Bitcoin Forum

unless you know what you are doing

i started mining last july

my rigs have been paid off by the value of my altfolio

currently, it costs me about $12 per day to mine about $30 worth of ethereum per day

in the current market conditions, thats pretty damn good

so for the noobies

MiNinG iS DeAd, unless you know what you are doing

Mining since july, mines Ethereum, says he knows what he's doing, calling other people noobies... ::)

Don’t think mining is dead. 100’s of new coins coming each day. Mining 100-500-1000 of these quickly, when difficulty is low, and you are bound to hit one that is worth something….. some day.  Would not have minded mining a few 100 btc in 2009 at difficulty 1, which is was in most of 2009.

Now the idea / system of mining are a dead end if you ask me. Getting paid for… well nothing, other than wasting energy, is, yes you guessed it, unproductive. Then rather a mining systems like BONIC / Gridcoin, where you actually solve something useful with idle computer power.

I don't understand what you are trying to say exactly.

Basically an RX 470 poorly modded makes like 28.5Mhs and uses 135Watts and with 10 cent power which is the average makes about 32 cents a day where 14 cents goes towards power which is a total revenue of 46 cents. Basically exactly what your numbers are like.

Oh No! The sky is falling! ...Because Rantern says so.

As someone else may have already pointed out (I was too lazy to read more than the OP), mining has been declared dead so many times before and not just in 2018. I remember people saying that ETH mining would be dead by design (switched to POS) by now ages ago.

I have been mining for quite a while and I have seen this declaration over and over.

It's dead if you are narrow minded, ignorant, lazy or stupid. If however you can read, have some technical skills and a willingness to research and experiment can usually make at least a small daily profit. That's if you only mine for daily profit and you sell out to bitcoin or (worse) FIAT currency often.

If you have the patience to HODL you can get lucky. I wish I had read this advice and paid attention to it in early 2017. I would have made at least $200K.

There are some great projects out there with really interesting and innovative ideas behind them - especially amongst the various coins that use variants of the cryptonight algorithm.

Of course about 90% of coins are either scams or will never really take off, but part of the fun of this hobby (if it is a business to you I pity you) is picking the good ones.

i bought two AntMiner L3+ in November 2017 for 7 000$, how to pay them back?..  :'( :'( :'(

next time buy 4 of them.  ::)

still profitable (click here to see our current testrig stats with current estimates (http://moaminer.com/public/xMozfE0T)).

personally I'll stick with profit switching for rigs on autopilot - there is slightly more profit if you manually select coins. Sure at the current rates you wont get a lambo, but you can still make a passive income

(we know some mining farms making a really decent profit each month, it's all about scaling for them)

It's also worth to mention, that mining is a way to aquire cryptos absolutely anonymous and untraceable

-knows what he's doing
-mines ethereum

lol  :D

+1

Not sure why you all laugh, i have 50GH and mine ETH mainly.  It's profitable enough to me and the upside imo is better in the future.  Is it possible to make more mining something else?  Sure, but swapping that many machines, plus fixing issues with swapping because there will be etc is not feasible when you have a crap ton of units.  I jump to other coins, like raven for instance when it showed a daily big (10 + more %) increase for a week.  Then its worth it. 

Just because mining ETH is not profitable for you, don't mean it is for the rest.

I agree, Atm must jump to another coin. ETH isn't the end station for the Mining Rig.

You need better bios ;D
https://bitcointalk.org/index.php?topic=1954245.0
And maybe mine another coin?
https://bitcointalk.org/index.php?topic=2126975.0

Mining is not dead for those with centralized cheap power. But for the rest like me paying 30 cents watt rate, it's game over.And no one can argue that.

Yes I agree with you. Its not so easy to switch algos because the memory straps might cause instability, or the voltage might be too low and cause hanging, or the drivers might not be optimal.

With myself, I wouldn't switch if it was 10% more profit. I would maybe switch if it was 50% or more profit. Back in the days of making $10/day/GPU, it was maybe worth switching for 10% extra gain because you made $1 more per GPU, so if you got 50 GPUs, that's another $50.

