Bitcoin Forum

I noticed earlier in the month on whattomine.com a 1080 TI would generate about $10 per day. The last week was about $5 per day and I see it says $4 per day as of today. Do you think a mining crash is coming soon and when?

This is not an Mining Crash, it is an Crypto Crash.. Most Coins go down massive since Weeks this is what you see on Whattomine...

My 1070 struggle to make $3 a day

They want $999 for a 1070

Something is wrong. Something is very wrong

GPU mining crash - Only if crypto prices collapse, or some company manages to create a profitable eth/equi ASIC.
Other than that I don't think there is enough GPU production to cause a collapse. Also if the crypto prices continue to fall, then more and more miners will sell their GPUs to gamers and invest directly in crypto instead.

ASIC mining however may collapse, unless coin values rise. More and more ASICs are sold and miners will continue to mine all the way till they starting losing money on power, and still the people with free electricty will continue to mine until their asic breaks. The Real mining DOOM  ;D

The same thing happened a few month ago when Bitcoin popularity had increased. I wouldn't worry much about, people who bought their mining equipment a few months ago, have already started to profit. However, I wouldn't recommend investing in GPU mining because people and shops are selling cards for far more than there are supposed to. Also, the price of Bitcoin has decreased a lot in the last couple of weeks.

I wouldn't be too worried now, the impact at this point is on GPU prices in relation to profitability. I've recently begun mining and this is the key factor for me, price will fluctuate across the market but the GPU/build prices are affecting entry to mining and length of time for a ROI.

GPU Mining will die in 2018
GPU Mining will die in 2019
GPU Mining will die in 2020
GPU Mining will die in 2021
GPU Mining will die in 2022

Bitcoin dies at least 20 times/year

Dude......

NO MAJOR RETAILER IS SELLING A 1070 FOR ONE THOUSAND DOLLARS.

RESELLERS DONT COUNT!!!

Fucking NEWEGG has a 1080Ti RIGHT NOW for $949.....

https://www.newegg.com/Product/Product.aspx?Item=N82E16814133653&ignorebbr=1

bitcoin is like a pokemon car, so it's definietely going to crash ::)

The 1070 may be ridiculously overpriced right now, but like the poster above me said, there are alternatives that make more sense to buy. There's even a 1080 FE in stock on Best buy right now for $589 right now. I can check out with it right now, seems like it is continuously going in and out of stock right now though.

https://www.bestbuy.com/site/nvidia-founders-edition-geforce-gtx-1080-8gb-gddr5x-pci-express-3-0-graphics-card/5330600.p?skuId=5330600

The point is graphics cards still come back in stock regularly even now. If you've got any patience you'll get what you want.

You're numbers are off again.  Retailers are asking around $530 usd for a 1070.  You're probably just confused about who you are really buying from.

sure just like nvidia has sales all the time, let me tell you I didnt have enough time to put my credit card in before they yanked it out my cart

most places are 900 and up

https://www.newegg.com/Product/Product.aspx?Item=N82E16814487265

That link just proves you are confused about who you are buying from.  That is a reseller on NewEgg.  That is not a link to a gpu being sold by NewEgg.  Guess you missed the part that says ... "Sold and Shipped by: uShopMall".

Uninformed people read these clickbait bullshit article about the death of cryptocurrency and believe it to be true. What we are seeing is the prices settling down after a period of unprecedented growth.

For example lets look at ethereum:

11/1/2017 - $305
12/1/2017 - $444
1/1/2018  - $750
1/30/2018 - $1156

This shows crypto is stronger than ever. It also shows how valuable the token has become. When a token rises in price, people start mining it, pushing profitability down as the difficulty rises. This is a normal function of the ecosystem and in no way means there is a problem or a crash about to occur.


Also, if you are using whattomine and chasing profitability day by day, it shows you have no understanding of how to properly mine for future profit. People mining aren't looking to convert their coins the second a payment hits your wallet (if you dont do this the whattomine calculations become increasingly irrelevant after a few hours). You should be mining coins with the intention of keeping them so that you can profit in a large way later on down the road. A shortsighted approach to mining will cause nothing but pain.

E.G. I was mining ETH when it was $8.50 per token. I held onto all of those tokens and now they are worth ~$1100 each.

Mining is a long game, plain and simple. If you fret over it daily you will be miserable and probably not want to continue.

You have sold nothing along the way? Not saying your hodl philosophy is wrong however i can totally understand why someone would sell what they have mined. The story could end at much lower prices too. Again not saying that will happen but it could happen.

Not a penny of it. Selling to cover monthly mining expenses is normal, but if you are converting everything to fiat right away you are robbing yourself of so much money. Thats why  Isay if you are selling it all off you are doing it wrong. Always mine for the future.

I used to sell everything to fiat too frequently, what a mistake that was. Missed out on so much profit.
Don't make the same mistakes I did!

That's the way I look at it.  I took some profit when btc was around 15k.  Enough to cover electricity costs for a few months.  Eventually I'll take some profit to cover the cost of my gpu rigs, because at some point I would like to have that back in my savings account in fiat, but for now I'm holding out to see what happens over the next several months.  If we see a huge spike as in double or triple current prices, I'll pull out enough to cover the cost of my mining rigs.

People who use credit cards or borrow fiat from sources that they shouldn't to fund a mining operation or to directly invest in a coin are the ones losing sleep over a bear market and the daily value of their crypto portfolio.  It would piss me off if it all went to zero tomorrow and I lose, but I won't be in debt, because of it, if that were to happen.  

