Has Bitcoin mining ever been so unprofitable? - page 3.

Bucc5207

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Quote from: philipma1957 on March 13, 2018, 01:52:47 PM

your chart is a joke

The joke is your inability to interpret a technical chart. The 'per TH/s' is just a scaling factor. If it makes you happier, lop three zeroes off the y-axis labels and read it as 'per GH/s.' If you understand what you're looking at, it says the same thing you ranted at Sandal_Hat about.

Do the mods actually buy your 'just for shock value' nonsense?

Sr.Urbanist

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Quote from: philipma1957 on March 13, 2018, 01:52:47 PM

your chart is a joke

It looks like it has a static price value for BTC, but that skews it because the electric bill is due monthly

Sr.Urbanist

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Activity: 315

Merit: 120

Quote from: Bucc5207 on March 13, 2018, 06:46:10 AM

Miners Revenue (total value of coinbase block rewards and transaction fees paid to miners) and Hash Rate (estimated number of tera hashes per second). I divided the first by the second to get revenue per TH/s, et voila...

Woah!

I guess it's a case for greater energy efficiency with things like mineral oil.

Quote from: philipma1957 on March 12, 2018, 10:01:11 PM

You are clueless

Shock value answer. Above.

Mining is not that bad at all

If your s9 makes money and you paid 1300 for it in nov you are doing fine.

And. Yes mining at a loss was something we used to do.

How long did that last? Mining at a loss?

I just turned off one of my stupid D3s.

(Moderator's note: This post was edited by frodocooper to trim the quote from Bucc5207.)

philipma1957

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'The right to privacy matters'

Quote from: Bucc5207 on March 13, 2018, 06:46:10 AM

I think you are confusing revenue with profit, but here is historical revenue data. I downloaded from blockchain.info two files: Miners Revenue (total value of coinbase block rewards and transaction fees paid to miners) and Hash Rate (estimated number of tera hashes per second). I divided the first by the second to get revenue per TH/s, et voila...

your chart is a joke

another shock value statement to get attention.

I started in July 2012 the network was 14 th
which was mostly gpus 2-3 per gh

or say 2500 per th so 2500 hd7970's were worth about 300 each = 750,000 usd a th for summer of 2012

and power used was close to 500,000 watts for that 1 th so what if it earned 10,000 a th per day

(Moderator's note: This post was edited by frodocooper to remove a nested quote and to trim the quote from Bucc5207.)

philipma1957

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'The right to privacy matters'

Quote from: Sandal_Hat on March 13, 2018, 12:55:52 AM

No offense phillip but not all of is have a solar array for power like u do. Mining was easily more than 2 times more profitable a few months back. The numbers are bad now and this is without taking into account future upcoming difficulty increaaes. There will be those who never break even. Mining at loss is no fun. Bitcoin holders have made alot more than miners in the last year.

it has gone up and down every year since 2012 when I started.

if you look at last years price of coin for march 12 2017 it was 1050 todays price is 9168 so

9168/1050 = 8.73 to 1

if you look at diff for march 17 2017 475,705,205,061
if you look at diff for march 5 2018 3,290,605,988,754

so 3,290,605,988,754/475,705,205,061= 6.92 to 1

so lets see price goes up 8.73 to 1 and diff goes up 6.92 to 1 this means you are doing great.

that is why the op is clueless. he dates back to jan 2017 I just dated back to march 2017

and you can check every number from jan 2017 to march 2017 and the op is far better off today then he was during the jan 2017 to march 2017 time frame.

when I make a shock statement I am very careful to be able to back it up.

and anyone that thinks that today march 13 2018 is worse then it was a year ago as the op said is clueless.

Now it goes without saying mining is not as good as dec 2017 but the op did the jan 2017-march 2017 time frame as his start point.

If he did nov 2017 or dec 2017 as his start point I would have agreed or not posted.

(Moderator's note: This post was edited by frodocooper to remove a nested quote.)

fanatic26

hero member

Activity: 756

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Why are there so many stupid posts like this on this forum?

Ignorant people that jumped into this during the most inflated profitability cycle the industry has ever seen are now crying and whining that they arent overnight millionaires....

I was mining when bitcoin dropped from $1100 down to $180s....and you guys whine about single machines only making a few HUNDRED dollars a month....

