Mining is profitable?

[Faraha_JJJ]

Hi Folks,

I know this question has been asked millions of time in tjis forum. I would like to know if the mining is till porofitable considering the power usage and expensive hardware resources. There are few ICO's out there who are offering mining rigs at cheaper rates which they claim is inexpensive. Please let me know your thoughts.

[BTC-BTC-BTC]

There are couple things need to consider before you want go buy your hardwares and start mining. Your electricity rate and most of the algorithms are supported by ASIC they are very expensive and constantly buying new ones to stay comparative with other miners. You are better off just buy some projects you like and keep them for few years.

[adaseb]

Mining is profitable in 1 or 2 ways or both.

1) Cheap power. If you got cheap power like 5 cents per KWH then go ahead and start mining.

2) You got GPUs you aren't using and paid off. Go ahead and start mining if you got power less than 10 cents per KWH.

If you got neither of these things then, yes you can make money but you are better off investing this money into the coins itself like BTC, ETH, XMR, etc. It will save you the hassle.

[ThePunisher49X]

Yeah it all comes down to the electrical costs vs the amount you are actually making after paying off the power company for use of the hydro you are using.
If you are making only $200 on a rig and your electrical bill is $400 more then something is wrong with your logic on mining.
This happens to anyone who is paying more than 10 cents per KW/h which is everybody in the States and most of the rest of North America.

[Marvell2]

Mining is profitable in 1 or 2 ways or both.

1) Cheap power. If you got cheap power like 5 cents per KWH then go ahead and start mining.

2) You got GPUs you aren't using and paid off. Go ahead and start mining if you got power less than 10 cents per KWH.

If you got neither of these things then, yes you can make money but you are better off investing this money into the coins itself like BTC, ETH, XMR, etc. It will save you the hassle.

Bingo , even if you have money to buy gpus , its best to wait and see what the 11x series does to current gpu prices.  Resellers are holding mad inventory, too greedy to drop prices why make it easy for them

buy nothing and squeeze out lower prices thats comming bro

[leowonderful]

Even if you have cheap electricity there's still significant risk involved in mining at the moment, though you do have an advantage over users with an average electrical cost of $0.10/kWh. Break-even times are still near a year or over depending on card prices, even at such a low electrical rate.

Noise may also be a problem if you're utilizing ASICs to mine (though some ASICs like the Z9 Mini aren't as loud as traditional Antminers). GPU rigs tend to be quieter, but you'll have to accommodate for heat just like with any mining rig.

[whitesites]

Yes its still profitable, just not like it was in January.
Lots of guys liquidating their Cards on Ebay, meaning there are some really good deals out there.
Lots of people waiting on the side lines to see what the 1180s can do.
The 1180s I think will do very well for Memory intensive Algos like Eth, but anything that is more Core count and clock speed dependent, it won't matter much.

Figure the 1180 will mine close to what the 1080 Ti does, but Nvidia will likely try to price around $700.
Plus I could see Nvidia restructuring their warranty to 1 year to help reduce the appeal of the 1180 to miners.
I could also see them trying to find some way to lock the cards down, so they couldn't mine unless you bought some kind of license to unlock the card. 

[Metroid]

if you think that $0.12 per day per gpu  which you pay $400 is profitable then by all means, buy millions of gpus and start mining hehe

https://whattomine.com/coins/151-eth-ethash?utf8=%E2%9C%93&hr=30&p=150&fee=2&cost=0.2&hcost=400&commit=Calculate

3500 days or 10 years to get your $400 back, numbers never lie.

So, are you willing to wait 10 years of extremely hard working monitoring, cleaning, sleepless nights, to get your money back? also think about the other money that you will need to prepare the place for mining, most gpus dont last that long, most countries, warranty 1 year, fans will have to be changed every year, that is more $40, my point is your 3500 days will end up being 7000 days or 20 years hehe  

So as I always say, mining is only profitable if you will get your money back in 100 days or less. Is mining profitable, no and to add, gpu mining at moment is idiotic.

ASIC mining is also not profitable at moment, you will get your money back in 300 days, to be profitable, remember, you must be able to get your money back in less than 100 days.

[Marvell2]

if you think that $0.12 per day per gpu  which you pay $400 is profitable then by all means, buy millions of gpus and start mining hehe

https://whattomine.com/coins/151-eth-ethash?utf8=%E2%9C%93&hr=30&p=150&fee=2&cost=0.2&hcost=400&commit=Calculate

3500 days or 10 years to get your $400 back, numbers never lie.

