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Author Topic: I'm mining at a loss  (Read 1925 times)
stomachgrowls
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September 13, 2018, 07:42:28 PM
 #81

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.
Merited that guy above too.

I have already commented earlier that those people who just continue to proceed even they do know that they are completely unprofitable are considered to be dumb and im even surprised that there are still people above who do say on some scenarios that mining even at loss.

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September 13, 2018, 07:58:31 PM
 #82

At this point in time, I've stopped mining on less profitable cards (pre-Polaris cards) completely, as electrical costs have climbed higher than mining revenue or I'm just breaking even, and I suggest everyone who hasn't already sold to do so.

The way things are right now, it's easy to buy Bitcoin, even without verification, and there's no reason to mine at a loss at all. Most older cards are still selling for a decent price as of right now, and it really isn't a bad time to sell at all. Older-generation cards can only really fall in prices right now.
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September 13, 2018, 08:40:12 PM
 #83

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).
It has nothing common with mining, however once I was able to profit a lot because I couldn't exchange coins (don't had access on internet and got late payment). This was when bitcoin's price begin to rise from 10K to 16K and from this, 60% is a solid profit.
And now what's about mining, if you believe that coin will rise, you have to continue mining and try your best and pay electricity bills from your pocket but I know some people who can't think much and mine less profitable coin with that hope while they can mine most profitable coin and then exchange it and buy their beloved coin, please don't do the same.


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