Bitcoin Forum

Hi, I couldn't find anything about it on the internet so i decided to start this.
I've been mining on a GTX 1060 for the last 5 months, when the when the profitability was at 1 mBTC/d (Using Nicehash), and BTC price was ~800$. After the price started rising my profit increased to about 1.9 mBTC. But now it's is at 0.8 mBTC.

I'm still kind of noob, so here are my questions:
What was the reason there was an increase in the profit when bitcoin price rose?
What is happening to the profit now?
Is there hopes of the profit rising again? Or at least stay at this and don't decline more?
I was planing to get seriously into it and buy a couple of gpus. should I go for RX 470 (provided i can find any) or GTX 1070, or should i wait for Vega?
Thanks.

Diff will ALWAYS increase,the big mining farms keep adding hashrate to increase THEIR profits......

Your profit can theoretically stay the same if price increases enough to offset the diff increases,but you will earn less & less coin,and it is highly unlikely price will will do just that.....

Don't bother mining Bitcoin with GPUs,mine altcoins instead & convert them into BTC if you want to or just sell em  ;) 

Vega will not be worth the cost...at first...looks like a REALLY high end GPU for mainly rendering & stuff,mining & games not so much,only speculation though until we actually get to see one mining or gaming.....

Not sure if AMD is ever going to have cheap 470/480 or 570/580,looks like any that come for sale are gouging the shit out of em,so go Nvidia or wait to see what AMD is going to do next month...

Being miner you might be knowing that mining all depends on hash rate and network difficulty. It is well known that difficulty is increasing with time because more miners are coming into the effect. This has led to very concentrated stage of bitcoin mining where everyone is trying to scratch out the gold from same mine. So as you can imagine the after effect everyone is getting little bits of that gold and ending up with loss. Or we can say that they are taking time to get back investment. It may recover soon if there is something can be done with difficulty.

First start here.  https://bitcointalk.org/index.php?topic=1944976.0

Second read this.  https://bitcointalk.org/index.php?topic=401897.0

No wonder you couldn't find anything on the internet apparently you didn't even look.

You should really expect that since you are engaging to mine coins with the use of GPU you should know about the concepts and terms related to it and as just normal we do know that as the time goes by mining difficulty does increase since you are not only the one who do mine but there are lots who are doing the same thing as yours.Just take a look on bitcoins difficulty its just like that, mining difficulty does increase  and lucky for you that it only drops 0.8 mbtc and not gaining much lower since price of bitcoins rose up too its still a good amount though.

Being miner you might be knowing that mining all depends on hash rate and network difficulty. It is well known that difficulty is increasing with time because more miners are coming into the effect. This has led to very concentrated stage of bitcoin mining where everyone is trying to scratch out the gold from same mine. So as you can imagine the after effect everyone is getting little bits of that gold and ending up with loss. Or we can say that they are taking time to get back investment. It may recover soon if there is something can be done with difficulty.

 Price goes up, profitability goes up - 'till the hashrate catches up to the price rise.
 It wasn't just Bitcoin price that went up though, almost ALL altcoins saw a massive surge starting about 3 months back - Bitcoin had seen a much longer surge from it's recent lows around year-and-a-half ago, THAT surge was largely fueled by Chinese investors getting allowed to spend Yuan on Bitcoin after a "temporary ban" got lifted by the Chinese Central Bank/Government.

 Profitability now is dropping, as coin prices have generally gone flat-to-dropped some from the peak a couple weeks or so back but profitability is still high enough that folks are still expanding existing farms and starting up new ones.

 Profitability is ALWAYS a question mark - there is no way to know FOR SURE what pricing will do, and as pricing is one of the 3 primary factors that determine profitability there is no way to know where profitability is going to go for sure.

 I wouldn't wait on Vega - it's doubtful it will be particularly profitable at it's "introductory" pricing.


 If anyone could predict the future the way you WANT us to be able to do, we'd be making TONS on predictions for big companies.....

Just let the sceptics sell their cards. Others just keep mining, keep looking for new coins. From time to time, new ones will pop up, just like ETH, ZEC and others. If there is even 1$ profit, ITS STILL PROFIT, and you can always hold your coins, and wait for a price pump.

Everything will be going to hell and you trolls will soon not even have the money to pay for the electricity hehe

Mining profitability for me is declining rapidly.

I'm almost making the same fiat value as back in November but much much less coins.  >:(

This is troubling for me and I'm at 300%+ ROI so there must be thousands of salty noobs out there who just invested thousands at these inflated hardware prices now wondering if they will ever hit ROI.

