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Author Topic: I'm glad I didn't buy any more video cards, a 1080ti barley makes $1 a day  (Read 2957 times)
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March 18, 2018, 01:22:38 PM
 #1

I only bought 1 1080ti. If I would have bought a rig I would be I the red and very upset
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March 18, 2018, 01:25:41 PM
 #2

Many people bought rigs and were expecting to break even just on a few months while prices were surging but alt prices quickly started dropping. The profitability of cards hindered. Perhaps some could make profit by selling back cards but the market would be saturated in that case too. Profit altcoin mining is once again going down so all in all I don't think this trend is a reliable way to make money.

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March 18, 2018, 01:34:53 PM
 #3

2016. was the year to get into mining. After that GPU prices went up and mining difficulty followed. Now GPU prices are still high along with the difficulty plus crypto prices are going down. There are no reasons anymore to become a small miner because you can earn more by buying cryptos now while they are at a "discount" and hodling. I see very many people selling their relatively new mining rigs.
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March 18, 2018, 01:59:57 PM
 #4

Actually GPU prices only went up at the end of Dec 2017 and before that, GPUs can be purchased at MSRP or discount prices. Those who buys with these prices already ROI and those who started mining since 2016 is making a lot of profits. The down trend will continue and it will cause massive sales of GPU for those who bought at current prices as it is not sustainable.
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March 18, 2018, 02:06:56 PM
 #5

If your 1080ti is only making $1 a day you are doing something wrong. I know people running a single 1080ti and they are making $3-$5 per day. Where are you getting your information or what are you mining and on what settings? That $3-$5 per day figure is without running the card intense, unless you consider 65c and 76% TDP to be anything except conservative.

You're doing something wrong if your goal is primarily to make the most $ per day. Maybe we can help you figure it out and optimize.
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March 18, 2018, 02:23:41 PM
 #6

My 1060 is almost at $1/day and I'm not trying for the most profitable coin. Somethings off.
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March 18, 2018, 02:33:21 PM
 #7

My 1060 is almost at $1/day and I'm not trying for the most profitable coin. Somethings off.

That's exactly what I'm thinking. I just checked with someone else's machine that is running an old 980TI, that thing is getting over $1 a day by itself. The 1080TI should be about twice as profitable, or something around there. 6G vs 11G should not end with the same result.
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March 18, 2018, 03:20:26 PM
 #8

If your 1080ti is only making $1 a day you are doing something wrong. I know people running a single 1080ti and they are making $3-$5 per day. Where are you getting your information or what are you mining and on what settings? That $3-$5 per day figure is without running the card intense, unless you consider 65c and 76% TDP to be anything except conservative.

You're doing something wrong if your goal is primarily to make the most $ per day. Maybe we can help you figure it out and optimize.

Would you mind sharing how they're making $3-$5 a day?  Thanks.
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March 18, 2018, 04:48:54 PM
 #9

If your 1080ti is only making $1 a day you are doing something wrong. I know people running a single 1080ti and they are making $3-$5 per day. Where are you getting your information or what are you mining and on what settings? That $3-$5 per day figure is without running the card intense, unless you consider 65c and 76% TDP to be anything except conservative.

You're doing something wrong if your goal is primarily to make the most $ per day. Maybe we can help you figure it out and optimize.

Would you mind sharing how they're making $3-$5 a day?  Thanks.
Each of my 1080 (non TI) is making around $1.86 usd per day.  Something is wrong with the original scenario.


Call me greedy but Im waiting for the nervous people to flood the market with used GPU's which will greatly push prices down.  Ill gladly turn my 20 GPU mini farm into a 100 GPU farm.  I can turn it off when profits goto shit and I can turn it back on when profits go up. I pAY 4.8 cents kw/h.
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March 18, 2018, 04:50:57 PM
 #10

If your 1080ti is only making $1 a day you are doing something wrong. I know people running a single 1080ti and they are making $3-$5 per day. Where are you getting your information or what are you mining and on what settings? That $3-$5 per day figure is without running the card intense, unless you consider 65c and 76% TDP to be anything except conservative.

You're doing something wrong if your goal is primarily to make the most $ per day. Maybe we can help you figure it out and optimize.

Would you mind sharing how they're making $3-$5 a day?  Thanks.
Each of my 1080 (non TI) is making around $1.86 usd per day.  Something is wrong with the original scenario.


Call me greedy but Im waiting for the nervous people to flood the market with used GPU's which will greatly push prices down.  Ill gladly turn my 20 GPU mini farm into a 100 GPU farm.  I can turn it off when profits goto shit and I can turn it back on when profits go up. I pAY 4.8 cents kw/h.
this ia why we werec laughing when people were paying $1k for a 1080ti and $450 to $600 for a 580
maroons 😂😂😂
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March 18, 2018, 04:55:06 PM
Last edit: March 18, 2018, 05:11:05 PM by toptek
 #11

If your 1080ti is only making $1 a day you are doing something wrong. I know people running a single 1080ti and they are making $3-$5 per day. Where are you getting your information or what are you mining and on what settings? That $3-$5 per day figure is without running the card intense, unless you consider 65c and 76% TDP to be anything except conservative.

You're doing something wrong if your goal is primarily to make the most $ per day. Maybe we can help you figure it out and optimize.

Would you mind sharing how they're making $3-$5 a day?  Thanks.
Each of my 1080 (non TI) is making around $1.86 usd per day.  Something is wrong with the original scenario.


Call me greedy but Im waiting for the nervous people to flood the market with used GPU's which will greatly push prices down.  Ill gladly turn my 20 GPU mini farm into a 100 GPU farm.  I can turn it off when profits goto shit and I can turn it back on when profits go up. I pAY 4.8 cents kw/h.


yup How i feel i have solar I'm buying any cheap miner i come across there dumping because of the price drop . gonna mine an hold so far it's working.


Quote
this ia why we were laughing when people were paying $1k for a 1080ti and $450 to $600 for a 580
maroons 😂😂😂


I thought that was kind of stupid to do. i stop buying AMD Cards back in Sep or Oct and Switched to NV cards , an a month ago I bought one of the last 1070 ti bundles  off evaga  for like 499 now all they have on sell  is  1080ti bundle for 1100 or more......... Not buying any more CPU's new or used unless there dirt cheap and the new ones are due out around Aug SEP,  so i ll mine and hold .
 

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March 18, 2018, 04:57:12 PM
 #12

If your 1080ti is only making $1 a day you are doing something wrong. I know people running a single 1080ti and they are making $3-$5 per day. Where are you getting your information or what are you mining and on what settings? That $3-$5 per day figure is without running the card intense, unless you consider 65c and 76% TDP to be anything except conservative.

You're doing something wrong if your goal is primarily to make the most $ per day. Maybe we can help you figure it out and optimize.

Would you mind sharing how they're making $3-$5 a day?  Thanks.
Each of my 1080 (non TI) is making around $1.86 usd per day.  Something is wrong with the original scenario.


Call me greedy but Im waiting for the nervous people to flood the market with used GPU's which will greatly push prices down.  Ill gladly turn my 20 GPU mini farm into a 100 GPU farm.  I can turn it off when profits goto shit and I can turn it back on when profits go up. I pAY 4.8 cents kw/h.
this ia why we werec laughing when people were paying $1k for a 1080ti and $450 to $600 for a 580
maroons 😂😂😂

May be now prices will drop, finally  Angry
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March 18, 2018, 05:02:17 PM
 #13

If your 1080ti is only making $1 a day you are doing something wrong. I know people running a single 1080ti and they are making $3-$5 per day. Where are you getting your information or what are you mining and on what settings? That $3-$5 per day figure is without running the card intense, unless you consider 65c and 76% TDP to be anything except conservative.

You're doing something wrong if your goal is primarily to make the most $ per day. Maybe we can help you figure it out and optimize.

Would you mind sharing how they're making $3-$5 a day?  Thanks.
Each of my 1080 (non TI) is making around $1.86 usd per day.  Something is wrong with the original scenario.


Call me greedy but Im waiting for the nervous people to flood the market with used GPU's which will greatly push prices down.  Ill gladly turn my 20 GPU mini farm into a 100 GPU farm.  I can turn it off when profits goto shit and I can turn it back on when profits go up. I pAY 4.8 cents kw/h.
this ia why we werec laughing when people were paying $1k for a 1080ti and $450 to $600 for a 580
maroons 😂😂😂

May be now prices will drop, finally  Angry
they are alrwdy dropping but pls be smart and pay msp
$269 max for a good 580 8gb, $399 for a 1070ti etc

do not overpay
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March 18, 2018, 05:20:59 PM
 #14

If your 1080ti is only making $1 a day you are doing something wrong. I know people running a single 1080ti and they are making $3-$5 per day. Where are you getting your information or what are you mining and on what settings? That $3-$5 per day figure is without running the card intense, unless you consider 65c and 76% TDP to be anything except conservative.

You're doing something wrong if your goal is primarily to make the most $ per day. Maybe we can help you figure it out and optimize.

Would you mind sharing how they're making $3-$5 a day?  Thanks.
Each of my 1080 (non TI) is making around $1.86 usd per day.  Something is wrong with the original scenario.


Call me greedy but Im waiting for the nervous people to flood the market with used GPU's which will greatly push prices down.  Ill gladly turn my 20 GPU mini farm into a 100 GPU farm.  I can turn it off when profits goto shit and I can turn it back on when profits go up. I pAY 4.8 cents kw/h.
this ia why we werec laughing when people were paying $1k for a 1080ti and $450 to $600 for a 580
maroons 😂😂😂

May be now prices will drop, finally  Angry
they are alrwdy dropping but pls be smart and pay msp
$269 max for a good 580 8gb, $399 for a 1070ti etc

do not overpay

They are dropping but not enough yet, still waiting...
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March 18, 2018, 05:39:32 PM
 #15

It's always been like this. If you take a look at the price chart of a coin for the last few months, the market fluctuates every few months and of course 2018 is not 2017. To me, 2018 is more like 2015.

The good thing that will come out of this is a cooling of the GPU market that was overheating for the last 8-12 months.

If you do a bit or market research, the same GPU that you bought some time last year was almost 30-40% cheaper than the same GPU you will buy today although newer models have entered the market in the mean time.
This has never made sense when it comes to IT&C products, the normal trend has always been for them to be cheaper because of the new technology being rolled in.

Mining has artificially inflated prices but a correction on the GPU market was also expected for a while now.
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March 18, 2018, 05:40:20 PM
 #16

If your 1080ti is only making $1 a day you are doing something wrong. I know people running a single 1080ti and they are making $3-$5 per day. Where are you getting your information or what are you mining and on what settings? That $3-$5 per day figure is without running the card intense, unless you consider 65c and 76% TDP to be anything except conservative.

You're doing something wrong if your goal is primarily to make the most $ per day. Maybe we can help you figure it out and optimize.

Would you mind sharing how they're making $3-$5 a day?  Thanks.
Each of my 1080 (non TI) is making around $1.86 usd per day.  Something is wrong with the original scenario.


Call me greedy but Im waiting for the nervous people to flood the market with used GPU's which will greatly push prices down.  Ill gladly turn my 20 GPU mini farm into a 100 GPU farm.  I can turn it off when profits goto shit and I can turn it back on when profits go up. I pAY 4.8 cents kw/h.
this ia why we werec laughing when people were paying $1k for a 1080ti and $450 to $600 for a 580
maroons 😂😂😂

May be now prices will drop, finally  Angry
they are alrwdy dropping but pls be smart and pay msp
$269 max for a good 580 8gb, $399 for a 1070ti etc

do not overpay

They are dropping but not enough yet, still waiting...

