Topic: Profitability dropping (Read 621 times)
The profitability has been unnaturally high for the past few months due to crypto prices spiking faster than new GPUs could be brought online. We should be getting back to lower profitability and longer investment payoff times fairly soon I think.
Thanx guys.
My plan has been to just continue to reinvest the profits and keep it as a hobby. The r9 290 was a gift so as soon as I have enough for another one I will grab one. Then a new PSU, then see where it goes.
This is the ultimate hobby for me, I get to tinker with hardware, read forums, speculate (gamble), and maybe make money.
Super fun.
Phad.
My plan has been to just continue to reinvest the profits and keep it as a hobby. The r9 290 was a gift so as soon as I have enough for another one I will grab one. Then a new PSU, then see where it goes.
This is the ultimate hobby for me, I get to tinker with hardware, read forums, speculate (gamble), and maybe make money.
Super fun.
Phad.
Just give it time Phad. When I started mining last March, I was only bringing in about $2/day after factoring in electric. But during the boom in November, that jumped up to $50/day. Now its down to around $12/day.
Don't worry about the dips and peaks. Just keeping mining! You'll be happy you did.
Don't worry about the dips and peaks. Just keeping mining! You'll be happy you did.
Well that all depends, and it's anybody's guess, but there is no answer to that. Take for example Bitcoins. For quite some time the profitability was decent after it became established. Then ASIC's came into play, and the difficulty rose to such an extent that the money made is alot less then the cost of electricity. Right now if you were to mine Bitcoin with a GPU, it would actually cost you to mine it.
Most SHA-256 coins are being run by ASIC's now days so I wouldn't suggest you mining any of these. Now when you look at Scrypt coins. There currently are no ASIC's, and there are hundreds of different coins. Mining with a GPU "should" be profitable. But it still costs you electricity to mine, and the value of many coins are so low that they might already cost you in order to mine them. At anytime the number of miners could grow to a point where there are no longer any profits to be made, coin prices could drop, or ASIC's could come out at any time (They claim about a 2014 Q3 release). After this it is entirely possible that a card/cards would stop making more than they cost to run.
I know you are new here. Not sure how long you looked at the history of Scrypt coins. But not more then 2 months ago, possibly 3 (I don't remember the exact date), LTC was trading at the $2 range. Most of the other alt scrypt coins were trading below a penny a piece (Some were worth a few cents, and the exceptions were worth over the $1 mark. If you look at the price history there have been multiple price jumps then sudden price collapses. It is entirely possible that the coins could go back to being worth less than a cent, and that LTC could go back to the $2 mark or less
If the question is "Is it safe to go big into mining?", and buy a bunch of Video cards, the only advice anyone can give you is DON'T GO BIGGER THAN YOU CAN AFFORD TO LOSE. If the question is will your video card print money til the end of time, I would say no.
Most SHA-256 coins are being run by ASIC's now days so I wouldn't suggest you mining any of these. Now when you look at Scrypt coins. There currently are no ASIC's, and there are hundreds of different coins. Mining with a GPU "should" be profitable. But it still costs you electricity to mine, and the value of many coins are so low that they might already cost you in order to mine them. At anytime the number of miners could grow to a point where there are no longer any profits to be made, coin prices could drop, or ASIC's could come out at any time (They claim about a 2014 Q3 release). After this it is entirely possible that a card/cards would stop making more than they cost to run.
I know you are new here. Not sure how long you looked at the history of Scrypt coins. But not more then 2 months ago, possibly 3 (I don't remember the exact date), LTC was trading at the $2 range. Most of the other alt scrypt coins were trading below a penny a piece (Some were worth a few cents, and the exceptions were worth over the $1 mark. If you look at the price history there have been multiple price jumps then sudden price collapses. It is entirely possible that the coins could go back to being worth less than a cent, and that LTC could go back to the $2 mark or less
If the question is "Is it safe to go big into mining?", and buy a bunch of Video cards, the only advice anyone can give you is DON'T GO BIGGER THAN YOU CAN AFFORD TO LOSE. If the question is will your video card print money til the end of time, I would say no.
Thank you. I realize how difficulty relates to profits. I was talking in general independent of a specific coin.
Scott.
Scott.
Hey guys,
I am pretty new to mining currency. I bought an r9 290 one month ago. As of today I am about $35 short of paying it off. The last 3 days has seen the profitability (as reported by coinrwarz) drop from ~11 to ~8.5.
Should I expect this to climb back up at all or will this single card eventually stop making money? (In a few months?)
Cheers
Phad.
I am pretty new to mining currency. I bought an r9 290 one month ago. As of today I am about $35 short of paying it off. The last 3 days has seen the profitability (as reported by coinrwarz) drop from ~11 to ~8.5.
Should I expect this to climb back up at all or will this single card eventually stop making money? (In a few months?)
Cheers
Phad.
Depends on what coin you are mining.
As more people start mining that coin, the difficulty will rise, which means the profitability will fall.
Hey guys,
I am pretty new to mining currency. I bought an r9 290 one month ago. As of today I am about $35 short of paying it off. The last 3 days has seen the profitability (as reported by coinrwarz) drop from ~11 to ~8.5.
Should I expect this to climb back up at all or will this single card eventually stop making money? (In a few months?)
Cheers
Phad.
I am pretty new to mining currency. I bought an r9 290 one month ago. As of today I am about $35 short of paying it off. The last 3 days has seen the profitability (as reported by coinrwarz) drop from ~11 to ~8.5.
Should I expect this to climb back up at all or will this single card eventually stop making money? (In a few months?)
Cheers
Phad.
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