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

[Riptide_NVN]

Hey I have two consultations with a CPA tomorrow. I'll know by end of day if this is going to be worth it for me personally.

I have a short list of questions to ask written down.

If the IRS wasn't expecting us to claim income and especially not on each and every payout individually. I'd not be concerned. What they want is a gigantic gdam pita.

[martyroz]

When I got into mining I was making maybe $2 per day per card. Then it shot up to $5 per day, and then over $10.
Now we're back to $5. Sure it's lower, but it's still a profit.
Sell your card if you're that worried, there are many people out there who will want to buy them for a passive profit.

Yes it is still amazing profit. All of my rigs, which are paid off, generate $100 USD per day. They cost me $15 USD per day. Sure it was $200 a few weeks ago, but they are rare times indeed.

In theory the market could plummet back to $100bn and I would still mine and make paper profit.

I actually got into mining already planning the next boom, and that was in August 2017. The 2nd 2017 boom really caught me by surprise, but who's complaining

[Tidsdilatation]

Are all of you selling instantly the coins you mine? I HODL all of mine, and pay bills with my dayjob. So fluctuations in prices does not matter, becourse i dont sell when they are low. Thats just stupid. Keep on mining, the price will rise again, trust me. I dont see any cause for panic unless you HAVE to sell right now.

[dohfish]

Not sure what the fuzz is about, even here where im paying 0.36US per kwh im still making great profits - Sure, not as much as a week ago, but things need to get really bad before I start turning stuff off.

[Amstellodamois]

When I got into mining I was making maybe $2 per day per card. Then it shot up to $5 per day, and then over $10.
Now we're back to $5.

Well, that's not bad at all! What are you mining with?

[Devilz666]

Profitability is surely low but is it actually low?

We mine because we believe that in future the crypto we are mining will give us better returns. So mostly it is about holding for long enough that we gain whatever we set out to.

You really need to start thinking in terms of BTC / ETH /whatever you are holding instead of fiat if you want to mine/trade crypto tension free.

good point

https://www.nicehash.com/miner/16yLHLoeyuCLPMXkVpC3gyrRYvwRGwjKJr

this account makes 0.0099  btc a day  or 3.65 btc a year

If I mine and hold all that matters is the price of BTC 1 year from now.

But this gear is paid off fully
the power cost is zero as it is all run on solar energy

Thus I can mine and hold for an entire year. If I need to do that.

I just have one Rig and 3 CPUs I mine on. Electricity is cheap enough that I can pay bills without being bothered. But even if someone has to sell 25% of monthly coins generated to pay bills , it's still profitable in long run. Because we all 'know' that a year from now most major coins will be priced higher than they are after this crash

[gotminer]

Profitability is surely low but is it actually low?

We mine because we believe that in future the crypto we are mining will give us better returns. So mostly it is about holding for long enough that we gain whatever we set out to.

You really need to start thinking in terms of BTC / ETH /whatever you are holding instead of fiat if you want to mine/trade crypto tension free.

good point

https://www.nicehash.com/miner/16yLHLoeyuCLPMXkVpC3gyrRYvwRGwjKJr

this account makes 0.0099  btc a day  or 3.65 btc a year

If I mine and hold all that matters is the price of BTC 1 year from now.

But this gear is paid off fully
the power cost is zero as it is all run on solar energy

Thus I can mine and hold for an entire year. If I need to do that.

Because we all 'know' that a year from now most major coins will be priced higher than they are after this crash

Actually no one 'knows' that.  Not a single person in the world has that information. 

[GeePeeU]

a coin today ,
is 2 coins tomorrow.

[blockchange88]

Profitability is surely low but is it actually low?

We mine because we believe that in future the crypto we are mining will give us better returns. So mostly it is about holding for long enough that we gain whatever we set out to.

You really need to start thinking in terms of BTC / ETH /whatever you are holding instead of fiat if you want to mine/trade crypto tension free.

good point

https://www.nicehash.com/miner/16yLHLoeyuCLPMXkVpC3gyrRYvwRGwjKJr

this account makes 0.0099  btc a day  or 3.65 btc a year

If I mine and hold all that matters is the price of BTC 1 year from now.

But this gear is paid off fully
the power cost is zero as it is all run on solar energy

Thus I can mine and hold for an entire year. If I need to do that.

hey phil, are you concerned about the payout today? i see my wallet balance is there, but i am unable to withdraw. ive already read through other peoples post, and twitter etc etc but i put more value in your opinion.

https://www.nicehash.com/miner/34RV1eTFYKFcx5AqF5rJTPB7KCbv4hdYk7

one of my accounts, you can see the pending balance, but unable to withdraw on the wallet page. i use coinbase.

thanks

[Calatravo]

a coin today ,
is 2 coins tomorrow.

haha i really like that mindset

if u hold POS coin's its 3 coins tomorrow

[blockchange88]

a coin today ,
is 2 coins tomorrow.

haha i really like that mindset

if u hold POS coin's its 3 coins tomorrow

if you hold POS coins, its Piece of Shit tomorrow.

[gotminer]

Profitability is surely low but is it actually low?

We mine because we believe that in future the crypto we are mining will give us better returns. So mostly it is about holding for long enough that we gain whatever we set out to.

You really need to start thinking in terms of BTC / ETH /whatever you are holding instead of fiat if you want to mine/trade crypto tension free.

good point

https://www.nicehash.com/miner/16yLHLoeyuCLPMXkVpC3gyrRYvwRGwjKJr

this account makes 0.0099  btc a day  or 3.65 btc a year

If I mine and hold all that matters is the price of BTC 1 year from now.

