Bitcoin Forum

So depressing, I used to make around $300 a day but now I'm down to like $70 a day.  Probably won't even be able to live off this anymore and I have bills to pay.

Do yourself a favor and get out whilst you still have the shirt on your back.  Don’t do what I did and think the little guy will be able to compete. I’m almost certain there is far more lucrative ventures now than this.  Reality of it is your going to have to dig deep regroup and start something new.  I moved into cell phone/tablet repair. And my busn partner is pushing hard on getting a screen printing/embroidery busn off the ground. Well we both are when I’m not busy fixing phones.  Trust me if you have a setup that bets that amount of change then you have the wherewithal to move into something that will benefit you and society.  This turned into a playground for the rich. I just as soon shit on my trezor. Parden my language.

Br

I'm guessing these Chinese miners have free electricity from the government and they have upgraded gear that isn't even on the market yet.  Like even with these low prices difficulty hasn't really even gone down, this is insane.

punch in 2 cent power  and most  coins look very good.
punch in 3 cent power and  most coins look good.
punch in 4 cent power and some coins still work.

So if  you have these  power costs  you buy used gear  from those that have busted out  and for now  mining works for you.


The reality is a lot of people don't have 2-4 cent power  and they are dumping  their gear.

So a guy with  big farm and low power just smiles.

I can only hang in and still mine at this due to having solar power deals  in my state of NJ (a very good solar power state)

I have access to "free" power  basically  I put up gear and split the coins.

so  if I put up 10 s9's  I get the hash from 5 s9's and the solar guy gets the hash from the other 5.

5 s9s = 70th  and earn 321 a month  so in 7 months I get 2200  which is roi for them.

My issue is the solar I have access to is about 55kwatts  or about 560th  I am capped at this for now.

 so I get 280th a month or 1240
the solar guy gets 280th a month.   btc diff is flatlined for now.  as I predicated  in this thread

https://bitcointalk.org/index.php?topic=5043713.0

on oct 4th 2018

https://bitcoinwisdom.com/bitcoin/difficulty

Oct 04 2018   7,454,968,648,263   4.23%   53,364,744,228 GH/s

Feb 10 2019   6,061,518,831,027   4.25%   43,390,041,906 GH/s

Guess i'm fortunate to have cheap electricity here in Washington since many miners aren't even making a profit anymore.

I am currently pulling $5-$6 a day each on my A9 Zmasters which pays for my electricity and are still profitable as I am heating my shop with them. When warmer weather hits I will have to unplug them.  >:(

Most of them are losing money mining, they do that to support the price of the coin in the market, for example, imagine if eth difficult was 10 times less than now, you would think that you would earn 10 times more right? but that is the problem cause easy access means easy sell, eth around $122 now, 10 times easier to mine it would probably make eth to crash to drop to $30, see my point. So coin difficult is there for many reasons.

As most are losing money to mine, only idiots would sell any eth they are mining.

so it is 2 ways for miners.

1.) instead of scaling up, consider looking ways to cheapen your electrity like philipma1957

2.) diversify outside crypto, business, rentals etc.

of course you should strike gold first before doing 1 and 2..unless you already have capital ready.

Energy consumption doesn't help anything at all when you are into mining especially if you are in the area where energy is pretty expensive. Maybe, if you have invested your solar panel at the start of mining, you can still get something out of it.

Mining is simply too easy, anyone can do it.  Since the barrier to entry is so low it became over saturated and made the profit margins razor thin. 

with the eth fork and as issuance going from 3 to 2 eth, minimum we can expect eth to rise is 50% from what is right now. 125 + 60 = 200 usd to be eth value soon, it might go much higher than this, if it consolidates around $300 after the fork then the fork will be a success.

It is because Bitcoin price is not what it used to be, this also impacts all other altcoins and the profits are low compared what they used to be in last 6 months of the year 2017.

