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Yeah for a minute or two.
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Is not only eth, everything is crashing and looking at the graph, this has been a huge manipulation, the date it started coincides to the same day the pump on 2013 started, so is the same people, dumping everything and then will buy it cheaper and pump again in few days. If you have eth do not sell it cause these manipulators will start pumping all very soon.
Anyone selling ETH right now is a fucking idiot. Just saying. ETH is soooooo low. Keep those buy orders staggered on the down turn. It's not rocket science. |
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It depends on a lot of factors like electricity price and how much gpus someone have.Someone who arleady roid on his rigs and have like 200 cards making him a 1$ per cards can still live with that amount from mining and can keep runing his rigs while small miners are in trouble now.Also market will bounce back and same will probably happen with mining profits
I don't know what you consider a small miner, but I consider myself a small time miner @ 31 GPU's and I'm in no trouble at all, in my opinion. My rigs have yet to reach 100% capital recovery, but I have zero concerns. I've yet to sell a single coin for fiat. I cover my electricity costs every month from other income. The portfolio of mined coins that I'm holding has certainly dropped in fiat value over the last couple of months, but so be it. I have no issue mining and holding for better days. At some point in the near future, I'll be offloading my lower end gpu's (1070ti's) for cash. At that point, depending on the situation, I'll either buy newer gpu's or directly invest the funds into crypto. Even at today's low coin prices, electrical cost to run my farm is much much lower than mining profits, if I were converting to fiat daily, which I am not. |
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I purchase some coin today I will see if I buy some tomorrow.
People do these mistakes, or they want to buy very low which the price never gets to and when they buy it then they want to sell very high, two common mistakes. Well people will have to buy at some point cause is already very low. Just picked up some sub $400 ETH today. Everything is "on sale" right now. |
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Mining it is still worth it if you have an electricity rate of under 0.09 usd/kw . Many home miners are switching off the gpu mining computers because of expensive electricity cost.
If you have cheaper electricity than 0.09 usd/kw it is good to continue and even if you have expensive electricity it is good to continue in my opinion as even mining with a loss may result in a profit after a long time from now because of price increases which are bound to happen in the future, well hopefully.
That's the thing, everyone expects price increases over a long period of time. And sure, that will happen for some coins. But for other coins, well, let's just say that things have changed in 2018 and cryptos are in uncharted waters. --ypsi You can always trade your shitcoins for btc to hold long term. |
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I am thinking to put up rig to start up but find it really difficult to invest now a days. With the blowing price of electricity and GPU add up the maintenance of your rig. If this continues what are the possible result for minning in the years to come? Which brings back to the OPs question is it still worth? Dont get me wrong but im just thinking long term.
to begin with, i think mining is not done for holding. It's nonsense. if you mine, you know you have to pay an electricity bill. I don't think you buy hardware at a cost to mine also at a cost (electricity bill) paying your bill from your pocket because i think you may want to ROI at some point. If you hold your coins mined, you pay your bill out of your pocket and you don't get money back (at least for ROI), why are you mining?? It's easier to buy the coins instead. You save money on bills, you save money on hardware, you save hours and hours of headhaches, you won't need to turn on the air conditioner in summer (unless you have your rigs in a big house and you don't notice them) , you won't have to deal with danger of burning your house and at some point, you won't need to increase the power to sign with your electricity company. At current prices it's not worth. simply not. it's what it is. It doesn't sound like you know much of anything about mining, but you got the last part right. It's not a good idea to begin building a mining farm right now unless you've somehow managed to find hardware at MSRP. Coin price is irrelevant, because that variable will always fluctuate. However, if you overpay for hardware right now, that is set in stone. |
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It's no longer worth it. Not only mining cost money to buy mining machine, this process also costs much for electricity bill. Some countries charge much for this mining industry only, some countries ban the cryptocurrency
The price of bitcoin is plunged these days. We should move to alternative coins. However, be care of the fake ICO.
