Is crypto mining still profitable? | Bitcointalksearch.org

safar1980

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Quote from: Vispilio on October 21, 2023, 08:25:00 PM

Quote from: FP91G on October 21, 2023, 02:47:36 PM

Check out this post
https://bitcointalksearch.org/topic/m.63031992
It says that 1/6 of the miners who use Hive OS for video cards mine coins that are not profitable to mine due to ASICs
https://hiveon.com/statistics/
I wouldn’t mine these coins even with free electricity, but we see these statistics.

Yep fascinating stuff, I bet a considerable percentage of those is by people who don't pay the electricity bills or steal subsidized energy (like school, state office, etc), in that case they are literally mining for free.

There are ways around it, especially in the developing world, even in my country part of the electricity bill is paid to the government in the form of "subsidizing illegal usage", meaning legitimate users have to pay for the illegal energy use in the country... I can guarantee part of those illegals are mining crypto, usually deep in the country side where it's hard to police by the government...

I'm glad that my small research turned out to be useful. But have you ever wondered why these miners won’t start mining coins where the income from mining is much higher?
A smart miner will use cheap electricity more wisely rather than mine the least profitable coins. I don't know why miners do this.

FP91G

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Quote from: Vispilio on October 21, 2023, 08:25:00 PM

Quote from: FP91G on October 21, 2023, 02:47:36 PM

Check out this post
https://bitcointalksearch.org/topic/m.63031992
It says that 1/6 of the miners who use Hive OS for video cards mine coins that are not profitable to mine due to ASICs
https://hiveon.com/statistics/
I wouldn’t mine these coins even with free electricity, but we see these statistics.

Yep fascinating stuff, I bet a considerable percentage of those is by people who don't pay the electricity bills or steal subsidized energy (like school, state office, etc), in that case they are literally mining for free.

There are ways around it, especially in the developing world, even in my country part of the electricity bill is paid to the government in the form of "subsidizing illegal usage", meaning legitimate users have to pay for the illegal energy use in the country... I can guarantee part of those illegals are mining crypto, usually deep in the country side where it's hard to police by the government...

Because of the high exchange rate of the dollar, my tariff in Russia is about 3.2 cents per kilowatt now in rural areas, but even under these conditions it is not profitable to mine Ethereum classic or Кaspa on video cards.
But the process of installing electronic electricity meters on wires in many regions is already beginning, so if there is a large consumption of electricity, there will be checks by power engineers.

Husnain kazmi

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Quote from: JanNettFoster on August 11, 2023, 12:35:40 AM

Hey guys! Hope you to share your experience and thoughts
Since ETH switched to PoS on September 15th, 2022 mining ended for me, there's no coins to mine and to earn. But I still have equipment (however, its price dropped in a half), so I'm curious - are there any crypto you can still mine and get income?

may be not may be yes depends on country but I live in pakistan and mining is almost imposible due to electricty cost.

Vispilio

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Quote from: FP91G on October 21, 2023, 02:47:36 PM

Check out this post
https://bitcointalksearch.org/topic/m.63031992
It says that 1/6 of the miners who use Hive OS for video cards mine coins that are not profitable to mine due to ASICs
https://hiveon.com/statistics/
I wouldn’t mine these coins even with free electricity, but we see these statistics.

Yep fascinating stuff, I bet a considerable percentage of those is by people who don't pay the electricity bills or steal subsidized energy (like school, state office, etc), in that case they are literally mining for free.

There are ways around it, especially in the developing world, even in my country part of the electricity bill is paid to the government in the form of "subsidizing illegal usage", meaning legitimate users have to pay for the illegal energy use in the country... I can guarantee part of those illegals are mining crypto, usually deep in the country side where it's hard to police by the government...

FP91G

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Quote from: Vispilio on October 20, 2023, 09:29:52 PM

Quote from: FP91G on September 02, 2023, 10:59:37 AM

Why keep mining at a loss?
If buying a coin is cheaper than mining, then it is more profitable to buy it. I also mined ethereum in 2018-2019, but I did not have any losses.
But now the situation is different, on old video cards the profit is very small, and new video cards are expensive and their payback period discourages the desire to buy them.

