Title: Mining keeps getting rekt Post by: Widdop37 on May 08, 2022, 12:04:12 PM Lol, crypto mining is getting rekt every day, a 100MH now earns you 3.4$ per day, what the heck is going on ;D ;D ;D even now the LHR unlock won't matter in a matter of weeks, many will get pissed off and start turning off their mining rigs, how ready are you hardcore miners? It's going to be one hell of a journey over again.
Title: Re: Mining keeps getting rekt Post by: BitKongy on May 08, 2022, 02:52:58 PM It is what it is ;D I am sure that the complete LHR unlock on graphic cards also affected the 24hrs mining rewards, at this point there is nothing anyone can do about it, now it's only a matter of time, if Bitcoin keeps losing value Ethereum will keep going down too, if Ethereum goes down to 1500$ a 100MH won't do more than 1.5$ per day lol, miners are going to get angry at one point.
Title: Re: Mining keeps getting rekt Post by: arielbit on May 08, 2022, 03:00:41 PM remember ETHlargement pill was released at the start of bear market. ;)
Title: Re: Mining keeps getting rekt Post by: badbart on May 08, 2022, 03:01:21 PM Lol, mining has been great for 2 years no reason to complain. This is how markets work, you will not have high unreasonable profits for years on end.
Title: Re: Mining keeps getting rekt Post by: Pendrak on May 08, 2022, 03:44:55 PM Pretty normal whats happening.
Title: Re: Mining keeps getting rekt Post by: Coinfarm ventures on May 08, 2022, 07:47:12 PM If you think $1.50 of revenue/day for 100 Mh/s is too little, wait until the true bear market starts after ETH PoS... we'll be lucky to get $0.80/day of revenue for 100 Mh.
Title: Re: Mining keeps getting rekt Post by: adaseb on May 09, 2022, 03:24:26 AM I remember back in the 2018-2019 ETH bear market days. I think my old RX 470 4GB made like $0.20 profit using $0.20 electricity. So basically broke even. It was 30mhs or close to it. So that’s equivalent to like $0.70/100mhs.
Yeah mining sucked and it was cheaper to buy. ETH kept going lower and lower and I was waiting for those with expensive power to shut off their rigs, they never did. Difficulty was always high, even in bear market. Title: Re: Mining keeps getting rekt Post by: Coinfarm ventures on May 09, 2022, 04:41:42 AM I remember back in the 2018-2019 ETH bear market days. I think my old RX 470 4GB made like $0.20 profit using $0.20 electricity. So basically broke even. It was 30mhs or close to it. So that’s equivalent to like $0.70/100mhs. It was far more profitable to mine GRIN/RVN since I had GeForce cards. Revenue was $0.60-0.80 while power was $0.25/day. At least the video cards only cost $135 for GTX 1060 6GB's.Yeah mining sucked and it was cheaper to buy. ETH kept going lower and lower and I was waiting for those with expensive power to shut off their rigs, they never did. Difficulty was always high, even in bear market. Title: Re: Mining keeps getting rekt Post by: YellowSwap on May 09, 2022, 05:20:31 AM I remember back in the 2018-2019 ETH bear market days. I think my old RX 470 4GB made like $0.20 profit using $0.20 electricity. So basically broke even. It was 30mhs or close to it. So that’s equivalent to like $0.70/100mhs. It's still too early for mining farms to shut down their rigs at this time, crypto mining is still a bit profitable, not until the whole profit isn't there anymore many will still keep mining no matter what's happening, is Ethereum made it down to 1000+ profit will be toast.Yeah mining sucked and it was cheaper to buy. ETH kept going lower and lower and I was waiting for those with expensive power to shut off their rigs, they never did. Difficulty was always high, even in bear market. Title: Re: Mining keeps getting rekt Post by: Coinfarm ventures on May 11, 2022, 04:09:12 AM It's still too early for mining farms to shut down their rigs at this time, crypto mining is still a bit profitable, not until the whole profit isn't there anymore many will still keep mining no matter what's happening, is Ethereum made it down to 1000+ profit will be toast. Many (stupid) n00b miners who were expecting to get rich quick will panic, shut down, then sell their rig. That's what I did in 2018, except I sold 10 rigs for pennies on the dollar to 2 lucky buyers who probably made 500% ROI by now. I remember packing three boxes with 20 GTX 1060's each, then sending them off for