I think everyone is waiting and with the market tanking like it is, we should start to see more come up as people have to shut down due to prices

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March 18, 2018, 05:46:12 PM
 #17

Yep 1070 ti for $609 on amazon.  Last month it used to be $750+

Kiss your gpu premiums good bye.  Better dump fast b/c weak hands or smart hands,  will dump their gpu and coins.  $1 dollar a day or less on earnings is horribly way of earning money,  Sell your cards and focus back on your career building skills instead. Money better spent.

https://www.amazon.com/MSI-GTX-1070-TI-GAMING/dp/B076Q6GYKY/ref=sr_1_1?s=pc&ie=UTF8&qid=1521394950&sr=1-1&keywords=1070+ti

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March 18, 2018, 05:51:15 PM
 #18

Investing is risky, but there is no opportunity to make money without investing. Conservatism sometimes has to endure poverty.
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March 19, 2018, 03:56:20 AM
 #19

Yep 1070 ti for $609 on amazon.  Last month it used to be $750+

Kiss your gpu premiums good bye.  Better dump fast b/c weak hands or smart hands,  will dump their gpu and coins.  $1 dollar a day or less on earnings is horribly way of earning money,  Sell your cards and focus back on your career building skills instead. Money better spent.

https://www.amazon.com/MSI-GTX-1070-TI-GAMING/dp/B076Q6GYKY/ref=sr_1_1?s=pc&ie=UTF8&qid=1521394950&sr=1-1&keywords=1070+ti


That sounds like a great plan for someone that afford to have a bunch of GPU's sitting around doing nothing (Because power has exceeded profit) or Because they cant afford having the GPU's not making them X amount of $$$ a day so they have to sell their whole rig.  A smart person would mine the hell out of those GPU's and wait for the coins to be worth more later when the market shoots up.  For people that earn Btc (Nicehash, etc.) with their mining, their earnings will be worth substantially more later if they can sit on the Btc for maybe 6 months...or 2 years.  Its all a gamble but the rewards are better than any other financial instrument or stock currently.
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March 19, 2018, 04:15:22 AM
 #20

I only bought 1 1080ti. If I would have bought a rig I would be I the red and very upset

How about I give you $365 ($1 for each day of the year then) lol....

Mine like there is no tomorrow!
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March 19, 2018, 04:40:50 AM
 #21

how are you guys mining USD?
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March 19, 2018, 05:05:48 AM
 #22

Yep 1070 ti for $609 on amazon.  Last month it used to be $750+

Kiss your gpu premiums good bye.  Better dump fast b/c weak hands or smart hands,  will dump their gpu and coins.  $1 dollar a day or less on earnings is horribly way of earning money,  Sell your cards and focus back on your career building skills instead. Money better spent.

https://www.amazon.com/MSI-GTX-1070-TI-GAMING/dp/B076Q6GYKY/ref=sr_1_1?s=pc&ie=UTF8&qid=1521394950&sr=1-1&keywords=1070+ti


That sounds like a great plan for someone that afford to have a bunch of GPU's sitting around doing nothing (Because power has exceeded profit) or Because they cant afford having the GPU's not making them X amount of $$$ a day so they have to sell their whole rig.  A smart person would mine the hell out of those GPU's and wait for the coins to be worth more later when the market shoots up.  For people that earn Btc (Nicehash, etc.) with their mining, their earnings will be worth substantially more later if they can sit on the Btc for maybe 6 months...or 2 years.  Its all a gamble but the rewards are better than any other financial instrument or stock currently.

A smart person doesn't mine.  A smart person snatches your coins for cheap while you mine them at $1 dollar a day.  The smart person that bought low is enjoying lambos after 1 year,  While you bum miners are trying to make an ROI on your cards after a year.  Rinse and repeat.

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March 19, 2018, 05:20:09 AM
 #23


A smart person doesn't mine.  A smart person snatches your coins for cheap while you mine them at $1 dollar a day.  The smart person that bought low is enjoying lambos after 1 year,  While you bum miners are trying to make an ROI on your cards after a year.  Rinse and repeat.



See this is where you are wrong. A smart miner has already paid off their cards and still has the coins you are buying. You're doing it wrong!!!
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March 19, 2018, 07:43:51 PM
 #24


A smart person doesn't mine.  A smart person snatches your coins for cheap while you mine them at $1 dollar a day.  The smart person that bought low is enjoying lambos after 1 year,  While you bum miners are trying to make an ROI on your cards after a year.  Rinse and repeat.



See this is where you are wrong. A smart miner has already paid off their cards and still has the coins you are buying. You're doing it wrong!!!

Not True,  I been mining coins and buying coins.  By far buying coins after 1 year has been 10x more profitable than mining after 1 year.  Anybody that did this will tell you the same thing.

 The takeaway I learned is not to be a miner bum. Buy when coins are cheap especially when miners are crying about roi
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March 19, 2018, 08:18:24 PM
 #25

Would you mind sharing how they're making $3-$5 a day?  Thanks.

Gladly. Since it seems like no matter how many times the information is crammed down people's throats they don't do what is best, or what even makes sense. Anyone that paid over $750-800 for a 1080TI did not do their due diligence and therefore deserve to be on the lower end of the mining curve. NiceHash has been consistently $2.50+ a day just allowing it to freely switch algorithms as it does. When you choose a specific coin, like Equihash, Neoscrypt or something like that you can keep it above $3.00 no problem.


how are you guys mining USD?

I've been very confused about this as well.  Grin
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March 19, 2018, 08:36:56 PM
 #26

If your 1080ti is only making $1 a day you are doing something wrong. I know people running a single 1080ti and they are making $3-$5 per day. Where are you getting your information or what are you mining and on what settings? That $3-$5 per day figure is without running the card intense, unless you consider 65c and 76% TDP to be anything except conservative.

You're doing something wrong if your goal is primarily to make the most $ per day. Maybe we can help you figure it out and optimize.

Are you sure you're not quoting prices from a few weeks ago? Bc mining seems to have really taken a hit in the past few weeks, ASICs and GPU alike. Currently a 1080ti is only making around $1.86 or so and thats not subtracting energy costs. This is without overclocking, but still significantly lower than what it was even 2 months ago (they were making $10-12/day easy). I'd ask your friend when you can to make sure he's still making $3-5/day bc to my knowledge I don't see how that's possible regardless of what alt you're mining at the moment.

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March 19, 2018, 08:46:41 PM
 #27

Would you mind sharing how they're making $3-$5 a day?  Thanks.

Gladly. Since it seems like no matter how many times the information is crammed down people's throats they don't do what is best, or what even makes sense. Anyone that paid over $750-800 for a 1080TI did not do their due diligence and therefore deserve to be on the lower end of the mining curve. NiceHash has been consistently $2.50+ a day just allowing it to freely switch algorithms as it does. When you choose a specific coin, like Equihash, Neoscrypt or something like that you can keep it above $3.00 no problem.


how are you guys mining USD?

I've been very confused about this as well.  Grin

Check today on Nicehash, 1080ti's are only making $1.87 or so each BEFORE power consumption, and only around $1.25 or so after subtracting power costs:

https://www.nicehash.com/profitability-calculator#nvidia-gtx-1080-ti;USD;0.1;1;250;0;a5=1275;a7=71.615;a8=1.88;a14=60;a20=35;a21=4.6;a22=0.76;a23=0.47;a24=630;a25=1.76;a26=16.2;a27=2.96;a28=6.978

And to answer the other persons question about how you mine for BTC with GPUs - Easy. Instead of mining at a specific altcoin pool, start mining at nicehash.com. Their mining software will mine the most profitable coin in realtime and will automatically convert the payments to BTC rather than paying out in whatever altcoins your miner is mining. The reason for this is since Nicehash charges BTC for everyone renting the hashpower on their site. You'd be hard pressed to find profits better than nicehash since they resell the hashing power to others at a profit, which equates to higher profits for you.

Even with Nicehash, the 1080ti unfortunately makes less than $2/day at the moment before subtracting electricity costs. I'm sure you can overclock your cards and get a little more out of them but overall you'd be looking at $2 or less per 1080ti. I'm seriously considering taking a chance at solo mining over pool mining as it just doesn't seem worth the time to mine for such little profits in the end, unless you have a large mining farm thats already been running for several months. Mining has really sucked lately, regardless of the equipment. Something's gotta give eventually, either a significant amount of the new miners will need to stop mining or new hardware will need to be released for it to become even remotely as profitable as it was even 2-3 months ago. Sad but true.

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March 19, 2018, 08:52:35 PM
 #28

waaaaaait a second. are you telling me that when the crypto market crashes, the cryptos i mine AREN'T WORTH AS MUCH IN USD??

why didnt anyone tell me this?
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March 19, 2018, 09:01:14 PM
 #29

waaaaaait a second. are you telling me that when the crypto market crashes, the cryptos i mine AREN'T WORTH AS MUCH IN USD??

why didnt anyone tell me this?

This is contributing to it, but more than this it's the skyrocketing difficulty. Take a look here and you'll see how much the difficulty has risen since the beginning:

https://bitinfocharts.com/comparison/ethereum-difficulty.html

It's almost increased by threefold since approx January of this year, which has attributed to hardware not making nearly as much as it was back in October-December '17 when the difficulty was pretty linear overall.

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March 19, 2018, 09:11:07 PM
 #30

waaaaaait a second. are you telling me that when the crypto market crashes, the cryptos i mine AREN'T WORTH AS MUCH IN USD??

why didnt anyone tell me this?

This is contributing to it, but more than this it's the skyrocketing difficulty. Take a look here and you'll see how much the difficulty has risen since the beginning:

https://bitinfocharts.com/comparison/ethereum-difficulty.html

It's almost increased by threefold since approx January of this year, which has attributed to hardware not making nearly as much as it was back in October-December '17 when the difficulty was pretty linear overall.

Ahhhh
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March 19, 2018, 11:56:01 PM
 #31

I only bought 1 1080ti. If I would have bought a rig I would be I the red and very upset

Tried to tell you not to buy a 1K 1080ti ... Lol.

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March 20, 2018, 02:46:25 AM
 #32

I only bought 1 1080ti. If I would have bought a rig I would be I the red and very upset

I think if you feel you cannot make any money in every month then you don't have to buy a rig because for reaching ROI, you still need to wait several months and its dependence on the price of the coin that you're mining too. but if you want to mining and not going to sell the coin and only sell for a long time then you can try to mine and you should buy a rig. there are too many things that you need to handle and you need to know how the procedure works so you can leave the rig mining for you. besides that, the electricity fee is the most important that you should know and calculate because this is the most expenses that you need to pay in every month.

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March 20, 2018, 02:52:38 AM
 #33

I stopped mining crypto a week ago no reason to make my rigs work when we are in bullshit age i wait and use my rigs when something profitable comes along.
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March 20, 2018, 07:09:10 AM
 #34

Do not you use this site?

https://whattomine.com
BitcoinGold(BTG)  $1.99    1080ti

In a few months the coin will grow several times and it turns out that you mined for $ 10 a day Wink.

