Will mining profitability keep going down, or will it stop - or increase?

[MrChips]

Hi, I couldn't find anything about it on the internet so i decided to start this.
I've been mining on a GTX 1060 for the last 5 months, when the when the profitability was at 1 mBTC/d (Using Nicehash), and BTC price was ~800$. After the price started rising my profit increased to about 1.9 mBTC. But now it's is at 0.8 mBTC.

I'm still kind of noob, so here are my questions:
What was the reason there was an increase in the profit when bitcoin price rose?
What is happening to the profit now?
Is there hopes of the profit rising again? Or at least stay at this and don't decline more?
I was planing to get seriously into it and buy a couple of gpus. should I go for RX 470 (provided i can find any) or GTX 1070, or should i wait for Vega?
Thanks.

[Unacceptable]

Diff will ALWAYS increase,the big mining farms keep adding hashrate to increase THEIR profits......

Your profit can theoretically stay the same if price increases enough to offset the diff increases,but you will earn less & less coin,and it is highly unlikely price will will do just that.....

Don't bother mining Bitcoin with GPUs,mine altcoins instead & convert them into BTC if you want to or just sell em   

Vega will not be worth the cost...at first...looks like a REALLY high end GPU for mainly rendering & stuff,mining & games not so much,only speculation though until we actually get to see one mining or gaming.....

Not sure if AMD is ever going to have cheap 470/480 or 570/580,looks like any that come for sale are gouging the shit out of em,so go Nvidia or wait to see what AMD is going to do next month...

[aoihs00]

Being miner you might be knowing that mining all depends on hash rate and network difficulty. It is well known that difficulty is increasing with time because more miners are coming into the effect. This has led to very concentrated stage of bitcoin mining where everyone is trying to scratch out the gold from same mine. So as you can imagine the after effect everyone is getting little bits of that gold and ending up with loss. Or we can say that they are taking time to get back investment. It may recover soon if there is something can be done with difficulty.

[Flying Hellfish]

Hi, I couldn't find anything about it on the internet so i decided to start this.
I've been mining on a GTX 1060 for the last 5 months, when the when the profitability was at 1 mBTC/d (Using Nicehash), and BTC price was ~800$. After the price started rising my profit increased to about 1.9 mBTC. But now it's is at 0.8 mBTC.

I'm still kind of noob, so here are my questions:
What was the reason there was an increase in the profit when bitcoin price rose?
What is happening to the profit now?
Is there hopes of the profit rising again? Or at least stay at this and don't decline more?
I was planing to get seriously into it and buy a couple of gpus. should I go for RX 470 (provided i can find any) or GTX 1070, or should i wait for Vega?
Thanks.

First start here.  https://bitcointalk.org/index.php?topic=1944976.0

Second read this.  https://bitcointalk.org/index.php?topic=401897.0

No wonder you couldn't find anything on the internet apparently you didn't even look.

[carlfebz2]

Hi, I couldn't find anything about it on the internet so i decided to start this.
I've been mining on a GTX 1060 for the last 5 months, when the when the profitability was at 1 mBTC/d (Using Nicehash), and BTC price was ~800$. After the price started rising my profit increased to about 1.9 mBTC. But now it's is at 0.8 mBTC.

I'm still kind of noob, so here are my questions:
What was the reason there was an increase in the profit when bitcoin price rose?
What is happening to the profit now?
Is there hopes of the profit rising again? Or at least stay at this and don't decline more?
I was planing to get seriously into it and buy a couple of gpus. should I go for RX 470 (provided i can find any) or GTX 1070, or should i wait for Vega?
Thanks.

You should really expect that since you are engaging to mine coins with the use of GPU you should know about the concepts and terms related to it and as just normal we do know that as the time goes by mining difficulty does increase since you are not only the one who do mine but there are lots who are doing the same thing as yours.Just take a look on bitcoins difficulty its just like that, mining difficulty does increase  and lucky for you that it only drops 0.8 mbtc and not gaining much lower since price of bitcoins rose up too its still a good amount though.

[Hui8]

Being miner you might be knowing that mining all depends on hash rate and network difficulty. It is well known that difficulty is increasing with time because more miners are coming into the effect. This has led to very concentrated stage of bitcoin mining where everyone is trying to scratch out the gold from same mine. So as you can imagine the after effect everyone is getting little bits of that gold and ending up with loss. Or we can say that they are taking time to get back investment. It may recover soon if there is something can be done with difficulty.

