Topic: What are small miners doing right now? (Read 391 times)

The second rule of lolnero: "If you know about lolnero, then you should mine it"

 It's not a secret... it's a project with no marketing and a single developer which is kind of weird.


The first rule about lolnero is you don’t talk about lolnero.

Can you kindly share the name of this coin that you are secretly mining? I'm also not in rush to make back my initial gains I want to use this mining knowledge to know more about crypto as time goes by.

I as a very small miner (only use my own PC), dont see any interest with mining established coins.

A few years ago (I started in 2017) I liked to mine projects that just came out (within the first month from the genesis block) but now I don't want yo investigate every project that comes out, because the 99.9% is pure shit...

For that reason I've been mining a currency that is completely unknown for about a year, that has constant development, quite technical requirements (only linux) and ideas far away from what today day is fashionable... and obviously its value is 0.

The electric bill was paid (largely and for several years) with the 2017´s earnings, so now I am not looking for any profitability, I simply do what I consider correct, without any additional concern.

It's like a hobby, I value knowledge more than getting my investment right... I really do it for the simple fact of not completely abandoning the essence of the crypto world, nor simplifying it as a speculative market... I still have hope that the best is yet to come to come, and that the most important thing that will remain of the entire current bubble will be what we have learned.

0,025- 0,35$ per Kwh*  With such electricity prices, I would not even think about mining. I also sold all the mined cryptocurrency in 2015-2018, but now experience suggests that you need to save 30-50% of the cryptocurrency as an investment if the equipment has already paid off.

Mining profit is affected because of the ongoing war but now that peace meeting is on going the market is now looking more bullish once again, ETH mining still works I don't see any reason to stop mining for now wether small miner or big miners.

That pretty much nailed it.

"Mining at a loss" is really selling at the wrong time, not mining at the wrong time.

Let me explain it to you again as maybe this time you will understand.I kept mining at a loss and didn't buy crypto because I knew if I did buy crypto I would have been really tempted to try trading the buy/sell game in which everyone is a loser in the long run and would have lost it all most probably,just like in gambling so that's why I continued to pay 200 USD to mine 90 USD worth of cryptos monthly,those 90 USD were made in a month and not bought in a day.

Think what you like but what I did brought me about 40.000 USD of net profit and even a bit more in February 2021.Holding is not a gamble as it has turned out in the long run the Bitcoin price has been always in the upside (despite some corrections we call bear markets).

Thanks for this answer. One dude who understand this. Swogerino did not really understanding this  

@Swogerino sorry mate but you are wrong as always - you did not understand the point that miners must pay there bill - only people who pay nothing for the electrictiy can act like you. (it is impossible - electricity is never free - some dude must pay the bill)
FP91G explained it well - if you mining reward is 90$ per month but you pay 200$ for the electricity = you loose 110$. Invest this 200$ is better.

And electricity price here in germany is about 0,35$ per Kwh   This is why i don´t have any rig running in germany -> all in eastern europe. But the new goverment will kill our EEG taxes for electricity -> this will bring down the price to maybe 0,25$ per Kwh

I described it in another thread: I bought 5x S9 in may 2017 for over 2000$ per unit + Shipping + Taxes = cost me around 12000$ or so - this were over 8 BTC at this time - this 5x S9 never mined over 8 BTC in this time. Same story for ETH - 13000$ invested at a ETH price of 30 - 50$ = over 260 ETH - never mined with this gear.

And this guys who say: "mine and hold" yes sure but nobody knows what happens in the future - holding is a gamble every time!!!!!


JayDDee i'm shocked!!!!!!   You say mining at a lose is better than buying? This is really really disappointing. It says - mining at a lose so how could this be better than buying for the market price?

I'm just seeing this advice when it's already too late for me, I trade some of my xec coins and end up losing 80% of them, I've learnt to be satisfied with what I have, I'm not done mining this coin but I will definitely won't be trading it again.

Yeah trading is more profitable during a bull market. However with a war looming I don’t think many ex-miners who got no experience in the markets will do well.

My advice I learnt from bitcointalk mining section is just stick with mining, don’t try to be a day trader. I’ve seen many miners who made great income with mining only to lose it all when they try their luck against trading. Seen usually the worst for those who try leverage trading especially Bitcoin futures on 100x leverage. Just stick to mining or holding.

Mining is just another way to acquire crypto for trading. If trading is your plan then mining, even at a loss,
costs less than buying crypto on the open market. I certainly wouldn't be buying if I had unused mining
capacity.

Just shut down your rigs and sell the cards. It is more profitable to trade in my view. I know many people that have packed up. Yes you may be lucky at some point and be geared for mining and there is a sudden surge but that is your choice to make. You mention ETH specifically and ETH is moving towards POS which will make your cards redundant for ETH.