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March 20, 2018, 07:30:31 AM
 #35


Check today on Nicehash, 1080ti's are only making $1.87 or so each BEFORE power consumption, and only around $1.25 or so after subtracting power costs:

https://www.nicehash.com/profitability-calculator#nvidia-gtx-1080-ti;USD;0.1;1;250;0;a5=1275;a7=71.615;a8=1.88;a14=60;a20=35;a21=4.6;a22=0.76;a23=0.47;a24=630;a25=1.76;a26=16.2;a27=2.96;a28=6.978

And to answer the other persons question about how you mine for BTC with GPUs - Easy. Instead of mining at a specific altcoin pool, start mining at nicehash.com. Their mining software will mine the most profitable coin in realtime and will automatically convert the payments to BTC rather than paying out in whatever altcoins your miner is mining. The reason for this is since Nicehash charges BTC for everyone renting the hashpower on their site. You'd be hard pressed to find profits better than nicehash since they resell the hashing power to others at a profit, which equates to higher profits for you.

NiceHash sometimes has good prices and sometimes they don't, especially for algorithms that run best on cards like the 1080ti.  As you explained, NiceHash is a marketplace. The earnings that miners receive are dependent on the prices that buyers are willing to pay for that hashing power. Recently, buyers have favored the Dagger/Ethash algorithm that runs better on cards like the 1070/1070ti than the 1080/1080ti, making NiceHash less profitable for miners with the 1080s.

Also, NiceHash doesn't pass the profits it makes from selling hash rate to buyers to the miners - that is Nicehash's fee for providing the service and how it makes its money. Since buyers want to make as much profit as possible from their purchased hash rate, they often bid as low as possible for that hash power.  So there will be times when miners can find more profitable coins to mine on other pools that will also convert their earnings to BTC.  While my personal daily earnings have fallen with the rest of the market, I still earn at least a dollar more per day on each of my 1080tis than what Nicehash is currently offering.
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March 20, 2018, 08:58:35 AM
 #36

I stopped mining crypto a week ago no reason to make my rigs work when we are in bullshit age i wait and use my rigs when something profitable comes along.

You'll be waiting until the heat death of the universe. Might as well put your rigs to work on cracking Satoshi's private keys, it'll be more profitable over the timeframe  Cheesy
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March 20, 2018, 09:01:24 AM
 #37

I guess you are mining ethereum to get 1$ a day.
Did you look into other algos? 1080Ti has much wider portfolio of available coins to mine than the AMD cards have, and you can make big buck with it if used righ.
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March 20, 2018, 12:31:44 PM
 #38

Do better algo research and stop using nicehash (which is btw with new generation of ASICs and bearish market one of main reasons for low mining profits).
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March 20, 2018, 12:35:45 PM
 #39

If your 1080ti is only making $1 a day you are doing something wrong. I know people running a single 1080ti and they are making $3-$5 per day. Where are you getting your information or what are you mining and on what settings? That $3-$5 per day figure is without running the card intense, unless you consider 65c and 76% TDP to be anything except conservative.

You're doing something wrong if your goal is primarily to make the most $ per day. Maybe we can help you figure it out and optimize.

Did you make $3-5 per day? I am making about $1 per day with my electricity price of $0.18/kWh.
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March 20, 2018, 01:53:09 PM
 #40

well, i have been in this stage 5 months ago, mining was not profitable at all.. then all gone up and mining was the best again, so relax, you will see you cards get 5 usd day each again!!!!
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March 21, 2018, 02:58:05 PM
 #41

There are too many large farms and businesses getting involved in Mining. It pretty much is making us little people obsolete in it.
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March 21, 2018, 03:28:31 PM
 #42

You're obviously doing it wrong. Mining isn't just buy-plug-sit-profit. It takes time, dedication, effort, research and passion. Real miners understands this.
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March 21, 2018, 04:08:48 PM
 #43

Just reading this thread everyday when I wake up now is going to become a hilarious habit. I normally remove threads from my watchlist once they start getting away from me, but I can't help myself but to stick around in this case. There was one night where profits dipped down, mostly due to a drop in price from BTC, but now it genuinely seems like a lot of people have turns off their miners or something. 1080ti profitability is up from the last time I even posted in here, far surpassing $1

You guys are basing your numbers off profitibility calculators and not actual use cases. I've never seen a 1080ti make less than $2 a day with my own two eyes. Most of those I know mining aren't even using an exclusive rig, just use the card their monitor is connected because they're "casual" miners/users.
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March 24, 2018, 02:57:17 AM
 #44

Just reading this thread everyday when I wake up now is going to become a hilarious habit. I normally remove threads from my watchlist once they start getting away from me, but I can't help myself but to stick around in this case. There was one night where profits dipped down, mostly due to a drop in price from BTC, but now it genuinely seems like a lot of people have turns off their miners or something. 1080ti profitability is up from the last time I even posted in here, far surpassing $1

You guys are basing your numbers off profitibility calculators and not actual use cases. I've never seen a 1080ti make less than $2 a day with my own two eyes. Most of those I know mining aren't even using an exclusive rig, just use the card their monitor is connected because they're "casual" miners/users.

I have 2 rigs with a total of 20 gpu's, two of them being 1080s and those cards are making more than a buck a day and always have.
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March 24, 2018, 05:25:53 AM
 #45

totally right mining profits have gotten very low lately, however, i bought my gpus when they were cheap never try to buy on these crazy prices but i think the prices will go down soon a lot of people that was in it for greed are moving out and they will sell their on a very cheap prices which will of course affect the market in a good way  Grin (for buyers)
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March 24, 2018, 12:20:37 PM
 #46

Just reading this thread everyday when I wake up now is going to become a hilarious habit. I normally remove threads from my watchlist once they start getting away from me, but I can't help myself but to stick around in this case. There was one night where profits dipped down, mostly due to a drop in price from BTC, but now it genuinely seems like a lot of people have turns off their miners or something. 1080ti profitability is up from the last time I even posted in here, far surpassing $1

You guys are basing your numbers off profitibility calculators and not actual use cases. I've never seen a 1080ti make less than $2 a day with my own two eyes. Most of those I know mining aren't even using an exclusive rig, just use the card their monitor is connected because they're "casual" miners/users.

I have 2 rigs with a total of 20 gpu's, two of them being 1080s and those cards are making more than a buck a day and always have.

20 GPU's is good for start and I am sure that we can make money from the rigs although we still need more rigs if we want to earn a big money. but we need to think about how much electricity fee that we should pay because if we want to buy more than 2 rigs, we need to calculate how much money we need to spend and how big the electricity we needed so our rigs could run properly.

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March 24, 2018, 12:46:50 PM
 #47

This is only the beginning. The profitability of the GPU will continue to fall. Asics displace GPU from the market. I think it's a big mistake. Now customs officers of many countries require the provision of certificates for asics. It's a bit of a deterrent to their spread, but I think it's the problem of all the altcoins. If tomorrow the government will ban import of mining equipment will be under the threat of stopping.

 
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March 24, 2018, 12:57:55 PM
 #48

Yes one day miners have fiasco. Only professional hodlers will survive

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March 24, 2018, 01:06:00 PM
 #49

Mining will not die due to a very cheap elecricity in some places, but mining will definitely die for places with high prices like $0.25.
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March 24, 2018, 01:07:57 PM
 #50

I only bought 1 1080ti. If I would have bought a rig I would be I the red and very upset

You probably take your name too seriously. No 1080ti should be doing $1 per day based on the current market rates. If this is not FUD spreading post, you probably should just look at whattomine.com. Even by using that ultra mainstream site you should be able to get at least $2-3 mining with your 1080ti.

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Riptide_NVN
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March 24, 2018, 02:28:46 PM
 #51

Digital FUD Lord  Undecided

C'mon guy.  You're so negative.  Yah the markets down.  Investors have fled.  Birds fly south and sometimes they come back.  If you can't take the heat then get outta the kitchen.
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March 24, 2018, 04:19:37 PM
 #52

I only bought 1 1080ti. If I would have bought a rig I would be I the red and very upset

Small time soy boy cucks with a single 1050ti in their porn rig, like you, that feel they need to post fud in every thread shouldn't be mining to begin with. Mining requires steel balls, not atrophic gonads like yours. Please leave, your opinion is worth the piss soaked dirt under my shoes.
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March 24, 2018, 04:29:04 PM
 #53

I not believe in the that OP earns 1 the dollar with GPU 1080 ti. That can't happen. But I agree now that the profitability of GPU mining is really losing its relevance. This is very bad. Perhaps this can cause the collapse of many coins in the future. Loss of decentralization mining is the first step to the loss of investor interest. The altcoin market is waiting for radical changes.
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March 25, 2018, 12:13:51 AM
 #54

Digital FUD Lord  Undecided

C'mon guy.  You're so negative.  Yah the markets down.  Investors have fled.  Birds fly south and sometimes they come back.  If you can't take the heat then get outta the kitchen.

And the kid has one gpu ... Lol.  It's almost laughable that he is complaining.  Well it is laughable, because he thought he was going to be a millionaire overnight.  Now he sad  Grin Grin Grin

Ok, I want you to walk back in there and very calmly, very politely tell the risk assessors to fuck off! -Mark Baum
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March 25, 2018, 12:14:22 AM
 #55

I only bought 1 1080ti. If I would have bought a rig I would be I the red and very upset

Small time soy boy cucks with a single 1050ti in their porn rig, like you, that feel they need to post fud in every thread shouldn't be mining to begin with. Mining requires steel balls, not atrophic gonads like yours. Please leave, your opinion is worth the piss soaked dirt under my shoes.

 Cheesy Grin Cheesy

Ok, I want you to walk back in there and very calmly, very politely tell the risk assessors to fuck off! -Mark Baum
littlehobo
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March 25, 2018, 08:23:46 AM
 #56

i have 3 of them and a 1070.
There are LOADS of different coins that can make more than that a day, i would suggest even most coins that are ASIC / Nicehash proof should get you way more than that.

Looking at the dollar value each day is a mistake, i have made it before, its how many coins you can get. there is not a USD miner jsut yet i think, so you are not mining dollars you are mining coins, and in the terms of new coins you are mining the chance they might do something.

If your that worried just put your card on Nicehash, even they are paying more than a dollar a day for your card.
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March 25, 2018, 09:45:52 AM
 #57

You're obviously doing it wrong. Mining isn't just buy-plug-sit-profit. It takes time, dedication, effort, research and passion. Real miners understands this.

Yep.

If you just look at the daily profit of whatever you're mining, then you are doing it wrong. It's like looking at the hourly BTC chart. Oh it's going back up, bullish! Nope...if you look on the daily chart, it sure as shit isn't. But it will, at some point.

You need to look at mining (and whatever you are mining) in a longer time frame. I have stopped mining what everyone's mining a long time ago. I mine coins that I can see a future for or that will turn into POS or MN coins at some point where I can turn profits without my GPUs. I think it's too early to call GPU mining dead, but I'm not buying GPUs at the moment unless they are really cheap. Whoever forks out 1k usd or half a grand for a 1080ti or an RX is just stupid, sorry.

I'm still turning profits even when I pay about 0.20$/kW
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March 25, 2018, 01:56:37 PM
 #58

You're lucky
Many people have bought a great number of videocards - now they are in flame
But we really don't know what is gonna be in few weeks or months
Maybe if they will stop mining till the time when prices will grow up again (stop mining to save card resource)
I'd start mining when the situation will be more transparent
Now it's perfect time for trading

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gotminer
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March 25, 2018, 04:21:35 PM
 #59

In the game of Poker, we would call the OP a "Donkey". 


Ok, I want you to walk back in there and very calmly, very politely tell the risk assessors to fuck off! -Mark Baum
EthanB
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March 25, 2018, 05:38:33 PM
 #60

I have 2 rigs with a total of 20 gpu's, two of them being 1080s and those cards are making more than a buck a day and always have.

