Topic: Why I never mined (Read 1429 times)
I find mining just more enjoyable than trading. Plus I actually believe in crypto and the ecosystem at large. Securing the network while earning coins for "free" is way better than traders that are just in it for profit. Im still holding eth even with this downturn.
When GPUs are going to be selling for $50 on eBay, nobody will be buying them including yourself because the profitability will suck.
The only people that will benefit from cheap GPUs are going to be gamers.
Choose
Pay $250 for a GPU that makes $10/day
Pay $50 for a GPU that makes $0.10/day
Pay $50 for a GPU that makes $0.10/day, mine and hold that coin for a year, sell coin after 10x jump in price...effectively mining for $10/day with 5x the GPUs
The only people that will benefit from cheap GPUs are going to be gamers.
Choose
Pay $250 for a GPU that makes $10/day
Pay $50 for a GPU that makes $0.10/day
Pay $50 for a GPU that makes $0.10/day, mine and hold that coin for a year, sell coin after 10x jump in price...effectively mining for $10/day with 5x the GPUs
I fixed your post with the third and best choice...this is how the pros do it...I was essentially making 50/Day/GPU when I held all eth coins I mined last year
In that case why mine at all? Just buy the coin
When GPUs are going to be selling for $50 on eBay, nobody will be buying them including yourself because the profitability will suck.
The only people that will benefit from cheap GPUs are going to be gamers.
Choose
Pay $250 for a GPU that makes $10/day
Pay $50 for a GPU that makes $0.10/day
Pay $50 for a GPU that makes $0.10/day, mine and hold that coin for a year, sell coin after 10x jump in price...effectively mining for $10/day with 5x the GPUs
The only people that will benefit from cheap GPUs are going to be gamers.
Choose
Pay $250 for a GPU that makes $10/day
Pay $50 for a GPU that makes $0.10/day
Pay $50 for a GPU that makes $0.10/day, mine and hold that coin for a year, sell coin after 10x jump in price...effectively mining for $10/day with 5x the GPUs
I fixed your post with the third and best choice...this is how the pros do it...I was essentially making 50/Day/GPU when I held all eth coins I mined last year...ahh the fun days of picking up 280x's for 60 bucks and mining over a quarter an eth a day with them back then lol.
When the profit is high, the price for electricity is not so affected
Yes very lucky, hardware prices in the uk is very expensive. You know that soon with your current electricity price you will no be able to mine anymore, well, it will all depend on profitability.
i sold it today for what i paid 3 months ago.
Funny, in every thread there are at least three Nostradamuses borned and not a single true prediction for the last couple years... You guys suck in predictions, change the job
Yes very lucky, hardware prices in the uk is very expensive. You know that soon with your current electricity price you will no be able to mine anymore, well, it will all depend on profitability.
552 dollars each as uk is more expensive
How much do you pay for kilowatt electricity?
.16 usd or 13 pence per kw.h
uk is very expensive but i was lucky got in at right time.
On ebay people selling 6 x 1070 rigs for 4k or 5k usd
i was mining only with 4 cards pre
When GPUs are going to be selling for $50 on eBay, nobody will be buying them including yourself because the profitability will suck.
The only people that will benefit from cheap GPUs are going to be gamers.
Choose
Pay $250 for a GPU that makes $10/day
Pay $50 for a GPU that makes $0.10/day
The only people that will benefit from cheap GPUs are going to be gamers.
Choose
Pay $250 for a GPU that makes $10/day
Pay $50 for a GPU that makes $0.10/day
I would rather wait 6 months and buy a 1070 for $50 than pay $250 now. Besides you can't make $10 a day per GPU now, more like $2 or $3. In 6 months it will likely be 10 cents a day, but I'm totally satisfied with that. As I said, I will do for fun, not profit. It's a hobby and I don't expect to make money. But 10 cents a day profit would be a bonus!
Damn where are you getting those 1070 for $250??
552 dollars each as uk is more expensive
How much do you pay for kilowatt electricity?
i bought 6 x gtx 1070 on interest free for a year, 552 dollars each as uk is more expensive. in 4 months mining made over 1500 dollars so nearly half roi. if i sell today i don't lose a thing. i used to mine for daily profit now i mine longterm.
one weekend made 100 dollars mining when it went mad.
one weekend made 100 dollars mining when it went mad.
I still have my $400 R9 280Xs from 2013/2014. Had to replace the fans and thermal paste on them as well as burning my PSU cables to a crisp.