Exactly, I agree this is the more rational approach. If you are so in love with a coin that you are willing to mine it at a loss, better to buy it outright, you can do bigger size with the same expenses, and your payout will also be bigger assuming your pick is right.

Currently as it stands, only a few countries where electricity is heavily subsidized continue to be profitable for altcoin mining, if you are heavily invested in rigs and don't want to sell your equipment at these cheap rates, it might be worthwhile to relocate; Central Asia (eg. Kirgizistan) would be a great candidate...

Check out this post
https://bitcointalksearch.org/topic/m.63031992
It says that 1/6 of the miners who use Hive OS for video cards mine coins that are not profitable to mine due to ASICs
https://hiveon.com/statistics/
I wouldn’t mine these coins even with free electricity, but we see these statistics.

Vispilio

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Quote from: FP91G on September 02, 2023, 10:59:37 AM

Why keep mining at a loss?
If buying a coin is cheaper than mining, then it is more profitable to buy it. I also mined ethereum in 2018-2019, but I did not have any losses.
But now the situation is different, on old video cards the profit is very small, and new video cards are expensive and their payback period discourages the desire to buy them.

Exactly, I agree this is the more rational approach. If you are so in love with a coin that you are willing to mine it at a loss, better to buy it outright, you can do bigger size with the same expenses, and your payout will also be bigger assuming your pick is right.

Currently as it stands, only a few countries where electricity is heavily subsidized continue to be profitable for altcoin mining, if you are heavily invested in rigs and don't want to sell your equipment at these cheap rates, it might be worthwhile to relocate; Central Asia (eg. Kirgizistan) would be a great candidate...

FP91G

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Vitalik changed the logo after mining ended.

If only ASIC sellers want to increase equipment sales, then they will be interested in raising the price of the coin, but there are already a lot of ASICs and progress on new models is not as strong as on ASICs for Bitcoin.

swogerino

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I think there are a couple of tokens who can very well survive the next bull run and those are ETC-Ethereum Classic plus Zilliqa which has been with us from quite a long time and have a strong foundation behind them,as long as I know Zilliqa is a project from the Singapore University of Computer Sciences and these two coins can be mined together by dual mining with many software miners supporting dual mining nowadays.

Of course we are not talking about any profit here,only to keep accumulating as much as we can as the next bull run is not that far away according to history,just 2 years away Grin

.

FP91G

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Mining is interesting in any market when the coin has growth prospects and the project is interesting. Right now I don't see any strong interesting projects that can survive into the next bull market. There are leaders for mining, but the real chances of these projects are very small.

fmz89

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mining on bear market waste of resource, people tend to expand their rig when bear happen, today is no longer option
such worries, back in 2015 eth was the answer to miner, and miner dumping their earning instead of holding, its just like seeing oasis for first time

FP91G

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Quote from: swogerino on September 01, 2023, 04:31:55 PM

Quote from: OgNasty on August 30, 2023, 11:10:55 PM

Now is the time to stack in silence and wait. When mining isn’t profitable has historically been the best time to be mining. By the time it’s profitable that means the price has already risen and everybody is fighting to get as much hashrate as possible. By then it’s too late. If you are able, just mine coins and wait until the market comes back to sell.

I strongly agree with this statement.Usually the guys who make a lot of money out of mining are the ones who do so when they mine at a big loss as I have done it personally in 2018-2019 when everybody shut down their miners I kept mine on.The result were that in 2021 I was an extremely happy person,I got against all odds at that time and I was rewarded a couple of years later.For now there is still time meaning that based on if history will repeat itself,the next bull run should be in late 2025 so another couple of years for people to start their mining journey if they want.