Exactly, this is my point and it seems like almost everybody else is in disagreement with OP. Mining by no means is at a shortage of people willing to mine and profit, even if that means profiting a little bit less now and then. So, it's not like anybody is going to sit there and convince you to continue mining. If you don't think it is worth it, then you are free to bow out and sell your cards at a discounted rate for being used. I'm sure many here would happily pick up the card, I know that I would be interested. 1080TIs are going to be a solid GPU for mining for most likely years as we have seen other series pull of similar things. Especially with the scarcity of the resources, I doubt it's going to get worse.
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March 25, 2018, 09:19:04 PM
 #61

You're lucky
Many people have bought a great number of videocards - now they are in flame
But we really don't know what is gonna be in few weeks or months
Maybe if they will stop mining till the time when prices will grow up again (stop mining to save card resource)
I'd start mining when the situation will be more transparent
Now it's perfect time for trading

Hmmm...depends on your trading style, I wouldn't call it a great time for trading, then again I don't have time for day to day trading myself, hence why I just keep an eye on the daily charts. For now, all I see is a bearish market still, and I'm not buying.
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March 25, 2018, 11:14:55 PM
 #62

You're lucky
Many people have bought a great number of videocards - now they are in flame
But we really don't know what is gonna be in few weeks or months
Maybe if they will stop mining till the time when prices will grow up again (stop mining to save card resource)
I'd start mining when the situation will be more transparent
Now it's perfect time for trading

If people's cards are in flames then I would suggest that they are running their temps way too high. Many people run their cards conservatively and keep them running during these times of lower profitibility, because the lower profitibility is mostly due to the prices of coins falling down. If you treat your equipment and harware properly you aren't going to run into problems where you purchased a bunch of cards and they're "in flames". I don't understand how turning off your miners until prices go up is helpful. If you could've mined .01 coin while the price was low, what difference does it make if you mined the same .01 when the price is high? With this logic you could simply mine the coin now, before the difficulties increase and hold onto the coin until prices go up. This is what most intelligent miners do, they mine through the price drops and the difficulty increases and simply adapt so they can get the most out of it. It is always a perfect time to trade when the price is volatile, but I would suggest that now is a better time to buy BTC than to trade it, honestly. When you say you would start mining if it became more transparent, what are you referencing exactly? What is not transparent?
michellee
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March 26, 2018, 07:35:19 AM
 #63

You're lucky
Many people have bought a great number of videocards - now they are in flame
But we really don't know what is gonna be in few weeks or months
Maybe if they will stop mining till the time when prices will grow up again (stop mining to save card resource)
I'd start mining when the situation will be more transparent
Now it's perfect time for trading

Hmmm...depends on your trading style, I wouldn't call it a great time for trading, then again I don't have time for day to day trading myself, hence why I just keep an eye on the daily charts. For now, all I see is a bearish market still, and I'm not buying.


I think if we decide to continue trading, we need to be careful because the market cannot predict and the price can go up and down in anytime so we need to make a good analysis before we buy and sell. don't make a fast selling if we are not sure about the situations in the market and hold is the good step in trading for now. and actually, I don't think that mining will be stopped because cryptocurrency related to mining and it cannot separate.

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Tidsdilatation
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March 26, 2018, 08:26:00 AM
 #64

The mining game is not short term my friend, just keep mining and hodl the coins. The trend will change, but no one knows when. Its a perfect time to start picking up used hardware now. The prices are starting to fall on the second hand market.
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March 26, 2018, 08:39:33 AM
 #65

Seriously, if you thought you would get an ROI in like 2-3 months, you came at the wrong time. If you are not happy with the payouts, just sell the graphic card or stop using nicehash...
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March 26, 2018, 12:18:20 PM
 #66

Seriously, if you thought you would get an ROI in like 2-3 months, you came at the wrong time. If you are not happy with the payouts, just sell the graphic card or stop using nicehash...
He's not the only one who expected to break even within a few months. Lots of people actually went running and purchased rigs like crazy, spending even thousand's to build a top notch mining rig.  Profitability has dramatically decreased after the summer, anyone who went and purchased a rig within the last semester is definitely on the verge of screwing over.

R


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DigitalFox
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March 26, 2018, 12:47:48 PM
 #67

Seriously, if you thought you would get an ROI in like 2-3 months, you came at the wrong time. If you are not happy with the payouts, just sell the graphic card or stop using nicehash...
He's not the only one who expected to break even within a few months. Lots of people actually went running and purchased rigs like crazy, spending even thousand's to build a top notch mining rig.  Profitability has dramatically decreased after the summer, anyone who went and purchased a rig within the last semester is definitely on the verge of screwing over.

Mining always was a long term investment. Well I was glad when one of my rigs purchased in May ROI'd in 3.5 months but I considered it as a nice bonus for my hard research work done. Other than that I don't even keep calculations of what was spent and what was earned. And I never bought hardware with cash out of my pocket, always for crypto (or crypto converted to fiat).

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March 26, 2018, 01:32:41 PM
 #68

often correctly chosen coin and hodl, give very fast payback, at the moment I receive more than I spend, therefore everything is fine.
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March 26, 2018, 03:31:27 PM
 #69

The only benefit I see with a mining rig is to be able to mine coins on credit card. Buying coins on credit card is insane now that visa MasterCard charging it as a cash advance. Plus coinbase had their own fees and we are still in a fall bear trend and have not reached winter accumulating season yet. Times will be slower for most of this year.

Buying a mining rig protects your capital investment from further coin price declines and as long as your breaking even with electricity cost your still paying cheaper than buying on coinbase.

Mining is an arms race fighting for left over pocket change someone dropped in the couch.  Profits are very slim to none after IRS gets their cut.
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March 26, 2018, 03:35:06 PM
 #70

The only benefit I see with a mining rig is to be able to mine coins on credit card. Buying coins on credit card is insane now that visa MasterCard charging it as a cash advance. Plus coinbase had their own fees and we are still in a fall bear trend and have not reached winter accumulating season yet. Times will be slower for most of this year.

Buying a mining rig protects your capital investment from further coin price declines and as long as your breaking even with electricity cost your still paying cheaper than buying on coinbase.

Mining is an arms race fighting for left over pocket change someone dropped in the couch.  Profits are very slim to none after IRS gets their cut.

Slim to none doesn't even make sense.  They IRS takes a percentage, not a fixed dollar amount.

Ok, I want you to walk back in there and very calmly, very politely tell the risk assessors to fuck off! -Mark Baum
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March 26, 2018, 06:02:37 PM
Last edit: March 26, 2018, 06:14:57 PM by lunobird
 #71

The only benefit I see with a mining rig is to be able to mine coins on credit card. Buying coins on credit card is insane now that visa MasterCard charging it as a cash advance. Plus coinbase had their own fees and we are still in a fall bear trend and have not reached winter accumulating season yet. Times will be slower for most of this year.

Buying a mining rig protects your capital investment from further coin price declines and as long as your breaking even with electricity cost your still paying cheaper than buying on coinbase.

Mining is an arms race fighting for left over pocket change someone dropped in the couch.  Profits are very slim to none after IRS gets their cut.

Slim to none doesn't even make sense.  They IRS takes a percentage, not a fixed dollar amount.

The IRS takes a percentage everyday you mine it . Most mined coins at the top last quarter and didn't cash out. That means if you mined any altcoins last quarter and held it you got rekt.

For example you mined emc2 at $2 bucks last quarter irs counts that as income right away the day it's mined. However emc2 is now .20 cents And your screwed.  People have to pay taxes in a couple of weeks and the coins they mined last quarter are all at a current loss. It was best not to mine in the first place.

Plus you will need to spend money to hire an accountant to figure out your mining and tax mess just to make .80 cents a day for 1080 ti.  Still worth it?! Mining has always been for losers
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March 26, 2018, 06:10:05 PM
 #72

The only benefit I see with a mining rig is to be able to mine coins on credit card. Buying coins on credit card is insane now that visa MasterCard charging it as a cash advance. Plus coinbase had their own fees and we are still in a fall bear trend and have not reached winter accumulating season yet. Times will be slower for most of this year.

Buying a mining rig protects your capital investment from further coin price declines and as long as your breaking even with electricity cost your still paying cheaper than buying on coinbase.

Mining is an arms race fighting for left over pocket change someone dropped in the couch.  Profits are very slim to none after IRS gets their cut.

Slim to none doesn't even make sense.  They IRS takes a percentage, not a fixed dollar amount.

The IRS takes a percentage everyday you mine it . Most mined coins at the top last quarter and didn't cash out. That means if you mined any altcoins last quarter and held it you got rekt.

For example you mined emc2 at $2 bucks last quarter irs counts that as income right away the day it's mined. However emc2 is now .20 cents And your screwed.  People have to pay taxes in a couple of weeks and the coins they mined last quarter are all at a current loss. It was best not to mine in the first place.

It's your choice whether or not you want to cash out enough to pay taxes on it daily or hold it all hoping it will increase in value.  If you don't have the extra funds to front the money for the taxes, maybe you should have thought of that months ago.

Ok, I want you to walk back in there and very calmly, very politely tell the risk assessors to fuck off! -Mark Baum
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March 26, 2018, 06:10:10 PM
 #73

For example you mined emc2 at $2 bucks last quarter irs counts that as income right away the day it's mined. However emc2 is now .20 cents And your screwed.

I wish the IRS the best of luck trying to enforce that...
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March 26, 2018, 06:25:15 PM
 #74

The only benefit I see with a mining rig is to be able to mine coins on credit card. Buying coins on credit card is insane now that visa MasterCard charging it as a cash advance. Plus coinbase had their own fees and we are still in a fall bear trend and have not reached winter accumulating season yet. Times will be slower for most of this year.

Buying a mining rig protects your capital investment from further coin price declines and as long as your breaking even with electricity cost your still paying cheaper than buying on coinbase.

Mining is an arms race fighting for left over pocket change someone dropped in the couch.  Profits are very slim to none after IRS gets their cut.

Slim to none doesn't even make sense.  They IRS takes a percentage, not a fixed dollar amount.

The IRS takes a percentage everyday you mine it . Most mined coins at the top last quarter and didn't cash out. That means if you mined any altcoins last quarter and held it you got rekt.

For example you mined emc2 at $2 bucks last quarter irs counts that as income right away the day it's mined. However emc2 is now .20 cents And your screwed.  People have to pay taxes in a couple of weeks and the coins they mined last quarter are all at a current loss. It was best not to mine in the first place.

It's your choice whether or not you want to cash out enough to pay taxes on it daily or hold it all hoping it will increase in value.  If you don't have the extra funds to front the money for the taxes, maybe you should have thought of that months ago.

Thanks for proving my point. Mining can very much be a financial loss and a waste of time.  No miner cashes out usd daily on the coins they mine,  very rare.  I have thought about this months ago and made sure I cashed out enough coin investments I bought to cover taxes,  But for those that starting mining recently last quarter got rekt on prices by mining the top and owing taxes on it and will have to take a loss and hire an accountant to fix their mess up.
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March 26, 2018, 06:27:59 PM
 #75

For example you mined emc2 at $2 bucks last quarter irs counts that as income right away the day it's mined. However emc2 is now .20 cents And your screwed.

I wish the IRS the best of luck trying to enforce that...

