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Author Topic: I'm mining at a loss  (Read 1925 times)
minerja
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September 08, 2018, 09:02:38 AM
 #41

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

What...its better to mine than buy cos prices are going down....
So the coins lose value if u buy or mine, so then why is it better to mine? Makes absolutely no sense.
Next gpu shortage....not going to happen
Gpu shortage was started by guys who made a huge amount of cash, but then got worse by all the clowns coming in too late trying to play catch up....they created a ridiculous market by insisting they could make huge profits, sucking in even more clowns desperate not to miss a boat that had already sailed....

There wont be the same situation again, cos by the time you come to sell your 1080tis they will be worth so little, you'll cry, and ASICS and FPGA will have totally dominated mining.

The next shortage will be FPGAs, and once they get established gpu mining will be dead forever.

As for mining at a loss....if the coin is established, with a good market, no point whatsover....all this bull about contributing to the chain etc, total crap, so long as 2 people globally have their wallets open (full wallets) and at least 1 of them is mining, any chain will operate. If its a POS chain, then only need wallets open. So think about it, take BTC for example, the worldwide mining could drop my 1000 fold and if done in a controlled manner the chain would still work perfectly....

The only time to mine at a loss, is when new coins first come out before they have a market (therefore no other way to acquire them) or really old coins that again have no market.
Mine the crap out of the, and then hope they get listed / relisted.
Any other mining at a loss is just crazy, and shows how little grasp on reality many miners acutally have

Look around, read the forums, "https://bitcointalk.org/index.php?topic=5016425.0" miners all over the globe are slowly realising that its time to turn off.

The article I've linked to, was just the first I came across today, but to give you a perspective, they are earning $10 ish off 50 gpus (no idea how true any of this is ) but I am earning $8 a day of 1 Ryzen 1700, and total power 120Watt. That's nearly max that this particular coin can generate per day ( I have 88% of global hashrate ), so I cant throw another 10 rigs at it, and make $80 a day, but it sits quietly in the background generating $8 a day, every day ($7 profit).

So cut your losses, either buy, or if you want to mine,spend weeks researching, and go find / make your own coin, remember there are nearly 12,000 coins to choose from.
Just remember when u find that nugget, much as you want to, don't tell everyone, let people put in the effort and find it the way you did.
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RentGPU
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September 08, 2018, 01:14:45 PM
 #42

Gpu,fpga,asic will always exist and they are all options for miners and the best performing one through out last years is gpus , nothing will die they will exist as long as crypto exists.
Most failure traders switch to mining as they hedge with hardware
Dark days like this will always come and pass , but mining isn't a war it's a buissnes if you mine at loss then you have alot of emotions in your buissnes , keep it math and stop if you are losing money

2016 GPU Miner
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September 08, 2018, 11:07:35 PM
 #43

Mining at a loss is worth it if you are willing to hold the coins.  Right now is the time to accumulate more coins while all the other weak miners are quitting, stay strong!
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September 08, 2018, 11:19:46 PM
 #44

mining at a loss is dumb.

BTC no more than 6k by end of 2019. ETH no more than 300$ by end 2019. Huge market manipulation, huge amount of scammers and hypers.
wesk1212
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September 09, 2018, 05:51:14 AM
 #45

Personally
I want to stop mining and buy coins and store them until the market rises
Why do I damage my equipment and yet I lose the value of electricity ??

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jillscarbrough
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September 09, 2018, 06:16:51 AM
 #46

I don't understand your questions.
If it means an electricity cost bigger than earn by mining, of course, you have the decision to shut down/ sell it your equipment. Btw, what is the equipment? is it Mining Rigs (GPUs)/ ASICs/ CPU/Mobile phone?
leonix007
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September 09, 2018, 08:32:36 AM
 #47

I don't understand your questions.
If it means an electricity cost bigger than earn by mining, of course, you have the decision to shut down/ sell it your equipment. Btw, what is the equipment? is it Mining Rigs (GPUs)/ ASICs/ CPU/Mobile phone?

Guess, it doesn't matter bro

mining at a loss is not even logical

If my rigs wont cover its bills, then time to rest for the moment

Id rather buy coins which I believe would go up later on, than mine them

Its even more economical

jillscarbrough
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September 09, 2018, 10:14:29 AM
 #48

Yes leon, I'm lazy to explain the factors that can affect earnings, I'm sure you also know. it isn't just a hardware that is owned and coins are mined but experience plays an important role in it.

btw, what coins are you holding or what coin want to buy. I have a bit ETH in a pocket from mining 7 months ago  Grin
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September 09, 2018, 02:28:02 PM
 #49

Yes leon, I'm lazy to explain the factors that can affect earnings, I'm sure you also know. it isn't just a hardware that is owned and coins are mined but experience plays an important role in it.

btw, what coins are you holding or what coin want to buy. I have a bit ETH in a pocket from mining 7 months ago  Grin

yeah, still have my eth in my basket

I'm watching these coins Dash,EOS,XRP,XLM

and of course the doge Coin,  Grin for pump and dump

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September 10, 2018, 08:52:04 AM
 #50

What are you mining? At what hashrate? How many GPUs? What are you electricity costs (should be really high).
Mining for loss is not reasonable at all. You might want to consider changing the algorithm and mining other coins.

