The Squeeze is comin! [official thread for panicking]

[dutchlincoln]

Be mindful and do your maths. Your money invested in miners would probably never ROI and better off using the money for miners to buy BTC.

Just my 2 satoshi..

depends...

at .1 BTC not that much of a risk i guess...  

[1714767794]

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[1714767794]

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[1714767794]

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[Thetaj]

How you like dem squeezes

[Raymond_B]

How you like dem squeezes

It hurts for sure!

Ever searching to improve efficiencey, I've been able to reclaim a large amount of wattage by improving the airflow in my mining room/garage. I noticed during the heat of the day my S9's with APW3++ were using 1533W each, and my M3's were using 2300W each!!

Getting the room cooled down the S9s dropped to 1366W each, and the M3s have dropped down to 21-2200W. I am going to have to sell the M3s. I don't want to because they are solid, but I need to accept the reality.

I have all the miners ducted which helps, but I have a GPU rig as well, plus just the radiated heat is keeping the room 4-5* above ambient. I installed a 3000 CFM exhaust fan that has helped quite a bit. It's 102*F today I'll let it go for a few more days to get a good idea on the overall effect.

[rifleman74]

How you like dem squeezes

Works for me, less cost to accumulate.   

[minefarmbuy]

All the brokers here don't mine but they do buy on these lows.

Didn't BTC drop to 4k earlier this year? Pretty sure there was more trading than order placing that day. One guy is always on Bisq all day like someone in IT playing WOW at work.

I turned the s7's off now but only been mining since late LY. Not sure what the panic is if you have a plan. Then the people here as extremely helpful and I started a sole proprietorship to get some better costs as my small mine grows and search for cheap power. 

[ccgllc]

Be mindful and do your maths. Your money invested in miners would probably never ROI and better off using the money for miners to buy BTC.

Just my 2 satoshi..

I remember the "good ole days" where I would occassionaly be able to buy miners with a 100 days straight line ROI (cost/day 1 profit <= 100 days).  Always figured those would really ROI within a year, since difficulty was going up.

Now an S9 is clearing less than $1/day (or there abouts, depending on your power cost), and the units are still around $900 with shipping and power supplies.  900 day ROI?  That is insane.

Only good news is it looks like hashrate is FINALLY starting to fall.

[Tupsu]

I remember the "good ole days" where I would occassionaly be able to buy miners with a 100 days straight line ROI (cost/day 1 profit <= 100 days).  Always figured those would really ROI within a year, since difficulty was going up.

Now an S9 is clearing less than $1/day (or there abouts, depending on your power cost), and the units are still around $900 with shipping and power supplies.  900 day ROI?  That is insane.

Only good news is it looks like hashrate is FINALLY starting to fall.

Bitmain price is 734 USD +shipping
S9i-13.5TH/s with PSU

I bought today the same set with a 500USD coupon and the price was 0.06284169 BTC shipped.

[Biodom]

Bitmain price is 734 USD +shipping
S9i-13.5TH/s with PSU

I bought today the same set with a 500USD coupon and the price was 0.06284169 BTC shipped.

it means that they stopped following their own rules about no more than 50% of the bill being covered by a coupon.
No matter, at 10c/kwh, S9 breaks even, more or less.
I might still continue, but it does not look good at the moment.

[sidehack]

Especially not if coin keeps dropping about a hundred bucks a day. Been saving up my BTC for most of the last year for a new miner project and in the last 60 days enough value has evaporated to have paid for half the first batch. Most of what was set aside was taken in when BTC was approximately twice its current value. Been in the game for five years and I still can't get used to the volatility inspired by manipulation and speculation. Really wish more people weren't greedy or idiots.

[Biodom]

Especially not if coin keeps dropping about a hundred bucks a day. Been saving up my BTC for most of the last year for a new miner project and in the last 60 days enough value has evaporated to have paid for half the first batch. Most of what was set aside was taken in when BTC was approximately twice its current value. Been in the game for five years and I still can't get used to the volatility inspired by manipulation and speculation. Really wish more people weren't greedy or idiots.

old haters like Warren Buffet are affecting the price through their useless futures that they trade for $$ back and forth.
They have a lot of $$.

[sidehack]

Man, I friggin' hate futures trading and all that. I come from a century of farmers and that kind of BS has ruined the industry.

[tmfp]

Man, I friggin' hate futures trading and all that. I come from a century of farmers and that kind of BS has ruined the industry.

Ironically, futures contracts were originally of great help to producers of essentials (minerals, food etc.) in planning investment and locking in profitability but, like so many legacy systems, they have mutated into just another tool for the financial establishment to exploit for self serving ends.

