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My 1080ti, 2x 1080 and 1070 made 12 euro during the last 24 hours.

12 euros.. That's almost next to nothing when substracting the power and transaction costs.


I'm shutting down my miner for a few weeks. Is anyone else taking these drastic measurements, or am I the only one?
I must confess that I don't believe BTC will go up again soon... (sorry to the believers here, no disrespect intended).

We've noticed things down over at nicehash.  I've gone from $5/day/1080 to <$3/day/1080 in the last 2 days. 

What are you using? 

Maybe you should not shuting down but swicth to another coin. Usually at this time most people shuting down their miner i never shuting it down because the coin i mined i dont sell it now for paying electricity but for puting it for long term and mining is not only about profit for me its fun too. Try to mine vertcoin its halving already and price going down but i think vertcoin will goes up start from the end of this year.

The second poster is using Nicehash, so it will generally suffer a bit more than direct mining because most of the time the alt moves more than Bitcoin, and that spread kills your profit as well as just the overall decrease in crypto.  You also can't really speculate by holding the coins, because you're autoconverting into Bitcoin.

Really, if you can't profitably mine unless returns are crazy, then you probably shouldn't be mining... You want to build your miner with the tough times in mind, not the boom times.

As far as Bitcoin's value or the markets - if you're speculating at the week or month resolution, then once again you're probably better off trading than mining.  Mining is more of a long-term strategy (IMO), so you set it and forget it, instead of trading or other strategies, where you're moving a bit more based on market trends - and also consider stopping to be a valid strategy (which I would say is for a trader, but is not for a miner).

I read something something about difficulty dropping as hashing power decreases, so I think BitBustah has the right idea. If more like minded miners throw in the towel, profits will increase for those that tuff it out. :)

And mining ICOs and small cap alts in a down market also means you'll take a bigger hit than if you would have held a large cap, as they tend to over-correct in a sell off.

Personally, I don't mind a sell off since I'm here for the long term. It was actually more frustrating to see crypto moonshoot than to crash, since I felt like I should have just bought crypto instead of mining hardware during the boom.

It honestly sounds like the last few months of crypto mining have made you jaded and greedy. Remember that a profit, even if it’s a small one is still money you’re earning for no extra overhead since you already built the rig. Even if it’s only a few euros a day, great! Your morning coffee was just free courtesy of your mining rig.

It’s easy to be disappointed because profits aren’t as good as before, but i remember before I got into mining I used to think a day where my stock portfolio went up 3% was unreal and be incredibly happy. Now a 3% change looks flat and boring. It’s all about perspective. Profit is profit.

That being said, if you want to turn off your rig, great! More profit margin for me.

I am Out too..........


....for coffee ;D

The financial advantage mining has over just investing directly in coins is being able to hedge a down turn in the market. In so much as you can accumulate coins for the cost of your power while you wait for the market to turn around. Mining even when it may not be the most profitable time to do so has proven to be one of the best long term strategies. Current profits are also still much better than they were for most of last year and historically.

In all honesty, I kinda hope this negative sentiment about mining persists so I can pick up some cheap vega 64s and 1080tis  ;D

In the words of Warren Buffet, “[it is wise to be] fearful when others are greedy and greedy when others are fearful.”

I've been around since 2013, and in my opinion mining profits are CRAZY HIGH at the moment.

About a year ago, you could pull in ~$1 per day with an RX 470. And now you are pulling in about triple that amount.

These types of profitability are unheard of and won't last long term.

Back in Dec 2014, an R9 280X (which was equivalent to a 1070 today) was making like $0.25/day. That's what I consider terrible earnings.


Also you guys are spoiled when it comes to power consumption. Most GPUs these days use what? A little over 100 Watts or so.

Back in the Litecoin days a R9 280X used 350 Watts. Yes 350 Watts from the wall.

Still profit though, I’d honestly probably keep my cards cranking even if they were earning $0.01/day as long as I have the power overhead for them.

If you had been mining ETH in 2015 when they were $1 each, that would be $250 per card per day now.

ETH was released in Aug of 2015. And back then you easily made over 1 ETH per GPU per day.

I've even solo-mined it for a while because the difficulty was very low.

And no. I didn't hold till today.

Similarly with X11 Darkcoin GPU mining in 2014/2015 after Scrypt ASICs got released which became Dash.

Well anyone looking to sell their GPU message me.. I am buying.  Going to start a farm here in Louisiana.. power cheap.. And going SOLAR!!!

No offense, but if you think it's so bad now you probably would have given yourself a bleeding ulcer if you had been mining at various times in the past.... heck even in 2017 (which was a great year for mining) profits were lower then they are now at multiple times.

Bro, start mining BTX. It's pretty profitable atm and with their airdrop model even nicer.
6x 1070s with ccminer SPmod2 will get you daily arround 25eur

0.05 BTC for SPmod is not worth it unless you have a farm.

There have been so many new miners coming online during the last two weeks of January, at least in relation to Ethereum.

I have just expanded my mining rig with 2x new GTX 1070. Currently I am still profitable, but difficulty is going up very quickly.

I will continue to mine as long as there is any kind of profit it, as soon as it dips for me. I will sell the hardware, did buy from MSI Gaming, so should be easy enough to unload.

