Thinking about getting out of mining... input?

[wmcleod]

I started mining with a 5880 about 3 years ago. 
Been through the Butterfly Lab debacle (thought eventually my order did ship).
Now I have about a 4.5 TH/s pool.

The thing is... this thing takes time to maintain.  When a piece goes down, it's an hour or two to RMA.  An hour or two to set up.
It's stressful knowing that your main source of income is "broken".
I have a full-time job (now) and I am realizing that this might not be worth it.  On top of this, I was broken into already and had my miners snatched... this is something I don't want to live with any more.  I don't talk to my friends about my mining gear because I am paranoid about it getting stolen again.

I have one room in my apartment that I simply cannot go into because of the heat (which is awesome in the winter).

Is it worth it to stay in the game?  I'm exhausted with watching forums 5 hours/day seeing what new hardware is on the rise. 

Bitcoins are literally making me go crazy.

Has any prolific (though I know I'm not "prolific") miners ever completely gone cold-turkey?  Sold their gear for BTC/fiat and just left the game?  What was that experience like?  Do you regret it?

Thanks!

[1715506750]

1715506750

[1715506750]

1715506750

[Minor Miner]

I was going to get out of mining too but then I would have to change my forum name, and then I started to think about what a pain that would be and I decided to stick it out.

Plus, if you have a 4.5TH/s pool, you are mining about 4 btc per day.   So you are too tired and stressed to maintain something you make $4500 a DAY from?   Wow, your "real" job must pay some bitching money.   How is it playing in the NBA?

[pand70]

You started mining 3 years ago and you are not a multimillionaire by now?
Instead of having your own island you live in a one room apartment and work a day job?
Something is wrong here.

[ar9]

You started mining 3 years ago and you are not a multimillionaire by now?
Instead of having your own island you live in a one room apartment and work a day job?
Something is wrong here.

I started mining 3 years ago to, and I have 9 BTC now and haven't received a single piece of fiat (thanks ASICMiner & ActiveMining!).
 Just saying, not everyone who mines is loaded.

EDIT: To the OP, why not just off-load some of your mining gear?  Would that alleviate your stresses?
EDIT 2: Also, I regret donating 10 BTC to my favourite torrent tracker, I hope very much that they held the BTC until nowish... blargh.

[rupy]

Today you can live off 100GH/s, so why not just reduce your load if things feel heavy. Don't quit completely, the journey has just begun!

About paranoia (both new hardware and getting it stolen) this probably mean you have some kind of requirement to perform, why not just see it as a hobby? You don't have to buy the latest hardware immediately or make sure it doesn't get stolen. Shit happens, life goes on.

[wmcleod]

you guys are probably right.  

i guess i've just lost interest.  i live in ny, so there's lots of vendors who accept btc, but to say i live off it wouldn't be accurate.  i don't do any face-to-face exchanges since i got ripped off last year, so i don't sell btc.  i don't sell btc to people online.  i've never actually made one american dollar from btc.  contrarily i have spent tens of thousands.  

where do you guys think the best place is to sell miners?  ebay?

[faizaa123]

i live in brooklyn, you want to sell anything?

[zimmah]

I'd be interested in 4.5 TH of mining power but I'm not sure if I can trust a random forum guy, and I don't live anywhere near the US.

[bitdominion]

Sounds like you need to sign up to become a bitpay affiliate... then signup your: landlord, local grocery store, local Porsche dealership quit the job (unless you love it) and get out and live... or quit your job and travel on bitcoin and write a book about it etc... You may be that person in 20 years looking back going damn I had a good thing going


Good luck whatever your decision

[wmcleod]

i don't plan on selling through the forums anyway, but i don't blame you for being sketched.  these forums (no offence) are a cesspool of scammers.  buyers & sellers.  i've lurked here for years, seen it all, unfortunately.

where do people tend to sell their 2nd hand mining gear though?

[wmcleod]

Sounds like you need to sign up to become a bitpay affiliate... then signup your: landlord, local grocery store, local Porsche dealership quit the job (unless you love it) and get out and live... or quit your job and travel on bitcoin and write a book about it etc... You may be that person in 20 years looking back going damn I had a good thing going


Good luck whatever your decision

you know what, i would love to cash out every thing bitcoin related i own.  i am worried about taxes and whatnot, so i haven't converted anything to fiat.

[faizaa123]

i don't plan on selling through the forums anyway, but i don't blame you for being sketched.  these forums (no offence) are a cesspool of scammers.  buyers & sellers.  i've lurked here for years, seen it all, unfortunately.

where do people tend to sell their 2nd hand mining gear though?

like i said, i live in brooklyn, so if you want to meet up at a nice, bright, public location before any transaction to hash out details, let me know.  i'll buy just about anything your willing to sell.  ill buy in usd or btc whatever you want.  want me to pm you?  i am pming you anyway for that saddleback leather gift cert your selling.

[bitdominion]

you know what, i would love to cash out every thing bitcoin related i own.  i am worried about taxes and whatnot, so i haven't converted anything to fiat.

We never recommend any of our clients not pay their taxes, that said... now is the time to do what you you wish with your bitcoin before regulation steps in. It would be wonderful if it simply lands in the ballpark of capital gains/losses.

My advice is sit on the idea and re-evaluate every four months. Cash out less than %10 of your savings or reinvest in a bitcoin project so you can 'feel' the process has added value to you lifestyle.

[JTrain_51]

I was going to get out of mining too but then I would have to change my forum name, and then I started to think about what a pain that would be and I decided to stick it out.

Plus, if you have a 4.5TH/s pool, you are mining about 4 btc per day.   So you are too tired and stressed to maintain something you make $4500 a DAY from?   Wow, your "real" job must pay some bitching money.   How is it playing in the NBA?

That electricity thou
But I totally agree If I could make that much btc I would be crazy happy!

[Soros Shorts]

I started mining with a 5880 about 3 years ago. 

Forgive my ignorance, but what is a 5880? Is that something in between a Radeon 5870 and a Radeon 5970?

[rupy]

We never recommend any of our clients not pay their taxes, that said... now is the time to do what you you wish with your bitcoin before regulation steps in. It would be wonderful if it simply lands in the ballpark of capital gains/losses.

So, they should go to prison instead?

My advice is sit on the idea and re-evaluate every four months. Cash out less than %10 of your savings or reinvest in a bitcoin project so you can 'feel' the process has added value to you lifestyle.

+1, Small steps!

[wmcleod]

Thought about it the past few weeks.  Kept my eyes on mining calculators.

I am getting out of this game.
Now the question is eBay vs. forum sells.

Looks like sellers get most value on eBay?  I've tried selling a Saturn here but the low-balling (IMO) is ridiculous.
Miners, experiences with selling?