Mining during the correction

[geekcryptogal]

Well I just got my $3500 rig together and started mining 4 days ago.  Was making $27 a day on Nicehash and now about $18.50 per day.  ROI won't be in a few months more like 1/2 of a year, at current rates.

I was expecting this could happen but was hoping it wouldn't for a couple months, because I really want to get this thing to pay for itself asap.  Wishful thinking

I'll keep mining... this might take a year to pay off who knows.  At least I sold my investment in Ethereum for $1350 the other day to help pay for this rig.   I'll sell some other assets I have laying around here collecting dust, not appreciating -- otherwise 15% credit card interest wont be kind to me on $3500 rig.

I'll get this rig paid off ASAP regardless and just hold onto what I mine.

Would appreciate hearing any stories from some veteran miners here that have gone through times of correction and reduced profits

Interestingly, I am still seeing GTX 1070 TI's going for $700 on ebay.. I bought five recently at $519 (newegg & bhphotovideo autonotify), so technically if I sold my rig I'd make money on it.. but I really dont' want to do that.  I find mining very exciting and totally geeky.. even decorating my rig with steampunk theme.

Wish everyone the best.  I'll keeping mining

[MarkAz]

Corrections come and go - and you don't even really know if this is the bottom or not... In terms of mining, the best rule is to dial everything in to be as lean and mean as possible, this way you can mine through the bad times as well as the booms.

The nice part about mining is no one tells you when to sell, so if you can affordably mine, and you just wait until the coins you mine rebound, then you effectively make back whatever lost revenue you had during the down time... Of course it's always possible it never rebounds, in which case we're all screwed and better to go fetch those eBay buyers while they're still there.

There's a bunch of things at play right now that make it interesting - there's a shortage of GPU's in the market, the secondary market is commanding (or at least asking) for crazy prices, and now the crypto markets have effectively tanked.  

I will say this, show me another investment that returns your capital outlay in MONTH and not years - simple answer, there aren't any.  Sure, it's not as good as it was, but it's still outstanding... I remember when I used to get used S5's or Terminator A2's and ROI in 30 days - was that great?  Sure, but it never lasts - just enjoy the good times and keep it lean in the tough ones.  

Also, I'm long on crypto - so these fluctuations up and down that last weeks or months are largely irrelevant to me, I'll just wait it out because I believe it will play a larger and larger role in society going forward - but I'm also an optimist. 

[Riptide_NVN]

Screw dialing it back.  Overclock FTW baby!

I only wish some miners would take a hike and dump the difficulty a bit for those of us sticking it out while everything is in the toilet.  lol

[dagarair]

Waaaahhhhhhh waaaahhhhhh i'm only making 18$ a day..... Really?  

I remember we were making 3.50 a day and cost of power was 1.80 and guess what I was still okay with it.  Quit belly aching man it's still kick ass as far as profits.  We all knew a correction was eminent and now we can move past it.  It could last a month a year or a day, but we all knew it was coming.

18$ a day and power still 1.80 is sweet tits!

also, if you have $ i'd buy some of probably any coin.

[Riptide_NVN]

$18/day?  Someone knows something I don't know.   

[flip4flop]

Profits are still great right now compared to where they were a few months ago. The situation isnt that bad. I would again advise people to not go into debt to get into mining or any other investment that is volatile. Its a recipe for disaster.  If you dont have the funds that you could lose and not be fine then you are placing yourself and your family if you have one in a potentially awful situation.  Its fun to chase the money but dont overextend yourself as things like this or worse can happen at anytime.

[davecoin]

I would again advise people to not go into debt to get into mining or any other investment that is volatile.

This.  Start small.

[giveen1]

Never invest more than you are willing to lose.

[ManaMan]

Best thing is for whatever coin you mine is to hold. Imagine people who were mining ethereum like 1y ago when price was only 10 bucks imagine them selling to pay off the electricity its hard to even make to payoff your electricity costs. Imagine people who first mined bitcoin they couldn't pay off the bills etc. I think that best is to hold and if you can cover the power costs from your another source of income will be the best. I mean price falling was expected due to how fast it went and hit that 20k mark, just be patent and wait this whole situation to get back on track. 

REMINDER: You are mining cryptocurrency not USD!

[BitBustah]

I bought my rig when I could earn 11 eur a day. After a few weeks it dropped to 3.5 euro per day. ROI was 10 months.

And then BTC picked up again.. And I made ROI in 3,5 months.


I don't know what will happen... I hope BTC will recover. Don't lose hope yet.

(BTW, where you located? In case you wanna sell.)  

[Mike011]

Was making $27 a day on Nicehash...

Lost you after that bro...

[Turkish88]

Dont think about correction, continue mining and happy if difficulty goes down.
After price recover and sitation stabilize you can do better profit

[geekcryptogal]

Yeah I didn't put myself in a bad position at all.  I sold my $1200 investment into Ether and got $1520 back, so up $320 on that.  Also I have no problems paying my bills.  I also have assets laying around here either depreciating or staying at same value, collecting dust here.. selling them off.. I consider it a trade for the $3500 rig.   Then I'll be hapy if the rig just pays for itself with respect to electricity costs ($60 a month).  I'll just keep collecting the bitcoin in hopes it will go back up.  I find it an extremely fun hobby.