Do you believe that the price of bitcoin will be rocketed
I can refer you many alterative coins including the coin shown in my signature
I'd like to "rocket" you right out of this fucking thread, good sir.  LOL |
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Yeah, ventilation fans do not take away 30%. Maybe if you're trying to use air conditioning, but not sure who in their right mind is going to do that.
Of course not. But tell us about your huge profits now. I want to get some fun  I don't mine for daily profits. We'll just say that the coins I mine with my equipment in a day could be cut in half twice and at current coin prices, I'd still be breaking even. Maybe it will happen, maybe it won't. Maybe coin prices will double or triple or more in the future, or maybe they won't. I wouldn't start mining today with these gpu prices, but it would be stupid for me to just shut everything down and sell all of my hardware at this time. You will never breakeven on currentprices. And there will be a point near $300 per ETH when all your earnings will be consumed by electric company bills. So if ya still believe in rebounce why not just sell your farms and buy coins for fiat I wonder? The coins are chip. The farms still have high value I don't mine for current prices. I thought I made that clear in an earlier post. The price of ETH has nothing to do with my portfolio in terms of mining. The only ETH I own was purchased several months ago with FIAT. A large percentage of my mining farm is already paid for "at current prices". You're making blanket statements without considering my variables. You have no idea what I paid for my equipment. Sure as hell didn't pay current gpu prices. You have no idea what the cost of my electricity is. I don't have all of my eggs in one basket though. I hold plenty of crypto that was purchased with FIAT. Simple answer is that I like mining. I like the tech. I want to be part of the decentralization. Maybe I'll break even, maybe I'll make money, maybe I'll lose money. Same can be said about buying crypto with fiat. Whatever the outcome, I'll never lose the experience. |
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You should be paying self employment tax on mined coins in the US. It's a 1040 Schedule C. This is where you "should" be paying taxes based on the coin price on the day it was mined. This is also where you deduct your hardware costs, electricity, ect.
Capital gains tax is only paid on the gain. If you mined it and it was worth $1. You create a taxable event by selling it for $5. You pay capital gains tax on the gain, which is $4. Trading it for other crypto is also a taxable event, which makes it even more complicated.
Whether or not something gets done this year about the first part of this ... Who knows. Hopefully, because it does suck for a lot of people right now.
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Yeah, ventilation fans do not take away 30%. Maybe if you're trying to use air conditioning, but not sure who in their right mind is going to do that.
Of course not. But tell us about your huge profits now. I want to get some fun I don't mine for daily profits. We'll just say that the coins I mine with my equipment in a day could be cut in half twice and at current coin prices, I'd still be breaking even. Maybe it will happen, maybe it won't. Maybe coin prices will double or triple or more in the future, or maybe they won't. I wouldn't start mining today with these gpu prices, but it would be stupid for me to just shut everything down and sell all of my hardware at this time. |
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The only benefit I see with a mining rig is to be able to mine coins on credit card. Buying coins on credit card is insane now that visa MasterCard charging it as a cash advance. Plus coinbase had their own fees and we are still in a fall bear trend and have not reached winter accumulating season yet. Times will be slower for most of this year.
Buying a mining rig protects your capital investment from further coin price declines and as long as your breaking even with electricity cost your still paying cheaper than buying on coinbase.
Mining is an arms race fighting for left over pocket change someone dropped in the couch. Profits are very slim to none after IRS gets their cut.
Slim to none doesn't even make sense. They IRS takes a percentage, not a fixed dollar amount. The IRS takes a percentage everyday you mine it . Most mined coins at the top last quarter and didn't cash out. That means if you mined any altcoins last quarter and held it you got rekt. For example you mined emc2 at $2 bucks last quarter irs counts that as income right away the day it's mined. However emc2 is now .20 cents And your screwed. People have to pay taxes in a couple of weeks and the coins they mined last quarter are all at a current loss. It was best not to mine in the first place. It's your choice whether or not you want to cash out enough to pay taxes on it daily or hold it all hoping it will increase in value. If you don't have the extra funds to front the money for the taxes, maybe you should have thought of that months ago. Thanks for proving my point. Mining can very much be a financial loss and a waste of time. No miner cashes out usd daily on the coins they mine, very rare. I have thought about this months ago and made sure I cashed out enough coin investments I bought to cover taxes, But for those that starting mining recently last quarter got rekt on prices by mining the top and owing taxes on it and will have to take a loss and hire an accountant to fix their mess up. You're welcome. |
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The only benefit I see with a mining rig is to be able to mine coins on credit card. Buying coins on credit card is insane now that visa MasterCard charging it as a cash advance. Plus coinbase had their own fees and we are still in a fall bear trend and have not reached winter accumulating season yet. Times will be slower for most of this year.
