Bitcoin Forum

Hello Everyone, I wanted to solicit your opinion on whether I should shut down my RIG.

So I started Jan 1st, spent $1,500 on my 4x7970 RIG.

I started making 0.30 BTC avg. worth $30 minus $5 daily for electricity my net was  $25/day. (mining alt of course)

Well, I never sold any BTC so it was never realized profit, but by March 1st I had made 1.5 BTC.

Then March hit. Gridseeds flooded the (Chinese) market before ever making it to the rest of the world and profits sank for everyone else doing GPU mining. Scrypt-N showed up but coin developers were very slow in making hundreds of clones so those have not become profitable either.

So... profits for me are down to 0.012BTC day, (BTC is in the $440 range) making my profit worth $6 /day minus $5 in electricity and now I'm down to $1/day which is not worth the noise and the space it takes over and certainly more than what I lose on depreciation of the parts. My RIG as is is prbably worth $1,000 or less (it was worth $3,000 in Jan).

So as of tonight it seems like I need to shut down the RIG.

So I'm here asking any one of you who is in the same boat (anyone doing GPU probably is). What are you guys doing? What are you mining? What is your advise for me?

Thanks!

lots of us have the same problem,but ill still mine even with a loss but for future profit.is it smart or dumb only time will tell :)

It's more profitable to mining altcoins.

Hunt for new altcoins or check altcoin calendars and if the coin is worth it hold and then sell slowly.

People mined bitcoin when they were worthless, look at them now. Just because at this very moment it isn't profitable, doesn't mean it wont turn out to be.

K.

Big difference is that bitcoins almost always had an uptrend. Since March 1st things are not rosy there either.

it's better to buy then, mining at loss(or for a tiny profit) is never a good move

personally i've shut down my rig, and i'm mining only new coin at the start, repeat

i'm happy anyway in two months i have done plenty of btc with just two vga :D

Problem is that we need a ton more alt to spread the new 250mh/s miners around, or all coin developers should focus on Scrypt-N only and let Scrypt difficulty, on all altcoins, just skyrocket like Bitcoin did.

When ASICs appeared on Bitcoins everyone moved onto making Scrypt clones of litecoin.

When ASICs appeared for Scrypt we need everyone to move on to Scrypt-N and that doesn't seem to be happening.

lots of us have the same problem,but ill still mine even with a loss but for future profit.is it smart or dumb only time will tell :)
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It's dumb, just buy the coins.

They would have even more bitcoin if they had spent the electric money on bitcoin. It's never a good idea to mine at a loss. Take the electric money and buy the coins if profitability is that low.

X11 is much more GPU friendly. Check out Hirocoin and Darkcoin. Soon Einsteinium will also change to hash with X11. Less heat and noise !

My 2 cents, if your are mining right now.. and need to profit right now, then no. However if your mining now, and can afford to not see a noticeable  return for a while, then yes absolutely.

Many miners jumped in with 'ALL THEY HAD' , they saw stars, they mined, & they dumped. This miner told a friend .. hey check this out.. his friend did the same, then forums came, & social media.. GPUS sky rocket in price ( multiple reasons ).. people still bought in, they still saw stars.. they mined, they dumped, they smiled.. until recently.

Now, the late to the gamer's are wondering what happened.. where did the stars go.. whats this big bright light.. well its the sun. These vampires are running away in droves. Used GPU's in abundance's are now available used, some dirt cheap. The sun is still rising, and it will set again, in time.. like it always does. But if you cannot be exposed to the sun for very long, then there may be issues.

In laymen's terms w/o the silly 'sun/stars' references.. Crypto is transitioning from 'Insta idiot profits', into real world investing. Miners that cant , dont or refuse to properly invest hash/btc properly, will fail hard. Good things come to those whom wait. Blindly using resources on the 'latest ANN coin', will weed out the ones whom cant see past hype & glitter, they will inevitably fall, some quite hard.

If you define 'profitable' on a day to day basis, or need to rather.. its not looking good for you. And hasent for quite some time now.

I will end this with the statement , that I am by no means an expert trader / miner / investor in anything.. this is just my 2 cents. YMMV

-Happy Trading & Mining too if you can afford to

I had a PC, but no money, and no way to buy, even if i wanted to - I've done really well out of it, so i'm sticking to my methods.

K.

Now my rig is running for one of two purposes:

1st: Mining new algo coins to hold them in long term.

2nd: Mining coins for BTC to invest in some PoS coins - it's cheaper and easier to pay electricity bill than moving FIAT on some BTC exchanges.