So, are you willing to wait 10 years of extremely hard working monitoring, cleaning, sleepless nights, to get your money back? also think about the other money that you will need to prepare the place for mining, most gpus dont last that long, most countries, warranty 1 year, fans will have to be changed every year, that is more $40, my point is your 3500 days will end up being 7000 days or 20 years hehe  

So as I always say, mining is only profitable if you will get your money back in 100 days or less. Is mining profitable, no and to add, gpu mining at moment is idiotic.

ASIC mining is also not profitable at moment, you will get your money back in 300 days, to be profitable, remember, you must be able to get your money back in less than 100 days.

.12 dollars a day? gtfo what the fuck are you mining ? air stop it with this FUD nonsense, its a least $.60 per gpu after power at the worst

[Metroid]

.12 dollars a day? gtfo what the fuck are you mining ? air stop it with this FUD nonsense, its a least $.60 per gpu after power at the worst

If you had the time to see the link i posted then you would have seen that is worldwide average calculation for mining eth with a rx 580 doing 30mhs. If you pay less for your electricity then you are one of the lucky ones around.

Also concerning costs, must always use the average worldwide price for things cause that is the mean value.

[Marvell2]

.12 dollars a day? gtfo what the fuck are you mining ? air stop it with this FUD nonsense, its a least $.60 per gpu after power at the worst

If you had the time to see the link i posted then you would have seen that is worldwide average calculation for mining eth with a rx 580 doing 30mhs. If you pay less for your electricity then you are one of the lucky ones around.

Also concerning costs, must always use the average worldwide price for things cause that is the mean value.

Your generalizations are disengenous, half the gpus out there are nvidia, not everyone is mining eth
some mine x16r , the zcash forks etc.  Mining isn’t on size fits all , why do you persist on painting such a generic picture when we all know its not so easy as ‘ 580 makes .12 on average world wild average ’

are you serious? lol , thats your argument?

mining at .35 cents power or even .28 has pretty much ALWAYS been unprofitable, nothing knew thre.

and actually the world wide average is .15 not .24

Its one thing to post doom and gloom , its another to make shit up to support that sentiment.


https://whattomine.com/coins/151-eth-ethash?utf8=✓&hr=30.0&p=130.0&fee=2.0&cost=0.12&hcost=280.0&commit=Calculate

these are more realistic values, 280 for the card , .15 for power and 130 watts undervolted.

it comes to .47 cents a day

far from the .12

[SaepulMT]

For now the income in mining is decreasing because the moment from my friend who is currently mine and I see it, is called loss not also because its income there although decreasing unlike last year when Bitcoin price increase more than 1000%, if you want to try please untu added experience also and he said the price of Bitcoin will be high again i end This year, so friends may be useful, successful always and good luck ..

[grendel25]

I'm just thinking a lot of fill in the blank lately.  Mining is "profitable"?  Mining is "annoying"?  Mining is "dominated by large farms"?  Mining is "dominated by projects with no future"?  Mining is "bad for the environment"?

Okay, those are pretty negative... so some positive:

Mining is "a fun hobby"?  Mining is "sometimes profitable"  Mining is "a good way to learn about technology"?  Mining is "a good way to meet like-minded people?"

Okay... maybe a stretch.  But to the OP point... sure, it can be profitable.  Actually, if you spend money on mining then why shouldn't you try to get your money back through your work, creativity, effort, etc etc etc?

I think the problem is the hype and short or narrow focused energy.  Maybe I'm just being impatient but you know these days a lot of people are impatient with the dreary performance of coins we believe in so much.  It's political in a way.  We pick projects that we think are good and we tend to stick with it no matter what..  Not always the best "profit" strategy.

So for profit.. maybe focus on where the hype is, sell early and then buy back in when things are cheap.  That's probably where the profit is these days.

[Amph]

not with 20 cent electricity, there is no profit

i'm making more staking rain to be honest, much more...

[Metroid]

and actually the world wide average is .15 not .24

World average electricity price is around 0.17 euros, 0.20 usd, i never said it was 0.24 but you got my point.

not with 20 cent electricity, there is no profit

i'm making more staking rain to be honest, much more...

That is the reality around the world, west europe hardly mine these days hehe