[YaStaer]

Just keep mining and do not even think of selling everything for $ now. Wait for the restoration of normal prices and you will be surprised 

[Cereberus]

The dollar rate has changed in Nicehash because of Bitcoin price which has plummeted today. However the rate in bitcoin at nicehash is almost unchanged at all with very minimal change because of increasing difficulty in Ethereum at least. Be smart and keep mining, sell everything you make monthly until you pay back your investment and then every mining rig I consider it a gold mine because I predict bitcoin price to go up in the coming years.

[The Demon Slick]

mine 1k etn this week, .10 usd, sell immediately, make 100 usd, or 14.29 usd/day.
Sell next week, when it's .20 usd, you made 200 usd, or 28.68 usd/day.
nicehash = btc coin payouts = you can't play with your coins.

[hheight]

REMINDER: You are mining cryptocurrency not USD!

This is exactly what I wanted to say. Forget about fiat money and concentrate on the mining promising coins. Fortunately, there are many coins that will be actively used in the future.

[Gregsman]

Welcome to the mining community well only that much hurts old miners. They had 0.5$ earning and they were happy back in the day.
You can research and mine alts at low difficulty, coins that will pick up the value faster. Corrections or bad prices for coins mean lower difficulty, but today even Ethereum is dropping in price difficulty grows.
So find your own coin, it's not easy.

[geekcryptogal]

The market is rebounding nicely  100b added in past couple hours to Market cap.

[MagicSmoker]

The really important thing to watch - at least for this relative noob - is the mining difficulty vs. coin price; if both are going down then I'll keep mining the same coin, but if price is cratering and difficulty hasn't budged then I point my hashpower elsewhere.

[geekcryptogal]

The really important thing to watch - at least for this relative noob - is the mining difficulty vs. coin price; if both are going down then I'll keep mining the same coin, but if price is cratering and difficulty hasn't budged then I point my hashpower elsewhere.

Currently I just use Nicehash -- it benchmarks, optimizes and auto switches for me.  Literally no substantial activity involved.  Just install program and run it.  Also they now allow you to transfer internal Nicehash wallet to Coinbase, each and every day, instantly and without fee -- so that alleviates the concern I had with respect to the hack last month where $67 million was stolen.  Set it and forget it, leave it in the corner, and just cash out each day. Literally 3 mins of non-substantial work per day (i.e. the wallet transfer to coinbase).

[juanichiloco]

As others have said I think the main thing is to keep hold of your coins when corrections occur and wait for the next big run up and sell then if you want or just hold them long term.

The price only matters when you sell

[MagicSmoker]

The really important thing to watch - at least for this relative noob - is the mining difficulty vs. coin price; if both are going down then I'll keep mining the same coin, but if price is cratering and difficulty hasn't budged then I point my hashpower elsewhere.

Currently I just use Nicehash -- it benchmarks, optimizes and auto switches for me.  Literally no substantial activity involved.  Just install program and run it.  Also they now allow you to transfer internal Nicehash wallet to Coinbase, each and every day, instantly and without fee -- so that alleviates the concern I had with respect to the hack last month where $67 million was stolen.  Set it and forget it, leave it in the corner, and just cash out each day. Literally 3 mins of non-substantial work per day (i.e. the wallet transfer to coinbase).

Aye, NiceHack <cough> is a success precisely because it is so easy, and for sure that fee-less transfer to Coinbase is nice (although, you don't have much choice of what to do with BTC once it gets to CB), but it rarely is the most profitable use of your rig.

Right now, according to whattomine, (5) 1070 Ti will bring in ~$21 mining ZClassic (ZCL) based on average difficulty and profitability over the last 24 hours. Or if you want to go with a more exotic coin only tradeable on smaller exchanges there's GoByte (GBX) at ~$25/day.

Disclaimer - I'm fairly new at this myself so not exactly a font of wisdom nor even remotely an authority... Also, chasing profitability on whattomine can be an endless task if you let it. Sometimes I just want to mine a specific coin and damn the torpedoes if it isn't the most profitable. Like I have (3) GTX 1060s mining ZEN even though it is not even close to the most profitable coin for them (ZCL again, but I don't have any ZCL and I do have ZEN, so to minimize transaction fees it is better to mine more of the coin I already have).

EDIT - changed example to (5) 1070 Ti to match OP's rig.

[geekcryptogal]

I tried nemosminer with ahashpool for a day.  It was supposed to chase the most profit.. autoswitch.  At the time it said I could make like $50 per day on what I was mining.. well it turned out to be just about the same as what nicehash was giving me.. so I didn't see the point.  Besides the x17 and sib algorithms on nemosminer cause some nasty coil whine on my 5 x 1070 Ti's -- whereas Nicehash doesn't at all.

[btcprospecter]

Just keep mining and maybe think of moving away from nice hash. Although it is nice to be paid out directly in btc but it is also nice to speculative mine a coin that could do better in months to come.