GPU mining at low profit, is it worth at all?

[traficante82]

Hi everyone!

I'd like discuss the current situation with decreased profits concerning mostly all algos for GPU mining.
In my case there are 100 GRUs 1060 6gb, starting from last Jan it was around 350$ daily to this day roughly pulling upto 100 buk.
Which is a quiet sustantial decline for such a short period of time.
   
Let's share our pessimistic/optimistic prospectives regarding the future of GPU mining.

[philipma1957]

Hi everyone!

I'd like discuss the current situation with decreased profits concerning mostly all algos for GPU mining.
In my case there are 100 GRUs 1060 6gb, starting from last Jan it was around 350$ daily to this day roughly pulling upto 100 buk.
Which is a quiet sustantial decline for such a short period of time.
   
Let's share our pessimistic/optimistic prospectives regarding the future of GPU mining.

this is the wrong section  you need to be in alt coin


I asked mods to move it

[dhouse]

Hi everyone!

I'd like discuss the current situation with decreased profits concerning mostly all algos for GPU mining.
In my case there are 100 GRUs 1060 6gb, starting from last Jan it was around 350$ daily to this day roughly pulling upto 100 buk.
Which is a quiet sustantial decline for such a short period of time.
   
Let's share our pessimistic/optimistic prospectives regarding the future of GPU mining.

the market is tanking pretty badly. it'll bounce at some point. no idea which coins but the marketcap of crypto will be above $1 trillion at some point soon; i think that's a fairly safe assumption.

might be worth it to sell gear though since GPU prices are so insane right now. Not sure about that

[flip4flop]

There are two approaches you can likely take here to remain in the game. 

1. Continue to mine and hold.  I would recommend not selling now at the market low if you don't have to.  The market will likely recover as it has in the past but when and how high is unknown. If you sell now you likely will be taking a loss.  I don't know the future but that is my take on the market.  If you cant afford this route then sell what you need to in order to cover electric cost and continue to accumulate coins in projects you believe in.  In the long term I believe many of these shitcoins will die off but those that have a solid team and roadmap to solve problems will survive.

2. Sell some of your GPUs to people entering the market.  I think this period of time is likely over but selling a few GPUs 1-3 months ago and solid deal searching I was able to upgrade all my 1060, 1070 to 1070ti and 1080ti without spending a dime and they were all paid for.  People were and still are paying premiums for GPUs and you can likely find a few a week at MSRP which provided the opportunity to upgrade or add cards without coming out of pocket much.  I think this time period has likely passed and the miner surge is starting to slow down.

[cryptbro]

Mine that dip boys.

[treanski]

There are two approaches you can likely take here to remain in the game. 

1. Continue to mine and hold.  I would recommend not selling now at the market low if you don't have to.  The market will likely recover as it has in the past but when and how high is unknown. If you sell now you likely will be taking a loss.  I don't know the future but that is my take on the market.  If you cant afford this route then sell what you need to in order to cover electric cost and continue to accumulate coins in projects you believe in.  In the long term I believe many of these shitcoins will die off but those that have a solid team and roadmap to solve problems will survive.

2. Sell some of your GPUs to people entering the market.  I think this period of time is likely over but selling a few GPUs 1-3 months ago and solid deal searching I was able to upgrade all my 1060, 1070 to 1070ti and 1080ti without spending a dime and they were all paid for.  People were and still are paying premiums for GPUs and you can likely find a few a week at MSRP which provided the opportunity to upgrade or add cards without coming out of pocket much.  I think this time period has likely passed and the miner surge is starting to slow down.

2. i did so...i sold my 36 rx 580´s, people in my country pay 350-400€/unit like crazy...i paid 250€/unit...mined shitload of different coins i still hold ->win win
i have still 2 vega rigs runnning and will now recline and enter the game again later this year with brand new gpus

[Ultegra134]

There are two approaches you can likely take here to remain in the game. 