I have been through times where you are on or extremely close to power costs so while the profit comes down from highs It can be disappointing but there are always opportunity's to be found, its just more effort is needed.

and if all else fails mine a project that you really really like and set and forget for a while.

 

Yeah, literally 1 year ago, like 12 months mining was quite shit compared to today. I even got two sapphire nitro rx470 8gb (Samsung) for 170 euros, they had too much stock imagine that  ;D

350 what nah bro , i had a farm of 280x cards 1600 watta from the wall for six cards mining scrypt closer to 280 watts per card lol, but yeah it was bad lol

mine new shitcoin they still give a lot

You must of had some Platinum type PSUs or did some undervolt. But I remember because I had a 750W PSU and it only powered 2 of them. When measured at the wall, it was 700 Watts for 2 GPUs.

Here is a video on Youtube of another fellow with the same results.

https://www.youtube.com/watch?v=DUvUmo8dBmU

Why you don't search for a low difficulty coins. After you mined them hold them for a while and there you go.
You have good cards there.

12 EUR/d is still profitable in EU for 4 cards. If you think managing your rig is too much hassle for the return I can make you an offer: We configure remote access and I manage your rig(s), for a share of the income in btc. Even with paying for the service you get most likely more than 12 EUR a day from my setup and monitoring  ;)

I am still very happy with returns. It would take a greater than 75% further down-turn for me to consider shutting down some of my more power hungry operations (like CPU mining).

But if you had taken the money from selling that card and just bought ETH you would have had at least 15000 ETH from just that one card assuming $150 for the 280x.

This is why why you only come out ahead in mining when the coin fails to take off - hence it's a hedge against a coins success. Sadly in hindsight your would have been better buying any of the top 20 coins early last year instead of mining.

I have a farm and mine but only with coins I expect to fail. The coins I think will go up I just buy with fiat.

That is one of the terrible benefits. Gamers have to go crazy because they can not buy GPUs for gaming. GPU cards are scarce. That is crazy. The world is consuming energy quickly. Miners contribute to that.

im still earning 5$ for every $ i pay for electricity...cant complain, you are doing it wrong dude  :P

At what point was ETH $0.01 each to where you can buy 15000 with $150? Please elaborate your logic on mining coins.

ICO price was 0.8 cents, less than a penny per ETH. It was under 10 cents for quite some time. Even beginning of last year it was under $7. No $200 card bought last January would have been able to mine 25 ETH.

If you truly believe in a coin, buy it with fiat if you can. For some people laws restrict them from buying, or perhaps they want the anonymity of mining their own pure blocks, or they just want to support decentralization by mining - but for straight up profit nothing beats buying. How many BTC could you have bought when GPU mining came out in 2011 vs how many could you have mined with a 5870  ;D

What is the logic on only mining coins that will fail?

Pump and dump scams?

It's a timing thing.  You get in early and then get out at the right time.

Personally I don't like it.  I don't blame people for taking advantage of it though.  Just don't put fiat money into it and be left looking like a dummy when it tanks.

if the earn (mining a coin) are more that the loses (electricity+maintenance) , than is not the time to quit , that's all

I've been mining for 4-5 years and when start I was running 290/280/270 there where times I paid more for power than I was making but I'm not here just to make money I'm here because I believe in cryptos and what they represent see here's the problem everyone who head about how much money you at the time could make mining so ppl thought they could do no work and strike it rich well shit don't work that way there are time your going to make some money and time you'll break even if your here just to make money and don't give a shit about crypto currency than your here for the wrong reason

Yeah, we all can do great things in hindsight. This doesn't mean that we can predict the future and know how much a given coin would cost. It could fly to the moon, but it is more likely that it will fall and never recover.

Big rigs? Really? How massive are these computers? How many screens do you need to mine? My Gosh! I mine on my laptop in my living room at home, but after reading these post I feel I'm living in the dinosaur age when it comes to mining. Ugh so much more to learn about this mining stuff. Seems more difficult than coal mining  ;D

For the more popular coins, it seems you cannot mine with laptop any more. Unless you think PoS is also mining.

Is this some kind of troll post or what? Earnings are terrible? Do you even mine, bro?
Men... there was some very good period in late december - early january, and now it's just average but people are complaining about "terrible" earnings... Slow down dude, chill, do you remember how much one 1060 made back in october? 1$! And now it's betwen 2 and 3$. And you call that "terrible"?

The logic on buying coins being far more profitable than mining only works during periods of exponential growth, such as last year. It also assumes you buy the right coins at the right time BEFORE they go up. During normal market conditions of moderate growth to sideways price action you are able to accumulate more coins at a lower cost and risk through mining than buying coins outright.

Thanks for all the replies guys.

Sensitive topic apparently..


I have never been a hodler. I just wanted to make some extra money each month. And now, still having to pay the electricity costs and the transaction costs, it's just not enough for me anymore.
When you have cheap or free electricity, I'm sure mining is still bringing in (good) money.

I don't want to offend anybody, and I know a lot of people will disagree (pls don't flame me) but to be totally honest;
I lost faith in BTC. I hope I'm wrong, I really really do, but I think it will not reach €18k again.

Sure, the waves come and go.. But the world has changed. Govs are standing up to exchanges, miners, ... They have smelled the extra income (taxes etc). There have been hacks, pumps, frauds, ...

