Mining Unprofitable - What next?

[damba_]

I am planning to mine one more month, and after that I will sell my gpus if mining doesn't become profitable again.
In the meantime I will mine some new coins which could rise in price in few months or a year.

[dutchlincoln]

I am planning to mine one more month, and after that I will sell my gpus if mining doesn't become profitable again.
In the meantime I will mine some new coins which could rise in price in few months or a year.

which coins do you mine then? Where do you find them, and how do you select them?

[damba_]

I am planning to mine one more month, and after that I will sell my gpus if mining doesn't become profitable again.
In the meantime I will mine some new coins which could rise in price in few months or a year.

which coins do you mine then? Where do you find them, and how do you select them?

I usually check on coincalculators.io because they show some coins that are not yet listed on whattomine so I can mine more coins at the beginning.
Also I check which coin are recently added to coinmarketcap or ANN threads on bitcointalk forum.
I spend some time to do my own research about the coin which I am planning to mine, but mostly I just pick them randomly.
I did the same with Zclassic in December and it turned out great for me.

[whitesites]

Yes its still very profitable if you are willing to do your research and work.
Hint if you are using Nicehash, you ARE NOT doing your research and work.

In my case, I reevaluated the ALGOs my Pool offers, and the profitability of each.
I also checked around some other Pools to see how they performed.
All Pools are not the same.  Some Pools have faster servers, and connections, some have better fees.
But ultimately some pools have better members.  You are better to be in a pool with a bunch of guys with real mining Rigs, and Gbit Fiber connections, than a pool that has attracted the casual gamer who is trying to make money from a single CPU connected to his neighbors Wifi. 
I found better mining software for each of these ALGOs, which resulted in up to a 30% increase in hash rates for some ALGOs.
I put more focus on temperature management.  I moved my rigs to the floor where temps are cooler, and this keeps all my cards under 60C.
This is good both for keeping clock speeds high and the life of the card.
Make sure all Drivers were up to date.
I setup a script to log my Rigs every 60 seconds to make sure they were running, and to database their current ALGOs and stats.
If a Rig seemed to stop running during specific ALGOs, I would inspect it, and determine the problem GPU, and make adjustments on that specific card to the system would keep running.
One of the most important things, was I set a static diffculty for each ALGO on each Rig.  This ensures that auto Diff does not go to high resulting in lost shares on coins with very short block times.

After all these adjustments, I am averaging a little over $2 / day on a 1080 Ti  with occasional spikes of $6 / day on windfalls ( acts of god that take down other pools, network outages, DDOS, Coin Forks )

You have to look at mining as a long term endevor.  Make as many BTC as possible regardless of exchange rates. And Hold them as long as possible.

[mvd]

That’s good to know. And the Chinese with the cheap cost of machines etc can produce a bitcoin for about half that. So yes the market has a ton more correction left.  Not to mention more efficient machines means they can drop it lower yet.  I mean this is supposed to be a financial settlement protocol. If the price is thru the roof who will use it.  Not the little guy that’s for sure.  I know I waited several days for transactions to process during the 19k hype. Certainly most of that “traffic” was traders dumping on us rubes.  When you have enough money this is just fun for folks. Pump and dumping at our expense. Wealth transfer of the grossest kind. Stock market. Always has to be a greater fool.  Then when that doesn’t happen some more financial tricks come into play. Stock buybacks etc.  it’s such a game.  Yes I could play but that’s against my morals.  Sadly bitcoin is starting to conflict with my morals.  Once that line is crossed I find it hard to look past it.  POS doesn’t work either because again a person with more money than brain cells comes in buys up the stake and then just collects interest at us rubes expense. See a pattern here.  Realize that those saying bitcoin will solve some problem it won’t. What it does do is bring to light many more issues. Financial schemes that are pilfering us peons.  We are wising up tho:)

"Muh moralz"   looooool

[Turkish88]

mining never dies, because without mining crypto can not live.
Most of coins try change their algo to pos, but it always on mixed mode with pow

[Amph]

If its anything like the repeat of 2014... then it will be 2 years before mining is profitable again.

At the beginning of 2014, is when mining started to level off and at the end of 2015, most already had shut off their rigs. Sometime in 2015 most people just Craigslisted them or eBayed them.

