Mining ETH is now no profit - page 6.

Metroid

sr. member

Activity: 2142

Merit: 353

Xtreme Monster

Quote from: mak013 on May 29, 2019, 03:58:00 AM

about 5-6 months than all were happy. All another time someone mined and got profit and someone cried.

5-6 months? The way I see things it was only 2 months, 10 november to 10 january, 2 months exactly. This time, this same thing might happen when bitcoin hits 100k - 200k, a mass selloff hehe and price back to $50k - $80k or so. There will always be peaks and that is a good thing.

mak013

hero member

Activity: 2548

Merit: 769

Quote from: ikicha on May 29, 2019, 03:31:43 AM

You forgot something.
Blocks reward.

1 year ago, ETH Block rewards is 4 ETH/Block.
But today, is decrease to 2 ETH/Block only.

And, 1 year ago, ETH Price is $1000, but today is only $250

But in spite of all this awful things people still mining ETH. May be they know something? Or may be they just are able to use a calculator? The last 3 years there were only about 5-6 months than all were happy. All another time someone mined and got profit and someone cried.

ikicha

full member

Activity: 788

Merit: 100

Quote from: shinratensei_ on May 27, 2019, 10:17:55 PM

Quote from: nickenburg on May 27, 2019, 09:50:43 PM

I think it also has to do with the total hashrate.

For example I mined 0,05 Ethereum 1 year ago with the Rx480 and it took me longer then a month.
Because The Total hashrate was a lot higher a year ago, so it could be possible now that miners are receiving more ethereum.

But I do think people do it because they actually believe in Ethereum and they wont just quit after one period where the market goes down.

Hashrate is not only the main factor because you have been forgetting to mention the impact caused by the block decrease. Did you know that if this will be giving a huge impact on the result on how much ethereum that will get by the miners even if the hashrate gets less than a year ago? you can't get it because it has been getting a halving that reduces ethereum block reward from 3 to the 2 per block. Hashrate power is not the only thing that affects ethereum supply and rewards to the miners.

You forgot something.
Blocks reward.

1 year ago, ETH Block rewards is 4 ETH/Block.
But today, is decrease to 2 ETH/Block only.

And, 1 year ago, ETH Price is $1000, but today is only $250

Beyerd17

full member

Activity: 826

Merit: 103

Quote from: BTCCoaster on May 28, 2019, 09:32:01 AM

Can't make a statement like that. If you don't pay for electricity then it's almost always profitable, right?

Someone is paying for the electricity. If it's not you, then it's someone else. Electricity has never been free of charge. Another thing to keep in mind is the value loss of your hardware when you mine away doing it's wear and tare.

CLywaTeLb

full member

Activity: 770

Merit: 101

send and receive money instantly, no hidden costs

Quote from: Metroid on May 28, 2019, 11:37:29 AM

[cut out]

My calculation is not based on ico's, if you think that is why eth rose in 2017 then you must revise your calculation, my calculation is based on supply and demand day by day and possible scarcity of eth when a determined price is hit too fast. ETH long term holders comprise of around 70% x 20% of bitcoin. Like I said before, there is a possibility eth will be 0.3 btc in few months and possibly hit 0.6 btc in few years as eth holds 99% of dapps projects and alike and that is where the world is going.

Maybe you are right.
Although it should be borne in mind that many of these dapps don't yet have enough users and they will not, because the projects that created it will die. Will new dapps be created to replace the dead? Will it be on the ether blockchain? In addition, scam activity has a great press on ethereum.
It is hard to believe in 0.3 BTC even for a year.

Metroid

sr. member

Activity: 2142

Merit: 353

Xtreme Monster

Quote from: CLywaTeLb on May 28, 2019, 08:14:33 AM

Unfortunately, your calculations may be incorrect. Bitcoin is growing at the expense of altcoins. Ethereum does not follow BTC as we would like. There are many tokens (including scam) that take off money from ether, thus ETH ATH should not be expected anytime soon.
So, if mining, then you need to achieve maximum efficiency now. The threshold of 10 c still allows mining to continue in some countries.

Quote from: Harai Goshi on May 28, 2019, 10:59:53 AM

I think Eth has room to run, but not like it did in Jan 2018. Shitcoin ICO mania isnt going to pump it like that again.

My calculation is not based on ico's, if you think that is why eth rose in 2017 then you must revise your calculation, my calculation is based on supply and demand day by day and possible scarcity of eth when a determined price is hit too fast. ETH long term holders comprise of around 70% x 20% of bitcoin. Like I said before, there is a possibility eth will be 0.3 btc in few months and possibly hit 0.6 btc in few years as eth holds 99% of dapps projects and alike and that is where the world is going.

