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Topic: Mining MONERO is a worthless endeavor nowadays...and it will only get worse... (Read 2318 times)

member
Activity: 116
Merit: 10
Not too much forward thinking in this thread.  You aren't mining for the price of Monero now, you are mining for the price of Monero later.  Mine, Hold, repeat.  Long-term hold.

That is fishbowl thinking  Wink  ....there's a ton of coins out there that are will rise just as much, if not more than Monero, and their difficulty level is but a fraction....   Anyone sticking with Monero versus an up and coming coin is only doing a great service to the Monero community by sacrificing their GPUs  Grin for the crumbs that fall off the table.....when you could be eating steak with a newer coin  Wink

you could just buy the coin instead of mining it, right?

HI blucg, yup, agree with you totally...it would be better to buy coins at some point rather than mine them....don't know if Monero just hit that point, but from the mining point of view....not worth it....there are so many coins out there that give you a much better mid and long term mining return....


And which coins do give a better long term return? Do you know something we dont know?
newbie
Activity: 45
Merit: 0
Looking at Whattomine XMR still 2nd most profitable coin to mine for you AMD owner and more profitable then ETH. As for NV owner XMR  is a big no no.

If you think whattomine is even close to accurate, "I have a bridge I'd like to sell to you"  Wink .....you might want to check out the threads on it...
newbie
Activity: 48
Merit: 0
I read the news today, and it's reported that hackers installed mining malware to mine monero, zcash, etc.

news source: https://cointelegraph.com/news/russian-hackers-used-9000-computers-to-mine-monero-zcash-other-cryptocurrencies

total earnings are estimated to be $209,000 so far for Monero alone,

it's crazy, no wonder mining difficulty skyrocketed

Nothing new XMR always have been a botnet coin, since this one is cpu mineable kinda efficiently. Have read this kind of news many times.
hero member
Activity: 1118
Merit: 541

Just started using 7 of 8 cores on my miners for monero. $3500/mo of crumbs at current diff and price.

full member
Activity: 364
Merit: 101
I read the news today, and it's reported that hackers installed mining malware to mine monero, zcash, etc.

news source: https://cointelegraph.com/news/russian-hackers-used-9000-computers-to-mine-monero-zcash-other-cryptocurrencies

total earnings are estimated to be $209,000 so far for Monero alone,

it's crazy, no wonder mining difficulty skyrocketed
newbie
Activity: 48
Merit: 0
What are you all talking about? Looking at Whattomine XMR still 2nd most profitable coin to mine for you AMD owner and more profitable then ETH. As for NV owner XMR  is a big no no. But a lil decrease in XMR price (which is probable) and that might get worst like you all said, but we`re not there yet.
member
Activity: 88
Merit: 12
i like monero much, i´m still mining it with CPUs and GPUs with about 9KH/s its about 0.2 per day
i think its most money i can mine at the moment
newbie
Activity: 45
Merit: 0
You can always switch to another Altcoin though, if one turns out unprofitable, find some less-known coin that seems just a tad promising, UBIQ, ZenCash and many others out there. Had tried Monero with my hardware and Minergate, wasn't making much. The minergate miner could be at fault though, didn't try another one.
True,if you found out that it is not profitable anymore on mining Monero then switch into other coin since there are lots of selections out there to be mined.Its not surprising for sudden mining difficulty jump considering that there are lots of people who do mine monero and also this thing isnt just happening on monero alone but most all altcoins in the market which is mineable either on cpu or gpu.

Looking at other coins right now.....check this out.....

Monero's diffculty level in June was at ~ 8,572,784,898, we already hit ~ 29,622,754,812 !!!!!.....the difficulty level has gone up 3 times over this summer alone!!.....(rendering most rigs practically useless unless you get free electricity) Meaning, it's gone 3 times higher in the last months than it ever had since the first monero coin was mined years ago....it's craaaaaaazy Cheesy ......

I'm very happy for the Monero team though, congrats guys!!  You've made a great coin and now you can simply enjoy the fruits of your labor!!! Smiley Smiley Smiley Smiley........(......and not mess up with the forks  Grin)
hero member
Activity: 3010
Merit: 794
You can always switch to another Altcoin though, if one turns out unprofitable, find some less-known coin that seems just a tad promising, UBIQ, ZenCash and many others out there. Had tried Monero with my hardware and Minergate, wasn't making much. The minergate miner could be at fault though, didn't try another one.
True,if you found out that it is not profitable anymore on mining Monero then switch into other coin since there are lots of selections out there to be mined.Its not surprising for sudden mining difficulty jump considering that there are lots of people who do mine monero and also this thing isnt just happening on monero alone but most all altcoins in the market which is mineable either on cpu or gpu.
newbie
Activity: 45
Merit: 0
they forgetting something that miners will ride when they see
price jumped up and difficulty will increase so I think its a risk to take for those who wants to continue mining monero.

