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Author Topic: No longer profitable - ETH mining?  (Read 1468 times)
insaniak
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September 30, 2017, 06:11:46 PM
 #21

If you go into eth mining a few months ago you should have already made your etherium. I would not buy new rigs UNLESS you plan on not mining etherium and you go to a profit switcher of some sort those are profitable, but still its hard to make any gains with the ROI.
antantti
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September 30, 2017, 06:15:35 PM
 #22

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

Butbutbut if eth is $1000 by the end of this year? One should buy even more gpu's and do some temporarily negative mining. I mean, it pays in the end. It must pay.

No, wait... hehe


Metroid
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September 30, 2017, 06:32:45 PM
 #23

That is a big if, I'm not a miner, my friend that lives in my area is, time to time he comes and ask if i can do few things for him. Since April, before the surge in gpu prices he does not buy gpus or anything at all, in his mining place, since april he told me he lost 3 power supplies and 12 gpus, they just died, he got the warranty for 20% of the things he lost, 80% was out of the warranty period, here warranty for most things is only 3 months, so in 5 months he lost around $5000 and he only replaced the power supplies which stopped working. The 12 gpu's that died he never replaced or bought others, gpu prices are and were expensive after april, right now there are plenty gpus to buy around $300 rx 580, gtx 1070 for $500 and he said people buying at these prices are bloody stupid cause they have no idea about things, maintenance, things break anytime, the heat and many other problems, He said he will mine till february next year and he will stop it. He needs to pay the bank. See where this went, I on the other side only buy coins when people dump and sell coins when people pump, i have no problems to deal, the only thing i require is patience. He said he never got his money back and he did not pay expensive prices for the gpu's and he is quite a knowledgeable man and understand markets and he is only mining cause he is in debt with the bank. I think his plan is to mine till february and then he will sell all his computer components and break even.

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juanichiloco
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September 30, 2017, 06:43:12 PM
 #24

Yes I agree also, I wouldn't advise anyone at this moment to start mining Ethereum as the difficulty is getting high. I would advise to start to mine something with more future potential like Ubiq.

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antantti
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September 30, 2017, 06:59:26 PM
 #25

That is a big if, I'm not a miner, my friend that lives in my area is, time to time he comes and ask if i can do few things for him.

Since April, before the surge in gpu prices he does not buy gpus or anything at all, in his mining place, since april he told me he lost 3 power supplies and 12 gpus, they just died, he got the warranty for 20% of the things he lost, 80% was out of the warranty period, here warranty for most things is only 3 months, so in 5 months he lost around $5000 and he only replaced the power supplies which stopped working.

The 12 gpu's that died he never replaced or bought others, gpu prices are and were expensive after april, right now there are plenty gpus to buy around $300 rx 580, gtx 1070 for $500 and he said people buying at these prices are bloody stupid cause they have no idea about things, maintenance, things break anytime, the heat and many other problems, He said he will mine till february next year and he will stop it.

He needs to pay the bank. See where this went, I on the other side only buy coins when people dump and sell coins when people pump, i have no problems to deal, the only thing i require is patience.

He said he never got his money back and he did not pay expensive prices for the gpu's and he is quite a knowledgeable man and understand markets and he is only mining cause he is in debt with the bank. I think his plan is to mine till february and then he will sell all his computer components and break even.

Your friend is doing some(every)thing wrong.

only buy coins when people dump and sell coins when people pump, i have no problems to deal, the only thing i require is patience.

Well said.

Patience, that is something these new miner generations don't have. If it takes 2 hours to find a block they are done and move to the biggest pool there is.


Metroid
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September 30, 2017, 08:01:37 PM
 #26

Your friend is doing some(every)thing wrong.

He did not do anything wrong, the computer components just died, thing is you never know when a gpu, cpu, motherboard, or any electronic will stop working and you only replace them if prices are okay. He did the right thing. The warranty here is only 3 months, you can't get your roi in 3 months, so after the 3 months all are a huge gamble, reason why I don't mine, no point, if the warranty was 24 months then maybe i would think about it. Also companies hardly cover the warranty even if they say that you will have a peace of mind time. Most of them just blame the end user and in the end they don't honor it.

