Turning off miners - page 5. | Bitcointalksearch.org

melon21

newbie

Activity: 15

Merit: 0

After one year of mining, I just stopped my small time mining operation

In the past 4 months, I was paying so much for power, my bills were so high, and I was barely making anything. Not even close to breaking even each month. Now I just buy direct, and cloud mine. I have to keep the feeling of getting new coins each day. I think I will turn on my miners maybe for a week each month (maybe).

But I will say what a year experience it has been. From being ripped off and miners never coming that I paid for from minersource/blackarrow (prospero x-1), and from cloud mining sites shutting down after 2 months of offering service (GAW miners).

I learned, and it's been fun, and I will say we are in the infancy stage of bitcoin. And I can see how it will stay around, and not go away anytime soon.

So I will be cloud mining on trusted sites, and buying my bitcoins for the foreseeable future. And having a lesser power bill

With the money I save, it's more worth it to just direct purchase bitcoins. Right now that has the most value (to me anyway).

desertfox470

sr. member

Activity: 542

Merit: 251

Quote from: frankenmint on March 18, 2015, 12:30:32 AM

Quote from: hugs1BTC on March 17, 2015, 10:39:10 AM

Quote from: Syke on January 13, 2015, 02:02:22 AM

The difficulty increase combined with the price drop has me turning off another batch of miners. How about you?

I turned off my mining rigs in december 2014. Now I only mine altcoins at launch, with cloud mining.

how has that worked for you? Sometimes I think about giving it a go with alts, then I remember how I threw away .25 BTC worth of mining power back in 2014 for a day on some 21 coin and I could never sell it for anything worthwhile.

42 coin was another coin like that. They were trading for more than a btc, but there was one 42 of them.

lucasjkr

hero member

Activity: 644

Merit: 500

Quote from: frankenmint on March 18, 2015, 12:30:32 AM

Quote from: hugs1BTC on March 17, 2015, 10:39:10 AM

Quote from: Syke on January 13, 2015, 02:02:22 AM

The difficulty increase combined with the price drop has me turning off another batch of miners. How about you?

I turned off my mining rigs in december 2014. Now I only mine altcoins at launch, with cloud mining.

how has that worked for you? Sometimes I think about giving it a go with alts, then I remember how I threw away .25 BTC worth of mining power back in 2014 for a day on some 21 coin and I could never sell it for anything worthwhile.

There are sites to help you choose the best coin at any given moment. If your'e on top of it, you might do well, as there are sometimes brief distortions with various alts, where you can swoop in, mine them, even for just a couple of hours, and make 5x or 6x what you would have gotten from mining a mainstream coin.

Most of those are Scrypt coins, though, not SHA256; of the SHA coins, generally BTC is the most valuable to mine...

frankenmint

legendary

Activity: 1456

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HoneybadgerOfMoney.com Weed4bitcoin.com

Quote from: hugs1BTC on March 17, 2015, 10:39:10 AM

Quote from: Syke on January 13, 2015, 02:02:22 AM

The difficulty increase combined with the price drop has me turning off another batch of miners. How about you?

I turned off my mining rigs in december 2014. Now I only mine altcoins at launch, with cloud mining.

how has that worked for you? Sometimes I think about giving it a go with alts, then I remember how I threw away .25 BTC worth of mining power back in 2014 for a day on some 21 coin and I could never sell it for anything worthwhile.

hugs1BTC

sr. member

Activity: 350

Merit: 250

Quote from: Syke on January 13, 2015, 02:02:22 AM

The difficulty increase combined with the price drop has me turning off another batch of miners. How about you?

I turned off my mining rigs in december 2014. Now I only mine altcoins at launch, with cloud mining.

vrm86

hero member

Activity: 676

Merit: 500

Many people find mining enjoyable as it looks like your machine serves you to literaly mine some assets from an unavailable source, or create something from basis. Others may like all this hardware-related things. Now, as the home mining keeps becoming less and less reasonable, the question is how much money one can expend for all that fun.
And in comparison buying coins could be perceived as boring - within few minutes whole process is copleted. In that case I suggest to try trading.

lucasjkr

hero member

Activity: 644

Merit: 500

Quote from: cramved on March 09, 2015, 11:06:46 PM

Quote from: Bananana on March 09, 2015, 10:26:55 PM

Quote from: cramved on March 09, 2015, 06:05:54 PM

Quote from: MegaFall on March 09, 2015, 05:34:10 PM

Quote from: cramved on March 09, 2015, 05:30:43 PM

There is also the mentality that even if you are mining at a loss currently at the current bitcoin price in the future if the price goes up you could be making a profit.

