Topic: I am out of the mining game :( - page 16. (Read 44414 times)

Even large farm now is suffering big losses due to the crash in Alt price and bitcoin, Only if their electricity is less then 0.03cent they are making a loss too.. This is the mining game

Well that's kind of true, but only in a narrow view.  If a miner spend $10 in electricity mining on a small ASIC and earns $5 he/she can eat the loss because hey it's just $5.  If a farm were to spend $10 million and mine back only $5 million - heads will roll.

The thing is the farm will never have to spend $10 million.  It is probably built in the right place with cheap power and free or cheap cooling.  So it should only cost $2-$4 million to mine the $5 million.  The farms will almost always make a profit if done correctly.

I can tell you this much - for those of us who have to pay large electric bills - we need to convert this commodity to fiat to do so and the coin dropping to 490 really swallows up margins when you are producing coins at this rate as opposed to say the $600 which it was holding at for a while.

One of the reasons I mine is decentralization as well but I admit it has become very difficult and overwhelming at times given what is currently going on in this space.

I recently read a post that suggested it was easier for a small miner to pay their electric cost of the large miner farms and the farms would likely need to shut down operations at some point.  I'm guessing at this point we will just have to wait and what the future holds but I'm putting my money on the large farms taking a step back at this point.

Sadly I made more in my real estate investments than I did mining this year.  I don't mind not being able to mine for a profit - my only worry is that these large farms that are owned by the ASIC companies and promoting centralization of the network.  3 farms could easily join together for a 51% attack since home miners are being marginalized now.

If you bought in january, you still made some decent profit, right.
I would be so happy if i could sell my rigs for only 40% drop in price.

But im still keeping rigs for few months, hoping that there will be some change in x11/x13/x15 coins profitability.

Yeah honestly people don't know any better and the allure of mining is strong to resist - especially in gamers - it resonates with people so they just jump in without even looking.

We have a thread that touches on mining here:
http://thebitcoinmovement.com/project/3702/

Also launched a charitable project here:
http://thebitcoinmovement.com/give-b-bit/

electricity is the number 1 enemy... i also quit in mining after i realize that.. but it's already late because i already bought total of 12 7970 GPU.. and some PSU and materials.. sad to say i sell all my rig for 40% drop price..

We recently had to relocate our operation to a more cost effective environment

Damn, the electricity cost is too high in your country. Mining is not profitable in altcoin community either. I'm selling some of my equipment.

Always saddens me to see a miner leave the game

Hoever....  WTF are you still doing on block erupters??    Mind officially fucking blown, splattered all over the wall!!

Why didn't you re-invest a portion pf what you made?

Or better yet, why didn't you sell off your Erupters when the price tanked to buy cheaper, more efficient hardware?

In the end, you only stopped by your own demise or failure to stay on top of the game.

I sold my nukes to buy S1's when they came below the $1,000 mark, during the Gox crash era.

Smartest move I ever did but I seen it coming...  read the Bitcoin news on Google...


That is what the spirit of Bitcoin mining should be, for what it is: a no-video video-game.

You'll need lots of capital investment to get to a reasonable amount of hashing power now to be considered an investment.

I love mining, gold mine also, I never sell coin/gold and pay power related buys with fiat I can spare.

I rarely sell the mined asset other than buying mining supplies (hardware), I pay power related ecpenses out of pocket with cash I don't really need.


Best statement in this thread IMO.  Although Bitcoin mining is virtual, you still need a mining plan and as mine boss, your job is to ensure a stable growth.

Anyone who owns a Gold claim understands a mining plan; and it needs to change regularly too in Bitcoin mining, let me tell you that.

---

Final Words:

That said, if you never re-invest then of course you won't make it as a Bitoin Miner.

Better to tighten your belt now so you can loosen it later; mine's finally pretty loose now.

Don't need to re-invest it all but at least a serious miner should be adding 1TH/s per month by now to keep up with difficulty nerfs.

If you can't do that, you probably won't have a profitable operation.

You have to be at the right place at the right time all the time on every thing, it's a game.

Note: BITCOIN MINING IS A PHYSICAL ONLY VIDEOLESS GAME - If you can't accept that, mining might not be for you.

Bitcoin has all the same qualities as video games such as difficulty (how tough your NPC opponents are), luck (if you get a one shot kill or take 5 shots) and a reward (block) when you win a level (Block height).

Understand it and you'll be one of the top players on the leaderboard grow up on it instead of going down it

Miners come and go, only the resilient and smart ones will remain and make the most.

Right now coins are rather cheap, it's not even worth investing if you have to pay out of pocket, I do but I make about 3 times my power investment so I'll gladly pay with the fiat I have because I got 2-3 bitcoin for about $200 worth of power.

Best and fastest way to make the most coin is by day trading on exchanges starting with at least 1 full coin; but you need to understand that aspect too.

As someone said, sooner tha nwe think, good and experienced Bitcoin Miners will be in demand in data centers.

Even good traders will be in demand by banks or other financial institutions.

It's not an easy game but it's a fun game none the less

Where do you live?

Shipping from China costs around $120 per miner, I think. It still might be profitable. However, good luck!

She is right - my advice is - unless you enjoy mining as a hobby or wish to add to the decentralized eco system.

Don't mine - just buy your crypto and have 0 over heads - do the math for yourself.

If 20 Thz gives you 0.5-6 BTC per day (Work out the cost of your Avalon or CoinTerra or Antminer to get to 20Thz) minus your elec power/rent/staff
Now work out how much BTC you could have bought.

You can scale the above example at the rounded 20Thz either way... Up or down...   (we hash at rates higher than this so it is not a guess)

Yeah if you jump onto a new coin within the first couple of hours you could make some decent profits.  I happened to be on right when Dashcoin launched and could have jumped on it and didn't feel like reconfiguring all my rigs.  I went out on a date and have been seeing the same guy since then - worth so much more to me than even the $250 I could have mined for a day.

While GPU mining for example new coins, there is indeed a way to get some profit. You've to be very Lucky to do this these days, but I succeed atleast once.  Mined a quite inactive coin for a couple of hours and they become worth some nice bucks later on.

However, with so many new coins these days, and many coins fail, it's hard to be Lucky doing this. Most Scrypt coins and their value are likely to be influenced by the Scrypt ASICs these days.

1) There is no real mining strategy other than mining the most profitable coin at that moment in time
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3) Renting GH/s doesn't save you money really since most people have the total operating costs priced into their rental price.

The only thing rental would help is for somebody trying to mine some pump and dump coin of the day. Of course there's money to be made, but it's mostly just stealing money from new users.  I don't see it as productive.

i suggest  you something like this :
1. learn mining strategy
2. prepare some money for investment
3. use that money investment for mining by rent some ghs on the trusted website.

that's my suggestion for handle your electric bill trouble at your home.

may be that able to help

I just quit this week after realizing that the power was completely taking over my profits. I'm currently at about 12MH X11 and that doesn't pull enough profit to justify the heat, noise, and inconvenience

Holy fuckin hell... That's some insane power prices... I am upset with my summer rates of .15...

If any of you want to feel better...
As of my latest electricity bill, I'm paying $0.43/KW/H

Yes, 43 CENTS per KW/H. Didn't realize this until I took a much closer look at my bill. I pay both a generation fee AND a transmission fee...

I have at-most a couple more months until I'm out and probably won't buy back in.