I think more countries/govs will be regulating exchanging, mining, cryptocoins, ... I don't have high hopes.
(pls no flaming)

I'm just gonna stop for a while. We'll see in a few weeks/months.

This is only true if you mine until you ROI and then quit.  Lets say you put $300 into a coin.  Its stuck there.  If you want another coin you need to put in more money. or sell your investment.  You can mine $300 worth of a coin and keep going, or switch.  What you really mean is you are hedging against the coin being so wildly successful that it shoots up in value before you can ROI your card.

In my opinion, the more its regulated, the more valuable it becomes.  It just proves how concerned the government is, and once again they are trying to control something that cannot be controlled.  In the past you had to hide your wealth in Switzerland or some Banana Republic, and at any time the government might be able to subpoena records or there is some major leak like the Panama Papers.  Now it doesn't matter where you hide it as long as its in crypto.  I could have $100 million dollars tax free sitting on a USB drive in Nebraska, ready to transfer for any transaction without oversight.  There will always be a place to cash out that the government can't touch.

Instead of shutting down maybe you should sell your cards. The price is very good now.
Maybe keep the 1080ti for gaming?

Then you can come back when prices are better and buy Volta.


Or you can just continue mining and HODL.

Not where I live.

Yeah was thinking about that too. I'm gonna hang on to them for a while.. We'll see.
Perhaps I'll invest in VR goggles.. Always wanted those. :)

Mining for HODL best choise.
With last tendentions mining is becoming enthusiast work for supporting cryptocommunity, buying and holding give more profit and takes less work

It is up to you whether or not you will continue to mine but try to think more about it. Mining wasn't profitable all the time but people who decided to hold their crypto for a few months have earned a lot of money due to growing value of Bitcoin and other popular cryptocurrencies such as Ethereum and Dash. Why did you lose faith in BTC? Is it because of "expensive fees"? Use a proper wallet which allows you to set custom fee. Most people are overpaying for their transactions.

I don't get it, obviously if the market is down, the dollar value of what you are mining is going to go down. Did you not realize that crypto values vs usd are volatile  ???

if it is still something, there is no reason to shut down. Right? Especially since the market will likely bounce back.

How much do you pay per kW?
Even at $0.3 per kW, you would still make $200+ per month.
200 > 0, right?

learned so much to watch this thead.
thanks guys.

Anywhere. Someone who isn't me of course has cashed out thousands upon thousands on the dark net. Just order the cash, pay with your BTC and cash arrives. Easy as that.

At that time I was a miner and I mined thousands of bitcoins and I did not hold them either, sold them at $5 then at $25, see that is the problem, people mine and sell right now, they will do the same mistakes we did. They see only value x money, not what something could reach. I've learned from that mistake long time ago.

As I was a miner back in 2009-2013 and then only as an investor 2013-2018, I see people making the same stupid mistakes I did. Thank god I stopped mining long ago and after that I really made lot of money by buying and selling coins. I will never go back to pow mining, I will be back to mining when eth goes to proof of stake and that will give me many eth's per day.

OP, The best thing you can do is sell your gpus when they are still overpriced. Do not waste your time, cause time is money.

There are some people who buy equipment through a loan and not everyone knows the value of the crytocurrency they are exploiting. They sell debt repayments or sell to buy new equipment.

Think you need to look at it in the long run, even though its down now if you HODL that 12 euro will go up.

And if it won't all my previous profits will go to electricity?

I exchange what I need to cover electricty to € and keep the remaining as it is, risky, but I don't have the experience to know what's better.
paying 0,24€ / kw/h

I had a significant number of HD6990s on preorder years back and still have 1 rig of them left. Granted it doesn't make much with the insane amount of power they eat but it's running on 2010-2011 hardware. They were a frigging terrible investment at the time but have long since paid themselves off. If you're investing, think long term. If you're hobbying (me now) does it really matter?

I've recently built a couple of batches of 3xGTX1050ti rigs using junk hardware from net cafe repossessions and I'm happy with how they're running. What I really burnt my fingers on when I started mining was getting higher end CPUs and mobos for my rigs. I try to target 25-30$ per slot for all the peripherals as that's generally what I can squeeze out of local suppliers on volume discounts on GPUs. Sure, it makes for a lot of maintenance work but I like tinkering.

It was fun back in the day when you could crash a smaller exchange over the weekend with a months worth of mining then snap up everything for cheap on Sundays. Just hodling or selling immediately are both madness imo as you've got to grow your investments/hobby steadily. It's harder now but market depth charts are still a decent noob trader indicator that it's hard to go wrong with.

can i buy your GPUs

its not profitable to be a miner, at least in america, donald trumps new crypto law puts a 35% tax on your coins you mine.

so when you factor in transaction costs, electricity, the cost of the equipment, and now, the TAXES I dont know how ANYONE is paying $1400 of 1080tis

They want $999 for my 1070! I want to sell mine now while its worth something, now is not the time time mine, now is the time to dump your used and abused gear on the market and cash out....

please explain new 35% mining tax sir lmao

Lol ... Yeah, go ahead and explain it to us Digital Drug Lord.  This guy posts retarded shit multiple times a day.  He has very little understanding of anything mining or crypto related.  Haven't figured out if he is just some whiny teenage pest or just another lazy bastard spouting off mis-information thinking he knows what he is talking about.

