Profit is profit. I don't see why you shut completely down? I would consider moving to a different coin first.
Topic: Mining earnings are terrible, I'm shutting down for a while - page 3. (Read 3527 times)
I kinda a did 50-50 on both.
Mining has a relatively higher entry point if you don't have a PC already. You can buy coins for any amount. I chose to mine because it's fun and I believe that in long term it is more beneficial.
There is no right fit here, I have been reading people comment/blog about how mining isn't profitable since 2013 (sadly, I believed them back then and refrained from mining even though I had a decent PC). I remember thinking that .2 btc/ month isn't worth my attention
Mining has a relatively higher entry point if you don't have a PC already. You can buy coins for any amount. I chose to mine because it's fun and I believe that in long term it is more beneficial.
There is no right fit here, I have been reading people comment/blog about how mining isn't profitable since 2013 (sadly, I believed them back then and refrained from mining even though I had a decent PC). I remember thinking that .2 btc/ month isn't worth my attention
-BUY/HOLD -Buy $4200 of a coin at $0.5 each, if cost per coin doesn't change I own $4200 of coin
*in 1 year at 3x cost it's $12,600 I hold ,
*in 1 year if it 5x cost it's $21,000 I hold,
*and if it's 10x cost it's $42000. Solid.
-MINE- Spending $4200 ($2400 piece of hardware, plus $1800 in power for 1 yr /$150 a month) , and the average of coins mined daily over the year is 30 coins a day...
*in 1 year at same cost I've mined $5475 (30 coins a day, $0.5 each coin) minus cost of hardware and power = $1275 , not good
*in 1 year at 3x , mined total $16,425 - $4200 hardware / power = $12,225 , closer to buy / hold scenario
*in 1 year at 5x , mined total is $27,375 - $4200 hardware / power = $23,175 , better than buy / hold
*in 1 year at 10x, mined total is $54,750 - $4200 "" = $50,550 , $7450 more than just buy/hold
Check it out, let me know what I missed, (of course I know it can't be that simple, but I think the basic logic applies)
*in 1 year at 3x cost it's $12,600 I hold ,
*in 1 year if it 5x cost it's $21,000 I hold,
*and if it's 10x cost it's $42000. Solid.
-MINE- Spending $4200 ($2400 piece of hardware, plus $1800 in power for 1 yr /$150 a month) , and the average of coins mined daily over the year is 30 coins a day...
*in 1 year at same cost I've mined $5475 (30 coins a day, $0.5 each coin) minus cost of hardware and power = $1275 , not good
*in 1 year at 3x , mined total $16,425 - $4200 hardware / power = $12,225 , closer to buy / hold scenario
*in 1 year at 5x , mined total is $27,375 - $4200 hardware / power = $23,175 , better than buy / hold
*in 1 year at 10x, mined total is $54,750 - $4200 "" = $50,550 , $7450 more than just buy/hold
Check it out, let me know what I missed, (of course I know it can't be that simple, but I think the basic logic applies)
Well, you obviously missed the current situation: everything cratering. I have bought some coins outright, but I mainly mine them for the simple reason that if any one coins goes down the shitter I've really only lost the electricity cost because my equipment can mine something else. If I bought the same coin outright - let's say I got suckered into Bitconnect, for a pertinent example - then I lose my investment capital and can't do a damn thing about it.
I'm not saying you should only mine coins, rather, that you shouldn't put all your investment eggs into one basket - pretty much the same advice as applied to stocks, bonds, etc.
You gotta find them "under-the-radar coins" and have some luck 
. Great profits to be made!
. Great profits to be made! I've definitely heard that argument you might be right ... Mining has the initial hardware costs, plus power all year, etc... plus difficulty and block reward decreases... There's really too many variables over the course of years, but in my overly simplified math example (with tons of missing variables i'm sure), I think an argument could be made that at a certain increase in cost , mining becomes more profitable:
(let me know if I'm wrong, I'm wanting to learn and share like most everyone else here) :
-BUY/HOLD -Buy $4200 of a coin at $0.5 each, if cost per coin doesn't change I own $4200 of coin
*in 1 year at 3x cost it's $12,600 I hold ,
*in 1 year if it 5x cost it's $21,000 I hold,
*and if it's 10x cost it's $42000. Solid.
