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Topic: Why its still worth mining ETH (or other coins) for me - Updated March-31-2019 - page 2. (Read 1255 times)

full member
Activity: 1148
Merit: 132
Why not sell your rigs and invest that money in eth instead,this way you are injecting fresh money in crypto instead leaching it out eventualy(just using you for example)Also you will probably earn more with swing trading eth then mining(especialy after block reduction at the end of the month)You could use them as a heating system in your house to further negate the cost of runing them,my ti rigs are using arround the same amount of money for electricity that i would give for gas  heating(and are doing better job of warming up the place) Cheesy

this is stupid advice, the market for used gpus is at an all time low, Wtf would he sell his gpus NOW  when gpus are selling used forc half what they went for in december last year.

Idiot.. , thr time to sell cards was back in january now if you already have gear either hold it or mine with it

shame on you for such bullshit advice when you know its the WRONG advice
member
Activity: 224
Merit: 18
Why not sell your rigs and invest that money in eth instead,this way you are injecting fresh money in crypto instead leaching it out eventualy(just using you for example)Also you will probably earn more with swing trading eth then mining(especialy after block reduction at the end of the month)You could use them as a heating system in your house to further negate the cost of runing them,my ti rigs are using arround the same amount of money for electricity that i would give for gas  heating(and are doing better job of warming up the place) Cheesy
legendary
Activity: 1084
Merit: 1003
≡v≡
the profits are quite same as it was couple years ago
even with 0.01$ per kwh as you say
and for me and my clients starting with 0.0037$ per kwh it is sure profitable and will be in the nearest future
member
Activity: 192
Merit: 10
I have 6 rigs still on ETH.

it gives me about 1.5 ETH/month.

Im just waiting for the coins to increase their prices!!

Im not investing in new equipments. You should think about getting Asics...
hero member
Activity: 1190
Merit: 641
There are many angles to mining at a loss.

I have 12x 1080ti's
I have  4x  56 vegas
I have  2x  1050ti
I have  1x  2080
I have  1x  rx560

I have a threadripper 1920x
I have a ryzen 2700x
I have a ryzen 1800x

This is paid off gear.

All still have 2 or more years warranty

I would say  together they burn 3600 watts

They are earning about 13 a day  before power

about 2600 kwatts.  my winter rates kicked in oct 1st  so they cost me about 260 usd  and pull in 300 -390 =  a 40 to 130 a month profit

Even if they were negative I would mine as I can spend 260 x 7 = 1820 in power from now to May 1.  So I will mine away  with those gpus  until May 1st.
$ 0.1 per kilowatt is a very high cost.
Do you have a chance to look for better deals on the cost of electricity?
What is your situation with sales in the secondary market?
legendary
Activity: 4256
Merit: 8551
'The right to privacy matters'
There are many angles to mining at a loss.

I have 12x 1080ti's
I have  4x  56 vegas
I have  2x  1050ti
I have  1x  2080
I have  1x  rx560

I have a threadripper 1920x
I have a ryzen 2700x
I have a ryzen 1800x

This is paid off gear.

All still have 2 or more years warranty

I would say  together they burn 3600 watts

They are earning about 13 a day  before power

about 2600 kwatts.  my winter rates kicked in oct 1st  so they cost me about 260 usd  and pull in 300 -390 =  a 40 to 130 a month profit

Even if they were negative I would mine as I can spend 260 x 7 = 1820 in power from now to May 1.  So I will mine away  with those gpus  until May 1st.
member
Activity: 208
Merit: 16
Say you made 10000 in 2017 and purchase gear late in the year.

The entire gain of 10000 can be sunk into inventory if you resell used gear.
You then sell the gpus at peak prices in Jan of 2018.  The gain is this year and you can offset with a mining loss.

Yeah, you were right. But I'm not doing this, Q1 2018 is a pretty good moment for mining (at least for me), so I don't even think to sell my gear. Maybe I'll do this next time (I Just need to know the moment). Good idea!

Really just depends on the true reason you mine.  If you are mining and selling immediately then you are most likely not making money.  I have been mining for about a year and still do it because I believe in crypto and mine coins with solid fundamentals that I believe will go up in value and then I will take my profits.

For some miners maybe yes (most miners do that), but I've never held the coins, I need to pay all the bill (at least once a month) but I still get some profit after bill payment.
legendary
Activity: 4256
Merit: 8551
'The right to privacy matters'
Mining at a small loss also works.

I do everything with reporting of taxes.

I was able to legally carry 2017 gains into 2018.