The definition of unprofitable is "not yielding a financial gain" yet an s9 or an L3 is still making $200 a month PROFIT after paying for power....

rifleman74

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4 s9's 2 821's

Quote from: Sandal_Hat on March 13, 2018, 12:55:52 AM

Quote from: philipma1957 on March 12, 2018, 10:01:11 PM

You are clueless

Shock value answer. Above.

Mining is not that bad at all

If your s9 makes money and you paid 1300 for it in nov you are doing fine.

And. Yes mining at a loss was something we used to do.

No offense phillip but not all of is have a solar array for power like u do. Mining was easily more than 2 times more profitable a few months back. The numbers are bad now and this is without taking into account future upcoming difficulty increaaes. There will be those who never break even. Mining at loss is no fun. Bitcoin holders have made alot more than miners in the last year.

Turn your miners off and sell for residual value. Can't lose that way.

Bucc5207

newbie

Activity: 29

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Quote from: sidehack on March 13, 2018, 07:40:50 AM

Alright, now factor into that the average cost of 1TH. Four years ago 1TH cost a couple thousand bucks, now it's about $100. I bet the graph gets a lot flatter if you normalize against that.

Absolutely! Hardware has also gotten more energy efficient. The graph makes no allowance for any kind of expense, but neither did the OP's question (if I read it correctly). I just tried to answer the question in the same terms it was asked.

sidehack

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Curmudgeonly hardware guy

Alright, now factor into that the average cost of 1TH. Four years ago 1TH cost a couple thousand bucks, now it's about $100. I bet the graph gets a lot flatter if you normalize against that.

Bucc5207

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Quote from: Sr.Urbanist on March 12, 2018, 04:59:51 PM

I've been mining for a little over a year with my first S9 arriving in Jan 2017.

During this past year, no matter the price, it never dipped below an equivalent of $15 per machine per day. The last two months, however, the difficulty nearly doubled and daily profits have dipped down to around $8-9.
[Chop]
Has the profit ever been this low? I'd appreciate any insights.

I think you are confusing revenue with profit, but here is historical revenue data. I downloaded from blockchain.info two files: Miners Revenue (total value of coinbase block rewards and transaction fees paid to miners) and Hash Rate (estimated number of tera hashes per second). I divided the first by the second to get revenue per TH/s, et voila ---

https://i.imgur.com/mjIgED9.jpg

Their 'hash rate' is an estimate based on block solution times. I also downloaded price and difficulty data and calculated expected revenue using the usual math. That gave a very similar result, but it was a lot more work.

I hope this provides some insight.

(Moderator's note: This post was edited by frodocooper to remove inline image tags.)

Sandal_Hat

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Quote from: philipma1957 on March 12, 2018, 10:01:11 PM

You are clueless

Shock value answer. Above.

Mining is not that bad at all

If your s9 makes money and you paid 1300 for it in nov you are doing fine.

And. Yes mining at a loss was something we used to do.

No offense phillip but not all of is have a solar array for power like u do. Mining was easily more than 2 times more profitable a few months back. The numbers are bad now and this is without taking into account future upcoming difficulty increaaes. There will be those who never break even. Mining at loss is no fun. Bitcoin holders have made alot more than miners in the last year.

philipma1957

legendary

Activity: 4256

Merit: 8551

'The right to privacy matters'

You are clueless

Shock value answer. Above.

Mining is not that bad at all

If your s9 makes money and you paid 1300 for it in nov you are doing fine.

And. Yes mining at a loss was something we used to do.

Sr.Urbanist

full member

Activity: 315

Merit: 120

I've been mining for a little over a year with my first S9 arriving in Jan 2017.

During this past year, no matter the price, it never dipped below an equivalent of $15 per machine per day. The last two months, however, the difficulty nearly doubled and daily profits have dipped down to around $8-9.

I'm considering expanding into a warehouse, as I live in an area with relatively cheap electricity available in the countryside and can maybe get ahead of the game ... but is it worth it? BITMAIN and others have very large facilities of 300,000+ S9s; I called the electric company and BITMAIN is paying around 4.3c kW/h. The public electric company has a moratorium on any new mining farms and are, likely, going to increase the upfront costs. I was pointed to this document from WA: http://www.chelanpud.org/docs/default-source/default-document-library/bitcoin_information_final.pdf

I know there are some people who were around in 2014 when the new miners weren't being delivered and price was so low people were turning off their miners. Can anybody tell me what that was like? Has the profit ever been this low? I'd appreciate any insights.

Best.

Topic: Has Bitcoin mining ever been so unprofitable? - page 3. (Read 1352 times)