its not profitable to be a miner, at least in america, donald trumps new crypto law puts a 35% tax on your coins you mine.
so when you factor in transaction costs, electricity, the cost of the equipment, and now, the TAXES I dont know how ANYONE is paying $1400 of 1080tis
They want $999 for my 1070! I want to sell mine now while its worth something, now is not the time time mine, now is the time to dump your used and abused gear on the market and cash out....
Topic: Mining earnings are terrible, I'm shutting down for a while - page 7. (Read 3531 times)
can i buy your GPUs
I had a significant number of HD6990s on preorder years back and still have 1 rig of them left. Granted it doesn't make much with the insane amount of power they eat but it's running on 2010-2011 hardware. They were a frigging terrible investment at the time but have long since paid themselves off. If you're investing, think long term. If you're hobbying (me now) does it really matter?
I've recently built a couple of batches of 3xGTX1050ti rigs using junk hardware from net cafe repossessions and I'm happy with how they're running. What I really burnt my fingers on when I started mining was getting higher end CPUs and mobos for my rigs. I try to target 25-30$ per slot for all the peripherals as that's generally what I can squeeze out of local suppliers on volume discounts on GPUs. Sure, it makes for a lot of maintenance work but I like tinkering.
It was fun back in the day when you could crash a smaller exchange over the weekend with a months worth of mining then snap up everything for cheap on Sundays. Just hodling or selling immediately are both madness imo as you've got to grow your investments/hobby steadily. It's harder now but market depth charts are still a decent noob trader indicator that it's hard to go wrong with.
I've recently built a couple of batches of 3xGTX1050ti rigs using junk hardware from net cafe repossessions and I'm happy with how they're running. What I really burnt my fingers on when I started mining was getting higher end CPUs and mobos for my rigs. I try to target 25-30$ per slot for all the peripherals as that's generally what I can squeeze out of local suppliers on volume discounts on GPUs. Sure, it makes for a lot of maintenance work but I like tinkering.
It was fun back in the day when you could crash a smaller exchange over the weekend with a months worth of mining then snap up everything for cheap on Sundays. Just hodling or selling immediately are both madness imo as you've got to grow your investments/hobby steadily. It's harder now but market depth charts are still a decent noob trader indicator that it's hard to go wrong with.
Think you need to look at it in the long run, even though its down now if you HODL that 12 euro will go up.
And if it won't all my previous profits will go to electricity?
I exchange what I need to cover electricty to € and keep the remaining as it is, risky, but I don't have the experience to know what's better.
paying 0,24€ / kw/h
Think you need to look at it in the long run, even though its down now if you HODL that 12 euro will go up.
And if it won't all my previous profits will go to electricity?
Think you need to look at it in the long run, even though its down now if you HODL that 12 euro will go up.
Mining for HODL best choise.
With last tendentions mining is becoming enthusiast work for supporting cryptocommunity, buying and holding give more profit and takes less work
There are some people who buy equipment through a loan and not everyone knows the value of the crytocurrency they are exploiting. They sell debt repayments or sell to buy new equipment. With last tendentions mining is becoming enthusiast work for supporting cryptocommunity, buying and holding give more profit and takes less work
OP, The best thing you can do is sell your gpus when they are still overpriced. Do not waste your time, cause time is money.
ETH was released in Aug of 2015. And back then you easily made over 1 ETH per GPU per day.
I've even solo-mined it for a while because the difficulty was very low.
And no. I didn't hold till today.
I've even solo-mined it for a while because the difficulty was very low.
And no. I didn't hold till today.
At that time I was a miner and I mined thousands of bitcoins and I did not hold them either, sold them at $5 then at $25, see that is the problem, people mine and sell right now, they will do the same mistakes we did. They see only value x money, not what something could reach. I've learned from that mistake long time ago.
As I was a miner back in 2009-2013 and then only as an investor 2013-2018, I see people making the same stupid mistakes I did. Thank god I stopped mining long ago and after that I really made lot of money by buying and selling coins. I will never go back to pow mining, I will be back to mining when eth goes to proof of stake and that will give me many eth's per day.
There will always be a place to cash out that the government can't touch.
Not where I live.
Anywhere. Someone who isn't me of course has cashed out thousands upon thousands on the dark net. Just order the cash, pay with your BTC and cash arrives. Easy as that.
learned so much to watch this thead.
thanks guys.
thanks guys.
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.
12 euros.. That's almost next to nothing when substracting the power and transaction costs.
How much do you pay per kW?
Even at $0.3 per kW, you would still make $200+ per month.
200 > 0, right?
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).