Why keep mining at a loss?
If buying a coin is cheaper than mining, then it is more profitable to buy it. I also mined ethereum in 2018-2019, but I did not have any losses.
But now the situation is different, on old video cards the profit is very small, and new video cards are expensive and their payback period discourages the desire to buy them.

swogerino

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Quote from: OgNasty on August 30, 2023, 11:10:55 PM

Now is the time to stack in silence and wait. When mining isn’t profitable has historically been the best time to be mining. By the time it’s profitable that means the price has already risen and everybody is fighting to get as much hashrate as possible. By then it’s too late. If you are able, just mine coins and wait until the market comes back to sell.

I strongly agree with this statement.Usually the guys who make a lot of money out of mining are the ones who do so when they mine at a big loss as I have done it personally in 2018-2019 when everybody shut down their miners I kept mine on.The result were that in 2021 I was an extremely happy person,I got against all odds at that time and I was rewarded a couple of years later.For now there is still time meaning that based on if history will repeat itself,the next bull run should be in late 2025 so another couple of years for people to start their mining journey if they want.

FP91G

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Quote from: fmz89 on September 01, 2023, 08:58:31 AM

for gpu mining no there is not, except you have turbin Cheesy

, for asic yeah still doable, for cpu = skip, hdd mining same thing
if btc goes 2x then all zombie rise from the dead again for good sake Grin

, so wait till etf approved which is it almost guaranted will be there nor end of this year or q1 2024

Increasing the profit in mining by 200% on video cards will unfortunately not give anything, because on many coins over the past month the profit has fallen by 20-30% due to falling coin prices and a small influx of miners. In order for the zombies to rise up, the price of shitcoins for mining must increase at least 5 times.

fmz89

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for gpu mining no there is not, except you have turbin Cheesy

, for asic yeah still doable, for cpu = skip, hdd mining same thing
if btc goes 2x then all zombie rise from the dead again for good sake Grin

, so wait till etf approved which is it almost guaranted will be there nor end of this year or q1 2024

FP91G

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Quote from: OgNasty on August 30, 2023, 11:10:55 PM

Now is the time to stack in silence and wait. When mining isn’t profitable has historically been the best time to be mining. By the time it’s profitable that means the price has already risen and everybody is fighting to get as much hashrate as possible. By then it’s too late. If you are able, just mine coins and wait until the market comes back to sell.

If you know good coins, then it is more profitable to buy them when I spend my 80% of mining profit on expenses and wear out video cards under load.
It is not clear which coin price may rise in the future, because these are shitcoins.
What coins are you currently mining?

OgNasty

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Now is the time to stack in silence and wait. When mining isn’t profitable has historically been the best time to be mining. By the time it’s profitable that means the price has already risen and everybody is fighting to get as much hashrate as possible. By then it’s too late. If you are able, just mine coins and wait until the market comes back to sell.

FP91G

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Quote from: Bitcoin_Arena on August 27, 2023, 07:27:50 PM

Quote from: nur1labs on August 27, 2023, 09:12:01 AM

well risk too big i think but sometimes when bull some coins is still low. maybe the timing needs here we know asic cheap now. we not much trust on this time if calculate wrong become bad.

Still less risky than buying an already very expensive mining gear at the peak of the bull market due to FOMO only for the coin prices, mining profitability and mining gear value to drop a few weeks later.

In 2018-2019, when mining was unprofitable or low-profit, miners knew which coins to mine and most miners chose Ethereum. Now no one knows which coin to choose, because all these shitcoins for mining on video cards do not inspire confidence. And for current coins it is more profitable to use Nvidia 2xxx-3xxx series and AMD analogues.

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Quote from: nur1labs on August 27, 2023, 09:12:01 AM

well risk too big i think but sometimes when bull some coins is still low. maybe the timing needs here we know asic cheap now. we not much trust on this time if calculate wrong become bad.

Still less risky than buying an already very expensive mining gear at the peak of the bull market due to FOMO only for the coin prices, mining profitability and mining gear value to drop a few weeks later.

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Quote from: Bitcoin_Arena on August 25, 2023, 07:58:58 PM

Quote from: rdagcoin on August 22, 2023, 02:26:34 AM

Can wait until the next bull market

So you finally wake up and start buying mining gear when it's already expensive and the coins are already up in price? Grin

My brother, always avoid FOMO, it's way too risky, start early.

