Viability of a (Long Term) Mining Career? - page 5.

GMPoison

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Quote from: limbaugh on May 27, 2016, 08:44:07 PM

Quote from: fanatic26 on May 27, 2016, 08:42:19 PM

Quote from: limbaugh on May 27, 2016, 08:38:10 PM

The Bitcoin dev team is bought and paid for by corporations and ASIC fabs. Of course it will never go PoS.

Get a clue Sherlock before posting nonsense.

Well my dear Watson, considering my response was to the previous post stating coins are moving away from PoW and me not actually asking when it would happen, I think you should feel a bit silly about your comment.

Thanks for playing!

So clever! When was the last time you mined some Bitcoin with a rack of GPUs?

Since you laid out your genius plan, how profitable would your GPU farm be mining Bitcoin? Since it is PoW and the only coin that matters.

Now who feels silly?

I'm fairly sure there's always been a profitable coin to mine that hasn't been Bitcoin. Besides that point though, you are right when you say Bitcoin is really the only coin that matters. If you've got a good chunk of money you want to play with, I'd much rather set up a larger Bitcoin mining operation than an altcoin operation.

It's something I actually plan on doing depending on what Bitcoin looks like after the halving in a couple of months and the dust has settled, whereas alt coin mining has always just been a thought for me.

limbaugh

legendary

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Quote from: fanatic26 on May 27, 2016, 08:42:19 PM

Quote from: limbaugh on May 27, 2016, 08:38:10 PM

The Bitcoin dev team is bought and paid for by corporations and ASIC fabs. Of course it will never go PoS.

Get a clue Sherlock before posting nonsense.

Well my dear Watson, considering my response was to the previous post stating coins are moving away from PoW and me not actually asking when it would happen, I think you should feel a bit silly about your comment.

Thanks for playing!

So clever! When was the last time you mined some Bitcoin with a rack of GPUs?

Since you laid out your genius plan, how profitable would your GPU farm be mining Bitcoin? Since it is PoW and the only coin that matters.

Now who feels silly?

fanatic26

hero member

Activity: 756

Merit: 560

Quote from: limbaugh on May 27, 2016, 08:38:10 PM

The Bitcoin dev team is bought and paid for by corporations and ASIC fabs. Of course it will never go PoS.

Get a clue Sherlock before posting nonsense.

Well my dear Watson, considering my response was to the previous post stating coins are moving away from PoW and me not actually asking when it would happen, I think you should feel a bit silly about your comment.

Thanks for playing!

limbaugh

legendary

Activity: 1311

Merit: 1000

Quote from: fanatic26 on May 27, 2016, 08:33:03 PM

P.S. Bitcoin is the only coin that matters in the long run....when is it moving away from PoW exactly?

The Bitcoin dev team is bought and paid for by corporations and ASIC fabs. Of course it will never go PoS.

Get a clue Sherlock before posting nonsense.

fanatic26

hero member

Activity: 756

Merit: 560

Quote from: adaseb on May 27, 2016, 08:13:13 PM

Earning a living consistently with mining is almost impossible.

As with almost everyone on this forum you refuse to look at mining from a business perspective. I just laid out in very simple terms the basics of what you need to make it profitable. The OP was asking about making a career out of it, he wasnt asking people that are butthurt that they cant make their fortune running half a dozen miners in their garage to tell him how he cant.

P.S. Bitcoin is the only coin that matters in the long run....when is it moving away from PoW exactly?

limbaugh

legendary

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Quote from: GMPoison on May 27, 2016, 07:53:47 PM

It's funny what the mining community calls "profit". In the world of investing, hitting ROI in three months is UNHEARD OF. Making all of your money back in as little as three months, then make nothing but pure profits? You'd be labeled insane.

You assume this is a common occurrence. We will most likely experience years of unprofitable mining after this uncommon run peters out.

Coins are moving away from PoW anyway. There will be no "move to the next profitable coin" option.

