Topic: I am out of the mining game :( - page 15. (Read 44414 times)

I'm paying .26 USD per KWh and 23% import tax here in Ireland.
Count your blessings 
Goodluck with your future projects.
-J

You don't directly invest on what you can't afford,the starter miners a year earlier from now would have make a decent profit rather than the ones have now,eyeing on the rise of difficulty factors 

It's quite unlikely that the Washington mining facility is making $8 Million per month today. Unless they have continued to upgrade/replace their hardware, at some serious cost, they will see a declining number of Bitcoins each and every month. The largest facilities are as exposed to difficulty increases, and the volatility of the Bitcoin price as even a puny 100 GH/s miner like myself.

Just think of yourself as the "CEO" of such a mining facility walking around and realizing that every 12-14 days, difficulty will adjust, and you will make fewer Bitcoins next month than you did this month. And you you still have to sell some of your Bitcoins to pay for the electric bill (in US $$$, not Bitcoins) at the end of the month. You just hope that Bitcoins didn't also go down by 5% in value during the month. And sometime, you will likely have to report back to your investors that you didn't make $8 million this month.

While the numbers are jaw dropping, the finances are every bit as precarious as they come.

I think you tried for BTC mining. You should try for altcoin mining and your electricity bill is quite high.

That's exactly my question, I'm new to bitcoins but I saw the video on MBP datacenter in Washington.  Are they still making $USD8million a month profit?  Is there a formula that shows how and when (at what investment level) that a profit can start to be made?  Feel free to answer here or PM me, I'm looking to learn about this.  So far it seems to me that only the manufacturers win because they mine for 6-12 months on their new equipment while "testing" it in pools of at least 100 servers, then when those servers get too slow for the formula they finally ship them to end customers.  Do I have it right so far in my conclusions?  So to make any profit at this you have to be the manufacturer of your own ASIC cards and get each server for about $500-$900 total cost.

A couple of BTC from block eruptors?  I doubt any eruptor was able to mine more than a quarter of a BTC at the most.

I have been trying to tell people that since the USB block erupters came out.   Sad to say you figured it out now.  At least you got a couple BTC before this big difficulty rise?

have you noticed that escrow.ms said that he is trusted? the trust system is really fucked up so bad,there are some serious abuse, Personal dissensions should stay away from the trust system, i noticed that some guy give trust only because they hate another guy, really stupid

i did pay $150 for my 10 erupters in november 2013
and $170 for my BF1 also i november 2013
and then i got my USB hub in december because i got the wrong one first time.

I believe if you can get free electricity and sell the miner after you get even with ROI the is possible you can sell it and get half profit from what you paid on the miner, still is risky but if you open an online shop it might just work.  Also selling on ebay will kill profits if you try to sell it there.

The trust system lol. Nothing in my trust system states of me stealing or scamming.

I will show you the trust system now.

Edit:

Shit man.... Don't ever trust this guy! He has a bad trust. And is a new account.

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The cost to price each bitcoin is around 597. And the cost to buy one coin directly is less than 500 dollars.

The choice is rather clear if you should mine or buy.

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anyone want to buy your stuff pm you... lol... yeah... I'm gonna pass 

Those little miners were honestly never meant to ROI (IMO) They are simply to see what mining is like, I bought the gridseeds right when they first came out for 2400 for 10, and I think after I sold them for 600 6 months later, that they came close to breaking even with the money from the sale included...

You just have to get the right equipment to make money... and right now, there really isn't much that's profitable.

I started off with 3 280x's that were making me 75 dollars a day for a while in the good ol days, then I ramped my GPU mining up to 15 GPUs that were making about the same as the original 3 by the time I got them all...

Then a few months later I sold most of them in order to buy antminer S3's , which are machines that will actually make something.

At this point it's hard to tell where I am with ROI, but I know for sure that my original miner paid itself off, as well as almost all of the video cards I sold till this point. I am keeping 1 5 280x miner and one 3 270 miner in case there are things that are worth video card mining in the future, but otherwise I am moving solely to ASICs, and only to ones with good power ratio.

Anything else is simply for fun, any of the USB devices are just for fun, and at this point anything less than a modded S1 is just for fun. Sorry you lost out, but honestly you didn't lose much, and you bought miners that were only meant for a hobby, not for actually making money.

13 cents kwh why so high? taxes. 4 cent tax, here.

I too am fucked. I paid 90 bucks 6 gridseeds that returned nothing. Now they're $29 & fury is $35
A gawminer fury 100 bucks that hasn't returned anything.

I was played hard.

Now they're just sitting burning electric making 71 cents a day and counting lower day by day.

Bitcoin is to me is like kryptonite to superman.

I've lost out a lot.


Anyone wants to buy my stuff pm me.

I think is still to early to give up as long as your mining game can still pay for the bills. Plus bitcoin value will increase for time to time. My main suggestion is to stick it until the value of mining can't really cover up the electricity cost, then only you consider quitting by selling off your hardware out and sell your bitcoin when the value is right for you.

To calculate how much of electricity you use the formula is
340W X 24 Hours X 30 Days / 1000 = 244.8 KWH

244.8 KWH X (Depends where you live) $0.14 = $34.272 Per Month on Electricity

Difficulty will not decrease period but the increase is not fast for now, what i mean is that the difficulty is predictable.

After this past weekend decided it's time to get out of mining myself sadly...thanks a lot electric company for jacking my rates up!

If anyone cares (and is local to the SF bay area), posting it all for sale:
https://bitcointalksearch.org/topic/m.8421515

Really? do you think the difficulty would slow down at one point?

Even if the electricity is free, the miners itself might not break even before network difficulty making it obsolete.

Mining is a hobby at the begin and ASIC turn it become money costing hobby.

Stay in game(hobby), buy a new generation mining gears(every half years) from manufacturer and pay operating cost (electricity).