just $140 per card.Title: Re: Mining keeps getting rekt Post by: GEMIN_M4 on May 11, 2022, 05:01:05 AM It's still too early for mining farms to shut down their rigs at this time, crypto mining is still a bit profitable, not until the whole profit isn't there anymore many will still keep mining no matter what's happening, is Ethereum made it down to 1000+ profit will be toast. Many (stupid) n00b miners who were expecting to get rich quick will panic, shut down, then sell their rig. That's what I did in 2018, except I sold 10 rigs for pennies on the dollar to 2 lucky buyers who probably made 500% ROI by now. I remember packing three boxes with 20 GTX the 1060s each, then sending them off for just $140 per card.Title: Re: Mining keeps getting rekt Post by: sxemini on May 11, 2022, 07:21:35 AM It's still too early for mining farms to shut down their rigs at this time, crypto mining is still a bit profitable, not until the whole profit isn't there anymore many will still keep mining no matter what's happening, is Ethereum made it down to 1000+ profit will be toast. Many (stupid) n00b miners who were expecting to get rich quick will panic, shut down, then sell their rig. That's what I did in 2018, except I sold 10 rigs for pennies on the dollar to 2 lucky buyers who probably made 500% ROI by now. I remember packing three boxes with 20 GTX the 1060s each, then sending them off for just $140 per card.yeah i bought 30x P106-100 for 70$ years ago or the P106 with 3GB for 25$ - this cards are good on flux or ergo. :D good deals Title: Re: Mining keeps getting rekt Post by: 5W-KILO on May 11, 2022, 07:46:45 AM It's still too early for mining farms to shut down their rigs at this time, crypto mining is still a bit profitable, not until the whole profit isn't there anymore many will still keep mining no matter what's happening, is Ethereum made it down to 1000+ profit will be toast. Many (stupid) n00b miners who were expecting to get rich quick will panic, shut down, then sell their rig. That's what I did in 2018, except I sold 10 rigs for pennies on the dollar to 2 lucky buyers who probably made 500% ROI by now. I remember packing three boxes with 20 GTX the 1060s each, then sending them off for just $140 per card.yeah i bought 30x P106-100 for 70$ years ago or the P106 with 3GB for 25$ - this cards are good on flux or ergo. :D good deals Title: Re: Mining keeps getting rekt Post by: sxemini on May 11, 2022, 08:10:58 AM It's still too early for mining farms to shut down their rigs at this time, crypto mining is still a bit profitable, not until the whole profit isn't there anymore many will still keep mining no matter what's happening, is Ethereum made it down to 1000+ profit will be toast. Many (stupid) n00b miners who were expecting to get rich quick will panic, shut down, then sell their rig. That's what I did in 2018, except I sold 10 rigs for pennies on the dollar to 2 lucky buyers who probably made 500% ROI by now. I remember packing three boxes with 20 GTX the 1060s each, then sending them off for just $140 per card.yeah i bought 30x P106-100 for 70$ years ago or the P106 with 3GB for 25$ - this cards are good on flux or ergo. :D good deals Yes but now all LHR cards have more hashrate - diffi increase, profits go down - so in the end you get same amount of ETH. I wait for the next bear market to update my 200 GPU´s Title: Re: Mining keeps getting rekt Post by: Metroid on May 11, 2022, 01:19:15 PM This will get worse and worse, luckily eth still around and profit still high to where this will get once eth goes pos, after eth goes pos expect everything to be negative profit for at least 6 months. You trolls dont know how bad this will get, 95% of you all are spoiled, a 3070 60mhs got to almost 10 usd per day at top, soon will be around 10 cents at bottom. This is how extreme mining and cycles are, when you invest in something, always expect the worse and if you are still okay with the worse then you have nothing to fear.
Title: Re: Mining keeps getting rekt Post by: Daodex on May 11, 2022, 03:06:17 PM Lol @Metroid, you those who have been in this game for a long time would understand, right now you have a smelly mouth they say, hehe I bet 90% of miners won't be able to keep up, I've prepared myself because bad market in crypto space is norms and I have gotten used to it, its always the every 4years cycle.