I do not mine to pay bills, I mine with the hope that one day bitcoin price will skyrocket and I will be happy that I continued to mine it even when many people have quit.

While the drop in BTC has affected the price of all Alt coins, I believe the underlying cause of low profits is simply there’s no compelling reason to own them besides pure speculation.  And when there’s more sellers than buyers, you get lower prices.

Coin Devs have been busy forking and changing algos to stay ahead of ASIC’s and FPGA’s instead of fulfilling the promises made in their white papers and roadmaps.  The terms “decentralized” and “anonymous” are a myth.  Sure, you can send coins anonymously around the world, but try converting them to fiat without giving personal information.

With most miners losing money these days, we should be asking how much longer mining can survive.  At some point, people will just stop.  And don’t tell me the small guy is done and only big corporations will be left.  Big companies are in business to make money just like an individual, and if the profits aren’t there, they won’t be mining either.

My advice... If you truly believe in the future of a specific coin, just go buy it and save the costs of electricity and associated headaches of mining.

I have a good reason  to mine.

I can use mining to develop solar power installs.
So even if mining fails in 5 or 10 years you still have the 25-40 year assets of renewable power.

See my solar build out link


this is the second buildout
https://bitcointalk.org/index.php?topic=5099194.0

this is the first build out
https://bitcointalk.org/index.php?topic=1369207.0

So mining has a viable real world use  it helps to develop renewable power.

forum member buysolar has created the method I merely helped to develop it.

Solar panel wont really make such difference.Have you consider on how much do a panel set-up cost? If you do like to wait up for how many years for ROI then proceed.If not
then better not to go with this option.

If mining isnt already profitable then why proceed? We do already know the current situation of crypto market and so as on its mining difficulty minus the electricity cost consumption will really give a scratch on your head.
If you dont have any options then pack up and ready your resume and find a job.  ;D

I am of the same opinion. Maintaining a warm room with 4 GPU is already a benefit :)

Solar power roi is a myth, there will always be maintenance to be done and extra things to buy and wont be cheap. Ask them how much they pay for each kwh right now with their amazing solar power based on how much they paid for it to begin with, oh yeah they will say is to be paid in 25 to 40 years, some of them wont be alive hehe and the ones alive will regret that they could have used the money to buy crypto and have got from 1 to 200 times their solar power initial investment.

Solar power is only good in countries like australia where kwh per hour is very damn expensive.

Everyone talks about electricity cost. Here in Southern California it costs amywhere from 16c in winter at night to 35c in daytime in summer. I hacve no idea how people are paying 10 cents.

But my point is even in SoCal with high electricyt cost, the equipment depreciation is much higher than the electricity:


Example:

I am mining a coin that is 5 Satoshi per coin. I get 11,000 coins per day (used to be only 2500) basically making about $2 for a 6 x 1070 rig that I bought for $4000 last year so:

Coin value is 5 Satoshi
Electricity cost is 5 Satoshi per coin mined.
Equipment depreciation cost is 12 Satoshi per coin mined.

My GPUs lose value faster than the electricity they use.

Solar power is not free, its only free if:

1. You have no use for it
2. You cant sell it back to the grid

If you can sell your solar for 12c/KWh back to the grid, OR you can use the solar to reduce your 12c/KWh electricity bill then  your solar power is worth 12c/KWh.

Plus solar panels have a ten or twenty year life cycle where their value goes to zero plus installation and removal cost.

Solar power is never free.

you are not winning, your gpus are getting old and useless, at least you are being smart for not selling your coins but would have been lot easier just to buy the coins from your pocket and wait it to multiply. you trolls just dont get it.

I agree with the above poster a few posts back. Basically mining these days is very easy to do and anyone can do it.

So this creates a huge supply of miners and causes the difficulty to go up and leaves less profit for everybody else's.

This is basically the way business is these days. Where there is easy money to be made, many people will pounce as fast as they can to get a piece of the profits.

