Why its still worth mining ETH (or other coins) for me - Updated March-31-2019

[xxcsu]

Original Post : October 5 - 2018 - Mining ETH profitable, the example rig making around 80$/months
Updated on December 3 - 2018 - Mining ETH still profitable, but profit is actually 1/4 what it was 2 months ago , the example rig making around 20$/months
Updated December 12 - 2018 - ETH Mining is not profitable for me anymore with the electrical rate of 0.097$/KWh, im losing around 10$/months with that rig i used for example - but .. still all my rigs are online and mining ( ETH/USD exchange rate is 1ETH=82$ )
Updated on March 31 - 2019 - Mining ETH is profitable for me, but profit is actually 1/2 what it was 6 months ago (October 5 - 2018), but 50% more what is was 5 months ago (November 3 - 2018), and im making 48$/months more, compared to what was my earning 4 months ago (December 12 - 2018) with the example rig i used for this calculation, i can make around 38$/months right now

I placed my numbers into the same online calculator, what i used in the past months, to make more easy for newbies to understand my topic, all my calculations.
PLEASE UNDERSTAND : None of those calculators you are seeing on the web can tell you what's coming tomorrow , months later or 6 months later !
Those calculators telling you about today , at that moment when you typing in your information !
None of those online calculators can predict what would be the coin/$ exchanges rates a minutes later, a hour later,  tomorrow, next week,  months later, 6 months later or a year later !


Original Topic from here

Read a few topics in the past few weeks, so i decided to write a comment to one of those " People are stupid bc they still mining kida topics ... I think my comment worth a new topic , bc I'm sure i'm not the only one who is still mining with profit, of course with much less profit than last year December If you jumped into mining this year , this topic definitely not for you, because you probably not even close to your ROI

ETH is NOT PROFITABLE AT THE MOMENT, but still has 248.000 gh/s of total network hashrate at the moment.

Are people stupid or what???

Lets put numbers to the question.

NO IM NOT STUPID , AND LETS MAKE SOME PROVE WITH MY NUMBERS

In my case its still worth mining, as all of the money i invested into mining rigs are back to my packet already.
Im not one of those guys who jumped into mining when bitcoin price hit 20000$ and wanted to get rich within a few months.

I always warned new members, members who opened topics like : "ITS TO LATE TO START MINING , IT IS STILL PROFITABLE ? WHY MY EARNING IS LESS THAN ALL THOSE ONLINE CALCULATORS TELLING ME? WHAT IS THE BEST COIN TO MINE ? WHAT IS THE MOST PROFITABLE COIN TO MINE" mining is a risky investment and no one can tell you whats coming tomorrow. After last year BTC and all other crypto coin price jump, ppl just started buying gpus like kids taking chocolate from the grocery shop shelves
You can read my "warning or i would say advice topic " here

Let see a example why its still worth mining for me  :
I'm the only one on this forum who can say its still worth mining?

ETH11 as you can see on the attached picture hashing with 375MH/s , pulling 1590watts at the wall, im paying 0.097$/kWh
after pool fees ,miner fees,  power bill im still making around 80$ extra a months with current eth/usd exchange rate. ( as of today October 5 / 2018 )
So its worth mining for me ? Definitely YES !
If ETH11 will generating only 20$ / months its still worth mining for me ? Definitely YES !
Why im saying YES ?
Because my rigs are paid out already, and if i can have 20$ extra a months for nothing,  im still happy, but i have way more than 1 mining rig, so thats  going to be multiple times 20$ a months. With current price its still multiple times 80$ a months, or multiple times 40$ a months with a smaller builts ( 6-7-8 cards per rigs )

Miner reported hashrate:



Pool side reported hashrate :
( yes with the right bios mod , with the right undervolting/overclocking your miner reported hashrate should be the same as a pool side reported average hashrate. if its not the same, you definitely have some issues



Power Draw:
( measured with cyberpower PDU81007 Switched Metered-by-Outlet PDU  )




To a much easier understanding I placed all of my information into one online calculator ,dont forget online calculators are not always 100% accurate .