I can offset the gains if I have a small loss this year.


Say you made 10000 in 2017 and purchase gear late in the year.

The entire gain of 10000 can be sunk into inventory if you resell used gear.
You then sell the gpus at peak prices in Jan of 2018.  The gain is this year and you can offset with a mining loss.


member
Activity: 284
Merit: 10
Really just depends on the true reason you mine.  If you are mining and selling immediately then you are most likely not making money.  I have been mining for about a year and still do it because I believe in crypto and mine coins with solid fundamentals that I believe will go up in value and then I will take my profits.
legendary
Activity: 3808
Merit: 1723
Up to 300% + 200 FS deposit bonuses
I think the ones who are still mining at break-even or at a loss are doing it because they believe in the crypto future in general.

Basically many friends I had in 2015 or so they were all mining with their Antminer S1/S2/S3 all at a loss or break-even. They believed that BTC would hit $10K one day and they weren't risking too much by just paying a little for their electricity.

They mined I think every 2 months or so about a BTC and kept all of it till 2017 and the pay off was huge for them.

So the reason why the difficulty hasn't come down sharply is because of this reason. Seems like a low-risk trade to just mine at break-even or at a loss and hold the coin for the futures.
member
Activity: 208
Merit: 16
No argue with OP's post (-absolutely agree-).

Mostly I'm doing on Ethash (but not ETH), even sometimes I'm doing solo mining. Two months back I'm doing solo with a few Ethash's coins, DBIX (only for 3-4 days - when the price still at $3), UBQ (Almost two weeks), YOC (one-day solo mining),.... That gives me more than enough profit (when I get the moment).

For regular mining, mostly I mine specific coins (on the pool). My electricity cost cheaper than Leonix  Cheesy ($0.1)

Agreed, this is one of the keys! (not only for pooled mining but also for optimization and efficiency that effect to our profits)

yes with the right bios mod , with the right undervolting/overclocking your miner reported hashrate should be the same as a pool side reported average hashrate. if its not the same, you definitely have some issues Smiley

Be more flexible on mining if you want to survive!



Nice try Vitalik .....

No, he wont post up on a Bitcoin Forum. haha

 Cheesy  Cheesy  Maybe Vitalik will come here, then hard lol after reading this.
legendary
Activity: 1386
Merit: 1020
DGbet.fun - Crypto Sportsbook
However, as the concept of adding new rigs, at this point I just prefer to buy coins
A much wiser decisions to be made rather than buying miners as of todays. Profitability would only be suited out for those who already reach their roi. Electricity does still matter if you profit out to pay up the expense then i would simply stop mining.


Nice try Vitalik .....

No, he wont post up on a Bitcoin Forum. haha
hero member
Activity: 1190
Merit: 641
Vitalik constantly breaks the deadline with the introduction of new updates.
If everything will continue, then the etherium will mine in 2019.
I'm sure that the pampers of this coin are still ahead.
Before the first pamp there was a similar situation with bad news and it lasted about half a year.
It will be very fun if in March-April 2019 the situation in 2017 will be repeated
sr. member
Activity: 840
Merit: 266
It is for sure still profitable but as you said if you already paid off your rigs, I am in the same boat as you and I will never shut down my miners even $1 monthly is still profit for me and I am keeping my mined Ethereum and planning to sell at hight price. But I still advice all my friends to not get in now because paying your rig in more than 6 months is not worth it for me. simply if after calculation you will get your money back in 10 months+ then do not start it, of course, this does not apply on already paid off rigs. So ya mining is not worth it for newcomers.
full member
Activity: 1148
Merit: 132
Nice try Vitalik .....


You made my day.  Grin
vitalik actually hates miners , he only cares about eth programability and pos and scaling
he literally hates pow
full member
Activity: 583
Merit: 106
hero member
Activity: 1498
Merit: 597
However, as the concept of adding new rigs, at this point I just prefer to buy coins

100% agree with this, with current prices, its just make not much sense to build new rigs right now, and i dont think in the close future its ever going to be worth it to build new GPU rigs , as asic, fpga miners are taking over on mining.
sr. member
Activity: 1008
Merit: 297
Grow with community
I have a higher Electric rates about 0.21Kw/h

Been mining CN-H algo's with 480's, optimized doing 90-100w

and still, getting some profits, not that much

but is enough to continue mining operations

For me mining still worth it for the miners who has existing and paid off rigs with lower power rates

However, as the concept of adding new rigs, at this point I just prefer to buy coins



newbie
Activity: 15
Merit: 1
Nice try Vitalik .....
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