GMPoison

sr. member

Activity: 434

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Quote from: adaseb on May 27, 2016, 08:13:13 PM

Basically there are only 2 ways of actually earning a living with Bitcoins

1) Trading. You can trade on margin coins like BTC, LTC, ETH. You can make alot of money with this but its very difficult to do consistently because its like being a stock market day trader.

2) Bitcoin Business. Most popular is like a Gambling site. Or if you are creative you can create some websites such as Bitcoin Magazine, CrpytoCoinNews, etc.

Earning a living consistently with mining is almost impossible. I would move provinces also if I was guaranteed todays earnings with my GPU rigs for the next 5 years. However that's not possible.

The profits for mining ETH have almost dropped 40% in only 48 hours. And yet the difficulty keeps increasing.

True. If electricity is too high, you would need to move. I don't think you should decide whether or not to start mining based off profits 5 years from now though, in my own opinion of course.

Sure the price is down 11.79% at this very moment, but it's up far more than 11.79% since inception. Based off of that alone (though there are more points that could be made for it rising), I'd say if it's profitable now it will remain profitable in the near future. Long enough for you to make a profit at least, which is all that matters.

adaseb

legendary

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Basically there are only 2 ways of actually earning a living with Bitcoins

1) Trading. You can trade on margin coins like BTC, LTC, ETH. You can make alot of money with this but its very difficult to do consistently because its like being a stock market day trader.

2) Bitcoin Business. Most popular is like a Gambling site. Or if you are creative you can create some websites such as Bitcoin Magazine, CrpytoCoinNews, etc.

Earning a living consistently with mining is almost impossible. I would move provinces also if I was guaranteed todays earnings with my GPU rigs for the next 5 years. However that's not possible.

The profits for mining ETH have almost dropped 40% in only 48 hours. And yet the difficulty keeps increasing.

GMPoison

sr. member

Activity: 434

Merit: 250

It's funny what the mining community calls "profit". In the world of investing, hitting ROI in three months is UNHEARD OF. Making all of your money back in as little as three months, then make nothing but pure profits? You'd be labeled insane.

GMPoison

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Activity: 434

Merit: 250

Quote from: limbaugh on May 27, 2016, 07:45:27 PM

Quote from: GMPoison on May 27, 2016, 07:21:53 PM

Everyone likes to talk about difficulty rising so profits will decline, when in reality the price will rise with it. Look at Bitcoin. It's always been profitable to mine. The difficulty rose, but so did the price. It was profitable to mine three years ago, it's profitable to mine now. Crazy how that works.

What are you are a sadist? Want to see other lose money? It's funny how the ignorant are so willing to share their opinion.

Unless you live next to a dam or have access to some other form of cheap power, you will never truly be competitive.

You would make more as a clerk in a 7-11.

Hobby mining is fun - going pro is insane.

I'm not suggesting him to mine at all. Nowhere did I say that. What I implied is if it's profitable, mine. If it's not, don't. Mining is scalable. If you can mine at a profit, the more you spend on gear the more profit you will earn.

Based on my KW/h I can make $50 a month off a 20 mh/s gpu. I don't have cheap electricity, I have average electricity in the USA. $50 a month on a single gpu. Scale it up and you're looking at $50 x how ever many gpu's you have. Simple as that. If you want to take the calculated risk of going pro and spending a lot of money, go for it.

limbaugh

legendary

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Quote from: GMPoison on May 27, 2016, 07:21:53 PM

Everyone likes to talk about difficulty rising so profits will decline, when in reality the price will rise with it. Look at Bitcoin. It's always been profitable to mine. The difficulty rose, but so did the price. It was profitable to mine three years ago, it's profitable to mine now. Crazy how that works.

What are you are a sadist? Want to see other lose money? It's funny how the ignorant are so willing to share their opinion.

Unless you live next to a dam or have access to some other form of cheap power, you will never truly be competitive.

You would make more as a clerk in a 7-11.

Hobby mining is fun - going pro is insane.

GMPoison

sr. member

Activity: 434

Merit: 250

Everyone likes to talk about difficulty rising so profits will decline, when in reality the price will rise with it. Look at Bitcoin. It's always been profitable to mine. The difficulty rose, but so did the price. It was profitable to mine three years ago, it's profitable to mine now. Crazy how that works.

