Ethereum Miners Earn $500,000 in Just One Hour

Metroid

sr. member

Activity: 2142

Merit: 353

Xtreme Monster

Quote from: Sy on September 07, 2020, 01:25:02 AM

If the price stays at above 400 then, that would be dream come true for all the miners but, sadly the main money is coming from uniswap right now and because of those high fees, I would have to think twice before buying any tokens there lol.

Fees dropped significantly and so mining earnings and that is a good thing for the ecosystem, however i still think fees will be high like this, this will not drop any time soon, fees more than a dollar is still high for me.

Sy

legendary

Activity: 1484

Merit: 1003

Bounty Detective

Quote from: Metroid on September 06, 2020, 02:35:04 AM

Quote from: Sy on September 06, 2020, 01:42:46 AM

Read an article on coindesk last night that ethereum developers are redirecting their focus towards the current network due to this high fee situation. Let's see what they will cook up.

It's good for miners that stay like this forever ehhe, high fees like this make miners very happy but is terrible for traders and the ecosystem. People need to realise that eth price crashing has nothing to do with this issue. I dont think DEFI will disappear, I think defi is here to stay but will have corrections and so on along the road. DEFI was meant to be for eth 2.0, eth 1.0 just can't handle it but it was a good preview of things to come when eth 2.0 is released.

If the price stays at above 400 then, that would be dream come true for all the miners but, sadly the main money is coming from uniswap right now and because of those high fees, I would have to think twice before buying any tokens there lol.

Metroid

sr. member

Activity: 2142

Merit: 353

Xtreme Monster

Quote from: Sy on September 06, 2020, 01:42:46 AM

Read an article on coindesk last night that ethereum developers are redirecting their focus towards the current network due to this high fee situation. Let's see what they will cook up.

It's good for miners that stay like this forever ehhe, high fees like this make miners very happy but is terrible for traders and the ecosystem. People need to realise that eth price crashing has nothing to do with this issue. I dont think DEFI will disappear, I think defi is here to stay but will have corrections and so on along the road. DEFI was meant to be for eth 2.0, eth 1.0 just can't handle it but it was a good preview of things to come when eth 2.0 is released.

Sy

legendary

Activity: 1484

Merit: 1003

Bounty Detective

Quote from: Metroid on September 04, 2020, 02:17:53 PM

Quote from: Akoldi_ibk on September 04, 2020, 01:49:34 PM

It doesn't matter, and I don't think it is what we should be bothered about. They get rewarded for service rather despite no particular fee fixed for them. They go and operate with what the network and market give. I recall months back when the market was seriously down and these miners were still operating at loss because what they were mining in value is less than their cost of operation. The high fee won't be forever.

It's good this is happening, eth devs are right now under pressure to release eth 2.0, people are complaining about the fees and that is good, the more people complain the faster eth 2.0 will be released, eth network at moment is unusable. Do you know why even with high fees defi and other sought out tokens are still on eth network? because is secured but that has its limits, if eth devs dont do a damn about it, they know things might get out hand.

Read an article on coindesk last night that ethereum developers are redirecting their focus towards the current network due to this high fee situation. Let's see what they will cook up.

Metroid

sr. member

Activity: 2142

Merit: 353

Xtreme Monster

Quote from: adaseb on September 05, 2020, 01:17:57 PM

The red flag with DeFI was about 2-3 weeks ago when Arthur Hayes (CEO of Bitmex) started shilling it on Twitter to his followers. Why would the CEO, who is already some multi-millionaire talk about getting involved in DeFI. He was talking about all the profits he made and basically did it so people would get involved with it. So this is why ETH ended up rising so much because it lead to a huge surge of demand. Was good for miners and ETH holders but not for the people who actually traded these DeFI tokens paying $50 in fees.

Him and that Dave Portnoy are really on thin ice with regulators pretty much. Its all fun and games until the followers start losing money and they are going to get reported and some investigation is going to start. I remember when Portnoy basically picked a few tiles out of scrabble and bought whatever letters he picked out. So far most of his followers made money but eventually if the stock market actually topped eventually most of his followers will lose money and get mad.