Hey Digital ... If they want to give you $999 for your 1070, why don't you take it?  Sounds like you've made up your mind.  Sell that 1070 at a profit and stop coming in here bitching about mining and gpu prices.

He's a high flying Digital Drug Lord, so he must be worried about paying the 35% tax bracket for ordinary income from his one 1070 and one RX 580, LOL

On Cryptocurrency Mining and Taxes: When you mine a coin you have to record the cost basis in fair market value at the time you are awarded the coin (that is profit on-paper). Then you account for further profits or losses when you sell that coin.

Unless your doing tax evasion mining is not profitable.

If my 1 $999 1070 struggles to make $2 a day when you factor in taxes it's really like $1 a day when you factor electricity it's less

So if you live in America, mine and haven't paid taxes your guilty of tax evasion and they will make an example of you.

So instead of taking jabs at a digital drug lord you should be showing people where someone could buy electronics or such with a bit or shit coin to sell it to someone else.

For example gpus are hot sale right be my 1070 cost more then my entire pc with it in it cost. Someone could by a gpu and sell it to someone to avoid paying taxes

I have come here to live a straight life so I want to pay my taxes.

Theese days noob bitches dont know what real miners are... pff 12 eur you realize ? 12 eur for doing nothing ! ! ! ! ! ! ! ! !  i would be more than happy back in the days 4 eur in day or a high end vga were gold ! ! ! !

I'm in the northern hemisphere, mining is free heating 😊

Mining is treated as ordinary income, so it depends on your tax bracket what percentage you pay on the income after expenses. My RX 570's are currently making over $2.50 a day dual mining after power and fees. Over the last month it's been closer to $3. Which is also a lot more than the $1.75 - $2.00 they were making in July and August of last year.

http://whattomine.com/merged_coins/1-eth-dcr?utf8=%E2%9C%93&hr_eth=29&fee_eth=3.0&hr_dcr=730&d_dcr_enabled=true&d_dcr=73148483.17&fee_dcr=3.0&p=150&cost=0.12&commit=Calculate

im sorry friend, but you got pawned. i bought 6 1080tis on amazon just now for 765 incl 6.5% tax.

Yeah I got one of these beasts as well.

They mined BTC, LTC, X11, XMR, ETH.

Ran for years at 100C and 75% fan never failed.

Only issue was first GPU always ran 10-15C hotter than the other. Something messed up with the VRM.

I think they were $700, and back then that was considered a crazy amount to pay for a GPU. These days the mid-line GPUs are selling for that much.

During the crypto boom of 2012, I think they were sold out everywhere.

This is not new nor anything Trump did.  The IRS mandated this nearly four years ago in 2014.  The only aspect the new tax laws affect crypto is they have clarified 1031 like-kind exchanges.  The clarification is exactly what everyone knew they meant, but some people are going to bitch that its not what they wanted.

Let me break it down.  I'll make it as simple as possible below.

NOTE: The fact they want you to claim each payout in USD value for a currency that you are paid for from a pool six or more times a day, and for which the USD value will constantly vary, is a HUGE PITA.

Example:
Say you mine a currency for a year.  It is worth 10,000$ USD.
23% tax bracket.  You owe $2300 on that $10,000 income.  You will need to pay that in cash when you file your taxes.
If you sell any currency during the year to help pay for your expenses or for any other reason.  You will also have to pay a short term capital gains tax on top of the income tax paid.

If you decide you want to claim this as a business expense.  Then for the first year you can write off your equipment value.  After that you will still need to pay income tax, make quarterly payments to the IRS, and also pay the self employment tax.  Oh, and you will still have to pay short or long term capital gains if you ever go to sell.

It is a huge RIPOFF.  You will lost 35-50% of your take when you mine if you follow what the IRS is expecting.

The only alternative is tax evasion.

EDIT:  You can also write off your electric bill and internet as a business expense.  That may help but it is unlikely to cover the 23% (or more) they are expecting to get out of you.

Oh hey another lame thing.

Say you pay all that income tax?

If the value of the currency you HODL decides it is going to hit the basement floor and completely tank.  You could literally end up paying the IRS thousands of USD to hold a currency that is now WORTHLESS.

99% sure you can write those off as losses...

Link?

Anyone making real bank doing the mining should consult a CPA. I know for a fact that they have been receiving many updates on Trump's new tax plan and how to deal with the crypto craziness. S-corp has bene's; take advantage of the 20% deduction in pass-through income, etc. Pay yourself a salary as well to limit your exposure to SS taxes, etc. Again, consult with a CPA to maximize your income. It is not as bad as people here are making it appear. Keep your receipts and itemize your expenses (power, supplies, etc.). Keep that all in mind when buying crap ("can this be considered a business expense?").

Yeah ... It's called a capital loss, rather than a capital gain.

True if you are claiming it as a business expense and going that route.

If you want to minimize your costs then forget having a simple tax return. You may end up having to pay a CPA and have your taxes prepared. So much for simplicity.

Whether it's worth all that hassle for ten grand or less in income?  Meh...

You can't keep writing off the full value of the same equipment every year either.

you get what you pay for in life man... if you only care about the easiest, simplest, fastest way to make money or even just do taxes, crpytos probably not for you.