Very true... technically speaking, pegging the price of BTC to USD and saying you're mining at a loss is a bit of a fallacy. If you hold BTC and the price relative to USD doubles, you didn't lose anything.

Exactly if you say I am not going to sell until BTC reaches $500 then you would calculate your profits as if it were $500 so you can get the future profitability not the current one were you won't sell,

The theory is that if you are mining at a loss, you could easily stop the mining and use the loss to buy more bitcoin. You would get more bitcoin for the same amount of USD spend.

That makes sense assuming the person has the money to buy bit coins on the spot.

If they have the money to pay their power bill, wouldn't they have money to buy the coins?

numismatist

legendary

Activity: 1245

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Quote from: Exther2 on March 11, 2015, 02:07:23 PM

Quote from: Syke on January 13, 2015, 02:02:22 AM

The difficulty increase combined with the price drop has me turning off another batch of miners. How about you?

Yes, difficulty / price ratio is killing miners.
My CPU only works for some Monero sometimes.
Others are off. No chance to gain a cent.

Bitcoin only exists because of the miners. Without, kinda loosing ... incentive.

Mikestang

legendary

Activity: 1274

Merit: 1000

Quote from: desertfox470 on March 10, 2015, 09:09:12 PM

You would be lucky to get $50 for an S1 in my opinion. I see them going for $20, and then the rest of the price would most likely come from the shipping of the actual unit. Most people will not buy a large lot of S1's. Another large problem is actually finding people to buy your miners.

I paid $19 for my S1, plus about that again in shipping. I would not pay more.

Exther2

full member

Activity: 140

Merit: 100

Quote from: Syke on January 13, 2015, 02:02:22 AM

The difficulty increase combined with the price drop has me turning off another batch of miners. How about you?

Yes, difficulty / price ratio is killing miners.
My CPU only works for some Monero sometimes.
Others are off. No chance to gain a cent.

pcjnjn

newbie

Activity: 8

Merit: 0

I stopped mining too

desertfox470

sr. member

Activity: 542

Merit: 251

Quote from: crazyearner on March 04, 2015, 02:46:58 PM

Quote from: najzenmajsen on March 04, 2015, 08:45:53 AM

Quote from: crazyearner on March 04, 2015, 12:31:59 AM

Turned my miners off 6 months ago as it was getting to the point of no return on braking even each day and eventually started costing more in energy then it was producing BTC and the drop in prices and energy costs continue to spike or go up is not cost effective. It was a hobby but turning out to be way to expensive. I will only put my miners to work when a new sha coin comes along and mine it for a few days to get a chunk of them. Maybe when something comes along to be better or btc prices go up then might consider to turn back on but right now their staying off until prices are better or theirs a better alt coin out to mine.

why dont you sell the miners , and then later on buy an more updated ASIIC for the money ? imo this would be the most economic choice atleast.

You get nothing for the miners no days. Maybe get $50 to $100 at most for an S1 old 80GH Avlaon maybe $20 if that lol and to compare with Antminer s5 are 370 USD for 1.1TH mining power so for 200GH miner going to get what a fraction so its pointless to sell on when can use it to mine towards other coins when they come out and make that 10x over when the coin goes to exchange. It is far better to keep and m ine the odd few days here and their with antminers than to sell for next to nothing.

You would be lucky to get $50 for an S1 in my opinion. I see them going for $20, and then the rest of the price would most likely come from the shipping of the actual unit. Most people will not buy a large lot of S1's. Another large problem is actually finding people to buy your miners.

cramved

newbie

Activity: 56

Merit: 0

Quote from: Bananana on March 09, 2015, 10:26:55 PM

Quote from: cramved on March 09, 2015, 06:05:54 PM

Quote from: MegaFall on March 09, 2015, 05:34:10 PM

Quote from: cramved on March 09, 2015, 05:30:43 PM

There is also the mentality that even if you are mining at a loss currently at the current bitcoin price in the future if the price goes up you could be making a profit.

Very true... technically speaking, pegging the price of BTC to USD and saying you're mining at a loss is a bit of a fallacy. If you hold BTC and the price relative to USD doubles, you didn't lose anything.

