Topic: Small Miners, how much do you make ? (Read 907 times)

Considering general, long-term costs and profitability (featured in the section above) are important. Still, people want to understand what profitability looks like in the short-term. The simple answer is that BTC profitability (as of late October 2019) is bleak. This is due to the relatively low value of BTC when compared to that of the previous bull market of 2017. Of course, this could always change at any point in time if the value of BTC were to increase. To put 2019 profitability into better perspective, it’s good to use a real-world scenario based upon realistic factors.

Right now it is not profitable to mine BTC for small miners.

I think it's just as important to ask if miners have a process behind how they mine.  What about mining coins worth absolutely nothing and also not listed on an exchange?  It's risky so not worth it for some.  But the same was said for bitcoin, litecoin, the list goes on.  

I look at it like this... It's chaotic but also not overly simplistic like I think to many endeavors are:  

1.  Am I sustaining my business?  Yes, it is a business and it behooves anyone interested in the long-term to treat it like a business for so many reasons even if you are a "small miner".  You might be surprised at all the little expenses you rack up and how accounting for such things could benefit you later.  If you are in the US, you should consider an s-corp in a state where there are no recurring fees.  record keeping and taxes are actually really simple when done this way.

2. How am I sustaining?  Selling mined coins exclusively?  Other passive income sources?  Staking?  Lending?  Masternodes?  Am I actually selling coins or continuing to hold them because of the market? Does it make more sense to pay mining costs with mined coins or other revenue streams?  Am I buying coins or mining them?  Do I mine coins that aren't available for purchase even if I don't know if I can sell them in time for current mining costs to be paid?

3. Have I been successful at mining a crap coin, hodl'ing it and selling it for way more than it cost to mine?  Are others doing this successfully?  Yep.  Are others doing this and failing miserably?  Yep.

4. Are you engaged with various coin projects in Discord/Telegram/btc-talk/fb/twitter/etc?  You should be!

At the end of the day, can you afford to keep the lights on for your mining and/or crypto business operations?  Are you acquiring digital assets and at what cost?  I've mined coins that I forgot about only to find that 2 years later they were worth 6 times what it cost to mine them.  Many people mining today mine purely on a profit ratio basis.  So if 7 of 10 coins go to costs is it better to cover costs with cash reserves or sold coins?  That's a decision everyone has to make for themselves.

If you really do not have costs with electricity will always be profitable, in Brazil for example 30 $ do not pay the monthly costs with electricity. 0,23 $ KW/h. 

Yeah I agree with this route. Nicehash has proven to be the hassle-free way to mine the most profitable coin and immediately get paid in bitcoin. The problem with alts that you'll always be chasing the most profitable coin and then theres also the hassle of having to transfer and sell these new coins on an exchange. Nicehash takes care of all that for you.

The only thing you need to consider is making sure that you are earning more than you are spending on electricity.

yes makes sense, but for the guys who already bought hardware its going to be a problem !

That's why I decided to stay mining with current miners with limited free power source. I was planning before to buy more GPU 1660TI has higher profit than the other GPU OR 2060. But after the price drop recently from 13k decided to change plan instead buy potential coins and hodl for a long time until block halving. I believe if what happen on the pass it can be happen again after block halving.

So my better option is to buy coins and hold or trade coins and use trading bot with working strategy while bear market.

based on my short experience I can say that the best and easy way is just to use nicehash.
yes, it is not the most profitable, but most convenient and hassle free option for miner with 1 -10 cards
setup one time, run and forget.
take your profits weekly

I have trouble understanding what you are asking? Are you asking if you can buy them from a store? Then you can buy GPUs pretty much anywhere. The open rig cases you can either build yourself (use wood or aluminum tubing) or just buy one on Amazon.

If you are asking if you can keep it in some store you own, then its up to you. The issue is that if you got too many of them and your customers see you got like 100 GPUs in your store and each GPU is usually worth at least $100 then you might become a target for a robbery, so you are better off keeping them hidden.

You can put them in store ?

In this regard, I had found that the powercolor red-devil the best. I have one rig in the living room with 6 of them. They are distributed on two black open rig case. They are extremely quiet and aesthetically not bad. The other GPUs I have to hide from visitors.

You are exactly right about the girlfriend/wife issue, and the best way to deal with it is to have one area wired and setup for mining with considerations for proper air movement and external noise to keep your neighbors happy as well.

Then i'm really lucky that my wife supports me in my endeavours, crypto-mining and everything else otherwise. But you're right, there were complaints when i had an ASIC, which was is much louder than any GPU rig, but now that i've sold those and just have a few GPUs she has not complaints and is very supportive.

It's actually a great talking piece when visitors come to our house. Whats important is you keep your GPU rig and do really nice cable management, it can really look high-tech and professional if you do it correctly.

Most of the people here probably aren't married and they actually don't realize that mining rigs actually upsets most girlfriends or wives.

First issue is the noise. Even if you got GPUs the noise from all of them plus the box fans is going to get really loud, especially when you are trying to sleep next door.

Another issue is the appearance of the rigs and how it makes your place look like something out of the movie Hackers and overall makes the room look like a mess.

Per 100 watts of hashing power, I'm making about US$0.72/day.

Currently I am saving all the balance in BTC, I do not keep more altcoins ... I wait for the pumps that occur and exchange for BTC.

That's why i believe it's crucial to have a plan when mining. My plan entailed cashing out mining rewards twice a month, regardless of price and as long as it is profit. Safer strategies like this are at risk of earning less especially if the coin suddenly pumps in value, but on the other hand, it's much safer especially if you have a larger mining operation and have to pay for large operating expenses like electricity or space.

Mining Zcoin in the last 3 months with 7x1660 and average monthly income is $ 30 assuming I paid $ 0.13 kwh. In 3 months the price dropped down 50%.

Yes, mainly just trying new coins and algos. Not much there for profit for me. High electricity and older hardware.

so you more like for the fun rather than the profit ?

I have 5 gpus rolling most times.

Most of the time I just make the wife mad.