Totally agree carlisle1, it's indeed time to ride away from this Monero GPU power black hole.....which gives -practically- nothing in return.....
there's a lots of coins out there or we can simply go back with eth and give ourselves a try maybe its much worthy than monero or some other coins
that will bring much  better results, this forum have a lots of information so better to maximize and learn from the pro.

ETH as such dunno, but an ETH-like coin could be an option
hero member
Activity: 2744
Merit: 541
Campaign Management?"Hhampuz" is the Man
they forgetting something that miners will ride when they see
price jumped up and difficulty will increase so I think its a risk to take for those who wants to continue mining monero.

Totally agree carlisle1, it's indeed time to ride away from this Monero GPU power black hole.....which gives -practically- nothing in return.....
there's a lots of coins out there or we can simply go back with eth and give ourselves a try maybe its much worthy than monero or some other coins
that will bring much  better results, this forum have a lots of information so better to maximize and learn from the pro.
newbie
Activity: 45
Merit: 0
Where's the big difference when both price and difficulty increase?

If they both increase by the same amount, nothing...but this was not the case with Monero....with the initial pop, it favored your point, but now the value dropped, and the difficulty keeps on getting higher...
newbie
Activity: 45
Merit: 0
Not too much forward thinking in this thread.  You aren't mining for the price of Monero now, you are mining for the price of Monero later.  Mine, Hold, repeat.  Long-term hold.

That is fishbowl thinking  Wink  ....there's a ton of coins out there that are will rise just as much, if not more than Monero, and their difficulty level is but a fraction....   Anyone sticking with Monero versus an up and coming coin is only doing a great service to the Monero community by sacrificing their GPUs  Grin for the crumbs that fall off the table.....when you could be eating steak with a newer coin  Wink

you could just buy the coin instead of mining it, right?

HI blucg, yup, agree with you totally...it would be better to buy coins at some point rather than mine them....don't know if Monero just hit that point, but from the mining point of view....not worth it....there are so many coins out there that give you a much better mid and long term mining return....

whatever hardware you have now, you just saw the MOST you would ever make with Monero last month...this degree of difficulty is not for 3 - 5 (full) running 580 rigs for example....that would be a drop in the ocean with Monero's difficulty level and amount of miners right now....

I really liked this coin....but....when they grow up..... Wink
full member
Activity: 292
Merit: 100
Miningcore
Where's the big difference when both price and difficulty increase?
newbie
Activity: 17
Merit: 0
Not too much forward thinking in this thread.  You aren't mining for the price of Monero now, you are mining for the price of Monero later.  Mine, Hold, repeat.  Long-term hold.

That is fishbowl thinking  Wink  ....there's a ton of coins out there that are will rise just as much, if not more than Monero, and their difficulty level is but a fraction....   Anyone sticking with Monero versus an up and coming coin is only doing a great service to the Monero community by sacrificing their GPUs  Grin for the crumbs that fall off the table.....when you could be eating steak with a newer coin  Wink

So what would be such a coin? I think it's not a valid argument to say even if you're losing money now because of electricity and low price of the coin because it's going 10x.
If you want to use that strategy you could just buy the coin instead of mining it, right?
newbie
Activity: 45
Merit: 0
they forgetting something that miners will ride when they see
price jumped up and difficulty will increase so I think its a risk to take for those who wants to continue mining monero.

Totally agree carlisle1, it's indeed time to ride away from this Monero GPU power black hole.....which gives -practically- nothing in return.....
newbie
Activity: 45
Merit: 0
Not too much forward thinking in this thread.  You aren't mining for the price of Monero now, you are mining for the price of Monero later.  Mine, Hold, repeat.  Long-term hold.

That is fishbowl thinking  Wink  ....there's a ton of coins out there that are will rise just as much, if not more than Monero, and their difficulty level is but a fraction....   Anyone sticking with Monero versus an up and coming coin is only doing a great service to the Monero community by sacrificing their GPUs  Grin for the crumbs that fall off the table.....when you could be eating steak with a newer coin  Wink
newbie
Activity: 45
Merit: 0

If you are trying to jump into the mining business now , then ur ROI is definitely going to me much longer than a year ago [/center]


That's exactly what I mean xxcsu, to mine Monero TODAY is worthless compared to a year ago....or even a month ago.....
hero member
Activity: 1498
Merit: 597
let say you are mining monero with 50 gpu in 7 rigs , rx480-8GB cards with modded bios optimized for xmr mining , you purchased those cards a year ago when you was bale to buy for 250$ or less Smiley
If you are trying to jump into the mining business now , then ur ROI is definitely going to me much longer than a year ago



 
Grin i would love that 2500$ "crumbs" every months  Grin
50 cards - 2529$/months
10 cards - 252$/months
1 card - 25$/months

and the result is Smiley with today difficulty (September - 05 - 2017 )

hero member
Activity: 935
Merit: 1001
I don't always drink...
Not too much forward thinking in this thread.  You aren't mining for the price of Monero now, you are mining for the price of Monero later.  Mine, Hold, repeat.  Long-term hold.
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