However these days mining a coin which makes extra 10%, and the daily profit being like $0.40 so you get another nickel isn't exactly worth the hassle.

Mining ETH ( or other coins with GPU )is still profitable for me , of course i can make way more much less than in the last few months in 2017 and the first few months in 2018 ;)

Opened a topic about this on October 5th with a detailed explanation :) :
" Why its still worth mining ETH ( or other coins) for me (https://bitcointalk.org/index.php?topic=5044586) "

Lot of ppl done the same thing, taking a risk, just because they put numbers in any online calculators, and the result  looked amazing, it looked like a  fast way to get rich ;)
For those members, newbies i always suggested to read my another topic i started around that time, when you purchased your miners :)
You can read it HERE :) (https://bitcointalk.org/index.php?topic=2208927)

Today those L3+ miners generating about 2$ a day minus electricity.
You have a option to reduce the power usage for your L3+ with a little bit of understanding how to connect to your miner via SSH connection and type in some codes to the command line. Not all miners are the same ! so what is working with one , might not going to work with another one !
This way you can save around 170Watts / miner , if you paying 0.1$/KWH , then your saving for 1 miner / months can be : around 12$ :)
How to do this , Detailed Information HERE (https://bitcointalk.org/index.php?topic=3546316),  Thank You for jstefanop :)

and noone will. that is a crazy rate for electricity - in that case every investment should go into alternative power. A combination could be even more profitable, invest into alternative power to drive rigs with (better profit than just using the electricty yourself)

it's still profitable, but not so good as earlier

For what's it worth, GPU mining is not dead. But I just switch off my rig because I'm barely earning eth after paying for electricity.
I'm now investing my eth in smart contracts that is earning as much as if I own a rig that hashes at 700mh minus the electricity.
My rig does only 240mh.

Isn't it is more like investing when you pick, mine, hodl and sell.

Same question over and over :(

Basically, it's a question of cost of electricity and how you cool down your room (if you have several rigs). I have 25 rigs and it's still profitable for me but not as much as it was.

Anyway I believe in ETH, So HODL as much as I can until the next bullish movement!

www.cruxpool.com

It’s gotten less profitable for me to the point that I’m scrapping a lot of rigs and selling them for parts and just investing my money that I used to have saved for buying more rig parts into just buying coins or investing them elsewhere, like in crypto casinos or to exchanges. Most of my rigs aren’t making much anymore, and it’s not even worth my time to run them for the few dollars a month I earn per card. With coin prices as low as they are now, it isn’t a bad time to just buy and hold.

This is the right thing to do, sell your gpus for money and use the money to buy coins, mining is dead. If you have the money then buy the coins.

Mining is the backbone of cryptocurrrency it will never died but once internet will lost in future all the cryptocurrencies are died in the world so entire crypto resources are stop the working. So it is impossible in future because day by day some new projects are enter into market it is going to upward. Bitcoin mining is still alive in the market so altcoins are right place to mine in this scenario and GPU mining is more secure way to earn profit so don't go with Cloud mining in crypto.

The matter is simple, if you believe that altcoins will once again grow and give a good earnings, then just mine further without looking at the cost of electricity.

Really? Why not just "buy" the coins directly instead of "paying more" for their electric bill of mining? ::)

Mining with GPU is not dead, and can still be very profitable. The downside is you have to read a lot, take more time founding a little gem, and sometime hash for nothing because of scam.

Once you face many scams, you will have more feeling to found the little gem  ;D

Exactly! mining at a loss is the same thing at buying above market price.

OP from your posts it seems like you blame everyone who made a better move than you and buy asic miners or instead of eth mining, they chose other coins.
Don't be so catty, yeah I hate Bitmain for what they do but what to do? They cracked ethash, so they deserve their built asic miner, it didn't come from air. Also when you call others noob, don't you think that you are this at first?
There were given good advices, sell gpus and hold coins or I suggest to move on Nvidia gtx1070ti/1080 and higher and mine other coins, these GPUs are amazing.