I think soon mining will be back with new 7nm GPU's/CPU's/Asics,
Just remember- going down from 12nm to 7nm for AMD meant "Same performance at half the power"- so just this will make mining much more profitable :-=).

Tell that to the bitmain S15 folks. They are on 7nm now and it's not profitable unless you have near free electric

You're missing the point entirely.
Is not just the nanometers, or the efficiency, you have to consider the "whole", and the biggest problem at the moment is the value of the coins.
Unfortunately, the idea of anonymous / decentralised / "give the banks the finger" has been blown out of the water. Yes, you can do all that with individual coins, but when you need to exchange to FIAT or virtually anything you now buy, needs "KYC", therefore the interest is rapidly diminishing. I can't see any reason why BTC will rise from the ashes...i think this is its new level, which against worldwide inflation, will diminish in value each year....BUT, hopefully i am completely wrong :)

Total rubbish...the technical side of mining might be easier than ever, but the cost of entry is the prohibitive part now. There was a time when any decent cpu and / or 1 single mid end gpu would yield good profits, but now, if you cant buy a 1080ti rig (or equivalent) there is basically no point starting, and dont know about you, but i dont have 5K sat around so i can buy a rig whenever i want...besides, if i did, there are much safer / more profitable ventures outside of crypto now.

It's becoming polarized like never before...either  "hobby mine" or "professional", the amateur part has completely gone...

Yep. Capitalism. It’s what ends up happening every time and what destroys civilization. Profits come before people. Sickness envelops and it goes down hill from there.  I look at the world atm as a big episode of “big brother”(show on cbs).  You’ve got your have and have nots and then you have big brother poking at you just to stir the pot for a good show.  Fucking joke!  We have to be a better than this.

BR

We live in a community where these people dont care about this, saw eos rose today 20% and is not even its fork going on, it makes no sense for it rising like that, eth yes, monero yes, cause those coins will be forking, now, eos no, xrp no, so the same thing can be said for the 7nm gpus, my point is, they buy 7nm gpus regardless of it gives performance or not, they dont care, put the bill on the credit card company and gambles on, total dementia, that is the reason why coins crashed so hard, the same people making mistakes and mistakes, over and over.

ETH soon to be around $210 at least, if not then eth mining is closer to death if same difficult continues, see easy money right, sounds like but its not.

BTC is only rising because of eth, everything is rising because of eth and eth itself is not rising like them hehe

Making a profit into mining nowadays are so hard if you're a small time because even though the numbers of miners subsided yet the level of difficulty is still high and getting a break-even to the costs of mining are less likely to happen not unless you have a free electricity based on the latest rates so it's obvious that mining is a pure investment that needs perseverance.

To those miners that still mining right now would definitely earn their fruits of labor.

Really ain't even perseverance that matters in the end except if you have very, very cheap electrical rates right now. If you're in the red or barely in the green and mining right now, it's a good choice to just sell off your hardware and just buy coins through an exchange or P2P exchange if you don't want to deal with KYC. You can buy through PayPal without verification on a site like LBC or Paxful, but note you'll be paying a fee for doing so. Doesn't make sense to mine anymore for most people, and mining at a loss is just plain stupid no matter how you put it. If you're making just a few pennies a day per card, it's really not worth the cost to maintain the rigs.

See people spit out this same old crap about getting into it. Just because you are a solo user with no access to capital or skilled labor, does NOT mean its impossible. Just that its impossible from your tiny world view.

Heres a little secret: Since the beginning, to make a profit you have to expand your operation. You either expand or die, thats never changed. What changed is the mindset of people who entered the game during the crazy price run of 2017 and expected the outrageous profits to continue forever.

We certainly did not want that level of profit or this level of loss, both sides have become extreme, making $10 per gpu was stupid, making $0.10 per gpu is stupid. It only makes sense to buy coins right now, any mining attempt will make any confident troll to commit suicide.