Everyone is different, however, I believe most of the new comers to crypto are here for ROIZ and mad profits only and don't really care about the emergence of this industry of financial freedom.

This bunch of money hungry profit driven ill-informed noobs pouring money into the ecosystem and cashing out both coins and hardware with weak hands is a real risk for the entire ecosystem IMO

I hope history isn't going to repeat itself here

profit will decline for sure, next couple month will see used gpu on market flooding in every country

what a load of bollocks, weak hands in mining, lol, there is no risk, supply and demand controls this. 'salty' noobs are driving the whole eco system, it has been sitting pretty for a while since before march. The noobs are the driving force not the handbaggers. mining at least adds more to the system than trading for profit.

There is risk when someone stakes more than they can afford, profitability drops so far that electric costs are not covered at 0.1USD/kwh and then people start dumping graphics cards and coins.

Plenty of people will have staked more than they can afford to lose.

Plenty of people have invested 10000USD+ in rigs who with little research and knowledge just jumped in on the hype.

Real world adoption and innovation adds more to the ecosystem not 100000's of people mining or speculatively trading.

I, just as everyone, have no idea what will happen but to say there is no risk at today's prices is madness.

nobody talk people invested into rx 400/500 with bug of eth hashdrop, people build mining farm with this gpu, amd release mining version based on this cards with this bug  ::)

From what i've seen mining is going up and down on a "regular" bases, sometime you make good money and sometimes not. I wouldn't invest more than I can aford.
On the other hand when mining profitability is low, it's the good moment to accumulate coins to sell them later. If you don't believe in cryptos future there's no point mining...

Difficulty will always be rising, but your chance might be in the fact Bitcoin price, or the price of the altcoin you are mining, and you might not lose too much of profitability in term of dollars.

Uh,Bitcoin is mainly mined by large Corp owned farms where electricity is 2 cents or less per kwh..........so no the "noobs" aren't driving anything  :D

Now alts are getting mined by large farms too but not as big BTC,and we the home miners can still buy vid cards to keep up (well,most are sold out ATM,but my point stands).

At least the exchanges are much more robust than back in my day,2011-2013.Where they were hacked almost monthly & would crash the coins repeatedly & take em down to nothing............

BTW,no cryptocoin is going to accepted by general population,why??

1. No refunds.....you get scammed you lose your coins.Send to the wrong or incorrect address.....you lose your coins.

2. Wallets on your PC can get hacked by virus's very easily.Most folks have no idea how to deal with virus's & most virus software dosen't like cryptocoin wallets so they get flagged as a virus.Wallets online can get hacked even more easily.....you lose your coins in both cases.

3. It's a pain & costly to transfer money from your bank to an exchange,& then more charges when you spend your coins. And if anything goes wrong during any of those processes??? You lose your coins.

So,as cool as this cryptocoin thing is,only us PC smart guys will embrace it & be ok with losing our coins sometimes  ;)

Mining with Nicehash is lazy AF. You just press go and it's mining the most profitable coin but you only get paid in BTC.
Where REAL profit lies is researching the coin you can easily mine, mine the shit out of it even if it's much less profitable than for example ETH, Zcash and Nicehash and HOLD. When the coin surges in price it will outproft Nicehash by miles.
Everyone jumped on the mining craze when ETH surged in price to like $350-$400 (I'm guilty of this, always late to the party), but imagine if you started mining ETH 10 months ago and just HELD. You'd be dirty rich now.
Nicehash is easy, it's steady income and you know what you're earning, but it's only good if you are lazy.

Sorry mate but your arguments make no sense to me.

First I don't understand  how, even with the current "crash" on the altcoin markets, your profitability can be declining rapidly. All coins have doubled/tripled (and more) in value within the last few months. Even if you mine less coins, the profits are still huge compared to last year. So unless you pay 1$/kWh...or I'm missing something.

As for all the "salty noobs", man, what would you do if you were one of them? You'd want to jump on the train while you still could. That said, it's their own fault if they crash and burn because they bought RX cards for 500$ a piece...

And let's be honest, most miners are doing this for the profit, not the underlying technology. And let's not forget that without the hungry mad noob mean profit-taking miners, most if not all of these coins would sure AF NOT be where they are now, and that includes bitcoin.

You're missing the fact that difficulty is skyrocketing because everyone, their mothers, their grandmothers, and their dogs and cats are jumping into the gold rush.  Take a look at any of the profitable coins' hashrate and difficulty charts for the last couple of months.  They go from a gentle upward slope into an abrupt near vertical climb.  So as more people/hashrate come into play, everyone's respective piece of the pie shrinks unless coin prices keep rising at an equal or greater rate.

