I'm mining at a loss - page 2. | Bitcointalksearch.org

DevelopmentBank

full member

Activity: 406

Merit: 110

Quote from: CBRocks on September 10, 2018, 04:52:16 PM

Talk to your tax guy. Electricity costs are tax-deductible, if you work it right. you need to register a business, keep good notes, but there are a lot of things you can deduct as well. rent and insurance on a pro-rated basis...

Taxing your mining is probably the last thing you want to do because anyway you look at it you will always end up spending additional expenses. This mining at a loss thread has gone so far already. Bottomline is still that mining at a loss is stupid and economical.

Sell or shutdown your miners.

Guli

full member

Activity: 420

Merit: 107

I do not think that mining is a profitable business. If everything is done legally, then a lot of costs: electricity, rent of premises, equipment, taxes ...

CBRocks

newbie

Activity: 2

Merit: 0

Talk to your tax guy. Electricity costs are tax-deductible, if you work it right. you need to register a business, keep good notes, but there are a lot of things you can deduct as well. rent and insurance on a pro-rated basis...

DrG

legendary

Activity: 2086

Merit: 1035

Quote from: adaseb on September 10, 2018, 03:26:23 PM

I don't know if you guys ever frequent your local Craiglist or Kijiji looking at the GPU deals but its pretty crazy what is going on.

Basically there are tons of GPUs out there, most are "ok" deals, basically a little under MSRP, but the excuses everyone uses for selling their GPUs is hilarious.

There is one dude, where he has a bunch of GPU boxes all stacked, saying "never mined with".

Another dude which is selling USB Risers on another post, is selling GPUs sepeartely and says they were never mined but were used for autocad/rendering/compute work.

Then there are the usual people who try and sell an entire GPU rig basically at or above MSRP. People who are asking MSRP prices for their 1080Ti's when the 2080 is pretty much released.

People posting fake "daily income per GPU". Like the daily income last month and not the current income.

Lots of shady stuff.

I don't understand why people just can't be honest and say "Was mined with, they still work great, comes with warranty if they fail. Selling because mining is no longer profitable. My loss is your gain".

Well people ask for the insane prices because they get lowball offers of 1/3 their asking price. Post a 1080Ti for $600 and somebody will offer $200 cash in hand if they can pick it up today lol. I don't bother with craigslist of eBay - I sold everything through Amazon but that is filled with scam buyers now.

I can see the logic in selling a built rig at MSRP though - it does take a lot of time to build a rig cleanly and correctly with proper spacing, wiring, and good cable management. But seeing as how almost all coins are mined at a loss right now I don't see a hurry to get going with any rig except maybe a Vega Monero setup.

Yeah not disclosing mining behavior is just shady and scammy. It's about what I would expect from the general populace at large. No decency. I always ran my cards in the last 3 years with good thermals by undervolting so I have no problem reporting my mining and even boast about how low the voltage will go at stock speeds. Only thing I see bad with well kept miner cards are the fans.

Oddly the only card I have had die in the last 2 years was a 750Ti that I never once mined on. It only played games and killed the HDMI output so I got a 1050 out of it thanks to MSI.

Tailgunner

jr. member

Activity: 81

Merit: 2

Quote from: 33bitcoin on September 10, 2018, 03:15:31 PM

Mining at a loss can be a great option if you have the ability to pay your electricity bills without cashing out. A lot of people mined bitcoin when it was unprofitable and they came out millionaires. Plus right now is a great time to pick up miners extremely cheap.

Guess what, if they had spent that electricity money on directly buying the coins instead they would have made EVEN MORE profit. Mining at a loss is essentially the same thing as buying crypto at above market price. Not to mention the price of hardware.

ovbokhan

newbie

Activity: 95

Merit: 0

Quote from: RentGPU on September 08, 2018, 08:14:45 AM

Gpu,fpga,asic will always exist and they are all options for miners and the best performing one through out last years is gpus , nothing will die they will exist as long as crypto exists.
Most failure traders switch to mining as they hedge with hardware
Dark days like this will always come and pass , but mining isn't a war it's a buissnes if you mine at loss then you have alot of emotions in your buissnes , keep it math and stop if you are losing money

It is very competitive at the moment, miners in regions of expensive electricity should retire their equipment for a while or relocate to areas with cheaper electricity. I anticipate this is only temporary as things may change any moment

ovbokhan

newbie

Activity: 95

Merit: 0

Mining difficulty increased dramatically in the last couple of months as the number of miners increased, unfortunately, the price of coins did not.A lot of miners are already selling off, only a bullish market will revive mining and make it profitable

adaseb

legendary

Activity: 3808

Merit: 1723

I don't know if you guys ever frequent your local Craiglist or Kijiji looking at the GPU deals but its pretty crazy what is going on.

Basically there are tons of GPUs out there, most are "ok" deals, basically a little under MSRP, but the excuses everyone uses for selling their GPUs is hilarious.

There is one dude, where he has a bunch of GPU boxes all stacked, saying "never mined with".

Another dude which is selling USB Risers on another post, is selling GPUs sepeartely and says they were never mined but were used for autocad/rendering/compute work.

Then there are the usual people who try and sell an entire GPU rig basically at or above MSRP. People who are asking MSRP prices for their 1080Ti's when the 2080 is pretty much released.