Darwin84

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Quote from: fanatic26 on May 27, 2016, 04:08:19 PM

Quote from: Amph on May 27, 2016, 03:27:39 PM

another thing to add

why in the hell you need to aim at making 60k or 19k a month, when with a regular job you would only make 1k?

let's be equal here, if you want to get rid of your steady job, you need just an income of 1k per month, it can be reached easily by mining any shitcoin if you have proper electricity

1. You have to pay back your loans for everything you built.

2. As network difficulty changes your profits will drop.

3. You have to constantly upgrade/repair/replace equipment in this industry. You will need a store of cash to do this.

4. Who the hell can live on $1k a month? Thats under minimum wage. Remember not everyone lives at mommys and has no bills. I live in a smaller cheap house and my monthly bills not counting food/gas/car maintenance/etc are over $1000 a month.

You sound like someone who has no clue what its like owning a business or even living on your own for that matter if you think $1k is enough to live on. OP said $35k-65k per year. $35k is about $2900 a month before taxes. $65k is about $5400 a month before taxes. Calculate loan repayment rates, commercial rental fees, taxes on your profits......now tell me again how far off I am?

lol you beat me to this response. we practically wrote the same thing

Darwin84

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Activity: 196

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Quote from: Amph on May 27, 2016, 03:27:39 PM

another thing to add

why in the hell you need to aim at making 60k or 19k a month, when with a regular job you would only make 1k?

let's be equal here, if you want to get rid of your steady job, you need just an income of 1k per month, it can be reached easily by mining any shitcoin if you have proper electricity

A couple of gross details to point out. Hopefully you can correct me or correct yourself.

$1k / month ??

Who can or will live on a $1k a month ? That is $12,000 a year and even the poverty rate in Ont is about $18,000 .. You are suggesting surviving in Ontario at 1/3 below the poverty rate. Even people who are old and home bound or disabled would living substantially better than you.

$1k is more like slovakia.

Please share your model for mining $1k on a shit coin .. I'm must be the dumbest miner on the block because I can't find one.

fanatic26

hero member

Activity: 756

Merit: 560

Quote from: Amph on May 27, 2016, 03:27:39 PM

another thing to add

why in the hell you need to aim at making 60k or 19k a month, when with a regular job you would only make 1k?

let's be equal here, if you want to get rid of your steady job, you need just an income of 1k per month, it can be reached easily by mining any shitcoin if you have proper electricity

1. You have to pay back your loans for everything you built.

2. As network difficulty changes your profits will drop.

3. You have to constantly upgrade/repair/replace equipment in this industry. You will need a store of cash to do this.

4. Who the hell can live on $1k a month? Thats under minimum wage. Remember not everyone lives at mommys and has no bills. I live in a smaller cheap house and my monthly bills not counting food/gas/car maintenance/etc are over $1000 a month.

You sound like someone who has no clue what its like owning a business or even living on your own for that matter if you think $1k is enough to live on. OP said $35k-65k per year. $35k is about $2900 a month before taxes. $65k is about $5400 a month before taxes. Calculate loan repayment rates, commercial rental fees, taxes on your profits......now tell me again how far off I am?

Darwin84

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Activity: 196

Merit: 100

Quote from: Satlite on May 27, 2016, 02:49:28 PM

Quote from: Darwin84 on May 27, 2016, 10:39:26 AM

Do you trust your calculations to be from a 15 post miner. What is he talking about 12 GPU without even mentioning what GPU and where and at 1.8gh. 1.8gh in ethereum is closer to 100 GPU so he probably means 12 x 6 GPU rigs, which is something I would not invest in if money was free. At 10 GPU be prepared to move out of your room or basement. At 100 GPU you can't even enter the house.

That is just a simulation. With the 1.8GH, 14kW, it is achievable by 6x12 x390 undervolt and underclock. But the capital cost is high.