Harai Goshi

jr. member

Activity: 36

Merit: 5

Quote from: Metroid on May 28, 2019, 01:22:31 AM

Quote from: nickenburg on May 27, 2019, 10:35:06 PM

That's true I actually didn't know Ethereum halved their block rewards in januari this year, I just looked it up, and yes that makes a huge difference.
So the only people who are mining this are people with super low electricity costs or people who think Ethereum is going to reach a better price again.
Personally I definitely think Ethereum is undervalued at the moment especially with the rewards that halved but that's just my opinion.

When eth hit $1400, block reward was 5 eth, now as the block reward was reduced to 2 eth, if you think about, eth can reach 60% more than $1400 if bitcoin reaches 20k again, so $1400 + $840 = $2240 but I do believe eth can reach higher than this, if btc hits $20k again then eth will be around $3k by that time, 10 times higher than now.

I think Eth has room to run, but not like it did in Jan 2018. Shitcoin ICO mania isnt going to pump it like that again.

BTCCoaster

newbie

Activity: 34

Merit: 0

Can't make a statement like that. If you don't pay for electricity then it's almost always profitable, right?

ivan1975

legendary

Activity: 2940

Merit: 1169

Quote from: Kasperiko on May 27, 2019, 07:24:11 AM

Quote from: ivan1975 on May 26, 2019, 11:13:08 PM

With current hardware without buying new video cards, I would also recommend Banano browser mining.
https://bananominer.com/

A project where, apart from a small number of enthusiasts, there is nothing. Or in one word shitty coin as many here previously wrote.

I think this is the only project that attracts miners to do something useful.
Unlike Bitcoin and ETH miners, who simply uselessly burn electricity.

melpheos

jr. member

Activity: 557

Merit: 5

Quote from: EdvinZ on May 28, 2019, 12:44:47 AM

If you believe in the growth of Ethereum, then mining, even if it is currently unprofitable, can bring profit later. It is like an investment that does not guarantee a profit, but it can be in the future. In addition, the reward for the Ethereum mined block also decreased. In this case, if you want mining to be profitable, you may need to choose another coin.

That's a terrible advice... If you believe in the growth of eth, then buying with the electricity cost is smarter than mining.

Let say you have crytocoin X at price $15 that cost you $20 to mine 1 Xcoin, you can spend those $20 to buy 1.33 Xcoin. This is 33% better than mining.

melpheos

jr. member

Activity: 557

Merit: 5

Quote from: nc50lc on May 25, 2019, 11:17:04 PM

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

-snip-
150Mh/s; 750W

How can your rig only consume 750W?
Each card has TDP of 120W which could reach up to 180W of power in real usage.
Also the processor, motherboard, Drives and peripherals consumes power, even with 120W the whole rig would consume more than 750W.

You might be losing more than you think, how much is your electricity cost?

Quote from: unewbie

Why many people still are mining ETH??

"Free Electricity" Dudes.
Huge Mining farms with low-cost Electricity or additional alternative sources (Ex. Solar).

I dont know your setup but my rig does 750 Mh/s for 2400w (24*1070ti) (this is with mothboard and fans included)

CLywaTeLb

full member

Activity: 770

Merit: 101

send and receive money instantly, no hidden costs

Quote from: Metroid on May 28, 2019, 01:22:31 AM

Quote from: nickenburg on May 27, 2019, 10:35:06 PM

That's true I actually didn't know Ethereum halved their block rewards in januari this year, I just looked it up, and yes that makes a huge difference.
So the only people who are mining this are people with super low electricity costs or people who think Ethereum is going to reach a better price again.
Personally I definitely think Ethereum is undervalued at the moment especially with the rewards that halved but that's just my opinion.

When eth hit $1400, block reward was 5 eth, now as the block reward was reduced to 2 eth, if you think about, eth can reach 60% more than $1400 if bitcoin reaches 20k again, so $1400 + $840 = $2240 but I do believe eth can reach higher than this, if btc hits $20k again then eth will be around $3k by that time, 10 times higher than now.

Unfortunately, your calculations may be incorrect. Bitcoin is growing at the expense of altcoins. Ethereum does not follow BTC as we would like. There are many tokens (including scam) that take off money from ether, thus ETH ATH should not be expected anytime soon.
So, if mining, then you need to achieve maximum efficiency now. The threshold of 10 c still allows mining to continue in some countries.

