Bitcoin Forum

I mined some ETHW, ETHF, KAS, ETC, KAW, YEC, NIM, BTCZ, ALPH, ERG. (big amounts > smal amounts)
I paid the electric from my pocket and saving the coins. One month is gone.

I will mine for the second month by paying the electric from my pocket.
Then i will stop mining if the coin prices is the same.

What is your opinion ?
What are you mining now ?

Stop if price is the same? You do know that a bear market doesn't end overnight, right?

Anyway, it's good to make a calculated move so that you don't end up selling the mined coins at very low prices just to cover your expenses.

Personally, am not mining. Just doing DCA on the likes of Dogecoin when the prices are still low.

I would just support the coin I like by buying on the market. I only mine when it's profitable to do so and at those times I pay the electric out of my pocket.  Don't sell until the price is above moving averages.

I'm buying EPIC on the Vite app. I also bought a little bit of doge recently.  If ethereum tanks I'll pick some up/

Stop mining, use the money of the electricity to buy the coins you like.

If you are mining at a loss then it doesn’t make sense.

Just buy many of the top 20 coins on coin market cap excluding stables and you should be good. These low cap coins won’t survive the bear market. They will go to 99% loss. This happens every cycle pretty much. You might get lucky but most likely many will be a slow bleed down.

Buying thinly traded speculative coins is difficult and expensive due to the large price spreads. Mining them is a more
effective way to accumulate.

As far as the original question is concerned speculation is subjective, everyone has a different opinion. That's what makes a market.

People like the idea of mining because "passive income"

But your only thought should be, will I have more or less of COIN if I go the buying VS mining route.

If you are mining for the bull run then most probably you can't go that wrong with ETHW,I consider it as the ETH of 2016 with 9 dollars as a value when they started in their early beginnings.I myself mine Litecoin through unmineable miner with GPU-s as I mine not with the intentions to save it but to invest it in some online earnings opportunities.

I pay the electric cost myself but soon will change to mining ETHW and keep mining even at a loss once I have accumulated the needed amount of Litecoin to invest in those opportunities.

I pay 5 cents per kilowatt for electricity. For me, mining is unprofitable, because the profit is negative.
I also have internet expenses, expenses for trips to the village, payment for OS mining:  Hive OS system and Rave OS.
I am buying cryptocurrency and I want to keep the graphics cards in good condition until the next mining season.

Why you're forcing yourself to mine a coin that doesn't make you get profit in the moment? actually in bear market it's better for invest rather than mine. There's no guarantee the coin you've mined before will go to the moon, moreover it could become a dead coin and you're already wasting your electricity, hardware lifetime and your time. Right now I'm already stop to mine since I don't get any profit, I will wait until the market recovery.

Are you sure you are ready for this journey? If you are new in the crypto space you need to know that bear market can take up to two years before positivity start returning to the market, you need to keep mining till bull market returns.

In my opinion you're good to wait next bull run
I don't know how much you have, but with 10 coins you need just 1 or 2 to pump hard to make profits

I know most people will say buy the coins, but maybe you don't want to sell the cards, or whatever reason, but with 10 coins your chance is good.

In the end 2 or 3 coins will probably fail
7 or 8 will probably rise together with BTC in a possible bull market
1 or 2 will probably have huge pumps (hard to predict anbd hard to decide when to sell)

I remember when I mined tons of RVN, I hodled and sold at a good price, but after a few months RVN pumped real hard hahaha.

I am going to guarantee you this. Most likely the coins you mine will lose 99% value or you will basically give up and sell all your coins because you think crypto is dead.

Every cycle I knew people personally who just couldn’t survive the bear market anymore like in 2015 and 2019. Nothing was moving. All coins were trading sideways or going down. So people gave up. Thinking crypto is dead and that was the bottom. Most likely the same will happen to most people that have this mentality.

It's better to buy Ethereum PoW coins than mining, the reward is not worth the electricity that's been burned, I keep mining only because I have free power through solar panels and some times I just shut down the whole rigs, with Ethereum gone this season is so cold for miners compare to 2018-2019 bear market, if Ethereum is still here miners will still make some good dollars per day.

Solar panels don't provide free electricity all day long. Do your mining farms only work during the day when electricity is free, and at night you turn it off?
The generated power varies during the day and depends on the weather. At lunchtime, the power is maximum, in the morning and in the evening the power is minimal. How do you solve these problems?

There's a way and it's not complicated
You can do on grid installation where you generate electricity and "sell" to the company
If you calculate how much you will consume in entire day, you can install the exactly amount of solar panels you will need to run 24h.

I almost did this in my house, but the price of solar panels and accessories here in my country is too much expensive.

Obs - maybe this will not work in some countries, if the company don't buy the surplus electricity

I think what will happen is what happened back in 2015. Most GPU miners will become ASIC miners. They will liquidate their farms of GPUs and instead buy BTC and LTC ASICs and mine with those.

Mining with those even at a loss makes more sense since those coins aren't going to go -99% like most other mineable GPU alts. I remember maybe people back in 2015 were selling their R9 280X that they used for LTC mining and bought Antminer S5's and SP20s ASICs since they were more profitable and it paid off when BTC ran later that year.