You need a commercial unit for that. The poster would have to rent a place because its pretty tough living in a house with 72gpu. I guess he could spend another few thousand on AC and fanning and noise suppression. So far the OP would be tens of thousands in the hole along with a move and a couple of new leases, services, etc.. I think he's better off with a truck and a lawnmower.

Amph

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Quote from: fanatic26 on May 27, 2016, 02:38:50 PM

Despite all the negative nancy home miners that are bitter they cant mine on their expensive power at home saying no, you can make it a viable business. You really need a strong amount of capital to start because in order to make a living wage you must run a large number of machines.

E.G.:

Current estimated monthly profit on antminer S7 @ $0.05 power: (using coinwarz calc)

Total Earned: $170.07
Less power: $46.80
Gross monthly profit per S7: $123.27

You run 500 S7s at the current difficulty and you are making $60k a month....of course when you look at the halving that changes things quite a bit:

Total Earned: $85.04
Less power: $46.80
Gross monthly profit per S7: $38.24

Post Halving (at current difficulty) those 500 machines are still making $19k a month.

Getting power down to $0.03/KwH the same calculations predict a return of $28,400 per month gross post halving. It really depends on your cost to build the facility, your power cost, and how fast you can scale up the number of miners you are running if you want to make this a viable business.

Disclaimer: Do not calculate profit more than 30 days out as difficulty adjusts often and projections tend to be worthless in the long run. These are very rough estimates just to be used as an example.

another thing to add

why in the hell you need to aim at making 60k or 19k a month, when with a regular job you would only make 1k?

let's be equal here, if you want to get rid of your steady job, you need just an income of 1k per month, it can be reached easily by mining any shitcoin if you have proper electricity

Satlite

jr. member

Activity: 53

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Quote from: Darwin84 on May 27, 2016, 10:39:26 AM

Do you trust your calculations to be from a 15 post miner. What is he talking about 12 GPU without even mentioning what GPU and where and at 1.8gh. 1.8gh in ethereum is closer to 100 GPU so he probably means 12 x 6 GPU rigs, which is something I would not invest in if money was free. At 10 GPU be prepared to move out of your room or basement. At 100 GPU you can't even enter the house.

That is just a simulation. With the 1.8GH, 14kW, it is achievable by 6x12 x390 undervolt and underclock. But the capital cost is high.

fanatic26

hero member

Activity: 756

Merit: 560

Despite all the negative nancy home miners that are bitter they cant mine on their expensive power at home saying no, you can make it a viable business. You really need a strong amount of capital to start because in order to make a living wage you must run a large number of machines.

E.G.:

Current estimated monthly profit on antminer S7 @ $0.05 power: (using coinwarz calc)

Total Earned: $170.07
Less power: $46.80
Gross monthly profit per S7: $123.27

You run 500 S7s at the current difficulty and you are making $60k a month....of course when you look at the halving that changes things quite a bit:

Total Earned: $85.04
Less power: $46.80
Gross monthly profit per S7: $38.24

Post Halving (at current difficulty) those 500 machines are still making $19k a month.

Getting power down to $0.03/KwH the same calculations predict a return of $28,400 per month gross post halving. It really depends on your cost to build the facility, your power cost, and how fast you can scale up the number of miners you are running if you want to make this a viable business.

Disclaimer: Do not calculate profit more than 30 days out as difficulty adjusts often and projections tend to be worthless in the long run. These are very rough estimates just to be used as an example.

Darwin84

full member

Activity: 196

Merit: 100

Moving provinces is for doctors or oil workers. Moving provinces for mining is about as smart as buying a cottage in nunavut. Do you plant to relocate to a new town and sit an house with no friends or family so you can make $10 a day for a few months.

Please try to grasp what mining is and understand difficulty. It increases daily and even you think the numbers look good on paper they are not realistic results. The calculators online are broken on purpose to attract people into mining. They are run by the big players in the game who have in interest in propping up the crypto currency. Even if the calculator show you today you can make $500/month then its more like $400 in reality but that is only for this week. Those same numbers by next week will say $375 and keep on going down daily until you hit the point where power costs more than return.

Topic: Viability of a (Long Term) Mining Career? - page 5. (Read 7179 times)