Topic: Mining profits... What am I missing? (Read 199 times)

ASIC miners are great but pray nothing bad happens while using them, ordinary power problem will make your own rig useless, this is where GPUs have high advantage, one that stop working can be easily replace in your country but not ASIC miners

This is what already is happening at lightning fast speeds.I used to make about 0.0082-0.0085 Eth daily by mining with almost 300 Mhsh power and now for the same power I get 0.0065-0.007 Eth daily.It means the difficulty is increasing and the rewards are decreasing.The only good thing is the Ethereum price has increased so it offset for the moment the difficulty increase and the decrease of the rewards.

Basically the daily supply of ETH or BTC or any POW coin is capped. As an example say the daily ETH new supply is 1000 ETH per 24 hours. Now say that there are 100,000 people mining (assume equal hashing speed) that means that each person would get 1000/100000=0.001 ETH per day.

Now say that the price has increased and more people start to mine. The daily supply is still 1000 ETH but with 200,000 people mining your reward will be cut in half to 0.0005 ETH per day. So the difficiulty would basically be double.

I never mined with an ASIC but I read a lot about it since I started to mine with GPUs. Think about it, unless you got a shit load of money, if you buy just one Antminer E9 it's like if you put all your eggs in one basket. What if the ASIC breaks? Better enrol yourself to the Antminer maintenance training courses.

Furthermore an ASIC makes sooo much noise, if you install that in your house you won't be able to sleep (unless with ear plugs) or worst your neighbors might complaint about the noise. ASICs also consume a lot of energy, you better have a good electrical circuit well installed to avoid any electrical hazards. ASICs also generate much more heat compared to GPUs so you better have a good commercial AC or ventilation system set up.

IMHO, ASICs are the way to go only if you got a lot of money (hundreds of thousands or millions of dollars) to rent a warehouse and set up your empire but this is a very big project with tons of challenges and issues to overcome. Even money is not enough, you need to have the expertises or you hire professionals if you are rich or got the financing to do all the hard things but even there you'll probably get screwed on the long run if you don't do your bookkeeping and stuff like that.

Ho and lastly when Ethereum will switch to PoS for its consensus mechanism somewhere around Q1 of 2022 then you won't easily be able to switch to mine another altcoin with your ASIC compared to GPUs.

If you want to buy ASICs better aim to mine Bitcoin.

So the only concern is money to buy it, legitimacy of product and maintenance?

What exactly is meant by "difficulty"?

There are many issues such as,

When will you get it delivered? Sometimes it can take months to get delivery AFTER you make payment. With what is going on now with the markets ETH by then can either be $5000 a coin or $500. Very difficult to predict this.

Also, this ASIC has over 3GHs, which is tons of power. How many do you think they will produce in total. Look at,
https://etherscan.io/chart/hashrate

Difficulty is rising VERY fast after the China ban.

Another issue is warranty. If it breaks, they will warranty it. However you will need to wait weeks/months and you won't get compensated for downtime.

if i remember right News come out around April (2021) about Antminer E9 . Still not available , or not for the " home miner type of person " , no information on Bitmain official website either,  im sure Bitmain already making some $$$$$'s with those E9's during "testing" and they going to start sell it as soon as ETH getting closer to ETH 2 ,or difficulty getting crazy high

A very tempting offer, but you need to have 30,000 lollars and not buy from scammers.
If the equipment suddenly breaks down, then you will have huge losses.
I probably prefer to mine on video cards, because they can mine a lot of coins and will be relevant for a very long time.

Yeah also dont forget this crap can break no warranty. What you gonna do 30k fly away. It is too risky.

Who knows? I'm a GPU miner and I'm satisfied with GPUs because of quick returns aka ROI compare to ASIC miners which are more costly, no one knows how last this present profitability is going to be, let's just keep mining

you are missing the correct section to ask this.

that is an altcoin miner


question needs to be asked in altcoins

i asked the mod to move it.


you can get one quickly for under 30k it may work out.

or not.

it may come late
it may break
price may drop 75%


or you may make a profit.

@$30k unit price...only 5 months.

What is the purchase price? I've seen $ 15,000 and $ 60,000. I think this is a very long payback period. And the price can rise or fall...

The Antminer E9 (3Gh) makes, at current rates, $205.6 a day. Electricity, for me, costs $0.12/kWh. At 2556W power consumption, that means I'd be spending $7.3/day. 205.64-7.3=$198.

That's $198 net profit per day. Even if the rates went down %75!, it's still $50 a day! By doing nothing!

What am I missing?