This is going back up again, is not over yet. I'm sure we will see a xmas bull run this time again. The selling pressure is enormous now, I guess people are taking profits no matter the consequences, but pay attention when the buy pressure starts again. It will rise very hard, to me this is all a huge beartrap. We''ll see.

Bitcoin is not crashing like eth is, so the bull run still on. The selling pressure is only on eth and that is a good thing.

The funny thing will be when all this people selling their eth start buying back, it will happen anytime, ETH is already very low and far away from 480 usd. If people who sold around $450 and dont buy back now then the are doing it wrong, this is already a $150 spread from top. It can't go much lower than this.

Quote from: philipma1957 on September 05, 2020, 01:45:34 PM

and thanks to Metroid I did not go crazy and over expand. Grin

Well defi fees are still high and people are still using a lot, mining dropped 100% from the highest but still not as bad. The money people could earn buying eth now is huge, I believe we will retest 480 usd and probably go a lot above that, if not by the end of this year then starting next year.

philipma1957

legendary

Activity: 4256

Merit: 8551

'The right to privacy matters'

and thanks to Metroid I did not go crazy and over expand. Grin

adaseb

legendary

Activity: 3808

Merit: 1723

Quote from: Metroid on September 05, 2020, 11:43:56 AM

Quote from: adaseb on September 05, 2020, 11:01:46 AM

Well that sure was fun while it lasted, basically profitability is less than half of what it was a couple of days ago. It's crazy how volitile has been recently.

Certain GPUs were pulling in about $2.50 and now they are pulling in a little over a $1. Hence why it's not always an easy decision whether you want to expand your farm or not.

Hope this will be a lesson to people, defi scam went beyond control, scammers creating coins and asking 100k per coin to start off, and as soon as it started trading it crashed from 100k to 00000001 usd hehe, that surely was a red flag.

The red flag with DeFI was about 2-3 weeks ago when Arthur Hayes (CEO of Bitmex) started shilling it on Twitter to his followers. Why would the CEO, who is already some multi-millionaire talk about getting involved in DeFI. He was talking about all the profits he made and basically did it so people would get involved with it. So this is why ETH ended up rising so much because it lead to a huge surge of demand. Was good for miners and ETH holders but not for the people who actually traded these DeFI tokens paying $50 in fees.

Him and that Dave Portnoy are really on thin ice with regulators pretty much. Its all fun and games until the followers start losing money and they are going to get reported and some investigation is going to start. I remember when Portnoy basically picked a few tiles out of scrabble and bought whatever letters he picked out. So far most of his followers made money but eventually if the stock market actually topped eventually most of his followers will lose money and get mad.

Metroid

sr. member

Activity: 2142

Merit: 353

Xtreme Monster

Quote from: adaseb on September 05, 2020, 11:01:46 AM

Well that sure was fun while it lasted, basically profitability is less than half of what it was a couple of days ago. It's crazy how volitile has been recently.

Certain GPUs were pulling in about $2.50 and now they are pulling in a little over a $1. Hence why it's not always an easy decision whether you want to expand your farm or not.

Hope this will be a lesson to people, defi scam went beyond control, scammers creating coins and asking 100k per coin to start off, and as soon as it started trading it crashed from 100k to 00000001 usd hehe, that surely was a red flag.

adaseb

legendary

Activity: 3808

Merit: 1723

Well that sure was fun while it lasted, basically profitability is less than half of what it was a couple of days ago. It's crazy how volitile has been recently.

Certain GPUs were pulling in about $2.50 and now they are pulling in a little over a $1. Hence why it's not always an easy decision whether you want to expand your farm or not.

Sy

legendary

Activity: 1484

Merit: 1003

Bounty Detective

Lol, it's a time like this I wished that I had owned a huge mining farm lol. My buddy who owns a big farm earned about 30-35k in just about a week when the ETH gas fees were reaching an all-time high.