Solar just isn't suitable as the only or primary source of power for mining. Either grid tie-in or battery backup is essential.
 

I don't know if I didn't explain well hehe, but I wanted to say that, you can use solar + electricity from company (like you said: grid tie-in)
At least in my country this works

For example, let's say your rigs uses 1X of electricity.
If you make a solar system that generates 3x of energy you use 1x and sell 2x right?

Let's suppose you have 8h of solar energy, the other 16h you'll use the surplus you gave to the grid

Two way grid tie-in is not available everywhere and the rates aren't always the same both ways. Some climate concious utilities
will sometimes pay more as an incentive, others pay less or don't offer it at all.

I think that ProgPoW coins like Ravencoin are the future of altcoin mining.

Without a clear industry leader like ETH it will be coins with the strongest communities that thrive and keeping ASICs away is the foundation for a great mining community.

Difficulty is pretty high right now.i would mine when dust settle down other wise you are getting few rewards.

I agree,I am mining at a loss because I can afford to but most people that cannot should stop mining for the moment.I don't understand that 2 P difficulty of Ethereum Classic when the price of it is really low at 23 dollars right now.

I think most big farms have auto switched there and are yet to realize that this is not good for them as it can even cost them complete failure,I would wait when the big farms move away because right now they are worthless and they are all mining at a big loss compared to their power bill,when difficulty to go down hopefully after a couple of months,anyone can start mining then as things will not be as bad as they are right now.

It is scary that there is powerfull asics for ethash and etchash.each asic doing 3ghs speed at very good power.when i look to calc it seems they still in profit. I think they break into loss when etc price goes to 10$ something.this explains etc high hahsrate right now.i think 80% of them are asics.

Mining process is depends on coin prices.

Bull markets are typically defined as extended periods during which a sizable portion of asset values are rising. This is because the prices of securities rise and fall almost continuously during trading. Several months or even years may pass during a bull market.

 

If you are selling electricity to an electric company, then why use mining? In my country it is possible, but the nightly electricity tariff will be very expensive.
If you use a battery installation, it is expensive and energy is needed to charge the batteries.

In my country, we can choose 2 different billing tariff.

First: we pay the same rate for each kW all day long and all night long.
Second: there are 3 different rates. They are based on the time. The lowest rate is between 22:00-07:00
I changed my billing tariff to second one today. I will only mine between 22:00-07:00 from now on.

Another tip: House billing has lower rate than the commercial. But house billing is limited to 8kW/hour. We have to pay the commercial rate if we use higher power than 8kW/hour.

I have many rigs (29GH ethash hashrate) Well, I have 9 different places for mining, but 2 of them have the commercial billing rate. The others house billing rates.
About the commercial ones. we can use the electric bill for deduct from tax.
I will be careful about 8kW/hour limit for each house. Of course nightly billing rate. I use smarts plugs.

I think each country has their own rules about energy. Just do your homework well. We are miners and we have to find usefull tips.
I hope you will find your best way. Of course, we will not have a big profit earlier, but i think it will be enough.

Here in my country there's no difference between day or night rates, it's the same. (but it doesn't matter, our rates are high enough haha, 0.20 cents kWh)  :o
About selling electricity, you can't sell for money, you can only accumulate credits to use later.

For example, you can generate more electricity in daytime and use the credits when you are using at night.
I think I explained better now hehe  :D

About batteries grid, almost impossible to worth, we don't have price / durability right now

like the other said is better to do DCA rather than you mine directly at the current bear market, because you mine but pay the electricity for your own rig not paid by the GPU.

and yeah the current electricity prices is high  :'(

just opinion doing DCA and stake the coin is best option i think

Your lucky with USD 0,20 kWh, where I live my rate is USD 0.365 p.kWh.

At this price of electricity, you should not even start mining. Some people buy solar panels to make money selling electricity, but if you don't get paid for it, then most people won't buy solar panels.Rechargeable batteries are also disadvantageous.

Those are what I would call catastrophic rates.I don't know where you live but I believe in a country hit hard by the ongoing war in Ukraine that have made prices of energy skyrocket and the most impacted countries are those that are not self sufficient for providing energy to all their citizens.Where I live I pay 0.08 dollars per kilowatt and I am extremely annoyed by this price because we have a lot of natural resources,it is just the government that steals almost everything.

With those rates it is impossible to mine,I am mining at a loss with 0.08 but at 0.20 or 0.365 it is non sense to mine knowing the rewards of most mineable coins daily.

Don't GPU mine, DCA into coins. Your wasting money on electricity.  I set up coinbase to buy every day DOGE and BTC.  Also have a few ASICs that are profitable, L7, 2 Jasminers, 1 ipollo ETC miner and 9 Ipolo Grin miners.

In which country are these tariffs, if this is not private information?
At these electricity prices, solar panels or windmills should pay off well.
And if this is a tariff for the population, then what is the tariff for enterprises?

unfortunately we do not yet know if we are at the beginning of a new bull market, mining at a loss makes no sense if you do not have solar panels or low cost energy, perhaps it is better to stop for a while and wait for better conditions, or invest in eth for the pos or on hard disk for chia, i am thinking of selling my gpus to buy eth