Mining earnings are terrible, I'm shutting down for a while - page 8.

nsummy

full member

Activity: 1179

Merit: 131

Quote from: DrG on January 31, 2018, 08:46:53 AM

Quote from: NameTaken on January 31, 2018, 03:38:25 AM

Quote from: adaseb on January 31, 2018, 03:28:25 AM

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.

If you had been mining ETH in 2015 when they were $1 each, that would be $250 per card per day now.

But if you had taken the money from selling that card and just bought ETH you would have had at least 15000 ETH from just that one card assuming $150 for the 280x.

This is why why you only come out ahead in mining when the coin fails to take off - hence it's a hedge against a coins success. Sadly in hindsight your would have been better buying any of the top 20 coins early last year instead of mining.

I have a farm and mine but only with coins I expect to fail. The coins I think will go up I just buy with fiat.

This is only true if you mine until you ROI and then quit. Lets say you put $300 into a coin. Its stuck there. If you want another coin you need to put in more money. or sell your investment. You can mine $300 worth of a coin and keep going, or switch. What you really mean is you are hedging against the coin being so wildly successful that it shoots up in value before you can ROI your card.

BitBustah

hero member

Activity: 1218

Merit: 534

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.

Vann

hero member

Activity: 1036

Merit: 606

The logic on buying coins being far more profitable than mining only works during periods of exponential growth, such as last year. It also assumes you buy the right coins at the right time BEFORE they go up. During normal market conditions of moderate growth to sideways price action you are able to accumulate more coins at a lower cost and risk through mining than buying coins outright.

akuci

full member

Activity: 226

Merit: 100

Is this some kind of troll post or what? Earnings are terrible? Do you even mine, bro?
Men... there was some very good period in late december - early january, and now it's just average but people are complaining about "terrible" earnings... Slow down dude, chill, do you remember how much one 1060 made back in october? 1$! And now it's betwen 2 and 3$. And you call that "terrible"?

Makurika

newbie

Activity: 33

Merit: 0

Quote from: GumboTrader on January 31, 2018, 10:08:10 AM

Big rigs? Really? How massive are these computers? How many screens do you need to mine? My Gosh! I mine on my laptop in my living room at home, but after reading these post I feel I'm living in the dinosaur age when it comes to mining. Ugh so much more to learn about this mining stuff. Seems more difficult than coal mining Grin

For the more popular coins, it seems you cannot mine with laptop any more. Unless you think PoS is also mining.

GumboTrader

newbie

Activity: 29

Merit: 3

CIBUS FOOD Ecosystem

Big rigs? Really? How massive are these computers? How many screens do you need to mine? My Gosh! I mine on my laptop in my living room at home, but after reading these post I feel I'm living in the dinosaur age when it comes to mining. Ugh so much more to learn about this mining stuff. Seems more difficult than coal mining Grin

nitrobg

member

Activity: 413

Merit: 17

Quote from: DrG on January 31, 2018, 09:09:20 AM

ICO price was 0.8 cents, less than a penny per ETH. It was under 10 cents for quite some time. Even beginning of last year it was under $7. No $200 card bought last January would have been able to mine 25 ETH.

If you truly believe in a coin, buy it with fiat if you can. For some people laws restrict them from buying, or perhaps they want the anonymity of mining their own pure blocks, or they just want to support decentralization by mining - but for straight up profit nothing beats buying. How many BTC could you have bought when GPU mining came out in 2011 vs how many could you have mined with a 5870 Grin

Yeah, we all can do great things in hindsight. This doesn't mean that we can predict the future and know how much a given coin would cost. It could fly to the moon, but it is more likely that it will fall and never recover.

FFI2013

hero member

Activity: 906

Merit: 507

I've been mining for 4-5 years and when start I was running 290/280/270 there where times I paid more for power than I was making but I'm not here just to make money I'm here because I believe in cryptos and what they represent see here's the problem everyone who head about how much money you at the time could make mining so ppl thought they could do no work and strike it rich well shit don't work that way there are time your going to make some money and time you'll break even if your here just to make money and don't give a shit about crypto currency than your here for the wrong reason

mshordja

member

Activity: 146

Merit: 10

if the earn (mining a coin) are more that the loses (electricity+maintenance) , than is not the time to quit , that's all

Riptide_NVN

member

Activity: 294

Merit: 16

Quote from: NameTaken on January 31, 2018, 09:16:30 AM

What is the logic on only mining coins that will fail?

Pump and dump scams?

It's a timing thing. You get in early and then get out at the right time.

Personally I don't like it. I don't blame people for taking advantage of it though. Just don't put fiat money into it and be left looking like a dummy when it tanks.

NameTaken

hero member

Activity: 630

Merit: 502

Quote from: DrG on January 31, 2018, 09:09:20 AM

Quote from: NameTaken on January 31, 2018, 09:02:12 AM

Quote from: DrG on January 31, 2018, 08:46:53 AM

Quote from: NameTaken on January 31, 2018, 03:38:25 AM

Quote from: adaseb on January 31, 2018, 03:28:25 AM

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.

If you had been mining ETH in 2015 when they were $1 each, that would be $250 per card per day now.

But if you had taken the money from selling that card and just bought ETH you would have had at least 15000 ETH from just that one card assuming $150 for the 280x.

This is why why you only come out ahead in mining when the coin fails to take off - hence it's a hedge against a coins success. Sadly in hindsight your would have been better buying any of the top 20 coins early last year instead of mining.

I have a farm and mine but only with coins I expect to fail. The coins I think will go up I just buy with fiat.

At what point was ETH $0.01 each to where you can buy 15000 with $150? Please elaborate your logic on mining coins.