Then 2016 came around and it was profitable again. Took a while for the difficulty to ramp up because everybody had sold all their GPUs.

this is much worse i believe, unless another big boom(bitcoin price rise x10 or something) start i doubt there will be any profit

[dragonmike]

If its anything like the repeat of 2014... then it will be 2 years before mining is profitable again.

At the beginning of 2014, is when mining started to level off and at the end of 2015, most already had shut off their rigs. Sometime in 2015 most people just Craigslisted them or eBayed them.

Then 2016 came around and it was profitable again. Took a while for the difficulty to ramp up because everybody had sold all their GPUs.

this is much worse i believe, unless another big boom(bitcoin price rise x10 or something) start i doubt there will be any profit

Out of curiosity, why do you believe this?
Do you think the (mining) market is saturated and the arbitrage window is closed forever (over-supply)? Or rather that there won't be enough money flowing into crypto in the future to create a sustained price rise (lack of demand)?

[d57heinz]

Are you guys going to hold on to your machines or start selling?  Turn off for now and wait it out?

all of my rigs are still running until now sometimes I solo mining of shitcoins with a short time and selling all their coins and sometimes mining new coins before launching on the exchange market and those methods are still profitable after electricity costs.

as stated by other members above, mining is now dependent on electricity costs in each country. If the electricity in your country is higher than the income from mining, then you better sell it or turn off your rig.

Selling the rigs yes.  But the plan is that this becomes unprofitable for most with one exception bitmain and their connections/back door deals.  Checkout canaan new Avalonn mining devices. They making heaters and tv now with mining chips so that people in high energy areas can mine.  Now the tv is stupid but the heater is a home run.  Tv just adds to what it’s needed to run.  Waste heat being reused is a no brainer. I’ve been doing this for years with my s3.  I’ll continue to do that till they quit. So no we aren’t going to shut them down. Even if it costs me more to mine than what’s its worth. It still makes a great heater.  Now tell me again how are you going to compete against that and be profitable.  We’re all ears.  Mining has become a rich mans trick. Beware!!!

BR

[dragonmike]

Are you guys going to hold on to your machines or start selling?  Turn off for now and wait it out?

all of my rigs are still running until now sometimes I solo mining of shitcoins with a short time and selling all their coins and sometimes mining new coins before launching on the exchange market and those methods are still profitable after electricity costs.

as stated by other members above, mining is now dependent on electricity costs in each country. If the electricity in your country is higher than the income from mining, then you better sell it or turn off your rig.

Selling the rigs yes.  But the plan is that this becomes unprofitable for most with one exception bitmain and their connections/back door deals.  Checkout canaan new Avalonn mining devices. They making heaters and tv now with mining chips so that people in high energy areas can mine.  Now the tv is stupid but the heater is a home run.  Tv just adds to what it’s needed to run.  Waste heat being reused is a no brainer. I’ve been doing this for years with my s3.  I’ll continue to do that till they quit. So no we aren’t going to shut them down. Even if it costs me more to mine than what’s its worth. It still makes a great heater.  Now tell me again how are you going to compete against that and be profitable.  We’re all ears.  Mining has become a rich mans trick. Beware!!!

BR

The Canaan Avalon 841 is a decent heater indeed. The thing isn't even profitable at the electricity costs I have in London. But for the winter it might work just as well as a Honeywell heat blower to get the laundry to dry quicker.

[Amph]

If its anything like the repeat of 2014... then it will be 2 years before mining is profitable again.

At the beginning of 2014, is when mining started to level off and at the end of 2015, most already had shut off their rigs. Sometime in 2015 most people just Craigslisted them or eBayed them.

Then 2016 came around and it was profitable again. Took a while for the difficulty to ramp up because everybody had sold all their GPUs.

this is much worse i believe, unless another big boom(bitcoin price rise x10 or something) start i doubt there will be any profit

Out of curiosity, why do you believe this?
Do you think the (mining) market is saturated and the arbitrage window is closed forever (over-supply)? Or rather that there won't be enough money flowing into crypto in the future to create a sustained price rise (lack of demand)?

there is too much competition now you can't compare with the past

there are more gpu out there

[dragonmike]

If its anything like the repeat of 2014... then it will be 2 years before mining is profitable again.