Title: Re: Mining keeps getting rekt Post by: 0verseer on May 11, 2022, 04:34:06 PM I remember back in the 2018-2019 ETH bear market days. I think my old RX 470 4GB made like $0.20 profit using $0.20 electricity. So basically broke even. It was 30mhs or close to it. So that’s equivalent to like $0.70/100mhs. Cause most of the mining rigs in ETH now are already running way over their ROI. You won't see them turn off their rigs anytime soon, so the diff will stay this way until the diff bomb forces them out because of the PoW-PoS transition.Yeah mining sucked and it was cheaper to buy. ETH kept going lower and lower and I was waiting for those with expensive power to shut off their rigs, they never did. Difficulty was always high, even in bear market. Title: Re: Mining keeps getting rekt Post by: Coinfarm ventures on May 11, 2022, 10:19:42 PM Lol @Metroid, you those who have been in this game for a long time would understand, right now you have a smelly mouth they say, hehe I bet 90% of miners won't be able to keep up, I've prepared myself because bad market in crypto space is norms and I have gotten used to it, its always the every 4years cycle. I can't sell my mining rigs anyway, because (#1) it's dumb to not mine during a bear market, (#2) I'll incur depreciation recapture under IRS Section 179, forcing me to pay $10k of additional income tax.Title: Re: Mining keeps getting rekt Post by: adaseb on May 12, 2022, 03:30:06 AM There are miners out there that will capitulate.
It doesn’t make sense but the issue is that many miners bought most of their gear on credit. Typically with a credit card with some 20% APY rate. It will reach the point where they will need to sell everything ASAP because the interest alone will be more than the profits from mining. Sad story but I’ve seen it happen. Title: Re: Mining keeps getting rekt Post by: MidNite36 on May 12, 2022, 08:41:17 AM It's not the market's fault or Ethereum's fault that the market turned out this way, I mean its very soon for such to happen, I put all the blame on Luna CEO and UST if not things will go really slow, at this stage if ETH failed to go PoS algorithm they are bastards.
Title: Re: Mining keeps getting rekt Post by: Metroid on May 12, 2022, 11:27:10 AM I can't sell my mining rigs anyway, because (#1) it's dumb to not mine during a bear market I have a different strategy here, reason I say is dumb to mine in the bear market is because price of any coin is much much much lower than to mine it, 60% at least, in some cases I found to be 500%, so is better to just buy it directly and hold it, mining is not good on any circumstance because gpus are getting so expensive in the bull market that makes it not worth it and the liquidity is there to short in the bull market, in the bear market there is no liquidity enough to short, anyway, mining prior this gpu price rise scalper bs was not bad, good old days you could get a mid gpu for 150 usd example rx 580 and it lasted till this bull market, 6 years, now a rx 580 and all polaris is making negative profit, no different than prior bear markets however we are pre bear market and polaris are already in negative profit in all algos except eth, this will get much worse yet. Title: Re: Mining keeps getting rekt Post by: Coinfarm ventures on May 12, 2022, 08:42:13 PM I have a different strategy here, reason I say is dumb to mine in the bear market is because price of any coin is much much much lower than to mine it, 60% at least, in some cases I found to be 500% The difficulty of these coins balances out eventually to the point where mining is slightly more profitable than buying the coin.I hope I am not cherry-picking, but I looked at historical ETH revenue data. Let's assume one bought a Radeon RX 570 card for $180 of capital cost ($130 card + $50 rig) and depreciated it over 3 years, while power cost was 7 cents. I also assumed the depreciation + power can be deducted at a 20% tax rate. That is $0.33/day of total expenses per card. In 1H 2020, the revenue for that card was $0.60/day while Ether price was $200 on average. The cost to mine 1 ETH was $150, while the cost to buy it was $200. I also used data from the entire year of 2019, where it was also 20-40% cheaper to mine the coin than to buy it. Even though revenue was 25% lower than 1H 2020, video card were cheaper too. That same RX 570 would only cost $150 ($110 card + $40 rig) in early 2019. If you bought a Geforce GTX rig during the bear market and mined, like I did, GRIN/RVN provided double the revenue of ETH. The return was higher than an RX 570 mining just ETH. I already have spreadsheets showing that the ROI from 2019-2020 was 20-40% per year. That is a phenomenal return compared to the stock market. That's why when RTX 3060's cost just $200 or RTX 3080 12GB's cost just $500, I will buy as many as I can. It's most likely going to be much cheaper to mine altcoins than to buy them, just like with Bitcoin. |