1. Continue to mine and hold.  I would recommend not selling now at the market low if you don't have to.  The market will likely recover as it has in the past but when and how high is unknown. If you sell now you likely will be taking a loss.  I don't know the future but that is my take on the market.  If you cant afford this route then sell what you need to in order to cover electric cost and continue to accumulate coins in projects you believe in.  In the long term I believe many of these shitcoins will die off but those that have a solid team and roadmap to solve problems will survive.

2. Sell some of your GPUs to people entering the market.  I think this period of time is likely over but selling a few GPUs 1-3 months ago and solid deal searching I was able to upgrade all my 1060, 1070 to 1070ti and 1080ti without spending a dime and they were all paid for.  People were and still are paying premiums for GPUs and you can likely find a few a week at MSRP which provided the opportunity to upgrade or add cards without coming out of pocket much.  I think this time period has likely passed and the miner surge is starting to slow down.

Very informative advice indeed. I'm following the first approach you mentioned. Mining earnings have definitely decreased significantly, I am making 1/3rd of what I was earning, I'm holding all my earnings and hoping for a price increase.

[rdluffy]

There are a lot of approachs to consider
It's up to you to decide

Personally I'm mining, because I believe in cryptos and mining is a way to give security to the network
And I believe the market will recover, the price for me matters when I sell, if the price is low as today I just mine and not sell any coin

It's very frustrating when you stop mining and then the prices os the coins skyrockets and you don't have any

[GabryRox]

Some really good advice on this thread, especially for newer miners.  The point I would like to reiterate is that you should absolutely no be selling coins now with the market down.  This is the mistake that so many people make, and it actually feeds the negative fuel and causes further declines that are not driven be any actual negative events (such as more exchange hacks, gov meddling, etc).  If people would just chill out and HODL, the drops would not be as big and everyone would be happier.  I made this mistake early on myself. Been mining almost 2 years now and it probably took me a good 8-9 months before I came to this realization. 

Now yes, some may not have a choice due to financial crisis, etc, but aside from that, now is actually the time to be buying, not selling. just look at every other dip prior to this in the last 2 years and you will see it followed by a major comeback to new all-time highs for most coins.  Granted, this current downswing has lasted longer than some had thought, but that certainly doesn't mean there is not a huge bull market right around the corner.

Personally, my game-plan of late as been to hold a bit of USDT when the market is shaky, then pull the trigger on some coins I've been eyeing that have a likely bright near-term future.  Then, when it looks like the market is near a bottom, i buy up those coins and wait for the rise. This was not an easy thing to do because I think many of us fear that what if the market continues tanking even further. But at least recent history has shown otherwise and this methodology has worked well for me for the past 3-4 dips.

[Max Likelihood]

Some really good advice on this thread, especially for newer miners.  The point I would like to reiterate is that you should absolutely no be selling coins now with the market down.  This is the mistake that so many people make, and it actually feeds the negative fuel and causes further declines that are not driven be any actual negative events (such as more exchange hacks, gov meddling, etc).  If people would just chill out and HODL, the drops would not be as big and everyone would be happier.  I made this mistake early on myself. Been mining almost 2 years now and it probably took me a good 8-9 months before I came to this realization. 

Now yes, some may not have a choice due to financial crisis, etc, but aside from that, now is actually the time to be buying, not selling. just look at every other dip prior to this in the last 2 years and you will see it followed by a major comeback to new all-time highs for most coins.  Granted, this current downswing has lasted longer than some had thought, but that certainly doesn't mean there is not a huge bull market right around the corner.

Personally, my game-plan of late as been to hold a bit of USDT when the market is shaky, then pull the trigger on some coins I've been eyeing that have a likely bright near-term future.  Then, when it looks like the market is near a bottom, i buy up those coins and wait for the rise. This was not an easy thing to do because I think many of us fear that what if the market continues tanking even further. But at least recent history has shown otherwise and this methodology has worked well for me for the past 3-4 dips.

Less than half the time in but agree completely with the tether strategy, used it myself today.