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).
if it is still something, there is no reason to shut down. Right? Especially since the market will likely bounce back.
I don't get it, obviously if the market is down, the dollar value of what you are mining is going to go down. Did you not realize that crypto values vs usd are volatile 
I don't want to offend anybody, and I know a lot of people will disagree (pls don't flame me) but to be totally honest;
I lost faith in BTC. I hope I'm wrong, I really really do, but I think it will not reach €18k again.
Sure, the waves come and go.. But the world has changed. Govs are standing up to exchanges, miners, ... They have smelled the extra income (taxes etc). There have been hacks, pumps, frauds, ...
I lost faith in BTC. I hope I'm wrong, I really really do, but I think it will not reach €18k again.
Sure, the waves come and go.. But the world has changed. Govs are standing up to exchanges, miners, ... They have smelled the extra income (taxes etc). There have been hacks, pumps, frauds, ...
It is up to you whether or not you will continue to mine but try to think more about it. Mining wasn't profitable all the time but people who decided to hold their crypto for a few months have earned a lot of money due to growing value of Bitcoin and other popular cryptocurrencies such as Ethereum and Dash. Why did you lose faith in BTC? Is it because of "expensive fees"? Use a proper wallet which allows you to set custom fee. Most people are overpaying for their transactions.
Mining for HODL best choise.
With last tendentions mining is becoming enthusiast work for supporting cryptocommunity, buying and holding give more profit and takes less work
With last tendentions mining is becoming enthusiast work for supporting cryptocommunity, buying and holding give more profit and takes less work
Instead of shutting down maybe you should sell your cards. The price is very good now.
Maybe keep the 1080ti for gaming?
Then you can come back when prices are better and buy Volta.
Or you can just continue mining and HODL.
Maybe keep the 1080ti for gaming?
Then you can come back when prices are better and buy Volta.
Or you can just continue mining and HODL.
Yeah was thinking about that too. I'm gonna hang on to them for a while.. We'll see.
Perhaps I'll invest in VR goggles.. Always wanted those.
There will always be a place to cash out that the government can't touch.
Not where I live.
Instead of shutting down maybe you should sell your cards. The price is very good now.
Maybe keep the 1080ti for gaming?
Then you can come back when prices are better and buy Volta.
Or you can just continue mining and HODL.
Maybe keep the 1080ti for gaming?
Then you can come back when prices are better and buy Volta.
Or you can just continue mining and HODL.
Thanks for all the replies guys.
Sensitive topic apparently..
I have never been a hodler. I just wanted to make some extra money each month. And now, still having to pay the electricity costs and the transaction costs, it's just not enough for me anymore.
When you have cheap or free electricity, I'm sure mining is still bringing in (good) money.
I don't want to offend anybody, and I know a lot of people will disagree (pls don't flame me) but to be totally honest;
I lost faith in BTC. I hope I'm wrong, I really really do, but I think it will not reach €18k again.
Sure, the waves come and go.. But the world has changed. Govs are standing up to exchanges, miners, ... They have smelled the extra income (taxes etc). There have been hacks, pumps, frauds, ...
I think more countries/govs will be regulating exchanging, mining, cryptocoins, ... I don't have high hopes.
(pls no flaming)
I'm just gonna stop for a while. We'll see in a few weeks/months.
Sensitive topic apparently..
I have never been a hodler. I just wanted to make some extra money each month. And now, still having to pay the electricity costs and the transaction costs, it's just not enough for me anymore.
When you have cheap or free electricity, I'm sure mining is still bringing in (good) money.
I don't want to offend anybody, and I know a lot of people will disagree (pls don't flame me) but to be totally honest;
I lost faith in BTC. I hope I'm wrong, I really really do, but I think it will not reach €18k again.
Sure, the waves come and go.. But the world has changed. Govs are standing up to exchanges, miners, ... They have smelled the extra income (taxes etc). There have been hacks, pumps, frauds, ...
I think more countries/govs will be regulating exchanging, mining, cryptocoins, ... I don't have high hopes.
(pls no flaming)
I'm just gonna stop for a while. We'll see in a few weeks/months.
In my opinion, the more its regulated, the more valuable it becomes. It just proves how concerned the government is, and once again they are trying to control something that cannot be controlled. In the past you had to hide your wealth in Switzerland or some Banana Republic, and at any time the government might be able to subpoena records or there is some major leak like the Panama Papers. Now it doesn't matter where you hide it as long as its in crypto. I could have $100 million dollars tax free sitting on a USB drive in Nebraska, ready to transfer for any transaction without oversight. There will always be a place to cash out that the government can't touch.
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