The good thing about the bear market, in most cases, there is only one way to go... Upwards!

well risk too big i think but sometimes when bull some coins is still low. maybe the timing needs here we know asic cheap now. we not much trust on this time if calculate wrong become bad.

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Quote from: rdagcoin on August 22, 2023, 02:26:34 AM

Can wait until the next bull market

So you finally wake up and start buying mining gear when it's already expensive and the coins are already up in price? Grin

My brother, always avoid FOMO, it's way too risky, start early.

The good thing about the bear market, in most cases, there is only one way to go... Upwards!

FP91G

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Quote from: rdagcoin on August 22, 2023, 02:26:34 AM

Can wait until the next bull market

How do you propose to wait?
Should miners buy cheap hardware now and wait or buy hardware when the demand for mining is high and videocart and ASIC prices go up as well?
But the competition in mining is high, and without cheap electricity, waiting will not bring profit. As soon as the profit grows, the number of miners will also increase.

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Quote from: rdagcoin on August 22, 2023, 02:26:34 AM

Can wait until the next bull market

we wait for that market for next bull run for turn on mining big. but after all the profit one still bigger miner Grin

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Can wait until the next bull market

FP91G

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Today I was looking through coins for mining on video cards, and I didn’t find anything profitable. It is unprofitable for a beginner to enter this business. You can get a little more cheating profit on CLORE mining, but this is a small increase in profit. I'm currently on standby. If a new coin appears, then I will turn on mining. I have the advantage that my equipment has already been paid for, so my risks are small.

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I don’t think home miners will be able to mine profitability like we had since ETH came out in late 2015. Globally the electricity prices have gone up lots since then. And since ETH was removed as one of the most profitable GPU coins out there there isn’t much.

Sure you can do Bitcoin mining but the rigs are crazy expensive and they are risky to buy. Same with the other algos like Litecoin. You can mine a few new coins here and there but it’ll most likely be short lived. Even the ETH POW coin was a failure.

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Crypto mining profitability is seasonal, sometimes you could mine at a loss, but if you are patient enough. You could rip big at the end, though no one really knows which coin might be the next big thing in terms of mining profitability when the bull market is finally on. It's similar to how we buy coins during the bear market while waiting for how they will perform in the bull market.

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Quote from: alastantiger on August 11, 2023, 06:27:13 AM

No, in 2023 crypto mining in not profitable. and I wouldn't advice anyone to mine cryptocurrency in 2023, small time miners are already selling off their equipment. This is due to the fact that there is a decrease in profit that miners are getting because of the bitcoin halving expected next year.
Mining hardware is now expensive compared to before and unless you backed by an organization or have a lot of money... for small time miners, they do no not have such capital to procure the hardware needed.

Lastly, the rise in other always to acquire bitcoin as well as other cryptocurrencies is negatively affecting mining. Most people are acquiring bitcoin through staking and trading etc.

totally agree with you! After eth ended mining, the mining ended for good
ram and cpu prices decreased x2

FP91G

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Quote from: joniboini on August 12, 2023, 07:57:19 AM

Quote from: ?? on ??

is cloud mining profitable, can you share your experience, please?

Try looking around for GPU renting services if you can't mine with it. I recall some users sharing how they make some money by renting their GPU for decentralized computing services. It should offer you better results compared to cloud mining especially if you have some GPU laying around. Cloud mining is only profitable for the business while the user only gets a very small profit most of the time (or scams, as mentioned above). CMIIW.

These services do not guarantee 100% rent to the miner. The miner will be forced to overpay for more expensive equipment, but as a result, his video cards will mine coins with a small profit 90% of the time. Therefore, if you do not have guarantees for renting your equipment, then try to take into account only the payback from mining.

joniboini

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Quote from: ?? on ??

is cloud mining profitable, can you share your experience, please?

