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Topic: Mining earnings are terrible, I'm shutting down for a while (Read 3513 times)

full member
Activity: 420
Merit: 110
How come profitability is this low now?  Ever since the "crash" in bitcoin price, altcoin mining has been very unprofitable. Is there a simple explanation for this that i cannot figure out? Ive been thinking about it alot but cannot get my head around it.
Hmmm, let's see...everyone and their brother, sister, mother and father are mining now, so difficulty goes up and up at the same time asset prices go down. That's pretty simple math really. BTW, expect it to get worse. Much much worse. Until all the fast cash johnny come lately's get flushed off the game board, there will be further pain.
full member
Activity: 364
Merit: 106
ONe Social Network.
How come profitability is this low now?  Ever since the "crash" in bitcoin price, altcoin mining has been very unprofitable. Is there a simple explanation for this that i cannot figure out? Ive been thinking about it alot but cannot get my head around it.

you are doing it wrong.
sr. member
Activity: 518
Merit: 250
How come profitability is this low now?  Ever since the "crash" in bitcoin price, altcoin mining has been very unprofitable. Is there a simple explanation for this that i cannot figure out? Ive been thinking about it alot but cannot get my head around it.
full member
Activity: 462
Merit: 115
Honestly, mining profitability has been very good for the past couple months.  Even at the lowest dip from like 2 weeks ago, profitability was overall very good. 

Right now my 6x 1060 rig is generating close to $9 a day.  At one point it was down below $5 but that was a couple months ago.  Yeah it will take some time to pay off any new rigs but its absolutely stupid to shut down the rigs you already posses unless you are paying like 50 cents kwh.
member
Activity: 140
Merit: 10
Merit me or don't.
Started mining in August, held then sold in December and paid off both my rigs, all the electricity and have a bit left in the tank!

And electricity is spenny over here in the UK!
full member
Activity: 364
Merit: 106
ONe Social Network.
you just need to mine the right stuff, for example ipbc first day with the good 10k blocks Grin
my effort for 23h mining = ~23k coins = ~1500$@current rate Grin
member
Activity: 294
Merit: 12
My 1080ti, 2x 1080 and 1070 made 12 euro during the last 24 hours.

12 euros.. That's almost next to nothing when substracting the power and transaction costs.


I'm shutting down my miner for a few weeks. Is anyone else taking these drastic measurements, or am I the only one?
I must confess that I don't believe BTC will go up again soon... (sorry to the believers here, no disrespect intended).



Did you shut down for a while? If you didn't, did you sell your coins cheap? I guess my point is, look how fast things change! If you kept mining, and held your coins until now, you would have made just as much money as if the coins had never dropped in the first place.


I started mining a few weeks ago.. Earnings are up, but still not as good as I'd wish. Let us hope BTC will keep going up....


sad that bitcoin has to have an over inflated price of over $17,000 for mining to be profitable

this is the true price of many coins
full member
Activity: 378
Merit: 135
It is profitable at a much higher rate than that. I am still making a few hundred a month at .127 after electric costs.  I have no plan to stop mining even if it ends up break even or a littler loss.  I have been holding for a long time since paying off all my rigs.  I will patiently mine and hold till other give up and prices begin to rise again.
newbie
Activity: 37
Merit: 0
Mining is still profitable even with avg power cost ~0.15$ kwh
newbie
Activity: 81
Merit: 0
Quote from: treanski link=topic=2854657.msg30226617#msg30226617
Grin oh man you are hero member, if that account isnt bought you should have some experience how crypto works.

I can assure you it is not bought. I used to own a faucet and stuff loooooong time ago...

I used to be positive like you, but now I am not. When I started mining I made 3 euro a day with just 1 GPU. For me it has never been this bad.
The world has changed, that's why I think BTC won't rise that much anymore. It's not a bad thing -crypto will never die, but for me it is not making me enough money anymore. Good thing is I have a few GPUs for when I buy my Oculus. Cheesy

after bitcoin crash last year to 3k $, i barely mined my electricity costs. but i kept mining and in december i paid of all my rigs and made some nice profit...
hodl and believe Grin

Would that be better if you just buy and hold?
member
Activity: 438
Merit: 27
Its all a question about income and the electric bill.
Check if you can outsource your rigs.
member
Activity: 644
Merit: 24
Hope you can still earn from this, I have actually read some of the miners said that its kinda hard for them to earn in mining at this point.

Lol.
jr. member
Activity: 48
Merit: 2
Hope you can still earn from this, I have actually read some of the miners said that its kinda hard for them to earn in mining at this point.
hero member
Activity: 1218
Merit: 534
My 1080ti, 2x 1080 and 1070 made 12 euro during the last 24 hours.

12 euros.. That's almost next to nothing when substracting the power and transaction costs.