CryptoLing

member

Activity: 493

Merit: 28

Not profitable yet, ETH is a very good coin and will upgrade their protocol into ETH 2.0 later on this/next year. You also can stake your mined coin later, I know many miner see short term but on ETH you must also see long term because this coin is not gonna scam like another shitcoin.

ikicha

full member

Activity: 788

Merit: 100

Eth has forked to new block reward, lowered from 3 eth per block to 2 eth per block. But, network Hashrate / difficulty is same as before. Thats why you have "no profitability".

I recommend to you mining another algorithm for nvidia gpu, maybe Cucko Cycle is best at the moment, or try x16r

Metroid

sr. member

Activity: 2142

Merit: 353

Xtreme Monster

Quote from: ||bit on May 28, 2019, 04:50:04 AM

If mining eth was bringing no profit, some miners would stop working and dropping difficulty would bring some profit.

I talked about this many times, the first reason is to keep the blockchain going in order to protect their long term investment, no miners no blocks, few miners then security issues, there are many reasons people mine at loss and they know it. Now if you mine and have no reason whatsoever, if you mine to profit now then stop and rethink your troll mind, right now is better to buy than to mine, last 7 months was a very good opportunity to buy coins, right now still a good opportunity to buy before coins rise to a point that will make you regret, i guess this little rise, made many bears and shorters to commit suicide. In a bull market, coins rise a lot then dip a little and there is a loop all over again, coins rise more dip a little and so on, bear market is the inverse, coins crash a lot, rise a bit and then crash a lot more. So make your decision now before is too late.

||bit

hero member

Activity: 924

Merit: 506

If mining eth was bringing no profit, some miners would stop working and dropping difficulty would bring some profit.

Because people were earning much from mining now with the lower profit they are not happy with it. But it is a free market, when you think i won't do this if my hourly profit drops below 1$ newcomers are ok with 0.25$ (amounts are just an example) so profits are getting lower. Maybe next year people would be ok 0.10$ is enough and it will drop to that point. But no-one mines if there is no profit.

mak013

hero member

Activity: 2548

Merit: 769

I cant understand how you decided that there is no profit. Even ETH shows me x4 from electricity bill. Ok, i have cheap electricity, but even $0.2 is still profitable. Of course if you are not buying new GPUs right now.

Metroid

sr. member

Activity: 2142

Merit: 353

Xtreme Monster

Quote from: nickenburg on May 27, 2019, 10:35:06 PM

That's true I actually didn't know Ethereum halved their block rewards in januari this year, I just looked it up, and yes that makes a huge difference.
So the only people who are mining this are people with super low electricity costs or people who think Ethereum is going to reach a better price again.
Personally I definitely think Ethereum is undervalued at the moment especially with the rewards that halved but that's just my opinion.

When eth hit $1400, block reward was 5 eth, now as the block reward was reduced to 2 eth, if you think about, eth can reach 60% more than $1400 if bitcoin reaches 20k again, so $1400 + $840 = $2240 but I do believe eth can reach higher than this, if btc hits $20k again then eth will be around $3k by that time, 10 times higher than now.

EdvinZ

sr. member

Activity: 994

Merit: 260

If you believe in the growth of Ethereum, then mining, even if it is currently unprofitable, can bring profit later. It is like an investment that does not guarantee a profit, but it can be in the future. In addition, the reward for the Ethereum mined block also decreased. In this case, if you want mining to be profitable, you may need to choose another coin.

Dewi Aries

legendary

Activity: 2716

Merit: 1092

Leading Crypto Sports Betting & Casino Platform

Quote from: serhanni on May 26, 2019, 12:14:01 PM

Quote from: BitBustah on May 26, 2019, 07:44:29 AM

Quote from: serhanni on May 26, 2019, 07:29:15 AM

It looks like mining is not profitable right now but if ETH price can catch ATH value, today's mining value will be profitable again. So, this is why people still continuous on mining.

If that happened people would be much off just buying Ethereum instead of putting money into their mining operation.

It is true if you don't have a rig, I can not suggest
buying mining parts atm. But if you have a rig already and you keep the mined coins, you can sell them for 6x profit

Rigs maybe will expensive again if ETH can be pumped. Because other people think mining activity will be profitable again. If i be seller, maybe i will tell the truth about mining and what risk behind it.

Topic: Mining ETH is now no profit - page 6. (Read 2213 times)