I'll second this - those are very versatile, especially 1070Ti

Profitable or not the writing is on the wall. Mining needs to die. It’s just not sustainable. It was good to start but now needs to change. No matter how you spin your profits it’s better to sell the equipment today and (smartly) invest those funds. Blockchain will evolve and mining can’t be the future.

Lol, if you think you will make abnormally high profits for extended periods of time.  The bear market will ring out the weak hands and fly by night morons who bought 1k gpus.  If you have low electricity cost and bought equipment at a decent price your fine.

Or you can do what 90% of investors do buy high and sell low!

Those are a bit expensive for most miners... but yeah they are very good for core intensive algos.
Most miners are fine with older cheap RX 470 and 480 8GB they are awesome for CN-Heavy and all 4GB are still very good for Monero V8 and other CNv2 coins.
Of course with bios mod, but even if you use my guide for bios mod or PBE 1.7 you still have really good results and with paid timings it is even better ;D
And if we talk about ETH and XMR, Vegas are the best price/performance and almost comparable to Nvidias with power consumption.

who say mining is dead 90% is start mining around july-dec  2017.

mining is not dead yet but profit is less than 2017 i think if you can pass this year next year is better

its not dead yet, but surely suffering.

just be patient, things will improve eventually.

In the same sentence you told that mining is dead and in the same time you get 30$ with 12$ operating costs (only 40% of total amount - it's very good now). So 18$ pure profit!
Looks like provoke

I don't know how you make your calculations but they don't sound right. They can be right only if you have free electricity and by 12 dollars daily as cost you take your initial investment at the price you bought the rigs or mining devices.

Nowadays conditions are not worthy anymore, even at the 0.09 dollars/kilowatt energy cost. My colleagues turned their rigs off because one rig with 6 Rx 580 was making 0.0036 bitcoin weekly and 0.015 almost monthly, that is only about 90-92 dollars, they paid energy for a rig 80 dollars so for just 12 dollars monthly profit was not a good idea to keep the rigs on, not worthy.

This is the big picture in Gpu mining nowadays.

dont know mining is dead or not but we almost die if the market draws horizontal more :)

There was always profitabel coins to mine other than eth but their diffulcuty increases too fast on low market.
People change the pools so fast as never done.

Easy to spot problem in here. They need better bios mod... good timings and undervolting. Maybe also mine different coin.

I don't know I've been mining for about 5 years now and mining has died at least 3 times, see some of use are here not to make a quick buck but to push the chains because we believe in cryptocurrency

These are the only possible factors but having a daily of $30 minus the expense of $12 which leads to $18 profit everyday will really be hard to believe.
The only thing comes to my mind is about mining a different coin when we do talk on such profitability.

Miners aim for its sole purpose and foreseeing its potential vs for those miners who are just targeting profitability - these are 2 types of miners actually.

Damn... I'm still making profit on CPUs as well as GPUs... why didn't anyone tell me it was dead ? ;-)

ROFL.. true.! lol!


Same here, exactly. I believe in crypto (not all about the money) Also been mining & involved in crypto from the get go. I totally agree, I can remember when past events occured.
1) when CPU > GPU came online
2) when GPU > ASICS came online (Scrypt)
3) Emergence of ASIC specific algo's
4) ASIC resistant algos becoming ASIC minable X11/X13 etc etc.
5) FinCENT and all the KYC and new Crypto Regulation (kind of caused a bit of a stir in mining circles)
These were all times when past events caused upheaval in the mining sphere.. (some more apparent than others)

your forgetting about the free VPS deals with nice usage allowances (if you know where to look Azure for one ;) CPU >> XMR to bits, rinse & repeat.

another reason why your comments fall a little short is b/c you didn't include anything about reducing your primary mining overhead.   ENERGY COSTS.
Start building a 18650 cell power wall, slap-up some solar panels which is an excellent method & one way to decrease operating costs and thus increase profits. Mining is far from dead imho.

