Bitcoin Forum

I would like to know how can a miner still earn money with BTC = 230 USD while the biggest "miner" Cex.io closed the business.

Cex.io said that they cannot cover the cost anymore.

Whose are still mining? Who is the biggest miner now?

If you can get free electricity, ming cost is close to zero... think about that.

how can you get free electricity for a mining farm which normally cost around of 7000 USD per day?? :)

I am referring to the real mining farms not clouding or ponzi. Who is the biggest miner now?

Where did you read the news?
Can you post the link Plz!

I'm really interested.

I Have a zen cloud contract.
I hope it not will be the next!

i think cex still make mining but only for their
they stop mining for customer
i haven't any proof, it's only my opinion..

I' m'still googling searching that new ....
But i find nothing!

I think that you were looking for this: https://bitcointalk.org/index.php?topic=923056.0

But.. interesting enough, ghash.io still finds blocks - just check blockchain info.... Am I missing something?

here is the link : http://blog.cex.io/news/cex-io-temporarily-suspends-cloud-mining-services/

i recommend you to cashout the funds from any existing cloud mining program.

Is the block found by Ghash.io just from CEX or from remote miners using the pool?  If a poretion of the 40 ph that I have heard are still on it is cex then all they did was suspend payments and kept mining for themselves.

you cannot cover the costs for mining with the present BTC price.

this is my question. whose still mining and how can they afford that?

no mining at this point is profitible, which explains why CEX just paused their operation, since the price of bitcoin is too low for them.

just pick it up as a hobby, and focus on your real job and buy it when its super low.

In some places in Asia dollar is valuable enough for mining be profitable. Or hardware cheap enough.

And I guess cex.io closed because mining is not enough to pay themselves AND the customers, not because mining per se is not profitable

Operating costs aren't fixed across every miner.  I'm still profitable and my HW is all 1W/GH.

If you have efficient miner in price, performance with low electricity operation. Also with cheap electricity price you still can make some profit :)

cex.io goes down, but that dont mean its the end of the miners.

Busines like Bitmain, or spondoolies tech, now have great discounts in the hardware.

http://www.spondoolies-tech.com/
https://bitmaintech.com/

the mining difficulty was much lower than now. that's why they afforded to do it.

Cex.io was the biggest miner(I guess) and they closed the shop. If the biggest one is closing, how can the rest of miners still remain?

It cannot be a hobby because it costs a lot of money per day. The electricity price is around of 0.13 USD cents(average). it doesn't matter if you live in China, USA or Nigeria.

The big miners own a lot of a ASICs so...the cost must be huge. they cannot make "tricks" in order to avoid the bills... The cost for a mining farm is around of 7000 USD per day.

It may not currently be profitable however if you mine the bitcoin at a loss right now if it goes up in time you will have made a profit for your mining time. The only problem is you will have to be able to operate at a loss for what might be some time.

How about letting the big, grown up boys worry about that and you get back to your drawing, uhm kay?

http://blog.illustrationcastle.com/wp-content/uploads/2009/12/hera_drawings9.jpg

http://www.spondoolies-tech.com/products/holiday-special-sp20-mini-farm-batch-2  

you can earn up to 2 USD per DAY :)

Hardware cost = 5500 USD
Electricity = aprox 10 cents per hour

So, HOW is it possible for a miner to make profit?!

Many of them may well not be making profit right now... But if they continue to mine and hold with time it may become profitable with the price changing. For example I mine 0.1 BTC but it cost me that plus a little more in power costs (fiat) I then hold bitcoin until price rises enough so I then have made a profit if cashed out into fiat money.

let's not forget that the difficulty will increase and they will need a new hardware in 7-8 months.

even the BTC price will be double, it's not worth it... I have the same question. Who is still mining?

id look into other sites like hashnest that produces asics as well, aka bitmain.

im just starting into mining world
after read all post, make me doubt to continue upgrade my miner

Mining is a risky business. That being said, don't listen to Mayax, he spends all day, every day, spouting this same shit non stop. Check his posts.  He gets some sort of charge out of being an asshole and pretending he is somehow smarter and better than everyone else here.

What everyone (except one person) fails to realize in this thread is that different miners will consume different amounts of electricity per TH/s then can do. As a general rule, newer models (based on when they were initially released) tend to be more efficient then older models. Since a cloud mining company would need to be constantly buying newer hardware their average age (and efficiency) of their farm is going to be worse then what you can buy with the latest and greatest

please put some links with the latest hardware and let's make some calculations after that :)

it seems new : http://www.spondoolies-tech.com/products/holiday-special-sp20-mini-farm-batch-2   
you can earn up to 2 USD per DAY Smiley

Hardware cost = 5500 USD
Electricity = aprox 10 cents per hour


http://www.bitfury.org/products

BF4500
Cost : around 10,000 USD
Specifications 4.5TH/s
3000W

you can earn up to 15 USD per day without electricity cost.

Please correct me if I am wrong.

This one would have roughly 21 TH/s of mining capacity and would consume roughly 18 KW every hour they run, or 432 KwH per day (source (https://bitcointalk.org/index.php?topic=886633)). Assuming you pay $0.09 per KwH (which is low and below the national average) then you would be spending roughly $38.88 per day on electricity.

Based on current difficulty you would earn roughly 0.2002 BTC per day assuming you have 100% luck. Based on a $250 price of bitcoin that works out to $50.05 per day of revenue. If you were to assume the price of bitcoin is $200 (where is was only a few days ago) then you would earn only $40.04 per day which although is above the cost of electricity, it does not give very much room for error.

I don't see where you got your cost from. However I would agree with the rated hashrate and electric consumption.

The gross revenue would be closer to $10.72 assuming a price of $250 and closer to $8.58 assuming a price of bitcoin at $200. In order to realize $15 of gross revenue you would need to assume the price of bitcoin is ~$350.

Based on 3 Kw per hour of use of this device, you would use 72 KwH per day which works out to $6.48 based on $0.09 per KwH.

I am not sure what your point is. The SP20 is an older model miner

i would just start buying bitcoin now instead just saying..

alright, and what's wrong with what I said? let's say 10 USD per day = revenue ...OK, I m generous and I am saying 20 USD per day. How much does it cost the hardware? How long does it take to recover the investment? :)

The hardware must be changed yearly or even earlier than that. Another hardware = other money. So, how is it possible to mine these days?