ETH Difficulty +11% in less than 24 hours.

[Metroid]

Next month will be 30 seconds, which means difficulty wise will be 100%, from 1.2 to around 3.0, which means people earning now $1.70 will be earning $0.60 per card and if price keeps as it is. I'm not taking eth reduction in mind cause if there is an eth reduction from 5 to 2.5 eth per 30 seconds then people will be earning around $0.25 per card by next month. Also many people are using polaris, so count that as 25% less money for them. With that in mind, soon we will see rx 470 for less than $100.

[1715102720]

1715102720

[1715102720]

1715102720

[1715102720]

1715102720

[antantti]

Who cares about difficulty when markets are down 20% in hours only? Instant ice-age.

[Metroid]

Who cares about difficulty when markets are down 20% in hours only? Instant ice-age.

People who bought gpu's for more than 50% of msrp are having nightmares. Their 14 months roi suddenly became 24 months.

[antantti]

Best thing for these people to do is sell their cards before they hit rock bottom prices, then take that money and buy coins.  At least they'll have a chance to make money then.

What if they maxed out their credit card?

[antantti]

Sell the cards, pay most of it back and don't get in at the top of the market again.

Agree. Sadly, that is not how the human mind works.

[Vann]

Who cares about difficulty when markets are down 20% in hours only? Instant ice-age.

The people that care about day to day prices are day traders and those that mine with NiceHash. If you take mining for what it is and always has been, a long term investment and hedge against being left holding the bag by buying coins directly, the day to day prices are irrelevant.

[Tmdz]

Best thing for these people to do is sell their cards before they hit rock bottom prices, then take that money and buy coins.  At least they'll have a chance to make money then.

What if they maxed out their credit card?

Well, that was a mistake in the first place.

Sell the cards, pay most of it back and don't get in at the top of the market again.

They fucked up plain and simple.

Bought into the hype at the peak of the pump, did ZERO research then payed 50-100% above msrp for cards.  Give it another month and profit will be some slim pickings at which cards will be cheap as hell this is the last stop to sell off excess hardware.

The rest of us straight chilling with well padded crypto accounts, and some of us will swoop in on cheap gpus.

[Vann]

Best thing for these people to do is sell their cards before they hit rock bottom prices, then take that money and buy coins.  At least they'll have a chance to make money then.

What if they maxed out their credit card?

Well, that was a mistake in the first place.

Sell the cards, pay most of it back and don't get in at the top of the market again.

They fucked up plain and simple.

Bought into the hype at the peak of the pump, did ZERO research then payed 50-100% above msrp for cards.  Give it another month and profit will be some slim pickings at which cards will be cheap as hell this is the last stop to sell off excess hardware.

The rest of us straight chilling with well padded crypto accounts, and some of us will swoop in on cheap gpus.

And as history shows, those that keep mining will come out ahead. Even if you built rigs before the last crash in 2014, you came out way ahead if you kept mining while the market and profitability tanked AND you were able to sell the hardware for more than what you paid for it after the market turned back up.

[antantti]

Who cares about difficulty when markets are down 20% in hours only? Instant ice-age.

If you take mining for what it is and always has been, a long term investment and hedge against being left holding the bag by buying coins directly, the day to day prices are irrelevant.

How does holding the bag differ from holding the hardware? And don't get me wrong, I am a miner too.

fact: difficulty will rise

--> we need bull markets to level that diff rise
--> better daily profits need markets to rise more than diff
--> if you are sure markets will rise more than diff why don't you buy in then?

fact: only way to do some serious profits with rigs is to mine, hold and wait.

--> needs rising markets to happen
--> if you are sure markets will rise why don't you buy in then?

fact: trading makes profits both ways

--> today, miners will run through excels one more time, are we going below $2/day/gpu?
--> today, shorters again made loads of cash

So, after all you made some mining profits?

That is no excuse to do bad investments with those profits. It is fun though...

edit: I like cryptos, I really do. I have supported and keep on supporting projects/ devs I think are doing the right thing.

