Bitcoin Forum

Hi

I am currently mining on ethermine.org with a Hashrate of around 174, according to the payout calculator on the site I will be getting 0.67 Eth a month. Based on 7 cards running at 1200w an hour at £0.12kwh it equates to around around £120 a month. Now at the current uk price I will get around £140 for about 0.67 ETH, minus the cost of mining it will leave me with around £15-£40 profit. 

Just wondering what everyone else thinks about this? Will the upcoming changes to Ethereum improve the above or make things worse, especially with the reduction in reward?

Cheers

It will make it worse for miners, your electricity bill is high, really high. Mine is 0.07-0.08$ and its also getting really expensive to mine, try to find cheaper electricity it you can, also if you are on nvidia try mining other coins, those who can have a better future and can double/triple in value

ETH price is also getting high and it will be higher soon. I think its still worth mining even when their electricity bill costs too.

The reward reduction is only one aspect of the next fork. The Byzantium hard fork scheduled for the second week of October will reduce the block times from where they are now in half, back to 15 seconds as well as remove the difficulty bomb and return the network back to where the difficulty is predicated on the total hash rate instead, so the difficulty will go down. The block reward will also be reduced to 3 ETH to keep inflation about the same as it was at the beginning of September. Overall those changes are expected to make it ~20% more profitable than it is now, depending on the price. Also if past coin halvings are a guide, the price typically goes up.

https://www.reddit.com/r/EtherMining/comments/71xfvi/byzantium_update_from_dev_call_and_3gb_mining

I also dual mine with DCR and the coins generated from that pay for about 2/3 of the ETH power used after calculating the increased power usage from dual mining. Though i'm HODLing.

Difficulty gets higher, try to shift now to monero.

I believe it is still worth mining. I think the price of this coin will continue to rise steadily and in the meantime, I plan on mining and accumulating as much of it as I can. When difficulty becomes too high, we can always have our miners work for a different coin.

price can be dropped to 120... but in 2 year perspective 500+ obviously when mining eth will be closed

As if its not said enough, don't calculate worth by looking at today's stats. The big profit from mining comes from holding and cashing out years later when the your mined coin's value rises. For example look at Litecoin, when people started mining, it was only worth a couple of dollars but now it reaches more than 90$ each. So my suggestion is mine a coin you believe will be useful in the real world and one that will have greater value in the coming years to come. #ETH

Good luck!

Sadly this is not said/explained nearly enough. People keep chasing what is most profitable for the day or week but if you dont immediately turn your coin into fiat there is literally zero reason to chase daily profits. As the quoted post says, the profit comes from hodling your coins. Mining is a long game, despite what the majority of people seem to think.

Yep, I learned that first hand after the Scrypt/X11 crash in 2014. The only reason I was able to make a profit after the collapse was I kept most of the coins I mined back then and was able to use them to start mining again this year. Had I just sold back when I mined them, I would have lost on a 10000% gain on some of them. LOL

Just to add a data point: I stopped mining bitcoin in summer 2012 because the *meager* 1 BTC I was getting every week did not appear to be an attractive return anymore. Imagine the regret!

Not as much as this fellow:

https://bitcointalk.org/index.php?topic=137.0

Although when interviewed a number of years ago, he said he was cool with it  :o

http://www.businessinsider.com/bitcoin-pizza-day-passes-2000-20-million-2017-5

At least he got to be famous, lol.

Anybody knows whats the deadline for Ethereum mining? When will it become POS?