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

[MagicSmoker]

-BUY/HOLD -Buy $4200 of a coin at $0.5 each, if cost per coin doesn't change I own $4200 of coin

*in 1 year at 3x cost it's $12,600 I hold ,
*in 1 year if it 5x cost it's $21,000 I hold,
*and if it's 10x cost it's $42000.  Solid.


-MINE- Spending $4200 ($2400 piece of hardware, plus $1800 in power for 1 yr /$150 a month) , and the average of coins mined daily over the year is 30 coins a day...

*in 1 year at same cost I've mined $5475 (30 coins a day, $0.5 each coin) minus cost of hardware and power = $1275 , not good
*in 1 year at 3x , mined total $16,425 - $4200 hardware / power = $12,225 , closer to buy / hold scenario
*in 1 year at 5x , mined total is $27,375 - $4200 hardware / power = $23,175 , better than buy / hold
*in 1 year at 10x, mined total is $54,750 - $4200 "" = $50,550 , $7450 more than just buy/hold  

Check it out, let me know what I missed, (of course I know it can't be that simple, but I think the basic logic applies)

Well, you obviously missed the current situation: everything cratering. I have bought some coins outright, but I mainly mine them for the simple reason that if any one coins goes down the shitter I've really only lost the electricity cost because my equipment can mine something else. If I bought the same coin outright - let's say I got suckered into Bitconnect, for a pertinent example - then I lose my investment capital and can't do a damn thing about it.

I'm not saying you should only mine coins, rather, that you shouldn't put all your investment eggs into one basket - pretty much the same advice as applied to stocks, bonds, etc.

[Devilz666]

I kinda a did 50-50 on both.

Mining has a relatively higher entry point if you don't have a PC already. You can buy coins for any amount. I chose to mine because it's fun and I believe that in long term it is more beneficial.

There is no right fit here, I have been reading people comment/blog about how mining isn't profitable since 2013 (sadly, I believed them back then and refrained from mining even though I had a decent PC). I remember thinking that .2 btc/ month isn't worth my attention 

[Pekine]

Profit is profit. I don't see why you shut completely down? I would consider moving to a different coin first.

[BennyT]

Now is the best time to mine. If you’re mining for daily profits I think you’re missing the boat. Mine, accumulate, value increases over time. It’s like if you bought stocks on Thursday, the market tanked on Friday and you decided investing is not profitable. It doesn’t work that way. 

[NameTaken]

A lull is just preparation for the next boom.

[The Demon Slick]

Now is the best time to mine. If you’re mining for daily profits I think you’re missing the boat. Mine, accumulate, value increases over time. It’s like if you bought stocks on Thursday, the market tanked on Friday and you decided investing is not profitable. It doesn’t work that way. 

This. If I wasn't banging out zclassic for the hard fork I'd be grabbing a thousand graft because it's new and easy to get right now. I don't calculate my earnings at 6 cents per coin and say I made 60 dollars, because it's easy for it to go up to 12 cents, 15 cents, and then it's 120 bucks, or 135 bucks. And it's not like you have to wait very long, if selling for profit is your game. I'm a hoarder, but I watch the prices, I could have sold for triple mined value on 3 different coins so far this month, all under 15 cents. They're back down now, but so is everything.   

[BelieveInBitcoin]

I think a better way of working it out would be to use an average daily profit to work out what would be more profitable rather than an arbitrary number of coins that way it could be used for multiple coins, so in this scenario for the mining option it would be $15 per day @ same cost. So anything over $11.50 per day profit better to mine than buy, and you will also have a mining rig left over at the end of the year to continue mining with. But as you said with the other variables to factor in its near impossible to predict coin prices or difficulty increases. 

I'd put it this way. Each day from mining I get £4.50 but pay £1.50 in electricity. So it's like buying crypto, and I can choose what coin I want to buy, except for every £4.50 of crypto I pay just £1.50. What's not to love?!

[invicta]

I kinda a did 50-50 on both.

Mining has a relatively higher entry point if you don't have a PC already. You can buy coins for any amount. I chose to mine because it's fun and I believe that in long term it is more beneficial.