[Metroid]

I'm not a miner and my plan as a trader is to hold the holdings I have and if the price hit my buy criteria, unload 60% all the money I have and then be patient as long as it takes. I never sell at a loss but to do that you need to be patient.

[Vann]

Best thing for these people to do is sell their cards before they hit rock bottom prices, then take that money and buy coins.  At least they'll have a chance to make money then.

What if they maxed out their credit card?

Well, that was a mistake in the first place.

Sell the cards, pay most of it back and don't get in at the top of the market again.

They fucked up plain and simple.

Bought into the hype at the peak of the pump, did ZERO research then payed 50-100% above msrp for cards.  Give it another month and profit will be some slim pickings at which cards will be cheap as hell this is the last stop to sell off excess hardware.

The rest of us straight chilling with well padded crypto accounts, and some of us will swoop in on cheap gpus.

And as history shows, those that keep mining will come out ahead. Even if you built rigs before the last crash in 2014, you came out way ahead if you kept mining while the market and profitability tanked AND you were able to sell the hardware for more than wait you paid for it after the market turned back up.

Only works for places with cheap electricity.

If you were mining ETH back in Nov of last year with a six card rig you already had and at a loss once power was factored in, you were able to a accumulate several ETH a week, more than you could have by buying ETH at the $8 low directly, for little additional risk other than your power cost. You came out way ahead once the market turned AND still have the hardware. That's why it's important to focus on mining as a long term hedge and not a daily profit center.

[antantti]

If you were mining ETH back in Nov of last year with a six card rig you already and at a loss once power was factored in, you were able to a accumulate several ETH a week, more than you could have by buying ETH at the $8 low directly, for little additional risk other than your power cost. You came out way ahead once the market turned AND still have the hardware. That's why it's important to focus on mining as a long term hedge and not a daily profit center.

I did mine ETH from the start. Show me one real world example were mining was more profitable than buying?

edit: unless you already have the hardware

[DoCApocalypto]

Best thing for these people to do is sell their cards before they hit rock bottom prices, then take that money and buy coins.  At least they'll have a chance to make money then.

What if they maxed out their credit card?

Well, that was a mistake in the first place.

Sell the cards, pay most of it back and don't get in at the top of the market again.

They fucked up plain and simple.

Bought into the hype at the peak of the pump, did ZERO research then payed 50-100% above msrp for cards.  Give it another month and profit will be some slim pickings at which cards will be cheap as hell this is the last stop to sell off excess hardware.

The rest of us straight chilling with well padded crypto accounts, and some of us will swoop in on cheap gpus.

And as history shows, those that keep mining will come out ahead. Even if you built rigs before the last crash in 2014, you came out way ahead if you kept mining while the market and profitability tanked AND you were able to sell the hardware for more than wait you paid for it after the market turned back up.

Only works for places with cheap electricity.

If you were mining ETH back in Nov of last year with a six card rig you already and at a loss once power was factored in, you were able to a accumulate several ETH a week, more than you could have by buying ETH at the $8 low directly, for little additional risk other than your power cost. You came out way ahead once the market turned AND still have the hardware. That's why it's important to focus on mining as a long term hedge and not a daily profit center.

Right.

[Vann]

Who cares about difficulty when markets are down 20% in hours only? Instant ice-age.

If you take mining for what it is and always has been, a long term investment and hedge against being left holding the bag by buying coins directly, the day to day prices are irrelevant.

How does holding the bag differ from holding the hardware? And don't get me wrong, I am a miner too.

fact: difficulty will rise

--> we need bull markets to level that diff rise
--> better daily profits need markets to rise more than diff
--> if you are sure markets will rise more than diff why don't you buy in then?

fact: only way to do some serious profits with rigs is to mine, hold and wait.

--> needs rising markets to happen
--> if you are sure markets will rise why don't you buy in then?

fact: trading makes profits both ways

--> today, miners will run through excels one more time, are we going below $2/day/gpu?
--> today, shorters again made loads of cash

So, after all you made some mining profits?

That is no excuse to do bad investments with those profits. It is fun though...

