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Author Topic: I'm mining at a loss  (Read 1919 times)
DrG
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September 06, 2018, 08:47:22 PM
Merited by Raja_MBZ (1)
 #21

Well it's great to see there's plenty of stupid people (yes, nothing better to call them than stupid) in the crypto scene. Stupid people make great fodder for scammers and ICOs and give legitimacy for government intervention to prevent stupid people from doing stupid things.

DON'T MINE AT A LOSS! SHUT OFF THE MINER EVEN IF IT IS PAID FOR. CREATING LOSS OF OPERATING CAPITOL IS NOT GOING TO HELP LOSS OF PORTFOLIO VALUE. IF YOU FEEL THE NEED TO SUPPORT THE COIN DURING A DOWNTREND CREATE SOME DEMAND AND BUY THE COIN ON AN EXCHANGE.

I swear no matter how many times the people who understand post this concept the noobs just keep disregarding it and then complain 2 years later  Roll Eyes
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Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!
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Raja_MBZ
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September 06, 2018, 09:08:09 PM
Merited by DrG (1)
 #22

Well it's great to see there's plenty of stupid people (yes, nothing better to call them than stupid) in the crypto scene. Stupid people make great fodder for scammers and ICOs and give legitimacy for government intervention to prevent stupid people from doing stupid things.

DON'T MINE AT A LOSS! SHUT OFF THE MINER EVEN IF IT IS PAID FOR. CREATING LOSS OF OPERATING CAPITOL IS NOT GOING TO HELP LOSS OF PORTFOLIO VALUE. IF YOU FEEL THE NEED TO SUPPORT THE COIN DURING A DOWNTREND CREATE SOME DEMAND AND BUY THE COIN ON AN EXCHANGE.

I swear no matter how many times the people who understand post this concept the noobs just keep disregarding it and then complain 2 years later  Roll Eyes

You've been literally trying to make these stupid people understand that for a big while (almost all of your recent posts are regarding this thing).

Stupid people will keep popping up, it's useless to spend your precious time on them. Roll Eyes

I do understand your pain though!
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September 06, 2018, 09:19:47 PM
Merited by vapourminer (1), Raja_MBZ (1)
 #23

Well it's great to see there's plenty of stupid people (yes, nothing better to call them than stupid) in the crypto scene. Stupid people make great fodder for scammers and ICOs and give legitimacy for government intervention to prevent stupid people from doing stupid things.

DON'T MINE AT A LOSS! SHUT OFF THE MINER EVEN IF IT IS PAID FOR. CREATING LOSS OF OPERATING CAPITOL IS NOT GOING TO HELP LOSS OF PORTFOLIO VALUE. IF YOU FEEL THE NEED TO SUPPORT THE COIN DURING A DOWNTREND CREATE SOME DEMAND AND BUY THE COIN ON AN EXCHANGE.

I swear no matter how many times the people who understand post this concept the noobs just keep disregarding it and then complain 2 years later  Roll Eyes

You've been literally trying to make these stupid people understand that for a big while (almost all of your recent posts are regarding this thing).

Stupid people will keep popping up, it's useless to spend your precious time on them. Roll Eyes

I do understand your pain though!

I got into crypto way back in 2011. I've seen all kinds of circuses go on. I have been scammed and I fell for a ponzi mostly because losing 500BTC meant nothing to me (yeah now it hurts like a shotgun to the gut).

With hindsight and much more passive approach I can tell people that they need to really take emotions out of their game (especially negative ones) and they need to think logically.

I know my posts don't fall on deaf ears because I have noobs always asking me what to buy or thanking me for slapping sense into them.

I do have a vested interest in crypto both financially and as being a participant in the world economy. I would like to see the crypto revolution suceed. I don't like seeing noobs get fleeced. But if they read all the warnings and still lose money well then, that's just entertainment.

Here's a thread https://bitcointalk.org/index.php?topic=739510.0 I did back in 2014 when I started seeing every single user spam cloud mining in their signatures. I'm sure it helped at least 100 people stay the hell away from what were most certainly scams.

