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Author Topic: State of mining  (Read 3496 times)
gambit1
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November 08, 2015, 12:48:07 PM
 #1

I'm posting this here rather than in mining because its really a meta-mining question.

Just wondering what the state of mining is. I remember when anyone could do it and then I remember when you had to buy dedicated mining equipment (ASICS). I lost interest in the subject just as it was becoming non-viable for the common man, though people were still buying block eruptors and apparently doing ok with them.

Where are we now? In order to mine sucessfully do you have to be Rick from Rick and Morty with access to quantum defrackulators and or a Chinese mining farm?

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November 08, 2015, 12:50:57 PM
 #2

The requirements for mining are always rising and will rise as long as the difficulty keeps climbing... So yeah, if you want to stay competitive you must have ASIC's and quite a few of them.

A Chinese mining farm would help, but you can profit with much less if you have cheap electricity Cheesy
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November 08, 2015, 12:51:24 PM
 #3

For me personally it would still be viable to buy my own mining equipment and make a profit, especially with the current prices of Bitcoin.
But this is mostly because everything in my house runs on solar and I wouldn't have to pay for electricity.

Plus I rented a miner a few days ago on Betarigs and made a small profit, so that in itself shows me that it can still be profitable for the little guy Smiley


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November 08, 2015, 12:54:15 PM
 #4

based on my observations, it seems that only somehow profitable way (over buying bitcoin directly) is to run some Chinese mining farm next to energy grid with direct contact to ASIC manufacturers.

home mining is definitely dead for majority of world because of electricity expenses. USB gadgets are fine to play with cgminer and linux, but they will not even ROI..
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November 08, 2015, 12:58:10 PM
 #5

based on my observations, it seems that only somehow profitable way (over buying bitcoin directly) is to run some Chinese mining farm next to energy grid with direct contact to ASIC manufacturers.

home mining is definitely dead for majority of world because of electricity expenses. USB gadgets are fine to play with cgminer and linux, but they will not even ROI..
You're forgetting about people who have solor power, here in Belgium it's quite common for a middle class household to have solar panels due to huge tax benefits in the past.


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November 08, 2015, 01:18:53 PM
 #6

based on my observations, it seems that only somehow profitable way (over buying bitcoin directly) is to run some Chinese mining farm next to energy grid with direct contact to ASIC manufacturers.

home mining is definitely dead for majority of world because of electricity expenses. USB gadgets are fine to play with cgminer and linux, but they will not even ROI..
You're forgetting about people who have solor power, here in Belgium it's quite common for a middle class household to have solar panels due to huge tax benefits in the past.

and those solar panels in Belgium are available for free? Solar energy is not for free, it is stupid illusion. You have to pay for panels, mounting, cables, inventor..ahh and return of investment is about 20 years, even with European union support to clean energy and various grants to photovoltaic.
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November 08, 2015, 01:21:58 PM
 #7

Reading about someone who gets electricity for free or near to nothing. Can't remember which country he was in, think it was somewhere in South America. Argentina maybe. Can anyone verify this from practical experience.
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November 08, 2015, 01:28:23 PM
 #8

The requirements for mining are always rising and will rise as long as the difficulty keeps climbing... So yeah, if you want to stay competitive you must have ASIC's and quite a few of them.

A Chinese mining farm would help, but you can profit with much less if you have cheap electricity Cheesy

If you want to home mine, you need very cheap electricity. That is the most important of all. You also need a efficient miner. The bitmain s7 is the most efficient one, but it is expensive.
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November 08, 2015, 01:42:16 PM
 #9

based on my observations, it seems that only somehow profitable way (over buying bitcoin directly) is to run some Chinese mining farm next to energy grid with direct contact to ASIC manufacturers.

home mining is definitely dead for majority of world because of electricity expenses. USB gadgets are fine to play with cgminer and linux, but they will not even ROI..
You're forgetting about people who have solor power, here in Belgium it's quite common for a middle class household to have solar panels due to huge tax benefits in the past.

and those solar panels in Belgium are available for free? Solar energy is not for free, it is stupid illusion. You have to pay for panels, mounting, cables, inventor..ahh and return of investment is about 20 years, even with European union support to clean energy and various grants to photovoltaic.

It might not be 100% free, but it's better than the alternative ...mining with electricity that are generated from fossil fuel or nuclear power.  Wink

You also have a bit of a edge over the people who has to pay for their electricity now, and the profits made from this, help to pay part of the utility bill and infrastructure you

invested in.  Grin

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November 08, 2015, 01:50:04 PM
 #10

You cannot cover the expenses if you do that alone. You will not cover the mining equip. and the electricity bill.

Only the chinesses can do that because they can make tricks to get the electricity for free or near to that Smiley


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November 08, 2015, 01:50:52 PM
 #11

For me personally it would still be viable to buy my own mining equipment and make a profit, especially with the current prices of Bitcoin.
But this is mostly because everything in my house runs on solar and I wouldn't have to pay for electricity.

