Bitcoin Forum

Why is the main reason that people sell their miners?
I think the only is for obsolescence of miners, that is to say, that miners don't make profit, is this is true, other people can make them more productive?

Some people have very cheap power and can still profit from older hardware. Some people have free power and can profit from other people paying the bills for them without realizing it. And some people are just stupid and don't realize what they're buying.

For the average Joe noise is the biggest one. They buy an industrial miner geared for the most hashrate and power density in a small space and expect quiet performance, but instead they get a vacuum cleaner. Another one is difficulty making mining more and more difficult; a lot of people sell their miners right before they are completely obsolete to get a little money back.

Profit too small for some people. Sometimes it's better to have focus on more important things..

Some factors that could make people sell their miners: Electricity Costs, Noise Laws, Climate, Space, Need for quick money, Better Miners Avaiable or simply not enough profits to be worth the hassle...

I sell all my miners  (unless they break)

I wait for a time  that makes a profit for me.

lets say the r4  from bitmain.

purchased in dec  for 1500 usd.  I mined about 2000 usd in coin with it.

price of coin went up so much  I was able to sell it for 1100 last week

so 2000 + 1100 = 3100 - 1500  = 1600 usd profit.

Yeah I could continue to mine  and most like have higher profit but more risk.

Instead I have 1600 profit

I grabbed 2 avalon 741's with the money  and now have 16000gh instead of 8000gh.  and my original 1500 usd out of pocket is in my pocket.

So  it is like have 16000 gh for free.

I could sell the avalon 741's  in a year or a week  as btc price will decide what I do.

If I mine for a month  I should earn .11 btc  if coins jump to 6k  that would mean

660 usd back   and I could sell  1 miner at a higher price due to btc being at 6000

so if I sell one for 1000

I now have  my first 1500 back  I have  the 1600 I paid for the  2 avalons = 3100 plus 60

and still have 1 miner left.

so the original 1500usd is now 3160 usd and one 8000 gh miner

That sounds pretty great, but what if the price of the coin didn't rise or the price of your miner simply dropped?
It sounds like a great idea, but because of that, I had my doubts on it... Your story makes it sound great again though..

Infinite reason why people sell their miners , they want more hash power, they cannot mantain them anymore due to is not longer profitable for them, any other personal reason may apply depending on their lifes ... wifes .. kids ..

Yeah, that comment added so much to the conversation... Lmao

as my knowledge to the miners sell the old mining rig because he/she want to upgrade and set up new mining rig, and make it to improve and get more profits for long term investment.

Philipma where do you usually sell your miners? Thanks.

here on bitmaintalk  in the marketplace section.

Of course!  It's for profit and there's no profit in long term inefficient btc miners.  Gpu's now carry for several years depending on model but that's for another thread.  On average most Bitcoin rigs have about a year or just over to stay profitable from release.
If it weren't for power costs and btc price/difficulty no one would ever need to sell.

Not to rain on your parade here. But What happens when Difficulty rises exponentially (like the one we're about to face) and coin price does not follow?

There's your answer why people sell their miners.

The main problem is not the hashrate speed or the noice, but electricity cost and the BTC price....
The reward had decreased for S9, need many hashrate in more now...
But the -30% on the BTC price it's critical, because you go from 18USD by day at 11USD by day...

The reward in BTC probably affected a little bit, but we need to convert in USD each time to calcul the profit...
If you want BTC, and keep BTC, it's rentable, because in the price will go up, and you will can sell at the good rate a day.

Exactly this. People sell their miners x amount of months after they purchase them to upgrade to the newest and most efficient miner once they've made enough for them. This is why mining can be very profitable. People don't account for the fact that they can sell their miners down the road and get a large chunk of the money back that they spent on them.

WTF. DO you mean?  Btc diff is at about 1% jump. Half way in to the next jump.

Very difficult to understand you.  Do you think we will rip three 20% jumps in a row ?

I regret selling my miners in spring of 2014.  Shut down my GPU rigs and sold the cards for a profit, so not all was lost, but, had I kept them and mined Litecoin that summer at a slight loss, I could have turned around and sold what I mined for many tens of thousands in fiat, or a nice pile of BTC.  I'm not sure where we are going in the future for price, but it seems like the true believers are the ones who keep profiting from crypto. 

Precisely.

So my story is a bit different. Back in late 2011/2012 I had a bunch of servers with multi-core CPUs and crappy GPUs. I mined LTC, but it wasn't worth squat. I got rid of the computers and held the LTC. Fast forward to 2016 and LTC was over 4 USD per coin. I sold all the LTC for between 4 USD and 6 USD and converted into BTC and ETH. That original coin is now funding all of my cryptocurrency stuff, including other alt coins, tokens, and miners. See my sig for the gear that is online.

I got rid of the original servers because I was done with them and moved on to other things. I dipped my toes into the cryptocurrency waters to see what they were about, and then lost interest. Now I'm back and paying more attention.

I sell miners usually when better one's are available.
It's kind of strange that 178 Mh/s S1 were making more btc/day in the spring of 2014 than S9 makes today with S9 having 78561 times more hashing power. That's bitcoin's difficulty for you. Just imagine S9 suddenly appearing (time travel) in 2014. Oh, my.

Thank you :)

Hate to recap but only the first gen Asics truly made money for home miners if purchased early.  Every thing since has just been almost breaking even.

D3 with X11 algo.
Go from 0.023 to 0.013, 90USD to 50USD....