Topic: To the ones who gave up mining or reduce mining because electricity costs (Read 604 times)

Thank you, again 

I will hold the coins I have for sure, no doubt.
I have the money of my GPUs that I sold and want to invest some, I think I will buy some ETH and BTC
My city is very hot and we have a lot of solar rays, from 8am to 6pm, only a few days with rain, my city is know as "brazilian California", but we don't have strong and constant winds
If I have to mine and sell only when the price rises, it's easier and quickly if I buy the coins, without mine, you are right

Good to see your predictions, I remember when you advised all miners about Zcash and ETH asics 

Cryptocurrency cost is not constant. Therefore, when it comes to mining as a business, it makes sense to do it only with very cheap electricity and affordable low-cost mining equipment for mining. If these factors are on your side, then even in periods of strong market downturn you will be able to do profitable mining. In other cases, this can be profitable only if the cryptocurrency market is at the growth stage and digital money is expensive, covering the cost of expensive equipment and expensive electricity.

Sell your coins in a bull market is very risk unless you think that is the highest it can go, the same can be said about buying in a bear market, buying only if you think it cant go any lower. Price brackets for this cycle, conservative, 30 to 50k, moderate, 50 to 100k, extreme values are 100 to 200k for each bitcoin.

Electricity payments are indeed a problem for crypto miners, especially nowadays, when crypto prices are low, and there is a lot of competition. in my opinion, if you still have the desire to do crypto mining, storing it might be a good idea. in the future, maybe a lot of people will make rigs for mining. but, if you really don't want to do that again, selling it is a good idea.

Wind power is much much better than solar as long there is wind speeds of 10 ms or more all the time, you dont need batteries at all, is there a place like that? yes but most of those places are isolated and hard to live and require a ton of money to be invested and usually are only done by governments. For example, mountains, Switzerland alps, very high altitude points, another place, close to the coast, in the sea, uk has many of them in Scotland. Those are just some examples.

well, the search for a renewable energy solution is one of the answers... electricity is by far the most important investment besides the mining hardware and if you find a balanced green solution you'll cut these costs almost completely.
Solar is a good answer but might not be enough as you'll be dependant of btteries by night, or need to sell your excess power to the grid in order to get it back by night

The best thing to do is hold your coins at moment, not worth exchanging apples for apples. Mining would give less money and would be a lot of work. I would buy eth instead of bitcoin and i would wait around 6k and sell, the target for bitcoin is 100k but it might not reach this time. 50k has 90.9% at this time, 100k although has a slim chance, 14%, it might happen, we never know the extreme till we see it, I remember when bitcoin was $200 and I said bitcoin would reach $6000 and then crash, it reached $6000 and it kept rising. So I thought bitcoin would rise around 30 times, I was wrong, it rose more than 100 times, see we never know the extreme till we see it.

In your case, if you think about mining then only solar power would help, paying $0.20 for each kwh is not wise. Grid-tie would very much help with your endeavor, with 50k usd you could power a warehouse. Wind power is the best alternative if you live close to the sea where there are wind speeds of 30ms or higher, although is very expensive and most high profile wind turbines are around 2 million dollars, not worth if you will only power a warehouse, there should be many warehouses hehe, for a single compound, solar power is the best cost benefit for low scale places. For bigger projects, wind power turbines takes to the next level but pay attention that might required government approval. Those things are huge.

Also, remember that eth real value to btc is 0.2 btc, that is based on supply. As bitcoin rises, eth's real value x bitcoin also rises. As bitcoin rises 10 times x dollar, as eth values rises 10 times x bitcoin. So highest, eth right now 0.032 btc, might rise 10x that, so if bitcoin rises to 80k then eth = 0.32, 24k. I think bitcoin will reach around 50k till 2021, so eth will be around 6k by then.

Hey Metroid, I used to follow your tips and everytime you are right
I sold my rigs at the peak of GPUs prices, and I still have the coins I mined
If you have 10k USD in fiat, would you prefer to buy all in BTC or you prefer to buy some rigs with solar system?
Good to see you here

Its a lot more than that and if you think about 6 to 10 years is 3 bitcoin cycles and looking back, every bitcoin cycle, bitcoin rises 10 to 100 times, so reality is, if you spend 10k usd in solar system, those 10.000 dollars could become 10.000.000.000, if you sell and buy at the right time using those 3 cycles. So bitcoin now 10k, in 10 years bitcoin might have reached 10 million. Yes, its that simple.

in 2010 bitcoin was worth less than a dollar. Almost 10 years later, it peaked at 21.000 dollars. So 1, 10, 100, 1000, 10.000, how many cycles? 4 cycles. Math never fail us. Imagine how many bears died along the way? and it looks like bears are in denial right now. Most of them have committed suicide, some are still waiting to buy bitcoin back for 1 dollar, that is the price they sold.

and it is to this reason why many people prefer good climate, cheap electricity and considerate jurisdiction. Well, what I can say is that if you have some of the coins you got from that left then you may need to keep them for long so that it helps as a " self-collateral" for the sold rigs.

