Bitcoin Forum

I would like to advise people not to come into mining if you are looking for lucrative profit and to break even fast , it's nearly impossible for Eth mining to break even in one year by now , 220MH/s can't bring you $300 a month , if you bought a rig at $4k , it takes you a year without including electricity fee , and this is not taking the drastically increment of difficulty into calculation , one month before , 220MH/s can bring you $500 a month , which means if ETH unable to double the price by end of the year , you may be looking at $100 a month of mining profit

You can always argue you mine ETH just to keep it to wait for value appreciation , yes you definitely can , what I'm proposing here is to people who looking to break even fast or earning huge profit

My 2 cents : Do not risk your daily grocery money into a mining rig , do it unless you have some extras

I agree with the opener!
Nowadays eth mining is not profitable enough. some months ago it was great, but things rapidly went wrong.
Also I can't find an alternative to mine what can get you the price of the rig in 1 year.
If anyone knows a good coin to mine with 1060 please correct me.

After Etherium will go to proof and stakes you can forget about ETH mining. And it will be very soon.

If we have cheap electric, I think mining still is a good choice, otherwise, just buy and hold some coins we believe.

For me, I already joined the game and the electric here is quite expensive, so I arrange hashrate like 50% for ETH, 30% for XMR, and the rest 20% for some new or low difficulty coins. Hope it work!

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

If you have mining rigs already and you got back your invested money , or pretty close to your ROI , it is still profitable to mine ETH.
If you thinking to build rigs or buy mining rigs right now ,as for a long term investment, its still can be profitable , but the ROI can be way over a year now.
After October 17th , we should see our mining rewards improve a little bit

I agree with your first line but not the other two.

One any ROI prediction a year out is impossible to figure accurately. By then the network hash rate will probably be double or tripled again making ROI projections even harder. This whole logic train also involves a belief that ETH's value will continue to increase offsetting the ever increasing network hash rate. Might just as well invest directly in the coin if you are relying on its value to keep increasing in order to justify your investment into mining gear.

Even with October 17th change, since it will effect everyone proportionally there will really be no change in profitability. So while mining rewards will increase roughly 23% (according to the above link) since everyone gets a 23% increase simultaneously, the net effect is 0 increase in profits. The only way that would be beneficial for an individual is for just you or a small group to gain a 23% advantage and everyone else to stay the same as they are now.

As long as people still keep overpaying for graphic cards on the second hand market (fleebay), i don't see this changing anytime soon.  Run the numbers, measure your risk tolerance, purchase wisely and most importantly, have some fun.

All depends when you bought. My cards all are paid off so yes it's still profitable.

Yes it will definitely happens in 1 year plus , which means if you are unable to break even within this period, you are basically fucked up

Yup this is another concern , and I still see a lot of rookies buying new 3GB GPU for mining , the DAG will hit 3GB faster than estimation as I think , probably next year June as of my prediction ,please please if you see someone going into the mining space now rmb to remind them about this

Absolutely agree with that you said about ROI prediction " One any ROI prediction a year out is impossible to figure accurately."
Every prediction in the future of crypto word actually is impossible to figure accurately !
But.. i think active miners will see some minimal mining reward gain after October 17 , its probably not going to be 23% , but definitely we should see some gain . We will see soon :)

Even saying like this is wrong cause noobs think that they will have all their cards paid off too cause the way you said showed it was easy. Never underestimate the power of stupidity and any signs of a positive thinking will make them get into mining and be in debt very soon. This is like generals sending their men for war without any possibility of winning. The general will not get killed, their men will and he treats that as an acceptable loss.

Yes , totally agree , with Metropolis kicking in does reduce the difficulty but at the same time decreases the block reward , as of the hype right now , the difficulty will comes back to same rate maybe in just half a month to a month time

Tis is not just the problem , I see noobs buying mining cards instead of GPU these days , if any big crashes happen in crypto , they basically trash their money

better to mine BTC and LTC, they are still profitable, and BTC price will be raising a little year over year.

They were saying mining was no longer profitable in 2011, and yet here we still are all mining anyways

https://bitcointalk.org/index.php?topic=450061.0


Yes, it doesn't look like ETH will be profitable might longer... however if history is an indicator sometime later in the future mining will be profitable again like it was in the last 8 years.

From that thread one guy said it all pretty much ( 4 years ago)

April 2013 happened and people got wind of cryptos and mining "free money".  People wanted a piece of the pie, got greedy and now here we are.  What most of them fail to understand is that the people who are "bitcoin rich" didn't do it by buying a crap tonne of hardware and selling the coins off as they were mined.  They did it by mining intelligently and holding onto the coins they produced.

Mining crypto's was never a get rich quick type of deal, it's only become that once the average tech user got wind of it. It is no longer a group of people aligned with libertarian/voluntaryism ideologies.  It is now rife with speculation and people who want to get rich quick.

The block times WILL go to 15 seconds after the Byzantium fork. The block reward WILL also be reduced to ~3 ETH at the same time to keep inflation roughly the same as it was at the beginning of September. The 23% increase in mining rewards is basic math as calculated in the Reddit post. The other part of the fork WILL remove the difficulty bomb, returning to the difficulty predicated on the network hash rate. Assuming the price stays at $300, the 15 sec. block time reduction WILL increase the profitability of mining ETH from where it is now after the fork. If the mining reward is only reduced to 3 ETH, it would increase profitability by more than 23% because of the difficulty reduction as well.

yea so I said , not recommend to put your grocery money into mining ,but if have some extra cash and able to wait for ETH value appreciation , then definitely do it

You trolls have to be very careful saying profitability will be higher than now cause noobs see that as reassurance of their stupidity that might come to fruition hehe

If you go into eth mining a few months ago you should have already made your etherium. I would not buy new rigs UNLESS you plan on not mining etherium and you go to a profit switcher of some sort those are profitable, but still its hard to make any gains with the ROI.