Off topic, eos so far increased 19% and no news, nothing, no fork and yet it increased more than anything, red flag professional scamming scheme on the works. ETH has 10 times more volume and yet the price increased only 2% hehe

I'm speaking on behalf of small-scale miners just like the OP, I assumed and not to the miners in the whole world especially those with mining farms. I'm saying this now because it's the reality and currently happening right now, if you have a big world view then good for you but do you have any rigs and did some expansion before? if you don't mind me asking.

I was 1 gpu grew to 80 1080tis and I did contraction in Jan 2018. I went to cash and began attempted to get cheap power deals.  I know have 4 power deals  and I am expanding >  I am burning about 75kwatts  right now which is the most power I have ever used .  hoping to go to 125kwatt by end of year.


I don't know how small fanatic_26 ever was but I was small and I no longer think I am small.

still tiny compared to a 40 megawatt farm but growth is in the works.

I'm thinking about selling off my single rig or 4 gpus and buying another 3d printer. I mean, for us little people, it just doesn't seem profitable anymore. I love mining, trying new software/pools/operating systems, but i am beginning to wonder if I should really continue or not....

Sadly i'm one of those that philipma calls have "busted out" of crypto mining. I was able to make some profit for a year and half worth of mining but the power where i live costs $0.15++ so i've since stopped all operations.

Could you explain #2 and how we can use our mining hardware to diversify outside crypto? Do you mean i should sell/rent out my GPUs to a cybercafe or something?

It is totally out of crypto like real estate,rooms, apartments for rent other business stuff that gives income, just like the warehouse owner where philipma is mining, he has his cut of the profits too(different countries have different economic scenarios).

crypto may give us a jump start so we can grow our mining by scaling up and renewable energies or we can venture to other things.

if we are making money off the other venture we entered, just make sure you buy BTC/alts when the market bottoms out. remember it is not just the early miner who strike it big in BTC, there are also normal employees and business owners who put money on BTC when it was still less than a 100 $

Anyone thinking of getting into crypto now will be MUCH better off buying the coins instead of purchasing mining equipment.

I do think a lot of people are using free electricity from rental agreements, schools, businesses that they have access to which has over saturated the mining game causing profits to shrink to nothing.

30 percent of any gains go to a IRS.
Your time spent to maintain rigs has a cost
The cost if the equipment to pay itself takes years.
Saving up for new equipment every 2 years.

That's how you can lose. All miners should be losing on paper taking Everything into account from a business operational farm perspective. Unless your a small timer and don't care for such things.

I agree. Last year I only mined 5 Ltc with L3+.

I paid 2k for it on an early batch. Spent $800 on electric. And I had to pay IRS 30 percent of earned income.

So after spending $2800 and only mining 5 Ltc thats like paying $560 per litecoin not including the 30 percent IRS cut. If I did include IRS cut that's about paying $800 per litecoin.

So yes it's better to buy Ltc at all time high $400 than to buy mining gear.

Mining is a suckers game. All luck and most will fail. Mining gear hardware sellers know this and it's a way to trap new freshbait moonboy crypto newbs.

That's the reason I'm 90 percent coin investor and 10 percent miner.  I am not trying to spread any fud trying to scare others off.  Just letting people know the risk and mistakes I made so that way future investors that are wise will learn from the mistakes of others and not for themselves.  I learned a lot from other people's mistakes in the last bull run and was able to avoid some disasters.

It is long back clearly known that Mining cost is high and due to that today mining is very bad idea and in 2020 when next halving will come then the outcome of btc will become 50% less, then even with low mining cost it wont give you profit until btc price is not increased above $6000.

In the past there was times when it was actually worth it buying mining rigs and its usually right before there is an explosion in price.

The reason why you lost money on your ASIC is because you bought it at the wrong time. If you bought the very first LTC ASIC which was released in 2013 you would of made good money.

