Mining earnings are terrible, I'm shutting down for a while

[BitBustah]

My 1080ti, 2x 1080 and 1070 made 12 euro during the last 24 hours.

12 euros.. That's almost next to nothing when substracting the power and transaction costs.


I'm shutting down my miner for a few weeks. Is anyone else taking these drastic measurements, or am I the only one?
I must confess that I don't believe BTC will go up again soon... (sorry to the believers here, no disrespect intended).

[coins4commies]

We've noticed things down over at nicehash.  I've gone from $5/day/1080 to <$3/day/1080 in the last 2 days. 

What are you using? 

[yua_na]

Maybe you should not shuting down but swicth to another coin. Usually at this time most people shuting down their miner i never shuting it down because the coin i mined i dont sell it now for paying electricity but for puting it for long term and mining is not only about profit for me its fun too. Try to mine vertcoin its halving already and price going down but i think vertcoin will goes up start from the end of this year.

[MarkAz]

The second poster is using Nicehash, so it will generally suffer a bit more than direct mining because most of the time the alt moves more than Bitcoin, and that spread kills your profit as well as just the overall decrease in crypto.  You also can't really speculate by holding the coins, because you're autoconverting into Bitcoin.

Really, if you can't profitably mine unless returns are crazy, then you probably shouldn't be mining... You want to build your miner with the tough times in mind, not the boom times.

As far as Bitcoin's value or the markets - if you're speculating at the week or month resolution, then once again you're probably better off trading than mining.  Mining is more of a long-term strategy (IMO), so you set it and forget it, instead of trading or other strategies, where you're moving a bit more based on market trends - and also consider stopping to be a valid strategy (which I would say is for a trader, but is not for a miner).

[Neo-Geo]

I read something something about difficulty dropping as hashing power decreases, so I think BitBustah has the right idea. If more like minded miners throw in the towel, profits will increase for those that tuff it out.

And mining ICOs and small cap alts in a down market also means you'll take a bigger hit than if you would have held a large cap, as they tend to over-correct in a sell off.

Personally, I don't mind a sell off since I'm here for the long term. It was actually more frustrating to see crypto moonshoot than to crash, since I felt like I should have just bought crypto instead of mining hardware during the boom.

[cpmcgrat]

It honestly sounds like the last few months of crypto mining have made you jaded and greedy. Remember that a profit, even if it’s a small one is still money you’re earning for no extra overhead since you already built the rig. Even if it’s only a few euros a day, great! Your morning coffee was just free courtesy of your mining rig.

It’s easy to be disappointed because profits aren’t as good as before, but i remember before I got into mining I used to think a day where my stock portfolio went up 3% was unreal and be incredibly happy. Now a 3% change looks flat and boring. It’s all about perspective. Profit is profit.

That being said, if you want to turn off your rig, great! More profit margin for me.

[tadeus1]

I am Out too..........


....for coffee

[Vann]

The financial advantage mining has over just investing directly in coins is being able to hedge a down turn in the market. In so much as you can accumulate coins for the cost of your power while you wait for the market to turn around. Mining even when it may not be the most profitable time to do so has proven to be one of the best long term strategies. Current profits are also still much better than they were for most of last year and historically.

[cpmcgrat]

In all honesty, I kinda hope this negative sentiment about mining persists so I can pick up some cheap vega 64s and 1080tis 

In the words of Warren Buffet, “[it is wise to be] fearful when others are greedy and greedy when others are fearful.”

[adaseb]

I've been around since 2013, and in my opinion mining profits are CRAZY HIGH at the moment.

About a year ago, you could pull in ~$1 per day with an RX 470. And now you are pulling in about triple that amount.

These types of profitability are unheard of and won't last long term.

Back in Dec 2014, an R9 280X (which was equivalent to a 1070 today) was making like $0.25/day. That's what I consider terrible earnings.


Also you guys are spoiled when it comes to power consumption. Most GPUs these days use what? A little over 100 Watts or so.

Back in the Litecoin days a R9 280X used 350 Watts. Yes 350 Watts from the wall.

[cpmcgrat]

I've been around since 2013, and in my opinion mining profits are CRAZY HIGH at the moment.

About a year ago, you could pull in ~$1 per day with an RX 470. And now you are pulling in about triple that amount.

These types of profitability are unheard of and won't last long term.

Back in Dec 2014, an R9 280X (which was equivalent to a 1070 today) was making like $0.25/day. That's what I consider terrible earnings.

Still profit though, I’d honestly probably keep my cards cranking even if they were earning $0.01/day as long as I have the power overhead for them.

[NameTaken]

I've been around since 2013, and in my opinion mining profits are CRAZY HIGH at the moment.