At the beginning of 2014, is when mining started to level off and at the end of 2015, most already had shut off their rigs. Sometime in 2015 most people just Craigslisted them or eBayed them.

Then 2016 came around and it was profitable again. Took a while for the difficulty to ramp up because everybody had sold all their GPUs.

this is much worse i believe, unless another big boom(bitcoin price rise x10 or something) start i doubt there will be any profit

Out of curiosity, why do you believe this?
Do you think the (mining) market is saturated and the arbitrage window is closed forever (over-supply)? Or rather that there won't be enough money flowing into crypto in the future to create a sustained price rise (lack of demand)?

there is too much competition now you can't compare with the past

there are more gpu out there

Agreed. The washout will be bigger.
But that isn't to say it might pick up again afterwards. Now that could mean a year... or three.

[Piskeante]

mining ETH gives no profit today. In fact, i would be only 8$ a month after electricity, switching off the machines was a smart move. I don't think ETH will ever recover from this,so if you are mining at a loss, you´ll lose double. Someone in this forums deserves that. He should be eating his nails like hardcore zombie.

If you are thinking of selling, just do it know. Yesterday there was a huge pump of GPUS here in Spain, more than 300 appeared at the same time from the same seller, at 150€ sell. He/she has sold half of those in 1 day.
so selling the equipment will also be at a loss. I bought my 1060 for gaming at 220€ and you can buy them with garanty from seller for 150€ or even cheaper if you leave ebay and buy it personally.


Next? next is put my hands in my pockets and glue them. my rigs with 570's and 580's will get stay with me a bit longer in case by december everything changes, but i highly doubt it.

[Ultrasound]

I am planning to mine one more month, and after that I will sell my gpus if mining doesn't become profitable again.
In the meantime I will mine some new coins which could rise in price in few months or a year.

which coins do you mine then? Where do you find them, and how do you select them?

At today's price of the coins, there will not be any coin to mine profitably.

[Nexigen]

I think that in the future there will be opportunities not only for mining, but for rendering, you can also switch to other altcoins and mine for investment in the future.

[wacko]

this is much worse i believe, unless another big boom(bitcoin price rise x10 or something) start i doubt there will be any profit

When I sold my mining rigs in 2014, projected ROI was like years, so it just made absolutely no sense to keep mining - plenty of other investment opportunities out there. But we're still not at that point this time, "better" gpus like vega 56 are at about 2 years ROI right now, so it's sad, but not end of the world sad. Although I am thinking about selling a couple of higher-end nvidia rigs myself, just to diversify investments a little bit (or maybe even to get the new nvidia cards instead of those, if they're really good and affordable). And I'll also probably get rid of "weak cards" rigs, the ones that were built during the craze of winter 17-18 with rx 550/560 cards (cause nothing else was in stock).. doesn't seem efficient to run such weak cards right now in relatively pricey z370-based systems. I am keeping mid-range/older polaris/pascal cards though, don't feel like selling those rx 470/480 4gb and 1060/3 cards for peanuts, they're still good for mining.

[Metroid]

This was all a huge mess and it ended in the worse possible outcome, people got so stupid at mining that common sense was nonexistent, buying titan v for $3k to mine, rx 580 for $1000, gtx 1080ti or vega for $1500, using celeron to mine ehhe, even integrated gpu, come on, it got to a point where stupidity was the only thing for those people. Here i'm hoping most of those trolls committed suicide and if not then are in debt and learnt their lesson.

[whitefire990]

At the moment high end FPGA's have an ROI of around 330-350 days, they have suffered like everything else, but they do have the advantage of consuming almost no electricity compared to their hash rate (gross revenue is about 9-10x electrical cost).

[jmigdlc99]

cry,cry and cry becouse you were so greedy.

The quoted post probably sums up every immature gamer out there who wasn't able to take advantage of the GPU mining opportunity. So many mining haters are now coming out of the woods and bashing the hell out of miners.

Don't be afraid to sell your GPUs. The fact remains, mining was extremely profitable for those who got in early, selling GPUs now is a great way to hedge value or further increase profits.

[sunflower_11438]

make free electricity, then your miner will always be profitable (as long as Cryptocurrency is worth).