Plus I rented a miner a few days ago on Betarigs and made a small profit, so that in itself shows me that it can still be profitable for the little guy Smiley

What a good situation!

I have heard of some that put mining farms near waterfalls that generate the electricity.

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November 08, 2015, 02:09:10 PM
 #12

based on my observations, it seems that only somehow profitable way (over buying bitcoin directly) is to run some Chinese mining farm next to energy grid with direct contact to ASIC manufacturers.

home mining is definitely dead for majority of world because of electricity expenses. USB gadgets are fine to play with cgminer and linux, but they will not even ROI..
You're forgetting about people who have solor power, here in Belgium it's quite common for a middle class household to have solar panels due to huge tax benefits in the past.

and those solar panels in Belgium are available for free? Solar energy is not for free, it is stupid illusion. You have to pay for panels, mounting, cables, inventor..ahh and return of investment is about 20 years, even with European union support to clean energy and various grants to photovoltaic.
They are were subsidized in the form of a tax break and you also sell back excess power, the state also subsidies that, so they pay you extra per kwh on top of what the energy company pays you.
Initial investment for me was around 15.000 euros, but I got a nice tax return 2 years later, might seem like a lot but nothing a small term loan couldn't solve.  

I remember back then, companies were even offering to place solar panels on your roof for free and let you use their excess power, if you were lucky enough to live at a certain location.




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November 08, 2015, 03:42:32 PM
 #13

Solar mining is a good thing... If you've already had your investment in solar equipment back. ROI on mining equipment is hard enough these days, let alone installing solar power + ASIC's and trying to ROI for both Smiley
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November 08, 2015, 04:15:55 PM
 #14

you do know that a mining farm with 5000 units is the same as a pool of 5000 people with 1 unit each..

so average joe does not need thousands of units.. it just need a few units..

ill explain it this way
mining farm 5000 units.. solves block, receives 25btc. this divides up as 0.005btc per unit
mining pool 5000 units.. solves block, receives 25btc. this divides up as 0.005btc per unit

so reward per unit is the same..
the only difference is the cost of unit and cost of electric, housing, maintenance which dictates profitability..

and as the difficulty rises. it will be harder for FARMS to be profitable. and here are the reasons.
1. limit to total electric capacity to one warehouse
2. cost of warehouse, staff, expansion to second warehouse.

in short leasing a warehouse, staffing it and then getting electric companies to supply high voltage to the location would cost more per unit. then someone using their single unit in their own home.

at some point where mining bitcoin costs more electric then all of las vegas's electrical supply.. then its guaranteed that electric companies will begin to refuse supply to farms, purely to ensure that thousands of residents don't get blackout/brownouts.

meaning solo mining(farms) will become completely obsolete and it will become completely pool mining

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November 08, 2015, 05:27:13 PM
 #15

I don't mine, I use faucets. Much easier.
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November 08, 2015, 05:43:30 PM
 #16

I don't mine, I use faucets. Much easier.
Just out of curiosity, how much do you earn by doing that?
Can't be much, right...


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os2sam
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November 08, 2015, 06:51:24 PM
 #17

I don't mine, I use faucets. Much easier.
Just out of curiosity, how much do you earn by doing that?
Can't be much, right...

Begging is NOT earning.

Edit:  Let me rephrase that.  Taking advantage of the charity of others is not earning.

A: Because it messes up the order in which people normally read text.
Q: Why is top-posting such a bad thing?
A: Top-posting.
Q: What is the most annoying thing on usenet and in e-mail?
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November 09, 2015, 07:26:29 AM
 #18

is still expensive,but right now it seems that common miners can try to do some profit from it, because if you combine the enw price with the great efficiency of the s7, you can come victorious

but you need a big initiali investments, to be honest they should reduce the price of the s7, because right now it kill the point of its efficiency...
newbitcoins
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November 09, 2015, 10:45:21 AM
 #19

Solar mining is a good thing... If you've already had your investment in solar equipment back. ROI on mining equipment is hard enough these days, let alone installing solar power + ASIC's and trying to ROI for both Smiley

With solar mining, we need back up battery or mains supply to supply electricity when there is no sun shine. The battery is expensive. It is difficult to make profit long term if you consider the life time of the battery hence extra cost.
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November 09, 2015, 10:47:32 AM
 #20

Solar mining is a good thing... If you've already had your investment in solar equipment back. ROI on mining equipment is hard enough these days, let alone installing solar power + ASIC's and trying to ROI for both Smiley

With solar mining, we need back up battery or mains supply to supply electricity when there is no sun shine. The battery is expensive. It is difficult to make profit long term if you consider the life time of the battery hence extra cost.
You can avoid that with a grid tie inverter, so you switch to the regular power network when there is no sun.
Edit: Oh, that's what you meant by mains supply, didn't read properly Smiley


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     ▄▄██████████████▄▄
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