No longer profitable - ETH mining?

[jijikill]

I would like to advise people not to come into mining if you are looking for lucrative profit and to break even fast , it's nearly impossible for Eth mining to break even in one year by now , 220MH/s can't bring you $300 a month , if you bought a rig at $4k , it takes you a year without including electricity fee , and this is not taking the drastically increment of difficulty into calculation , one month before , 220MH/s can bring you $500 a month , which means if ETH unable to double the price by end of the year , you may be looking at $100 a month of mining profit

You can always argue you mine ETH just to keep it to wait for value appreciation , yes you definitely can , what I'm proposing here is to people who looking to break even fast or earning huge profit

My 2 cents : Do not risk your daily grocery money into a mining rig , do it unless you have some extras

[htotoo]

I agree with the opener!
Nowadays eth mining is not profitable enough. some months ago it was great, but things rapidly went wrong.
Also I can't find an alternative to mine what can get you the price of the rig in 1 year.
If anyone knows a good coin to mine with 1060 please correct me.

[DRVX]

After Etherium will go to proof and stakes you can forget about ETH mining. And it will be very soon.

[shibob]

If we have cheap electric, I think mining still is a good choice, otherwise, just buy and hold some coins we believe.

For me, I already joined the game and the electric here is quite expensive, so I arrange hashrate like 50% for ETH, 30% for XMR, and the rest 20% for some new or low difficulty coins. Hope it work!

[Vann]

https://www.reddit.com/r/EtherMining/comments/71xfvi/byzantium_update_from_dev_call_and_3gb_mining

[xxcsu]

If you have mining rigs already and you got back your invested money , or pretty close to your ROI , it is still profitable to mine ETH.
If you thinking to build rigs or buy mining rigs right now ,as for a long term investment, its still can be profitable , but the ROI can be way over a year now.
After October 17th , we should see our mining rewards improve a little bit

[Za1n]

If you have mining rigs already and you got back your invested money , or pretty close to your ROI , it is still profitable to mine ETH.
If you thinking to build rigs or buy mining rigs right now ,as for a long term investment, its still can be profitable , but the ROI can be way over a year now.
After October 17th , we should see our mining rewards improve a little bit

I agree with your first line but not the other two.

One any ROI prediction a year out is impossible to figure accurately. By then the network hash rate will probably be double or tripled again making ROI projections even harder. This whole logic train also involves a belief that ETH's value will continue to increase offsetting the ever increasing network hash rate. Might just as well invest directly in the coin if you are relying on its value to keep increasing in order to justify your investment into mining gear.

Even with October 17th change, since it will effect everyone proportionally there will really be no change in profitability. So while mining rewards will increase roughly 23% (according to the above link) since everyone gets a 23% increase simultaneously, the net effect is 0 increase in profits. The only way that would be beneficial for an individual is for just you or a small group to gain a 23% advantage and everyone else to stay the same as they are now.

[slickster100]

As long as people still keep overpaying for graphic cards on the second hand market (fleebay), i don't see this changing anytime soon.  Run the numbers, measure your risk tolerance, purchase wisely and most importantly, have some fun.

[icallpurps]

All depends when you bought. My cards all are paid off so yes it's still profitable.

[jijikill]

After Etherium will go to proof and stakes you can forget about ETH mining. And it will be very soon.

Yes it will definitely happens in 1 year plus , which means if you are unable to break even within this period, you are basically fucked up

[jijikill]

https://www.reddit.com/r/EtherMining/comments/71xfvi/byzantium_update_from_dev_call_and_3gb_mining

Yup this is another concern , and I still see a lot of rookies buying new 3GB GPU for mining , the DAG will hit 3GB faster than estimation as I think , probably next year June as of my prediction ,please please if you see someone going into the mining space now rmb to remind them about this

[xxcsu]

If you have mining rigs already and you got back your invested money , or pretty close to your ROI , it is still profitable to mine ETH.
If you thinking to build rigs or buy mining rigs right now ,as for a long term investment, its still can be profitable , but the ROI can be way over a year now.
After October 17th , we should see our mining rewards improve a little bit

I agree with your first line but not the other two.

One any ROI prediction a year out is impossible to figure accurately. By then the network hash rate will probably be double or tripled again making ROI projections even harder. This whole logic train also involves a belief that ETH's value will continue to increase offsetting the ever increasing network hash rate. Might just as well invest directly in the coin if you are relying on its value to keep increasing in order to justify your investment into mining gear.

Even with October 17th change, since it will effect everyone proportionally there will really be no change in profitability. So while mining rewards will increase roughly 23% (according to the above link) since everyone gets a 23% increase simultaneously, the net effect is 0 increase in profits. The only way that would be beneficial for an individual is for just you or a small group to gain a 23% advantage and everyone else to stay the same as they are now.

Absolutely agree with that you said about ROI prediction " One any ROI prediction a year out is impossible to figure accurately."
Every prediction in the future of crypto word actually is impossible to figure accurately !
But.. i think active miners will see some minimal mining reward gain after October 17 , its probably not going to be 23% , but definitely we should see some gain . We will see soon

[Metroid]

All depends when you bought. My cards all are paid off so yes it's still profitable.

Even saying like this is wrong cause noobs think that they will have all their cards paid off too cause the way you said showed it was easy. Never underestimate the power of stupidity and any signs of a positive thinking will make them get into mining and be in debt very soon. This is like generals sending their men for war without any possibility of winning. The general will not get killed, their men will and he treats that as an acceptable loss.

