Ethereum has reached the historically lowest point of profitability per megahash

adaseb

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Quote from: Comino on August 15, 2018, 04:35:14 PM

Quote from: swogerino on August 14, 2018, 08:20:12 AM

Unfortunately this is true. A single rig with 6 Rx cards , the high end, 570 and 580 series is only making 3.30 dollars daily with Nicehash. The colleagues that I manage the rigs for told me to shut down their rigs because they are barely making even but I told them that is a good thing to mine even when at a loss because the price may go up a lot in the near future.

For the moment they told me they will run the rigs until end of September and if nothing changes they will shut down their rigs. A bad moment for Ethereum in all the possible senses, price , trading and mining.

Why stop mining and switch off if you break even? You should know how the price walked back and forth since ETH was created. It is only the matter of time.

Or do you mine and cash out monthly?? If so, coin speculation is a better idea...

I am pretty sure most miners are just doing it for the money not for the technology or to support the network.

Maybe if they at least got their rigs paid for, they might mine a little and hold thru a bad period however keep in mind most miners spent anywhere from 4 to 5 figures on their mining rigs and they want them paid off ASAP.

Hence they probably cash out every single time they get a payment from their pool. I am pretty sure the BTC miners are more HODL'er than ETH miners.

Comino

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No noise. No hustle. Quiet as whisper. Comino.

Quote from: swogerino on August 14, 2018, 08:20:12 AM

Unfortunately this is true. A single rig with 6 Rx cards , the high end, 570 and 580 series is only making 3.30 dollars daily with Nicehash. The colleagues that I manage the rigs for told me to shut down their rigs because they are barely making even but I told them that is a good thing to mine even when at a loss because the price may go up a lot in the near future.

For the moment they told me they will run the rigs until end of September and if nothing changes they will shut down their rigs. A bad moment for Ethereum in all the possible senses, price , trading and mining.

Why stop mining and switch off if you break even? You should know how the price walked back and forth since ETH was created. It is only the matter of time.

Or do you mine and cash out monthly?? If so, coin speculation is a better idea...

whitesites

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By the time the ASICs are in the hands of miners the returns will be half of what they were when they ordered them.
The ASICs will be lucky if they can ever pay for themselves. And by the time they do, they will be irrelavent.
Its better to go the GPU route, as they hold their resale value.

dragonmike

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Quote from: swogerino on August 14, 2018, 08:20:12 AM

...I told them that is a good thing to mine even when at a loss because the price may go up a lot in the near future.

This is unfortunately a stupid thing to do.
If it costs more to mine the coin than it does to buy it, why would you do the former? Do not mine at a loss, it makes zero economical sense. If you still want coins, buy them at their price. Do not pay more in electricity for the same amount of coins!!

Metroid

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Xtreme Monster

the same thing happened in 2013-2014, asics came and crashed profitability, plus, many gpu miners used their credit cards and now they are selling all what they mine to pay debts hehe, is so much fun, i remember telling trolls about it but they never listened hehe but fear not trolls, next year and 2020 will be a blast again, weekly 20% upwards, eth might hit 5000% rise in 2020 from where is at moment.

swogerino

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Bitcoin Casino Est. 2013

Unfortunately this is true. A single rig with 6 Rx cards , the high end, 570 and 580 series is only making 3.30 dollars daily with Nicehash. The colleagues that I manage the rigs for told me to shut down their rigs because they are barely making even but I told them that is a good thing to mine even when at a loss because the price may go up a lot in the near future.

For the moment they told me they will run the rigs until end of September and if nothing changes they will shut down their rigs. A bad moment for Ethereum in all the possible senses, price , trading and mining.

Piskeante

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Activity: 924

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Quote from: xfunk on August 14, 2018, 05:12:56 AM

Quote from: Piskeante on August 14, 2018, 04:36:46 AM

my machines are off, but if they were on, i would be doing 8$ per month after electricity so still in profit. But it makes no fucking sense to do it at that price. Moreover, i disagree with mr metroid. I don't think your specullations for price are gonna get real. Hope you are not building your future based on NO BASIS.

i care about you, even if you don't believe me Grin

How much do you pay for KWh?

it's mixed. At night i pay like 0,08€/kWh (0.09ish $) for 14 hours, and from 13:00 to 22:59 i pay 0,18€ or 0,21ish $. the mix is around 0,142ish $ / kWh.

xfunk

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Quote from: Piskeante on August 14, 2018, 04:36:46 AM

my machines are off, but if they were on, i would be doing 8$ per month after electricity so still in profit. But it makes no fucking sense to do it at that price. Moreover, i disagree with mr metroid. I don't think your specullations for price are gonna get real. Hope you are not building your future based on NO BASIS.

i care about you, even if you don't believe me Grin

How much do you pay for KWh?

dragonmike

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Quote from: Metroid on August 13, 2018, 08:51:38 PM

start buying when it crashes more than 100% and never stop buying it.

You should be an investment advisor. No, seriously.

Piskeante

member

Activity: 924

Merit: 15

my machines are off, but if they were on, i would be doing 8$ per month after electricity so still in profit. But it makes no fucking sense to do it at that price. Moreover, i disagree with mr metroid. I don't think your specullations for price are gonna get real. Hope you are not building your future based on NO BASIS.

i care about you, even if you don't believe me Grin

Watjila

newbie

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Quote from: nitrobg on August 13, 2018, 03:40:29 PM

The chart says it all:
https://bitinfocharts.com/comparison/ethereum-mining_profitability.html

I think it is still profitable for the ASIC miners.