There is probably about 20-30 million GPUs which are sold annually to gamers by Nvidia+AMD.
So most likely there will be a period where the people who maxed out their credit cards at 20% APR interest will need to dump at the lowest price they can get on eBay but eventually it will level out within time. Like it did for the Litecoin bust. I think 6 months after the crash, GPU pricing returned back to normal.
If you are bored here is a good history lesson.
https://archive.litecointalk.org/index.php?topic=11743
That guy basically started out mining in Nov-Dec 2013 when the mining was VERY PROFITABLE. He kept buying and buying and buying GPUs while others told him to wait. He eventually borrowed money from relatives to buy overpriced GPUs when the mining had turned. Then a few months later he ended up selling those $400 R9 280X for like $100 on eBay because he had to repay his debts.
So instead of him living with a healthy profit, he ended up with a huge loss due to greed.
So most likely there will be a period where the people who maxed out their credit cards at 20% APR interest will need to dump at the lowest price they can get on eBay but eventually it will level out within time. Like it did for the Litecoin bust. I think 6 months after the crash, GPU pricing returned back to normal.
If you are bored here is a good history lesson.
https://archive.litecointalk.org/index.php?topic=11743
That guy basically started out mining in Nov-Dec 2013 when the mining was VERY PROFITABLE. He kept buying and buying and buying GPUs while others told him to wait. He eventually borrowed money from relatives to buy overpriced GPUs when the mining had turned. Then a few months later he ended up selling those $400 R9 280X for like $100 on eBay because he had to repay his debts.
So instead of him living with a healthy profit, he ended up with a huge loss due to greed.
When GPUs are going to be selling for $50 on eBay, nobody will be buying them including yourself because the profitability will suck.
The only people that will benefit from cheap GPUs are going to be gamers.
Choose
Pay $250 for a GPU that makes $10/day
Pay $50 for a GPU that makes $0.10/day
The only people that will benefit from cheap GPUs are going to be gamers.
Choose
Pay $250 for a GPU that makes $10/day
Pay $50 for a GPU that makes $0.10/day
I would rather wait 6 months and buy a 1070 for $50 than pay $250 now. Besides you can't make $10 a day per GPU now, more like $2 or $3. In 6 months it will likely be 10 cents a day, but I'm totally satisfied with that. As I said, I will do for fun, not profit. It's a hobby and I don't expect to make money. But 10 cents a day profit would be a bonus!
you are dreaming if you think a 1070 or even rx 470 is gona be selling for $50 in a mres six months , try 5 years lol pass me your drugs
lowest a used 1070 will go for for the next 2 years will be $300 its still the sweet spot for gaming even after vega for all of 2018 at least. The rx seriues will be much cheaper but even then it will take at leat two years for even the 4gb cards to drop to $100 lol.
gpus from this gen rx and 1000 serises will hold decent value no matter what for the next two years stop with the bs
A zotac gtx 1070 mini's lowest price on amazon was 330$, it hit 340$ multiple times too. Its currently 470-480$, if and when this bubble pops you're going to be seeing it under 300$ by a mile, probably 250$, shouldn't be surprised if it goes under that too. Gamers are going to hop on the train of under priced rx series.
Only short-sighted people look at day to day profitability. Successful investments require a long term vision and purpose, mining is no different. If you were around during the GPU run-up of 2014, you also know GPU prices went up quickly and were slow to come down even after profitability was nowhere to be found after ASIC's and megapools took over most of the coins being mined.
This is a good quote for noobs but I dont think they will look at your post as an incentive hehe, these people just want a quick money machine hehe, like adaseb said, even if the gpu is at $50 and the profitability sucks then they will find another thing to do. They want to pay $700 and earn $3 per day, than pay $200 and earn $0.40 per day. They just want to get in while is hot.
Only short-sighted people look at day to day profitability. Successful investments require a long term vision and purpose, mining is no different. If you were around during the GPU run-up of 2014, you also know GPU prices went up quickly and were slow to come down even after profitability was nowhere to be found after ASIC's and megapools took over most of the coins being mined.
When money is involved, don't expect them to be loyal, I mean where I live my friend had a deal with the supplier, he used to be the only person to buy gpu's from him after the madness for gpu's started, he wasn't reliable anymore, he could not make promises, know why? because he was selling them at 50% higher, so I told my friend dont buy it, leave if as it is, sit tight and wait, thing is after all this madness is over, he will be grateful my friend will be back and will buy again from him at the correct price. People get greedy, so let the idiots buy them expensive.