Same with the people who got the pre-orders in for their KnCMiner Jupiters back in Oct/Nov 2013, they basically made like $50K and only cost $10K to buy. If you held till 2017 you would of made like $1,000,000 if you hodl'd all those coins which most did not.

So there are times when they make sense however its all still considered a risk.

So only 50% profit from electricity, considering it loss if you mining under 110% from electricity

The crypto mining is depends on the market scenario so it will be stay in same value no one is predict the  future outcome. Nowadays electricity cost is increase in many countries so carefully handle the mining industry because high hash rate cards are make good cost so we must the future returns in all the mining card.

Yesterday we had a 500 dollars increase in bitcoin price which is something rare because we didn't see it much these last 4-5 months.

Keep mining and keep the faith in bitcoin, I say in 2021 miners will be the most happiest persons on earth.

With every price increase comes an increase in difficulty, the profit margins will always be really small.  The only way to make real money in mining is to go speculate on the new coins with a low marketcap.

I agree that it's best to mine speculative coins if your stuck with any mining gear. Right now I mine beam, grin, and zcoin.

For those thinking of buying new gear here is something you should factor

 Why should we keep on mining in the negative which is the same as paying a premium for your coins. Just because price increases in the future doesn't justify we should mine at razor thin gains which further gets eaten up by IRS cut.

If these current conditions keep going this way for months to years a much better way is to buy coins and not have to give any cut to IRS since it's not income but an investment that's not taxed until you sell. This way makes a lot more sense

You must not be from the USA or watch any American movies. But IRS is the Internal Revenue Service and its basically the Tax Man you need to pay in April every year.

Mining is considered income and not investment income so you are taxed just like working a regular job. 30% is standard rate if you are making a middle class income.

In Spain there is still no regulation, but the electric cost is nonsense ???
I mine by hobby, by learning, by helping, ..., but I do not get benefit atm ... 

Guys do you have any up-to-date comparison of most profitable coins?
I  heard that mining in overall is rather not profitable but sometimes there is coin which can bring decent profit for few hours or days..

There doesn't need to be regulation for Cryptos for you to owe any mining profits on it.

There are many ways of earning a living whether its mining or cutting hair. If you generate an income from it, you need to file your tax returns and you will be taxed as regular income.

Many are confusing as mining being "tax-free" or being considered "a gift" and its not true.

But the great thing about running your own business is that you can just keep reinvesting the profits so you don't have to pay any taxes.  Amazon has done this for years and often pays zero dollars in taxes because they keep reinvesting.

The benefits of the mining are not yet contemplated in the annual declaration.

You can mine, sell those coins, exchange them for fiat and not declare them. You get tx in a fiat account, your benefits, but there is no clear legislation in my country on how to make that statement.

If the volume is very high, it could be considered a capital increase (just like selling stocks), but not a benefit of work.
If the volume is low, it could be considered a donation.

It is clear that at some point it will be taxed, but for now no one knows how.

Ya so that equals the same as  basically if you never put any money into crypto mining gear and you never pay any taxes because nothing was earned.  What a great goal :)

In the united states mining is treated like running a small business which it is.   I would assume the same for your country that if you run a mining operation you should assume the laws will be like running a small business of any general type.  Best to follow the small business self employed rule weather crypto is stated specifically or not.  Since most countries follow the united states Irs rule sets so I would generally copy that as a good starting point.  That way you can claim equipment deduction.  Im sure your government tax authority will not be happy if your making equipment deduction claims and not reporting any income.  Best not to claim any equipment deductions if your not reporting income

I don’t know how we got into solar panels and tax advice, neither of which has to do with low mining profits.

The reason for low profits right now is supply and demand... pure and simple.

Miners keep adding coins to the system, putting downward pressure on prices.  The only demand for coins is from speculators hoping that prices go up.  All the coins with promises of encrypted messages, anonymous browsing, cloud and offshore storage, and all the other promises... all a gimmick.  There’s nothing a coin has to offer that can’t be done some other way.