To the IRS your a criminal for mining if you don't report your earnings accurately or your hiding your mined coins,  According to them you will be faced with a 250k fine and be sent to prison for 5 years for not reporting or hiding your mined earnings of a buck a day for your 1080 ti.  LOL

Seriously hire an accountant, its not worth testing the irs,  They can audit your 5 years later for your past history.

https://www.irs.gov/newsroom/irs-reminds-taxpayers-to-report-virtual-currency-transactions

"taxpayers could be subject to criminal prosecution for failing to properly report the income tax consequences of virtual currency transactions. Criminal charges could include tax evasion and filing a false tax return. Anyone convicted of tax evasion is subject to a prison term of up to five years and a fine of up to $250,000. Anyone convicted of filing a false return is subject to a prison term of up to three years and a fine of up to $250,000."

happy mining folks, Enjoy your pathetic profits or losses and risking on catching your house on fire and be sent to prison.



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March 26, 2018, 07:34:44 PM
 #76

The only benefit I see with a mining rig is to be able to mine coins on credit card. Buying coins on credit card is insane now that visa MasterCard charging it as a cash advance. Plus coinbase had their own fees and we are still in a fall bear trend and have not reached winter accumulating season yet. Times will be slower for most of this year.

Buying a mining rig protects your capital investment from further coin price declines and as long as your breaking even with electricity cost your still paying cheaper than buying on coinbase.

Mining is an arms race fighting for left over pocket change someone dropped in the couch.  Profits are very slim to none after IRS gets their cut.

Slim to none doesn't even make sense.  They IRS takes a percentage, not a fixed dollar amount.

The IRS takes a percentage everyday you mine it . Most mined coins at the top last quarter and didn't cash out. That means if you mined any altcoins last quarter and held it you got rekt.

For example you mined emc2 at $2 bucks last quarter irs counts that as income right away the day it's mined. However emc2 is now .20 cents And your screwed.  People have to pay taxes in a couple of weeks and the coins they mined last quarter are all at a current loss. It was best not to mine in the first place.

It's your choice whether or not you want to cash out enough to pay taxes on it daily or hold it all hoping it will increase in value.  If you don't have the extra funds to front the money for the taxes, maybe you should have thought of that months ago.

Thanks for proving my point. Mining can very much be a financial loss and a waste of time.  No miner cashes out usd daily on the coins they mine,  very rare.  I have thought about this months ago and made sure I cashed out enough coin investments I bought to cover taxes,  But for those that starting mining recently last quarter got rekt on prices by mining the top and owing taxes on it and will have to take a loss and hire an accountant to fix their mess up.

You're welcome.

Ok, I want you to walk back in there and very calmly, very politely tell the risk assessors to fuck off! -Mark Baum
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March 26, 2018, 08:08:56 PM
 #77

For example you mined emc2 at $2 bucks last quarter irs counts that as income right away the day it's mined. However emc2 is now .20 cents And your screwed.

I wish the IRS the best of luck trying to enforce that...

To the IRS your a criminal for mining if you don't report your earnings accurately or your hiding your mined coins,  According to them you will be faced with a 250k fine and be sent to prison for 5 years for not reporting or hiding your mined earnings of a buck a day for your 1080 ti.  LOL

Seriously hire an accountant, its not worth testing the irs,  They can audit your 5 years later for your past history.

https://www.irs.gov/newsroom/irs-reminds-taxpayers-to-report-virtual-currency-transactions

"taxpayers could be subject to criminal prosecution for failing to properly report the income tax consequences of virtual currency transactions. Criminal charges could include tax evasion and filing a false tax return. Anyone convicted of tax evasion is subject to a prison term of up to five years and a fine of up to $250,000. Anyone convicted of filing a false return is subject to a prison term of up to three years and a fine of up to $250,000."

happy mining folks, Enjoy your pathetic profits or losses and risking on catching your house on fire and be sent to prison.





Ok FUDlord. I filed my taxes last week and paid my taxes on mining profits minus electricity costs and hardware. The IRS does not currently have much in the way of defining how crypto is to be taxed yet. So pay capital gains on your profits and it is done.

Mining is still profitable unless you are like lunobird who either is terrible at it or missed the bus on it and is just salty. Probably just trying to deter noobs to keep difficulty low.
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March 26, 2018, 08:13:48 PM
 #78

For example you mined emc2 at $2 bucks last quarter irs counts that as income right away the day it's mined. However emc2 is now .20 cents And your screwed.

I wish the IRS the best of luck trying to enforce that...

To the IRS your a criminal for mining if you don't report your earnings accurately or your hiding your mined coins,  According to them you will be faced with a 250k fine and be sent to prison for 5 years for not reporting or hiding your mined earnings of a buck a day for your 1080 ti.  LOL

Seriously hire an accountant, its not worth testing the irs,  They can audit your 5 years later for your past history.

https://www.irs.gov/newsroom/irs-reminds-taxpayers-to-report-virtual-currency-transactions

"taxpayers could be subject to criminal prosecution for failing to properly report the income tax consequences of virtual currency transactions. Criminal charges could include tax evasion and filing a false tax return. Anyone convicted of tax evasion is subject to a prison term of up to five years and a fine of up to $250,000. Anyone convicted of filing a false return is subject to a prison term of up to three years and a fine of up to $250,000."

happy mining folks, Enjoy your pathetic profits or losses and risking on catching your house on fire and be sent to prison.





Ok FUDlord. I filed my taxes last week and paid my taxes on mining profits minus electricity costs and hardware. The IRS does not currently have much in the way of defining how crypto is to be taxed yet. So pay capital gains on your profits and it is done.

Mining is still profitable unless you are like lunobird who either is terrible at it or missed the bus on it and is just salty. Probably just trying to deter noobs to keep difficulty low.

Assuming you are still holding the coins, its just capital gains tax on the mined coins at the price when they were mined? Also assuming you bought hardware in the last quarter, mined coins when the price was high and now its low, can you claim electricity and hardware depreciation on the capital gains then and potentially not owe anything?
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March 26, 2018, 08:19:22 PM
 #79

You should be paying self employment tax on mined coins in the US.  It's a 1040 Schedule C.  This is where you "should" be paying taxes based on the coin price on the day it was mined.  This is also where you deduct your hardware costs, electricity, ect.

Capital gains tax is only paid on the gain.  If you mined it and it was worth $1.  You create a taxable event by selling it for $5.  You pay capital gains tax on the gain, which is $4.  Trading it for other crypto is also a taxable event, which makes it even more complicated.

Whether or not something gets done this year about the first part of this ... Who knows.  Hopefully, because it does suck for a lot of people right now.

Ok, I want you to walk back in there and very calmly, very politely tell the risk assessors to fuck off! -Mark Baum
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March 26, 2018, 08:32:20 PM
 #80

For example you mined emc2 at $2 bucks last quarter irs counts that as income right away the day it's mined. However emc2 is now .20 cents And your screwed.

I wish the IRS the best of luck trying to enforce that...

To the IRS your a criminal for mining if you don't report your earnings accurately or your hiding your mined coins,  According to them you will be faced with a 250k fine and be sent to prison for 5 years for not reporting or hiding your mined earnings of a buck a day for your 1080 ti.  LOL

Seriously hire an accountant, its not worth testing the irs,  They can audit your 5 years later for your past history.

https://www.irs.gov/newsroom/irs-reminds-taxpayers-to-report-virtual-currency-transactions

"taxpayers could be subject to criminal prosecution for failing to properly report the income tax consequences of virtual currency transactions. Criminal charges could include tax evasion and filing a false tax return. Anyone convicted of tax evasion is subject to a prison term of up to five years and a fine of up to $250,000. Anyone convicted of filing a false return is subject to a prison term of up to three years and a fine of up to $250,000."

happy mining folks, Enjoy your pathetic profits or losses and risking on catching your house on fire and be sent to prison.





Ok FUDlord. I filed my taxes last week and paid my taxes on mining profits minus electricity costs and hardware. The IRS does not currently have much in the way of defining how crypto is to be taxed yet. So pay capital gains on your profits and it is done.

Mining is still profitable unless you are like lunobird who either is terrible at it or missed the bus on it and is just salty. Probably just trying to deter noobs to keep difficulty low.

Yep you did your taxes wrong, You need to re-file, The Irs does have clear definition on how crypto mining is taxed.  I suggest you hire an accountant and pay them some big bucks to fix your mess up.  Its considered income on the day its mined and addition taxed as capital gains  if you sell it.

As mentioned by got-miner and also a publication from the irs on guidelines
https://www.irs.gov/pub/irs-drop/n-14-21.pdf

"Q-8: Does a taxpayer who “mines” virtual currency (for example, uses computer
resources to validate Bitcoin transactions and maintain the public Bitcoin
transaction ledger) realize gross income upon receipt of the virtual currency
resulting from those activities?
A-8: Yes, when a taxpayer successfully “mines” virtual currency, the fair market value
of the virtual currency as of the date of receipt is includible in gross income. See
Publication 525, Taxable and Nontaxable Income, for more information on taxable
income.
Q-9: Is an individual who “mines” virtual currency as a trade or business subject
to self-employment tax on the income derived from those activities?
A-9: If a taxpayer’s “mining” of virtual currency constitutes a trade or business, and the
“mining” activity is not undertaken by the taxpayer as an employee, the net earnings
from self-employment (generally, gross income derived from carrying on a trade or
business less allowable deductions) resulting from those activities constitute selfemployment
income and are subject to the self-employment tax. See Chapter 10 of
Publication 334, Tax Guide for Small Business, for more information on selfemployment
tax and Publication 535, Business Expenses, for more information on
determining whether expenses are from a business activity carried on to make a profit. "


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March 26, 2018, 08:49:48 PM
 #81

Regarding this:

"Yes, when a taxpayer successfully “mines” virtual currency, the fair market value of the virtual currency as of the date of receipt is includible in gross income."

I am assuming that since 0.1 or less coins can be transferred at a time and potentially several times each day, it would be allowable to summarize that X number of coins were mined in a month then one can take the average coin price for said month and use that logic for calculating income, coin value, etc..? I believe as long as it is consistent for all coins and months for the year that they would accept that?
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March 26, 2018, 11:13:25 PM
 #82

For example you mined emc2 at $2 bucks last quarter irs counts that as income right away the day it's mined. However emc2 is now .20 cents And your screwed.

Do you have any sources for this kind of information? From everything that I have learned this is incorrect. I would not take what this user is saying as any kind of tax advice, because it doesn't seem to reference anything significant or be coming from an informed place. I've been wrong before, but I'm pretty sure that it is not considered income the moment it is mined. I think it becomes income once you exchange it for fiat, or goods with a referencable fiat value. Otherwise, it wouldn't make sense and they would be attempting to tax losses constantly. You can not be taxed for money you have not earned. If your business experiences a loss of 80% of it's earnings throughout the year, you are not expected to pay taxes on 100% of your earnings without considering the losses. Your taxable income is a product of gain/loss, from what I understand. You do not simply discredit your losses and tax yourself at the highest possible value. This isn't even what the IRS would suggest.
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March 27, 2018, 12:21:42 AM
 #83

I can't imagine why you guys trouble yourselves with taxation when you are mining shitcoins. Just record it when you cash out. There government will never even get proof that you did some mining once you send your coins to an exchange for cash out.

 
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March 27, 2018, 12:30:45 AM
 #84

I quoted the IRS website. It's very clear. You guys are such nub tards and still in disbelief. It's been well known for awhile and the veteran miners know this as well.

Coins mined is instant income tax. If you made a loss from holding it like most people that mined last quarter you can sell it and report a loss in value for the next tax year.