This is exactly my thoughts. The just want to get in while things are boomy and run away when things get gloomy hehe. Management 101.
He did not mean the gtx 1070 or rx polaris will be $50. He meant that people want dollars and not pennies. For them profitability is what is important and that is not what a real miner only see.
When GPUs are going to be selling for $50 on eBay, nobody will be buying them including yourself because the profitability will suck.
The only people that will benefit from cheap GPUs are going to be gamers.
Choose
Pay $250 for a GPU that makes $10/day
Pay $50 for a GPU that makes $0.10/day
The only people that will benefit from cheap GPUs are going to be gamers.
Choose
Pay $250 for a GPU that makes $10/day
Pay $50 for a GPU that makes $0.10/day
This is exactly my thoughts. The just want to get in while things are boomy and run away when things get gloomy hehe. Management 101.
you are dreaming if you think a 1070 or even rx 470 is gona be selling for $50 in a mres six months , try 5 years lol pass me your drugs
lowest a used 1070 will go for for the next 2 years will be $300 its still the sweet spot for gaming even after vega for all of 2018 at least. The rx seriues will be much cheaper but even then it will take at leat two years for even the 4gb cards to drop to $100 lol.
gpus from this gen rx and 1000 serises will hold decent value no matter what for the next two years stop with the bs
lowest a used 1070 will go for for the next 2 years will be $300 its still the sweet spot for gaming even after vega for all of 2018 at least. The rx seriues will be much cheaper but even then it will take at leat two years for even the 4gb cards to drop to $100 lol.
gpus from this gen rx and 1000 serises will hold decent value no matter what for the next two years stop with the bs
He did not mean the gtx 1070 or rx polaris will be $50. He meant that people want dollars and not pennies. For them profitability is what is important and that is not what a real miner only see.
When GPUs are going to be selling for $50 on eBay, nobody will be buying them including yourself because the profitability will suck.
The only people that will benefit from cheap GPUs are going to be gamers.
Choose
Pay $250 for a GPU that makes $10/day
Pay $50 for a GPU that makes $0.10/day
The only people that will benefit from cheap GPUs are going to be gamers.
Choose
Pay $250 for a GPU that makes $10/day
Pay $50 for a GPU that makes $0.10/day
I would rather wait 6 months and buy a 1070 for $50 than pay $250 now. Besides you can't make $10 a day per GPU now, more like $2 or $3. In 6 months it will likely be 10 cents a day, but I'm totally satisfied with that. As I said, I will do for fun, not profit. It's a hobby and I don't expect to make money. But 10 cents a day profit would be a bonus!
you are dreaming if you think a 1070 or even rx 470 is gona be selling for $50 in a mres six months , try 5 years lol pass me your drugs
lowest a used 1070 will go for for the next 2 years will be $300 its still the sweet spot for gaming even after vega for all of 2018 at least. The rx seriues will be much cheaper but even then it will take at leat two years for even the 4gb cards to drop to $100 lol.
gpus from this gen rx and 1000 serises will hold decent value no matter what for the next two years stop with the bs
When GPUs are going to be selling for $50 on eBay, nobody will be buying them including yourself because the profitability will suck.
The only people that will benefit from cheap GPUs are going to be gamers.
Choose
Pay $250 for a GPU that makes $10/day
Pay $50 for a GPU that makes $0.10/day
The only people that will benefit from cheap GPUs are going to be gamers.
Choose
Pay $250 for a GPU that makes $10/day
Pay $50 for a GPU that makes $0.10/day
I would rather wait 6 months and buy a 1070 for $50 than pay $250 now. Besides you can't make $10 a day per GPU now, more like $2 or $3. In 6 months it will likely be 10 cents a day, but I'm totally satisfied with that. As I said, I will do for fun, not profit. It's a hobby and I don't expect to make money. But 10 cents a day profit would be a bonus!
When GPUs are going to be selling for $50 on eBay, nobody will be buying them including yourself because the profitability will suck.
The only people that will benefit from cheap GPUs are going to be gamers.
Choose
Pay $250 for a GPU that makes $10/day
Pay $50 for a GPU that makes $0.10/day
The only people that will benefit from cheap GPUs are going to be gamers.
Choose
Pay $250 for a GPU that makes $10/day
Pay $50 for a GPU that makes $0.10/day
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