I took Germany as an example of really high energy costs.I am not there and I am far away from there.If I bought cryptocurrency in 2018 as I was giving the example for 2018 I don't know if I would had the patience to not sell or do stupid things as the temptation would have been big in different times.By keep on mining I only increased the stash of my Bitcoin until I reach 0.7 in late 2019 in which I shut down my miners as I made enough Bitcoin (in my thinking) and only waited for that huge bull run that only happened in 2021.That was the key decision not to start the buy/sell and get sucked in to it,then the rest of the story I already have told here.

not just germany, same thing happened in Greece, from 0.12 euros kwh went up to 0.18. I've also heard the same about other countries so the problem seems to be global. This could really put a dent on mining operations. On the other hand maybe difficulty will drop, who knows. GPU mining is still very profitable though, though I'd be skeptical before buying new equipment

I don't understand what's going on with your electricity prices in Germany? 0.09$-0.135$-0.17 EUR/kwat (0.19$)
This is a huge change in electricity prices even in 3 years.

If you pay $200 for electricity and get $90 worth of cryptocurrency. Then you get a loss of 110 dollars. I think that in this situation it is better to buy cryptocurrency for 110 dollars every month

In my area the cost of electricity pretty much doubled to what I was paying back in the previous bear markets. So if this area of support that we are on right now doesn’t hold, then will most likely be game over for me.

However like all markets it’s hard to predict this. Last week seemed like a capitulation week where stocks and crypto crashed hard and then reversed. So depending how long this war lasts, we will see how the rest of the year will turn out. I think the bottom was $33K.

Mining ETH+TON with my few cards. It's still profitable for me with kwh at 0.12 euros. It shouldn't get any more expensive until my contract expires in a few months. With the situation as it is in ukraine I'm sure they are going to bump up the prices a lot.

In 2018 I paid 0.09$ kilowatt and I was paying in electricity about 200 USD for all my mining rigs and making a total of 90 USD then in Bitcoin.All people at that time told me you are doing a stupid thing and called me dumb.I didn't care and continued mining having firm belief that what I saw in the end of 2017 sure would come at a much bigger scale and that happened the first time in February 2021 and at this time the very same persons who called me dumb called me calling me a "Champion".This is the advice I want to give all small miners,to not give up even if mining at a loss,all the lost money will be recouped and at a much bigger scale in the very next bull run.I am collecting every two days Bitcoin payments and I am building up from mining activity and I am a small miner myself with only 320 Mhsh and the energy price has gone here to 0.135$ kilowatt but I don't care at all,I have the same belief I had in 2018 and I know in the end this is the right thing to do.

If I had an electricity cost of 0.17 EUR/kwatt, then I would not start mining. This is an irrational investment. I pay around $0.04 per kilowatt so I haven't mined at a loss yet. As long as mining is profitable, you need to keep working. And then probably sell video cards or look for cheaper electricity.

I believe that the small miners who have only a few gpu or at most a rig have turned off or will turn off the systems given the disproportionate increase in energy there is no more gain

That is exactly what I did I made like 0.7 Bitcoin by mining with my friend in 2018 and we have about 0.22 in our wallet and the other we sold at February 2021 at 59.800 USD for a Bitcoin,invested in a modern mining rig 320 Mhsh now and got a lot of profit also for each one of us.That is why I suggest the small/home miners to continue mining even at a loss because who knows what the next bull run brings,it can make your lost money by paying expensive electricity come back and beside that even bigger profits on top of them.

Only those who mine coins as a hobby will keep mining even if profit isn't good anymore, either big farm owner or small mining rig owner it depends on how much they like what they are doing.

Mining crypto has to be well planned or choreographed, just like trading.

During times when coin prices or mining profits are so low, coins should be not sold and should instead be kept for the periods when crypto prices soar like the recent bull run. This means one has to prepare so well to be able to pay bills during crypto winter minus selling off the coins at low prices.

So even those small miners can make a kill if they plan accordingly.

I would say if you have the miners and you are able to mine without spending money on cooling, do it.  If you are mining unprofitably and having to run your air conditioner to keep your home comfortable to live in, you may want to consider powering them down and purchasing crypto instead of spending twice as much to mine it.  If you are running a heater in your house to stay warm in the winter, then you should be using whatever miners you have at whatever electricity rate you pay.  Too often I see people worrying about the cost of electricity and if their miner is profitable while running a heater all night and not worrying about the profitability of their furnace.  

In short, if you can mine without making yourself uncomfortable or having to spend additional funds on cooling, do it.

Small miners will be for sure mining if they are doing as an hobby , and yes you are right with mining in Germany if not have free electricity there is no profit.
I shot down most of the Miners back in 2018 also as the electricity costs was to high monthly and there was a loss.
Still have a few small miners running as i am doing it as an hobby .

That's a good advice but only reasonable if electricity bill is cheap, the smartest idea as a crypto miner is gathering your coins when value is not looking attractive, less difficulty equals to more quantities of coins, be greedy when others are fearful.

The profitability we know has reached almost an all time low where for 350 Mhsh you make like 12-13 USD a day but I wonder what are small miners doing and by small miners I mean home miners the ones with just one rig with 6 x Rx 470/480/570/580 and doing about 180 Mhsh or 6.5 USD daily if their electricity price is for example expensive like in Germany which goes up to 0.17 EUR/kwatt.

I think many of them have shut down their rigs but I was once in their shoulders in early 2018 but I kept on mining even at a loss and at 2021 that materialized in a really big profit for me.I advice such miners to keep mining even at a loss knowing that in the long term I only expect Bitcoin price to go upward.

PS.Talking about Ethereum mining here.