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Author Topic: why harware mining is not profitable at the present time ??  (Read 1749 times)
hajimasan
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September 08, 2016, 06:22:44 AM
 #1

i want ask everyone suggestion that why harware mining is not profitable Huh
since the same hardware is using by the miner same electricity is provided then why profit is less in comparison of the earliar .


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September 08, 2016, 06:53:15 AM
 #2

Well mining BTC is really hard to profit from today. You would probably need free electricity to make money. Try looking into other Cryptocurrency that can make yourself some decent profit vs expenses.
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September 08, 2016, 07:45:14 AM
 #3

i heard in this bitcoin forum that hardware mining is now a days on profitable , probably you need wait for some time or try crypto currencies as already mentioned above , hope there will good future hardware mining also.

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September 08, 2016, 07:47:26 AM
 #4

of course, more people join the team of mining, everyone wants to get profits from mining.It is not wise to use hardware mining, maybe buying cloudhash would be a good option.
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September 08, 2016, 08:12:09 AM
 #5

I haven't seen the complete answer to your question yet.

For me, your question wasn't completely clear, but if i understand you correctly, you're asking:

"a while ago, i could mine bitcoin with my CPU/GPU and make a profit. Right now, i have the same hardware and the same electricity price, but i cannot make a profit anymore... Why?"

The (simplified) answer is:

when you are mining, you're actually generating hashes of the headers of the block you wish to add to the blockchain. When you find a hash that is within a certain target range, you win, and you can mine the block (and claim the block reward + fees).
The target range however is influenced by the difficulty. When more hashpower is added to the network, the difficulty is adjusted upwards (there is a diff adjustment every 2016 blocks, this is about 2 weeks). Because the difficulty gets higher, the target range gets harder to reach, and on average, you'll mine less blocks with the same hardware.

A couple years ago, people were mining with their CPU/GPU. Those machines CPU's could generate a couple Mh/s. The very best graphic cards could reach close to a Gh/s.
Nowadays, companies made special devices with the sole purpose of generating sha256 hashes. They're really, really good at it. They can reach 14 Th/s (and more) per device. You would literally need 14000!!!! of the best graphic cards to have the equivalent hashing power of a single S9.
So what happens? Because those ASIC's were used, the difficulty skyrocketed, making it allmost impossible to mine a block using the CPU/GPU. It's still possible, but the chances became astronomically small.

https://en.bitcoin.it/wiki/Mining_hardware_comparison
https://en.bitcoin.it/wiki/Non-specialized_hardware_comparison

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September 08, 2016, 08:29:19 AM
 #6

i heard in this bitcoin forum that hardware mining is now a days on profitable , probably you need wait for some time or try crypto currencies as already mentioned above , hope there will good future hardware mining also.


Nope it's based upon the electricity rate which you are getting so If able to get a free electricity means you can make profit. If need a platform which gives profit is solar miners only so try for that.



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September 08, 2016, 10:33:39 AM
 #7

i want ask everyone suggestion that why harware mining is not profitable Huh

 Mining CAN be profitable - but it's largely a function of your electric cost as to the probability of it being profitable ENOUGH to make back what you pay for the hardware, and there also tends to be a "timing" aspect on every generation of gear.


 To those that claim solar power is cheap - try factoring the COST OF THE EQUIPMENT over it's expected lifetime. Without major subsidies, Solar is one of the MOST expensive ways to generate power on a 24/7 basis unless you live VERY FAR out in the boonies where running a power line would cost a ton.

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September 08, 2016, 10:48:45 AM
 #8

Well mining BTC is really hard to profit from today. You would probably need free electricity to make money. Try looking into other Cryptocurrency that can make yourself some decent profit vs expenses.

The problem with other cryptocurrencies is that they may drop significantly in a short period of time or may even disappear at all (normally one whole altcoin costs 1 satoshi in that case). So I would bettter stick to mining Bitcoins becuase for sure it will not disappear and the the price of it is rising in the long term.

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September 08, 2016, 12:23:29 PM
 #9

i want ask everyone suggestion that why hardware mining is not profitable Huh
since the same hardware is using by the miner same electricity is provided then why profit is less in comparison of the earliar .

Well  monopoly seller Bitmaintech  simply sells gear at the  highest price the market will bear.

Thus miners mostly buy very costly gear if they buy new.


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September 08, 2016, 02:21:47 PM
 #10

yes i think hardware mining its not profitable right now unless you can handle the electricity fee then you are good to go mining because all hardware mining is depend on electricity which is cost much of money to spend.

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September 08, 2016, 02:38:13 PM
 #11

Who said, said that mining is not profitable?

I mine LTC with TITANs and BTC with Antminers S9


My last month's electricity consumption total in two places was    3267 euro.  (This is with my home  electricity cost. Hot water, cooking, etc. )

last month BTC mining result was 9.55 BTC   (22 x S9)
and  600 LTC   ( at the moment 2200-2300 Mhz)

After deducting the cost of electricity at least 7 BTC  month  for  cover the investment .


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September 08, 2016, 03:25:39 PM
 #12

Who said, said that mining is not profitable?