Everyone got involved in mining. Even my grandmother.
So there is a lot of hardware to reach ROI, and people will not shut down their rigs if the price drops a bit. That way the diff will remain the same, and the price is going down so it's very logical that your profits will drop.
Maybe if BTC hit 4000 levels, there will be a massive GPU selloff.

Yah sorry.  Taxes being a pita and expensive weren't something I'd planned on when I started my little 4 GPU setup two months ago. It's a nasty surprise and takes some of the passive out of passive income.  And also adds unplanned for expense.

My bad I guess.

Capital gains and losses can be used on personal tax returns for investments.  That's completely different than writing off equipment cost, electricity cost, ect.  We're talking about two different things.

Capital gains and losses are reported on short and long term investments (both have different tax rates) based on current value minus original value when it was acquired.

Correct. That comes in when you go to sell.

According to the IRS in the USA, you have to report capital gains and losses even if you haven't cashed out to fiat, because they are considering crypto a property for tax purposes.  It is a nightmare though.  I'm still trying to sort through and understand all of this.

Hey you were asking about recommendations yesterday ... I just heard the founder of this company being interviewed on Crypto 101 ... https://cryptotaxprep.com

The interview is 90 min long, but they go very in depth on the subject.

This is incorrect.  You are not taxed on it until you sell it.  If i own a piece of land and find out I'm sitting on top of a giant gold or oil reserve do I have to suddenly claim that as income on my taxes?  If I go outside with a pick axe and mine the gold, so I have to claim it? If I am growing a giant field of corn do I have to claim income while it sits in my silo? No.  Not until I sell it, or trade it, only then does it become income.   Yes the IRS treats it as property, but only when you realize or lose money on it.  What you are suggesting would lead to double taxation:  You would being paying capital gains taxes immediately on what you mined, then once you cash out you would be paying again.

This should be pretty straightforward for those who just strictly mine.  You are paying tax on everything that has been converted to dollars

sell me your mining rigs! :)

That is False.

My sources direct from the IRS.

https://www.irs.gov/pub/irs-drop/n-14-21.pdf

"A-8: Yes, when a taxpayer successfully “mines” virtual currency, the fair market value
of the virtual currency as of the date of receipt is includible in gross income. See
Publication 525, Taxable and Nontaxable Income, for more information on taxable
income."

TO all the guys not making profit from nicehash
Please turn of all your rigs
The more rigs you turn off the less the difficulty increase
So please please turn them all off or sell them at discounted price
Crypto is dead
Better be quick before your rig is worth zero

I have turned mine off a while ago, but then again i'm using good old 7870's and 7970's so there is that. The heat and noise wasn't worth it as a poor student with a small dorm, even though i get "free" electricity. Due to the recent prices i have sold off most of them for triple their value at the time i bought them a year ago. Seems like a good deal to me. There are other ways to make (more) ;)

jesus eth hash rate went up by another 40TH yesteday , so much for cards being in short supply

Mine and hodl, if one is in such a position.

And because of this ASININE fucking retarded policy, SOMEONE WHO ISN'T ME will not be paying taxes until they sort that shit out. Nope. Not going to happen.

You realise that this is miners shifting to ETH right?
Because ETH held up better than other mining currencies over the last few days.

There were not 40TH in new hardware turned on  ::)
That's a million 1070's

lol I supposed but eth will drop soon too just like every other coin

For the people with cheap electricity, it is still very profitable to mine at present.

Profitability is surely low but is it actually low?

We mine because we believe that in future the crypto we are mining will give us better returns. So mostly it is about holding for long enough that we gain whatever we set out to.

You really need to start thinking in terms of BTC / ETH /whatever you are holding instead of fiat if you want to mine/trade crypto tension free.

good point

https://www.nicehash.com/miner/16yLHLoeyuCLPMXkVpC3gyrRYvwRGwjKJr

this account makes 0.0099  btc a day  or 3.65 btc a year

If I mine and hold all that matters is the price of BTC 1 year from now.

But this gear is paid off fully
the power cost is zero as it is all run on solar energy

Thus I can mine and hold for an entire year. If I need to do that.

When I got into mining I was making maybe $2 per day per card. Then it shot up to $5 per day, and then over $10.
Now we're back to $5. Sure it's lower, but it's still a profit.
Sell your card if you're that worried, there are many people out there who will want to buy them for a passive profit.

Hey I have two consultations with a CPA tomorrow. I'll know by end of day if this is going to be worth it for me personally.

I have a short list of questions to ask written down.

If the IRS wasn't expecting us to claim income and especially not on each and every payout individually. I'd not be concerned. What they want is a gigantic gdam pita.

Yes it is still amazing profit. All of my rigs, which are paid off, generate $100 USD per day. They cost me $15 USD per day. Sure it was $200 a few weeks ago, but they are rare times indeed.

In theory the market could plummet back to $100bn and I would still mine and make paper profit.

I actually got into mining already planning the next boom, and that was in August 2017. The 2nd 2017 boom really caught me by surprise, but who's complaining ;)

Are all of you selling instantly the coins you mine? I HODL all of mine, and pay bills with my dayjob. So fluctuations in prices does not matter, becourse i dont sell when they are low. Thats just stupid. Keep on mining, the price will rise again, trust me. I dont see any cause for panic unless you HAVE to sell right now.