Tax has everything to do with mining profits as that calculates your final take home pay in pocket.

Miners that keep mining coins and selling for sliver profits, will always be small timer low lives and never be able to expand.

I don't believe my miners would be selling this low but maybe they might if they got cheap electric and in desperation mode

Solar mining is profitable in NJ , USA

The down turn in mining has worked well for buysolar and myself.

I am now sitting on a certain profit for 2019. The question is how big?

Tax planning for mining is huge.

In USA if you sell gear and mine. You can legally push profits and taxes to the next year.

So 2017 profits were pushed into 2018. 2018 was a loss year but that made the 2017 profits that were legally moved into 2018 not get taxed much.

Now in 2019 if prices stay low my profits will be meh but there will be profit.

Since I can hold coins as long as I want and not worry about prices of power due to solar.
I will earn 10-12 k for 2019 but if coins jump up that will go up.

So solar panels and tax law makes certain profit for me in NJ.

If we stay with the two solar setups we will do okay.
100kwatt
300kwatt

Gives us 400kwatt total that is about 56 or 57 kwatts of free power.

We are doing 510th for btc
We are doing.  16gh for ltc
We are doing.  12x 1080ti’s
We are doing.   5x. Vega 56’s

Next week should be an interesting week to see what happens with the network hashrate.

Currently looking at:
https://etherscan.io/chart/hashrate

We are at 160,000 GHS due to the recent bump in price.

We are going to get the difficulty bomb removed so back at 14 second block times but we also get the issuance reduced to 2ETH.

Depending what happens with the price, our profitability will most likely stay the same.

At $200 ETH, I think the daily revenue will also be similiar since more GPUs will go back online.

for eth mining to survive --> to be the same as its right now, it has to reach to at least $200 per coin and keep that tomorrow. This is a good test to see how eth stands.

Get ready trolls, lets see breaking the cursed bitcoin $4500 or eth $200 mark.

No such luck.

I'm starting to believe that there is way more value in blockchain technology than in the currencies themselves.

Given that it's now apparent that the pump did not last very long and ETH value (along with everything else) has gone back down, if we follow your logic, ETH mining will not survive much
longer? I wonder what the forecast for ETH looks like now and what the impact of issuance reduction will have on price.

I'd think if something becomes harder to obtain, its value will rise?

I believe what happened was a bear trap, eth will rise to $200 levels, block 7,280,000 is the fork, eth network is at moment 7,264,574, 2 or 3 days to, on a side note, eth mining profitability from $0.03 per gpu per day at moment https://whattomine.com/coins/151-eth-ethash?utf8=%E2%9C%93&hr=30&p=130&fee=3.0&cost=0.1&hcost=0.0&commit=Calculate to https://whattomine.com/coins/151-eth-ethash?utf8=%E2%9C%93&hr=30.0&br_enabled=true&br=1.91&p=130.0&fee=3.0&cost=0.1&hcost=0.0&commit=Calculate minus $0.10 per day gpu is big, not seeing that to stay for while.

It might rise to $200 area's however the sell-off from $160 was massive. I am thinking we might bounce to maybe $145-$150 and shorts will arrive and it will re-trace back down to the $115 area or retest the $100 or $80 supports in doing so.

If this was a small pullback, I wouldn't be worried but it was a violent sharp bearish candle and many shorts will try and reshort the $150-$160 area because $160 is rock-solid resistance at the moment for ETH.

Looks like the ETH fork was again, buy the rumor and sell the news. Similiar to BCH fork in November.

The sell off happened because everything was manipulated to but i dont think this bear manipulation will continue longer than middle of this year, soon the bull manipulation will start and will be done by the same people.

This manipulative crypto market has always been like this, when they crash they crash a lot and when they pump they pump a lot, I would not be surprised to wake tomorrow and see btc at $8000 and eth at $600 because right now it makes no sense to manipulators crash the market even more than they already have done.