But this gear is paid off fully
the power cost is zero as it is all run on solar energy

Thus I can mine and hold for an entire year. If I need to do that.

hey phil, are you concerned about the payout today? i see my wallet balance is there, but i am unable to withdraw. ive already read through other peoples post, and twitter etc etc but i put more value in your opinion.

https://www.nicehash.com/miner/34RV1eTFYKFcx5AqF5rJTPB7KCbv4hdYk7

one of my accounts, you can see the pending balance, but unable to withdraw on the wallet page. i use coinbase.

thanks

You can't withdraw it from your wallet because it isn't in your NH internal wallet.  It's still in the unpaid mining balance bucket.  Why? Who knows.

[MagicSmoker]

hey phil, are you concerned about the payout today? i see my wallet balance is there, but i am unable to withdraw. ive already read through other peoples post, and twitter etc etc but i put more value in your opinion.

https://www.nicehash.com/miner/34RV1eTFYKFcx5AqF5rJTPB7KCbv4hdYk7

one of my accounts, you can see the pending balance, but unable to withdraw on the wallet page. i use coinbase.

thanks

You can't withdraw it from your wallet because it isn't in your NH internal wallet.  It's still in the unpaid mining balance bucket.  Why? Who knows.

Is that the same bucket that NH charges 2% to transfer to their internal wallet where it can wait to get stolen by hackers? Asking for a friend...

[gotminer]

hey phil, are you concerned about the payout today? i see my wallet balance is there, but i am unable to withdraw. ive already read through other peoples post, and twitter etc etc but i put more value in your opinion.

https://www.nicehash.com/miner/34RV1eTFYKFcx5AqF5rJTPB7KCbv4hdYk7

one of my accounts, you can see the pending balance, but unable to withdraw on the wallet page. i use coinbase.

thanks

You can't withdraw it from your wallet because it isn't in your NH internal wallet.  It's still in the unpaid mining balance bucket.  Why? Who knows.

Is that the same bucket that NH charges 2% to transfer to their internal wallet where it can wait to get stolen by hackers? Asking for a friend...

Here's what they have been doing since they came back online after the hack ... Payout once daily to NH internal wallet.  They take their 2% ... And then you can transfer that to CoinBase for free.

They also give you the option of having it sent to an external wallet of your choice.  Not sure what the threshold or fee is for that.

[dhouse]

When I got into mining I was making maybe $2 per day per card. Then it shot up to $5 per day, and then over $10.
Now we're back to $5. Sure it's lower, but it's still a profit.
Sell your card if you're that worried, there are many people out there who will want to buy them for a passive profit.

All of my rigs, which are paid off, generate $100 USD per day.

100 per rig or altogether?

[zekarsalih]

shutting down 3 GPUs... auch.. hoped it would be more than that.

[blockchange88]

hey phil, are you concerned about the payout today? i see my wallet balance is there, but i am unable to withdraw. ive already read through other peoples post, and twitter etc etc but i put more value in your opinion.

https://www.nicehash.com/miner/34RV1eTFYKFcx5AqF5rJTPB7KCbv4hdYk7

one of my accounts, you can see the pending balance, but unable to withdraw on the wallet page. i use coinbase.

thanks

You can't withdraw it from your wallet because it isn't in your NH internal wallet.  It's still in the unpaid mining balance bucket.  Why? Who knows.

Is that the same bucket that NH charges 2% to transfer to their internal wallet where it can wait to get stolen by hackers? Asking for a friend...

Here's what they have been doing since they came back online after the hack ... Payout once daily to NH internal wallet.  They take their 2% ... And then you can transfer that to CoinBase for free.

They also give you the option of having it sent to an external wallet of your choice.  Not sure what the threshold or fee is for that.

the free coinbase transfers are working well for me. if you want to avoid paying taxes, you can withdraw to an external wallet. my issue with that is, since im hodling, having in place a start date for my capital gains is nice. im lucky that i have enough runway to keep me in the green while i hodl.

i even tried mining the most profitable coin that day or that week and converting to btc-->ltc-->coinbase-->btc OR just directly convert to eth-->coinbase-->btc. i find ltc better, but by the time the whole transaction is done, you end up losing quite a bit in transaction/trading fees. so directing a couple rigs directly at the nicehash equihash pool works out well for me (nvidia cards) + i can get daily payouts for free.

[Devilz666]

Actually no one 'knows' that.  Not a single person in the world has that information. 

That is why I used the quotes, as in we believe that to be true, isn't that why we are spending money and time in crypto world? Whether it is or not is something only future will tell.

[ferall]

Are all of you selling instantly the coins you mine? I HODL all of mine, and pay bills with my dayjob. So fluctuations in prices does not matter, becourse i dont sell when they are low. Thats just stupid. Keep on mining, the price will rise again, trust me. I dont see any cause for panic unless you HAVE to sell right now.

Exactly. HODL and keep the coins coming in. Some coins take months/years and suddenly rise in price.

[shaninium]

Mining earnings  are only terrible  if you sell your coins cheap. Use real world income to pay for electricity. Hold coins for now and with the latest market dump hopefully the price goes sideways for a few months giving us all time to accumulate for the next bull market. Hopefully current market prices will deter new miners from entering in the market which is good, gpu and asic miner prices should stay or drop, which is good. Weak investers should have been flushed out of the market which is good. Overbought market conditions  should be close to or have been ceased with this latest dump. This is the correction we had to have before prices can continue in an upward trend. People are blaming india or tether for this correction but these are just excuses , this correction was coming no matter what. Everyone who was kicking themselves  for not holding or buying more btc  sub 10k months ago now have been given a second chance to add to their holdings while the dip lasts.