Metroid

sr. member

Activity: 2142

Merit: 353

Xtreme Monster

Quote from: Akoldi_ibk on September 04, 2020, 01:49:34 PM

It doesn't matter, and I don't think it is what we should be bothered about. They get rewarded for service rather despite no particular fee fixed for them. They go and operate with what the network and market give. I recall months back when the market was seriously down and these miners were still operating at loss because what they were mining in value is less than their cost of operation. The high fee won't be forever.

It's good this is happening, eth devs are right now under pressure to release eth 2.0, people are complaining about the fees and that is good, the more people complain the faster eth 2.0 will be released, eth network at moment is unusable. Do you know why even with high fees defi and other sought out tokens are still on eth network? because is secured but that has its limits, if eth devs dont do a damn about it, they know things might get out hand.

Akoldi_ibk

jr. member

Activity: 1050

Merit: 1

It doesn't matter, and I don't think it is what we should be bothered about. They get rewarded for service rather despite no particular fee fixed for them. They go and operate with what the network and market give. I recall months back when the market was seriously down and these miners were still operating at loss because what they were mining in value is less than their cost of operation. The high fee won't be forever.

Bitbtc8

full member

Activity: 1148

Merit: 116

Quote from: Metroid on September 02, 2020, 10:23:06 AM

I'm not always negative, I just say as I see, it upsets the hell of me when mining starts having a little profit since 2018 of negative profit and then comes all these new people, online news, saying miners are getting rich quickly, not one of them says anything about what happened last 2 years mining eth, about the negative profit during the last 2 years. all the bullshit they spread about mining eth is beyond comprehension, and now because of these online news, these new people are buying gpus hoping to get rich fast and then increasing the network difficulty a lot, the miners who really stayed there when eth needed the most are not getting what they should be getting and these new people are focusing on mining instead of buying eth and that is bad for the ecosystem. So, why don't they stay quiet about mining profit now as they have done last 2 years, I have not seeing anybody talk about negative mining profits last 2 years, those online news stayed all quiet.

Ignore them mate, mining is for those who can endure any outcome, there will be time when mining won't be profitable at all, miners deserve this moment, it's never easy to be a miner nowadays, Ive been mining since 2018 too and it was all I'm loss at the time but I'm determined enough to hold my ETH and now im in big profit, mining and holding is so painful

arielbit

legendary

Activity: 3444

Merit: 1061

Quote from: Metroid on September 03, 2020, 11:35:41 AM

Quote from: DrG on September 03, 2020, 07:27:09 AM

Look at the world economy before going all in on miners. I prefer to have my cash ready for property pickups. I already did my crypto shopping when ETH went sub $100 and less than 0.017 vs BTC.

I doubt this bubble will sustain for a decent amount of time.

You have done it right, eth would no way sustain that crash below $100 for long, that was the right time to buy, hell even $150 was a good price at that moment. Bubble here is only on defi, eth and btc is no way in a bubble, is far from a bubble yet. ETH 2.0 is coming and that is huge, for now price seems to be indicating it will crash but I do not go along with it, any crash on eth or btc now is simply the people that want the quick money, whales know the big bull run is coming and they are slowly preparing for it. I would at this moment position myself to what is coming in few weeks.

besides how will nvidia and amd sell their cards if gpu mining is dead already? Grin

hehe

Metroid

sr. member

Activity: 2142

Merit: 353

Xtreme Monster

Quote from: DrG on September 03, 2020, 07:27:09 AM

Look at the world economy before going all in on miners. I prefer to have my cash ready for property pickups. I already did my crypto shopping when ETH went sub $100 and less than 0.017 vs BTC.

I doubt this bubble will sustain for a decent amount of time.

