Mining crash coming soon? | Bitcointalksearch.org

gotminer

member

Activity: 644

Merit: 24

Quote from: QuintLeo on January 31, 2018, 10:57:49 PM

Profitability has dropped some the last couple weeks, combination of folks adding some new rigs and coin prices dropping from their peaks.

Still not down to where it was at one year ago.

I'm hopeful that we haven't hit the bottom yet. I have orders in that need to be filled ... Lol. Crossing my fingers for 7500-8000 btc price in the near future.

QuintLeo

legendary

Activity: 1498

Merit: 1030

Profitability has dropped some the last couple weeks, combination of folks adding some new rigs and coin prices dropping from their peaks.

Still not down to where it was at one year ago.

gotminer

member

Activity: 644

Merit: 24

Quote from: Amstellodamois on January 31, 2018, 08:16:37 PM

Quote from: Digital Drug Lord on January 30, 2018, 03:34:39 PM

My 1070 struggle to make $3 a day

They want $999 for a 1070

I just spent less (780€) for ten 1080 Ti, you should search for better deals.

He has no idea what he is talking about and he doesn't know the difference between a legit retailer and a reseller selling on a legit retailers website like NewEgg, Amazon, ect.

Amstellodamois

newbie

Activity: 182

Merit: 0

Quote from: Digital Drug Lord on January 30, 2018, 03:34:39 PM

My 1070 struggle to make $3 a day

They want $999 for a 1070

I just spent less (780€) for ten 1080 Ti, you should search for better deals.

ferall

sr. member

Activity: 672

Merit: 265

Just go with it, or sell up.

drawingthemoon

full member

Activity: 135

Merit: 100

This is all just FUD in the news, there is no crash. Every year the same with the price and it is just normal because of many reasons, people need FIAT. And the calculation on What-to-mine based on the difficilty and the price. If the price goes up in the next months(what I think) mining will be profitable again soon. So stay cool, mine your coin, hodl and be happy this summer <3

tangonaboat

newbie

Activity: 23

Merit: 0

I don't know about real earnings of other coins but I'm mining ZEN, at 14200 hashrate I was earning in Oct. 2017, 3 to 3.25 ZEN/day but earnings been going down to around 2.3 ZEN/day since 1/26/18.

Difficulty has been going up for sure so now I have to decide if I should keep mining ZEN and hope for the price to offset the rise in difficulty or just mine another coin... shoulda mine ZCL =.( but oh well, I can't predict these things.

stzcze

jr. member

Activity: 109

Merit: 1

You're absolutely right, but people are foolish

dejan_p

member

Activity: 132

Merit: 11

keep in mind that the numbers in OP are unreal on a long(er) run
if you have a card that makes 10$ per day, that means we are in the peak of mining profitability

people need to understand that (depending on where you live and the cost of your electricity), 1-1.5$ per card (570) is profitable..but you all want 4$ per card

even with the recent prices drop, we are still in a very profitable period

liuqi

sr. member

Activity: 1092

Merit: 257

LuckyB.it is Back!

Quote from: VegasJeff on January 30, 2018, 03:24:20 PM

I noticed earlier in the month on whattomine.com a 1080 TI would generate about $10 per day. The last week was about $5 per day and I see it says $4 per day as of today. Do you think a mining crash is coming soon and when?

Mining should not crash anyway it depends on the cryptocurrency crash. Because all the payments are cryptocurrency only so your coin value should be raise automatically your payment also increased. All the miners are know about the mining platform. I think your new to this platform first you study about the blockchain technology then you have some clear idea about the cryptocurrency and mining platform.

Riptide_NVN

member

Activity: 294

Merit: 16

Hey I'm willing to spend a little for a consultation with a CPA but I don't want to waste my money on someone that doesn't know what they're talking about RE: cryptocurrency mining

I live in Montana so there isn't likely to be any local CPA who is going to have that knowledge. If someone here knows a good prospective contact - please by all means. Post it here or email it over.

The fairness bill is great but it does nothing to help miners.

gotminer

member

Activity: 644

Merit: 24

Would someone tell the Winklevoss twins to offload some of their btc, so I can get some fiat in at 8K tonight? Lol.

adaseb

legendary

Activity: 3738

Merit: 1708

I've been around since 2013.

Back in 2013, a R9 280X had an MSRP of like $300

Here is how the daily profitability was more or less for the 280X.