ICO price was 0.8 cents, less than a penny per ETH. It was under 10 cents for quite some time. Even beginning of last year it was under $7. No $200 card bought last January would have been able to mine 25 ETH.

If you truly believe in a coin, buy it with fiat if you can. For some people laws restrict them from buying, or perhaps they want the anonymity of mining their own pure blocks, or they just want to support decentralization by mining - but for straight up profit nothing beats buying. How many BTC could you have bought when GPU mining came out in 2011 vs how many could you have mined with a 5870 Grin

What is the logic on only mining coins that will fail?

DrG

legendary

Activity: 2086

Merit: 1035

Quote from: NameTaken on January 31, 2018, 09:02:12 AM

Quote from: DrG on January 31, 2018, 08:46:53 AM

Quote from: NameTaken on January 31, 2018, 03:38:25 AM

Quote from: adaseb on January 31, 2018, 03:28:25 AM

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.

If you had been mining ETH in 2015 when they were $1 each, that would be $250 per card per day now.

But if you had taken the money from selling that card and just bought ETH you would have had at least 15000 ETH from just that one card assuming $150 for the 280x.

This is why why you only come out ahead in mining when the coin fails to take off - hence it's a hedge against a coins success. Sadly in hindsight your would have been better buying any of the top 20 coins early last year instead of mining.

I have a farm and mine but only with coins I expect to fail. The coins I think will go up I just buy with fiat.

At what point was ETH $0.01 each to where you can buy 15000 with $150? Please elaborate your logic on mining coins.

ICO price was 0.8 cents, less than a penny per ETH. It was under 10 cents for quite some time. Even beginning of last year it was under $7. No $200 card bought last January would have been able to mine 25 ETH.

If you truly believe in a coin, buy it with fiat if you can. For some people laws restrict them from buying, or perhaps they want the anonymity of mining their own pure blocks, or they just want to support decentralization by mining - but for straight up profit nothing beats buying. How many BTC could you have bought when GPU mining came out in 2011 vs how many could you have mined with a 5870 Grin

NameTaken

hero member

Activity: 630

Merit: 502

Quote from: DrG on January 31, 2018, 08:46:53 AM

Quote from: NameTaken on January 31, 2018, 03:38:25 AM

Quote from: adaseb on January 31, 2018, 03:28:25 AM

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.

If you had been mining ETH in 2015 when they were $1 each, that would be $250 per card per day now.

But if you had taken the money from selling that card and just bought ETH you would have had at least 15000 ETH from just that one card assuming $150 for the 280x.

This is why why you only come out ahead in mining when the coin fails to take off - hence it's a hedge against a coins success. Sadly in hindsight your would have been better buying any of the top 20 coins early last year instead of mining.

I have a farm and mine but only with coins I expect to fail. The coins I think will go up I just buy with fiat.

At what point was ETH $0.01 each to where you can buy 15000 with $150? Please elaborate your logic on mining coins.

treanski

full member

Activity: 364

Merit: 106

ONe Social Network.

im still earning 5$ for every $ i pay for electricity...cant complain, you are doing it wrong dude Tongue

wack slacker

full member

Activity: 966

Merit: 102

That is one of the terrible benefits. Gamers have to go crazy because they can not buy GPUs for gaming. GPU cards are scarce. That is crazy. The world is consuming energy quickly. Miners contribute to that.

DrG

legendary

Activity: 2086

Merit: 1035

Quote from: NameTaken on January 31, 2018, 03:38:25 AM

Quote from: adaseb on January 31, 2018, 03:28:25 AM

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.

If you had been mining ETH in 2015 when they were $1 each, that would be $250 per card per day now.

But if you had taken the money from selling that card and just bought ETH you would have had at least 15000 ETH from just that one card assuming $150 for the 280x.

This is why why you only come out ahead in mining when the coin fails to take off - hence it's a hedge against a coins success. Sadly in hindsight your would have been better buying any of the top 20 coins early last year instead of mining.

I have a farm and mine but only with coins I expect to fail. The coins I think will go up I just buy with fiat.

sundownz

hero member

Activity: 714

Merit: 512

I am still very happy with returns. It would take a greater than 75% further down-turn for me to consider shutting down some of my more power hungry operations (like CPU mining).

flipflop.0

newbie

Activity: 34

Merit: 0

12 EUR/d is still profitable in EU for 4 cards. If you think managing your rig is too much hassle for the return I can make you an offer: We configure remote access and I manage your rig(s), for a share of the income in btc. Even with paying for the service you get most likely more than 12 EUR a day from my setup and monitoring Wink

Quote from: BitBustah on January 31, 2018, 02:32:20 AM

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).

Kanvashardas

jr. member

Activity: 30

Merit: 1

Why you don't search for a low difficulty coins. After you mined them hold them for a while and there you go.
You have good cards there.

adaseb

legendary

Activity: 3738

Merit: 1708

Quote from: Marvell2 on January 31, 2018, 05:31:34 AM

Quote from: cpmcgrat on January 31, 2018, 03:31:53 AM

Quote from: adaseb on January 31, 2018, 03:28:25 AM

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.

Still profit though, I’d honestly probably keep my cards cranking even if they were earning $0.01/day as long as I have the power overhead for them.

350 what nah bro , i had a farm of 280x cards 1600 watta from the wall for six cards mining scrypt closer to 280 watts per card lol, but yeah it was bad lol

You must of had some Platinum type PSUs or did some undervolt. But I remember because I had a 750W PSU and it only powered 2 of them. When measured at the wall, it was 700 Watts for 2 GPUs.

Here is a video on Youtube of another fellow with the same results.

https://www.youtube.com/watch?v=DUvUmo8dBmU

Topic: Mining earnings are terrible, I'm shutting down for a while - page 8. (Read 3468 times)