I'm looking for solar energy, but it's very expensive here in Brazil and we only have one company to buy electricity

About solar system, I have to spend a small fortune to only have power to maintain one GPU for example

The return is more than 6 or 7 years to pay the rig and the solar system

The cost of electricity has been the reaaon many dumped mining.  Once you calculate the amount you spend on electricity you will discover that there is no much profit in mining. But if you can find alternative source of energy like solar so as to cut cost of electricity you can then maximize profit from mining

Thanks for all answers, it's good to see what each one of you did about mining
I really like mining and all concept about that, but I cannot afford to lose money mining

I think that now engaged in mining mainly those who do not pay for electricity. In addition, they did not pay for the equipment. Since it is often the server in the place where they work. This applies to mining coins for cpu. For example, xmr or other coins on algo cn. Think about it, who will buy dozens or more xeon? What for? Miners buy GPU, I have not seen such a miner who would buy processors for $2000 or more. Well, maybe I'm wrong, but that's my opinion.

Your are right mate The main factor which every one are facing the cost of electricity and coins value due to which many top miners quit up this great business at the moment.

We don't do mining for fun but for the financial benefits we derive from it. You made a good decision by halting your mining activities when the market crashed and mining wasn't profitable anymore. High electricity consumption is the major drawback in the crypto mining sector

I started mining with two rigs at the beginning of 2017 and has been mining at a loss (not much but still a loss) for the last year or so.
Yes I  have to cover electricity every month and I have not sold any coins I have mined since 2017 but I feel that it will be worth it at the end.

My main reason for mining crypto and not buying crypto with fiat is because when I mine nobody (including the greedy government mofo's) know how much and which crypto's I have. I am never going to cash out to fiat and get taxed!

 

Well, if cost is more than what we got, i think it is good to stop our mining activity. About rigs, in my community there are people who already sold it and hold their rigs. I have friends that get hype, and increase electricity in his house, and now he regret it.

We will see what most people did with their GPUs depending on how high the difficulty goes right now that mining became profitable again.

So far the difficulty is slowly rising now that the price went up. I think most people just turned off their rigs because they assumed, ETH would go up again in the future. However there are certain people that actually sold their rigs, most likely to gamers which won't affect the hashrate unless those gamers are also miners.

I also live in Brazil, and I had some GPUs, there were few, but when the fever started in mining, especially in ETH, my hash power dropped, and with this high energy cost I also ended up selling .

In Brazil it is almost impossible to have a ROI in mining, plates at the time were high and still have the energy.

I turned off mining for a while, but I am staking nowadays and started trading. Maybe I become lazy to start mining again or I am earning good enough from the trade! In my country, the electricity cost is a minor problem but the main problem is the government has announced to shut down mining and mining becomes illegal here!

We are on the same boat
Nowadays the price of GPUs are very good in my country, but it doesn`t matter anymore

I`m curious, where do you live?

You said it all and I really feel for you as I have done that already.
Actually it doesn't make sense being in a business or in this case mining where you will sacrifice more and end up with little or no profit.
I have resorted to buying the coins instead of going through trauma mining as electricity cost isn't encouraging in my location.
Maybe it will be profitable one day, but for now I will wait it out.

Thanks, I looked for solar energy or another companies to supply energy, but here in my country we don't have options


I can pay electricity with my salary to, but I don't think this is the best choice for me, I sold my GPUs at the same price I bought (GPUs prices are at the peak) and it's better to buy the coins instead of mining, it's cheaper for me
After the bullish of BTC, I just hold my coins, all of then, ETC, ETH, Zcoin, Doge etc


I'm not a newbie trying to join, I already did 2 years ago



I calculated everything
It was not only 6 cents guys, the market crashed at the same time, I have a lot of profits before, but with ETH worthing less than 300 USD and BTC less than 10k, it's complicated to mining  with high energy costs

Did you try to calculate how much your profits before you sold your rigs?
Because with an increase in the electricity costs for about 0.06 cents will not be a problem for you if you can get a nice reward.
But that happened before, and I think you can buy another rig because I heard the price for the GPU was reduce too deep related to the mining difficulty was increased.
But if I were you, I think I will continue the mining process, and I think I will make deeply search for the potential coins to mining.

For those who have just joined the mining industry, the current market downturn is indeed very bad. You can close the mining machine within the acceptance range, and then dig it when the market is good. Just a suggestion.

I just try to search a profitable coin with easy difficulty and good liquidity. I can pay my electricity with my own salary from my real job and i was not feeling worried about that dude. but my country still cost 10 cents. and that means if you have paid it doubled than me. Sold it and move to the trade and i will do that if that's me.
But just curious about the performance of your coin and did you get some money from there after the bitcoin bullish?

Since electricity cost is a major factor in determining mining profitability then I'm afraid it would be more difficult to resolve your issue unless there will be drastic changes in energy generation in your country e.g. adoption of renewable energy - which could result to low electricity costs. Moreover, maybe you can figure out a more efficient mining operation by carefully selecting the most profitable coin from time to time and adapt with it since I understand most miners did suffer from the negative effects of crypto winter and I hope it will be changed anytime soon. Just don't give it up yet. Good luck!

I live in Brazil, and I used to pay something like 0.14 cents in 2017
I had 25 Gpus mining and 4 CPUs, but when market crashed, my electricity costs went to 0.20cents, so I sold my rigs, and I'm holding my coins until today

What did you do with the rigs?
Still mining at loss, sold everything or just turned it off?

I confess that I miss my rigs, but there's no chance to mining with high electricity costs, better buy the coins with fiat