Bitcoin Forum

All of us mining ETH has seen a major drop in payouts over the past several weeks.  With Gas prices soooo low, when 1559 gets implemented, will it be as painful as it woulf have been say just a few months ago?  I feels like it wont be too bad now.  The pain (low has prices) have already occured so is it now really a big deal?  Dont get me wrong, I am not saying I am happy with the current eth mining payouts, rather saying I think we are already (or nearly) there in terms of how 1559 can and will impact miners?

Yeah I agree the fee drop will not be an issue.

The real bear market haven't even started yet and you are saying the EIP1559 impact won't be much? Pray that ETH value remains the same or else the Mining reward will be more devastating in coming weeks, my target is 60MH bringing 2$ to the table, while 30MH struggling at 0.80$ to 1$, you ain't see nothing yet

Bear market time, more worried about price.  If history is repeating we are not close to lows, hopefully I'm wrong.  I'm not adding or upgrading anything mining wise.  Only thing I'm doing is shorting and will cover and reevaluate once we bottom.  1559 will have zero effect on price if the down trend continues.

In 2019 my 5700s were making .50$ a day.

Right now at price eth 1920$ reward is 2.46ETH 30mhs=1.84 when eip1559 starts it will be 2ETH so with current price of 1920$ it will be 1.49$ per day. If eth price goes to 1k$ then 30mhs=0.74$. rtx3090 will at this ratings 120mhs=2.96$. Imagine if eth goes under 500$.i hope it will not go so low. last bearmarket 30mhs was = 0.4-0.5$.

With eip-1559 you likely will never see eth mining as profitable again.  Will people tip enough to during congested times to get us back to days where cards are giving us $5, $10 or $20?  Doubtful.

If we lose 20%-40% of revenue and are essentially capped at 2 eth per block it may not feel as bad as a drop from recent record revenue days but over time that's a big loss of revenue.  It may even weaken the coin as gpu's get pointed elsewhere just as new asics come on line making it easier to do a 51% attack.

This is also one of those buy the rumor (which we have seen) and sell the news (which is coming) deals.  I don't think it is going to push the price of eth higher. 

It should be postponed until the coin is fully pos in a few years.

Miners will lose around 30% of their income with the activation of EIP 1559

Even so Ethereum did alot for normal people and made us happy,even now if it profit goes to 0.1$ im still happy for ethereum.

Could even be worse, have you thought about the number of people who were mining ETH in 2019 vs people mining ETH right now due to how profitable it has been?  :D

It's because the ETH price is still holding the pieces together, that why you don't feel the pain. wait when it plummets to $300 which is very possible in a long bear market.

Back when ETH was trading between $100-$200 mining was hardly profitable. I think you broke even if you had like $0.10 kwh power which was the average for most people. Back then nobody was getting into mining ETH. You couldn't sell an RX 470 8GB no matter how hard you tried. People kept offering you "$20 because I know you mined with it". And there was hardware everywhere and nobody wanted to mine.

Now its the complete opposite. Impossible to find an RX 470 8GB at a decent price or any GPUs for that matter. So what does that tell you? It means that if everybody is rushing to mine at the same time its the worst time to get into it. Same with all the people who were buying Dogecoin at $0.75 thinking it would go to $1-$10.

The point is that whenever there is a crowded market it usually doesn't benefit everybody.

This $ value thinking is why youll never do well in crypto.

It's interesting to think about all variables we have:

• Eth Rewards + fees
• Difficulty/Hashrate
• Hardware Prices
• Price of ETH
• Price of Electricity

All of then are important and should be in your plan, but the price os the most important here, for most cases, followed by electricity price

If price of ETH rise again to 4k or even 5k, situation will change again, people will start to buy hardware again, even with 0.15 or more electricity price will be profitable, 2x or 3x price will be acceptable etc
So yes, I agree with you, this EIP 1559 will not kill profits, price is more important

And look, another variable right now, eth hashrate is decreasing a lot due to miners/gamers leaving, and China banning miners.

we are not bear and we are not bull we are confused.

Case in point.

today a 3070 doing 60 mh burnsa 150 watts x 24 = 3600 watts.

make it 4 kwatts.

5 cents = 20 cents cost

10 cents = 40 cent cost

15 cents = 60 cent cost.

20 cents = 80 cent cost.

we are making 5 to 6 cents an mh today or

3 to 3.60 a day.

that is a 2.20 profit for a 20 cent per kwatt
miner.

that is not bear.


now i do not know how much fees cut but

viabtc is paying 114%

they can not pay under 96 or 97 %.

so 6 cents x. 96/114 = about five cents

and 5 cents x 96/114 = about four cents

vs the current 5 or 6 cents.

so 4 x 60 = 2.40 worst case

and 2.40 - .80 = 1.60 profit for a 3070

that is not bear and not bull

it is undecided

peak day the card made 22 x 60 = 13.20

or 13.20- 1.60 = 11.60 that is bull.



to put it clearly find a card for 1000 that earns 1.60 a day profit

three years later you have over 1700 and a card that can be sold.

It is not great but it is not bear.

and remember I am using 20 cent power cost to get these numbers.

but some solid price drop and we are bear 🐻 so time will tell.

And don´t forget EIP 3554 (diffi bomb delay), it comes with the London fork

London hasn't even launched on testnets yet, and we don't know what the result will be. Hardfork may be postponed for an indefinite period of time.
One of the most important indicators in mining is the cost of electricity. And while it is minimal, there is nothing to worry about.
But those miners who pay about 15 cents and more will have problems.