[QuintLeo]

What was the reason there was an increase in the profit when bitcoin price rose?
What is happening to the profit now?
Is there hopes of the profit rising again? Or at least stay at this and don't decline more?
I was planing to get seriously into it and buy a couple of gpus. should I go for RX 470 (provided i can find any) or GTX 1070, or should i wait for Vega?
Thanks.

 Price goes up, profitability goes up - 'till the hashrate catches up to the price rise.
 It wasn't just Bitcoin price that went up though, almost ALL altcoins saw a massive surge starting about 3 months back - Bitcoin had seen a much longer surge from it's recent lows around year-and-a-half ago, THAT surge was largely fueled by Chinese investors getting allowed to spend Yuan on Bitcoin after a "temporary ban" got lifted by the Chinese Central Bank/Government.

 Profitability now is dropping, as coin prices have generally gone flat-to-dropped some from the peak a couple weeks or so back but profitability is still high enough that folks are still expanding existing farms and starting up new ones.

 Profitability is ALWAYS a question mark - there is no way to know FOR SURE what pricing will do, and as pricing is one of the 3 primary factors that determine profitability there is no way to know where profitability is going to go for sure.

 I wouldn't wait on Vega - it's doubtful it will be particularly profitable at it's "introductory" pricing.


 If anyone could predict the future the way you WANT us to be able to do, we'd be making TONS on predictions for big companies.....

[akuci]

Just let the sceptics sell their cards. Others just keep mining, keep looking for new coins. From time to time, new ones will pop up, just like ETH, ZEC and others. If there is even 1$ profit, ITS STILL PROFIT, and you can always hold your coins, and wait for a price pump.

[Metroid]

Everything will be going to hell and you trolls will soon not even have the money to pay for the electricity hehe

[ccccccc7]

Mining profitability for me is declining rapidly.

I'm almost making the same fiat value as back in November but much much less coins.  

This is troubling for me and I'm at 300%+ ROI so there must be thousands of salty noobs out there who just invested thousands at these inflated hardware prices now wondering if they will ever hit ROI.

Everyone is different, however, I believe most of the new comers to crypto are here for ROIZ and mad profits only and don't really care about the emergence of this industry of financial freedom.

This bunch of money hungry profit driven ill-informed noobs pouring money into the ecosystem and cashing out both coins and hardware with weak hands is a real risk for the entire ecosystem IMO

I hope history isn't going to repeat itself here

[fmz89]

profit will decline for sure, next couple month will see used gpu on market flooding in every country

[fistfullofbtc]

This is troubling for me and I'm at 300%+ ROI so there must be thousands of salty noobs out there who just invested thousands at these inflated hardware prices now wondering if they will ever hit ROI.

This bunch of money hungry profit driven ill-informed noobs pouring money into the ecosystem and cashing out both coins and hardware with weak hands is a real risk for the entire ecosystem IMO

what a load of bollocks, weak hands in mining, lol, there is no risk, supply and demand controls this. 'salty' noobs are driving the whole eco system, it has been sitting pretty for a while since before march. The noobs are the driving force not the handbaggers. mining at least adds more to the system than trading for profit.

[ccccccc7]

what a load of bollocks, weak hands in mining, lol, there is no risk, supply and demand controls this. 'salty' noobs are driving the whole eco system, it has been sitting pretty for a while since before march. The noobs are the driving force not the handbaggers. mining at least adds more to the system than trading for profit.

There is risk when someone stakes more than they can afford, profitability drops so far that electric costs are not covered at 0.1USD/kwh and then people start dumping graphics cards and coins.

Plenty of people will have staked more than they can afford to lose.

Plenty of people have invested 10000USD+ in rigs who with little research and knowledge just jumped in on the hype.

Real world adoption and innovation adds more to the ecosystem not 100000's of people mining or speculatively trading.

I, just as everyone, have no idea what will happen but to say there is no risk at today's prices is madness.

[drrobert]

nobody talk people invested into rx 400/500 with bug of eth hashdrop, people build mining farm with this gpu, amd release mining version based on this cards with this bug 

[lexele]

From what i've seen mining is going up and down on a "regular" bases, sometime you make good money and sometimes not. I wouldn't invest more than I can aford.
On the other hand when mining profitability is low, it's the good moment to accumulate coins to sell them later. If you don't believe in cryptos future there's no point mining...

[Abricotier]

Difficulty will always be rising, but your chance might be in the fact Bitcoin price, or the price of the altcoin you are mining, and you might not lose too much of profitability in term of dollars.

[Unacceptable]

Mining profitability for me is declining rapidly.