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jillscarbrough
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September 10, 2018, 09:34:05 AM
 #51

Mining for loss is not reasonable at all.

exactly the same as leonix007 think.

mining at a loss is not even logical

You might want to consider changing the algorithm and mining other coins.
The question is whether they know to switch coins (manually / automatically) or choose another coin. If switch manually does have a little complicated when "calculating" even though we have whattomine but doesn't guarantee 100% the same as reality.
mitrajkt
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September 10, 2018, 03:38:58 PM
 #52

Well it is true that the market has been down lately and will soon rise again, it might happen because there is nothing impossible in the crypto world, and I continue to mine every day because it has become my additional job and I am not thinking about electricity losses , because I consider it like my working capital, and I will not be deterred, I will stay like this.
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September 10, 2018, 04:16:52 PM
 #53

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.
You own choice since its your money and your miners no one can stop you on what you do like to do as long you are aware that you are mining on negative profits.Just one thing i do
have question on my mind why there are people who do make such decisions which even your own common sense can able to tell you that you are doing foolish thing unless if you do really
believe on crypto then its still a considerable reason but be ready on the money you would lost in just on your electricity consumption.

.
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jillscarbrough
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September 10, 2018, 04:37:06 PM
 #54

Well it is true that the market has been down lately and will soon rise again, it might happen because there is nothing impossible in the crypto world
Yes, I know that at cryptocurrency all can be happen and we just can predict but you should accept current conditions.

and I continue to mine every day because it has become my additional job and I am not thinking about electricity losses , because I consider it like my working capital, and I will not be deterred, I will stay like this.
with your main job salary to pay electricity bills?

or from mining results that only pay electricity bills?

it only wastes electricity and your time
33bitcoin
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September 10, 2018, 08:15:31 PM
 #55

Mining at a loss can be a great option if you have the ability to pay your electricity bills without cashing out.  A lot of people mined bitcoin when it was unprofitable and they came out millionaires.  Plus right now is a great time to pick up miners extremely cheap.
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September 10, 2018, 08:26:23 PM
 #56

I don't know if you guys ever frequent your local Craiglist or Kijiji looking at the GPU deals but its pretty crazy what is going on.

Basically there are tons of GPUs out there, most are "ok" deals, basically a little under MSRP, but the excuses everyone uses for selling their GPUs is hilarious.

There is one dude, where he has a bunch of GPU boxes all stacked, saying "never mined with".

Another dude which is selling USB Risers on another post, is selling GPUs sepeartely and says they were never mined but were used for autocad/rendering/compute work.

Then there are the usual people who try and sell an entire GPU rig basically at or above MSRP. People who are asking MSRP prices for their 1080Ti's when the 2080 is pretty much released.

People posting fake "daily income per GPU". Like the daily income last month and not the current income.

Lots of shady stuff.

I don't understand why people just can't be honest and say "Was mined with, they still work great, comes with warranty if they fail. Selling because mining is no longer profitable. My loss is your gain".

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September 10, 2018, 08:29:13 PM
 #57

Mining difficulty increased dramatically in the last couple of months as the number of miners increased, unfortunately, the price of coins did not.A lot of miners are already selling off, only a bullish market will revive mining and make it profitable
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September 10, 2018, 08:33:06 PM
 #58

Gpu,fpga,asic will always exist and they are all options for miners and the best performing one through out last years is gpus , nothing will die they will exist as long as crypto exists.
Most failure traders switch to mining as they hedge with hardware
Dark days like this will always come and pass , but mining isn't a war it's a buissnes if you mine at loss then you have alot of emotions in your buissnes , keep it math and stop if you are losing money
It is very competitive at the moment, miners in regions of expensive electricity should retire their equipment for a while or relocate to areas with cheaper electricity. I anticipate this is only temporary as things may change any moment
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September 10, 2018, 08:37:36 PM
 #59

Mining at a loss can be a great option if you have the ability to pay your electricity bills without cashing out.  A lot of people mined bitcoin when it was unprofitable and they came out millionaires.  Plus right now is a great time to pick up miners extremely cheap.

Guess what, if they had spent that electricity money on directly buying the coins instead they would have made EVEN MORE profit. Mining at a loss is essentially the same thing as buying crypto at above market price. Not to mention the price of hardware.
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September 10, 2018, 09:15:59 PM
 #60

I don't know if you guys ever frequent your local Craiglist or Kijiji looking at the GPU deals but its pretty crazy what is going on.

Basically there are tons of GPUs out there, most are "ok" deals, basically a little under MSRP, but the excuses everyone uses for selling their GPUs is hilarious.

There is one dude, where he has a bunch of GPU boxes all stacked, saying "never mined with".

Another dude which is selling USB Risers on another post, is selling GPUs sepeartely and says they were never mined but were used for autocad/rendering/compute work.

Then there are the usual people who try and sell an entire GPU rig basically at or above MSRP. People who are asking MSRP prices for their 1080Ti's when the 2080 is pretty much released.

People posting fake "daily income per GPU". Like the daily income last month and not the current income.

Lots of shady stuff.

I don't understand why people just can't be honest and say "Was mined with, they still work great, comes with warranty if they fail. Selling because mining is no longer profitable. My loss is your gain".


Well people ask for the insane prices because they get lowball offers of 1/3 their asking price. Post a 1080Ti for $600 and somebody will offer $200 cash in hand if they can pick it up today lol.  I don't bother with craigslist of eBay - I sold everything through Amazon but that is filled with scam buyers now.

I can see the logic in selling a built rig at MSRP though - it does take a lot of time to build a rig cleanly and correctly with proper spacing, wiring, and good cable management. But seeing as how almost all coins are mined at a loss right now I don't see a hurry to get going with any rig except maybe a Vega Monero setup.

Yeah not disclosing mining behavior is just shady and scammy. It's about what I would expect from the general populace at large. No decency. I always ran my cards in the last 3 years with good thermals by undervolting so I have no problem reporting my mining and even boast about how low the voltage will go at stock speeds. Only thing I see bad with well kept miner cards are the fans.

Oddly the only card I have had die in the last 2 years was a 750Ti that I never once mined on. It only played games and killed the HDMI output so I got a 1050 out of it thanks to MSI.
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