Try looking around for GPU renting services if you can't mine with it. I recall some users sharing how they make some money by renting their GPU for decentralized computing services. It should offer you better results compared to cloud mining especially if you have some GPU laying around. Cloud mining is only profitable for the business while the user only gets a very small profit most of the time (or scams, as mentioned above). CMIIW.

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Quote from: JanNettFoster on August 11, 2023, 12:35:40 AM

Hey guys! Hope you to share your experience and thoughts
Since ETH switched to PoS on September 15th, 2022 mining ended for me, there's no coins to mine and to earn. But I still have equipment (however, its price dropped in a half), so I'm curious - are there any crypto you can still mine and get income?

Crypto mining profitability depends on the mining difficulty and the electrical costs. Also, regulations could affect how mining operations are conducted. Currently I 'am running a few validator nodes using a VPS. You can try out some layer 1 projects for the node running operations.

Eg :
1. Shardreum
2. Namada
3. Celestia

FP91G

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Quote from: JanNettFoster on August 11, 2023, 12:35:40 AM

Hey guys! Hope you to share your experience and thoughts
Since ETH switched to PoS on September 15th, 2022 mining ended for me, there's no coins to mine and to earn. But I still have equipment (however, its price dropped in a half), so I'm curious - are there any crypto you can still mine and get income?

What video cards do you have and what is the cost of electricity?
Now you can mine some coins for the future or sell old video cards and buy slightly more powerful video cards from miners instead. It is not yet profitable to buy new video cards for mining.

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Quote from: sesterceshop on August 11, 2023, 01:56:35 AM

If you have GPUs that are over 2 GB, then XMR comes to mind - https://whattomine.com/coins/101-xmr-randomx

You can also consider joining a mining pool or using cloud mining services to increase your chances of earning profit.

is cloud mining profitable, can you share your experience, please?

I would recommend you to stay away from cloud mining because it's a pure form of scam and if you invest your money into cloud mining sites then you may end up loosing your money. Cloud mining was introduced to trick those people who weren't aware about mining and the ones who still trust such thing should get proper knowledge about it before putting their money into it.

Back to @OP! In 2023, the mining is not that much profitable and anyone who has bought ASIC miners in 2021 is hardly earning any profits from mining. The ones who are earning some profits from mining even in 2023 are those people who have access to free electricity or very cheap electricity. If you don't have cheap or free electricity then you should stay away from mining especially in 2023.

alastantiger

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No, in 2023 crypto mining in not profitable. and I wouldn't advice anyone to mine cryptocurrency in 2023, small time miners are already selling off their equipment. This is due to the fact that there is a decrease in profit that miners are getting because of the bitcoin halving expected next year.
Mining hardware is now expensive compared to before and unless you backed by an organization or have a lot of money... for small time miners, they do no not have such capital to procure the hardware needed.

Lastly, the rise in other always to acquire bitcoin as well as other cryptocurrencies is negatively affecting mining. Most people are acquiring bitcoin through staking and trading etc.

svgisawmn

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Quote from: JanNettFoster on August 11, 2023, 12:35:40 AM

Hey guys! Hope you to share your experience and thoughts
Since ETH switched to PoS on September 15th, 2022 mining ended for me, there's no coins to mine and to earn. But I still have equipment (however, its price dropped in a half), so I'm curious - are there any crypto you can still mine and get income?

Not sure about your country but I live in Ukraine and mining became impossible. Electricity cost is too high and it doesn't pay off (even with solar panels)

sesterceshop

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If you have GPUs that are over 2 GB, then XMR comes to mind - https://whattomine.com/coins/101-xmr-randomx

You can also consider joining a mining pool or using cloud mining services to increase your chances of earning profit.

JanNettFoster

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Hey guys! Hope you to share your experience and thoughts
Since ETH switched to PoS on September 15th, 2022 mining ended for me, there's no coins to mine and to earn. But I still have equipment (however, its price dropped in a half), so I'm curious - are there any crypto you can still mine and get income?

Topic: Is crypto mining still profitable? (Read 499 times)