Mining ETH is now no profit - page 3.

mak013

hero member

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Quote from: starkovblue on June 03, 2019, 05:07:43 AM

People are looking at profits now and this is your biggest mistake.
In investing in mining and cryptocurrency, you must work on the edge of profitability. And due to rising prices, you will earn more than any of your other investments. Always look at the prospect.

Even if mine and sell it gives profit. I dont know how they counting or how much electricity costs. or what means "profit" for them.
The best choice is - "Ok, no profit, shut down and sell your rigs, dont cry looser".

JeffBrad12

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Leading Crypto Sports Betting & Casino Platform

Quote from: basicnecromancycr on June 03, 2019, 02:25:53 AM

Ethereum is almost 3x from the last dip. Will there be a difference for now for the miners?

A little bitcoin difference consider about when the price of ethereum has changed and the block reward already decreased more than 30% from 2017 block reward. the miner still needs ethereum to get aonther bull on its price because they got less reward. There will be no a lot of differences at all.

starkovblue

sr. member

Activity: 980

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People are looking at profits now and this is your biggest mistake.
In investing in mining and cryptocurrency, you must work on the edge of profitability. And due to rising prices, you will earn more than any of your other investments. Always look at the prospect.

basicnecromancycr

member

Activity: 350

Merit: 12

Ethereum is almost 3x from the last dip. Will there be a difference for now for the miners?

iv4n

legendary

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Quote from: Beyerd17 on June 03, 2019, 01:56:17 AM

Quote from: quality.crypto on June 03, 2019, 12:24:47 AM

Quote from: Uju4real on May 31, 2019, 04:42:42 PM

Quote from: unewbie on May 25, 2019, 07:42:44 PM

Hello everybody,
Mining ETH now seems to be no profit.
I use VGA P106-100 6GB; 6 card
150Mh/s; 750W

Why many people still are mining ETH??

Many people are still mining Eth because it is still very much profitable to them and I for example am still very much into mining my lovely Eth

Now the price of ETH is still very low which is a very good sign for the people who are mining ETH, it will give very fruitful profit when the market starts recovering. This year there are many predictions for the price of ETH easily cross its previous value.

Have you been living under a rock the last 5 months? The market did recover (a lot) since the bottom last year. Both Bitcoin and Ethereum have given solid profits in that time period. What happens in the next 6-12 months is anybodys guess.

More than solid! Bitcoin started this year at 3000, ethereum was under 100, simple math, in just 6 months you could make double profit and you can`t find better investment than that. What more this isn`t over, we will see higher prices, this grow can slow down, but it can`t be stopped.
Anyone know where to find more info about when will ethereum go POS, and generally more about that matter? I tried to search, but except some news I didn`t find any quality info about that.

Beyerd17

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Activity: 826

Merit: 103

Quote from: quality.crypto on June 03, 2019, 12:24:47 AM

Quote from: Uju4real on May 31, 2019, 04:42:42 PM

Quote from: unewbie on May 25, 2019, 07:42:44 PM

Hello everybody,
Mining ETH now seems to be no profit.
I use VGA P106-100 6GB; 6 card
150Mh/s; 750W

Why many people still are mining ETH??

Many people are still mining Eth because it is still very much profitable to them and I for example am still very much into mining my lovely Eth

Now the price of ETH is still very low which is a very good sign for the people who are mining ETH, it will give very fruitful profit when the market starts recovering. This year there are many predictions for the price of ETH easily cross its previous value.

Have you been living under a rock the last 5 months? The market did recover (a lot) since the bottom last year. Both Bitcoin and Ethereum have given solid profits in that time period. What happens in the next 6-12 months is anybodys guess.

quality.crypto

member

Activity: 854

Merit: 10

Quote from: Uju4real on May 31, 2019, 04:42:42 PM

Quote from: unewbie on May 25, 2019, 07:42:44 PM

Hello everybody,
Mining ETH now seems to be no profit.
I use VGA P106-100 6GB; 6 card
150Mh/s; 750W

Why many people still are mining ETH??

Many people are still mining Eth because it is still very much profitable to them and I for example am still very much into mining my lovely Eth

Now the price of ETH is still very low which is a very good sign for the people who are mining ETH, it will give very fruitful profit when the market starts recovering. This year there are many predictions for the price of ETH easily cross its previous value.