Buying a mining rig protects your capital investment from further coin price declines and as long as your breaking even with electricity cost your still paying cheaper than buying on coinbase.
Mining is an arms race fighting for left over pocket change someone dropped in the couch. Profits are very slim to none after IRS gets their cut.
Slim to none doesn't even make sense. They IRS takes a percentage, not a fixed dollar amount. The IRS takes a percentage everyday you mine it . Most mined coins at the top last quarter and didn't cash out. That means if you mined any altcoins last quarter and held it you got rekt. For example you mined emc2 at $2 bucks last quarter irs counts that as income right away the day it's mined. However emc2 is now .20 cents And your screwed. People have to pay taxes in a couple of weeks and the coins they mined last quarter are all at a current loss. It was best not to mine in the first place. It's your choice whether or not you want to cash out enough to pay taxes on it daily or hold it all hoping it will increase in value. If you don't have the extra funds to front the money for the taxes, maybe you should have thought of that months ago. |
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Yeah, ventilation fans do not take away 30%. Maybe if you're trying to use air conditioning, but not sure who in their right mind is going to do that.
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The only benefit I see with a mining rig is to be able to mine coins on credit card. Buying coins on credit card is insane now that visa MasterCard charging it as a cash advance. Plus coinbase had their own fees and we are still in a fall bear trend and have not reached winter accumulating season yet. Times will be slower for most of this year.
Buying a mining rig protects your capital investment from further coin price declines and as long as your breaking even with electricity cost your still paying cheaper than buying on coinbase.
Mining is an arms race fighting for left over pocket change someone dropped in the couch. Profits are very slim to none after IRS gets their cut.
Slim to none doesn't even make sense. They IRS takes a percentage, not a fixed dollar amount. |
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In the game of Poker, we would call the OP a "Donkey".  |
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I have heard from friends who invested in Bitcoin and read in some blogs that 1 Bitcoin is equivalent to 1 Million in Philippine Peso. However, considering the inflation rate, as well as the law of supply and demand, does the value of a Bitcoin change? How much is 1 Bitcoin worth?
Actually you can monitor the rice of bitcoin through coins.ph because most of the pinoys rely on it. Learn to fucking spell. |
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Im simulating mining with Electronium. I will be a whale someday, long after im dead tho:P
It is for those who wants to leave forever. And have free electricity too You have no idea what you are even talking about, dipstick What do you mean to leave forever? He's talking about simulated mining on a smart phone. You don't need free electricity to power your smart phone. Not that I personally mine etn with a smart phone, because it just isn't worth the hassle to me. I sure as hell believe in the project and mine it with my Vega rig though. |
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Honestly at some point in the future, I think we'll see centralized digital fiat that is controlled by the government of a country. For a different reason than it is happening in Venezuela right now.
That doesn't take away the need for a decentralized digital currency though.
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I only bought 1 1080ti. If I would have bought a rig I would be I the red and very upset
Small time soy boy cucks with a single 1050ti in their porn rig, like you, that feel they need to post fud in every thread shouldn't be mining to begin with. Mining requires steel balls, not atrophic gonads like yours. Please leave, your opinion is worth the piss soaked dirt under my shoes.  |
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Digital FUD Lord  C'mon guy. You're so negative. Yah the markets down. Investors have fled. Birds fly south and sometimes they come back. If you can't take the heat then get outta the kitchen. And the kid has one gpu ... Lol. It's almost laughable that he is complaining. Well it is laughable, because he thought he was going to be a millionaire overnight. Now he sad |
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