-MINE- Spending $4200 ($2400 piece of hardware, plus $1800 in power for 1 yr /$150 a month) , and the average of coins mined daily over the year is 30 coins a day...
*in 1 year at same cost I've mined $5475 (30 coins a day, $0.5 each coin) minus cost of hardware and power = $1275 , not good
*in 1 year at 3x , mined total $16,425 - $4200 hardware / power = $12,225 , closer to buy / hold scenario
*in 1 year at 5x , mined total is $27,375 - $4200 hardware / power = $23,175 , better than buy / hold
*in 1 year at 10x, mined total is $54,750 - $4200 "" = $50,550 , $7450 more than just buy/hold
Check it out, let me know what I missed, (of course I know it can't be that simple, but I think the basic logic applies)
I think a better way of working it out would be to use an average daily profit to work out what would be more profitable rather than an arbitrary number of coins that way it could be used for multiple coins, so in this scenario for the mining option it would be $15 per day @ same cost. So anything over $11.50 per day profit better to mine than buy, and you will also have a mining rig left over at the end of the year to continue mining with. But as you said with the other variables to factor in its near impossible to predict coin prices or difficulty increases.
With the way everything is in a drop right now, mining has become more of an investment then as an instant profit. Most coins now cost more to mine then they are currently worth. So either you gamble that the coin will go up after some time or hold off for a while untill the market goes back up again, if it does that.
I never saw mining as a short term profit, I'm just doing it on the side with my gaming rig since I don't have time to play anymore, might as well try to make some money, also thought about selling my card since the price went up by 30% compared to the time I bought it.
But the point is you should mine something you think will increase in value.
So many people just look at short term gains and jump around mining what looks good right now (nicehash), this is good if you have a big farm, but smaller miners are better off with some gambling.
As someone already suggested, BTX is a good coin to mine right now, but somehow can't get my miner to run, not sure what is the exact problem.
But the point is you should mine something you think will increase in value.
So many people just look at short term gains and jump around mining what looks good right now (nicehash), this is good if you have a big farm, but smaller miners are better off with some gambling.
As someone already suggested, BTX is a good coin to mine right now, but somehow can't get my miner to run, not sure what is the exact problem.
It's nice to see these thoughts shared, because I see alot of "well now coin x is only mining $5 or $10 a day" or something depending on the coin / rig etc... , but if you steadily mine and have a little luck as people get into crypto currency more and more, couldn't we see some coins 3x, 5x, or 10x (over a longer time span, like 2-5 years?)
If you look at it this way, mining a coin that gets you only $5-10 a day, that 5x in 2 years, is like a $25-50 profit per day... right? Or maybe more if it is a coin that goes nuts and goes up 10x or 100x? That's the way I'm looking at it at this point.
If you look at that in that way, it is better to just buy the coins directly.
I've definitely heard that argument you might be right ... Mining has the initial hardware costs, plus power all year, etc... plus difficulty and block reward decreases... There's really too many variables over the course of years, but in my overly simplified math example (with tons of missing variables i'm sure), I think an argument could be made that at a certain increase in cost , mining becomes more profitable:
(let me know if I'm wrong, I'm wanting to learn and share like most everyone else here) :
-BUY/HOLD -Buy $4200 of a coin at $0.5 each, if cost per coin doesn't change I own $4200 of coin
*in 1 year at 3x cost it's $12,600 I hold ,
*in 1 year if it 5x cost it's $21,000 I hold,
*and if it's 10x cost it's $42000. Solid.
-MINE- Spending $4200 ($2400 piece of hardware, plus $1800 in power for 1 yr /$150 a month) , and the average of coins mined daily over the year is 30 coins a day...
*in 1 year at same cost I've mined $5475 (30 coins a day, $0.5 each coin) minus cost of hardware and power = $1275 , not good
*in 1 year at 3x , mined total $16,425 - $4200 hardware / power = $12,225 , closer to buy / hold scenario
*in 1 year at 5x , mined total is $27,375 - $4200 hardware / power = $23,175 , better than buy / hold
*in 1 year at 10x, mined total is $54,750 - $4200 "" = $50,550 , $7450 more than just buy/hold
Check it out, let me know what I missed, (of course I know it can't be that simple, but I think the basic logic applies)
If I were op I'd be disappoint that nobody appreciated my joke.
What would you mine with 2 EVGA GTX 1070 FTW atm ?