It is impossible in my humble opinion - there is no reason to another bull market start now neither internal nor external  - many good traders and market analyst says previous pump was last  - but even if no, I think we should be patient and focus on choosing best projects

Same analysts and traders say opposite things. They all just trying to make a shot in the dark. By the way for some players in mining this decline was a perfect opportunity to make stronger their standings.

The price of ETH and mining are not always corrolated together.

Reason being that even if the price of ETH rises, so will the difficulty because people with expensive power will re-power up their rigs.

The reason why mining was profitable again in 2016 was because nobody was mining. People sold off their rigs in 2014-2015 and forgot about mining in general. The price of ETH back then was low, but it was much more profitable because there was less competition.

Right now the competition in mining is enourmous.

People crying about low profits are paying too much for electricity.  I know people that are still doing very well in this bear market because they have contracts for very cheap electricity rates.  Too many people thought they could fire just fire up a few machines from their house paying residential electricity rates and make a lot of easy money.

The price of  the majority of mining coins is in a deep depression for a longer time. The halving time is reducing the amount of the coins and the increasing mining difficulty is reducing the profitability of the mining. This can only be compensated by cheaper electricity costs.

people just do not understand a mining investment... it is always all about quick cash, if quick cash does not work, they say the business is not worth... the investment can't just be considered in very short periods... power costs must be accounted on your investment from the start, being the energy bills, or renewable energy source
Hashrate is still here, and rising in most cases, so the famous ones who closed shop are the small and unprepared ...
just imagine if you mine and accumulate... you could get to be a bit more independent from the markets  ;)

Mine in egypt and you will have a free electricity. you will pay a fixed rate no matter how much you consume.

then it’s better in Venezuela or Trinidad and Tobago - there is the cheapest electricity :)

For everyone, the cost is different, there are a lot of people whose electricity is free, so his cost is very low relative to you, then his profit is much higher than you.

People from first world countries are being phased out of mining while people in Venezuela will happily mine for a few dollars per day.

Difficulty has not really been correlating with the price much either.  There are a lot of determined farms that will continue to mine even if profit is zero just to breakdown their competition. 

in countries like venezuela libya or egypt where electricity is almost free mining brings huge profits. it is necessary to understand that there 1k$ of net income from mining farm is a huge amount there. in switzerland at high prices im would not mine.

I think in mining you need to consider the cost of electricity  i think is the no#1 concern in mining to get a good profit ;)

Except you are forbidden from mining in Venezuela since the power is a surplus paid by the government. There were reports of people getting arrested and their rigs seized if they were caught. Maybe you could get away with a GPU or two however no way you could mine with a loud Antminer S9.

The bigger issue with this is how can one afford to buy a computer let along a high end GPU to begin with if they are living in poverty. What is the min wage in Venezuela? About $5/month, how with a rig costing $2000, its impossible for most people to afford that.

Better get out now while you still can. In my country, it's going to be a hot day and that it'll make your rigs stressed out. Summer's just around the corner. A lot of small timers are starting to hibernate their rigs. If you can't make some profit out of it, stop it and wait for your asset's price increase.

Those who cannot pay the electricity bill from their pocket, it is better for them to turn off the RIGS, until the   market recovers to the level of BTC  $6k- $7k and the mining become profitable again. (the break even level depends from price of electricity which differs country to country)

the crypto bear market is very uncertain for miners the same situation was faced in 2014 and 2015 if miners can hold till next bull market then they may witness profit

in the face of rumors that china is gonna ban miners we will allegedly observe switch of miners profitiability to other countries)

I consider this to be a natural thing, where the current state of the market cannot be said to be good. the poor market has had a negative impact on all miners, so it's good for us to look for alternatives so that we can still make a profit.