I mine LTC with TITANs and BTC with Antminers S9


My last month's electricity consumption total in two places was    3267 euro.  (This is with my home  electricity cost. Hot water, cooking, etc. )

last month BTC mining result was 9.55 BTC   (22 x S9)
and  600 LTC   ( at the moment 2200-2300 Mhz)

After deducting the cost of electricity at least 7 BTC  month  for  cover the investment .



U forgot to factor in equipment cost, which obviously isn't little with the size of operation ur running now...

After re-doing calculating that in ( cost spread over 12 month till bep,) net profit is deduced.

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September 09, 2016, 01:20:07 AM
 #13



U forgot to factor in equipment cost, which obviously isn't little with the size of operation ur running now...


 Someone that is mining with Titans has either bought them used recently, or has LONG SINCE paid off the cost to buy them.

 Also, why ASSUME spread cost over 12 months - the Titan has been around a lot longer than that, the S9 hasn't been around THAT long yet.
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September 09, 2016, 01:48:51 AM
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as everyone has said, the electricity cost is the biggest part of the overhead that works against the revenue that you would make.  free electricity is something that would start to even the field, but that is rare, even solar power has a cost to it.  then, there is the hardware, it is not just a matter of the hardware dying and needing to be replaced, many of the ASIC units out there are great today, but they will likely be passed up by newer equipment and need to be replaced before their cost has been covered by mining. 

all of that being said, there are a couple things that can help you make money

1. there are sites out there where you rent your hashing power to others.  most of them involve nothing more than pointing your rig at the address given to you by the site.  you can then configure the site to forward your rig to wherever you want when it is not being rented.  you set the rate and the idea is to make more money renting it out than if it was just mining.

2. Varying the attack.  This is not saying that you will profit, but that there are ways to improve the revenue that you are getting.  Using pools can provide slow, yet steady revenue.  There are several ways that you can get paid and you should research the systems.  Find the one that matches your mining.  There is one method that pays based on short twenty minutes "shifts", this is good for those that do not have the rig mining24/7 because other methods require a more steady hashing rate and the second that your rig is gone, your payout starts dropping.

3. Luck.....well, the current block reward is 12.5 I believe, that is what it became after the halving.  That is about $7500-8000 at the moment.  While the hashing power and pooling and many factors affect how a block is found, it is still based on a random seed and event.  Imagine a sealed door appears and everyone shows up to try to open the door.  Whoever opens it wins the prize.  Now you are there with no experience in these things and one tiny little key.  There are others that have shown up with thousands of keys and years of lock experience.  But, you just might be the one that has the right key, even though you are outnumbered and outclassed.  I am referring to your mining equipment compared to the big farms and not you.  You put your one key in and the lock opens and you win, but do you?  Using a mining pool to increase your overall success is nice, but it is up to the pool rules if you get the reward, it is somewhere in their terms if you look around. So, if you came with a huge group of people to improve your chances, you might have to split the prize with them. 

The point is that if you have free equipment and free electricity you can mine and make a profit.  It is a very small profit that can get a little bigger with some good choices, but do it for a week and then actually convert that number into FIAT.  You likely made between 25 cents and a dollar, maybe less.  A slower rig can take three weeks to make a penny.  You get excited over seeing free BTC, but it takes six months just to reach the minimum withdrawal at times for small rigs.  A year may produce five bucks.

Now, take that same rig and solo mine and you will likely never see a single Satoshi. That is you with your one little key versus the horde of trained lock people with millions of keys.  BUT, you just may one day open that door.  You have given up a massive handful of pennies or dollars to try and you will probably never get it.  But, it might be more fun to try for it than finding a way to spend that $9 profit from mining each year, lol.
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September 09, 2016, 10:20:39 AM
 #15

many of the ASIC units out there are great today, but they will likely be passed up by newer equipment and need to be replaced before their cost has been covered by mining. 


 Much less of an issue with the 14/16nm generation, as ASIC mining gear has caught up with semiconductor state-of-the-art now - we won't see 6 month to year "generation" cycles any more as in the past when the tech in the miners was still BEHIND the state of the art for semiconductors as a whole.

 I expect to see more like a 3-4 year "cycle" in the future, as that's been what general semiconductor tech has been averaging for a while - and we're looking at a significant change of a longer "blip" right now as EVERYONE that does semiconductor manufacturing research has stated that 10nm is "END OF THE LINE" for silicon.

 I have a feeling we're getting down far enough into "quantum effects are a major issue" territory on semiconductors that we might only see 1 or 2 more generations before 2030, unless there is a HUGE paradigm shift in the industry.


 I won't be shocked if the S9 remains a profitable unit into the mid-2020s at 4c/KWH electric.

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September 09, 2016, 10:29:06 AM
 #16

Who said, said that mining is not profitable?

I mine LTC with TITANs and BTC with Antminers S9


My last month's electricity consumption total in two places was    3267 euro.  (This is with my home  electricity cost. Hot water, cooking, etc. )

last month BTC mining result was 9.55 BTC   (22 x S9)
and  600 LTC   ( at the moment 2200-2300 Mhz)

After deducting the cost of electricity at least 7 BTC  month  for  cover the investment .