I'm not making as much as two months ago. Now with the new ASIC Scrypt Miners are out, I mine my 3.2 mh/s on either X11, HVC, Myraid or any profitable non-Scrypt coin. These non-Scrypt/non-Scrypt-N algos are pretty much less heat producing and less power hungry. Also, I cpu mine XPM.

I sold my small rig operation and am waiting on some scrypt ASICs ... if you're really doing it for ROI and not fun/hobby
mining is mostly a gamble.  Who knows in 6 months what the price of BTC/LTC could be?

nicely said, i love the scene and what it can possibly achieve - i do it coz i love it :)

K.

- Undervolt the cards
- See if your power company offers a contract where it costs less during night and weekends.
- Avoid mining scrypt or scrypt-n, if the gains are minimal vs X11, keccak, hefty, etc...

But then, I don't mind mining at a (small) loss. I'm slowly converting fiat to cryptos, without exchanges or ID validation

You may also want to look here till it isn't so popular i think that it will grow alot b4 or throught summer:
https://bitcointalk.org/index.php?topic=525926.0

Hiro coin X11 is the answer! Try it... You'll be amazed.

Obligatory "And so it begins.." post 

;D

My rig runs on electricity. Whether or not mining is profitable depends on user input. :D

if you think hirocoin will be next DRK, you're wrong

+1 hiro coin was a ninja launched scam coin. That coin was ninja launched and instamined by dev and his pals.

Avoid it, the huge amount of easy coins has gone to a few people that are trying to pump that junk.

You just hit the nail on the head. If mining for income is no longer profitable, then mining the altcoin with most promise will be the way to play. Pick an altcoin on the same basis that a shrewd speculator would, and mine-and-hold.

Funny how all roads in Altcoin Town end at Speculation Square  :)

Remember the old saying. "Can't go broke making a profit".

i stopped since its summer. too costly to fire up the miner + aircon at the sametime add to the injury that all coins are going down with bitcoin
i advise you to just invest directly

It's true, lol. Don't let the FUDsters put you off, that is exactly what they want to do. It's so you don't get the huge profits that they'll get.

This game has been taken from us by the big guns. Expect deception and corruption at every turn, but always hold, coz they won't beat us!

K.

It's a gamble really.

The bubble has burst, now we just wait for the next jump, my predictions are in the 1800-2600$ range.

There is simply no point to ever mine at a loss. It simply does not make any sense. You may as well buy the coins you would mine at a loss.  

Sell most rigs, keep one or two for the 1 in 100 half decent prospects that may come out.  Use the funds to buy coins you believe have a good chance of appreciating.

scroll scroll scroll.. mega bullshit propaganda

bagholders spouting bs .

i did some checking 3 days ago now and scrypt-n (Vertcoin) was a hair under 3x more profitable to mine than Dark coin was..
and factoring market values and trends i can safely say Darkcoin is on the high side price wise and VTC is on the low side.

people don't know what the hell they are taking about.. facts are facts

many of the guys that commented here ignored when i had posted this info before and showed up here spouting X11 bs
even though they just acknowledged what i said previously.. they play dumb about it lightning fucking fast !

OP i hear ya jeez i am in the same boat my profit mining alts have been slaughtered
and you can take my advice over others because i am honest about it and don't suffer from fanboyism like most douches around here
and i have been doing it all far longer than the majority of these guys and experience counts !

for your situation, do i mine or not ? you gotta look at the current and future market value of the alt's and whether it's likely they are going to explode in value later
and like i just said i think Dark coin is on the high side compared to VTC being lower (scrypt-n vs x11) market price wise
and i think that is the majority is being fed X11 bs lol

i think we're tied to Bitcoin too so look at the bitcoinwisdom values lately and right now it just hit 420 and i went and looked at cryptsy and my investment is even lower..

don't take advice from noobs that know fuck all you'll regret it ;)

Meybe you are noob 2 ..i mine heavy coin and power usage  is 50% less then mining scipt or script-n ..not to mention so much less temperatures and noise..but profitable is like on every coin horrible now..MTGox sht and ASIC for scrypt fuck up totaly everything

This thread was hilariously noobish, blatant and manipulative at once. Took a while for somebody with more sense in their head to step in! You spoiled the fun! But on the other hand, you're protecting the newbies who might consider the preious advice in this thread seriously.

so X11....where do I begin
Even if we forget about the fact that all the 11 algos and the way they are chained is fairly ASIC adaptable,.. what is even worse about X11 ARE ITS MAIN PROPONENTS, DarkCoin and Hirocoin! ::) Why? THEY BOTH SUFFERED A HEFTY PREMINE! Just look through the DarkCoin reddit, the DarkCoin community is even aware of that but pretends like its ok to shield their investment. So greedy!
If Einsteineium forks to X11 I will probably mine it for a few days to get a few, even though I find it slightly silly.
The logical next big thing is Vertcoin. WHY? The devs and the community are commited to be antiASIC, its been publicly stated by a dev. If they even make a scrypt-n ASIC, it will get screwed by a hard fork.
And also, Vertcoin aims to get in circulation, get merchants and payment platforms involved and is already seeing success in that regard. DarkCoin is nowhere near to that and Hirocoin is nowhere near Dark.