Not sure what the fuzz is about, even here where im paying 0.36US per kwh im still making great profits - Sure, not as much as a week ago, but things need to get really bad before I start turning stuff off.

Well, that's not bad at all! What are you mining with?

I just have one Rig and 3 CPUs I mine on. Electricity is cheap enough that I can pay bills without being bothered. But even if someone has to sell 25% of monthly coins generated to pay bills , it's still profitable in long run. Because we all 'know' that a year from now most major coins will be priced higher than they are after this crash

Actually no one 'knows' that.  Not a single person in the world has that information. 

a coin today ,
is 2 coins tomorrow.

hey phil, are you concerned about the payout today? i see my wallet balance is there, but i am unable to withdraw. ive already read through other peoples post, and twitter etc etc but i put more value in your opinion.

https://www.nicehash.com/miner/34RV1eTFYKFcx5AqF5rJTPB7KCbv4hdYk7

one of my accounts, you can see the pending balance, but unable to withdraw on the wallet page. i use coinbase.

thanks

haha i really like that mindset :)

if u hold POS coin's its 3 coins tomorrow :D

if you hold POS coins, its Piece of Shit tomorrow.

You can't withdraw it from your wallet because it isn't in your NH internal wallet.  It's still in the unpaid mining balance bucket.  Why? Who knows.

Is that the same bucket that NH charges 2% to transfer to their internal wallet where it can wait to get stolen by hackers? Asking for a friend...

Here's what they have been doing since they came back online after the hack ... Payout once daily to NH internal wallet.  They take their 2% ... And then you can transfer that to CoinBase for free.

They also give you the option of having it sent to an external wallet of your choice.  Not sure what the threshold or fee is for that.

100 per rig or altogether?

shutting down 3 GPUs... auch.. hoped it would be more than that.

the free coinbase transfers are working well for me. if you want to avoid paying taxes, you can withdraw to an external wallet. my issue with that is, since im hodling, having in place a start date for my capital gains is nice. im lucky that i have enough runway to keep me in the green while i hodl.

i even tried mining the most profitable coin that day or that week and converting to btc-->ltc-->coinbase-->btc OR just directly convert to eth-->coinbase-->btc. i find ltc better, but by the time the whole transaction is done, you end up losing quite a bit in transaction/trading fees. so directing a couple rigs directly at the nicehash equihash pool works out well for me (nvidia cards) + i can get daily payouts for free.

That is why I used the quotes, as in we believe that to be true, isn't that why we are spending money and time in crypto world? Whether it is or not is something only future will tell.

Exactly. HODL and keep the coins coming in. Some coins take months/years and suddenly rise in price.

Mining earnings  are only terrible  if you sell your coins cheap. Use real world income to pay for electricity. Hold coins for now and with the latest market dump hopefully the price goes sideways for a few months giving us all time to accumulate for the next bull market. Hopefully current market prices will deter new miners from entering in the market which is good, gpu and asic miner prices should stay or drop, which is good. Weak investers should have been flushed out of the market which is good. Overbought market conditions  should be close to or have been ceased with this latest dump. This is the correction we had to have before prices can continue in an upward trend. People are blaming india or tether for this correction but these are just excuses , this correction was coming no matter what. Everyone who was kicking themselves  for not holding or buying more btc  sub 10k months ago now have been given a second chance to add to their holdings while the dip lasts.

What would you mine with 2 EVGA GTX 1070 FTW atm ?:)

Hmmmm ... The question is ... What would you mine with 2 EVGA GTX 1070 FTW atm?

Is English not your first language or are you a moron?

It's probably a little of both.

Yeah, those aren't mutually exclusive...  ;D

Grab easy coins and hold. 1k etn, 1k music, then wait. It's easy for a coin to go up 5 cents,  at 1k coin that's 50 bucks. I'm hitting zclassic right now for the btc private hard fork but if I wasn't doing that I'd be grabbing a quick thousand graft. You know,  for later.

With the way everything is in a drop right now, mining has become more of an investment then as an instant profit. Most coins now cost more to mine then they are currently worth. So either you gamble that the coin will go up after some time or hold off for a while untill the market goes back up again, if it does that.

I never saw mining as a short term profit, I'm just doing it on the side with my gaming rig since I don't have time to play anymore, might as well try to make some money, also thought about selling my card since the price went up by 30% compared to the time I bought it.
But the point is you should mine something you think will increase in value.
So many people just look at short term gains and jump around mining what looks good right now (nicehash), this is good if you have a big farm, but smaller miners are better off with some gambling.
As someone already suggested, BTX is a good coin to mine right now, but somehow can't get my miner to run, not sure what is the exact problem.

I mine for the short term profit.

The pool I use auto-exchanges for BTC and pays me in that.....

Has been pretty damned profitable and steady if I keep with the most profitable algo as it changes.

Verge? whats the problem with my question ? atm (at the moment)
I´m new to mining, not an expert like you are.

The strategy I've decided makes the most sense if you have more than 1 rig - but aren't exactly running a farm - is to devote the bulk of your hashpower to a multi-algo/mult-coin auto-exchange pool, preferably something besides NiceHash (though the alternatives are not exactly controversy-free, either), and the rest to more speculative coins that you can hodl until they moon and then get your Lambo.  ::)

The problem with your question is that you interrupted an ongoing discussion on a completely different topic to ask us to do your homework, so to speak. Use whattomine.com and figure out the answer for yourself.