I'm shutting down my miner for a few weeks. Is anyone else taking these drastic measurements, or am I the only one?
I must confess that I don't believe BTC will go up again soon... (sorry to the believers here, no disrespect intended).



Did you shut down for a while? If you didn't, did you sell your coins cheap? I guess my point is, look how fast things change! If you kept mining, and held your coins until now, you would have made just as much money as if the coins had never dropped in the first place.


I started mining a few weeks ago.. Earnings are up, but still not as good as I'd wish. Let us hope BTC will keep going up....
newbie
Activity: 182
Merit: 0
My 1080ti, 2x 1080 and 1070 made 12 euro during the last 24 hours.

12 euros.. That's almost next to nothing when substracting the power and transaction costs.


I'm shutting down my miner for a few weeks. Is anyone else taking these drastic measurements, or am I the only one?
I must confess that I don't believe BTC will go up again soon... (sorry to the believers here, no disrespect intended).



Did you shut down for a while? If you didn't, did you sell your coins cheap? I guess my point is, look how fast things change! If you kept mining, and held your coins until now, you would have made just as much money as if the coins had never dropped in the first place.
full member
Activity: 364
Merit: 106
ONe Social Network.
Quote from: treanski link=topic=2854657.msg30226617#msg30226617
Grin oh man you are hero member, if that account isnt bought you should have some experience how crypto works.

I can assure you it is not bought. I used to own a faucet and stuff loooooong time ago...

I used to be positive like you, but now I am not. When I started mining I made 3 euro a day with just 1 GPU. For me it has never been this bad.
The world has changed, that's why I think BTC won't rise that much anymore. It's not a bad thing -crypto will never die, but for me it is not making me enough money anymore. Good thing is I have a few GPUs for when I buy my Oculus. Cheesy

after bitcoin crash last year to 3k $, i barely mined my electricity costs. but i kept mining and in december i paid of all my rigs and made some nice profit...
hodl and believe Grin
hero member
Activity: 896
Merit: 520
Quote from: treanski link=topic=2854657.msg30226617#msg30226617
Grin oh man you are hero member, if that account isnt bought you should have some experience how crypto works.

I can assure you it is not bought. I used to own a faucet and stuff loooooong time ago...

I used to be positive like you, but now I am not. When I started mining I made 3 euro a day with just 1 GPU. For me it has never been this bad.
The world has changed, that's why I think BTC won't rise that much anymore. It's not a bad thing -crypto will never die, but for me it is not making me enough money anymore. Good thing is I have a few GPUs for when I buy my Oculus. Cheesy

As difficulty and price fall is there in the market so your profit will be less now. Once the value of every crypto currencies back in action we will find its value grown more than any investment option in crypto investment.
Hope you do not demotivate yourself in this time. Have to wait for some months to find the profit in USD calculation still in crypto value it is profitable. Am I right buddy.
hero member
Activity: 1218
Merit: 534
Quote from: treanski link=topic=2854657.msg30226617#msg30226617
Grin oh man you are hero member, if that account isnt bought you should have some experience how crypto works.

I can assure you it is not bought. I used to own a faucet and stuff loooooong time ago...

I used to be positive like you, but now I am not. When I started mining I made 3 euro a day with just 1 GPU. For me it has never been this bad.
The world has changed, that's why I think BTC won't rise that much anymore. It's not a bad thing -crypto will never die, but for me it is not making me enough money anymore. Good thing is I have a few GPUs for when I buy my Oculus. Cheesy

I'm certainly going to keep some good gpu's for VR when I decide call it quits with gpu mining.

Great minds think alike. Is the Oculus still the best on the market atm?
member
Activity: 644
Merit: 24
Quote from: treanski link=topic=2854657.msg30226617#msg30226617
Grin oh man you are hero member, if that account isnt bought you should have some experience how crypto works.

I can assure you it is not bought. I used to own a faucet and stuff loooooong time ago...

I used to be positive like you, but now I am not. When I started mining I made 3 euro a day with just 1 GPU. For me it has never been this bad.
The world has changed, that's why I think BTC won't rise that much anymore. It's not a bad thing -crypto will never die, but for me it is not making me enough money anymore. Good thing is I have a few GPUs for when I buy my Oculus. Cheesy

I'm certainly going to keep some good gpu's for VR when I decide call it quits with gpu mining.
hero member
Activity: 1218
Merit: 534
Quote from: treanski link=topic=2854657.msg30226617#msg30226617
Grin oh man you are hero member, if that account isnt bought you should have some experience how crypto works.

I can assure you it is not bought. I used to own a faucet and stuff loooooong time ago...

I used to be positive like you, but now I am not. When I started mining I made 3 euro a day with just 1 GPU. For me it has never been this bad.
The world has changed, that's why I think BTC won't rise that much anymore. It's not a bad thing -crypto will never die, but for me it is not making me enough money anymore. Good thing is I have a few GPUs for when I buy my Oculus. Cheesy
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