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Author Topic: I'm mining at a loss  (Read 1925 times)
CBRocks
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September 10, 2018, 09:52:16 PM
 #61

Talk to your tax guy. Electricity costs are tax-deductible, if you work it right. you need to register a business, keep good notes, but there are a lot of things you can deduct as well. rent and insurance on a pro-rated basis...
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Guli
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September 10, 2018, 10:28:02 PM
 #62

I do not think that mining is a profitable business. If everything is done legally, then a lot of costs: electricity, rent of premises, equipment, taxes ...
DevelopmentBank
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September 10, 2018, 10:46:27 PM
 #63

Talk to your tax guy. Electricity costs are tax-deductible, if you work it right. you need to register a business, keep good notes, but there are a lot of things you can deduct as well. rent and insurance on a pro-rated basis...

Taxing your mining is probably the last thing you want to do because anyway you look at it you will always end up spending additional expenses. This mining at a loss thread has gone so far already. Bottomline is still that mining at a loss is stupid and economical.

Sell or shutdown your miners.
DrG
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September 10, 2018, 11:18:54 PM
Last edit: September 10, 2018, 11:48:48 PM by DrG
 #64

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.

Somebody already pointed out how messed up your reasoning is but let me explain it to you again because you "mine at a loss because moon" people are misguided.

I mined bitcoin at a loss back in 2011 and 2012 simply because I didn't have access to a reliable exchange. I mean it was pretty much MtGox or private sales on the forum here. Had I spent my electricity funds on purchasing the coin I would have at least 20% more BTC than I do now. But I was not presented with that opportunity - back then it took Dwolla 2 weeks to funnel bank account funds into MtGox.

With the sheer number of exchanges and some countries openly accepting BTC as legal tender there is no reason to mine at a loss unless you want to hide your coins (privately generate your own blocks).
darklus123
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September 11, 2018, 02:51:53 AM
 #65

~

I think that OP is desperately hoping for a change in the future's price. No matter how think about it his reasoning really is wrong but I still somehow likes how he would love to support the chain by mining.
 

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.

You can't just depend on your luck. You are both wasting time and money doing something that can't guarantee you a profit. "bitcoin moon price" always provide false hope to users.
adi1972
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September 11, 2018, 03:47:54 AM
 #66

~

I think that OP is desperately hoping for a change in the future's price. No matter how think about it his reasoning really is wrong but I still somehow likes how he would love to support the chain by mining.
 

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.

You can't just depend on your luck. You are both wasting time and money doing something that can't guarantee you a profit. "bitcoin moon price" always provide false hope to users.

I like more people to stop mining so that miners who are mining at a loss now have lower mining difficulty.
darklus123
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September 11, 2018, 08:02:08 AM
 #67


I like more people to stop mining so that miners who are mining at a loss now have lower mining difficulty.

Wrong logical thinking. The real problem here is the big mining company such as bitmain mining coins using ASIC. Solo miners are a good practice for decentralization. Large mining companies such as bitmain are causing the pain for small miners like us. So you better wish instead that bitmain or any large mining companies stops.
angel55
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September 11, 2018, 05:06:23 PM
 #68

Most are afraid to take the path less traveled.  When things seem difficult most people quit but a few keep fighting and they end up with the rewards in the end.
andrew4
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September 11, 2018, 06:52:50 PM
 #69

No real miner mines at a loss for a long period. The only reason that could justify such action is if you cant buy the coin direcly for various reasons related the banking system forbiding it or if someone wants to stay hidden from tax authorities.

ZEL platform: Zelcash (ASIC resistant POW), Zelcore wallet, Nodes, DEX, DAPPS
https://zel.cash/ - https://twitter.com/Zelcash - https://discord.gg/rB9pr4M
markiz73
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September 11, 2018, 07:53:17 PM
 #70

https://etherscan.io/chart/hashrate

1 month ago, the hashrate of the ETH was 25 TX more.
Antminer E3 is no longer in demand.

People really turn off the farms or run around in other algorithms.
Only those miners who have cheap electricity will remain.

Personally, I hope for a small growth and return of profit to $ 1 per card per day.
preda
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September 11, 2018, 10:13:10 PM
 #71

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.

lol if you stop to mine difficulty decreas and many miners will be happy!!!! if you mine loss stop to do it!!!you are killing mining world!!!! we need low difficulty not high difficulty esp now that market is at the bottom!!!!
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September 11, 2018, 10:35:07 PM
 #72

Basically that would make the most sense.

Stop mining so difficulty decreases and more miners make money. Instead of wasting power just buy the coin instead and help the price.

However most people here are for the profits and not to "support the technology or network".

