Ethereum Mining Now Close to Unprofitable, so what is best thing to do now?

[dwwbit]

Ethereum has fallen below $200, reaching a recent low of $185 this morning at around 4 AM London time on reduced volumes of $1.6 billion during the past 24 hours

An ethereum miner said late last month that it costs $152 in electricity bills to mine one eth. That’s just $30 above ethereum’s recent low of $185 today, with the cost of $152 being just for electricity.

source: https://www.trustnodes.com/2018/09/09/ethereum-mining-now-close-to-unprofitable
i have most of my investments on ETH and now the $ vaue of those investments going down rapidly. What is the best thing to do now?

[jfelix]

If it came close to unprofitable some miners will stop mining and difficulty will decrease and will become profitable again.
The difficulty mechanism works in the two ways when the price goes up and when the price goes down.

There is an interesting guide about how to mine Ethereum here https://7bitcoins.com/how-to-mine-ethereum-eth-mining-beginners-guide/

[feelingfroggy]

Sometimes turning the equipment off and waiting for better opportunities is the best bet.  When you can buy more Ethereum with your electric money than you can mine then it's time to turn off the equipment.  I have actually stopped mining altogether as it's impossible to compete with the zero electricity miners.

[Hct2005]

I know that it is very stressful to see our portfolio going down but this situation where ether is on the downtrend we have to wait and hold on to our portfolio and see what is going to happen with ether in the weeks to come. I know that no one can precisely predict the future but for me ether will bounce back.

[Awesomus Maximus]

When you can buy more Ethereum with your electric money than you can mine then it's time to turn off the equipment.

I agree with this, just go and buy some Ethers. In the meantime use your GPUs in some other way. There are ways to put them to good use like ray tracing for design studios. Or you can even sell the GPUs and save the money to buy new hardware once mining gets profitable again.

[Tankdestroyer]

What is the best thing to do now?

The best thing to do now is to hold that ETH stash of yours unless you see the price of it still being profitable for you. As for your mining equipment, put it into better use by mining other profitable coins that can be mined now. Since you are a miner, you should know what coins are profitable to mine now. If you can't find one, only by then you will turn off your equipment to save money from electricity.

[bitmover]

Nobody knows the future of ethereum. May be 1500 again or 10.

If you are over invested, you should sell until you feel good with what you have and do not stees about the price

[cytpoway121]

Well
There are several things that can be done
Which. Includes continuation of the fight against giving up

You have come a very long way to give up so cheap and easily
You need to keep fighting it
Make it work for you

[pawel7777]

Sometimes turning the equipment off and waiting for better opportunities is the best bet.  When you can buy more Ethereum with your electric money than you can mine then it's time to turn off the equipment.  I have actually stopped mining altogether as it's impossible to compete with the zero electricity miners.

This. If it's not profitable and you can't switch to other profitable coin - switch it off.

It's funny that there's still a lot of amateur miners with a mindset "I'll keep mining below break-even point, maybe the price will go up". With that logic - just buy it with saved electricity bill money. You'll save some money + extend equipment's life.

[Noobaru]

I don't know what would be the best thing to do here but can I suggest transfering your funds from ether to bitcoin or tether? It is indeed a very risky thing to do to be sure, but the whole crypto scene is risky nonetheless. 

[dwwbit]

If it came close to unprofitable some miners will stop mining and difficulty will decrease and will become profitable again.
The difficulty mechanism works in the two ways when the price goes up and when the price goes down.

There is an interesting guide about how to mine Ethereum here https://7bitcoins.com/how-to-mine-ethereum-eth-mining-beginners-guide/

That is a good point if the mining difficulty decreased then it will profitable for those who still continue the mining. Thanks for the information and link.

[Colin Memfis]

I think that now you need to get as much eth as possible as cheaply as possible. I do not believe that the price will fall for a long time

[dwwbit]

Sometimes turning the equipment off and waiting for better opportunities is the best bet.  When you can buy more Ethereum with your electric money than you can mine then it's time to turn off the equipment.  I have actually stopped mining altogether as it's impossible to compete with the zero electricity miners.

What do you mean by zero electricity miners?
As far as I know, mining need electricity, are you referring to miners who use wind power/solar power etc for generating electricity and use that for mining?

[auroboros]

at the moment I think it is the right time to continue to think positively about ethereum's development for the future, so maybe because ethereum prices continue to fall, I will still buy it, because I'm sure everything will return to a much better price than now. to be honest, I myself am currently starting to worry about prices that are continuing to decline, but that is what can be an opportunity for us, and it all depends on how we disclose it

[dwwbit]

I know that it is very stressful to see our portfolio going down but this situation where ether is on the downtrend we have to wait and hold on to our portfolio and see what is going to happen with ether in the weeks to come. I know that no one can precisely predict the future but for me ether will bounce back.

I also think it will bounce back but it will take more time and will not go more than 1000$ like last time in the very short period.  Most of the ETH holders will dump their tokens very early and convert them to USDT or fiat this time. It will make the next bull run very difficult.

[dwwbit]

I don't know what would be the best thing to do here but can I suggest transfering your funds from ether to bitcoin or tether? It is indeed a very risky thing to do to be sure, but the whole crypto scene is risky nonetheless. 

If this the dip or it may go around 180$ and bounce back to 500$+ and I could not enter back to the train! that is risky.

If I had more money as fiat or usdt, I will use those funds to buy more ETH on this situation. but my financial situation also not good right now to do so.

[erox]

I think it makes no sense to look at the profitability of mining. If the price of mining is less than the break-even price then some of the miners will leave and then the complexity will fall and the break-even price will fall again. And so it can go on forever.

[gulu498]

Yes, Ethereum has no profit now. I think the best way to do this now is to sell our Ethereum mining machine. Then buy some Ethereum, because the price of Ethereum is really very low.

[nizamcc]

this is a good opportunity to buy Ethereum coins. Unfortunately I do not have the funds to buy it, but I think they will be able to make a good profit on this price drop. use the opportunities, and do not expect quick results, be wise.

[vit05]

Soon you will have neither profit nor loss. As Ethereum is slowly being prepared to become fully POS. I think that in the middle of nowhere, any small miner must calculate this possibility and get out of the mining. It does not seem to me that this activity will have any chance of being profitable next year for people who pay high prices for electricity.