You can mine either ZEC or ETH. Similar profitability.
With the way everything is in a drop right now, mining has become more of an investment then as an instant profit. Most coins now cost more to mine then they are currently worth. So either you gamble that the coin will go up after some time or hold off for a while untill the market goes back up again, if it does that.
I never saw mining as a short term profit, I'm just doing it on the side with my gaming rig since I don't have time to play anymore, might as well try to make some money, also thought about selling my card since the price went up by 30% compared to the time I bought it.
But the point is you should mine something you think will increase in value.
So many people just look at short term gains and jump around mining what looks good right now (nicehash), this is good if you have a big farm, but smaller miners are better off with some gambling.
As someone already suggested, BTX is a good coin to mine right now, but somehow can't get my miner to run, not sure what is the exact problem.
But the point is you should mine something you think will increase in value.
So many people just look at short term gains and jump around mining what looks good right now (nicehash), this is good if you have a big farm, but smaller miners are better off with some gambling.
As someone already suggested, BTX is a good coin to mine right now, but somehow can't get my miner to run, not sure what is the exact problem.
It's nice to see these thoughts shared, because I see alot of "well now coin x is only mining $5 or $10 a day" or something depending on the coin / rig etc... , but if you steadily mine and have a little luck as people get into crypto currency more and more, couldn't we see some coins 3x, 5x, or 10x (over a longer time span, like 2-5 years?)
If you look at it this way, mining a coin that gets you only $5-10 a day, that 5x in 2 years, is like a $25-50 profit per day... right? Or maybe more if it is a coin that goes nuts and goes up 10x or 100x? That's the way I'm looking at it at this point.
If you look at that in that way, it is better to just buy the coins directly.
With the way everything is in a drop right now, mining has become more of an investment then as an instant profit. Most coins now cost more to mine then they are currently worth. So either you gamble that the coin will go up after some time or hold off for a while untill the market goes back up again, if it does that.
I never saw mining as a short term profit, I'm just doing it on the side with my gaming rig since I don't have time to play anymore, might as well try to make some money, also thought about selling my card since the price went up by 30% compared to the time I bought it.
But the point is you should mine something you think will increase in value.
So many people just look at short term gains and jump around mining what looks good right now (nicehash), this is good if you have a big farm, but smaller miners are better off with some gambling.
As someone already suggested, BTX is a good coin to mine right now, but somehow can't get my miner to run, not sure what is the exact problem.
But the point is you should mine something you think will increase in value.
So many people just look at short term gains and jump around mining what looks good right now (nicehash), this is good if you have a big farm, but smaller miners are better off with some gambling.
As someone already suggested, BTX is a good coin to mine right now, but somehow can't get my miner to run, not sure what is the exact problem.
It's nice to see these thoughts shared, because I see alot of "well now coin x is only mining $5 or $10 a day" or something depending on the coin / rig etc... , but if you steadily mine and have a little luck as people get into crypto currency more and more, couldn't we see some coins 3x, 5x, or 10x (over a longer time span, like 2-5 years?)
If you look at it this way, mining a coin that gets you only $5-10 a day, that 5x in 2 years, is like a $25-50 profit per day... right? Or maybe more if it is a coin that goes nuts and goes up 10x or 100x? That's the way I'm looking at it at this point.
I've been around since 2013, and in my opinion mining profits are CRAZY HIGH at the moment.
About a year ago, you could pull in ~$1 per day with an RX 470. And now you are pulling in about triple that amount.
These types of profitability are unheard of and won't last long term.
Back in Dec 2014, an R9 280X (which was equivalent to a 1070 today) was making like $0.25/day. That's what I consider terrible earnings.
Also you guys are spoiled when it comes to power consumption. Most GPUs these days use what? A little over 100 Watts or so.
Back in the Litecoin days a R9 280X used 350 Watts. Yes 350 Watts from the wall.
About a year ago, you could pull in ~$1 per day with an RX 470. And now you are pulling in about triple that amount.
These types of profitability are unheard of and won't last long term.
Back in Dec 2014, an R9 280X (which was equivalent to a 1070 today) was making like $0.25/day. That's what I consider terrible earnings.
Also you guys are spoiled when it comes to power consumption. Most GPUs these days use what? A little over 100 Watts or so.