I'm not missing this at all mate. We've had one of the biggest booms in cryptos in a while over the past few months. I'm making more than 10x the profits I was making last year at the same time, hence I don't get the "rapid decline" the other poster was talking about. Agreed I'm making less than a month ago because most alts are traversing some uncertainty, but the profit I still make today make me very happy.

You can't really blame every last person to jump on this. A lot will regret it though, imho. I still think profitable PoW lies ahead for those who plan things carefully.

game over trolls,from here on only bloodshed cause whales know noobs got many loans to buy hardware and now whales are just sitting and buying coins from noobs cause noobs need to pay their loans. So much fun and the interesting thing is noobs roi was 8 months now will become 80 years, they will be dead before they get their investment back. Do not worry noobs, i will help you out to pay your loans, i will buy all your coins for 5 times less hehe

THE biggest, not one of. Whales bought everything they could. Two separate manufacturers and an AMD rep told me that people showed up at their China offices with millions of dollars in cash, and were sent away with no GPU purchase. The trader types have gone bananas for this stuff because they're gamblers and they see people getting rich quick. Everyone wants to be the guy who sold the 10,000 BTC pizza.

Outside of China, the biggest customer for cards right now is Genesis. Manufacturers rolled over when they offered a 15% premium. Many thanks to all their suckers loyal customers!

15% could mean millions of usd, manufactures can't just throw the offer away.

One year ago I was obtained 0.5 eth daily for one rig. Now the daily revenue is much less but the profitability is much higher. I think that after 1 year the profitability will be lower, like bitcoin case because many miners are coming daily.

I am making looking at whattomine 24USD gross per day, as I said this is not far off what I was getting back in November.

During the same time I was earning far more crypto as the difficulty was much much lower.


I was looking to expand with a new rig to the tune of 5 x 1080ti but now I am hesitant. If people do start dumping GPUs in 1 or 2 months time I will be burned by the price difference so I am thinking to wait.

I first mined years ago. I mined BTC with GPU's in 2012 and then followed onto scrypt coins I dropped out when the profitability diminished and subsequently missed out on an excellent opportunity.

There are, however, plenty of people who, just like I was, will be stupid enough to be FUDed out of crypto.

Patience friend. Now is not a time to rush into things. If you have a mining operation going already, then be happy about it because you did not pay for overpriced hardware ;-). You might be suffering from the difficulty and the shortage/price of hardware to expand, but right now feels a bit like one of those periods when people get crazy, dump all their cash into something and end up losing it all.

Like you said yourself, I think many of the new miners do not care too much about the underlying technologies of the crypto coins. They just see this as a fast way to make extra cash and I betcha that come the end of ETH mining, you'll see dozens of posts about "Can't mine ETH anymore, what other coin can I mine?".  They are just like 90% the end users that are too dumb to think and do their own research and expect you to do it for them.

The truth is that cryptos will change our lives in the near future and many people seem to be completely oblivious to this fact.

Yes many people are entering into the mining field, and all people know now the Bitcoin mining is very tough so the next choice is eth or zcash or monero. Some people are started to do dual mining. So how the competition is increase like that the profitability also decrease. Now how bitcoin miners shifted to ETH like that next year, some other new currency will come we have to shift that currency.

Profits on my nVidia cards since the initial dip have remained very stable.

But the algo they prefer is moving around alot... on my 1080s they are starting to like X11Gost in addition to Lyra2Rev2 and Lbry.

Even my 1060s/1070s switched to X11Gost for a bit last night.

Mining on NiceHash.

My AMD cards doing Etherium (Dagger) have been slowly declining in profitability at a pretty constant rate.

i used to make 25 dollars a day off 5 x gtx 1070, now i make 12 dollars max. so half, but it does seem like a lot are jumping in. people are building rigs without a clue expecting easy money.

lol these genius questions kill me.. if you have to ask .... lool

lol ^ this ^

I took out loans to expand my farm but that was december last year 90 percent paid off just in the nick of time tee hee, Ive lost out on millions in revenue selling eth to low , now the whales are in control both on the mining side (raising the the diff, buying up 90 percent of hardwarestocks) and now dumping eth and every other alt to oblivion which then

puts pressure on folks like you said took loans to buy overpriced hardware may june july in reponse to the manipulated eth pump.

now price is coming back to reality and ppl are panicking duh the whales have always been in control

This is just the beginning.

We will see further decline in mining rewards.

Only most efficient or running lowest power costs miners will survive the game.

Greedy noobs investing now will never ROI.