I've always been one to help people who are willing to help themselves (that's why I became a physician). For those looking to destroy themselves crypto is just like meth. A diabetic hell bent on eating pounds of rice and tortillas is going to enjoy taste for a couple of years over longevity. Makes me really wonder sometimes if dolphins or elephants aren't more intelligent than humans  Shocked
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September 06, 2018, 09:22:28 PM
 #24

Mining at a loss can be a bold strategy but it can pay off if you have patience.  I wouldn't listen to the haters, I would just keep up mining, the big miners are doing the same thing because the hashrates keep going up.  They know how valuable crypto will be in the future.
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September 06, 2018, 09:35:12 PM
 #25

Mining at a loss can be a bold strategy but it can pay off if you have patience.  I wouldn't listen to the haters, I would just keep up mining, the big miners are doing the same thing because the hashrates keep going up.  They know how valuable crypto will be in the future.

BOLD strategy? Like cutting off a couple of fingers? Or putting you tongue into a paper shredder? How exactly does earning less coin with a set amount of fiat (the amount used to pay for electricity and operating overhead) ever make sense? Please spell it out for stupid me. I want to see some math. You know, hash it out.

Hint - big miners are making a profit because they have 2 cent electricity and massive data centers. Their operating costs per card are often less then 1/5 what a residential home miner would pay.

Haters?  Roll Eyes

Again, retarded emotional comments obfuscating math.
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September 06, 2018, 11:05:37 PM
 #26

I know the prices are low but I know the bull market will return and prices will soar again.  I'm currently mining in a loss  after electricity costs but I know it will be worth it.  I'll let the panic sellers get rid of their equipment while I will stay strong.

Hm - I don't know if it's a good idea mining at a loss... I'd just stop at >0 and buy the coins directly instead of wasting energy and wearing out my hardware.
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September 06, 2018, 11:14:13 PM
 #27

I know the prices are low but I know the bull market will return and prices will soar again.  I'm currently mining in a loss  after electricity costs but I know it will be worth it.  I'll let the panic sellers get rid of their equipment while I will stay strong.

the idea is --> do not sell any coin you are mining, let your day job pay the bills, if you sell any coin to pay the bills then you are doing it wrong.

Well this greatly depends on what coin you are mining. If you are mining the most profitable coin, selling it immediately would probably be a good strategy because most likely, it's a shitcoin that decreases in value, daily.

That being said, i also think mining at a loss is stupid. It's ok to shutdown your rigs boys.
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September 07, 2018, 01:19:31 AM
 #28

You can almost always find coins to mine with different algos that are still profitable.  Just takes some time and effort put into searching exchanges and coins.
YGRJ
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September 07, 2018, 03:09:33 AM
 #29

people mine at lose are gamble
they think those coin will to the moon someday

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September 07, 2018, 03:23:28 AM
 #30

people mine because its fun

but mining at a loss is like throwing money away, you can sell everything buy coins and you'll end up with more, of course this is less fun  Grin
DrG
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September 07, 2018, 04:10:02 AM
 #31

people mine at lose are gamble
they think those coin will to the moon someday


I know what you are trying to say but you are incorrect. People mine at a loss either because they are stupid or because they are trying to hide their acquisition of the tokens/coins (for whatever reason).

If they're gambling, they're doing it wrong. They are essentially tipping the power company for each bet they are making - it's a waste of energy and resources.  If the coin moons as you say, it's always better to have more coins (which is what would have been achieved if they bought instead of mined).
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September 07, 2018, 04:14:49 AM
 #32

I never understood why people would mine at a loss. It is basically the same thing as paying more than the exchange rate for a coin. Simply buy the coin directly and save your money.
This is simple and logical and the right thing to do. Even so, many people will continue mining simply because they are used to mine something. Inertia is a powerful thing. And I don't blame them. It may turn out that they will cover their losses in the future. It may also turn out that the coins they are mining won't survive this bear market. Also possible. I mined a coin once for a week or so in hope for a future profit, but it never materialized.

this makes no sense, to buy those cryptos without mining you would have to either sell your gear ( terrible idea in a bear market , prices are low right now so it is dumb to sell atm) or spend real FIAT on assets that are going down every week



OMG, this thread is still going? I cannot believe how hard of a concept this is to understand.

