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

[Vann]

The logic on buying coins being far more profitable than mining only works during periods of exponential growth, such as last year. It also assumes you buy the right coins at the right time BEFORE they go up. During normal market conditions of moderate growth to sideways price action you are able to accumulate more coins at a lower cost and risk through mining than buying coins outright.

[BitBustah]

Thanks for all the replies guys.

Sensitive topic apparently..


I have never been a hodler. I just wanted to make some extra money each month. And now, still having to pay the electricity costs and the transaction costs, it's just not enough for me anymore.
When you have cheap or free electricity, I'm sure mining is still bringing in (good) money.

I don't want to offend anybody, and I know a lot of people will disagree (pls don't flame me) but to be totally honest;
I lost faith in BTC. I hope I'm wrong, I really really do, but I think it will not reach €18k again.

Sure, the waves come and go.. But the world has changed. Govs are standing up to exchanges, miners, ... They have smelled the extra income (taxes etc). There have been hacks, pumps, frauds, ...

I think more countries/govs will be regulating exchanging, mining, cryptocoins, ... I don't have high hopes.
(pls no flaming)

I'm just gonna stop for a while. We'll see in a few weeks/months.

[nsummy]

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.

But if you had taken the money from selling that card and just bought ETH you would have had at least 15000 ETH from just that one card assuming $150 for the 280x.

This is why why you only come out ahead in mining when the coin fails to take off - hence it's a hedge against a coins success. Sadly in hindsight your would have been better buying any of the top 20 coins early last year instead of mining.

I have a farm and mine but only with coins I expect to fail. The coins I think will go up I just buy with fiat.

This is only true if you mine until you ROI and then quit.  Lets say you put $300 into a coin.  Its stuck there.  If you want another coin you need to put in more money. or sell your investment.  You can mine $300 worth of a coin and keep going, or switch.  What you really mean is you are hedging against the coin being so wildly successful that it shoots up in value before you can ROI your card.

[nsummy]

Thanks for all the replies guys.

Sensitive topic apparently..


I have never been a hodler. I just wanted to make some extra money each month. And now, still having to pay the electricity costs and the transaction costs, it's just not enough for me anymore.
When you have cheap or free electricity, I'm sure mining is still bringing in (good) money.

I don't want to offend anybody, and I know a lot of people will disagree (pls don't flame me) but to be totally honest;
I lost faith in BTC. I hope I'm wrong, I really really do, but I think it will not reach €18k again.

Sure, the waves come and go.. But the world has changed. Govs are standing up to exchanges, miners, ... They have smelled the extra income (taxes etc). There have been hacks, pumps, frauds, ...

I think more countries/govs will be regulating exchanging, mining, cryptocoins, ... I don't have high hopes.
(pls no flaming)

I'm just gonna stop for a while. We'll see in a few weeks/months.

In my opinion, the more its regulated, the more valuable it becomes.  It just proves how concerned the government is, and once again they are trying to control something that cannot be controlled.  In the past you had to hide your wealth in Switzerland or some Banana Republic, and at any time the government might be able to subpoena records or there is some major leak like the Panama Papers.  Now it doesn't matter where you hide it as long as its in crypto.  I could have $100 million dollars tax free sitting on a USB drive in Nebraska, ready to transfer for any transaction without oversight.  There will always be a place to cash out that the government can't touch.

[tinfoilMining]

Instead of shutting down maybe you should sell your cards. The price is very good now.
Maybe keep the 1080ti for gaming?

Then you can come back when prices are better and buy Volta.


Or you can just continue mining and HODL.

[BitBustah]

There will always be a place to cash out that the government can't touch.

Not where I live.

[BitBustah]

Instead of shutting down maybe you should sell your cards. The price is very good now.
Maybe keep the 1080ti for gaming?

Then you can come back when prices are better and buy Volta.


Or you can just continue mining and HODL.

Yeah was thinking about that too. I'm gonna hang on to them for a while.. We'll see.
Perhaps I'll invest in VR goggles.. Always wanted those.

[Turkish88]

Mining for HODL best choise.
With last tendentions mining is becoming enthusiast work for supporting cryptocommunity, buying and holding give more profit and takes less work

[Rath_]

I don't want to offend anybody, and I know a lot of people will disagree (pls don't flame me) but to be totally honest;
I lost faith in BTC. I hope I'm wrong, I really really do, but I think it will not reach €18k again.

Sure, the waves come and go.. But the world has changed. Govs are standing up to exchanges, miners, ... They have smelled the extra income (taxes etc). There have been hacks, pumps, frauds, ...

It is up to you whether or not you will continue to mine but try to think more about it. Mining wasn't profitable all the time but people who decided to hold their crypto for a few months have earned a lot of money due to growing value of Bitcoin and other popular cryptocurrencies such as Ethereum and Dash. Why did you lose faith in BTC? Is it because of "expensive fees"? Use a proper wallet which allows you to set custom fee. Most people are overpaying for their transactions.

[dhouse]

I don't get it, obviously if the market is down, the dollar value of what you are mining is going to go down. Did you not realize that crypto values vs usd are volatile  

[dhouse]

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).

if it is still something, there is no reason to shut down. Right? Especially since the market will likely bounce back.

[Moortimer]

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.

How much do you pay per kW?
Even at $0.3 per kW, you would still make $200+ per month.
200 > 0, right?

[choychifung]

learned so much to watch this thead.
thanks guys.

[VyprBTC]

There will always be a place to cash out that the government can't touch.

Not where I live.

Anywhere. Someone who isn't me of course has cashed out thousands upon thousands on the dark net. Just order the cash, pay with your BTC and cash arrives. Easy as that.

[Metroid]

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.

At that time I was a miner and I mined thousands of bitcoins and I did not hold them either, sold them at $5 then at $25, see that is the problem, people mine and sell right now, they will do the same mistakes we did. They see only value x money, not what something could reach. I've learned from that mistake long time ago.

As I was a miner back in 2009-2013 and then only as an investor 2013-2018, I see people making the same stupid mistakes I did. Thank god I stopped mining long ago and after that I really made lot of money by buying and selling coins. I will never go back to pow mining, I will be back to mining when eth goes to proof of stake and that will give me many eth's per day.

[Metroid]

OP, The best thing you can do is sell your gpus when they are still overpriced. Do not waste your time, cause time is money.

[wack slacker]

Mining for HODL best choise.
With last tendentions mining is becoming enthusiast work for supporting cryptocommunity, buying and holding give more profit and takes less work

There are some people who buy equipment through a loan and not everyone knows the value of the crytocurrency they are exploiting. They sell debt repayments or sell to buy new equipment.

[yhhy]

Think you need to look at it in the long run, even though its down now if you HODL that 12 euro will go up.

[BitBustah]

Think you need to look at it in the long run, even though its down now if you HODL that 12 euro will go up.

And if it won't all my previous profits will go to electricity?

[gregfromo]

Think you need to look at it in the long run, even though its down now if you HODL that 12 euro will go up.

And if it won't all my previous profits will go to electricity?

I exchange what I need to cover electricty to € and keep the remaining as it is, risky, but I don't have the experience to know what's better.
paying 0,24€ / kw/h