Kasperiko

sr. member

Activity: 924

Merit: 255

The market has recovered slightly, but unfortunately for those who mine mining, the profit has not grown much.
Hashrate is almost at the maximum and after a recent change which made the team revenue fell.

amrulshare

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Activity: 1316

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Monday Hit Me Every week

Quote from: bittick on June 01, 2019, 06:15:38 PM

Quote from: amrulshare on June 01, 2019, 04:13:24 PM

I did not pay for electricity, so instead of the electrical energy being wasted I used it to mine. don't waste your money for something that doesn't get results. Grin

I mean if you still used it to mine even without paying the electricity that still contradict with your staetement which you said "instead of the electrical energy being wasted"by mining you are still wasting energy right? whether or not you are making profit it just you who can decide it but the current situation is worst, Maybe it is time to switch to PoS instead to be honest, more efficient and not as energy consuming

of course it is profitable because most miners have problems with the electricity costs they incur each month. proof of stake is indeed better in terms of its capability but its role only stops being digitalized and cannot reach the electronic manufacturing industry that is special from proof of work.

Beyerd17

full member

Activity: 826

Merit: 103

Quote from: joshy23 on June 02, 2019, 01:00:32 AM

Quote from: arnoldrimmer on June 01, 2019, 03:33:00 AM

Quote from: unewbie on May 25, 2019, 07:42:44 PM

Hello everybody,
Mining ETH now seems to be no profit.
I use VGA P106-100 6GB; 6 card
150Mh/s; 750W

Why many people still are mining ETH??

Its not as profitable as it can be as there is now more than enough crowd so the profit has reduced and the electricity cost isn't helping at all so now the most people that still mines are the whales

Most of them are the one who have cheaper or no electricity cost, they can afford to continue as they don't need to worry much, they can hold and wait for some time before selling it up and earned the rewards of mining this coin and hold for long term benefits.

So we are talking teenagers living with their parents, people who rent with electricity included in their rent, and finally people that leech off the grid stealing power in some 2 and 3'rd world countries.

joshy23

sr. member

Activity: 1078

Merit: 256

Quote from: arnoldrimmer on June 01, 2019, 03:33:00 AM

Quote from: unewbie on May 25, 2019, 07:42:44 PM

Hello everybody,
Mining ETH now seems to be no profit.
I use VGA P106-100 6GB; 6 card
150Mh/s; 750W

Why many people still are mining ETH??

Its not as profitable as it can be as there is now more than enough crowd so the profit has reduced and the electricity cost isn't helping at all so now the most people that still mines are the whales

Most of them are the one who have cheaper or no electricity cost, they can afford to continue as they don't need to worry much, they can hold and wait for some time before selling it up and earned the rewards of mining this coin and hold for long term benefits.

Beyerd17

full member

Activity: 826

Merit: 103

Quote from: adaseb on June 02, 2019, 12:04:42 AM

Quote from: Beyerd17 on June 01, 2019, 06:14:20 PM

Quote from: DrG on June 01, 2019, 05:13:38 PM

If you buy a $4M Veyron and use it as a taxi even if you make enough money to pay for fuel and maintenance you're not "making a profit". The car is a depreciating asset. You need to earn enough money to outweigh depreciation of the car as well as operating expenses.

Same with video cards and ASIC miners. You can't just consider the cards as a sunk cost (unless you're gaming on 1 or 2 of them sometimes). You have to make enough to pay for electricity AND the depreciating value of your cards. Nobody wants those AMD 5870 that everybody was mining with back in 2011.

There is profit left in GPU mining, but nothing short of quick churning new shit coins is going to make you more than a $0.25 USD per card these days. If your card's value drops more than about $100 in the next year it might be better to sell the card and just buy the crypto outright.

There are simply too many people chasing the get rich quick dream. That mean noone of the small time miners that mine Ethereum and the ETH clones will ever make it rich. That train left the platform years ago.

Mining wasn't never a get rich quick kind of deal. There were a few short weeks where the profits were insane like $5/day/gpu but it only lasted a short while before the prices started to tank and difficuly started to rise.

The only miners that ever became rich were the ones which mined and didn't sell and held for > 1 year+.

Imagine the days of using the R9 280X to mine 1 ETH per day per GPU back in 2016, imagine holding all those ETH and selling them for $1000 each about 1.5 years later. If you mined and sold everyday you would of sold at a huge disappointed price compared to holding.

Yeah, I know what you mean. But I still come across miners stating that they will hold forever, thinking that Ethereum will be worth much much more in the future. That's just delusional on their part.

adaseb

legendary

Activity: 3808

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Quote from: Beyerd17 on June 01, 2019, 06:14:20 PM

Quote from: DrG on June 01, 2019, 05:13:38 PM

If you buy a $4M Veyron and use it as a taxi even if you make enough money to pay for fuel and maintenance you're not "making a profit". The car is a depreciating asset. You need to earn enough money to outweigh depreciation of the car as well as operating expenses.

Same with video cards and ASIC miners. You can't just consider the cards as a sunk cost (unless you're gaming on 1 or 2 of them sometimes). You have to make enough to pay for electricity AND the depreciating value of your cards. Nobody wants those AMD 5870 that everybody was mining with back in 2011.