Nov 2013: $15/day
Dec 2013: $10/day
Jan 2014: $7.50/day
Feb 2014: $5.00/day
March 2014: $2.50/day
April 2014: $1.25/day
May 2014: $0.75/day
June 2014: $0.50/day
...
...
...
Dec 2014: $0.25/day

This is NOT including electricity. Most stopped mining because electricity > profits.

Sometime in Feb 2014, there was a CRAZY mania and 280X was sold out everywhere. People were flipping them for like $400-$500.

Vann

hero member

Activity: 1036

Merit: 606

Their is some legislation in the works to exempt transactions under $600 from incurring any taxes.

https://www.zerohedge.com/news/2017-12-11/bipartisan-cryptocurrency-fairness-act-moves-through-congress

So if you are in the US and feel like doing something other than bitching about taxes on the internet, contact your legislators.

hanskan

full member

Activity: 336

Merit: 100

Quote from: treanski on January 30, 2018, 04:56:27 PM

GPU Mining will die in 2018
GPU Mining will die in 2019
GPU Mining will die in 2020
GPU Mining will die in 2021
GPU Mining will die in 2022

Bitcoin dies at least 20 times/year

Not to mention the 62534 times GPU mining died in 2017 according to this forum LOL

gotminer

member

Activity: 644

Merit: 24

Quote from: mattyforcrypto on January 30, 2018, 09:38:11 PM

Quote from: gotminer on January 30, 2018, 09:16:40 PM

Quote from: Riptide_NVN on January 30, 2018, 09:00:45 PM

Quote from: gotminer on January 30, 2018, 08:40:20 PM

I'd talk to a CPA if I were you.

Not sure what you've heard?

https://turbotax.intuit.com/tax-tips/tax-payments/tax-tips-for-bitcoin-and-virtual-currency/L1ZOgU00q

US miners are getting raped on taxes.

Lol @ Turbo Tax. You can't sum up tax law in a few short paragraphs. Talk to a CPA. And talk to one who knows something about crypto tax law.

I dunno about that, that's what I read everywhere when comparing different countries for taxes on mining, can't be that wrong.

Quote from: Riptide_NVN on January 30, 2018, 09:21:54 PM

Do you have any recommendations?

Can't hurt to talk to a specialist, but won't change the law, don't forget the government will always want your money, I know it firsthand with some new laws here.

It isn't going to change the law, but I'm going to take the advice of a good CPA who has done the research over a boxed piece of software that is geared towards personal and small business.

Paying a CPA to do my taxes for a small business outside of the crypto world saved me money compared to what I would have done on my own with Turbo Tax or doing them by hand myself.

gotminer

member

Activity: 644

Merit: 24

Quote from: Riptide_NVN on January 30, 2018, 09:21:54 PM

Do you have any recommendations?

I would ask friends and family for recommendations on CPA's that they've used in the past. Just as I would if I were looking for an attorney or any other professional service. I haven't called around the local ones in my area just to ask if they have experience in crypto taxes, but I have consulted with one that I use for another business that I run. Most of them probably don't know too much about it just yet, but I want one that I personally know doing the research.

Don't listen to some guy on the internet, because I'm not a CPA or a tax attorney, or anything of the likeness, but I think there is way more to it than what Turbo Tax has posted on their website, which is very vague and confusing to me.

mattyforcrypto

jr. member

Activity: 163

Merit: 2

Quote from: gotminer on January 30, 2018, 09:16:40 PM

Quote from: Riptide_NVN on January 30, 2018, 09:00:45 PM

Quote from: gotminer on January 30, 2018, 08:40:20 PM

I'd talk to a CPA if I were you.

Not sure what you've heard?

https://turbotax.intuit.com/tax-tips/tax-payments/tax-tips-for-bitcoin-and-virtual-currency/L1ZOgU00q

US miners are getting raped on taxes.

Lol @ Turbo Tax. You can't sum up tax law in a few short paragraphs. Talk to a CPA. And talk to one who knows something about crypto tax law.

I dunno about that, that's what I read everywhere when comparing different countries for taxes on mining, can't be that wrong.

Quote from: Riptide_NVN on January 30, 2018, 09:21:54 PM

Do you have any recommendations?

Can't hurt to talk to a specialist, but won't change the law, don't forget the government will always want your money, I know it firsthand with some new laws here.

Riptide_NVN

member

Activity: 294

Merit: 16