Butbutbut if eth is $1000 by the end of this year? One should buy even more gpu's and do some temporarily negative mining. I mean, it pays in the end. It must pay.

No, wait... hehe

That is a big if, I'm not a miner, my friend that lives in my area is, time to time he comes and ask if i can do few things for him. Since April, before the surge in gpu prices he does not buy gpus or anything at all, in his mining place, since april he told me he lost 3 power supplies and 12 gpus, they just died, he got the warranty for 20% of the things he lost, 80% was out of the warranty period, here warranty for most things is only 3 months, so in 5 months he lost around $5000 and he only replaced the power supplies which stopped working. The 12 gpu's that died he never replaced or bought others, gpu prices are and were expensive after april, right now there are plenty gpus to buy around $300 rx 580, gtx 1070 for $500 and he said people buying at these prices are bloody stupid cause they have no idea about things, maintenance, things break anytime, the heat and many other problems, He said he will mine till february next year and he will stop it. He needs to pay the bank. See where this went, I on the other side only buy coins when people dump and sell coins when people pump, i have no problems to deal, the only thing i require is patience. He said he never got his money back and he did not pay expensive prices for the gpu's and he is quite a knowledgeable man and understand markets and he is only mining cause he is in debt with the bank. I think his plan is to mine till february and then he will sell all his computer components and break even.

Yes I agree also, I wouldn't advise anyone at this moment to start mining Ethereum as the difficulty is getting high. I would advise to start to mine something with more future potential like Ubiq.

Your friend is doing some(every)thing wrong.


Well said.

Patience, that is something these new miner generations don't have. If it takes 2 hours to find a block they are done and move to the biggest pool there is.

He did not do anything wrong, the computer components just died, thing is you never know when a gpu, cpu, motherboard, or any electronic will stop working and you only replace them if prices are okay. He did the right thing. The warranty here is only 3 months, you can't get your roi in 3 months, so after the 3 months all are a huge gamble, reason why I don't mine, no point, if the warranty was 24 months then maybe i would think about it. Also companies hardly cover the warranty even if they say that you will have a peace of mind time. Most of them just blame the end user and in the end they don't honor it.

I mean even if you get 12 months warranty, you don't actually know if they will honor it if something happens before the 12 months, also if the roi is more than 12 months then after the warranty is over and something happens to your computer component then its a loss already and the profit you think you had, you don't have anymore, actually if something just stops working and you did not hit your roi then that is a loss which other components will have to make up to. Its all a huge gamble, gamble x gamble I prefer to just buy and sell coins, it is an easier gamble and much much less hassle.

I agree that Eth mining is no longer profitable unless you got in a while back. Previously my company KSS Global, would sell one or two rigs a week now we do more in hosted devices for clients more than anything.

But I also agree that if you are not in the ETH game by now DO NOT ENTER. ROI is too low at this point unless you are doing it on a commercial scale.

Is it really that bad somewhere? That hardware must be cheap? Or not?

24/36 months here + manufacturer warranty (+ REALLY high VAT). They would kill their business if they didn't honor it.

Actually, if you run through mining numbers, the most profitable option was/ is? to buy some used ... gpu´s that are still under warranty, mine the shit out of them, fan fails--> next business day you have a new next generation card that is as good or better than the original was. Sell that with a REALLY nice profit.

Am I pissing to someone´s business? I don't know.

You are lucky if you get that kind warranty, here if you dont buy somebody will and that is it, somethings dont have warranty at all. Hardware is not cheap, actually is 20% more expensive than msrp but still cheaper than most eu countries.

It depends on future ETH price and appearance of new PoW altcoins.
Just for ETH, many people suggests it's a lot profitable to just buy ETH instead of mining rigs, but I believe other altcoins to replace ETH.

Also having this thinking about what it will be(got my rig just for few months now ~160mh/s so not so big ;) )

Anyway i think it will be still a good way to gather money, maybe difficulties will pump but there is no either a bank or any other institution that can give you so big roi. And the most important thing is that it is your own rig,  if ETH will be not profitable as expected in next months you can always change it to another coin who will give you more.
Untill then i will get ETH ;)

Have a nice day guys!

Yes better to mining something that u think can appreciate near future , I used to keep track of the USD worth of coin I mining every month , but soon I realize it doesn't matter with the price when u mining but when u sell off the coin , so better to go for something that has the potential to go 10x or 20x , ETH is good but I don't think it is able to go 10x in near future

Wow thanks for the advice op! Was really looking into investing my money to get good quality mining apparatuses because i think mining is a safe investment. Was really thinking on mining eth because a lot of people like eth and i have seen it many times being mentioned here in the forum. But now i am having second thoughts so i think I won’t invest in mining apparatuses yet.

Can't tell if you are being sarcastic or not...

if you have alternative way for electricity use in mining like solar power mining ethereum is still profitable. But if in your place got expensive electricity cost its better to invest your money than going for a mining.