[digger888]

Especially not if coin keeps dropping about a hundred bucks a day. Been saving up my BTC for most of the last year for a new miner project and in the last 60 days enough value has evaporated to have paid for half the first batch. Most of what was set aside was taken in when BTC was approximately twice its current value. Been in the game for five years and I still can't get used to the volatility inspired by manipulation and speculation. Really wish more people weren't greedy or idiots.

Sidehack,

In your five years of mining, was there any time that you turned off your miners because it was not profitable? How much are you paying for kwh? Do you also get ding with distribution and transmission charges? It seems that lots of people talk about kwh but they don't take distribution and transmission charges into account.

[philipma1957]

Sidehack,

In your five years of mining, was there any time that you turned off your miners because it was not profitable? How much are you paying for kwh? Do you also get ding with distribution and transmission charges? It seems that lots of people talk about kwh but they don't take distribution and transmission charges into account.

most of us include all costs in the number we give.

so my winter power is 13.7 cents
my summer power is   16.7 cents

I include all power company numbers in these numbers

I also make more adjustments.

I say my winter bill is 10 cents as I save large money on heating
I say my summer bill is 18 cents as I spend extra on ac

And at the moment  my only miner in house is a 3 card 1080ti miner as it earns 5.50 usd a day and costs about 2.88 usd in power each day.

I do have miners at the solar array

[Guinsanity]

So no more 14Ths gears on bitmain, only 13.5 appearing on the website shipping 11-20 july

Maybe gone forever?

[philipma1957]

So no more 14Ths gears on bitmain, only 13.5 appearing on the website shipping 11-20 july

Maybe gone forever?

maybe they finally sold them all out.

[Raymond_B]

People are in denial if they don't include all charges... My last elec bill was $968.89 total with 11778 kWh used, delivery charge, and tax. That comes out to 0.082/kWh cost.

Straight copy and paste from bill.

Energy Charge 11,778 kWh @ $0.045000/kWh 530.01
Electric Delivery Charges 410.50
Gross Receipts Tax Reimbursement 18.78
Sales Tax 1.00% 9.60
Current Charges $968.89

[Steamtyme]

Just thought I would weigh in here as I've gone a different route. This only works for me because my electricity costs about $.06

I've been grabbing up more 741's for myself. I recently added 3 and am looking to add another 4. The reason being I found someone who got stuck with a pallet in the FOMO, and I was able to pick them up for $118 CAD.
Right now they'll each bring in about 1$ aday, $1.25 CAD roughly. So in 120 days I can ROI.

Even if the Diff jumps astronomically, My winter is cold and coming, I know it's only June, but by the end of October, These 8 little space heaters will be in my basement feeding into my electric furnace. So I will then be receiving 6 months of straight profit. Now this is only a concern if I sell what I mine, which isn't going to happen for a while.

Obviously my position is somewhat unique but it is a viable option for a lot of smaller miners out there wondering what to do.

[Thetaj]

Man, I friggin' hate futures trading and all that. I come from a century of farmers and that kind of BS has ruined the industry.

It kinda sucks because at the beginning the people who came up with Future commodity trading wanted to ensure that the little guys don't go bankrupt before the harvest.

But humanity has a way of turning good things into weapons so.......here we are.

Same thing for Bitcoin, it started out as "freedom money" Free from inflation, free from the feds, free from government and uncensorable, everyone has an equal chance in this new financial world. Now look at it, only the rich gets richer and the normal people gon get rekt.

I'm kinda disgusted, but then again Bitcoin isn't a wealth equalizer, just a wealth opportunity for the new generation.

[sidehack]

I actually haven't done much mining on my own in a few years. For about six months I was mining and reinvesting heavily and doing some mining-related work in exchange for miners, in part on somewhat of a dare, and turned a 10GH miner into around 2.5TH with no added cost by about April 2014. After that I shifted more toward picking up interesting hardware rather than pure profitability, and then I had to put everything I had into the business to stay floating for a while. The bulk of my actual mining the last few years has been for winter heat at home and in various spots around the shop.

I've been keeping a 100KW datacenter stocked, but it's all miners for about 18 other people. The electric cost here, when I'm at 100KW, is around 6.9 cents including all fees and taxes. I host for 8.9 cents, which means the "profit" from hosting exactly pays the rent when I'm at 100% capacity. That 6.9 cents is an aggregation of some flat monthly charges and a demand charge based on peak draw, plus a pretty low actual energy rate. I'm on a small-industrial rate scale in a rural co-op, so it's pretty decent, but the bills are still around $5k per month.

Had I my own miners instead, I could probably have been profiting handily this entire time. But to answer the actual question - no, I haven't shut down all mining because of unprofitability.