There is profit left in GPU mining, but nothing short of quick churning new shit coins is going to make you more than a $0.25 USD per card these days. If your card's value drops more than about $100 in the next year it might be better to sell the card and just buy the crypto outright.

There are simply too many people chasing the get rich quick dream. That mean noone of the small time miners that mine Ethereum and the ETH clones will ever make it rich. That train left the platform years ago.

Mining wasn't never a get rich quick kind of deal. There were a few short weeks where the profits were insane like $5/day/gpu but it only lasted a short while before the prices started to tank and difficuly started to rise.

The only miners that ever became rich were the ones which mined and didn't sell and held for > 1 year+.

Imagine the days of using the R9 280X to mine 1 ETH per day per GPU back in 2016, imagine holding all those ETH and selling them for $1000 each about 1.5 years later. If you mined and sold everyday you would of sold at a huge disappointed price compared to holding.

bittick

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Activity: 2296

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Cryptocasino.com

Quote from: amrulshare on June 01, 2019, 04:13:24 PM

I did not pay for electricity, so instead of the electrical energy being wasted I used it to mine. don't waste your money for something that doesn't get results. Grin

I mean if you still used it to mine even without paying the electricity that still contradict with your staetement which you said "instead of the electrical energy being wasted"by mining you are still wasting energy right? whether or not you are making profit it just you who can decide it but the current situation is worst, Maybe it is time to switch to PoS instead to be honest, more efficient and not as energy consuming

Beyerd17

full member

Activity: 826

Merit: 103

Quote from: DrG on June 01, 2019, 05:13:38 PM

If you buy a $4M Veyron and use it as a taxi even if you make enough money to pay for fuel and maintenance you're not "making a profit". The car is a depreciating asset. You need to earn enough money to outweigh depreciation of the car as well as operating expenses.

Same with video cards and ASIC miners. You can't just consider the cards as a sunk cost (unless you're gaming on 1 or 2 of them sometimes). You have to make enough to pay for electricity AND the depreciating value of your cards. Nobody wants those AMD 5870 that everybody was mining with back in 2011.

There is profit left in GPU mining, but nothing short of quick churning new shit coins is going to make you more than a $0.25 USD per card these days. If your card's value drops more than about $100 in the next year it might be better to sell the card and just buy the crypto outright.

There are simply too many people chasing the get rich quick dream. That mean noone of the small time miners that mine Ethereum and the ETH clones will ever make it rich. That train left the platform years ago.

DrG

legendary

Activity: 2086

Merit: 1035

If you buy a $4M Veyron and use it as a taxi even if you make enough money to pay for fuel and maintenance you're not "making a profit". The car is a depreciating asset. You need to earn enough money to outweigh depreciation of the car as well as operating expenses.

Same with video cards and ASIC miners. You can't just consider the cards as a sunk cost (unless you're gaming on 1 or 2 of them sometimes). You have to make enough to pay for electricity AND the depreciating value of your cards. Nobody wants those AMD 5870 that everybody was mining with back in 2011.

There is profit left in GPU mining, but nothing short of quick churning new shit coins is going to make you more than a $0.25 USD per card these days. If your card's value drops more than about $100 in the next year it might be better to sell the card and just buy the crypto outright.

amrulshare

hero member

Activity: 1316

Merit: 546

Monday Hit Me Every week

I did not pay for electricity, so instead of the electrical energy being wasted I used it to mine. don't waste your money for something that doesn't get results. Grin

Beyerd17

full member

Activity: 826

Merit: 103

Quote from: therealifiok on June 01, 2019, 07:30:53 AM

This is certainly true, the difficulty of the network is becoming very large, and again the funds needed to do this are also too much if you are just starting out.

I suggest any one who wants to go into mining should look for PoW project that are just starting out

Thats right. Mining Ethereum when it was new paid off handsomely if you held on to them. Mining Ethereum now not so much. The risk is quite high now considering it already has a very high market value.

therealifiok

newbie

Activity: 21

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This is certainly true, the difficulty of the network is becoming very large, and again the funds needed to do this are also too much if you are just starting out.

I suggest any one who wants to go into mining should look for PoW project that are just starting out

VanDeinsberg12

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Activity: 1540

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Quote from: Uju4real on May 31, 2019, 04:42:42 PM

Quote from: unewbie on May 25, 2019, 07:42:44 PM

Hello everybody,
Mining ETH now seems to be no profit.
I use VGA P106-100 6GB; 6 card
150Mh/s; 750W

Why many people still are mining ETH??

Many people are still mining Eth because it is still very much profitable to them and I for example am still very much into mining my lovely Eth

And then can you tell me about how much your hashrate? Maybe this will be very useful for some people in this thread, mine ethereum in these days need a lot of resource and if you are small miners and then forget it. If you have said mine ethereum still much profitable for you and im feeling curious about how much your total hashrate power.

Topic: Mining ETH is now no profit - page 3. (Read 2213 times)