There is no right fit here, I have been reading people comment/blog about how mining isn't profitable since 2013 (sadly, I believed them back then and refrained from mining even though I had a decent PC). I remember thinking that .2 btc/ month isn't worth my attention 

Don't forget the skills, experience and community you build by mining - maybe I'd have made more by buying outright but the skills in troubleshooting and experience I passed onto others were immensely more satisfying than being someone who installed the Coinbase app on their phone and bought coins then sat back and watched.

Who really knows though!

[Ambros]

Of course, you should stop mining if you are losing money paying electricity, obviously is better to put the amount of money you will spend directly into coins.

Anyway even right now, and the profitability is worst that when you posted, with a cheap energy you can mine with some profits.
We are not getting rich, but we keep everything running so that is ready for the next bull run.

[BitBustah]

Of course, you should stop mining if you are losing money paying electricity, obviously is better to put the amount of money you will spend directly into coins.

Anyway even right now, and the profitability is worst that when you posted, with a cheap energy you can mine with some profits.
We are not getting rich, but we keep everything running so that is ready for the next bull run.

I don't believe in the next bull run. I hope BTC will reach 10k euro again, then I'll start mining.

[baga105]

Yeah, It's better to shut down everything if you look from the perspective that you want to instant convert Crypto to Fiat.

If you have different strategy, stick with it!

I am going to shut them down, when there will be polar winter in the hell and on the sky will be flying pigs.

[binkyj357]

Man, I'm honestly glad to see some people tapping out. Now let's see the flood of used GPUs hit the streets.

[BaNgTHai]

Man, I'm honestly glad to see some people tapping out. Now let's see the flood of used GPUs hit the streets.

Amen brotha

Its already started with some of the asics

[OgNasty]

Man, I'm honestly glad to see some people tapping out. Now let's see the flood of used GPUs hit the streets.

Amen brotha

Its already started with some of the asics

I've said this before, but it bears repeating.

The most profitable bitcoins I ever mined, were the ones I mined when it was unprofitable to do so.

[treanski]

thanks god some of the fucktards stop mining and hopefully they will dump their gpus on the second market, so real miners can benefit from it

[Marvell2]

thanks god some of the fucktards stop mining and hopefully they will dump their gpus on the second market, so real miners can benefit from it

idiots are still buying cards at 2x msp , Ill sit tight my 200 card farm has alrready twice ROIED , so i will wait till new gpus or prices drop

for now I can make far more buing cheap coins than investing in cards

[Marvell2]

Man, I'm honestly glad to see some people tapping out. Now let's see the flood of used GPUs hit the streets.

Amen brotha

Its already started with some of the asics

Asic profitablity has gone to hell thats why, bitmain cant even sell thier asics anymore when they were going like hotcakes back in dec.

Hopefully these newbies have learned the cardinal rule in mining profitablity and success - " NEVER OVERPAY FOR HARDWARE"  if you buy a card that is retail at $370 for $800

or a card of retail $700 (1080ti) for fucking $1300 not only can you not resale the card anywhere near that price in the long term future, but buy paying such a high premium you

expose yourself far more to the fluctuations in crytop prices so like this Idiot OP, 30% drop in earning hits you 100% harder than they guy who maybe paid 10% premium on thier gear.

These geniuses though think we are trying to discourage them when we tell them its better to buy the fucking coins atm than get ripped off by vendors

/sigh

[BitBustah]

Started mining again. Made 3 euro the last 12 hours with my 4 GPUs (1080 ti, 1080, 1080, 1070). That's terrible...

[treanski]

Started mining again. Made 3 euro the last 12 hours with my 4 GPUs (1080 ti, 1080, 1080, 1070). That's terrible...

The most profitable bitcoins I ever mined, were the ones I mined when it was unprofitable to do so.

think about it

[gotminer]

Started mining again. Made 3 euro the last 12 hours with my 4 GPUs (1080 ti, 1080, 1080, 1070). That's terrible...

The most profitable bitcoins I ever mined, were the ones I mined when it was unprofitable to do so.

think about it

Those who are worried about daily profits shouldn't be mining to begin with.