[ANN] Ethereum: Welcome to the Beginning

[JollyGood]

Would mining on a purchased rig be better over renting one which would at least allow for an owner to switch mining to other crypto in the event ETH 2.0 is a complete failure in terms of making money for him?

What do you think, about rent asic and mining-rigs on https://miningrigrentals.com/
Is there any sense to do mining Ethereum with the current mining-difficulty?
What about ROI of the mining,
and when the consensus will be switched on Proof-Of-Stake, on which block?

If you are looking to sell immediately after mining then no renting rigs will be an expensive affair but if you are willing to wait in a hope that price will go up during the ETH 2.0 FOMO then it could be profitable IMO but the problem is there's no date for launch yet.

[bkbirge]

If you've got enough money to be able to invest in a mining rig you'll be better off just buying directly BTC and/or ETH.

[henke1]

How Ethereum & Chainlink Will Change Blockchain Technology
 

[jasta more]

How Ethereum & Chainlink Will Change Blockchain Technology
 

Stopped reading after eth 2.0 is going live July 5

[JollyGood]

That might be true but for an enthusiast to own a rig and change mining options switching from one crypto to another as and when feels appropriate to maximise income - it is not a bad idea too.

If you've got enough money to be able to invest in a mining rig you'll be better off just buying directly BTC and/or ETH.

[bkbirge]

Yeah, I did that for a few years. It was worth it for the education alone though I was able to stack a reasonable stash from it. However, it was a time sink and running the numbers it made more sense to cash out and reinvest directly in coin. There's fiat cost as well as opportunity cost to consider. If it's something you enjoy as a hobby then sure go for it, but personally I've got other things I'd rather do with my time at this point. If the ROI for mining was significantly better than just buying directly that would be a different story.

That might be true but for an enthusiast to own a rig and change mining options switching from one crypto to another as and when feels appropriate to maximise income - it is not a bad idea too.

If you've got enough money to be able to invest in a mining rig you'll be better off just buying directly BTC and/or ETH.

[JollyGood]

Point taken, after all when electricity costs alone would be a major concern to factor in when calculating any return of investment. For the experience sake though for those that want get a foot hold just to understand how mining rigs work it is an option however unlikely because as you said it makes more sense to buy instead of mining in most cases.

One thing that many people with rigs have to concede is the fact you have to be on alert almost all day long just in case something goes wrong and a reboot or something else is required. People probably do prefer to do something else with their time.

Yeah, I did that for a few years. It was worth it for the education alone though I was able to stack a reasonable stash from it. However, it was a time sink and running the numbers it made more sense to cash out and reinvest directly in coin. There's fiat cost as well as opportunity cost to consider. If it's something you enjoy as a hobby then sure go for it, but personally I've got other things I'd rather do with my time at this point. If the ROI for mining was significantly better than just buying directly that would be a different story.

That might be true but for an enthusiast to own a rig and change mining options switching from one crypto to another as and when feels appropriate to maximise income - it is not a bad idea too.

If you've got enough money to be able to invest in a mining rig you'll be better off just buying directly BTC and/or ETH.

[Sy]

Would mining on a purchased rig be better over renting one which would at least allow for an owner to switch mining to other crypto in the event ETH 2.0 is a complete failure in terms of making money for him?

What do you think, about rent asic and mining-rigs on https://miningrigrentals.com/
Is there any sense to do mining Ethereum with the current mining-difficulty?
What about ROI of the mining,
and when the consensus will be switched on Proof-Of-Stake, on which block?

If you are looking to sell immediately after mining then no renting rigs will be an expensive affair but if you are willing to wait in a hope that price will go up during the ETH 2.0 FOMO then it could be profitable IMO but the problem is there's no date for launch yet.

Totally agree with @bkbirge here it's better to buy off ETH at the market instead of buying new hardware for mining because once FOMO about ETH2.0 hits mining difficulty will go through the roof.

[JollyGood]

Yes I understand why you would cite buying over mining especially when mining difficulty would eventually make it uneconomical to mine.

I would still advise those curious about mining to explore options not about Ethereum but about so many crypto out there that they could learn about and make money from.

Would mining on a purchased rig be better over renting one which would at least allow for an owner to switch mining to other crypto in the event ETH 2.0 is a complete failure in terms of making money for him?

What do you think, about rent asic and mining-rigs on https://miningrigrentals.com/
Is there any sense to do mining Ethereum with the current mining-difficulty?
What about ROI of the mining,
and when the consensus will be switched on Proof-Of-Stake, on which block?

If you are looking to sell immediately after mining then no renting rigs will be an expensive affair but if you are willing to wait in a hope that price will go up during the ETH 2.0 FOMO then it could be profitable IMO but the problem is there's no date for launch yet.

Totally agree with @bkbirge here it's better to buy off ETH at the market instead of buying new hardware for mining because once FOMO about ETH2.0 hits mining difficulty will go through the roof.

