Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[bones261]

Capitulation on my part has set in. A couple of days ago I even gave up hobby mining with my GPU. Less than 15000 sats per day on my 1070 just didn't seem worth it. Maybe I'll take up gaming now.  

[bitserve]

Capitulation on my part has set in. A couple of days ago I even gave up hobby mining with my GPU. Less than 15000 sats per day on my 1070 just didn't seem worth it. Maybe I'll take up gaming now.  

No (altcoins) GPU mining profitable at current prices? When was the last time that happened?

[Elwar]

I haven't eaten in 6 days.


Actually on purpose...but it is appropriate. Maybe at the 10 day mark I will finish the fast and the sun will once again shine on Bitcoin. Like how after Jesus fasted for 40 days he came out and everything worked out just fine...

[infofront]

Capitulation on my part has set in. A couple of days ago I even gave up hobby mining with my GPU. Less than 15000 sats per day on my 1070 just didn't seem worth it. Maybe I'll take up gaming now.  

No (altcoins) GPU mining profitable at current prices? When was the last time that happened?

It's still profitable, but barely. A 1080ti, which cost anywhere from $650-$1,300, is making a little over $1 per day, after electricity costs.

[xhomerx10]

Guys,  I have consulted the Epitome of Divination on the subject of Bitcoin to put our minds at ease, allow our souls to rest easy and also to get some of us eating again...

 ...and the Magic 8 ball says:

[bones261]

Capitulation on my part has set in. A couple of days ago I even gave up hobby mining with my GPU. Less than 15000 sats per day on my 1070 just didn't seem worth it. Maybe I'll take up gaming now.  

No (altcoins) GPU mining profitable at current prices? When was the last time that happened?

There may be some hidden gem out there, but from what I can tell, mining with a Nvidia 1070 just isn't worth it, for me. Especially if you take into consideration the accelerated wear and tear on your GPU. I'd need to mine for 2 years with the current conditions just to make up the cost of the GPU and the electricity. Naturally, the "current" conditions are not going to hold for 2 whole years. It is likely to deteriorate to the point where my GPU would fry before ever making up the cost. At least my one and only GPU is attached to a computer. All I need to do is get into gaming. However, the last time that I was really into gaming, Ms Pac-Man was a thing.

[Ibian]

Capitulation on my part has set in. A couple of days ago I even gave up hobby mining with my GPU. Less than 15000 sats per day on my 1070 just didn't seem worth it. Maybe I'll take up gaming now.  

No (altcoins) GPU mining profitable at current prices? When was the last time that happened?

There may be some hidden gem out there, but from what I can tell, mining with a Nvidia 1070 just isn't worth it, for me. Especially if you take into consideration the accelerated wear and tear on your GPU. I'd need to mine for 2 years with the current conditions just to make up the cost of the GPU and the electricity. Naturally, the "current" conditions are not going to hold for 2 whole years. It is likely to deteriorate to the point where my GPU would fry before ever making up the cost. At least my one and only GPU is attached to a computer. All I need to do is get into gaming. However, the last time that I was really into gaming, Ms Pac-Man was a thing.

Hire a prostitute to game with her titties barely not out, make bank.

[bitserve]

So it is basically not worth it, ok. But... is that something that happens every once in a while? I am trying to extrapolate what happened past times when a similar point of unprofitability was reached.

Ie: If the price started recovering soon or if the hashrate just kept going down until profitability.

[infofront]

So it is basically not worth it, ok. But... is that something that happens every once in a while? I am trying to extrapolate what happened past times when a similar point of unprofitability was reached.

Ie: If the price started recovering soon or if the hashrate just kept going down until profitability.

I've been mining since 2011. During these downturns, you can make money speculative mining.

For instance, bitcoin GPU mining became unprofitable in early 2012 around the time it hit $2. However, you could've mined quite a bit of coins from a new upstart called Litecoin. You would've been mining at loss at the time.

There was the great altcoin boom of 2013-2014, which was very lucrative for mining. After that market took a shit, the only things that were marginally profitable to mine were Monero and DASH. Mining either one of those would've made you a lot of money.

So, here we are in another downturn. I'm not sure what the next LTC, XMR, or DASH is, but it's out there.

[yefi]

I'm disappointed that you, of all the distinguished gentlemen in this fine room, didn't come up with some fascinating, food-for-thought explanation.

What's to explain? This feels pretty pedestrian to me.

[bones261]

Hire a prostitute to game with her titties barely not out, make bank.

I'm a gold star gay. That just would not work out for me.  And no, chicks with dicks is something I find absolutely repulsive.

[bitserve]

So it is basically not worth it, ok. But... is that something that happens every once in a while? I am trying to extrapolate what happened past times when a similar point of unprofitability was reached.

Ie: If the price started recovering soon or if the hashrate just kept going down until profitability.

I've been mining since 2011. During these downturns, you can make money speculative mining.

For instance, bitcoin GPU mining became unprofitable in early 2012 around the time it hit $2. However, you could've mined quite a bit of coins from a new upstart called Litecoin. You would've been mining at loss at the time.

There was the great altcoin boom of 2013-2014, which was very lucrative for mining. After that market took a shit, the only things that were marginally profitable to mine were Monero and DASH. Mining either one of those would've made you a lot of money.

So, here we are in another downturn. I'm not sure what the next LTC, XMR, or DASH is, but it's out there.

Interesting. But as you say many of the times it was just "barely profitable" at the time of mining, no matter if it pumped hard some time later (you could have just bought the coins instead)... Not that I can extrapolate anything I guess

[adaseb]

Mining profitability now is more or less exactly what it was a year ago. Right before the crazy ETH bubble.

Only difference is that GPUs gotten more expensive and people complain because of bad ROI times.

My 7970 mined BTC then LTC then Darkcoin then ETH and now ZEC

5 year old graphic card.

[jojo69]

Jesus fasted for 40 days he came out and everything worked out just fine...

that reminds me

insufficiently sized rock day is coming up isn't it?

[Anon136]

I don't understand the obsession with the mining profitability. So some miners will go offline and the hash rate will adjust. Is there something that I'm missing? Some way in which this is important that hasn't occurred to me?

[blacky90]

Fuck..the whole market is bleeding

Rip cardano 

[jojo69]

There may be some hidden gem out there, but from what I can tell, mining with a Nvidia 1070 just isn't worth it, for me. Especially if you take into consideration the accelerated wear and tear on your GPU. I'd need to mine for 2 years with the current conditions just to make up the cost of the GPU and the electricity. Naturally, the "current" conditions are not going to hold for 2 whole years. It is likely to deteriorate to the point where my GPU would fry before ever making up the cost. At least my one and only GPU is attached to a computer. All I need to do is get into gaming. However, the last time that I was really into gaming, Ms Pac-Man was a thing.

I think this is the wrong way to think about it.

In the doldrums after the $32 spike at some point my 6950 configs broke down and it was "unprofitable" anyway so I didn't get around to fixing them for months.

Ask me now if I wish I had mined continuously through that period.

[criptix]

U guys need to have in mind that big mining oerations are forced to liquidate to pay running costs.

Mining to hold is usually less profitable and more work then just directly buying crypto and holding.

[bones261]

I don't understand the obsession with the mining profitability. So some miners will go offline and the hash rate will adjust. Is there something that I'm missing? Some way in which this is important that hasn't occurred to me?

The problem is that the hash rate rarely goes down for the more established coins. Due to economies of scale, the bigger and more efficient operations just get bigger. Nothing like a bear market to make mining even more centralized than it already is.

[pacman7331]

All we gotta do is 8k to break out of the 20k downtrend. Bulls must be totally defeated 😕.