FYI one final point. your missing the whole "mining new obscure alts" part,
fair enough you may take the risk of what alts you mine turning to shit.
But... All it takes is one good alt project get in on early @ launch, throw some serious hashrate at it and wait for the project to mature, land on an exchange then offload at premium. (Risky strategy, agreed.. however no risk no reward ;) look at all the X16r / HEX algos coin's just coming on stream atm. Raven and ZEON, XDNA. all potential hotties. RVN being one I was lucky to hop into and make a killing on.

ahh.. another quick thought why mining is NOT dead.. Don't forget the Master nodes route too. There are a lot of projects making use of MN's. Running a dedicated MN or even being part of a group / shared MN scheme can earn you a passive income.

Basing your premise that mining is dead from mining one coin "ETH" in your case can hardly hold true once all things considered from directly mining new alts through to Luck elements Through to running MN's Its the risk we take. Sure markets are down & Prices are shit. costs are high..

Stay strong my fellow miner. This here Crypto game has the habit of changing rapidly, for the worse but also for the better. Look for opportunities (such as Masternodes)

Projects for miners

--Zeon Hex Network is live --
Dynamic . New. ZEON https://discord.gg/KAkXavE http://zeonhexalgo.fun
https://github.com/Pubfred/Zeon_hex
https://bitcointalk.org/index.php?topic=5054188.0

OR
[ANN]XDNA-Revolution in mining|GPU ONLY HEX algo|Charity Support|NoICO|Cryptopia
https://bitcointalk.org/index.php?topic=4517612.0

https://ravencoin.org/

Costs reduction Ideas

1kw DIY PowerWall affordable 18650 build project (2018) - YouTube
https://www.youtube.com/watch?v=hejOT7NF72E

DIY Tesla Powerwall - Solar storage 18650 lithium ion home Battery
https://www.youtube.com/watch?v=CsxElsOh-MI

Some info to know about harvesting 18650 Li-Ion cells from laptop batteries
https://www.youtube.com/watch?v=pvO0Iij8D1c


Ideas on how to source materials
** I'm no way endorsing but simply showing how mining costs can be offset with relatively little outlay AND incrementally ;) **
https://www.aliexpress.com/w/wholesale-rechargeable-battery.html
https://www.aliexpress.com/category/52806/solar-cells.html

Like the guy who replied on Reddit pretty much summed it up.

If you got 10 cent power, you get to mine ETH basically for $100 a coin. So if you only want a coin or two and don't want a huge risk, you can just mine it and it will cost you $200-$300 in electricity and nothing more. If you buy the coins it will cost you $400-$600.

If ETH goes to $0, then you will only lose half for the same quantity of ETH owned.

I know that some people will say that you got a limitted amount of ETH you can generate a day, yes its true but to the small type investor, an ETH or 2 is all they want and they will hodl' it for the next decade.

This is the reason why the difficulty is still high even though its very difficult to generate any huge gains these days.

This is true

This is my big picture :)...well its a 25 days old topic , check my calculation :) (https://bitcointalk.org/index.php?topic=5044586.msg46549068)
All my rig are with optimized bios with the right undervolting overclocking ,not with those one click bios modes, with real bios mode , hex editing, optimized for low power usage/highest possible hashrate :)

There are always coins that you can mine with let say 50-100 USD earn per week with 6x RX 580, but you need switch to other coin the week later or even after only few days :D I know guys that do this, but you have to check Bitcointalk, Reddit, Slack, Telegram,... every day or even few hours and be quick on exchanges :D But it might worth for someone.

Nice! 👍
Did you make those bios? Or buy from guys in here?

Men, i start mining RAVENCOIN in september, since raven cost  250 sat (0.01 cents).

now i'm sitting over 20000 ravens and raven cost 650 sat, and can go more up.

minigns its not death

Good example! Mining became more complicated than a year ago when you could mine anything and got a lot of profit. Now is time of smart mining. Should serious think about what to mine and when it sell.

Thank You! :)
I modded all of my cards bios files

I'm not advocating or promoting u guys to invest a small portion of what u are hodling in smart contracts.
I know most sounds like a Ponzi scheme and u need to really know like anything the risk involve.
But that's what I'm doing while my rig is hibernating. At least I'm still earning eth.