Natural in any business, times like this needed to be reconsidered other venue of sources of financial income, the mining profitabilities really fell so deep, looking for other source and if you still believe keep all your mined coins and take it as your investment while finding for other venue of source of income.

mining is not always profitable. this is a long-term planning game. basic earnings only in 10% of the time. because if some coin or project very profitable after a while the crowd comes and mining too.

Nowadays mining is becoming hard. Miners Can't get much profits from it. Because there have lot of miners and for which the fee of electricity is increasing and miners can't earn much.   

You might consider letting go if especially you are pay more for energy. Nowadays I hear miner complain and it always points to one thing or rather one cause which is high energy bill. So check yourself and know if it worth it.

Move the mining farm somewhere, where energy would be much cheaper and you will be happy
If I had such power of production, I would have done so ;)

Now there are a lot of miners. Many people in China use hydropower plants for mining. The cost is much lower than the electricity bill. In comparison, his cost is very low and the profit is higher than you.

There's that kind of season in every business. Try to change your strategy or your source of energy. There are really times where mining isn't that profitable as well as trading. I guess you have to balance everything. Check if your profit is worth more than your electric bill.

Because the period of stagnation and uncertainty on the crypto market. I have already said that what you now own and have little or no profit at all, it's better to keep and wait for the bull market.The market is cyclical.Aafter falling necessarily comes the growth. It is better to trade so far. The more the market recently has shown not bad growth on some coins. you can make good money

you don't know about the possibility if there will be a new miners join in the network and that will increase the difficulty and decrease your profitability at the same time and it just like when you a big player and you can win the game.

Exactly, there is no way anyone who is not using hydropower plants in their country to survive and profit in the same competitive market as those people in china and other countries who may be using this hydropower as well, with the high rate of electricity bills in some countries, mining is very hard now and almost unprofitable.

I believed a lot of people has started mining as many sees it as very simply and this has affectsed the profit also with the fact that the price of Bitcoin has also dropped from what it use to be

The profits of mining are quite low these days because of the number of miners that are operating and also the increased difficulty in mining is also another factor to look at. That is why it is not advisable to mine cryptocurrencies as an individual unless you have a really cool mining rig to compete with those mining farms other than that it would be a total waste of time, energy, resources etc. Get into masternodes because that is the future of blockchain decentralization or any highly potential proof-of-stake based network.

No, I think not only mining is the reason why the profit is low the other reason why the mining profit is low it is because of bear market if there is no bear market maybe mining still profitable in almost all country.

And honestly, miners have lots of contribution to the network to include the transaction to the blocks it also help to speed up verifying all transactions.

There are some reasons behind this.

First of all, prices are not that high it used to be. And second, there is more competition. Before there were not many miners and profit was higher, now people are accepting less profit which makes more miners with less profit.

The awards now are reduced. They will become lower and lower. At the same time, hardware prices will be rising. Besides it, you will need to update this hardware more often. The electricity is going up. Everything affects low profits.

that!

the location of miners also change a lot the full system balance.
some places have much cheaper electricity costs, some other have it so high that mining is almost impossible (or always unprofitable).

Exactly which ones are you digging? You should give up less profit and find new blood. This is the greatest must for miners. (also in February you opened the subject, can I ask the current situation)

With a lot of people are mining and the difficulty rises and the electricity plus the hardware this are the things to consider why the profit is so low  ;)

Even big miners are putting more and more new rigs everyday while at the same time a small miners can do nothing to compete with it. But it's about there was a problem when OP was decreasing a lot on its profit from his mining rig. Those factors should be the main factor.

Considering the price of Bitcoin and Altcoin has a downtrend certainly affects the profit you get. But we can see that the price of Bitcoin is starting to stabilize and move up. hopefully, it will be a good income for miners.

yes same opinion. The competition in mining is really strong and the small miners don't have a chance to profit much now.
The only way to get more profitable is to mine and keep the coins, until the price goes up again.  :D

I think that the profit is low because the market is no longer growing fast. In order to get a good profit from mining, it is necessary that the coin that you mine grows greatly in price.