Topic: if you live in the EU, watch your profit. I've already turned off my rigs. (Read 3325 times)

Nicehash and automatic dump miners or flash miners are fu*king the network hashrate with sudden spikes which increases the difficulty in every single coin with a sudden difficulty retarget , if you know what i am talking about and you are an old miner you will yes me!

So true and the same whales will after have bought a lot of cheap crypto, pump these coins 10 - 50 times hehe, the ones selling are whales fool's errand hehe

SEC is nothing to do with price. This is just the regular whale manipulation.

OR just send it to me...... I'll host it at 13 centsish 

https://bitcointalksearch.org/topic/a-man-a-dream-and-a-4mw-facility-my-journey-setting-this-badboy-up-4789787

Agree mostly with the poster directly above me.  I guess the "cry baby" didn't come back to respond.  Hopefully he is reading savingadvice.com or something similar.  My guess is that he thought he was going to make a business out of crypto that netted him high daily returns, so he could quit a shitty job.  He was sadly mistaken.  Keep your job at Subway.  I like their sandwiches, sometimes.  If he would have looked back far enough and fast enough during the time that he was overpaying for gpu's, he would have seen the writing on the wall.

I don't know what his electricity cost is ... Perhaps it's 3X what I pay.  He is in Europe, if I recall.  If I paid 0.30$usd/kwh, I would most certainly stop mining and sell my hardware.  Probably never would have started mining to begin with, if the electricity cost was that high.

FYI:  a buy and hold perspective carries the same exact "blind faith" that mining at a [current] loss has.

They are both valid perspectives.


Its completely ironic how most people are too naive to look past their own selves; and must continue to badger the other for having their own perspective.

This shouldn't be an argument or pissing match.  It should be a discussion.


But who am I to say anything.....   I'm just another opinion/perspective.

i'm not even going to bother quoting you, sorry.

you talk about "reasonable risk". but denying the situation, you are actually not being reasonable. In fact, you don't even consider the idea of a big crash of this market. Not even watching and suffering the signs.

SEC has postoponed their decision to 30 September. Only this caused a 10-13% drop over the last 24 hours for ETH and like 10% for BTC. Imagine what will happen if they deny that. CAN YOU IMAGINE??? What will happen if by 30 September SEC does not allow them to operate??? Ohh no, wait, you are above reality. the only thing that matters for you is your blind faith. You are not willing to accept anything the differs from your blind faith.

i'm not selling my rigs.

Your idea is: continue mining, even if i have to pay the electricity bill from my pocket because i know the coin will recover it's value. BTW, you have no fucking idea if that will happen. Just blind faith.

my idea is: i will not pay money out of my pocket to pay electricity, because if that happens, i'm a holder, and hodlers are better off buying the coins. Consider this. With the money you are paying everymonth for electricity, you could by more coins and be more profitable than paying for electricity. Are you sure you are not the MORON HERE???

BTW, i sell my coins for fiat once every two months, and only the amount to pay my electricity. Once i get ENOUGH profit by mining, i will turn them on. Sorry, i will not money on loses. Do it yourself.

Difficulty will increase. and no doubt in a few months your rigs will get less and less coins, but paying the same amount of electricity. ASIC is already destroying you. But you don't know it yet. You´ll discover it yourself sooner or later. In your case, probably later, i guess.

the concept of trading is simple. more than you are. it goes like this.

traders buy the coins the cheapest possible. the more you buy, the more the price will pump. Stupid people join the hype-train and buy, influenced by other stupids saying: hey!!1 jump in now or regret it!!! Those stupids are in a bull trap, but they don't know it. those initial traders, after getting their 5-10% will sell their coins for profit, because NOONE CARES ABOUT TECHNOLOGY. iS ALL ABOUT PROFIT.

If the coin continues to increase in price, traders will hold it for 6-12 hours. If it stops, they will sell and drop the value of the coin. If that drop triggers more sells from other inverstors, they will place buy orders are low prices, and if that prices is achieved, than they will buy.

The market is so manipulated that a big whale can push the coin up him alone.



the market has lost 25% cap in just 1 week. currently at 225 billion, from almost 300 billion. Noone buying coins. LITERALLY NOONE. So, are they waiting for the price to drop more to buy? how much more?? so people are willing to buy a coin that is "valuable" but they are waiting for it to be less valuable to buy it. God lord will push the "valuable" coin later, don't worry. Money grows in trees right??  Is that your idea???


never mind. you are one of those believers that will prefer to die mining that accepting they are acting like real morons. i don't blame you. this forum is toxic. Reality does not matter here. Hype is everything. And hype will dissapear anytime soon. Just enjoy your coins. who knows, tomorrow you can wake up and see  a big 0 on your account.