Everything - business, sport, culture has its ups and downs. The fact that it's dead right now doesn't mean it will not be profitable in the future. Stay open minded.

What are you referring to exactly? Are you talking about masternodes?

I didn't think you could earn anything in smart contracts, it actually does sound like some type of scam however since its a smart contract you can always just look at the source code and see where your money will go.

Maybe give more info about this passive income method you are using?

Winter is coming... Time to turn on my expensive heaters LOL

Sometime the profitability of mining is not as well as mining calculator assumption. So we need to put an effort into choosing the right coin to get more profits. But it doesn't mean when we hashing the big coin like Eth or Xmr, it can't be worth anymore. Because mining is not only hashrate, difficulty and power consumption at all. 

When we talk about profitability, the decision that we make like how long to hodl the coin and the price target to selling those coin, it will influence the profit that we can reach.

Just like our friend did below. It's a good working, how mining should be run.

Sorry for my bad english guys, but i want to try to give my point of view about this topic  :)

I started mining in beginning of 2018, and of course i'm little bit disapoint of actual situation. But, if i look deeper i win every month around 5% of my initial investissement. To win 5% of one investissement (when you are "normal" people like me), you have basically 2 differents ways:

- Bank placement
- Real estate investissement

With bank placement, you will have money blocked (and will not receive % every day/month) and will be part in one system that i don't like it so much  ;D
With real estate you will need big investissement and will have a lot of obligations (rent it, taxes, assurances, long time credit...)

With mining i feel more free and yes it's also one hobby in the same time, because it's fun to make rigs and to setup it, and i have fun to be in forums and try to make it more powerfull.
And finally it's good way for "normal people" like me to have a chance to grow up, i buy one GPU (or another part of rig) each month, and step by step... we will see  ;)

To finish, it can be usefull if somebody makes one Guide about "how to sell altcoins". I tried several differents (Raven, Bytecoin, GoByte, etc...). But was not successfull when i tried to sell it on exchanges. So maybe there are something i don't understand good on this part of business  ;D
Thank you and sorry again for my poor english

I'd recommend you to have a look at the table provided by CoinTelegraph.com on this page:

https://cointelegraph.com/ethereum-for-beginners/how-to-sell-ethereum-guide-for-beginners

BTW, what's your electricity cost (per kWh)?

Thank you Raja_MBZ for this link. Yes i actually sell my Monero from mining on Krakken and use bank transfer to compensate electricity cost. I hold a small part in differents coins and cash out when price is not so bad to buy new GPU/rig parts. Is it good or not good strategy?
My electricty cost is 0.09 kWh in the day 0.07 kWh in the night

It's not a bad strategy, depending on your longtime goal. Do you want to earn money now or do you want to built a portfolio over time with well chosen coins. Can be combined as well. For example dedicate a single rig to direct money earning (ProfitSwitching + AutoExchange to BTC) to compensate for all electricity costs with least amount of maintainance and use another rig to mine coins of choice directly.

That way you have the easy payout (you can cash out from BTC everywhere to pay electricity) while still building a portfolio exactly the way you want it. In our case (0.14ct/kwh) a single 6x1070Ti rig can compensate the electricity bill for at least 2 rigs (min 100% profit on electricity cost over the last months. so every $ we pay in electricity is 2$ earning, leaving us with 1$ profit) - it's scalable, and those auto-rigs run on autopilot with our software, we just collect BTC from them, exchange to fiat and pay electricity.

Just an idea, if you have several rigs and like to investigate coins and build portfolio

Thats a poor strategy.

In traditional gold mining people were mining for gold just to pay off their equipment and shovels after all said and done.  The people selling equipment made the most.  And those that held onto their gold and never sold any ended up 10X their money after many years of hodling.

Same principles with crypto.  If your selling to cover electric then u got weak hands and deserve pigeon profits.