Exactly if you say I am not going to sell until BTC reaches $500 then you would calculate your profits as if it were $500 so you can get the future profitability not the current one were you won't sell,

The theory is that if you are mining at a loss, you could easily stop the mining and use the loss to buy more bitcoin. You would get more bitcoin for the same amount of USD spend.

That makes sense assuming the person has the money to buy bit coins on the spot.

Bananana

sr. member

Activity: 481

Merit: 250

Quote from: cramved on March 09, 2015, 06:05:54 PM

Quote from: MegaFall on March 09, 2015, 05:34:10 PM

Quote from: cramved on March 09, 2015, 05:30:43 PM

There is also the mentality that even if you are mining at a loss currently at the current bitcoin price in the future if the price goes up you could be making a profit.

Very true... technically speaking, pegging the price of BTC to USD and saying you're mining at a loss is a bit of a fallacy. If you hold BTC and the price relative to USD doubles, you didn't lose anything.

Exactly if you say I am not going to sell until BTC reaches $500 then you would calculate your profits as if it were $500 so you can get the future profitability not the current one were you won't sell,

The theory is that if you are mining at a loss, you could easily stop the mining and use the loss to buy more bitcoin. You would get more bitcoin for the same amount of USD spend.

cramved

newbie

Activity: 56

Merit: 0

Quote from: MegaFall on March 09, 2015, 05:34:10 PM

Quote from: cramved on March 09, 2015, 05:30:43 PM

There is also the mentality that even if you are mining at a loss currently at the current bitcoin price in the future if the price goes up you could be making a profit.

Very true... technically speaking, pegging the price of BTC to USD and saying you're mining at a loss is a bit of a fallacy. If you hold BTC and the price relative to USD doubles, you didn't lose anything.

Exactly if you say I am not going to sell until BTC reaches $500 then you would calculate your profits as if it were $500 so you can get the future profitability not the current one were you won't sell,

MegaFall

jr. member

Activity: 56

Merit: 1

Quote from: cramved on March 09, 2015, 05:30:43 PM

There is also the mentality that even if you are mining at a loss currently at the current bitcoin price in the future if the price goes up you could be making a profit.

Very true... technically speaking, pegging the price of BTC to USD and saying you're mining at a loss is a bit of a fallacy. If you hold BTC and the price relative to USD doubles, you didn't lose anything.

cramved

newbie

Activity: 56

Merit: 0

There is also the mentality that even if you are mining at a loss currently at the current bitcoin price in the future if the price goes up you could be making a profit.

Mikestang

legendary

Activity: 1274

Merit: 1000

Quote from: Bananana on March 09, 2015, 02:46:50 AM

A lot of people should turn away from mining due to electricity bills, but a lot of them are mining at a loss and they give this reason "to secure the network".

I mine "at a loss" because I do it for hobby. I only have about 300gh in gear I picked up for a song, so it's not like I could expect to make a profit with that, and I'm not going to spend the money on hardware that would net me a profit. I'm mining because I find it fun, I'm happy that I am contributing to the network, and I do have a chance, ever so small, of solving a block. Fun stuff!

Bananana

sr. member

Activity: 481

Merit: 250

Quote from: doggieTattoo on March 08, 2015, 10:49:31 PM

Quote from: Syke on January 13, 2015, 02:02:22 AM

The difficulty increase combined with the price drop has me turning off another batch of miners. How about you?

Ya, same thing happened to me. Witht he oversaturation of the market, I am not making nearly enough for the combined effort and electricity bill to make sense. I think a lot of people are going to be turning away from mining and finding other ways to get their bitcoin fix!

A lot of people should turn away from mining due to electricity bills, but a lot of them are mining at a loss and they give this reason "to secure the network".

cramved

newbie

Activity: 56

Merit: 0

Quote from: greenchip on March 06, 2015, 04:34:53 AM

What about alternative energy to power the equipment.
Wonder if there is even a calculation for that. Solar, wind etc. Huh

The high cost of buying and setting up a solar farm to power a btc farm would make it hard to justify with bitcoin not being the most stable thing in the world. It might even be a safer bet and more profitable to just set up a solar farm and sell power back to the city than it would be to use the power to mine depending on the scale of the mining operation.

Topic: Turning off miners - page 5. (Read 36351 times)