About a year ago, you could pull in ~$1 per day with an RX 470. And now you are pulling in about triple that amount.

These types of profitability are unheard of and won't last long term.

Back in Dec 2014, an R9 280X (which was equivalent to a 1070 today) was making like $0.25/day. That's what I consider terrible earnings.


Also you guys are spoiled when it comes to power consumption. Most GPUs these days use what? A little over 100 Watts or so.

Back in the Litecoin days a R9 280X used 350 Watts. Yes 350 Watts from the wall.

If you had been mining ETH in 2015 when they were $1 each, that would be $250 per card per day now.

[adaseb]

I've been around since 2013, and in my opinion mining profits are CRAZY HIGH at the moment.

About a year ago, you could pull in ~$1 per day with an RX 470. And now you are pulling in about triple that amount.

These types of profitability are unheard of and won't last long term.

Back in Dec 2014, an R9 280X (which was equivalent to a 1070 today) was making like $0.25/day. That's what I consider terrible earnings.


Also you guys are spoiled when it comes to power consumption. Most GPUs these days use what? A little over 100 Watts or so.

Back in the Litecoin days a R9 280X used 350 Watts. Yes 350 Watts from the wall.

If you had been mining ETH in 2015 when they were $1 each, that would be $250 per card per day now.

ETH was released in Aug of 2015. And back then you easily made over 1 ETH per GPU per day.

I've even solo-mined it for a while because the difficulty was very low.

And no. I didn't hold till today.

[NameTaken]

I've been around since 2013, and in my opinion mining profits are CRAZY HIGH at the moment.

About a year ago, you could pull in ~$1 per day with an RX 470. And now you are pulling in about triple that amount.

These types of profitability are unheard of and won't last long term.

Back in Dec 2014, an R9 280X (which was equivalent to a 1070 today) was making like $0.25/day. That's what I consider terrible earnings.


Also you guys are spoiled when it comes to power consumption. Most GPUs these days use what? A little over 100 Watts or so.

Back in the Litecoin days a R9 280X used 350 Watts. Yes 350 Watts from the wall.

If you had been mining ETH in 2015 when they were $1 each, that would be $250 per card per day now.

ETH was released in Aug of 2015. And back then you easily made over 1 ETH per GPU per day.

I've even solo-mined it for a while because the difficulty was very low.

And no. I didn't hold till today.

Similarly with X11 Darkcoin GPU mining in 2014/2015 after Scrypt ASICs got released which became Dash.

[blackenedvoodoo]

Well anyone looking to sell their GPU message me.. I am buying.  Going to start a farm here in Louisiana.. power cheap.. And going SOLAR!!!

[Elder III]

No offense, but if you think it's so bad now you probably would have given yourself a bleeding ulcer if you had been mining at various times in the past.... heck even in 2017 (which was a great year for mining) profits were lower then they are now at multiple times.

[DrJury]

My 1080ti, 2x 1080 and 1070 made 12 euro during the last 24 hours.

12 euros.. That's almost next to nothing when substracting the power and transaction costs.


I'm shutting down my miner for a few weeks. Is anyone else taking these drastic measurements, or am I the only one?
I must confess that I don't believe BTC will go up again soon... (sorry to the believers here, no disrespect intended).

Bro, start mining BTX. It's pretty profitable atm and with their airdrop model even nicer.
6x 1070s with ccminer SPmod2 will get you daily arround 25eur

[NameTaken]

My 1080ti, 2x 1080 and 1070 made 12 euro during the last 24 hours.

12 euros.. That's almost next to nothing when substracting the power and transaction costs.


I'm shutting down my miner for a few weeks. Is anyone else taking these drastic measurements, or am I the only one?
I must confess that I don't believe BTC will go up again soon... (sorry to the believers here, no disrespect intended).

Bro, start mining BTX. It's pretty profitable atm and with their airdrop model even nicer.
6x 1070s with ccminer SPmod2 will get you daily arround 25eur

0.05 BTC for SPmod is not worth it unless you have a farm.

[magle]

There have been so many new miners coming online during the last two weeks of January, at least in relation to Ethereum.

I have just expanded my mining rig with 2x new GTX 1070. Currently I am still profitable, but difficulty is going up very quickly.

I will continue to mine as long as there is any kind of profit it, as soon as it dips for me. I will sell the hardware, did buy from MSI Gaming, so should be easy enough to unload.

[coinut]

I have been through times where you are on or extremely close to power costs so while the profit comes down from highs It can be disappointing but there are always opportunity's to be found, its just more effort is needed.

and if all else fails mine a project that you really really like and set and forget for a while.