If that happen, i will be here. You´ll make my day.

I would think most of the big farms are not shutting down they have low electrical cost and are not operating at a loss.  I moved all my rigs to ether because of the lower electrical usage.

Watch sentiment, when the people get really disputant and give up is when the market will turn.

people are not switching off their machines because THEY TAKE FOR GRANTED THAT THIS SITUATION IS JUST A STONE IN THE ROAD AND THE MARKET WILL GROW. They have no basis, no data, not even any technical analysis to suggest that that is bound to happen. That's just crazy.

here, are even guys that have posted saying they are mining at loss. For a miner, that's mad. like really mad. it would be better to buy directly the coins than mine for them at loss. That makes no sense. but i think is this mad world of crypto, almost nothing makes sense.

My mining rigs have been off for about 7 days now i think. Difficulty is increasing, so don't be that stupid to say that if i turn them off you win more money. Those are words that only a fuc.ing moron would say.


Even at this low prices, there is not an instant pump, so this means noone is willing to buy this coins. NOONE. If this situation continues another 24 hours more, we will see another dump in prices to about 300$ per ETH.


most of you have BLIND FAITH. My experience in this world has shown me that morons are the ones the die the first. If you don't risk you don't win right? i guess most of you consider this a small stone in the road. I'm afraid it's bigger than you think.

But hey! enjoy your actual loses mining.  My question is: how many more hits are you willing to receive before you consider, for the first time ever about this, that the situation is really tough and that there is a big possibility that the market dies???

I will not mine for loses. That's not my idea of mining.

I keep mining through the bad times, unless you all just sell as soon as you get it (and I guess thats a bunch of you) this is just a phase.  We old timers have seen it 50 times before.  ITS NOT A LOSS UNLESS YOU SELL IT NOW.  If you have to pay your bills with mining proceeds, then yeah sell your rigs and trade in coins.

Seems so many people are shutting down their rigs... however looking at the difficulty charts it doesn't reflect that. The difficulty is still climbing.

So most likely the difficulty will still go up, even if price goes lower.

https://etherscan.io/chart/hashrate

Now, when ETH dropped considerably again there will probably be more and more miners switching off their rigs. But, especially, if you’ve been mining for some time and your rig has already covered your investment, you will keep earning. Keep the coins, be patient and target long-term.

Hi,

my rigs still create a nice profit for me (still above 800$ a month). Of course, it depends where you live in the EU - and what your current energy costs per kWh are. And how you configure your devices. I am currently running my GPU rigs using a pool/algo/device switching script (https://github.com/RainbowMiner/RainbowMiner) that is able to set MSI Afterburner profiles according to different miners and algorithms. With that, I have the impression, my rigs hit the most-profitable bell quite often.

borox

couldnt agree more. And mining what EVERYone else is mining (yes, I am looking at you, whattomine-miner) is just not the best. and being a zombie-miner (nicehash) is even worse.


I am not shuttng down for atleast 2,5 years.

Be lucky you guys are saying less profits. I been going red losing money each month at 26 cents kwatt rate with my 34 gpu Nvidia   Seeing your profits diminish makes me excited. I'll pay a bit to laugh and see you all suffer.  I'm going to grind you all down to the ground with me till you cry and capitulate and panic dump.

Guess what's after the bear trend. It's accumulation at low prices. That's means you won't be making any profits this year. It's going to be a very loooong grind downwards and eventually at the bottom flat into next year

turning my rigs off will not make any difference at all. In fact, yesterday the network hashrate went for 247.000GH, and today is at 262.000GH and this increase is due to ASIC which are going to make your mining way less profitable.

Yes, totally agree with you. not profitable, right now... if we call 100USD not profitable, but still if you need AC on, then tottaly better to turn it off.  i hope this will be better when this summer is over. if things stays the same.   lets watch for profits and make best out of it... 

i like mining, its a bit a hobie for me, but not for every cost... lets be reasonable here.

The point of mining is making your bag full with coins, not selling them right away.

Just shut down, there will be difficulty drop. more coins for me