Back in the Litecoin days a R9 280X used 350 Watts. Yes 350 Watts from the wall.
Wow , that amazing. I am really thinking about getting into mining, but I need to make sure my budget is right.
What would you mine with 2 EVGA GTX 1070 FTW atm ?
Hmmmm ... The question is ... What would you mine with 2 EVGA GTX 1070 FTW atm?
Verge? whats the problem with my question ? atm (at the moment)
I´m new to mining, not an expert like you are.
The problem with your question is that you interrupted an ongoing discussion on a completely different topic to ask us to do your homework, so to speak. Use whattomine.com and figure out the answer for yourself.
...
So many people just look at short term gains and jump around mining what looks good right now (nicehash), this is good if you have a big farm, but smaller miners are better off with some gambling.
...
So many people just look at short term gains and jump around mining what looks good right now (nicehash), this is good if you have a big farm, but smaller miners are better off with some gambling.
...
I mine for the short term profit.
The pool I use auto-exchanges for BTC and pays me in that.....
The strategy I've decided makes the most sense if you have more than 1 rig - but aren't exactly running a farm - is to devote the bulk of your hashpower to a multi-algo/mult-coin auto-exchange pool, preferably something besides NiceHash (though the alternatives are not exactly controversy-free, either), and the rest to more speculative coins that you can hodl until they moon and then get your Lambo.
What would you mine with 2 EVGA GTX 1070 FTW atm ?
Hmmmm ... The question is ... What would you mine with 2 EVGA GTX 1070 FTW atm?
Verge? whats the problem with my question ? atm (at the moment)
I´m new to mining, not an expert like you are.
legendary
Activity: 1848
Merit: 1166
My AR-15 ID's itself as a toaster. Want breakfast?
I never saw mining as a short term profit, I'm just doing it on the side with my gaming rig since I don't have time to play anymore, might as well try to make some money, also thought about selling my card since the price went up by 30% compared to the time I bought it.
But the point is you should mine something you think will increase in value.
So many people just look at short term gains and jump around mining what looks good right now (nicehash), this is good if you have a big farm, but smaller miners are better off with some gambling.
As someone already suggested, BTX is a good coin to mine right now, but somehow can't get my miner to run, not sure what is the exact problem.
But the point is you should mine something you think will increase in value.
So many people just look at short term gains and jump around mining what looks good right now (nicehash), this is good if you have a big farm, but smaller miners are better off with some gambling.
As someone already suggested, BTX is a good coin to mine right now, but somehow can't get my miner to run, not sure what is the exact problem.
I mine for the short term profit.
The pool I use auto-exchanges for BTC and pays me in that.....
Has been pretty damned profitable and steady if I keep with the most profitable algo as it changes.
I never saw mining as a short term profit, I'm just doing it on the side with my gaming rig since I don't have time to play anymore, might as well try to make some money, also thought about selling my card since the price went up by 30% compared to the time I bought it.
But the point is you should mine something you think will increase in value.
So many people just look at short term gains and jump around mining what looks good right now (nicehash), this is good if you have a big farm, but smaller miners are better off with some gambling.
As someone already suggested, BTX is a good coin to mine right now, but somehow can't get my miner to run, not sure what is the exact problem.
But the point is you should mine something you think will increase in value.
So many people just look at short term gains and jump around mining what looks good right now (nicehash), this is good if you have a big farm, but smaller miners are better off with some gambling.
As someone already suggested, BTX is a good coin to mine right now, but somehow can't get my miner to run, not sure what is the exact problem.
With the way everything is in a drop right now, mining has become more of an investment then as an instant profit. Most coins now cost more to mine then they are currently worth. So either you gamble that the coin will go up after some time or hold off for a while untill the market goes back up again, if it does that.
Grab easy coins and hold. 1k etn, 1k music, then wait. It's easy for a coin to go up 5 cents, at 1k coin that's 50 bucks. I'm hitting zclassic right now for the btc private hard fork but if I wasn't doing that I'd be grabbing a quick thousand graft. You know, for later.
What would you mine with 2 EVGA GTX 1070 FTW atm ?
Is English not your first language or are you a moron?
It's probably a little of both.
Yeah, those aren't mutually exclusive...
What would you mine with 2 EVGA GTX 1070 FTW atm ?
Is English not your first language or are you a moron?
It's probably a little of both.
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