Frustrated about the business | Bitcointalksearch.org

BitcoinAddicts

hero member

Activity: 502

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Quote from: sub-80 on June 25, 2014, 03:58:15 PM

Hey Guys;

I have 2 rigs one 6 280x with only five operating and the other 6 7950 only five operating (the sixth is defective)
I am currently mining vtc and according to calculator it will take me more than 4 years to break even which is ridiculous.
I wanted to make some pocket money on the side but this looks like a failure.

Any ideas to which coin to switch to or is mining died?

Mining is pretty much dead unless you have really competitive electricity charges.

bozo333

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what I said is the truth, even if you don't like the way I said it, which was probably not too nice, I agree.

lajz99

hero member

Activity: 756

Merit: 500

Quote from: bozo333 on June 25, 2014, 05:12:54 PM

Did you make a business plan before you got started? How can anybody get into any business without a business plan?
So I you find out AFTER you got into the business that it will take you 4 years to break even then you can only kick yourself in the butt for not doing your homework.

PS And it sound like you are using some ridiculous underpowered mining hardware on top of it.

PPS After you learn your lesson about getting into a business you should get a side job.

PPPS Just noticed that you are using GPU...That explains everything.

Way to not answer the guys question while making yourself look like a dumbass... Crawl back into your troll cave newbie.

bozo333

sr. member

Activity: 742

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Did you make a business plan before you got started? How can anybody get into any business without a business plan?
So I you find out AFTER you got into the business that it will take you 4 years to break even then you can only kick yourself in the butt for not doing your homework.

PS And it sound like you are using some ridiculous underpowered mining hardware on top of it.

PPS After you learn your lesson about getting into a business you should get a side job.

PPPS Just noticed that you are using GPU...That explains everything.

sub-80

member

Activity: 103

Merit: 10

When I purchased the miners the calculators gave a 4-5 month break even I figured it
could be off by 3 to 4 months but then asic scrypt came and cryptocurrency just start
to plummet in value much faster than expected.

Selling would me only getting a quarter of the price back so am mining until my cards give out hopefully in 6 years Wink

beatljuice

full member

Activity: 196

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I don't understand why I keep seeing post after post like this.

Why would you be mining or investing in cryptocurrency at all if you don't believe it's going to increase in value a great deal? You say it will take 4 years to break even but that doesn't make any sense if you figure bitcoin will have to be at least $10,000 by then. Bitcoin (or crytocurrencies in general) will not make it unless they gain a lot more value, they will either die, or just stay a niche for geeks if they don't. If you're looking at your investment that far out, look at the reality.

If you don't believe in cryptocurrency, sell your miners and move on.

DrG

legendary

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Quote from: sub-80 on June 25, 2014, 03:58:15 PM

Hey Guys;

I have 2 rigs one 6 280x with only five operating and the other 6 7950 only five operating (the sixth is defective)
I am currently mining vtc and according to calculator it will take me more than 4 years to break even which is ridiculous.
I wanted to make some pocket money on the side but this looks like a failure.

Any ideas to which coin to switch to or is mining died?

What is ridiculous is how much was "made" in the past by early miners. Unfortunately I don't have a time machine. Most business in real life would be happy if they have a profit from their total expenditure after just 4 years. Mining should be no different.

But consider this, those who mined 100BTC with a single 5870 back in 2011... if they sold the card they could have bought well over 500BTC with the proceeds and they could have skipped all the headache of mining (and yes in the early days it was a headache).

Unfortunately you are late to the mining game. If you enjoy mining keep the rigs running - most people can't even run at a profit like you. Otherwise sell all but 1 card and enjoy gaming.

sub-80

member

Activity: 103

Merit: 10

Hey Guys;

I have 2 rigs one 6 280x with only five operating and the other 6 7950 only five operating (the sixth is defective)
I am currently mining vtc and according to calculator it will take me more than 4 years to break even which is ridiculous.
I wanted to make some pocket money on the side but this looks like a failure.

Any ideas to which coin to switch to or is mining died?

Topic: Frustrated about the business (Read 820 times)