What happen to mining profitability?

[puremage111]

https://whattomine.com/coins

Before market crash to 60Billion from the original 100Billion

Mining ETH, ETC and some other coins estimation in Whattomine is ranging from $3-4 per 1060 with $0.15 kwh

Right now, we are back to 90Billion market, but the profitablility is ranging from $0.9-1 per 1060 with $0.15 kwh


What exactly happen?

Pre market Dump btc price peaked at $3000

Post market Dump btc price is back to $2700

Even ETH is ranging at around 3xx before Crash, 2xx after Crash. Technically it should be around $2-3 for each 1060 at the current state of price but $1+- is too low.

Any idea?

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[cryptotore]

Its because of difficulty mate!

https://bitinfocharts.com/comparison/ethereum-difficulty.html

[QuintLeo]

 Combination actually, the diff has been climbing a LOT on any profitable coin since the big price jumps (except for Bitcoin) started up around 3 months back, COUPLED TO the price drop almost all altcoins have suffered through in July.


 The profitability bubble hasn't collapsed entirely, but it's getting there - it just took TIME for folks to buy up enough new hardware (and on Scrypt and X11 they STILL haven't gotten there due to a lack of hardware AVAILABLE) to get the hashrate to climb as much as pricing did.

[simo20014]

Hello mate!
I think this decrease of mining profitability is due to people and investors being less confident in crypocurrencies and purchasing less hasing power because of it.
And we are seing a lot of changes in the cryptocurrency market, such as the probable hardfork of the bitcoin. So all these things can influence the mining profitability :/

[Za1n]

It has already been said, network difficulty was and still is increasing. In essence, the higher the difficulty the lower your reward will be given the same hash-rate.

Difficulty was on a steady increase even before the price took off, it just wasn't as steep of a curve. But once the price of Ethereum really got going, everyone and their mother began buying graphics cards and became miner, thus the skyrocketing difficulty levels.

So getting back to your question, even if the price of Ethereum returns to the $400 level the mining profitability will still be quite a bit lower than it was before as the mining difficulty has increase so much in the meantime.

Unfortunately, price corrects a lot faster than difficulty does so you can expect to see diminishing mining profitability for quite some time. In fact, you can look around and see plenty of threads of people continuing to build new miners seemingly unaware of this fact, so the hope for quick mining profits returning will be just that, a hope for the next several months to years.

[sevenmiles]

And ETH price never recovers

[1Fish2Fish]

Hundreds of thousands of views of videos all over Youtube, guys bragging about "Easy Money"!!! in them there hills. Of course difficulties will kill profits.

Thousands of us newbies have got us some M I N I N G FEVER, and it's on now baby. Bring it!
We don't care about no GPU and PSU's being waaay overpriced, we just need to buy something, from someone, TODAY!
Profits, Risk, Return on Investment, Sanity,,, what's that? Oh Okay, I'll look at those things tomorrow, right now i got to get me some rigs rocking, that's what talking bout.

The word "Boondoggle" keeps poping in my head lately for some reason.
noun,  work or activity that is wasteful or pointless but gives the appearance of having value.
verb  waste money or time on unnecessary or questionable projects.

Okay, maybe not that bad, but at times i wonder. 

[Qazo]

"well, no one told me about difficulty when I was buying my overpriced GPU's"  

[QuintLeo]

The word "Boondoggle" keeps poping in my head lately for some reason.

 The phrase "lack of due diligence" keeps popping up in mine.

[Metroid]

Oh noooooooooooo, I guess we will see many threads like this one asking, "hey there is something wrong, last time i checked i'm sure I was supposed to earn $5.80 per day forever and ever and now i see the pool is stealing my money, i'm earning only $0.30 per day, and now i see the electricity bill and I'm in debt" hehe

"Currently, block time is averaging 14 seconds, but for the last year, it has been inching up to 15 seconds. And, according to calculations made by Buterin three months ago, that number will double to 30 seconds by mid-August of this year."

You trolls did not see anything yet, difficulty is about to triple in few weeks hehe

[adaseb]

https://whattomine.com/coins

Before market crash to 60Billion from the original 100Billion

Mining ETH, ETC and some other coins estimation in Whattomine is ranging from $3-4 per 1060 with $0.15 kwh

Right now, we are back to 90Billion market, but the profitablility is ranging from $0.9-1 per 1060 with $0.15 kwh


What exactly happen?