You still have to report the all time high value you mined at as income
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March 27, 2018, 12:41:41 AM
 #85

You could always "adjust" your minimum mining payout to a higher amount and avoid paying taxes until you receive the coins your your wallet.  Nonetheless, the mining bubble is bursting and the weak hands are getting out.  You can pickup cards on the cheap now.  Current rate is about $7 per MH if your mining ETH.

Just saw this on eBay.
https://www.ebay.com/itm/197MH-s-7-AMD-GPU-6-x-RX480-1-x-RX470-Ethereum-Mining-Rig-No-Reserve/152951331198?ssPageName=STRK%3AMEBIDX%3AIT&_trksid=p2060353.m1438.l2649

The GPU crash is a good thing if your long-term.  If your short term, might want to work on the exit strategy.

We may see $100 570 cards very shortly.

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March 27, 2018, 01:44:33 AM
Last edit: March 27, 2018, 02:04:45 AM by lunobird
 #86

I can't imagine why you guys trouble yourselves with taxation when you are mining shitcoins. Just record it when you cash out. There government will never even get proof that you did some mining once you send your coins to an exchange for cash out.

See that's where things can get messy.  You sent your btc to an exchange and "cash out" , The IRS will want to know what is your starting cost basis for this or even on your tax forms.  You magically had btc appeared into your coinbase account out of thin air.  And since everything is public on the btc blockchain they can start asking you questions which wallet address this came from if you got audited and what your starting cost basis was for this.  Then you will have to crack down and admit your mining and you may face some penalties and fines.

You shouldn't risk getting into trouble with the irs over a few bucks, Its best to report as accurately or just don't mine at all and sell off your mining rigs while prices are still at a decent premium.,  You wanna play the mining game you gota be prepared to bust out that pencil and do some serious paperwork tracking all your trades for 2018 as well as all your mined coins for all the exchanges you been trading on.

Don't get me wrong,  I would love for the IRS rules to be changed and less of a burden. I hope we can convince some politicians that are pro crypto.   Im just trying to help you guys out not to overlook this and end up getting in trouble from the IRS years down the line.

For the gamers that are less serious about mining and only got a couple of cards, and get free electricity from parents, only doing this to pay down their video cards,  you gota ask yourself if its worth all that paperwork and accounting work during tax day.?  Probably not,  so stop being a troll rising up the difficulty on everyone.

For the serious miners they know doing the proper paperwork is necessary and they treat it as a business.



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March 29, 2018, 02:38:04 AM
 #87

I stopped mining crypto a week ago no reason to make my rigs work when we are in bullshit age i wait and use my rigs when something profitable comes along.

Wouldn't the difficulty go up when something profitable comes along..
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March 29, 2018, 02:52:06 AM
 #88

I stopped mining crypto a week ago no reason to make my rigs work when we are in bullshit age i wait and use my rigs when something profitable comes along.
Wouldn't the difficulty go up when something profitable comes along..

Yep that's why you can never win big as a miner. Your always fighting for scraps while bitmain eats lobsters and steak everynight
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March 29, 2018, 03:06:07 AM
 #89

I only bought 1 1080ti. If I would have bought a rig I would be I the red and very upset

Hopefully, if you only bought one 1080ti you are putting it to good use for other things as your regular video card.  Personally, I would keep on mining coins that interest you despite rather or not they are currently "profitable".  Bitcoin wasn't profitable for a various times but look at it now.  People who mined back in the day when it wasn't worth it are very happy.  Not that I advocate mining.  I'm just interested in cryptocurrency.

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March 29, 2018, 04:57:25 AM
 #90

I only bought 1 1080ti. If I would have bought a rig I would be I the red and very upset
Do not be upset, there is still a lot of adventure. Both good and bad. Maybe the currency will go up, maybe not, leaving you with that 0.000002$.

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March 29, 2018, 07:54:41 AM
 #91

I stopped mining crypto a week ago no reason to make my rigs work when we are in bullshit age i wait and use my rigs when something profitable comes along.

Wouldn't the difficulty go up when something profitable comes along..

That has happened in the past many times.
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March 29, 2018, 09:37:34 AM
 #92

In my area many are trying to get rid of their 1080ti.

Almost each one is priced at MSRP, seems nobody wants to sell below MSRP.

So people aren't desperate yet.

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March 29, 2018, 09:52:11 AM
 #93

If you are mining with 1080ti you need to find best profitable coin instead of pointing your rig to nicehash.
Mining is serious business needs time and research all coins and pools. This is not a setup and forget scheme
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March 30, 2018, 03:13:21 AM
 #94

If you are mining with 1080ti you need to find best profitable coin instead of pointing your rig to nicehash.
Mining is serious business needs time and research all coins and pools. This is not a setup and forget scheme


yes, I think in the nicehash software, there is a software to benchmark the video cards so we know what coin that is profitable to mining. and from that, we can start mining that coin. oh yeah, I remember that nicehash show how much our profit with the video cards so we know is it profitable for us or not, try to check by yourself.

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May 19, 2018, 03:51:44 PM
 #95

If you are mining with 1080ti you need to find best profitable coin instead of pointing your rig to nicehash.
Mining is serious business needs time and research all coins and pools. This is not a setup and forget scheme


I only mine to the pools. Compared to Nicehash, I got 10% more.
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May 19, 2018, 04:23:15 PM
 #96

Mining is still doing pretty well by me.

Counting absolute total cost of investment -- Computers, video cards, risers, electrical wiring, shelving, rooms fans, etc (literally everything I have bought for mining)... still getting 1/300th of total investment per day at todays prices. So in general forum terms less than 1-year ROI.

I got back in to mining about 15 months ago and have slowly built it all up so most of the stuff I have is actually already paid off... just looking at total cost / income as of today for the previous sentence.

If we see a bit of a bull market and things I am holding go back up a bit then it'll look even better.

For security, your account has been locked. Email acctcomp15@theymos.e4ward.com
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May 19, 2018, 07:10:30 PM
 #97

Hopefully OP didn't overpay for the ti and is doing due diligence when selecting coin to mine as barely making a dollar a day seems to be on the very rather low end.
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May 19, 2018, 07:30:10 PM
 #98

Mining is still doing pretty well by me.

Counting absolute total cost of investment -- Computers, video cards, risers, electrical wiring, shelving, rooms fans, etc (literally everything I have bought for mining)... still getting 1/300th of total investment per day at todays prices. So in general forum terms less than 1-year ROI.

I got back in to mining about 15 months ago and have slowly built it all up so most of the stuff I have is actually already paid off... just looking at total cost / income as of today for the previous sentence.

If we see a bit of a bull market and things I am holding go back up a bit then it'll look even better.

I think if you are doing well, that is because you have cheap electricity price.
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May 19, 2018, 08:52:47 PM
 #99

Hopefully OP didn't overpay for the ti and is doing due diligence when selecting coin to mine as barely making a dollar a day seems to be on the very rather low end.

yeah the topic was started back in march when the mining tanked hardest. a bit better situation now.
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May 19, 2018, 11:03:44 PM
 #100

I quoted the IRS website. It's very clear. You guys are such nub tards and still in disbelief. It's been well known for awhile and the veteran miners know this as well.

Coins mined is instant income tax. If you made a loss from holding it like most people that mined last quarter you can sell it and report a loss in value for the next tax year.

You still have to report the all time high value you mined at as income
You scared of your own shadow?  As long as "you" dont cash out over the reporting threshold then the IRS will never know.  You think the IRS has the man power to come after or even look into someone that mine 10k or even 25k ?  They are looking for the whales.  The IRS has been gutted of agents over the last 10 years.  They simply dont have the manpower to go after the small times.

It all truly boils down to the worst case scenarios and that means NEVER talk to the IRS without a lawyer!
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May 19, 2018, 11:11:06 PM
 #101

Hopefully OP didn't overpay for the ti and is doing due diligence when selecting coin to mine as barely making a dollar a day seems to be on the very rather low end.
Even pointing it to nicehash would bring him more then 1$ per day so its not that hard for now,long are gone days with 20$ per card without having to look thru coins what to mine.There are still coins that brings solid profits mining them but now you need to invest time to find them
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May 19, 2018, 11:21:27 PM
 #102

I quoted the IRS website. It's very clear. You guys are such nub tards and still in disbelief. It's been well known for awhile and the veteran miners know this as well.

Coins mined is instant income tax. If you made a loss from holding it like most people that mined last quarter you can sell it and report a loss in value for the next tax year.

You still have to report the all time high value you mined at as income
You scared of your own shadow?  As long as "you" dont cash out over the reporting threshold then the IRS will never know.  You think the IRS has the man power to come after or even look into someone that mine 10k or even 25k ?  They are looking for the whales.  The IRS has been gutted of agents over the last 10 years.  They simply dont have the manpower to go after the small times.

It all truly boils down to the worst case scenarios and that means NEVER talk to the IRS without a lawyer!

Well if you want your equipment deductions which is a huge benefit your going to have to report the income it has made also.
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May 19, 2018, 11:31:11 PM
 #103

Simply create a LLC. Expense all of your electricity and hardware.

Continue to mine, save up as many coins as you can knowing that you will have to pay your taxes on what you mine and when you sell.

However it is still easy to mine and make money.
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May 19, 2018, 11:59:56 PM
 #104

Hopefully OP didn't overpay for the ti and is doing due diligence when selecting coin to mine as barely making a dollar a day seems to be on the very rather low end.
Even pointing it to nicehash would bring him more then 1$ per day so its not that hard for now,long are gone days with 20$ per card without having to look thru coins what to mine.There are still coins that brings solid profits mining them but now you need to invest time to find them

You mean mining and dumping shitcoins.
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May 20, 2018, 12:48:24 AM
 #105

Even my 1060 makes $1.15 per day with the Nice Hash DaggerHashimoto pool. My 1080 Ti makes almost $2.80 mining Ravencoin on another pool. Ravencoin isn't even at the top of WhatToMine's list right now, so you could easily make closer to $3 with the coins listed there.

If you do some digging elsewhere, you can probably make $4 or more per day.
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May 20, 2018, 01:22:53 AM
 #106

Simply create a LLC. Expense all of your electricity and hardware.

Continue to mine, save up as many coins as you can knowing that you will have to pay your taxes on what you mine and when you sell.

However it is still easy to mine and make money.

It isn't necessary to create a LLC to deduct your electrical, internet connection, dedicated mining room square footage, hardware costs, and any other costs associated with mining.  In the United States, it's done on a 1040 Schedule C.

Ok, I want you to walk back in there and very calmly, very politely tell the risk assessors to fuck off! -Mark Baum
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May 20, 2018, 01:24:18 AM
 #107

Hopefully OP didn't overpay for the ti and is doing due diligence when selecting coin to mine as barely making a dollar a day seems to be on the very rather low end.
Even pointing it to nicehash would bring him more then 1$ per day so its not that hard for now,long are gone days with 20$ per card without having to look thru coins what to mine.There are still coins that brings solid profits mining them but now you need to invest time to find them

You mean mining and dumping shitcoins.

If you consider all coins other than btc, eth, and ltc a shitcoin, then yes, exactly!

Ok, I want you to walk back in there and very calmly, very politely tell the risk assessors to fuck off! -Mark Baum
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May 20, 2018, 01:27:32 AM
 #108

Mining is still doing pretty well by me.

Counting absolute total cost of investment -- Computers, video cards, risers, electrical wiring, shelving, rooms fans, etc (literally everything I have bought for mining)... still getting 1/300th of total investment per day at todays prices. So in general forum terms less than 1-year ROI.