[zasad@]

Miners say: "electricity costs are 70-90% of all expenses." If you have the opportunity to buy electricity at $ 0.03 per kW and cheaper, then you can think about buying mining equipment

It is better to make your own mining pool

10-11.06.2020
Transaction Fee:10,668.73185 Ether ($2,613,945.99)
https://etherscan.io/tx/0xca8f8c315c8b6c48cee0675677b786d1babe726773829a588efa500b71cbdb65

Transaction Fee:10,668.73185 Ether ($2,613,945.99)
https://etherscan.io/tx/0xc215b9356db58ce05412439f49a842f8a3abe6c1792ff8f2c3ee425c3501023c

[notblox1]

Miners say that electricity costs are 70-90% of all expenses. If you have the opportunity to buy electricity at $ 0.03 per kW and cheaper, then you can think about buying mining equipment

It is better to make your own mining pool

10-11.06.2020
Transaction Fee:10,668.73185 Ether ($2,613,945.99)
https://etherscan.io/tx/0xca8f8c315c8b6c48cee0675677b786d1babe726773829a588efa500b71cbdb65

Transaction Fee:10,668.73185 Ether ($2,613,945.99)
https://etherscan.io/tx/0xc215b9356db58ce05412439f49a842f8a3abe6c1792ff8f2c3ee425c3501023c

This transactions are just crazy! Everyone is talking about it.
Looks like some pools and miners are doing lot of shady things.
And I bet this two transactions are not the only one with crazy fees.

[Bajank]

I just hope that ETH can bounce back as it used to be to surprise all Ethereum fans 

[Fallenkeith75]

I just hope that ETH can bounce back as it used to be to surprise all Ethereum fans 

I honestly think there's a good chance Eth can reach its former ATH in the future, but I think it will probably take a bit of time. Back when Bitcoin went to 1k for the first time, I thought it would never hit 1k again and now its 9k haha

[Sy]

Miners say that electricity costs are 70-90% of all expenses. If you have the opportunity to buy electricity at $ 0.03 per kW and cheaper, then you can think about buying mining equipment

It is better to make your own mining pool

10-11.06.2020
Transaction Fee:10,668.73185 Ether ($2,613,945.99)
https://etherscan.io/tx/0xca8f8c315c8b6c48cee0675677b786d1babe726773829a588efa500b71cbdb65

Transaction Fee:10,668.73185 Ether ($2,613,945.99)
https://etherscan.io/tx/0xc215b9356db58ce05412439f49a842f8a3abe6c1792ff8f2c3ee425c3501023c

LOL, those transaction fees were crazy. If those transactions really were a mistake then the guy or pool that mined the block must be crazy rich right now.

[JollyGood]

Thank you for stating the figures involved, they look interesting. Many organisations end up having mining farms in countries where electricity is simply cheaper and they do end up making phenomenal amounts of profit from mass mining but any spike in electricity costs could easily make the whole process turn in to a net loss enterprise.

Mining has benefits without doubt but equating those benefits with outright purchasing of crypto saves the headaches and teething problems involved, it is all about finding the perfect balance to make it economically viable to mine versus buying instead.

Miners say that electricity costs are 70-90% of all expenses. If you have the opportunity to buy electricity at $ 0.03 per kW and cheaper, then you can think about buying mining equipment

It is better to make your own mining pool

10-11.06.2020
Transaction Fee:10,668.73185 Ether ($2,613,945.99)
https://etherscan.io/tx/0xca8f8c315c8b6c48cee0675677b786d1babe726773829a588efa500b71cbdb65

Transaction Fee:10,668.73185 Ether ($2,613,945.99)
https://etherscan.io/tx/0xc215b9356db58ce05412439f49a842f8a3abe6c1792ff8f2c3ee425c3501023c

[notblox1]

New update regarding this strange high ethereum fees is connected with theory that hackers did blackmailing exchange with ransomware attacks!
source:
https://decrypt.co/32145/hackers-blackmail-exchange-with-5-million-of-ethereum-fees-report
chinese source:
https://www.chainnews.com/news/931957509858.htm

[zasad@]

The fun continues..

12.06.2020
https://etherscan.io/tx/0xfd10c9a4507c4ebf1db9f71e05ba8ea09f3603c9012c24195d731a1fadfa14d9
Transaction Fee: 2,310 Ether ($547,770.30)

https://etherscan.io/tx/0xdc7c6482e73e95a4e90c7cb5e0b6a5acb8d997bd53a064a0f19b2457f40910be
Transaction Fee:10.77072875877608 Ether ($2,554.06)

[Sy]

New update regarding this strange high ethereum fees is connected with theory that hackers did blackmailing exchange with ransomware attacks!
source:
https://decrypt.co/32145/hackers-blackmail-exchange-with-5-million-of-ethereum-fees-report
chinese source:
https://www.chainnews.com/news/931957509858.htm

Damn! If this continues to happen we might soon see a price dump on ethereum in the future. They already made 3 huge transactions don't know how many more will they make before the funds dry out.

[JollyGood]

This is absolutely crazy, the fees are nothing short of unbelievable. After reading your post I was not sure whether I should laugh at the state of play where Ethereum finds itself or whether I should feel sorry for the state in which it finds itself.

The fees stated in the post are just mind-boggling !

The fun continues..

12.06.2020
https://etherscan.io/tx/0xfd10c9a4507c4ebf1db9f71e05ba8ea09f3603c9012c24195d731a1fadfa14d9
Transaction Fee: 2,310 Ether ($547,770.30)

https://etherscan.io/tx/0xdc7c6482e73e95a4e90c7cb5e0b6a5acb8d997bd53a064a0f19b2457f40910be
Transaction Fee:10.77072875877608 Ether ($2,554.06)

[Sy]

Any idea if the guys at ethereum still aiming to release the public testnet of ETH2.0 by the end of July? Or that was the wrong info?