By mining you are buying the coin. The only difference is you are paying money to the electric company instead of an exchange for your coins.

So using your very own argument, you are spending REAL Fiat to buy electricity which in turn is used to mine assets that are going down every week.

The only difference is you are putting a extra layer into the buying process, mining.

Mining only makes sense when the cost to mine a coin is less than the going market rate, thus enabling you to obtain coins at a discount below market prices. Mining at a loss means you are paying above market prices for the coins you could get cheaper just by going to an exchange. What doesn't make sense about this, it is such a simple concept.
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September 07, 2018, 07:22:00 AM
 #33

I think it's stupid to mine at loss, it's not 2015 again since back then the Value of the minable coin was low but you got lot's of coins and could made a lot of $$$$ in 2017, but now the Diff is the same crazy high and you get very little amount of coins (ETH) that even if the price jumps X5 it means you only got ~ $2 profit per day for 1080TI with Viagra Pill.

How this is better strategy then selling the 1080TI right now? remember that new GPU's are out and by next year with AMD's 7nm GPUS +NV RTX even the 1080TI will be sold at trash prices since no Gamers will pay more(now think about 1060/1070/AMD RX 2nd prices), the GPU performance by next year gonna Double, it's not 2017/18 again.

So it's better to sell the Pascal/Vega/RX GPU's now while they got so warranty left and take the money and maybe buy some coins at current dirty cheap prices or save the money for next year for new GPU's and hopefully GPU mining will be back at big time and we will meet here again with a big smile on our face :-).


 

[ANN] coolMiner - Lyra2z Miner for nVidia! (https://bitcointalk.org/index.php?topic=4412370.0)
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September 07, 2018, 09:25:12 AM
 #34

I like your last sentence, I'm lucky for all mining rigs already ROI. Yes, for now, when someone wants to do mining it's should have a smart strategy, I don't think to sell all my rigs better is I mine Solo in Shitcoins or temporarily close it.
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September 07, 2018, 05:01:32 PM
 #35

I really cannot see any reasons why one would mine at a loss. Just buy the coins/tokens you are mining then, with mining at a loss you are basically just throwing money away you have a chance to multiply with just buying the cryptos you want.

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September 07, 2018, 07:10:47 PM
 #36

Can't see the point of the skyrocketing difficulty with that electricity prices i am hearing , i have almost free electricity and mining becoming unprofitable in the work done to mentain the hardware working 24/7 , so how about ppl paying for electricity i think they are just fighting against the truth that they had lost thier investments

2016 GPU Miner
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September 07, 2018, 10:53:52 PM
 #37

Well it's good that there are some miners out there that actually hold their coins for a little while instead of selling them as soon as they get a pool payout.

The issue with all these alts crashing is also due to the people who are underwater with their rigs and sell ASAP hoping to ROI on their 1080ti eventually.

Miners dumping and lack of buyers and ETH about to break $200 which won't be good for anyone.

The smart people are the ones that either hold or they sell on rallies and not on dumps.

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September 08, 2018, 04:32:18 AM
 #38

Now all hodl because they heared btc go to 250.000$ , so everyone want to be rich.=
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September 08, 2018, 05:19:29 AM
 #39

Now all hodl because they heared btc go to 250.000$ , so everyone want to be rich.=

That's all?  I heard 1M$.  Grin Grin Grin

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September 08, 2018, 08:02:14 AM
 #40

1080Ti on amazon already selling for $600 (RX 580 for $200), so I am sure gamers will not pay over $300 for Ex miner 1080TI GPU's, and now think for how much they gonna sold in few month when RTX will be out, and AMD 7nm around the corner, the 2nd hand market is flooded with mining GPU's and it hard to sell now and in future so any1 that didn't ROI until now should really consider Selling the GPU's, they are loosing more Value per day on 2nd market then they mine.
The $$$ from selling the GPU's will "Mine" more coins then the GPU's could in Years.

[ANN] coolMiner - Lyra2z Miner for nVidia! (https://bitcointalk.org/index.php?topic=4412370.0)
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