We will have a tsunami of used GPUs in 3 months.

Seen this all before.

 ;D

P.S. welcome to the ICE-AGE next year

cant blame the so called noobs for jumping in, the problem is too many over extended themselvs with loans and
morgaging thier cribs etc , which makes them sell everthing that they mine at these bargain basement prices instead of holding for a month or two but they have loans to pay. 

as the whales keep tightening the pressure via diff increases and more altcoin and bitcoin news spinning bs like segwit will kill btc etc, too many icos killing eth fud... more newbs will panic instead of standing firm and dump thier gear stupidly.

smart money right now is to hold on tight to your gear and mined assets at least till after aug 1 , and then reasses your options , at some point there will be a pump. 

not a good time to expand yeah unless you are sitting on alot of pure btc or fiat, but a terrible time to sell atm

if anything im buying assets like golem, augur pay, dct etc , anything thats solid and down over 10 percent im loading up for tha pump

People are stupid or want to be stupid, if they buy hardware now then they will never roi, in few weeks we will have eth reduction from 5 to 2.5 or 3, that is 100% in profitability, ice-age coming, block reward, from  15 to 30 seconds, that is another 100% in profitability. The difficulty is vastly increasing,at least expect 30% increase, next few weeks, polaris cards are going to hell in few weeks, for amd users, that will be 25% less money, so meaning at least 300% decrease in your daily profitability. If you make today $2.40, you will be making $0.70 in few weeks and that if eth holds the price is right now because if it crashes more than this then people will start committing suicide, people who bought expensive hardware will never roi, people who took loans will have very problematic coming months, they will probably have to sell their kidneys, arms, legs, hearts to pay back loans, same thing happened in 2013. In few weeks will be so many rx 480, rx 580 and gtx 1070 selling for 50% off.

i bought my rig on interest free for a year. my cards are gtx1070 x 6. they sell for 300 gdp minimum so 1800 gdp. i paid total 3000gdp for rig. in the 3 months mining not all 6x gtx 1070 i have made 1000gdp minimum, so i sell today at no loss. or wait and sell later, it is a gamble but life is a gamble. people that invested 10k's then maybe not the best idea, but only time will tell and thousands have been proved wrong time and time again.

i think yes for now, mining is always up and down like trading, now everything is red like in winter season, but will return to green in autumn season, it's always like that, you must be new here if you believe otherwise, don't worry the market will recover

That is right. But I think the mining profit will go down in the short term at least.

If you took loans out to buy mining rigs, you deserve to go bankrupt. I cant believe people would be so stupid as to do something like that.

Greed knows no limits
https://1.bp.blogspot.com/-ZNOO-iZUs2o/V20zETGAtzI/AAAAAAAAEuI/IH26qpjv2LU1K-b43wmB6ljvkCUCOUR0QCLcB/s400/Trump%2BGreed.png

As new coins release that helps spread the miners, but these ICOs arent helping much.

The noobs will commit suicide.

No point in buying gpus at this point when profit is getting less and less and prices on gpus continue getting jacked up by manufacturers. 

Its not the manufacturers that jacked up the prices, its the retailers figuring out how massive the demand is. Some of them were still selling rx 570's at sub €200 prices while the second hand auctions were already reaching €350, its only a few weeks ago that they finally adjusted their prices "appropriately".

It all depends on mining difficulty, mining during its early days was pure gold, with only a few miners it was easier. There a lot more miners now and I expect there will be more as bitcoin adoption and popularity increases. Difficulty will almost always increase every month, so your hardware will earn less coins each month.

Also keep in mind that the exchange rate is up and down, Your profits depends on how long you hold your coins, or the value when you sell. You could mine now, and sell a few years down the line, If bitcoin is valued at $15,000 for example, you profit would be much higher than if you sell now at $2500.

You need to keep track of your cost - electricity and other bills, spending and your trades to make sure your calculations are correct, and you are making some profit now before investing in new hardware. The profits will come, most big miners take a long term view when looking at profits, but trade enough to cover your cost.

In terms of overall gaming performance, the graphical capabilities of the Nvidia GeForce GTX 1070 MSI Founders 8GB Edition are significantly better than the AMD Radeon RX 470 4GB

holding in the past has worked out but no one knows the future, i have no problems taking profit, regret is always hard, but any profit is profit, holding could go south as much as up.

In a couple of hours difficulty will take a BIG jump on eth, perhaps about 30%

ive just sold my rig for pretty much what i paid for it 3 months ago, cold hard cash just seems better right now.

I think I will keep on mining as long as there is some profit. In a few years, the coins will worth a lot.