You have done it right, eth would no way sustain that crash below $100 for long, that was the right time to buy, hell even $150 was a good price at that moment. Bubble here is only on defi, eth and btc is no way in a bubble, is far from a bubble yet. ETH 2.0 is coming and that is huge, for now price seems to be indicating it will crash but I do not go along with it, any crash on eth or btc now is simply the people that want the quick money, whales know the big bull run is coming and they are slowly preparing for it. I would at this moment position myself to what is coming in few weeks.

DrG

legendary

Activity: 2086

Merit: 1035

Look at the world economy before going all in on miners. I prefer to have my cash ready for property pickups. I already did my crypto shopping when ETH went sub $100 and less than 0.017 vs BTC.

I doubt this bubble will sustain for a decent amount of time.

philipma1957

legendary

Activity: 4256

Merit: 8551

'The right to privacy matters'

It is why a guy like Metroid can help as he was right on top of the 2018 GPU crash.

So I actually do read what he says. I actually slowed my builds down and will stop for a bit.

adaseb

legendary

Activity: 3808

Merit: 1723

Quote from: badbart on September 02, 2020, 03:12:50 PM

I've been mining since late 2016 120 gpus and various ASICs and they paid off long ago and now its all profit after electrical cost and expansion cost. I also hedge my mining profits so price swings are less of a problem.

You can hedge the price of ETHUSD but you can't hedge the difficulty. Which is a problem because if you hedge to early you will screw yourself because the difficulty will be much higher than anticipates and instead of earning $100/day at current prices you might earn $50/day if you hedged at half of ETH's price.

I though about doing this before but I got screwed a little back in 2017 because we all know what happened with ETH. Remember early in the year when we assumed $100 ETHUSD would be the peak? Well it ended up going 14x higher than that. The best would of been hedging at $1400 but who knew if that would be the top.

badbart

member

Activity: 449

Merit: 24

Quote from: adaseb on September 02, 2020, 02:32:36 PM

There is no right answer when is the best time to get into mining. When I started back in 2014... it was also a risky time. Basically its when BTC peaked and its around the time that ASICs for Litecoin came out and mining profits were brutal. Basically if I recall an R9 280X, the best mineable GPU at the time was pulling in about $5/day. Then a month later it was like $2.50/day, then $1/day, then $0.50/day to pretty much losing money. Basically with a retail price of $400, I think some ROI and some didn't.

However I kept the gear and reused it for mining ETH later in 2016. I honestly think 2016 was the best time to mine because it was profitable... but not too profitable where GPUs get sold out everywhere.

2017.2018 sure was more profitable however it wasn't "that" profitable for long. Basically GPUs sold out everywhere, so you couldn't expand your farm. And the days of making $5-10/day/GPU were sort lived. So when you are buying a $1000 GPU, even with a $10/day/gpu, would still take 3 months.

Its like a ll business adventures smart money wins and a huge amount of idiots but high and sell low. Buying gear to decent prices and low electrical cost are key.

I've been mining since late 2016 120 gpus and various ASICs and they paid off long ago and now its all profit after electrical cost and expansion cost. I also hedge my mining profits so price swings are less of a problem.

adaseb

legendary

Activity: 3808

Merit: 1723

There is no right answer when is the best time to get into mining. When I started back in 2014... it was also a risky time. Basically its when BTC peaked and its around the time that ASICs for Litecoin came out and mining profits were brutal. Basically if I recall an R9 280X, the best mineable GPU at the time was pulling in about $5/day. Then a month later it was like $2.50/day, then $1/day, then $0.50/day to pretty much losing money. Basically with a retail price of $400, I think some ROI and some didn't.

However I kept the gear and reused it for mining ETH later in 2016. I honestly think 2016 was the best time to mine because it was profitable... but not too profitable where GPUs get sold out everywhere.

2017.2018 sure was more profitable however it wasn't "that" profitable for long. Basically GPUs sold out everywhere, so you couldn't expand your farm. And the days of making $5-10/day/GPU were sort lived. So when you are buying a $1000 GPU, even with a $10/day/gpu, would still take 3 months.

Topic: Ethereum Miners Earn $500,000 in Just One Hour (Read 515 times)