Xazax310

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Ethereum has reached the historically lowest point of profitability per megahash (Again)

Marvell2

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Quote from: Metroid on August 13, 2018, 08:51:38 PM

Quote from: Marvell2 on August 13, 2018, 04:35:59 PM

let em burn , people need hard lessons sometimes, unfortunately though if they had listened to you metroid
and bought eth in the 500s or btc at 8000 they would still be fucked. Its a lose lose situation for newcomers

Its the damn asics

I hope it goes lower

You see that is the problem, i know thousands of people that complained why they did not buy bitcoin for $200 and the sale lasted for 6 months, it's funny they tell to themselves "if i had bought, i would be rich" see that is just a wishful thinking, now is the same, they will not buy at this price, they want to buy very very very cheap, and if cryptocoins get to the price they want then they dont buy it, see my point, many with wishful thinking, actually those people do not do anything about it, they prefer to buy cryptcoins when are at all time high then to buy when cryptocoins crashes 5 times hehe, they are doing it wrong hehe, you have to start buying when it crashes more than 100% and never stop buying it.

Same thing will happen now, see eth at $260, that will not last long, they can buy at this price which is 5 times less than all time high but they will not because they are losers and when eth hits 8k in 2020 then they will complain why they did not buy for $260 eheh

sav this post lol

Nancimy

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Quote from: adaseb on August 13, 2018, 05:20:45 PM

Its actually reached the lowest profitability sometime last week when it was still >$300

Its getting pretty bad out there. Pretty much put away the old Radeon 7970/280X gpus and don't know if I will ever hash with them again.

Wondering if there are any more GPUs out there that still can make $1/per gpu/per day?

I might start using the 7970 for xmr mining with low voltage. otherwise it is not profitable.

Metroid

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Quote from: Marvell2 on August 13, 2018, 04:35:59 PM

let em burn , people need hard lessons sometimes, unfortunately though if they had listened to you metroid
and bought eth in the 500s or btc at 8000 they would still be fucked. Its a lose lose situation for newcomers

Its the damn asics

I hope it goes lower

You see that is the problem, i know thousands of people that complained why they did not buy bitcoin for $200 and the sale lasted for 6 months, it's funny they tell to themselves "if i had bought, i would be rich" see that is just a wishful thinking, now is the same, they will not buy at this price, they want to buy very very very cheap, and if cryptocoins get to the price they want then they dont buy it, see my point, many with wishful thinking, actually those people do not do anything about it, they prefer to buy cryptcoins when are at all time high then to buy when cryptocoins crashes 5 times hehe, they are doing it wrong hehe, you have to start buying when it crashes more than 100% and never stop buying it.

Same thing will happen now, see eth at $260, that will not last long, they can buy at this price which is 5 times less than all time high but they will not because they are losers and when eth hits 8k in 2020 then they will complain why they did not buy for $260 eheh

Piskeante

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enjoy your mining at losses.

It's been 10 days without mining at this shit prices, and i did not regret it, not even once. Everyday the passes, i get my part of reason.

fanatic26_

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Quote from: FFI2013 on August 13, 2018, 06:16:28 PM

It's probably only going to get worse when all these asics come on line that haven't shipped yet so everyone who supported bitmain and made them a few more mill hope you like your asic

Why do you people parrot this stupid shit without understanding what you are saying? ASICs for all major algos have been shipping for months. Get off the FUD train and do a little independent thinking for once.

leonix007

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Grow with community

Quote from: Marvell2 on August 13, 2018, 04:35:59 PM

Quote from: Metroid on August 13, 2018, 03:57:12 PM

and the funny thing is that some idiot created a thread and said is a good time to buy gpus, hehe, when is like this, the best thing is buy coins directly and without fear at all cause from here is only profit, funny will be in 2020 as eth hits $8k - $16k and trolls had an opportunity to buy eth at $290 in july 2018.

Its only bad for the newbies who got in this year, most hardcore miners have been in th game since 2016
at the latest, they dont ask dumb questions on the forum like ... is mining profitable? lol , cuz thier rigs are payed off years ago and would stilll be in the green with sub 200 eth even.

The newbs were late to the party they should have listened and bought cheap crypto instead of mortgaging thier house and buying over priced gpus on credit.

let em burn , people need hard lessons sometimes, unfortunately though if they had listened to you metroid
and bought eth in the 500s or btc at 8000 they would still be fucked. Its a lose lose situation for newcomers

Its the damn asics

I hope it goes lower

Seems its not at the bottom yet

If King BTC reaches below 6k levels for sure more alts blood will flow

I'd rather prepare some bags for now than buying a rig

but I'll be careful on some sh*tty alts as they might not be recovered

FFI2013

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It's probably only going to get worse when all these asics come on line that haven't shipped yet so everyone who supported bitmain and made them a few more mill hope you like your asic

DPoS2

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Quote from: adaseb on August 13, 2018, 05:20:45 PM

Its actually reached the lowest profitability sometime last week when it was still >$300

Its getting pretty bad out there. Pretty much put away the old Radeon 7970/280X gpus and don't know if I will ever hash with them again.

Wondering if there are any more GPUs out there that still can make $1/per gpu/per day?

nah, in some ways it is ok to mine at a loss just so you are your own exchanger. But only if it isn't much of a loss.. so you use what you have and take what you can get. If you buy new gear now to mine it is total crazy.

The mining companies will keep making miners until total capitulation like gaming market in early 80's. That is what the mining market look right now. People will all have expensive heaters. Miners bought 6 months ago are now tiny fraction of price. And the fools who are still mining all race to sell their few bits they mine.

Topic: Ethereum has reached the historically lowest point of profitability per megahash (Read 739 times)