I'm almost making the same fiat value as back in November but much much less coins.  

This is troubling for me and I'm at 300%+ ROI so there must be thousands of salty noobs out there who just invested thousands at these inflated hardware prices now wondering if they will ever hit ROI.

Everyone is different, however, I believe most of the new comers to crypto are here for ROIZ and mad profits only and don't really care about the emergence of this industry of financial freedom.

This bunch of money hungry profit driven ill-informed noobs pouring money into the ecosystem and cashing out both coins and hardware with weak hands is a real risk for the entire ecosystem IMO

I hope history isn't going to repeat itself here

Uh,Bitcoin is mainly mined by large Corp owned farms where electricity is 2 cents or less per kwh..........so no the "noobs" aren't driving anything  

Now alts are getting mined by large farms too but not as big BTC,and we the home miners can still buy vid cards to keep up (well,most are sold out ATM,but my point stands).

At least the exchanges are much more robust than back in my day,2011-2013.Where they were hacked almost monthly & would crash the coins repeatedly & take em down to nothing............

BTW,no cryptocoin is going to accepted by general population,why??

1. No refunds.....you get scammed you lose your coins.Send to the wrong or incorrect address.....you lose your coins.

2. Wallets on your PC can get hacked by virus's very easily.Most folks have no idea how to deal with virus's & most virus software dosen't like cryptocoin wallets so they get flagged as a virus.Wallets online can get hacked even more easily.....you lose your coins in both cases.

3. It's a pain & costly to transfer money from your bank to an exchange,& then more charges when you spend your coins. And if anything goes wrong during any of those processes??? You lose your coins.

So,as cool as this cryptocoin thing is,only us PC smart guys will embrace it & be ok with losing our coins sometimes  

[Nebell]

Mining with Nicehash is lazy AF. You just press go and it's mining the most profitable coin but you only get paid in BTC.
Where REAL profit lies is researching the coin you can easily mine, mine the shit out of it even if it's much less profitable than for example ETH, Zcash and Nicehash and HOLD. When the coin surges in price it will outproft Nicehash by miles.
Everyone jumped on the mining craze when ETH surged in price to like $350-$400 (I'm guilty of this, always late to the party), but imagine if you started mining ETH 10 months ago and just HELD. You'd be dirty rich now.
Nicehash is easy, it's steady income and you know what you're earning, but it's only good if you are lazy.

[h311m4n]

Mining profitability for me is declining rapidly.

I'm almost making the same fiat value as back in November but much much less coins.  

This is troubling for me and I'm at 300%+ ROI so there must be thousands of salty noobs out there who just invested thousands at these inflated hardware prices now wondering if they will ever hit ROI.

Everyone is different, however, I believe most of the new comers to crypto are here for ROIZ and mad profits only and don't really care about the emergence of this industry of financial freedom.

This bunch of money hungry profit driven ill-informed noobs pouring money into the ecosystem and cashing out both coins and hardware with weak hands is a real risk for the entire ecosystem IMO

I hope history isn't going to repeat itself here

Sorry mate but your arguments make no sense to me.

First I don't understand  how, even with the current "crash" on the altcoin markets, your profitability can be declining rapidly. All coins have doubled/tripled (and more) in value within the last few months. Even if you mine less coins, the profits are still huge compared to last year. So unless you pay 1$/kWh...or I'm missing something.

As for all the "salty noobs", man, what would you do if you were one of them? You'd want to jump on the train while you still could. That said, it's their own fault if they crash and burn because they bought RX cards for 500$ a piece...

And let's be honest, most miners are doing this for the profit, not the underlying technology. And let's not forget that without the hungry mad noob mean profit-taking miners, most if not all of these coins would sure AF NOT be where they are now, and that includes bitcoin.

[smg1902]

Sorry mate but your arguments make no sense to me.

First I don't understand  how, even with the current "crash" on the altcoin markets, your profitability can be declining rapidly. All coins have doubled/tripled (and more) in value within the last few months. Even if you mine less coins, the profits are still huge compared to last year. So unless you pay 1$/kWh...or I'm missing something.

You're missing the fact that difficulty is skyrocketing because everyone, their mothers, their grandmothers, and their dogs and cats are jumping into the gold rush.  Take a look at any of the profitable coins' hashrate and difficulty charts for the last couple of months.  They go from a gentle upward slope into an abrupt near vertical climb.  So as more people/hashrate come into play, everyone's respective piece of the pie shrinks unless coin prices keep rising at an equal or greater rate.