Topic: Why even waste your time? (Read 415 times)

It is so refreshing to see all this pessimism and negativity. This is the much needed cleansing of the mining arena. Too many ignorant, ill informed dunces, like the OP, stinking up the place. You're right. All in mining is lost. No one should do it. Spread the word.

As long as bitmain can keep rolling out the FPGA and ASICS then no coin is safe.  At some point in time if the coin has any significance it will have an asic. I’m no longer willing to gamble on the devs keeping this decentralized with the likes of bitmain.  It’s just a cat and mouse.  I thought this was stronger system then this. Looks like crypto has a long long way to go. Just when they think they got it then quantum comes on scene and all over again we see the cat and mouse.  Guess I’m just done jumping through hoops

but but i have 200 rigs working 24/24 right now .... Do i waste my time, is...is my whole life is a lie, do i gay, it..it..so sad.... 

You took the words out of my mouth when all the coins went up everyone in the world thought they could buy some pre made rigs plug them in quit their jobs and roll in the money well shit don't work that way I've been mining for 4 or 5 years now I don't buy shit from Bitmain and now that Bitmain has miners for ETH, ZEC, XMR everyone thinks mining dead well news flash there where other coins to mine way before those coins and there is and will be other coins to mine

All depends when you started mining and if your equip is paid off or not.

Still making a very good profit here.   Equip was paid off long ago.

Wouldn't be feeling too excited if I had recently purchased a bunch of GPU's.

Probably not But you can support the POW network you beleive in. Or not and you just mine for profit

Exactly, on top of that I have a regular job, own a company and still do mining For me its like a free time hobby. I always pitty the idiots who see easy money in everything and all they are capable of doing is buying an Ethererum rig and pluging it in. Then when it comes to changing the algo and address they come to the forums and whine. And to those buying ASICS and supporting Bitmain...you deserve everything you got. Mining takes some dedication and study.

For the record I still earn 20-30$ per day with only 10 AMD GPUs. (this is without electricity costs). You just need to know what to mine. I also do not sell what I mine for covering the costs, that goes from my regular job earnings. I bought GPUs from yearly company profits and it was tax free

So yea its quite nice and I have fun doing it. What I do agree is that simply buying some crypto and holding could potentially lead to bigger gains, but that is not half the fun mining is and you do not learn so much as you do if you build and tweak your own rigs.

You know people you can do all three:

- Have a regular job
- Buy, trade and hold crypto
- Own a few righs to mine a little on the side

You need a reality check. Nobody mines to support decentralisation of a coin.

I quit my job to mine instead of buying or mining a bit on the side and just holding and I regret it to this day,
Im going back to work in the next few months and have stopped buying gear for months now.

after the monero exposure its clear to me that the big guys control all the hashrate and they are the reason for our decreasing profablity.  If at least coin devs cared and forked them off i would have some interest but its clear the devs in general are in bed with these guys.  Buying crypto as an investment is the way to go in this environment

just like you said we have to sell so much crypto to pay for mining costs which defeats the purpose.  Hodling is how real money is made.

op is harsh but spot on

Haha, dude you miss few very important thing:

- If you a technical person, mining is an awesome experience and lots of fun
- You learn a LOT about different cryptocurrencies, algorythms and so on.
- My mining rigs heating my rooms in winter which spare me heating cost A LOT!
- via mining you are able to decuct electricity and hardware cost from yearly taxing if you own a company, which is a lot
- via mining you support the decentralization of a coin you really beleive

 

While I agree mining is not as profitable as it used to be, doing research and setting up your gear doesn't take so much time (if you know what your are going). You can easily be working a regular job in parallel to mining. Mining is a set and forget operation. Once set properly, you can forget about it and do other things. As long as you have a profitable margin, that is.

I gotta admit I completely agree with this. Mining is no longer profitable for the small guy, or even a mid size farm. You are buying equipment that is priced for a 5-6 month roi. But you see the illusion is that it will ROI. They are flooding the market so your share of the pie shrinks every day, week, month.

Take a look at ltc difficulty, 109 percent up in 90 days, btc difficulty up 44 percent

If bitmain is selling asics at the price of 109 dollars you can rest assured the cost of making them has got to be in the 50 dollars range because of economies of scale. So yes mining is not a profitable venture, but try telling that to the average guy or most of the people on this forum who fire up a calculator and see PROFIT per MONTH and think they should multiply it by 12.

Its a long con, slowly bleeding your money dry. And the funny part is as a miner you have to sell your crypto to pay for REAL WORLD costs. You get taxed on the mining, you lose the crypto because you have to convert it to cash to pay your electricity, and then youre just left holding the bag.

If people were truly smart about this they would realize that historically HODLing the coin has proven to be multitudes more profitable than buying any type of equipment with crypto. I mad the unfortunate mistake of buying L3+ for 50 ltc.

Mining is a mirage but try telling that to people who constantly buy from bitmain. But hey DONT FORGET new equiptment coming out!!!!

Oh whats that you were quick and bought the first batch? Good for you!!!

2 weeks later bitmain has slashed prices in half and is offering rebates, I mean look at the number of coupons available on here. The reason for these coupons is because people GOT SCREWED and bitmain tried to lure them back in to SCREW EM again. Its like an expensive hooker that nickel and dimes you everytime but you give up the cash because well she's so damn fine.

Nobody likes common sense when it comes to making that “easy” money lol. What you have here is a bunch of salesman trying to sell equipment to each other.  A sort of circle jerk if you will.  It’s a huge elephant in the room but they seem to be in denial as of yet.  Some think FPGA goin to save them.  Lmao again. Can’t see the forest through the trees around here anymore.  Mining for the little man is over.  Decentralization is over.  The networks are largely controlled by bitmain.  It’s really a joke but so many have so much time invested they hate to say it’s failed on the decentralization front.  Which by all accords means it’s failed to some degree.  Bitcoin strength was that it couldn’t be controlled.  Be very very very careful.  If people really cared whether or not it’s decentralized then price should be next to zero since most coins are bitmain controlled. But hell we use fiat everyday with no cares to how it’s created from thin air so why should I think that most give two shits about decentralization.  It’s just a big joke anymore.  Everyone in this forum has gotten too soft.  Too easily manipulated by easy money.  It’s a damn shame. 

BR

yes that right

i have some rigs ... but now i dont buy mining rigs or ASIC  any more

it is only for kill the money right now

the difficult  every day go up ... that very bad ..and E3 not run and new GTX not run

Why even bother mining for a few pennies- dollars per day.  All the time you spent doing research, setting up your gear etc, you could just make a lot more money working a regular job.  It makes zero financial sense.

You can just buy way more crypto by working a regular job.  Bitmain is making billions from idiots like the ones on this forum.  By the time you get the "new equipment" its already old and used.