Pre market Dump btc price peaked at $3000

Post market Dump btc price is back to $2700

Even ETH is ranging at around 3xx before Crash, 2xx after Crash. Technically it should be around $2-3 for each 1060 at the current state of price but $1+- is too low.

Any idea?

Really surprised that a "Hero Member" had no idea what difficulty was...

[Steven3iii]

https://whattomine.com/coins

Before market crash to 60Billion from the original 100Billion

Mining ETH, ETC and some other coins estimation in Whattomine is ranging from $3-4 per 1060 with $0.15 kwh

Right now, we are back to 90Billion market, but the profitablility is ranging from $0.9-1 per 1060 with $0.15 kwh


What exactly happen?

Pre market Dump btc price peaked at $3000

Post market Dump btc price is back to $2700

Even ETH is ranging at around 3xx before Crash, 2xx after Crash. Technically it should be around $2-3 for each 1060 at the current state of price but $1+- is too low.

Any idea?

Really surprised that a "Hero Member" had no idea what difficulty was...

It has made me feel a lot better about being a newbie. Whatever that means. The 1st August thing has not completely past either.

[hyet24]

This what I said before BTC has to be around $8000 now with current difficulty and altcoin and ZEC/ETH needs be maintain the peak value like $400/coin.  You better get more people to use it if you want to go back to the old earnings.   We need more users and soon!!!  lol

If you do mining then bring more people to use it.   

[Nebell]

The profit went down a LOT. I started mid June and a week after profit was like half than when I started haha.
But, I made 40% ROI in 1 month, so I'm not complaining. I'm also mining coins that have a chance to go up in price and if they do, $10 a day now might be $20 a day in a few months.

[Cacapzarg]

The profit went down a LOT. I started mid June and a week after profit was like half than when I started haha.
But, I made 40% ROI in 1 month, so I'm not complaining. I'm also mining coins that have a chance to go up in price and if they do, $10 a day now might be $20 a day in a few months.

At the moment, the ROI for the 580 is about 10 months.

[PotatoM12]

A big Ethereum hack occurred some days ago keeping Ethereum prices low.
Also the Ethereum cow is being milked to death, its only producing water now

[Raziel__]

https://whattomine.com/coins

Before market crash to 60Billion from the original 100Billion

Mining ETH, ETC and some other coins estimation in Whattomine is ranging from $3-4 per 1060 with $0.15 kwh

Right now, we are back to 90Billion market, but the profitablility is ranging from $0.9-1 per 1060 with $0.15 kwh


What exactly happen?

Pre market Dump btc price peaked at $3000

Post market Dump btc price is back to $2700

Even ETH is ranging at around 3xx before Crash, 2xx after Crash. Technically it should be around $2-3 for each 1060 at the current state of price but $1+- is too low.

Any idea?

Really surprised that a "Hero Member" had no idea what difficulty was...

I cant believe it, I checked twice... so many people investing in something that they dont even know what is going on, so many things on ethereum is happening right now, ice age, block time, difficult rise, proof of stake, price of gpus, new gpus, people who are moving from  coin to coin, price of coins  itd. itd.

[Ayers]

Its because of difficulty mate!

https://bitinfocharts.com/comparison/ethereum-difficulty.html

i think not only about difficult, but also about the value, that was dumped on all altcoin, because of bitcoin chain split or hard fork, diff is indeed higher, because now even kids and their mother are mining, but the investors dumped a lot of money to take profit

[Haryford]

Its because of difficulty mate!

https://bitinfocharts.com/comparison/ethereum-difficulty.html

i think not only about difficult, but also about the value, that was dumped on all altcoin, because of bitcoin chain split or hard fork, diff is indeed higher, because now even kids and their mother are mining, but the investors dumped a lot of money to take profit

It seems quite strange. The bitcoin is in trouble, all the coins drop with it.

[RentGPU]

Thats because everyone wants to mine and less want to buy so difficulty increasing and prices down , i think for better mining results ppl should trade on mining difficulty