Bitcoin Forum

I'm mining with the S7 and now I'm profiting half what it mines. For now I don't know about any new hardware, but I know that once the halving goes on my miners will become unprofitable...
I haven't decided my next move yet.

Are you\ or if you were on a similar situation?what would be your next move?

I'm no miner though but can't you use that hardware to mine certain alt coins as well or is it purposely just for bitcoin?  I've read somewhere like gridseed devices which can also mine other coins besides btc. if it works to some coins, that i think should be an option for those miners.

mining decred with gpu much better than mining directly, bitcoin and also do some trading on the 4xx-450 range

stick with gpu they can mine everything and there is always something profitable, especially with cheap electricity

cheap electricity is biggest problem, but with GPU minig Decred DCR (blake 256 algo) is still profitable  8)
ASIC weakness is, that they can't change mining algo  :(

Why It will be unprofitable exactly ? since the halving is going to happen the price should rise so you will find find your self in profit once again , even if you don't profit just after the halving , you should think of it as long term investment and be patient to make some huge profit . If you are looking for quick profit then I don't think Bitcoin is the kind of things that you want to invest on .

Yeah, I already thought I could be doing that, but its pretty unsatble and I would end up with a lot of worthless coins that I probably woudn't have any chance of selling

Right now, I'm waiting to get back into mining world, have been a while for me (since GPU mining days). The miners will surely lose value as well plus more efficient chips will be used on new generation miners and that will be my target (to purchase those) and get back.

The problem with waiting is there is always a newer generation coming.  You need cheap electricity is most important thing these day's.   It's hard to predict next gen prices, specs, what difficulty will be etc.

Most that say this never jump back in to mining.  Which is not a bad thing if you would not make profit.  But a lot say "next gen" and just always wait.  I suggest moving if its profitable... if not don't.   But not to just wait for new gear, there is always new gear.

I'm doubling down with more miners.  ;D

Sounds like a bold move.

My next question to you then is, have you already broke even on your current mining gear?

I mean I know youre not paying for free electricity so if its dirt cheap are you in a foreign country to see the actual difference or no.

My last move was "sell off the S5/SP20 mining farm".

 My current move is "work on achieving RoI on my current Scrypt (Litecoin) mining farm" since my current hardware is making more money per day as a % of investment than anything currently available for SHA256 at my current electric rate (in part because the hardware is already partly paid for given how far back I bought it).

 My next move is "WAIT" - to see what the 14/16nm generation has to offer on price, performance, efficiency, for both SHA256 AND Scrypt, before I decide what type of mining gear to invest in for my "VERY VERY low electric rate after I move" future.



 There won't be a "next generation" after the 14/16nm full custom generation for YEARS, as Bitcoin ASIC will have finally caught up with semiconductor "state of the art" instead of the rapid generational catchup we've seen the last few years.

 (No, the B-Eleven is not full custom, as is obvious from it's final specifications. The B-Sixteen might be).



 If your electric is cheap enough, an S7 / Avalon 6 / B-Eleven will probably be profitable after the halfing - BARELY - but if you've not already achieved RoI or essentially have done so on those units by that point, you probably never will. I seriously doubt that Bitcoin price will double as a result of the halfing, much less double and then match diff increases.



 The altcoins you can mine with SHA256 ASIC hardware is generally worth LESS than the Bitcoin you can mine with the same hardware, and even when it's worth more it's a short-term thing and only a HAIR more at best.

Sell some of my miners, take the "profit" and invest in Bitcoin itself.

I'm not running a huge farm, so I'm more than likely going to cut my losses prior to the Havlening. Won't sell off my miners until a few weeks after the Halving, just to see how much more difficult things get.

I have a feeling in last few weeks pevious gen will take a decent jump down.  Current gen... not sure on it unless something else better comes out.

I would not wait till last minute.  I sold mine a bit back on last gen, and invested in coins.  So far I did much better then I would have mining older gear (I have normal not cheap electricity)

I think the current 14 or 16 nm miners are already out. They are being "tested" by the manufacturers to mine a lot of coins.

So some guys here are depending on a halving related rise? Is there any indication that something like that's in the bag?

that's why those devices will be not profitable because they are already used, so they will come late as usual, or with the normal 1 month time frame, where you can do some profit and that's it

it's an endless cycle where only the producer win, not the consumer, yeah ok those with free electricity are the only exception, but i'm not counting those people, they are the minority

I'm considering purchasing a miner, however have heard a lot about this... However I'm not exactly sure what "it" is.

Could someone explain/point me to a thread that better explains what exactly "The halving" is?

You can actually read about this on Wikipedia.

In short, every 210,000 blocks, the "Block reward" contained within the block is reduced by half (i.e. the halving). At the present time, when a block is "solved" there are the transaction fees, plus a 25 BTC reward. This reward dominates the value of solving the block. Roughly in mid July, we should hit block 420,000. At that time, the reward will be reduced to 12.5 BTC. We have already had one "halving" back in 2012 when we hit block 210,000.