[jijikill]

If you have mining rigs already and you got back your invested money , or pretty close to your ROI , it is still profitable to mine ETH.
If you thinking to build rigs or buy mining rigs right now ,as for a long term investment, its still can be profitable , but the ROI can be way over a year now.
After October 17th , we should see our mining rewards improve a little bit

I agree with your first line but not the other two.

One any ROI prediction a year out is impossible to figure accurately. By then the network hash rate will probably be double or tripled again making ROI projections even harder. This whole logic train also involves a belief that ETH's value will continue to increase offsetting the ever increasing network hash rate. Might just as well invest directly in the coin if you are relying on its value to keep increasing in order to justify your investment into mining gear.

Even with October 17th change, since it will effect everyone proportionally there will really be no change in profitability. So while mining rewards will increase roughly 23% (according to the above link) since everyone gets a 23% increase simultaneously, the net effect is 0 increase in profits. The only way that would be beneficial for an individual is for just you or a small group to gain a 23% advantage and everyone else to stay the same as they are now.

Yes , totally agree , with Metropolis kicking in does reduce the difficulty but at the same time decreases the block reward , as of the hype right now , the difficulty will comes back to same rate maybe in just half a month to a month time

[jijikill]

All depends when you bought. My cards all are paid off so yes it's still profitable.

Even saying like this is wrong cause noobs think that they will have all their cards paid off too cause the way you said showed it was easy. Never underestimate the power of stupidity and any signs of a positive thinking will make them get into mining and be in debt very soon. This is like generals sending their men for war without any possibility of winning. The general will not get killed, their men will and he treats that as an acceptable loss.

Tis is not just the problem , I see noobs buying mining cards instead of GPU these days , if any big crashes happen in crypto , they basically trash their money

[cuteman]

better to mine BTC and LTC, they are still profitable, and BTC price will be raising a little year over year.

[adaseb]

They were saying mining was no longer profitable in 2011, and yet here we still are all mining anyways

https://bitcointalk.org/index.php?topic=450061.0


Yes, it doesn't look like ETH will be profitable might longer... however if history is an indicator sometime later in the future mining will be profitable again like it was in the last 8 years.

From that thread one guy said it all pretty much ( 4 years ago)

April 2013 happened and people got wind of cryptos and mining "free money".  People wanted a piece of the pie, got greedy and now here we are.  What most of them fail to understand is that the people who are "bitcoin rich" didn't do it by buying a crap tonne of hardware and selling the coins off as they were mined.  They did it by mining intelligently and holding onto the coins they produced.

Mining crypto's was never a get rich quick type of deal, it's only become that once the average tech user got wind of it. It is no longer a group of people aligned with libertarian/voluntaryism ideologies.  It is now rife with speculation and people who want to get rich quick.

[Vann]

If you have mining rigs already and you got back your invested money , or pretty close to your ROI , it is still profitable to mine ETH.
If you thinking to build rigs or buy mining rigs right now ,as for a long term investment, its still can be profitable , but the ROI can be way over a year now.
After October 17th , we should see our mining rewards improve a little bit

I agree with your first line but not the other two.

One any ROI prediction a year out is impossible to figure accurately. By then the network hash rate will probably be double or tripled again making ROI projections even harder. This whole logic train also involves a belief that ETH's value will continue to increase offsetting the ever increasing network hash rate. Might just as well invest directly in the coin if you are relying on its value to keep increasing in order to justify your investment into mining gear.

Even with October 17th change, since it will effect everyone proportionally there will really be no change in profitability. So while mining rewards will increase roughly 23% (according to the above link) since everyone gets a 23% increase simultaneously, the net effect is 0 increase in profits. The only way that would be beneficial for an individual is for just you or a small group to gain a 23% advantage and everyone else to stay the same as they are now.

Absolutely agree with that you said about ROI prediction " One any ROI prediction a year out is impossible to figure accurately."
Every prediction in the future of crypto word actually is impossible to figure accurately !
But.. i think active miners will see some minimal mining reward gain after October 17 , its probably not going to be 23% , but definitely we should see some gain . We will see soon

The block times WILL go to 15 seconds after the Byzantium fork. The block reward WILL also be reduced to ~3 ETH at the same time to keep inflation roughly the same as it was at the beginning of September. The 23% increase in mining rewards is basic math as calculated in the Reddit post. The other part of the fork WILL remove the difficulty bomb, returning to the difficulty predicated on the network hash rate. Assuming the price stays at $300, the 15 sec. block time reduction WILL increase the profitability of mining ETH from where it is now after the fork. If the mining reward is only reduced to 3 ETH, it would increase profitability by more than 23% because of the difficulty reduction as well.

[jijikill]

They were saying mining was no longer profitable in 2011, and yet here we still are all mining anyways

https://bitcointalk.org/index.php?topic=450061.0


Yes, it doesn't look like ETH will be profitable might longer... however if history is an indicator sometime later in the future mining will be profitable again like it was in the last 8 years.

yea so I said , not recommend to put your grocery money into mining ,but if have some extra cash and able to wait for ETH value appreciation , then definitely do it

[Metroid]

You trolls have to be very careful saying profitability will be higher than now cause noobs see that as reassurance of their stupidity that might come to fruition hehe