Topic: I am out of the mining game :( - page 4. (Read 44414 times)

the problem from mining is difficult that increase continue and much competitor which have mining hardware that having high performance sure will be difficult for miners which have hardware mining that have low hashrate

Yeah I need a PSU *used the Jupiter one on the Titans* ... but 500 usd say coin I'll get a 'spare' corsair 1200i unit (justify it as such for the Titans as a backup) and see as a space heater and what I can get for BTC to justify a 'discount' off the spare Titan PSU above (see I can justify anything if it involves spending) would probably not last long...with everyone turning on old equip and difficulty going nuts..but hey even it I got a spare corsair 1200i sitting about for 'eventual' 100 bucks off say ..piece of mind and space heater savings may be worth it..not QUITE there yet..but it is an angle.....(should really have a spare psu for the Titans just in case anyway..losing 5-7 days would suck ..thats prob 1/2 the price of a corsair 1200i right there)

If you have an old bitcoin miner, it might be possible to make some bitcoin by turn it on now. Especially you electricity price is cheap and it is winter in your region. The price at $450 make it profitable for some inefficient miners.

You can undervolt that Jupiter and have it run at 1W/1GHS

 Not gonna mine my old (off since feb 2015) KNC 550gh Jupiter (750 watts) but at 13c kwh I ran the numbers and it would cost me like $70.20 in elec and would pay out
using this btc calc

at now btc price of 434.20 (you have no idea the btc boner I just got typing that)


https://tradeblock.com/bitcoin/mining

I would ONLY lose 12 bucks a month (at 7% diff rise per month standard setting on the tradeblock mining calculator above ..for the 1st 30 days anyway)

If stuff keeps staying this nuts, the damn thing may live again...even if all I'm doing is swap'ing elec for btc..come to think of it it s winter ..it would probably
be a 'wash' now as a space heater....

sheesh its weird this last week..I'm up like 15k on holding BTC and LTC and the Titan(s) are STILL mining 6.5 LTC a day (got 2 of them)

lostgonzo.imgur.com (my setup if interested...the KNC 550gh Jupiter (now OFF) is now used as a 'gravity assist device" to hold the miner bench to the earth)

this is some wild times

but they will earn more now if they have their machine ready, because no matter how fast the diff will rise, it is fixed, and it can't catch up with this furious pump that we are seeing

Mining directly is not for most people. If you think price will rise, just buy some bitcoins.

With high bitcoin at the moment, the difficulty will rise quickly. Most people will not ROI if they over pay the mining machines.

Yeah I was wondering it too if I begin mining wont be that smart for me at least. But that was a fun road than dude. Good luck in the future if you come back in the mining games.

Mining is an effective way of earning bitcoins. But people have quit it because of following reasons
(1)Low acceptance-- Unless you’re planning on exchanging your bitcoins into other currency, you’ll need to look for shops which accept bitcoins for currency. All of the shops or other places which do accept bitcoins will be online I have yet to hear of a brick-and-mortar store which accepted  them. While online commerce isn’t the issue, the relative number of bitcoin-friendly stores is very small.
There are only a few credible online stores, and then sites like Reddit and WordPress that accept them for payment. Otherwise, you’ll have to switch it to traditional currency, which sort of defeats the purpose of bitcoins.
(2) Unstable value-- Another one of the biggest disadvantages of bitcoin mining is the fact that the value of bitcoins can fluctuate. While it’s true that all currencies fluctuate in value, bitcoins appear to be a lot more unstable compared to trusted currencies like the US Dollar or INR. In fact, bitcoins can deflate in value whenever people seem to put less trust in it or if a technical glitch occurs with the system or bitcoin exchange markets.
It can range anywhere from less than $5 per bitcoin to its current high value to far beyond. The value should stabilize if more people use the currency, but that trend is going very slow.
(3) Lack of Protection-- Since there is no central organization which controls bitcoins, there’s also no form of protection when dealing with bitcoin transactions. If you want buyer protection, you won’t have any with bitcoins. If you want your bitcoins to be insured like money is in banks, that doesn’t exist.
If you happen to lose your bitcoin wallet by accidentally deleting it, wiping your hard drive, etc., and have no backups, then your bitcoins are gone. Stuff happens, so while the chances of actually losing your bitcoins is rather low with regular backups, technology can still break.

yup! your right too much complaining and they didn't know that bitcoin back then has no value, and we are very lucky to have faucets and campaign to get free satoshi's than mining it and investing too much that it will only go to waste because it is not gonna ROI,

Some of them or even most of them do not mine at all. They show you pictures with gigantic mining facilities so that you might think how serious they are, but in fact most them just use the Pyramid scheme. STAY AWAY is the best advice I can give.

One should consider mining as a long term investment. If the price skyrockets again then mining will be really good.
But since there are too many big players out there, right now it is very expensive to mine and get a decent profit.

This is the proof of thought I have had in the back of my head too lately.

People complain signature campaigns pay too low or faucets are giving too little, they forget that 5 years ago when people were getting 1 btc faucets it was still worth nothing to what it is today. It's like people forget about the future and only think of the next couple of months. Imagine if bitcoin keeps adoption at the same rate it is now, with an accelerating rate in humans coming into the world and becoming adults, there are just more and more people going to be interested in cryptocurrencies. Even if bitcoin won't be the leading coin out there, I am sure many will have high values later like different fiat currencies do too.

Sorry at 13c kwh I'm still out. Also in case you were not around in the past (2013 and 2014) when BTC price for spikes up in price....it really won't work (home mining) in that when the BTC price spikes and stays there the asic mnfg types (either scrypt or btc) simply raise the price in USD to reflect the price in BTC...so ROI (or lack there of) will stay the same

(amazing how that works huh?)

Just saying how it has 'pop'd' in the past on rallies (and of course assuming you can find scrypt or btc equip that even CAN ROI in less then 11 months at a FLAT difficulty rate..I myself have not seen one of them 'unicorns' ugly as it may be for ROI in a year or more)..at least for 'new' equip (and those were pre-orders that did not arrive anywhere near on time (or not at all)

So good luck..you may have a shot if your electric costs are under 5c kwh ..but expect the equipment to arrive late by a month or more...that seems to be best case...best calcs I've seen still put you at ROI around 10 or 11 months....if you take as a GIVEN that IF your pre-order ships (iffy?) It will likely be at least (imho) 3 months or more LATE.

So be careful!

(or was historically imho)

That is good to hear, I am still preparing to mine and planning in what will I am going to need for cooling a room because I am in a tropical country but that is not an issue right?

So who is "back" into the mining game since the price is back up and the difficulty is still low?

I mine with a U2 for the fun.
If someone will co-mine with me to reach the minimum payout without fees he is welcome.

It is difficult to home mine in European countries due to the high electricity price. The difficulty has risen and will rise 2% every 14 days due to the more efficient miner coming to market and low electricity price in some other countries.

I am out of mining too. Switched to minting with Mintcoin and so far it is working out better. At least the coins don't wear out and depreciate like mining gear does.


After next year, MINT will return 5% per year via minting new coins.

https://i.imgur.com/5ORlk56.jpg

Here is a pretty good post on reddit about it.
https://pay.reddit.com/r/MintCoin/comments/3puymw/consider_holding_at_least_a_small_portion_of_your/

Yup! your right, and electricity cost is way more in my country, but cloud mining can be more dangerous to try because of unreliability of it.