Topic: The Squeeze is comin! [official thread for panicking] - page 3. (Read 2341 times)

The Squeeze is starting!

But if you do......boy the upside is YUGE!

you got in at high tide

now its low tide.

it can be very tough to survive.

The SQUEEEEEEEEZE is on!



Upward

That is so true!

I'm one of the smallest of small guy and I get rekt for mining and trading in BTC...

Looking back, I'd wish I didn't get into this crypto thingy 8 months ago.  

I actually haven't done much mining on my own in a few years. For about six months I was mining and reinvesting heavily and doing some mining-related work in exchange for miners, in part on somewhat of a dare, and turned a 10GH miner into around 2.5TH with no added cost by about April 2014. After that I shifted more toward picking up interesting hardware rather than pure profitability, and then I had to put everything I had into the business to stay floating for a while. The bulk of my actual mining the last few years has been for winter heat at home and in various spots around the shop.

I've been keeping a 100KW datacenter stocked, but it's all miners for about 18 other people. The electric cost here, when I'm at 100KW, is around 6.9 cents including all fees and taxes. I host for 8.9 cents, which means the "profit" from hosting exactly pays the rent when I'm at 100% capacity. That 6.9 cents is an aggregation of some flat monthly charges and a demand charge based on peak draw, plus a pretty low actual energy rate. I'm on a small-industrial rate scale in a rural co-op, so it's pretty decent, but the bills are still around $5k per month.

Had I my own miners instead, I could probably have been profiting handily this entire time. But to answer the actual question - no, I haven't shut down all mining because of unprofitability.

It kinda sucks because at the beginning the people who came up with Future commodity trading wanted to ensure that the little guys don't go bankrupt before the harvest.

But humanity has a way of turning good things into weapons so.......here we are.

Same thing for Bitcoin, it started out as "freedom money" Free from inflation, free from the feds, free from government and uncensorable, everyone has an equal chance in this new financial world. Now look at it, only the rich gets richer and the normal people gon get rekt.

I'm kinda disgusted, but then again Bitcoin isn't a wealth equalizer, just a wealth opportunity for the new generation.

Just thought I would weigh in here as I've gone a different route. This only works for me because my electricity costs about $.06

I've been grabbing up more 741's for myself. I recently added 3 and am looking to add another 4. The reason being I found someone who got stuck with a pallet in the FOMO, and I was able to pick them up for $118 CAD.
Right now they'll each bring in about 1$ aday, $1.25 CAD roughly. So in 120 days I can ROI.

Even if the Diff jumps astronomically, My winter is cold and coming, I know it's only June, but by the end of October, These 8 little space heaters will be in my basement feeding into my electric furnace. So I will then be receiving 6 months of straight profit. Now this is only a concern if I sell what I mine, which isn't going to happen for a while.

Obviously my position is somewhat unique but it is a viable option for a lot of smaller miners out there wondering what to do.

People are in denial if they don't include all charges... My last elec bill was $968.89 total with 11778 kWh used, delivery charge, and tax. That comes out to 0.082/kWh cost.

Straight copy and paste from bill.

maybe they finally sold them all out.

So no more 14Ths gears on bitmain, only 13.5 appearing on the website shipping 11-20 july

Maybe gone forever?

most of us include all costs in the number we give.

so my winter power is 13.7 cents
my summer power is   16.7 cents

I include all power company numbers in these numbers

I also make more adjustments.

I say my winter bill is 10 cents as I save large money on heating
I say my summer bill is 18 cents as I spend extra on ac

And at the moment  my only miner in house is a 3 card 1080ti miner as it earns 5.50 usd a day and costs about 2.88 usd in power each day.

I do have miners at the solar array

Sidehack,

In your five years of mining, was there any time that you turned off your miners because it was not profitable? How much are you paying for kwh? Do you also get ding with distribution and transmission charges? It seems that lots of people talk about kwh but they don't take distribution and transmission charges into account.

Ironically, futures contracts were originally of great help to producers of essentials (minerals, food etc.) in planning investment and locking in profitability but, like so many legacy systems, they have mutated into just another tool for the financial establishment to exploit for self serving ends.

Man, I friggin' hate futures trading and all that. I come from a century of farmers and that kind of BS has ruined the industry.

old haters like Warren Buffet are affecting the price through their useless futures that they trade for $$ back and forth.
They have a lot of $$.

Especially not if coin keeps dropping about a hundred bucks a day. Been saving up my BTC for most of the last year for a new miner project and in the last 60 days enough value has evaporated to have paid for half the first batch. Most of what was set aside was taken in when BTC was approximately twice its current value. Been in the game for five years and I still can't get used to the volatility inspired by manipulation and speculation. Really wish more people weren't greedy or idiots.

it means that they stopped following their own rules about no more than 50% of the bill being covered by a coupon.
No matter, at 10c/kwh, S9 breaks even, more or less.
I might still continue, but it does not look good at the moment.

Bitmain price is 734 USD +shipping
S9i-13.5TH/s with PSU

I bought today the same set with a 500USD coupon and the price was 0.06284169 BTC shipped.

I remember the "good ole days" where I would occassionaly be able to buy miners with a 100 days straight line ROI (cost/day 1 profit <= 100 days).  Always figured those would really ROI within a year, since difficulty was going up.

Now an S9 is clearing less than $1/day (or there abouts, depending on your power cost), and the units are still around $900 with shipping and power supplies.  900 day ROI?  That is insane.

Only good news is it looks like hashrate is FINALLY starting to fall.