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Author Topic: I'm About to Quit Mining  (Read 4279 times)
rampalija
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October 30, 2013, 11:49:48 PM
 #41

I've decided that I simply can't continue to mine and make money.

Simply put, over the past year I've found my costs & risks (especially for hardware) constantly increasing, while my profits have been dwindling.

Originally with GPU I wasn't earning much, but I didn't have to invest, and it was really low-risk low-stress. Then, I bought my first ASICs, but it took forever to ship. Then when it shipped it hashed well for like 2 days (Believe it or not I "accidentally" solo-mined a block). But after that, even when I joined a pool, it wasn't working very well. I suspect I just got very lucky. Long story short I had to re-sell my miner and immediately bought a newer one. This time, I was on the first wave, but it was even worse. I only broke even because I re-sold my miner, today.

I'd rather not disclose the company who made my miners, because I hold no ill will toward them and don't wish to spread bad publicity, but I'm wondering if anybody could either agree with me that its probably best to just quit while I'm ahead, because I'm really lucky to even broke even on this last one and could have lost a ton, or if its best to go right ahead and buy a terraminer IV. If I did the latter, I'd be investing an amount more than equal to my total miner profits ever (given BTC price at time of mining) in a SINGLE machine. Now, its not quite as bad as that, as the majority of coins I got at really low prices, but I'm starting to think its best to just cut and run, or invest in BTC by just purchasing more, rather than buying increasingly expensive equipment.




Dont buy anything or any other miner difficulty is crazy. Invest your money into BTC when on low price and it is a sure profit

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Klubknuckle
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October 31, 2013, 01:04:28 PM
 #42

I've decided that I simply can't continue to mine and make money.

Simply put, over the past year I've found my costs & risks (especially for hardware) constantly increasing, while my profits have been dwindling.

Originally with GPU I wasn't earning much, but I didn't have to invest, and it was really low-risk low-stress. Then, I bought my first ASICs, but it took forever to ship. Then when it shipped it hashed well for like 2 days (Believe it or not I "accidentally" solo-mined a block). But after that, even when I joined a pool, it wasn't working very well. I suspect I just got very lucky. Long story short I had to re-sell my miner and immediately bought a newer one. This time, I was on the first wave, but it was even worse. I only broke even because I re-sold my miner, today.

I'd rather not disclose the company who made my miners, because I hold no ill will toward them and don't wish to spread bad publicity, but I'm wondering if anybody could either agree with me that its probably best to just quit while I'm ahead, because I'm really lucky to even broke even on this last one and could have lost a ton, or if its best to go right ahead and buy a terraminer IV. If I did the latter, I'd be investing an amount more than equal to my total miner profits ever (given BTC price at time of mining) in a SINGLE machine. Now, its not quite as bad as that, as the majority of coins I got at really low prices, but I'm starting to think its best to just cut and run, or invest in BTC by just purchasing more, rather than buying increasingly expensive equipment.




Dont buy anything or any other miner difficulty is crazy. Invest your money into BTC when on low price and it is a sure profit

And invest some in alt-coins too to diversify your risk...

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October 31, 2013, 01:44:59 PM
 #43

And invest some in alt-coins too to diversify your risk...
Diversification "no matter what" is clearly a bad idea: the asset you invest in must make sense in the first place anyway...

1LohorisJie8bGGG7X4dCS9MAVsTEbzrhu
DefaultTrust is very BAD.
Lancelot19
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October 31, 2013, 02:28:42 PM
 #44

Mining can be bad for the people who don't pay what it is worth. If you find a good deal it is easy to make money off mining. Some people have no problem STILL paying 43 BTC for a Jupiter. Ridiculous. Never ROI. Others, get off with deals like $4000 for a Jupiter (Me). That turns out well.

Hope this helped.
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