Also, mining to instacash out has been foolish for months. Now mining makes sense if you intend to hold altcoins/BTC for quite a while. If you dont have the resources/balls/cheap elec just stay out and buy BTC/alts directly.
Just my 2 cents of sanity. 

Started off with 4 x 7970 at 2.9Mh/s one burnt out replaced with 6970 now Im at 2.73 MH/s stable. Now I barely make 0.011 BTC/Day so its actually less than when I started this thread this morning, Im at almost zero now when you include how much pools cheat us out of the coins we mine compared to what calculators (coinwarz or the pool itself) show.

If I'm mining vertcoin and I drop my hashrate to ~33% thereby reducing electricity cost,  my daily profit will be same as X11.  It seems.  What's with the "nscrypt bad x11 good" propaganda?

You could try mining on the BC multipool.

http://blackcoinpool.com/

One good thing about DRK is that its not on coinwarz so it doesnt get slaughtered by massive hashrate when profitability goes up.

Bad thing about it is that its x11 which is ASIC friendly.

indeed... bc price seems stable even as btc tanks

BC should just die. You cant mine it anymore, if I wanted to buy a coin I would buy BTC, not Blackcoin. Its pretty much 100% premined at this point except instead of one developer 100 people collectively own all the black coins. Everyone buying is just making those 100 people rich. Stupid people do though.

It wasn't premined at all. There was a pre-announced one week mining period where anybody could mine. Now it is pure PoS with some multipools opening on Friday to mine altcoins and trade them for BC.

just mine dark you will make 2.5% more profit on your electric lol

I'm losing money atm, but actually I never sell the coins that I mine so it doesn't make sense to stop mining.

Mining for a loss has non sense. Just buy cryptos with that money.

Low power consumption algos! X11 and others are the best. I´m having exactly the half of power usage per GPU with X11 8)

Actually, in Scrypt mining I do 3.2mh/s, in X11 I do 10.5mh/s. I enjoy the cooler running card as I can run the fans at 50% or less, and enjoy the quieter rigs.  8)

Profits are nominal across all the markets, it's more of cutting power consumption costs to maximize profits at the moment.

you guys are deaf and dumb.. mining Dark coin is not using less power it simply not doing as much hashing.
simply put, i tested this myself and i found an average of about 60 to 83% ma cpu usage mining vs scrypt or scrypt-n
THAT is what you guys are attributing to lower power usage.. it's imply not doing the same amount of work.

second of all i see another guy after i last posted here that said one line..
Just mine Dark coin and make oooh so much money.. blah blah blah

are you retarded ? i just finished telling that Vertcoin AKA: is 3x more profitable than Dark coin to mine and a better coin to boot !
seriously you don't believe ? i will unleash a tsunami of proof easily if you guys think i am lying ;)
further more if really wanted to invest in Dark coin you could be mining VTC right now and selling at the end of the day
and buying your Dark coins and be far faaaar more ahead ..if you weren't an idiot. lol
I regularly use this angle to acquire coins i want.. i will mine one to sell them and buy another and i have had VERY good results doing that.

do your homework.. dipshits are parading around their Brand name fanboyism aka: X11 so then pull back the curtain and
do some research on things.. what did some guys here already say earlier about the coin ? are you guys deaf or what ?
X11 is afancy name they slapped on a modified version of Quark's algo whiel giving Quark zero credit in any way.
had the Quark dev made up some fancy dumb fuck name for his algo i bet you guys would be blowing him instead lol
Brand name fanboyism.. lol

i am sooo sick of the Dark coin bs hypers spreading mass bullshit.
Don't drink the Crypto-Koolaid kids,
but if you want to go ahead but i'll laugh watching when the sheets are laid out all over with Nike's sticking out the bottom lol
No i don't expect many people to get that reference ;)
I'll give ya a hint it was an extremely famous incident that happened long before my fairly recent ex-girlfriend was even born.. i like em young and hot :)

How coin (VTC), that is being mined by some multipools, could be so profitable? I mean in short term (mine & dump).

Dark Nike Young Chick? That sounds like Chinese food from McHammer days.

 it's not.

Do you always... talk like this?

Very cheap electricity hear and just at limit proffits.