People posting fake "daily income per GPU". Like the daily income last month and not the current income.

Lots of shady stuff.

I don't understand why people just can't be honest and say "Was mined with, they still work great, comes with warranty if they fail. Selling because mining is no longer profitable. My loss is your gain".

33bitcoin

full member

Activity: 223

Merit: 111

Mining at a loss can be a great option if you have the ability to pay your electricity bills without cashing out. A lot of people mined bitcoin when it was unprofitable and they came out millionaires. Plus right now is a great time to pick up miners extremely cheap.

jillscarbrough

sr. member

Activity: 588

Merit: 335

Steady State Finance

Quote from: mitrajkt on September 10, 2018, 10:38:58 AM

Well it is true that the market has been down lately and will soon rise again, it might happen because there is nothing impossible in the crypto world

Yes, I know that at cryptocurrency all can be happen and we just can predict but you should accept current conditions.

Quote from: mitrajkt on September 10, 2018, 10:38:58 AM

and I continue to mine every day because it has become my additional job and I am not thinking about electricity losses , because I consider it like my working capital, and I will not be deterred, I will stay like this.

with your main job salary to pay electricity bills?

or from mining results that only pay electricity bills?

it only wastes electricity and your time

stomachgrowls

hero member

Activity: 3010

Merit: 794

Quote from: turtletime on September 06, 2018, 07:08:38 AM

I know the prices are low but I know the bull market will return and prices will soar again. I'm currently mining in a loss after electricity costs but I know it will be worth it. I'll let the panic sellers get rid of their equipment while I will stay strong.

You own choice since its your money and your miners no one can stop you on what you do like to do as long you are aware that you are mining on negative profits.Just one thing i do
have question on my mind why there are people who do make such decisions which even your own common sense can able to tell you that you are doing foolish thing unless if you do really
believe on crypto then its still a considerable reason but be ready on the money you would lost in just on your electricity consumption.

mitrajkt

newbie

Activity: 508

Merit: 0

Well it is true that the market has been down lately and will soon rise again, it might happen because there is nothing impossible in the crypto world, and I continue to mine every day because it has become my additional job and I am not thinking about electricity losses , because I consider it like my working capital, and I will not be deterred, I will stay like this.

jillscarbrough

sr. member

Activity: 588

Merit: 335

Steady State Finance

Quote from: Comino on September 10, 2018, 03:52:04 AM

Mining for loss is not reasonable at all.

exactly the same as leonix007 think.

Quote from: leonix007 on September 09, 2018, 03:32:36 AM

mining at a loss is not even logical

Quote from: Comino on September 10, 2018, 03:52:04 AM

You might want to consider changing the algorithm and mining other coins.

The question is whether they know to switch coins (manually / automatically) or choose another coin. If switch manually does have a little complicated when "calculating" even though we have whattomine but doesn't guarantee 100% the same as reality.

Comino

jr. member

Activity: 182

Merit: 7

No noise. No hustle. Quiet as whisper. Comino.

What are you mining? At what hashrate? How many GPUs? What are you electricity costs (should be really high).
Mining for loss is not reasonable at all. You might want to consider changing the algorithm and mining other coins.

leonix007

sr. member

Activity: 1008

Merit: 297

Grow with community

Quote from: jillscarbrough on September 09, 2018, 05:14:29 AM

Yes leon, I'm lazy to explain the factors that can affect earnings, I'm sure you also know. it isn't just a hardware that is owned and coins are mined but experience plays an important role in it.

btw, what coins are you holding or what coin want to buy. I have a bit ETH in a pocket from mining 7 months ago Grin

yeah, still have my eth in my basket

I'm watching these coins Dash,EOS,XRP,XLM

and of course the doge Coin, Grin

for pump and dump

jillscarbrough

sr. member

Activity: 588

Merit: 335

Steady State Finance

Yes leon, I'm lazy to explain the factors that can affect earnings, I'm sure you also know. it isn't just a hardware that is owned and coins are mined but experience plays an important role in it.

btw, what coins are you holding or what coin want to buy. I have a bit ETH in a pocket from mining 7 months ago Grin

leonix007

sr. member

Activity: 1008

Merit: 297

Grow with community

Quote from: jillscarbrough on September 09, 2018, 01:16:51 AM

I don't understand your questions.
If it means an electricity cost bigger than earn by mining, of course, you have the decision to shut down/ sell it your equipment. Btw, what is the equipment? is it Mining Rigs (GPUs)/ ASICs/ CPU/Mobile phone?

Guess, it doesn't matter bro

mining at a loss is not even logical

If my rigs wont cover its bills, then time to rest for the moment

Id rather buy coins which I believe would go up later on, than mine them

Its even more economical

jillscarbrough

sr. member

Activity: 588

Merit: 335

Steady State Finance

I don't understand your questions.
If it means an electricity cost bigger than earn by mining, of course, you have the decision to shut down/ sell it your equipment. Btw, what is the equipment? is it Mining Rigs (GPUs)/ ASICs/ CPU/Mobile phone?

wesk1212

full member

Activity: 486

Merit: 100

Personally
I want to stop mining and buy coins and store them until the market rises
Why do I damage my equipment and yet I lose the value of electricity ??

Piskeante

member

Activity: 924

Merit: 15

mining at a loss is dumb.

Topic: I'm mining at a loss - page 2. (Read 2039 times)