U forgot to factor in equipment cost, which obviously isn't little with the size of operation ur running now...

After re-doing calculating that in ( cost spread over 12 month till bep,) net profit is deduced.




If you read again, you will see that I did not calculate profits.
It is more than 7 BTC in month, is  that will repay the investment.

S9 price was at the beginning 2300 USD
11 x 2300 =25300 USD

Add another 12 pc  about the same amount of money and get   50 600 USD for23x S9 miners.

I got my first 11x S9 over three months ago.

after the halving until today  all my S9 miners  have mined total   18,7 BTC

However, for 11x S9 there still were  3 weeks prior to the halving,  which came 2 times more BTC .
So it was still 0,3 BTC per day + 600 LTC per month, only electricity went less.

So in the last three months has come to pay back the investment  total at least 21 BTC


With today's prices, this is 13 125 USD,  by doing this with a year 52 500 USD  which almost covers S9  investment.

After 9 months from now i still have at least 15 working S9 and 1800 Mhz Titans.
Their sales should cover  TITANS purchase price.

So, in 12 months, I have recouped the investment ..  But TITANs  have mined much longer than last three months.








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September 11, 2016, 10:17:44 PM
 #17

Who said, said that mining is not profitable?

I mine LTC with TITANs and BTC with Antminers S9


My last month's electricity consumption total in two places was    3267 euro.  (This is with my home  electricity cost. Hot water, cooking, etc. )

last month BTC mining result was 9.55 BTC   (22 x S9)
and  600 LTC   ( at the moment 2200-2300 Mhz)

After deducting the cost of electricity at least 7 BTC  month  for  cover the investment .



U forgot to factor in equipment cost, which obviously isn't little with the size of operation ur running now...

After re-doing calculating that in ( cost spread over 12 month till bep,) net profit is deduced.




If you read again, you will see that I did not calculate profits.
It is more than 7 BTC in month, is  that will repay the investment.

S9 price was at the beginning 2300 USD
11 x 2300 =25300 USD

Add another 12 pc  about the same amount of money and get   50 600 USD for23x S9 miners.

I got my first 11x S9 over three months ago.

after the halving until today  all my S9 miners  have mined total   18,7 BTC

However, for 11x S9 there still were  3 weeks prior to the halving,  which came 2 times more BTC .
So it was still 0,3 BTC per day + 600 LTC per month, only electricity went less.

So in the last three months has come to pay back the investment  total at least 21 BTC


With today's prices, this is 13 125 USD,  by doing this with a year 52 500 USD  which almost covers S9  investment.

After 9 months from now i still have at least 15 working S9 and 1800 Mhz Titans.
Their sales should cover  TITANS purchase price.

So, in 12 months, I have recouped the investment ..  But TITANs  have mined much longer than last three months.


Thanks for replying to my question tupsu.
Still u managed to neglect electricity cost ( no matter how small that might be where u at) but I get the bigger picture you're trying to paint here and let me tell u: it looks good :-)

However I have another technical question pertaining to ur setup and consequently to the given calculation above. Why not connect ur miners to a switch and through to 1 central PC ( or two ) instead of 11 PC ( if I understood u correctly )?

I believe there are certain mining softwares that enables u to monitor and supervise miners' work from a single station. Not just cheaper but more efficient and cost effective.

Thanks again for sharing this with us and wish u good luck with ur operation.
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September 11, 2016, 11:46:04 PM
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Thanks for replying to my question tupsu.
Still u managed to neglect electricity cost ( no matter how small that might be where u at) but I get the bigger picture you're trying to paint here and let me tell u: it looks good :-)

However I have another technical question pertaining to ur setup and consequently to the given calculation above. Why not connect ur miners to a switch and through to 1 central PC ( or two ) instead of 11 PC ( if I understood u correctly )?

I believe there are certain mining softwares that enables u to monitor and supervise miners' work from a single station. Not just cheaper but more efficient and cost effective.

Thanks again for sharing this with us and wish u good luck with ur operation.

Let's be clear on it.
Today I have 22xS9 + 1/3 from one S9   and 10x Titan Controllers  -total 2200-2300 Mhz

Three months ago,  13.09.16    I had 11x S9  and 10x Titan Controllers  -total 2200-2300 Mhz , But that was before the BTC halving and less miners still earned me 0.3 BTC per day,and  the electricity went less.   More accurate , less about 11x S9 (1300W x11)  so about 1000 euro less per month.
 My one kW/h is   0,1 euro and sometimes a little less.

I fwatching them all from one computer.





QuintLeo
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September 12, 2016, 07:11:16 PM
 #19

12 pc = 12 pieces AKA 12 S9 miners, in context.

Tupsu
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September 12, 2016, 10:42:59 PM
 #20

12 pc = 12 pieces AKA 12 S9 miners, in context.



Yes.

At the moment I have 22 x S9 + one S9 with one blade. 2x S9  hashblade is still in repair.

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