Investing directly in the coin you generally only have one way to profit. The coin you buy goes up in value and you sell it for more than you paid for it. If the coin goes down or to zero, you take 100% of the loss. A mining rig is an asset that has a value other than mining, which can be sold or repurposed towards any other coin YOU choose for little risk other than your power cost once it's paid off. As such you have more ways to come out ahead than you do if you just buy the coin.

[Bothebu]

I built two rigs at end of May, sold one about a week ago for 1k more than I paid for the parts to build it.  And I got to mine with it for 5 weeks.  I am about $350 from breakeven on the whole mining investment.  Very happy I sold the one rig!  Difficulty is crazy.  However, I would like to see the price of ETH drop more in the short term.  Weed out the weak hands and give me the opportunity to buy more! 

[antantti]

If the coin goes down or to zero, you take 100% of the loss.

Show me something that went to zero, xpy might still be listed somewhere. Onecoin is also doing pretty well, the amount of free cash flowing in is just enormous.

A mining rig is an asset that has a value other than mining, which can be sold or repurposed towards any other coin

True

YOU choose

Hmm, not sure what this means. I can't choose where to invest?

I built two rigs at end of May, sold one about a week ago for 1k more than I paid for the parts to build it.  And I got to mine with it for 5 weeks.  I am about $350 from breakeven on the whole mining investment.  Very happy I sold the one rig!  Difficulty is crazy.  However, I would like to see the price of ETH drop more in the short term.  Weed out the weak hands and give me the opportunity to buy more! 

Good example of a miner/trader who knows what to do. If you want to max your eth you need to wait.

[Vann]

If the coin goes down or to zero, you take 100% of the loss.

Show me something that went to zero, xpy might still be listed somewhere. Onecoin is also doing pretty well, the amount of free cash flowing in is just enormous.

A mining rig is an asset that has a value other than mining, which can be sold or repurposed towards any other coin

True

YOU choose

Hmm, not sure what this means. I can't choose where to invest?

I have a folder of more than 20 dead coins that I mined from back in the Scypt and X11 clone days. Some of those, like the country coins were pumped to hell and back and if you had invested directly in the coin, your investment today is worth zero or peanuts compared to what they traded for, if the blockchain even works at all. You can of course choose to invest in another coin by risking more capital, but that also means you are taking on even more risk. With a mining rig you already have changing to another coin is as simple as a change in the miner configuration, with little additional risk other than your power costs.

[wedatin]

I built two rigs at end of May, sold one about a week ago for 1k more than I paid for the parts to build it.  And I got to mine with it for 5 weeks.  I am about $350 from breakeven on the whole mining investment.  Very happy I sold the one rig!  Difficulty is crazy.  However, I would like to see the price of ETH drop more in the short term.  Weed out the weak hands and give me the opportunity to buy more! 

That is quite interesting thinking of wiping weak hands. But the total difficulty will rise any way.

[antantti]

I have a folder of more than 20 dead coins that I mined from back in the Scypt and X11 clone days. Some of those, like the country coins were pumped to hell and back and if you had invested directly in the coin, your investment today is worth zero or peanuts compared to what they traded for,

Ok now I understand, those were not the times to buy. Unless there was a greater fool. Just like ICO's today...

Show me something that went to zero after 8/2015.

[Vann]

I have a folder of more than 20 dead coins that I mined from back in the Scypt and X11 clone days. Some of those, like the country coins were pumped to hell and back and if you had invested directly in the coin, your investment today is worth zero or peanuts compared to what they traded for,

Ok now I understand, those were not the times to buy. Unless there was a greater fool. Just like ICO's today...

Show me something that went to zero after 8/2015.

I took a break from mining after the crash of 2014 and only started again earlier this year. Clearly in hindsight that was a mistake vs if I had just kept mining. The good news is I held on to most of the coins I mined and for the most part, I'm glad I did. If you are saying that no coin that is being traded now has a chance of going to zero, then I would say that is not a good assumption to make given the fact 95%+ of coins are just clones of other coins with little or no difference to the other coins. In my view, that is another advantage mining has over buying directly. Since your recurring cost is essentially the same for any coin you mine, you don't need to time your purchases and be right.