Turned on my rigs today

[MinedTangerine]

I am currently mining Eth but the profit is low it makes my heart ache. However ,i do love that rig so t would pain me more to power it off. i had a nightmare yesterday that the electricity bill came and it was 600$ and i had only mined 200$. So i also got that going on for me which is nice...

you were shocked because you pay it, most trolls here let their dads to pay their bills hehe and then they come here and say is profitable hehe cause they dont pay any electric bill hehe because if they would then all their computers would have been turned off hehe, those trolls are hilarious hehe

Aren't you tired of repeating the same tune like a broken record. Guess what mining is not dead and it will not die in 2018. 10 RX 580 mining ETH (and btw there are more profitable coint to mine, then convert to ETH) you get $14.42 per day and with 0.15$ electriciry per KWh (most pay less) you get  $9.56 pure profit. Thats almost 10$ a day so little less then 300$ a month. How is that bad? Spoiled children. And that is only todays situation. As you predict prices will go up and so will profits. Now you can mine AND invest in ETH and when your rigs are paid off its pure profit. Oh btw 300$ per month is 2600$ per year. So ROI is less then 2 year (ofc thats speculation because diff rises, markets change etc). In any bussines that is fantastic investment. Also you don't have to sell, you can wait for the peak and then sell making it the same as if mining at peak the whole time.
For me its also a hobby and endless joy to play with mining, so even if I earned nothing it would be worth it.

And mining gives you unique oportunity to mine low diff coins when they come out earning quite a lot in some cases.

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[Mike011]

Situation has been improving for the past week, no doubt. However, profitability has to double at least to justify buying new cards. Buys coins instead of cards if you are still not in the game. Unless you stumble upon some bargain card prices.

[Turkish88]

If you dont switch off your rigs 2 month ago, now you can make more profits
My advices was right, mine for long

[MinedTangerine]

Situation has been improving for the past week, no doubt. However, profitability has to double at least to justify buying new cards. Buys coins instead of cards if you are still not in the game. Unless you stumble upon some bargain card prices.

One can always buy used cards. I agree that new are still way to expensive to be affordable.

[DevelopmentBank]

You should never have turned off your rig. I hope you realize you would have earned the same amount today (possibly even more due to less difficulty) for all those days that BTC/ETH price was done. Then again, you probably should turn off your rig and quit mining because other us other miners don't want anymore increases in difficulty.

[whoismoses]

did i say $600 rx 580? if yes then it looks like its price crashed from $1000 cause that is what used to cost at highest, $600 was 4 weeks ago, now is around $450 - $550.

Ok, great. Now we know you are making this up.

Most RX 580 / 570 cards are $300-$350.

[americafear2018]

Still waiting for better prices

[leonix007]

If you dont switch off your rigs 2 month ago, now you can make more profits
My advices was right, mine for long

some may don't want to take risk on higher electricity cost and pay it out of their own pocket while waiting on coin price increase

as they don't know when will those dark mining ages subside

especially those people who don't want to dig deeper on which profitable coin to mine

[hummer113]

to say exactly what is the best option, i can only after the fact, it is not easy to guess the course of events. Just relax.

[EthanB]

One can always buy used cards. I agree that new are still way to expensive to be affordable.

As it stands right now I would suggest not buying new cards from retailers. It still seems like robbery and scarcity pricing. You've got to go for the reputable people selling off their used cards. I would be skeptical of buying cards or rigs off of new miners exiting, because some of them fry their cards or damage them by playing with settings.

You should never have turned off your rig.

This is exactly what I try to tell people. It seems that so many new miners are freaking out about profitability, but are only looking at short-term and relating it directly to the current price of BTC, or whatever coin they're mining. Then they go and turn their miners back on once the coins have already shot up in price, without realizing difficulty is (pretty much) constantly increasing regardless of price. It's better to constantly mine, because you'll almost certainly be receiving less coin for your hardware as time goes on, even if it is more $ at any given time. All this means is you missed out on a lot of coin and $, because you were being short-sighted.

[GabryRox]

Yeah, it seems like most of the people freaking out about turning off their rigs are probably the ones who came onboard during 1 of the 2 recent major spikes (May'17 & Dec'17). For those people, their baseline mining returns were likely in the 4-5x range (meaning earnings of 4 to 5 times electricity costs). So now, or at least as of about 10 days ago before this recent recovery, they were maybe at the 2x mark or closer to break even, so by comparison, it seems bad enough for them the turn off their rigs.  In addition, they also have not been around enough to see the major ups and downs of the crypto market, so probably don't have as much faith in recovery as those of us who have been in the game over a year.

But, the valid point has already been stated here many times... unless you are paying crazy electric rates and dont' have the cash to pay that bill (has to be a very small % of overall miners), why on earth would you turn them off lol?  Unless, like i said above, you truly dont think the prices are going back up, in which case I ask you, why are you even in the game at all then?

Frankly, I am glad that many miners turned their rigs off over the past month+ because it kept difficulties in check, which means even more rewards for us that kept them on 24/7! :-)

[Arnoldent]

Keep your rigs off, if you Can't handle the low's and HODL sell the GPUs. I mined ETH through The Iceage, low of $182 back in Aug and its high in Jan, follow by it near market crash at 400-500. I kept all 72 RX 580's mining ETH the whole time.

I mine the ETH when there is profit. If the profit is low, I will make the rig to be more efficient.

[Piskeante]

my 2 rigs are back ON

The reasons are clear. I'm getting about 280$ profit after electricity bill. i managed to go to 0,15$/kW while i was at 0,18$/kW in the past, so there is a change here.

In spain we have a fare that's called "night price". for 14 hours (from 22pm to 12AM) you get a price of 0.065€/kW (without taxes) = 0.08$/kW. and the other 10 hours at 0.17$(without taxes). So the average price per day is 0,15$ taxes included. That helped a lot.

currently mining at 314,3mh/s

[Dzeronimo]

It's simple - mine and HODL. Prices will go up and profit will be bigger. I guess OP already made some money so it can afford to pay bills even if the profitability isn't great at the moment.