I got back in to mining about 15 months ago and have slowly built it all up so most of the stuff I have is actually already paid off... just looking at total cost / income as of today for the previous sentence.

If we see a bit of a bull market and things I am holding go back up a bit then it'll look even better.

I think if you are doing well, that is because you have cheap electricity price.

What do you consider cheap electricity?  Mine is 0.10 kwh and I was doing well even at lowest daily profitability this year.  Reason being, I don't sell coins daily or weekly or monthly.  The amount of coin my hardware mines only changes when new hash power is introduced to the network and difficulty increases.

Ok, I want you to walk back in there and very calmly, very politely tell the risk assessors to fuck off! -Mark Baum
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May 30, 2018, 11:01:36 AM
 #109

Mining is still doing pretty well by me.

Counting absolute total cost of investment -- Computers, video cards, risers, electrical wiring, shelving, rooms fans, etc (literally everything I have bought for mining)... still getting 1/300th of total investment per day at todays prices. So in general forum terms less than 1-year ROI.

I got back in to mining about 15 months ago and have slowly built it all up so most of the stuff I have is actually already paid off... just looking at total cost / income as of today for the previous sentence.

If we see a bit of a bull market and things I am holding go back up a bit then it'll look even better.

I think if you are doing well, that is because you have cheap electricity price.

What do you consider cheap electricity?  Mine is 0.10 kwh and I was doing well even at lowest daily profitability this year.  Reason being, I don't sell coins daily or weekly or monthly.  The amount of coin my hardware mines only changes when new hash power is introduced to the network and difficulty increases.

I have $0.07 electricity -- doing quite well still, IMHO.

For security, your account has been locked. Email acctcomp15@theymos.e4ward.com
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June 01, 2018, 12:35:49 AM
 #110

The new rates for me.... $.044/kwh ! Cha-Ching more profit for me!
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June 01, 2018, 12:48:09 AM
 #111

The new rates for me.... $.044/kwh ! Cha-Ching more profit for me!

0.044 in MA? 

Ok, I want you to walk back in there and very calmly, very politely tell the risk assessors to fuck off! -Mark Baum
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June 01, 2018, 01:02:21 AM
 #112

It depends how much you paid in your hardware/rig, how you mine and how much you pay for electricity.
I made a rig with $2000 and can earn around $450 minus electricity per month.

My problem is that my electricity is too high but i can move to near country that has very low electricity cost, maybe i will do it within some months.
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June 01, 2018, 05:00:38 AM
 #113

The new rates for me.... $.044/kwh ! Cha-Ching more profit for me!

0.044 in MA? 

Indiana
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June 01, 2018, 05:03:56 AM
 #114

Many people bought rigs ,were expecting to break even just on a few months while prices were surging but alt prices quickly started dropping. The profitability of cards hindered. Perhaps some could make profit by selling back cards but the market would be saturated in that case too. Profit altcoin mining is once again going down so all in all I don't think this trend is a reliable way to make money.
Ill bet thats what people were saying in 2016...and then the topout over 19k happened in Dec 2017.  YOU ONLY LOSE MONEY IF YOU SELL FOR LESS THAN WHAT IT COSTS YOU.  Just like playing in the stock market.  Your blah blah coin may not be worth alot right now but next month, 6 months, year, 2 years...
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June 01, 2018, 12:30:55 PM
 #115

The new rates for me.... $.044/kwh ! Cha-Ching more profit for me!

0.044 in MA? 

Indiana

In Indiana?  Is that residential?  I'm in central Indiana and I'm paying around 0.10.

Ok, I want you to walk back in there and very calmly, very politely tell the risk assessors to fuck off! -Mark Baum
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June 01, 2018, 04:11:22 PM
 #116

Vega56-64 still very usable in cryptonote/cryptonote-heavy algos Smiley)
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June 01, 2018, 05:44:33 PM
 #117

Don't know about you guys in other countries but my 1080ti's do around $4+ dollars each day mining my secret coin. I understand some may be easily disheartened and quit when the slightest of profitability rates drop. However, what you must remember is that we are mining to speculate on future value and not the present value. Looking ahead, crypto is still young and once more  algos change or develop, GPUs will always have a place in the mining scene.

0xacBBa937A57ecE1298B5d350f40C0Eb16eC5fA4B
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June 01, 2018, 05:48:45 PM
Last edit: June 01, 2018, 06:15:30 PM by toptek12
 #118

I'm glad I didn't buy any more video cards, a 1080ti barley makes $1 a day

mining what ? . after costs like power because my 1070 TI makes before cost 1.68 to 2.00 mining raven coin,eth 1.42 a day 1070 ti.

I also power my house with solar so i guess that also matters.

You must mean after costs to run it ? .
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June 01, 2018, 05:51:30 PM
 #119

2016. was the year to get into mining. After that GPU prices went up and mining difficulty followed. Now GPU prices are still high along with the difficulty plus crypto prices are going down. There are no reasons anymore to become a small miner because you can earn more by buying cryptos now while they are at a "discount" and hodling. I see very many people selling their relatively new mining rigs.

I don't know were you live but GPU prices are not high any more check out new egg or Amazon or even Ebay you can get some nice deals in the US again on new GPU cards with or without rebates.


I don't expect AMD GPU's to sell at what 470 sold for when 470 came out ( to me that was a mistake AMD made)  but the 570 are pretty close 580's are at about what 480 sold for you have to look for the deals and there is lots of them .
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June 01, 2018, 05:54:10 PM
 #120

2016. was the year to get into mining. After that GPU prices went up and mining difficulty followed. Now GPU prices are still high along with the difficulty plus crypto prices are going down. There are no reasons anymore to become a small miner because you can earn more by buying cryptos now while they are at a "discount" and hodling. I see very many people selling their relatively new mining rigs.

I don't know were you live but GPU prices are not high any more check out new egg or Amazon or even Ebay you can get some nice deals in the US again on new GPU cards with or without rebates.

Well it's probably much cheaper for people who live in the U.S. because if you are importing those GPUs into Asia you get taxed, have to pay for shipping, and even don't get qualified for all those promos and rebates. Not to mention the risk of your ordered GPU breaking during shipment because warranty isn't valid (well at least non-technically because it's such a huge pain and cost to coordinate warranty for international orders).
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June 01, 2018, 06:02:29 PM
 #121

2016. was the year to get into mining. After that GPU prices went up and mining difficulty followed. Now GPU prices are still high along with the difficulty plus crypto prices are going down. There are no reasons anymore to become a small miner because you can earn more by buying cryptos now while they are at a "discount" and hodling. I see very many people selling their relatively new mining rigs.

I don't know were you live but GPU prices are not high any more check out new egg or Amazon or even Ebay you can get some nice deals in the US again on new GPU cards with or without rebates.

Well it's probably much cheaper for people who live in the U.S. because if you are importing those GPUs into Asia you get taxed, have to pay for shipping, and even don't get qualified for all those promos and rebates. Not to mention the risk of your ordered GPU breaking during shipment because warranty isn't valid (well at least non-technically because it's such a huge pain and cost to coordinate warranty for international orders).

OK cool if you don't live in the US I understand why the complaint Smiley .
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June 01, 2018, 06:44:12 PM
 #122

This is astonisisng, but in the bad way.
Looks like mining has became industrialised. This means that ones in households cannot compete, if not for anything else, then the price of the electricity will surely make the difference.

1080ti is a really expensive card, I really hope you have other plans for it.
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June 01, 2018, 09:02:22 PM
 #123

For example you mined emc2 at $2 bucks last quarter irs counts that as income right away the day it's mined. However emc2 is now .20 cents And your screwed.

I wish the IRS the best of luck trying to enforce that...

To the IRS your a criminal for mining if you don't report your earnings accurately or your hiding your mined coins,  According to them you will be faced with a 250k fine and be sent to prison for 5 years for not reporting or hiding your mined earnings of a buck a day for your 1080 ti.  LOL

Seriously hire an accountant, its not worth testing the irs,  They can audit your 5 years later for your past history.

https://www.irs.gov/newsroom/irs-reminds-taxpayers-to-report-virtual-currency-transactions

"taxpayers could be subject to criminal prosecution for failing to properly report the income tax consequences of virtual currency transactions. Criminal charges could include tax evasion and filing a false tax return. Anyone convicted of tax evasion is subject to a prison term of up to five years and a fine of up to $250,000. Anyone convicted of filing a false return is subject to a prison term of up to three years and a fine of up to $250,000."

happy mining folks, Enjoy your pathetic profits or losses and risking on catching your house on fire and be sent to prison.





Ok FUDlord. I filed my taxes last week and paid my taxes on mining profits minus electricity costs and hardware. The IRS does not currently have much in the way of defining how crypto is to be taxed yet. So pay capital gains on your profits and it is done.

Mining is still profitable unless you are like lunobird who either is terrible at it or missed the bus on it and is just salty. Probably just trying to deter noobs to keep difficulty low.

Yep you did your taxes wrong, You need to re-file, The Irs does have clear definition on how crypto mining is taxed.  I suggest you hire an accountant and pay them some big bucks to fix your mess up.  Its considered income on the day its mined and addition taxed as capital gains  if you sell it.

As mentioned by got-miner and also a publication from the irs on guidelines
https://www.irs.gov/pub/irs-drop/n-14-21.pdf

"Q-8: Does a taxpayer who “mines” virtual currency (for example, uses computer
resources to validate Bitcoin transactions and maintain the public Bitcoin
transaction ledger) realize gross income upon receipt of the virtual currency
resulting from those activities?
A-8: Yes, when a taxpayer successfully “mines” virtual currency, the fair market value
of the virtual currency as of the date of receipt is includible in gross income. See
Publication 525, Taxable and Nontaxable Income, for more information on taxable
income.
Q-9: Is an individual who “mines” virtual currency as a trade or business subject
to self-employment tax on the income derived from those activities?
A-9: If a taxpayer’s “mining” of virtual currency constitutes a trade or business, and the
“mining” activity is not undertaken by the taxpayer as an employee, the net earnings
from self-employment (generally, gross income derived from carrying on a trade or
business less allowable deductions) resulting from those activities constitute selfemployment
income and are subject to the self-employment tax. See Chapter 10 of
Publication 334, Tax Guide for Small Business, for more information on selfemployment
tax and Publication 535, Business Expenses, for more information on
determining whether expenses are from a business activity carried on to make a profit. "





After reading around and watching some youtube videos I ended up finally incorporating my own business and then applying for S Corporation status with the IRS.  This has been really great.  First of all, it forced me to be more accountable for all expenses which are accounted for BEFORE paying any profit.  Also, profits up to a reasonable salary are paid as a salary which also counts as an expense!  Now, when you really get to be a baller miner and are bringing in so much of that crypto gold that you exceed a reasonable salary... let's say more than $80K (which is taxed at employment tax rates), then you pay yourself a distribution above and beyond the reasonable salary which is taxed at the higher capital gains rate.  

So for the year I mined before this, I just classified the business as sole proprietorship and accounted for expenses than paid taxes on capital gains.  The S Corp is a little more complicated but it pays off if you end up in a bull market situation or happen to be lucky enough to rake in huge profits on some moon coin.

edited to add:  I still use tax tracking programs (called bitcoin.tax) to have an accouting of coin values in case I get audited. 

Now... of course all this totally defeats the privacy nature of what we find so likeable about crypto currencies.  However, it is worth mentioning the same can be said for fiat.  But with crypto at least the privacy options are more technologically advanced and still possible to use privately for the tech savvy crypto dude.