That's why services like Nicehash are so popular because people don't want ETH or ETC or ZEC they just want the BTC to sell it for USD

.BEST..CHANGE.███████████████
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..BUY/ SELL CRYPTO..
Ryzen2700x
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September 12, 2018, 07:14:17 AM
 #73

ETH price are sinking like Titanic, I think the mining is dying, and only will be profitable again when the many farms and miners will get out of the game and the diff will be back to ~2015-2016 levels.
 

[ANN] coolMiner - Lyra2z Miner for nVidia! (https://bitcointalk.org/index.php?topic=4412370.0)
ivaf
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September 12, 2018, 08:32:00 AM
 #74

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're doing fine! But I could not stand it. I sold the equipment. I decided to try masternodes and DPOS. This also very interesting!
markiz73
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September 12, 2018, 08:42:13 AM
Last edit: September 12, 2018, 09:14:44 PM by markiz73
 #75

ETH price are sinking like Titanic, I think the mining is dying, and only will be profitable again when the many farms and miners will get out of the game and the diff will be back to ~2015-2016 levels.
 
Mining of the ETH began in the 3rd quarter of 2015. In 2016, the profit reached up to 5 dollars from one video card (RX 390) per day.
It was a very good time. The decline in mining was in 2014 and early 2015. At the beginning of 2016, when I started mining, the hashrate was near 0.6 TX.
1 video card gave about 3 coins per day.
User44a
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September 12, 2018, 11:18:37 AM
 #76

https://etherscan.io/chart/hashrate

1 month ago, the hashrate of the ETH was 25 TX more.
Antminer E3 is no longer in demand.

People really turn off the farms or run around in other algorithms.
Only those miners who have cheap electricity will remain.

Personally, I hope for a small growth and return of profit to $ 1 per card per day.
Most miners I know went from ETH to other algos. Only few of them turned off the cards - those ones loosing money. Anyone mining into the red should consider to turn their rig off for a while. It simply doesn't makes sense.
yuzuak
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September 12, 2018, 02:31:26 PM
 #77

now mine
amd gpu- monero
nvidia gpu- btx- btg- raven
evergreendog
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September 13, 2018, 06:54:10 PM
 #78

I have a friend that sometimes operates at a loss but he said its part of doing business.  Lots of businesses start out unprofitable for a long time, look at how Amazon started.  They were unprofitable for many years.
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September 13, 2018, 07:28:55 PM
Merited by stomachgrowls (1), Raja_MBZ (1)
 #79

I have a friend that sometimes operates at a loss but he said its part of doing business.  Lots of businesses start out unprofitable for a long time, look at how Amazon started.  They were unprofitable for many years.
Business run at a loss are for completely different reasons. You're comparing apples to typewriters. If you want to compare it that way it's equivalent to an oil company investing money into expensive equipment and drilling rights do drill oil at a cost of $100 per barrel hoping to be able to sell it for a profit later when they instead could just directly buy the oil at $75 a barrel and hold. Nobody is saying it's not possible for it to become profitable in the future but you guys can't seem to wrap your head around the fact that it's literally the same thing as saying "I want some eth to sell later at a profit. I see the price is $200 right now but i'd rather pay $250 to mine it". This topic has been beat so far into to the ground it's unbelievable. If anyone has read through this whole thread and still considers it wise to mine at a loss i'm really sorry to say because I don't like calling people dumb, but you may want to consider whether it's possible you might be over estimating your own mental capacity. I'm signing off this thread. Cheers!
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September 13, 2018, 07:31:48 PM
 #80

I have a friend that sometimes operates at a loss but he said its part of doing business.  Lots of businesses start out unprofitable for a long time, look at how Amazon started.  They were unprofitable for many years.

...so many insane people on bitcointalk these days.

Business run at a loss are for completely different reasons. You're comparing apples to typewriters. If you want to compare it that way it's equivalent to an oil company investing money into expensive equipment and drilling rights do drill oil at a cost of $100 per barrel hoping to be able to sell it for a profit later when they instead could just directly buy the oil at $75 a barrel and hold. Nobody is saying it's not possible for it to become profitable in the future but you guys can't seem to wrap your head around the fact that it's literally the same thing as saying "I want some eth to sell later at a profit. I see the price is $200 right now but i'd rather pay $250 to mine it". This topic has been beat so far into to the ground it's unbelievable. If anyone has read through this whole thread and still considers it wise to mine at a loss i'm really sorry to say because I don't like calling people dumb, but you may want to consider whether it's possible you might be over estimating your own mental capacity. I'm signing off this thread. Cheers!

Merited! You saved my time! I was gonna write something similar but in a *very* harsh manner.
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