this project for anything, the community support is just too strong.

I disagree, buying coins will always be a better option than mining coins, many topics about it already, while extreme good traders earned 50x or more this time around, extreme good miners have not earned even 5x. But I do understand when you say that, for some people mining will always be better than buying the coins directly, each on its own but the fact remains clear to this day, traders always earn exponentially more money, I guess only scammers earn more money than traders. Those shiba inu dev scammers earned quite good amount of money, and as soon as the bear market hits they will kill that coin and then rinse and repeat next bullrun with another scamcoin, shiba inu was just an example, too many scamcoins this bullrun and nothing different than 2017/2018 or even 2013.

The biggest profit in mining is obtained in a bear market. The difficulty of many coins will drop a lot after the end of Ethereum mining, because the miners will sell video cards. If the light is inexpensive, then it will be possible to accumulate coins until the next good market.

What difficulty you talking about? In 6 months time mining will be less profitable and many miners will shut down their rigs or you don't believe we will be in bear market at the time? Here is the catch you can mine more coins in bear market than bull market, for example if your hashrate is getting you 1000 ravencoin per month now you would make 3000 per month in bear market due to less difficulty, many won't be able to pay for electricity costs anymore

Considering in 6 months ETH will be unmineable and the rest of the coins will remain extremelly unprofitable due to difficulty, you have to be really dumb to start mining at this point.

You will probably not even be able to ROI your equipment in 6 months, and more than likely you will have to sell it at half the price you paid for it if you need the money.

NEW MINERS are the NEW MORONS.....

Bear market can lasted for 2/3 years and this long period of time is enough to torment the weaks, honestly you need to understand how crypto works in the first place to know that holding makes more sense than any other in this space, every newbies thought is once bear market is here crypto might never recover again this is why many sell of their rigs, some even give out their GPUs for free, HODL is the real GOLD.

I hope a lot of you took profit.

Yeah dude, absolutely

You stop mining early, because even at 25 cents electricity cost, your video cards are still profitable.
You can mine Ethereum while you can, because this coin has a future. And in a few years, your video cards may become useless in mining at your electricity prices.

don't have the cash at the time, also difficulty was so damn low at the time too, i also wasn't ready to sell the GPUs for coins and I'm glad I don't, I keep the damn rx580 which cost me roughly 120$ each then see what happened in 2020 and through out 2021? Mining became profitable again and I kept getting my ROI back and back again, try to understand me I got them for 120 each and mined shitcojns and still keep mining till another bull season came in 2020/2021

I as a person cant accept this, I have already made my ROI back mining ETH and I decide to keep my GPUs but since I'm running on solar energy bro it's smarter to just keep mining, it's not about the dollar it's about how many ETH I can get for future sake.

You sound like chumpchange.

I think coins will crash a lot more than they already have done, I think will be worth the wait.

I decided to stop mining due to electricity cost it seems I need to wait again after block halving to start my miner again.

Unless if there is someone knows a coin to mine which still profitable for gtx 1070 and 1080ti I will stay mining. I cant afford to continue even holding them because it would be much better if I buy the coin instead of mining them.

Even though they know we are saying the truth which we are, they always think this time is going to be different. They think bear market now will be like bull market hehe, everybody always buying crypto, demand always high, if you trolls think that then this is not the bear market, bear market has no demand, more sells than buys and for people to buy sometimes then coin prices need to crash a lot more for somebody to be interested to buy coins, so meaning bear market is buyers market and bull market is sellers market.

At the true bottom of the bear market, even if you got cheap or free power, most of you will not bother to mine at all.

In 2019 when ETH was $100, the rx580 made about $0.20 a day in profit with 10 cents electrical it made a total of $0.00 in profit.

So even if your power was 5 cents or free, most wouldn’t bother doing this to make a dime a day per GPU. If you really believed in crypto you would just buy it directly instead of mining it.

Okay probably you will not like to hear this but if you had taken the money that you paid to mine that shitcoin and bought it directly, and then sold at the same price then you would have more money than you have by having sold it because from november 2018 to july 2020, people paid to mine, meaning the coins they mined could not pay for the electricity itself, meaning, at loss, meaning, why bother, why waste your time and efforts for nothing? You could have bought and called a day and waited till bullmarket and then sold, mining only works on bullmarket and you have to get the perfect timing for that but pay attention, if you buy that coins before the bullmarket starts you will get many many times more money than mining the coin, meaning, mining anyway you see is much much worse than buying the coin directly, not saying mining is useless, mining is better than doing nothing, yes it gives you good returns but you are locked, buying the coin directly is millions of times better. The issue here is that bulltraps happen all the time, so waiting some good price can be tough for many people, you did and you were successful, many would have sold before you have and would not gain as much, so the timing to sell is also very important.

If you're in a country that does have a cheap electricity, you can mine as much as you want. But not every countries have cheap electricity, if you live in a country that has expensive cost of electricity but you still want to mine, there's still a way, you invest into solar energy.
I know the strategy of what OP is saying about keeping the mined coins and sustaining your bills by paying it with another source of your income. But it is not applicable to everybody.

Alright fellas 😜 here is my own point, in 2018 I mined so many turtle coin yes this is one of the shitcoins back then will many zeros in the value but last year this coin killed many zeros and I have millions I mined at loss years ago, sold in 2021 for 8000$, this was a coin I just mined at loss hehe

That is a terrible advice, but you do you, if it works for you then is all good.


The bullmarket syndrome gets inside their brains and stay there till they see reality but when they see reality is already too late. Sheeps will never learn.

It's probably also a bad idea to get into crypto mining when we're expected to be in a bull run because there's a lot more uncertainty in the price and miners will price in selling peaks when they sell the miners/list them on market places (because some people will expect to be able to time the market well).

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You're likely better off just switching off the miner and hoping you can affect the difficulty so you'll be able to mine more the moment it becomes profitible.

The best advice for beginner miners is not to mine if electricity is expensive in your country, for example more than 10 cents. If you still pay mining taxes, then this is an additional minus. It is better to buy cryptocurrencies when the price drops.

Why not directly buy the coins you are mining using the money use for purchasing the mining rig if your strategy is just to wait the value of coin to rise while mining it on a slow phase. It will be economical and less hassle if you will just purchase tokens if you can mine a tokens in profitable way. Holding the tokens that you mine while you are consistently paying for electricity bill will just gonna make a miner completely wasted once the price go to the wrong direction.

What do you mean?

The thing is when you live in country where the electricity bill is high and you can't afford it, you'll not earn instead loss when mining. Especially you're mining shitcoins, mostly you're speculating the coins will pump while the fact the more you mine the more coins will be able in the market (supply), if the demand aren't high obviously the price will decrease.

Are you new to crypto mining? Well here is a advice for you, If you can afford to cover the electricity bill and keep on mining at a loss ( in USD rate ) hodl the coin untill value goes up it will be worth it and you will recover electric cost and more but if you can't afford electricity bill switch of the rig untill there is a coin to mine that is profitible, don't go and sell your rig because mining isn't profitable anymore unless your electricity bill is very high. The best time to mine coins is when profit is down in USD value, less profitseans more quantities of coins due to less difficulty, be smart