I mean even if you get 12 months warranty, you don't actually know if they will honor it if something happens before the 12 months, also if the roi is more than 12 months then after the warranty is over and something happens to your computer component then its a loss already and the profit you think you had, you don't have anymore, actually if something just stops working and you did not hit your roi then that is a loss which other components will have to make up to. Its all a huge gamble, gamble x gamble I prefer to just buy and sell coins, it is an easier gamble and much much less hassle.

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Kyphon
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September 30, 2017, 09:02:20 PM
 #27

I agree that Eth mining is no longer profitable unless you got in a while back. Previously my company KSS Global, would sell one or two rigs a week now we do more in hosted devices for clients more than anything.

But I also agree that if you are not in the ETH game by now DO NOT ENTER. ROI is too low at this point unless you are doing it on a commercial scale.
antantti
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September 30, 2017, 09:11:21 PM
 #28

The warranty here is only 3 months, you can't get your roi in 3 months, so after the 3 months all are a huge gamble, reason why I don't mine, no point, if the warranty was 24 months then maybe i would think about it. Also companies hardly cover the warranty even if they say that you will have a peace of mind time. Most of them just blame the end user and in the end they don't honor it.

Is it really that bad somewhere? That hardware must be cheap? Or not?

24/36 months here + manufacturer warranty (+ REALLY high VAT). They would kill their business if they didn't honor it.

Actually, if you run through mining numbers, the most profitable option was/ is? to buy some used ... gpu´s that are still under warranty, mine the shit out of them, fan fails--> next business day you have a new next generation card that is as good or better than the original was. Sell that with a REALLY nice profit.

Am I pissing to someone´s business? I don't know.




Metroid
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September 30, 2017, 10:31:03 PM
 #29

Is it really that bad somewhere? That hardware must be cheap? Or not?

24/36 months here + manufacturer warranty (+ REALLY high VAT). They would kill their business if they didn't honor it.


You are lucky if you get that kind warranty, here if you dont buy somebody will and that is it, somethings dont have warranty at all. Hardware is not cheap, actually is 20% more expensive than msrp but still cheaper than most eu countries.

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Sev18
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October 01, 2017, 09:53:04 AM
 #30

It depends on future ETH price and appearance of new PoW altcoins.
Just for ETH, many people suggests it's a lot profitable to just buy ETH instead of mining rigs, but I believe other altcoins to replace ETH.

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raiderosik
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October 01, 2017, 10:19:36 AM
 #31

Also having this thinking about what it will be(got my rig just for few months now ~160mh/s so not so big Wink )

Anyway i think it will be still a good way to gather money, maybe difficulties will pump but there is no either a bank or any other institution that can give you so big roi. And the most important thing is that it is your own rig,  if ETH will be not profitable as expected in next months you can always change it to another coin who will give you more.
Untill then i will get ETH Wink

Have a nice day guys!

jijikill (OP)
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October 02, 2017, 01:47:44 AM
 #32

Yes I agree also, I wouldn't advise anyone at this moment to start mining Ethereum as the difficulty is getting high. I would advise to start to mine something with more future potential like Ubiq.

Yes better to mining something that u think can appreciate near future , I used to keep track of the USD worth of coin I mining every month , but soon I realize it doesn't matter with the price when u mining but when u sell off the coin , so better to go for something that has the potential to go 10x or 20x , ETH is good but I don't think it is able to go 10x in near future
vaughn125
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October 02, 2017, 01:51:51 AM
 #33

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

Wow thanks for the advice op! Was really looking into investing my money to get good quality mining apparatuses because i think mining is a safe investment. Was really thinking on mining eth because a lot of people like eth and i have seen it many times being mentioned here in the forum. But now i am having second thoughts so i think I won’t invest in mining apparatuses yet.
adaseb
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October 02, 2017, 03:49:51 AM
 #34

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

Wow thanks for the advice op! Was really looking into investing my money to get good quality mining apparatuses because i think mining is a safe investment. Was really thinking on mining eth because a lot of people like eth and i have seen it many times being mentioned here in the forum. But now i am having second thoughts so i think I won’t invest in mining apparatuses yet.


Can't tell if you are being sarcastic or not...
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October 02, 2017, 05:13:42 AM
 #35

if you have alternative way for electricity use in mining like solar power mining ethereum is still profitable. But if in your place got expensive electricity cost its better to invest your money than going for a mining.

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