Bitcoin Forum

I'm very curious about this.

I'm turning off all my miners. Not. I just trolled you. Lo!. I'm actually doubling down, increased my hash rate 2x. When it gets tough, the tough get going, never mind the electrical cost.

Last 6 x Antminer S7

Talk is cheap, you're right! ;-)

Given the current difficulty and block reward, what price would electricity need to be to make these profitable to run? Never mind external costs like rent/rack space, A/C, etc?

It appears the hashrate has gone up since the halving. The mempool seems to be below 1M ATM too.  Looks like all the Chinese mining farms brought more rigs online to compensate for the loss of income. Could just be luck, but I doubt it.

S7 is still profitable for me.  But 80% of their earnings goes to electricity.

1THs = 0.001178345 BTC
200Ths = 0.235669 BTC  with PPS payment -2.5%  0.229777 BTC

I turned  off today  my last 6x S7 miners.  The only way is currently mining with S9,  if you must  pay for electricity.

But to get with 200THs S9 miners 0.23 BTC day,  I spend over 500 kWh in 24 hours, my profit from BTC mining with only S9 miners  is less than 100 euro in day.
I got more with TITAN-s.

I have 5 s-9's  and my eth coin rigs are better for earning.

My thoughts are very simple hashrate will not drop much unless price tanks.

There is simply too much s-9 power waiting off line.

What's price range needed to stay profitable?

I have been slowly getting rid of previous generation gear for a while at this point.   Kept 1 S7 that I ran until today, which is now turned off.   It will be for sell shortly.   Now I really can only run S9's to remain profitable due to electricity cost.   With near 10 cent electricity I just knew this was coming.... so started selling a while ago.

I also have Ether mining I have been messing with.  So kinda been playing with that as I took S7's and A6's offline.   Now I need to take some pictures of that last S7 and see what offers I get.  

turning off my last 4 s7s tomorrow and putting them up on Craigslist/eBay in hopes of getting something back

i took my miners off bitcoin awhile ago and pointed them on alt coin pools..

check out digibyte, neos and digitalcoin. so far they havent really been affected by the halving.

The pie shrank, but everyones share remains the same. Adding more miners to compensate for lost income across the board, that makes little sense...

If any of you turning off mining and want to sell S7 please let me know here or via PM with details and "PRICE"

Thanks

It makes sense if you build your farms near a hydroelectric plant in the cool alpine regions of Tibet. The electricity is very cheap and the climate is cool. Also, the difficulty doesn't increase for a little over 1180 blocks at the moment. The block times since the halving are quite a bit shorter on average. Antpool definitely turned on some machines. They mined over 40 blocks in the past 24 hours and they usually only mine somewhere in the 20s.

The rise in hashrate is an anomaly we saw around the last halving as well. Everyone turned everything on to try and get some of the last 50 btc blocks at the time and it took a month for the hashrate to settle down to its new level which ended up lower than the baseline before it. No doubt something similar is happening this time. The only variable that changes that equation is that S9s are now moving into circulation which bring a new rise in overall hashrate.

So you're saying people had miners sitting idle when rewards were 25BTC per block but turned them on when they fell to 12.5BTC? Not at all logical.

Antpool/Bitmain appears to be the main culprit. Not only do they get cheap electricity, but they also have new ASICS to sell. What's a better way to convince people that they need to upgrade their equipment than with a temporary spike in the hashrate just after halving? Bitmain holds almost all of the cards right now. At least they are wiling to share, for a price, unlike Bitfury.

I just saw someone selling a 230000 euro farm ....

that person is turning 100% off.

Those with S7 miners, why don't you just undervolt your S7 to 0.20W/GHS ?

Actually, I don't interpret it this way. Unless the seller is in dire straights, they may well continue to operate until they find a buyer.  If they find a buyer, then their hardware will likely be offline until they have shipped stuff and the new buyer receives it. Once the buyer receives it, then it will return to service. Nobody will buy it unless they intend to run it. Nobody will pay serious money to purchase Bitcoin mining hardware with the intent of scrapping it.

You mentioned Euro as the fiat currency. That suggests to me a European seller. They could easily be selling to somebody with a much lower electricity price. That wouldn't be unusual at all.

If youve paid for your miners outright and your making a profit of just under 100 euros a day then isnt that pretty good? If i was making 700 euros a week and didnt even have to do anything to make it then id be pretty happy and certainly wouldnt be turning any miners off at that kind of profit. In fact id be buying more miners if my electricity supply could handle it.

Just to use dollars (since I don't know the denominations in Euros for cents :), lets say he pays 10 cents per KwH for electricity. He's paying $50 per day for power. He WAS getting .23 BTC per day which equals $149.50, giving a profit of $99.50 (lets round to $100). With the halving, he'll now be receiving .115 BTC per day, or $75. Profit = $25.

On a weekly basis, his profit fell from from $700 per week to $175.

And that's only (potentially) a couple difficulty adjustments away from making the return negligible or negative.

And that's the S9, not the early gen S7, which is surely unprofitable to run absent free or nearly free electricity....

unfortunately i was hoping the multipools would remain profitable..



nicehash is paying a little above 100% pps, but with their 3% fee it kind of kills the profit.. and zpool, themultipool and infernopool has dropped their payouts to well below 100% bitcoin PPS..