Wow , that amazing. I am really thinking about getting into mining, but I need to make sure my budget is right.

It's nice to see these thoughts shared, because I see alot of "well now coin x is only mining $5 or $10 a day" or something depending on the coin / rig etc... , but if you steadily mine and have a little luck as people get into crypto currency more and more, couldn't we see some coins 3x, 5x, or 10x (over a longer time span, like 2-5 years?)

If you look at it this way, mining a coin that gets you only $5-10 a day, that 5x in 2 years, is like a $25-50 profit per day... right? Or maybe more if it is a coin that goes nuts and goes up 10x or 100x?  That's the way I'm looking at it at this point.

If you look at that in that way, it is better to just buy the coins directly.

You can mine either ZEC or ETH. Similar profitability.

If I were op I'd be disappoint that nobody appreciated my joke.

I've definitely heard that argument you might be right ... Mining has the initial hardware costs, plus power all year, etc... plus difficulty and block reward decreases... There's really too many variables over the course of years, but in my overly simplified math example (with tons of missing variables i'm sure), I think an argument could be made that at a certain increase in cost , mining becomes more profitable:

(let me know if I'm wrong, I'm wanting to learn and share like most everyone else here) :

-BUY/HOLD -Buy $4200 of a coin at $0.5 each, if cost per coin doesn't change I own $4200 of coin

*in 1 year at 3x cost it's $12,600 I hold ,
*in 1 year if it 5x cost it's $21,000 I hold,
*and if it's 10x cost it's $42000.  Solid.


-MINE- Spending $4200 ($2400 piece of hardware, plus $1800 in power for 1 yr /$150 a month) , and the average of coins mined daily over the year is 30 coins a day...

*in 1 year at same cost I've mined $5475 (30 coins a day, $0.5 each coin) minus cost of hardware and power = $1275 , not good
*in 1 year at 3x , mined total $16,425 - $4200 hardware / power = $12,225 , closer to buy / hold scenario
*in 1 year at 5x , mined total is $27,375 - $4200 hardware / power = $23,175 , better than buy / hold
*in 1 year at 10x, mined total is $54,750 - $4200 "" = $50,550 , $7450 more than just buy/hold  

Check it out, let me know what I missed, (of course I know it can't be that simple, but I think the basic logic applies)

I think a better way of working it out would be to use an average daily profit to work out what would be more profitable rather than an arbitrary number of coins that way it could be used for multiple coins, so in this scenario for the mining option it would be $15 per day @ same cost. So anything over $11.50 per day profit better to mine than buy, and you will also have a mining rig left over at the end of the year to continue mining with. But as you said with the other variables to factor in its near impossible to predict coin prices or difficulty increases. 

You gotta find them "under-the-radar coins" and have some luck ;). Great profits to be made!

Well, you obviously missed the current situation: everything cratering. I have bought some coins outright, but I mainly mine them for the simple reason that if any one coins goes down the shitter I've really only lost the electricity cost because my equipment can mine something else. If I bought the same coin outright - let's say I got suckered into Bitconnect, for a pertinent example - then I lose my investment capital and can't do a damn thing about it.

I'm not saying you should only mine coins, rather, that you shouldn't put all your investment eggs into one basket - pretty much the same advice as applied to stocks, bonds, etc.

I kinda a did 50-50 on both.

Mining has a relatively higher entry point if you don't have a PC already. You can buy coins for any amount. I chose to mine because it's fun and I believe that in long term it is more beneficial.

There is no right fit here, I have been reading people comment/blog about how mining isn't profitable since 2013 (sadly, I believed them back then and refrained from mining even though I had a decent PC). I remember thinking that .2 btc/ month isn't worth my attention  :P

Profit is profit. I don't see why you shut completely down? I would consider moving to a different coin first.

Now is the best time to mine. If you’re mining for daily profits I think you’re missing the boat. Mine, accumulate, value increases over time. It’s like if you bought stocks on Thursday, the market tanked on Friday and you decided investing is not profitable. It doesn’t work that way. 

A lull is just preparation for the next boom.

This. If I wasn't banging out zclassic for the hard fork I'd be grabbing a thousand graft because it's new and easy to get right now. I don't calculate my earnings at 6 cents per coin and say I made 60 dollars, because it's easy for it to go up to 12 cents, 15 cents, and then it's 120 bucks, or 135 bucks. And it's not like you have to wait very long, if selling for profit is your game. I'm a hoarder, but I watch the prices, I could have sold for triple mined value on 3 different coins so far this month, all under 15 cents. They're back down now, but so is everything.   

I'd put it this way. Each day from mining I get £4.50 but pay £1.50 in electricity. So it's like buying crypto, and I can choose what coin I want to buy, except for every £4.50 of crypto I pay just £1.50. What's not to love?!

Don't forget the skills, experience and community you build by mining - maybe I'd have made more by buying outright but the skills in troubleshooting and experience I passed onto others were immensely more satisfying than being someone who installed the Coinbase app on their phone and bought coins then sat back and watched.

Who really knows though!

Of course, you should stop mining if you are losing money paying electricity, obviously is better to put the amount of money you will spend directly into coins.

Anyway even right now, and the profitability is worst that when you posted, with a cheap energy you can mine with some profits.
We are not getting rich, but we keep everything running so that is ready for the next bull run.