You should be paying electric with your day job money to offload your filthy fiat,  and wait till the bull market to return then sell some. I would not sell any coins in a bear market at the bottom.

Keep it simple

Mine low, sell high. 

bingo , hold hold

So you are saying that you still get profit from mining with your cpus anf gpus? Then you really have a wiser strategies on how you can maximize you earnings from mining.

If you really starting mining during July then there is no way that you hit any soft of ROI what-so-ever :D.

30$ now is something lose to 65 * AMD rx570. such a set up requires some good amount of money spend on mobos,ssds,rams,psu,cables,cords,extensions etc,,

---------------------------

as if for mining dead ? is the earth flat?

Do not pay attention to idiots who are saying mining is profitable, it requires you 5 seconds to see with your own eyes the truth, mining is dead at moment.

https://whattomine.com/coins

Like any other business mining is profitable for those got in early and didn't pay insane prices for gpus and have low electricity cost.  My 60 1070s and 30 470s from early 2017  are still making a profit after I pay electricity and my gpus payed from themselves long ago.  I never paid inflated prices for my gpus or ASICs and my electricity is $ .049 KWH.

man we should have gone into the selling the shovel biz instead of the gold rush...:)

learning some sound crypto tips and behind the scene stuff at this blog - https://www.altcoinsidekick.com/blog

which I'd recommend as a good source of knowledge

This thread should just be locked. The OP hasn't replied since his original post which started this topic and it's basically saying the same stuff over and over again.

We all know that mining now is not as profitable as before and there really are no secret coins out there which generate more profit than others.

Maybe it's so. But some experience also could be got from the thread. Several people talk about their situation in GPU mining and so on. I for example knew some interesting actual info and also after reading the topic I consider an idea about the comparison of profit of traditional trading and crypto trading at the same initial conditions. So the closing is premature

op here

my daily cost for my farm (16x 1080ti, 16x 1060) doesnt change, i pay rougly 7.7c/kwh (10.x including other charges)

i make between 0.1 to 0.13 eth per day. the lower eth crashes, the more i get

then from eth, im all in on a certain token that i think will be worth much more

fuck the ASIC supporters who ruined mining for the short term gains

This is actually not true. We(OCTOMINER) work together with multiple big 1MW+, 10MW+ mining farms around the world and it all comes down to electricity price right now. Yes, profits are less than before but mining is till profitable.

Most of our big clients pay around 4-5 cents per KW/H for electricity and their current ROI calculations are around 10 months for ASIC and around 16 months for GPU at the current crypto prices. Once the bull run starts, these times will shorten and big investors realise this. We have first hand knowledge in this, since we supply mining hardware to some of the bigger mining farms in USA and Canada.

Right now there is a big wave of Antminer S9 replacing going on. New and more efficient SHA-256 miners are being launched and the big mining farms are currently replacing their S9's in the mass. They need to do this to stay profitable. Bitmain shipped around 3 million Antminer S9 units last year. We are working with the mining farms to get the S9 units replaced with newer and more efficient ASICs .

Indeed the truth is in the middle. 10 month for ASICs and 16 for GPUs are too optimistic times. The probability of decreasing Bitcoin price to 4000$ is still significant. It could be because of the news of government prohibitions or disagreement in crypto community.
I would calculate the mining investment return about 2 years (with new hardware, with used hardware it could be less by two times)

Yes, you are right.
10 month for ASICs and 16 for GPUs are a bit on the optimistic side,  I agree with that. 10 month for ASICs is with new and efficient units, OCTOMINER will have some big news coming out soon related to ASICs.
And big mining farms get pretty decent discounts usually for their hardware, have to factor this in also. Usual orders sizes are between 300-3000 OCTOMINER 8GPU rigs + GPUs for them, so around 2400-24000 GPUs. The ASIC orders can even go over 10 000 units per order for bigger mining farms in USA and Canada. We work directly with all the hardware manufacturers so we can get great deals that help optimise our clients ROI time. :)

Agree ;) ive been mined a lot of ´´ shitcoins´´ due the diff bottom , now i sold a few of them at a good price ;)