You haven't lost anything until you sell at a loss.

In the US the IRS wants you to pay income tax on everything you mine.  If you turn around and sell to cover expenses you'll be paying capital gains on top of that.  It sucks.  If you can afford to pay your expenses out of pocket and not sell any of your mining proceeds that would be better.  Sell later and pay the lower long term gains tax.

I'd talk to a CPA if I were you.   

Below 10k now :O

Oh yeah!!!  I have a buy order in at 8K.  Getting closer.

Hard to pick the best time to jump in aha

Not sure what you've heard?

https://turbotax.intuit.com/tax-tips/tax-payments/tax-tips-for-bitcoin-and-virtual-currency/L1ZOgU00q

US miners are getting raped on taxes.

Lol @ Turbo Tax.  You can't sum up tax law in a few short paragraphs.  Talk to a CPA.  And talk to one who knows something about crypto tax law. 

Do you have any recommendations?

I dunno about that, that's what I read everywhere when comparing different countries for taxes on mining, can't be that wrong.


Can't hurt to talk to a specialist, but won't change the law, don't forget the government will always want your money, I know it firsthand with some new laws here.

I would ask friends and family for recommendations on CPA's that they've used in the past.  Just as I would if I were looking for an attorney or any other professional service.  I haven't called around the local ones in my area just to ask if they have experience in crypto taxes, but I have consulted with one that I use for another business that I run.  Most of them probably don't know too much about it just yet, but I want one that I personally know doing the research.

Don't listen to some guy on the internet, because I'm not a CPA or a tax attorney, or anything of the likeness, but I think there is way more to it than what Turbo Tax has posted on their website, which is very vague and confusing to me.

  

It isn't going to change the law, but I'm going to take the advice of a good CPA who has done the research over a boxed piece of software that is geared towards personal and small business.

Paying a CPA to do my taxes for a small business outside of the crypto world saved me money compared to what I would have done on my own with Turbo Tax or doing them by hand myself.

Not to mention the 62534 times GPU mining died in 2017 according to this forum LOL

Their is some legislation in the works to exempt transactions under $600 from incurring any taxes.

https://www.zerohedge.com/news/2017-12-11/bipartisan-cryptocurrency-fairness-act-moves-through-congress

So if you are in the US and feel like doing something other than bitching about taxes on the internet, contact your legislators.

I've been around since 2013.

Back in 2013, a R9 280X had an MSRP of like $300

Here is how the daily profitability was more or less for the 280X.

Nov 2013: $15/day
Dec 2013: $10/day
Jan 2014: $7.50/day
Feb 2014: $5.00/day
March 2014: $2.50/day
April 2014: $1.25/day
May 2014: $0.75/day
June 2014: $0.50/day
...
...
...
Dec 2014: $0.25/day

This is NOT including electricity. Most stopped mining because electricity > profits.

Sometime in Feb 2014, there was a CRAZY mania and 280X was sold out everywhere. People were flipping them for like $400-$500.

Would someone tell the Winklevoss twins to offload some of their btc, so I can get some fiat in at 8K tonight? Lol.

Hey I'm willing to spend a little for a consultation with a CPA but I don't want to waste my money on someone that doesn't know what they're talking about RE: cryptocurrency mining

I live in Montana so there isn't likely to be any local CPA who is going to have that knowledge.  If someone here knows a good prospective contact - please by all means.  Post it here or email it over.

The fairness bill is great but it does nothing to help miners.

Mining should not crash anyway it depends on the cryptocurrency crash. Because all the payments are cryptocurrency only so your coin value should be raise automatically your payment also increased. All the miners are know about the mining platform. I think your new to this platform first you study about the blockchain technology then you have some clear idea about the cryptocurrency and mining platform.

keep in mind that the numbers in OP are unreal on a long(er) run
if you have a card that makes 10$ per day, that means we are in the peak of mining profitability

people need to understand that (depending on where you live and the cost of your electricity), 1-1.5$ per card (570) is profitable..but you all want 4$ per card

even with the recent prices drop, we are still in a very profitable period

You're absolutely right, but people are foolish

I don't know about real earnings of other coins but I'm mining ZEN, at 14200 hashrate I was earning in Oct. 2017, 3 to 3.25 ZEN/day but earnings been going down to around 2.3 ZEN/day since 1/26/18.

Difficulty has been going up for sure so now I have to decide if I should keep mining ZEN and hope for the price to offset the rise in difficulty or just mine another coin... shoulda mine ZCL =.( but oh well, I can't predict these things.

This is all just FUD in the news, there is no crash. Every year the same with the price and it is just normal because of many reasons, people need FIAT. And the calculation on What-to-mine based on the difficilty and the price. If the price goes up in the next months(what I think) mining will be profitable again soon. So stay cool, mine your coin, hodl and be happy this summer <3

Just go with it, or sell up.

I just spent less (780€) for ten 1080 Ti, you should search for better deals.

He has no idea what he is talking about and he doesn't know the difference between a legit retailer and a reseller selling on a legit retailers website like NewEgg, Amazon, ect.

Profitability has dropped some the last couple weeks, combination of folks adding some new rigs and coin prices dropping from their peaks.

 Still not down to where it was at one year ago.

I'm hopeful that we haven't hit the bottom yet.  I have orders in that need to be filled ... Lol.  Crossing my fingers for 7500-8000 btc price in the near future.