I don't believe in the next bull run. I hope BTC will reach 10k euro again, then I'll start mining.

Yeah, It's better to shut down everything if you look from the perspective that you want to instant convert Crypto to Fiat.

If you have different strategy, stick with it!

I am going to shut them down, when there will be polar winter in the hell and on the sky will be flying pigs.

Man, I'm honestly glad to see some people tapping out. Now let's see the flood of used GPUs hit the streets.

Amen brotha

Its already started with some of the asics

I've said this before, but it bears repeating.

thanks god some of the fucktards stop mining and hopefully they will dump their gpus on the second market, so real miners can benefit from it

idiots are still buying cards at 2x msp , Ill sit tight my 200 card farm has alrready twice ROIED , so i will wait till new gpus or prices drop

for now I can make far more buing cheap coins than investing in cards

Asic profitablity has gone to hell thats why, bitmain cant even sell thier asics anymore when they were going like hotcakes back in dec.

Hopefully these newbies have learned the cardinal rule in mining profitablity and success - " NEVER OVERPAY FOR HARDWARE"  if you buy a card that is retail at $370 for $800

or a card of retail $700 (1080ti) for fucking $1300 not only can you not resale the card anywhere near that price in the long term future, but buy paying such a high premium you

expose yourself far more to the fluctuations in crytop prices so like this Idiot OP, 30% drop in earning hits you 100% harder than they guy who maybe paid 10% premium on thier gear.

These geniuses though think we are trying to discourage them when we tell them its better to buy the fucking coins atm than get ripped off by vendors

/sigh

Started mining again. Made 3 euro the last 12 hours with my 4 GPUs (1080 ti, 1080, 1080, 1070). That's terrible...

think about it

Those who are worried about daily profits shouldn't be mining to begin with. 

I did. It's true.. When the coin increases in value. When it doesn't...

;D oh man you are hero member, if that account isnt bought you should have some experience how crypto works.

This message is full of anger, but actually, I would like to see hobby miners selling their cards so that we prices will finally get back to normal.

I can assure you it is not bought. I used to own a faucet and stuff loooooong time ago...

I used to be positive like you, but now I am not. When I started mining I made 3 euro a day with just 1 GPU. For me it has never been this bad.
The world has changed, that's why I think BTC won't rise that much anymore. It's not a bad thing -crypto will never die, but for me it is not making me enough money anymore. Good thing is I have a few GPUs for when I buy my Oculus. :D

I'm certainly going to keep some good gpu's for VR when I decide call it quits with gpu mining.

Great minds think alike. Is the Oculus still the best on the market atm?

As difficulty and price fall is there in the market so your profit will be less now. Once the value of every crypto currencies back in action we will find its value grown more than any investment option in crypto investment.
Hope you do not demotivate yourself in this time. Have to wait for some months to find the profit in USD calculation still in crypto value it is profitable. Am I right buddy.

after bitcoin crash last year to 3k $, i barely mined my electricity costs. but i kept mining and in december i paid of all my rigs and made some nice profit...
hodl and believe ;D

Did you shut down for a while? If you didn't, did you sell your coins cheap? I guess my point is, look how fast things change! If you kept mining, and held your coins until now, you would have made just as much money as if the coins had never dropped in the first place.

I started mining a few weeks ago.. Earnings are up, but still not as good as I'd wish. Let us hope BTC will keep going up....

Hope you can still earn from this, I have actually read some of the miners said that its kinda hard for them to earn in mining at this point.

Lol.

Its all a question about income and the electric bill.
Check if you can outsource your rigs.

Would that be better if you just buy and hold?

Mining is still profitable even with avg power cost ~0.15$ kwh

It is profitable at a much higher rate than that. I am still making a few hundred a month at .127 after electric costs.  I have no plan to stop mining even if it ends up break even or a littler loss.  I have been holding for a long time since paying off all my rigs.  I will patiently mine and hold till other give up and prices begin to rise again.

sad that bitcoin has to have an over inflated price of over $17,000 for mining to be profitable

this is the true price of many coins

you just need to mine the right stuff, for example ipbc first day with the good 10k blocks ;D
my effort for 23h mining = ~23k coins = ~1500$@current rate ;D

Started mining in August, held then sold in December and paid off both my rigs, all the electricity and have a bit left in the tank!

And electricity is spenny over here in the UK!

Honestly, mining profitability has been very good for the past couple months.  Even at the lowest dip from like 2 weeks ago, profitability was overall very good. 

Right now my 6x 1060 rig is generating close to $9 a day.  At one point it was down below $5 but that was a couple months ago.  Yeah it will take some time to pay off any new rigs but its absolutely stupid to shut down the rigs you already posses unless you are paying like 50 cents kwh.

How come profitability is this low now?  Ever since the "crash" in bitcoin price, altcoin mining has been very unprofitable. Is there a simple explanation for this that i cannot figure out? Ive been thinking about it alot but cannot get my head around it.

you are doing it wrong.

Hmmm, let's see...everyone and their brother, sister, mother and father are mining now, so difficulty goes up and up at the same time asset prices go down. That's pretty simple math really. BTW, expect it to get worse. Much much worse. Until all the fast cash johnny come lately's get flushed off the game board, there will be further pain.