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Rasanders22
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June 02, 2018, 01:03:07 AM
 #124

Using whattomine.com :

1 1080ti = $2.20/$1.74 (revenue/after electricity. The lowest price card on newegg is 750. Thats 431 days till it pays for itself @ current price (mining Nicehash-Lyra2REv2)
1 rx580 8 gig = $1.39/$1.07. The lowest price card on newegg is 320. Thats 299 days till its paid off mining EthereumClassic.
1 1070 = $1.38/$1.10. Cheapest card on newegg is 450. Thats 409 days till paid off.



I know which one I would choose. more $$ does not equal better card for mining.
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June 02, 2018, 01:39:21 AM
Last edit: June 02, 2018, 01:52:08 AM by leonix007
 #125

Using whattomine.com :

1 1080ti = $2.20/$1.74 (revenue/after electricity. The lowest price card on newegg is 750. Thats 431 days till it pays for itself @ current price (mining Nicehash-Lyra2REv2)
1 rx580 8 gig = $1.39/$1.07. The lowest price card on newegg is 320. Thats 299 days till its paid off mining EthereumClassic.
1 1070 = $1.38/$1.10. Cheapest card on newegg is 450. Thats 409 days till paid off.



I know which one I would choose. more $$ does not equal better card for mining.


This is a remider

Whattomine calculations are based at present/todays profitability

you can't actually use this as reference on the number of days on your rig to get paid off

current difficulty and price is not the same for tomorrow, the next days/months or year
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June 03, 2018, 05:10:03 AM
 #126

Using whattomine.com :

1 1080ti = $2.20/$1.74 (revenue/after electricity. The lowest price card on newegg is 750. Thats 431 days till it pays for itself @ current price (mining Nicehash-Lyra2REv2)
1 rx580 8 gig = $1.39/$1.07. The lowest price card on newegg is 320. Thats 299 days till its paid off mining EthereumClassic.
1 1070 = $1.38/$1.10. Cheapest card on newegg is 450. Thats 409 days till paid off.



I know which one I would choose. more $$ does not equal better card for mining.


This is a remider

Whattomine calculations are based at present/todays profitability

you can't actually use this as reference on the number of days on your rig to get paid off

current difficulty and price is not the same for tomorrow, the next days/months or year

But if you wait ... And get jacked off later at a higher price on your alt, you win.  Problem is that this idiots like Digital Drug Lord (OP) and others are concerned about the daily.  No one that has any common sense is concerned about price.

Ok, I want you to walk back in there and very calmly, very politely tell the risk assessors to fuck off! -Mark Baum
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June 03, 2018, 09:23:30 AM
 #127

From a profitability point view: does it make sense to use an algo switching software like Nemo or All-in-Miner?

Or is just better to stick to one algo such as x16r?
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June 03, 2018, 09:28:59 AM
 #128

If you have time and will, single coin mining is always more profitable. I have used Nemos for some time, but always ended getting payed less. Algo switching is for the lazy, way too busy, or people that do not have much knowledge.
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August 01, 2018, 11:15:04 AM
 #129

From a profitability point view: does it make sense to use an algo switching software like Nemo or All-in-Miner?

Or is just better to stick to one algo such as x16r?

It is better to use one algorithm if you can find the good coin to mine.
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August 01, 2018, 01:44:47 PM
 #130

You need the ethlargement pill it's a real thing get 50 mh/second on ethereum

Mine ethereum on coinfoundry.org
why not nanopool
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August 01, 2018, 03:13:40 PM
 #131

We all knew this would happen eventually.

Take 2013 bubble for example. Back then the prices for the R9 280X was like $500 but the GPU made like $10/day back in Nov 2013.

Fast forward a few months to Feb 2014 and it pulled in $5/day, the month after $2.50/day, the month after that about $1.25/day and fast forward to the end of the year and I think it will pulling in $0.25/day.

And it was worse because it used much more power than most of the GPUs today.

The only difference between those GPUs and today is that there was less GPUs mining and GPUs to sell, so the supply got absorbed by the gamers. These days there are millions of these GPUs out there.

.BEST..CHANGE.███████████████
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..BUY/ SELL CRYPTO..
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August 01, 2018, 03:14:27 PM
 #132

You need the ethlargement pill it's a real thing get 50 mh/second on ethereum

Mine ethereum on coinfoundry.org
why not nanopool
Some say their minimum withdrawal amount required for a payout is too high at 0.05
With Ethereum going down $0.35 mining per day from just a week ago it will take longer and longer to reach this threshold if this keeps up.
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August 01, 2018, 03:19:36 PM
 #133

We all knew this would happen eventually.

Take 2013 bubble for example. Back then the prices for the R9 280X was like $500 but the GPU made like $10/day back in Nov 2013.

Fast forward a few months to Feb 2014 and it pulled in $5/day, the month after $2.50/day, the month after that about $1.25/day and fast forward to the end of the year and I think it will pulling in $0.25/day.

And it was worse because it used much more power than most of the GPUs today.

The only difference between those GPUs and today is that there was less GPUs mining and GPUs to sell, so the supply got absorbed by the gamers. These days there are millions of these GPUs out there.
And Nvidia is calling this past year a loss for them. Undecided
I think it was because of all those cards that got sent back to them in masses. Roll Eyes
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August 01, 2018, 06:45:30 PM
 #134

We all knew this would happen eventually.

Take 2013 bubble for example. Back then the prices for the R9 280X was like $500 but the GPU made like $10/day back in Nov 2013.

Fast forward a few months to Feb 2014 and it pulled in $5/day, the month after $2.50/day, the month after that about $1.25/day and fast forward to the end of the year and I think it will pulling in $0.25/day.

And it was worse because it used much more power than most of the GPUs today.

The only difference between those GPUs and today is that there was less GPUs mining and GPUs to sell, so the supply got absorbed by the gamers. These days there are millions of these GPUs out there.
And Nvidia is calling this past year a loss for them. Undecided
I think it was because of all those cards that got sent back to them in masses. Roll Eyes
300k cards would constitute a loss? I cant see that, thats only like 300 million
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August 01, 2018, 10:26:31 PM
 #135

Smart people are buying coins right now, buying bits by bits cause they dont want this downtrend to end, this is the best time to buy because once it starts rising again it goes 20x - 100x of what is now. As for mining, anybody buying hardware will end up losing a lot of money if they mine and sell now, if they hold maybe it can be good, in 2014 ltc crashed from $50 to $1 and whoever bought those ltc for $1 at that time made a huge profit, times like this is the best time to buy coins and hold for 2 years or so.

BTC Address: 1DH4ok85VdFAe47fSVXNVctxkFhUv4ujbR
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August 01, 2018, 11:19:58 PM
 #136

I've made a small fortune so I don't know what you are talking about...you are not mining right if you are losing money or making only a dollar a day on it. Come look what Hash-kings has done...https://bitcointalk.org/index.php?topic=4800698.new#new

If you want to make money, it takes a lot of effort...but alt currencies are alive and well if you know what you are doing

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August 01, 2018, 11:27:16 PM
 #137

I've made a small fortune so I don't know what you are talking about...you are not mining right if you are losing money or making only a dollar a day on it. Come look what Hash-kings has done...https://bitcointalk.org/index.php?topic=4800698.new#new

If you want to make money, it takes a lot of effort...but alt currencies are alive and well if you know what you are doing

Lol.

Ok, I want you to walk back in there and very calmly, very politely tell the risk assessors to fuck off! -Mark Baum
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August 01, 2018, 11:55:21 PM
 #138

Using whattomine.com :

1 1080ti = $2.20/$1.74 (revenue/after electricity. The lowest price card on newegg is 750. Thats 431 days till it pays for itself @ current price (mining Nicehash-Lyra2REv2)
1 rx580 8 gig = $1.39/$1.07. The lowest price card on newegg is 320. Thats 299 days till its paid off mining EthereumClassic.
1 1070 = $1.38/$1.10. Cheapest card on newegg is 450. Thats 409 days till paid off.



I know which one I would choose. more $$ does not equal better card for mining.


This is a remider

Whattomine calculations are based at present/todays profitability

you can't actually use this as reference on the number of days on your rig to get paid off

current difficulty and price is not the same for tomorrow, the next days/months or year
Ya everyone on ETH this ETH that, hello there are way more coins than ETH I haven't mined a coin listed on wtm in months and really I don't care about ETH the chain is always over loaded and its a hub for hacks plus not one normal person can write a contact or even download the blockchain to run a desktop wallet
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August 02, 2018, 12:19:29 AM
 #139

Smart people are buying coins right now, buying bits by bits cause they dont want this downtrend to end, this is the best time to buy because once it starts rising again it goes 20x - 100x of what is now. As for mining, anybody buying hardware will end up losing a lot of money if they mine and sell now, if they hold maybe it can be good, in 2014 ltc crashed from $50 to $1 and whoever bought those ltc for $1 at that time made a huge profit, times like this is the best time to buy coins and hold for 2 years or so.

There are very few coins that I would buy and hold for 2 plus years other than BTC.  There are plenty of shitcoins to buy, wait/hope for a pump, and trade for BTC though.  There have been plenty of opportunities to buy BTC at a low this year, if you have the cash to do it.  Will you have another opportunity to buy lower than 5k this year ... Maybe.

As for mining, the way I look at gpu mining has drastically changed from the point at which I started last fall.  Back then, I was thinking "how much will I risk holding in btc".  As a few months went by, I realized that was a dumb question.  The answer is "all of it".  If you have gpu's that haven't paid for themselves (and most, if not all that were purchased last fall probably have not), there really is no other way than to mine ... try to sell your mined coins for btc at a time when the btc pairing is at a high, and continue to hold in btc if/when next bull run ... In addition to paying for the electricity out of your own pocket.

Some may disagree with that, but it seems like the best option to me.  Some may not have the means to pay for electricity out of their own pocket without selling mined coins, but all they are doing is prolonging the time it takes to pay yourself back for the investment in mining hardware.

All things considered, I don't regret buying gpu's last fall.  But I do have a longer term outlook as opposed to someone who is focused on daily profits in fiat.  I'm also happy that I've split my time/funds between mining and trading.  Trading has certainly helped me in obtaining more btc.



Ok, I want you to walk back in there and very calmly, very politely tell the risk assessors to fuck off! -Mark Baum
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August 03, 2018, 06:05:05 PM
 #140

Me too, I don’t buy new cards from January of this year. Profit is miserable. I undervolted my cards as much as I can and I’m accumulating ETHs and Monero waiting for better time.
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August 14, 2018, 04:44:11 AM
 #141

Me too, I don’t buy new cards from January of this year. Profit is miserable. I undervolted my cards as much as I can and I’m accumulating ETHs and Monero waiting for better time.

Do you still make profit mining the eTH or Xmr?
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August 14, 2018, 05:38:30 AM
 #142

Me too, I don’t buy new cards from January of this year. Profit is miserable. I undervolted my cards as much as I can and I’m accumulating ETHs and Monero waiting for better time.

Do you still make profit mining the eTH or Xmr?

Probably is No, as he says misery on mining profit

he's accumulating as much as ETH and Monero as he can, same as mine

I'd better buy coins than buying GPU rig as of the moment

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August 14, 2018, 07:50:02 AM
 #143

New supply of Video cards are coming and they are even cheaper due to the low demand of it.
Because many miners pulled out and most of these miners are the ones who expected returns for few months.
https://arstechnica.com/gadgets/2018/03/the-hunt-for-cheaper-gpus-is-finding-some-unexpected-bargains/

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