I didn't have any Bitcoin hashrate left to turn off, so zero.

 9-)

can any oldtimers shed some light on what happened with the previous halving? did quite a few people walk away or was the difficulty static compared to the current arms race?

Personally I cannot. I would however be wary of the first halving experiences. Bit was massively smaller, and the investment in mining was much smaller, both in hashrate and monetary investment. I expect that there was essentially NO commercial mining operations. As best I can tell (I joined in mid-2013), home/hobby mining on GPU's would have been king. There were no ASIC's.

In other words, Bitcoin was a small boutique hobby, and not the huge enterprise it is today.

Obviously other folks may have a different, possibly better, view.

Some, but barely. I mined at a loss until this halving, and I plan to keep pushing it. I turned off 2 S3's and replaced them with an S7-LN (replaced psu, as it broke pretty fast). The network seems to have turned some off, with a dip a day or two ago, but I don't see as much of a drop as I anticipated. Perhaps more network hashpower is in S9's, or most S7 users have really cheap electricity, nobody knows. I see difficulty dropping or staying stable in the close future.

Something interesting I noticed in PPC was that difficulty exploded as I expected it to, as people realised that the profitability was almost the same as the pre-halving BTC profitability. It's still slightly above the profitability of BTC, but I don't think all of the hashpower 'turned off' has completely turned off.

since you have an increas of only 50% of the value and a decrease of the total reward of 50% plus diff that increase, you can expect 33% player in the mining scene

this won't be equal to less hashrate, because those that are still in play with cheaper electricity will add more asic, and compensate for the less hash, thus diff will remain the same

https://bitcointalk.org/index.php?topic=858962.0

Difficulty rose just before the halving as people turned on old inefficient miners for their last chance of getting a 50btc block. After the halving the hashrate and diff remained high for a while with the extra hardware turned on and slowly dropped over the next 3 months to a new baseline, lower than before but nowhere near half the pre-halving hashrate.

Price was completely unaffected as expected as there is nothing surprising about the halving - if you know in advance the rate of supply, it won't have any effect on the value of something. Speculating on bitcoin can't be dictated by unexpected changes in supply since there aren't any, only demand. An awful lot of people miss that - mining has no direct effect on the value of bitcoin, and neither does the halving.

I think almost few miners are turnoff there low end miner s5 s7 those miners right no longer profitable if you have electricity cost..
But if you have free electricity cost you can still make a profit.

I don't see S5's and espically S7's being turned off.  They will be sold to cheaper electricity users or "free electricity" users.  I recently did this with my last S7 so it really was only offline for the few day's of shipping.  I think you will find that to be pretty common.

Not sure what miner's will actually come offline.   I would love to see some older gear come offline though, but a lot of the bigger places I think will upgrade miners if they do turn off older gear.  This is due to them already investing in info-structure for mining, so they really have a lot of cost's that are already paid.

Sssshhhhhh.... dodnt tell :-)
Just turned of 300TH S5`s and SP20`s, but turning on 600TH these days in 20 pcs S9`s and the rest is new S7`s undervolted... ;-)

Would love to see some pictures of the 300TH of S5/SP20 that is a good amount of gear.  Do you have any pictures that you don't mind sharing?  Also out of curiosity how did you sell them off did you find one big buyer or have to do a ton of little sells?

Sounds like very cool though.  Best of luck with it all.

Pictures before taking down:

http://i64.tinypic.com/fu9vr4.jpg
http://i67.tinypic.com/35co37r.jpg
http://i65.tinypic.com/3176pup.jpg
http://i65.tinypic.com/4vfree.jpg
http://i65.tinypic.com/2d9u1xs.jpg

And many more :-)
Now all this gear is taken down and replacing with S9`s and S7`s

The SP20`s are up for sale and the S5`s is on hold until I get info from Sidehack re S5 upgrade is a "GO" or "NO GO".

Thanks for sharing!  Truly a impressive mining area love that it is in a actual server room.  Is that a hosting center? Or is it something you managed to get privately.

Just curious as if your ran S5/SP20 this long... makes me think you have found some place with great electricity pricing.  Either way thanks for sharing pics!

Yes I managed to find a hosting center that acts very very professional, my own dedicated VPN connection and cheap pricing for EU standards € 0,055.
I have special terms, since I moved in with my gear when BTC price had crises in end 2014 and most miners moved away from hostin and they asked if I would invest in more gear so they would build a dedicated miner area with lower temp than a normal server room. My S7`s is reporting a temp a frq. 712 =48 degree Cecius and my S9`s are at 54 PCB / 84 Chip, so very very healthy miners running for months without power cycle.

Do you know anybody who would buy 35 pcs of Sp20e I have left ? Healthy miners as you can see...
Maybe someone with free power..
Otherwise I will dump them on E-bay dead cheap around 100,-$ a pcs or 125,-$ a pcs free shipping western world.

Hi,
I am looking for cheap unprofitable asic mining hardware.
tks

Wrong place; I'd go to the computer hardware section of the forum and make a post there. You could pm xircom if you haven't already as well. Good luck finding gear. You could also be more specific; not all gear you consider unprofitable may be unprofitable. You'd be better off asking for more specific gear, but that's just my opinion.