Most are not public on it though.  Only one I think you can buy right now is B11 and it is not the final perfected stats, it was pretty far off on what they made and what they showed on site.

All the other new ones still internal.  And we still don't know much about them.

I mine Ethereum and sell most to get bitcoin. It is much more profitable than mining with ASIC directly.

I saved some to get ready and doubling my miners. Yes i get the same with S7, around 45%-65%. Im just waiting if these 14nm things are coming out. And i hope price rising will help me too!

I already made my move a bit back. I got rid of all previous gen gear including S5's, S5+, SP20, and Avalon 4.1's.  I sold them all... and got coins with them.   So far it's been a good idea considering I sold back a bit. 

My goal is to take that BTC as some of my backing on next gen.... whenever it hit's on miners.

I sold some but want to get rid of all my inventory of ASIC miners. Concentrating on ETH right now and might get back into BTC mining in 3-6 months.

Forever left bitcoin mining, it is just not worth it.

Focused on GPU mining for the quick ROI and if I were to sell gpu's later on they wont drop in value like an asic miner will.  You can also mine other coins as they become more profitable and wont be stuck on a certain technology due to the asic.  If I look at the S7 you will only profit about $130 or so and half of that or more will be going to electricity so I would only make about 65 bucks a month on the unit and they are expensive to buy.  They suck way too much power for the amount of earning so to even expand operations to reasonable size, there's issues with supplying enough juicy.  With next gen miners profit still wont even be all that good and roi will be very long.

Bitcoin has some lack luster performance on the coin price lately (lucky when we peak $420) and honestly I think the speculators who want to be wishful for a BIG increase are going to be disappointed.  With that I am happy to use it as a currency to move money around being it has been pretty stable and is generally accepted, good to hold coin right now to as it is unlikely price will fall so it seems like you cant loose.  well that's just my 2 pesos

I don't think it's a horrible idea on current inventory.  With current coupon price on S7's it almost makes me want to see current gen and buy back in after next gen, and after we see next gen difficulty jumps at least at first.

Double I ever sell all my asics, but tempting as I  see S7 price pushing down current gen in value as we speak.

So maybe Bitmain and other manufacturers are already mining with the new miners and they are keen to get rid of the old S7 as well.

It's possible we just don't know, and for most companies won't know.  We know there are B11's that were made for internal mining but did not hit specs they later will.  So there is one company with next gen being used.

Bitmain is good about being quiet we likely will not know unless leak, which are becoming fewer and fewer from them.   I thought they might have been doing this with S7 coupon.  But feel I was wrong after seeing new batch without fan.

And there are some like that announced next gen miners to early, and I don't think we will see them.  But I wont call out the big one I'm thinking of.

Keep my S5's running until no longer profitable. Got one of the S5's already mining peercoin. It's not worth much, but it mines a block pretty quick. Plan on throwing all 5 on there and then just trade Peercoin to BTC after I have enough.

Is mining peercoin more profitable than bitcoin? The difficulty of many coins are rising fast, less profitable now.

Buy another S7 and double your hashrate (if you can)...
Once halving happen, there is a big chance that price will go up
after a few weeks

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I tend to keep mine on Bitcoin, I think it has the best long term goals.  Every once in a while if a new alt coin comes out I will put it some gear on nicehash but it's hardly worth it right now - https://www.nicehash.com/ 2 percent over normal  (and there are fees).

But I think your best bet is mining BTC and holding what you can.  I personally sell off for electricity as if I don't I get in pretty deep as I tend to normally be more then 10k watts at most times.  That just adds up to a big electric bill.  So kinda is also another way to make sure I'm profitable currently by selling and paying electricity for my miners. (I don't always do it if price is bad, but as general rule I like to sell enough to pay electricity).

I think that the halving is already well factored into the price (which has recently doubled).

But, despite of that, because I am long and leveraged and under the parity, I am still hodling my positions...

Best regards,
ilpirata79

Recently doubled? We have been in 400's for a while at this point.  I don't think there is anything recent about that.   If you go back it's been a long up and down ride many of us remember day's of 900-1000 btc.   But we no longer are there.

I am not sure we will get a doubling with having... just is not sure bet.   People know about it very far in advance so we should see some before if happens.... and again we are pretty steady in 400's at this point.

Another interesting question is what s going to happen with alts? If BTC price goes a bit up, which is very probable, will alts follow or not?

It seems it's not that easy anymore alts can rise and fall without BTC.  They seem to not be 100 percent synced.  I remember day's of LTC and BTC they pretty closly followed each other (been a while since I messed with it).

Some alts have gotten crazy returns for people who believed early on.  I just am afraid as I see a lot of pump/dumps out there.   

just turn on google and everything written about Halving

BW confirmed today large customers have been mining with their new miners and public availability is June. That would explain the increase in difficulty over the past few months.

We don't really have numbers to make it prove its them though.  The first machines did not even get close to spec.   So we don't know what the current spec of gear is, and they use a LOT internally. 

Likely we will know more in June if they keep that date.  But I want to see evidence of them hitting targets on efficiency or it really is not as big as deal as we thought.