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Author Topic: I'm mining at a loss  (Read 1919 times)
turtletime (OP)
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September 06, 2018, 12:08:38 PM
 #1

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.
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September 06, 2018, 12:32:59 PM
 #2

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.

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.

Unless buying from an exchange is not an option for you, but even then there are probably better ways to acquire coins rather than paying more in electricity than they are worth, not to mention the wear and tear on your rigs.
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September 06, 2018, 12:46:37 PM
 #3

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.

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.

Unless buying from an exchange is not an option for you, but even then there are probably better ways to acquire coins rather than paying more in electricity than they are worth, not to mention the wear and tear on your rigs.

Indeed, this is completely absurd and shows a lack of basic understanding of economics.
He can get more coin simply buying on an exchange with what he spends in electricty...
turtletime (OP)
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September 06, 2018, 12:56:52 PM
 #4

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.

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.

Unless buying from an exchange is not an option for you, but even then there are probably better ways to acquire coins rather than paying more in electricity than they are worth, not to mention the wear and tear on your rigs.

Its better for my minres to be doing something instead of sitting idle doing nothing.  I have no problem mining at a loss because I help support the network and crypto for the future.
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September 06, 2018, 01:04:15 PM
 #5

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.

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.

Unless buying from an exchange is not an option for you, but even then there are probably better ways to acquire coins rather than paying more in electricity than they are worth, not to mention the wear and tear on your rigs.

Its better for my minres to be doing something instead of sitting idle doing nothing.  I have no problem mining at a loss because I help support the network and crypto for the future.


that right config you rig and go to do other thing to make some money to you too.
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September 06, 2018, 01:05:24 PM
 #6

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.

Indeed, this is completely absurd and shows a lack of basic understanding of economics.
He can get more coin simply buying on an exchange with what he spends in electricty...

Well the best thing is not to mine at loss but as long the person does not use what it mines to pay the bills then i guess is not bad, mine at loss and sell this low to pay bills is called the double loss and anybody doing it better to stop it.

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September 06, 2018, 03:21:58 PM
 #7

We are in the same situation where mining is unprofitable but I still keeps on mining even it's unprofitable.
Well, my strategy sometimes I mining shitcoins and sell soon because the price is really expensive at the first release on the market. However, it's time-consuming and you don't know what will be the price after release to the market.

I still mining because I feel that the coins that I mine can be valuable in the future if I keep them holding.
I know there are some ways to don't lose the opportunity to make a profit like using profit auto switching from the awesome miner. So if you wan't to make profit in mining then try the auto switching profit some pools offering autoswitch mining profit.
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September 06, 2018, 03:34:04 PM
 #8

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.
Somehow HODL the coins you have mined by now, on a market crash the profitable is always GPU, it is a lot better than ASICs in times we have right now. Better to not sell the coins you mine that will put you a loser at all, instead keep it and sell once market recovers.
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September 06, 2018, 03:41:57 PM
 #9

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.
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September 06, 2018, 04:47:34 PM
 #10

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.

Indeed, this is completely absurd and shows a lack of basic understanding of economics.
He can get more coin simply buying on an exchange with what he spends in electricty...

Well the best thing is not to mine at loss but as long the person does not use what it mines to pay the bills then i guess is not bad, mine at loss and sell this low to pay bills is called the double loss and anybody doing it better to stop it.

Not selling the coins you mine is terrible advice.  Can't begin to tell you all of the money I made mining shitcoins that I knew would be worthless so I sold them daily. I watched the charts as they got lower every day.
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September 06, 2018, 05:01:35 PM
 #11

Its better for my minres to be doing something instead of sitting idle doing nothing.  I have no problem mining at a loss because I help support the network and crypto for the future.

Well the best thing is not to mine at loss but as long the person does not use what it mines to pay the bills then i guess is not bad, mine at loss and sell this low to pay bills is called the double loss and anybody doing it better to stop it.

I'll make both as a quote of the day. I like this, really!  Cool

He can get more coin simply buying on an exchange with what he spends in electricty...

And it will guarantee to make some profit? Maybe just easier to do, right? 

OP
What does your electricity cost? Mine is $0.1. Maybe you need to move to another coin/algorithm for a better result.
Fluxtorrence9
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September 06, 2018, 05:02:16 PM
 #12

No such thing as mining at a loss,my advice is always mine the most profitable coin ,not is $ but in how many pieces of coins you can get ,always watch the difficulty rate ,more coins more cash when bull run occurs
Marvell2
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September 06, 2018, 05:02:45 PM
 #13

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

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September 06, 2018, 05:04:23 PM
 #14

No such thing as mining at a loss,my advice is always mine the most profitable coin ,not is $ but in how many pieces of coins you can get ,always watch the difficulty rate ,more coins more cash when bull run occurs

exactly , its beter to mine at break even or even a small loss than buy crytpo right now becase crypto prices are going down alot, at least mining you can hedge your bets with hardware if you have to exit and sell
you gpus when the next gpu shortage happens
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September 06, 2018, 05:09:00 PM
 #15

I know the prices are low but I know the bull market will return and prices will soar again.
I used to think this way but then I realized the obvious that spending $10 on an exchange is going to yield more crypto than spending $10 in mining electricity regardless of its potential future value.
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September 06, 2018, 05:39:03 PM
 #16

Nevermind OP, I have a real problem: Im actually looking at buying more hardware now that the prices have come down and good used cards are starting to show up on craigslist/kijiji. Im not mining at a loss yet but its pretty close (I only pay $0.06/kWh)
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September 06, 2018, 06:04:22 PM
 #17

I would also mine at a loss because all the coins with Bitcoin leading the pack will be much higher in price than they are actually. On that day only the brave and the people who had patience will enjoy great profits from their investments.

This topic has been discussed but I think that the fight here is between IT people like myself who will mine at a loss against people who are economists or put economics first. I have enough of this fight in my daily job where economists are paid more than IT, and that is why I will change my job soon.

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September 06, 2018, 06:07:03 PM
 #18

You also support a network if you buy the token/coin with your own money.

You also seem to be a fan and supporter of electricity companies  Grin
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September 06, 2018, 06:49:28 PM
 #19

I didn't see the point in mining at a loss so I stopped mining and the money I'd pay electricity bills I invested in buying coins.
I sold gpus while they are still worth some money and still have some warranty.
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September 06, 2018, 08:10:11 PM
 #20

You maked me laugh Smiley
If power cost >= mining coin price at this moment better buy the fucking coin and conserve the RIG for further use.

This makes sense only if you use the heat to warm your home.

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