AS OF OCTOBER 5th - 2018

2 months gone , lot of things changed in the past 60 days.
So placed my numbers into the same online calculator, what i used 2 months ago, to make more easy for newbies to understand my topic.
PLEASE UNDERSTAND : None of those calculators you are seeing on the web can tell you what's coming tomorrow , months later or 6 months later !
Those calculators telling you about today , at that moment when you typing in your information !
None of those online calculators can predict what would be the coin/$ exchanges rates a minutes later, a hour later,  tomorrow, next week,  months later, 6 months later or a year later !
For me it is still profitable to mine ETH , but the profit is actually 1/4 what it was 2 months ago, with the same mining rig, power rate/pools-miner fee.
The only reason is why i still can make a few extra dollars, bc my rigs already generated that money what i paid for them, so from there i only make profit ! doesnt matter if its 5-10$/rigs ,or 70-80$/rigs / months, its called profit
So compare the numbers from October 5th post with the December 3rd updated numbers
AS OF DECEMBER 3rd - 2018

AS OF MARCH 31 - 2019
6 months gone after my original post
On March 31 - 2019 - Mining ETH is profitable for me, but profit is actually 1/2 what it was 6 months ago (October 5 - 2018), but 50% more what is was 5 months ago (November 3 - 2018), and im making 48$/months more, compared to what was my earning 4 months ago (December 12 - 2018)
with the example rig i used for this calculation, i can make around 38$/months right now

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[hairysun]

Nice try Vitalik .....

[itmanvn]

Nice try Vitalik .....

[leonix007]

I have a higher Electric rates about 0.21Kw/h

Been mining CN-H algo's with 480's, optimized doing 90-100w

and still, getting some profits, not that much

but is enough to continue mining operations

For me mining still worth it for the miners who has existing and paid off rigs with lower power rates

However, as the concept of adding new rigs, at this point I just prefer to buy coins

[xxcsu]

However, as the concept of adding new rigs, at this point I just prefer to buy coins

100% agree with this, with current prices, its just make not much sense to build new rigs right now, and i dont think in the close future its ever going to be worth it to build new GPU rigs , as asic, fpga miners are taking over on mining.

[percy_tc]

Nice try Vitalik .....

You made my day. 

[Marvell2]

Nice try Vitalik .....

You made my day. 

vitalik actually hates miners , he only cares about eth programability and pos and scaling
he literally hates pow

[khufuking]

It is for sure still profitable but as you said if you already paid off your rigs, I am in the same boat as you and I will never shut down my miners even $1 monthly is still profit for me and I am keeping my mined Ethereum and planning to sell at hight price. But I still advice all my friends to not get in now because paying your rig in more than 6 months is not worth it for me. simply if after calculation you will get your money back in 10 months+ then do not start it, of course, this does not apply on already paid off rigs. So ya mining is not worth it for newcomers.

[markiz73]

Vitalik constantly breaks the deadline with the introduction of new updates.
If everything will continue, then the etherium will mine in 2019.
I'm sure that the pampers of this coin are still ahead.
Before the first pamp there was a similar situation with bad news and it lasted about half a year.
It will be very fun if in March-April 2019 the situation in 2017 will be repeated

[Zadicar]

However, as the concept of adding new rigs, at this point I just prefer to buy coins

A much wiser decisions to be made rather than buying miners as of todays. Profitability would only be suited out for those who already reach their roi. Electricity does still matter if you profit out to pay up the expense then i would simply stop mining.

Nice try Vitalik .....

No, he wont post up on a Bitcoin Forum. haha

[[YAZ]]

No argue with OP's post (-absolutely agree-).

Mostly I'm doing on Ethash (but not ETH), even sometimes I'm doing solo mining. Two months back I'm doing solo with a few Ethash's coins, DBIX (only for 3-4 days - when the price still at $3), UBQ (Almost two weeks), YOC (one-day solo mining),.... That gives me more than enough profit (when I get the moment).

For regular mining, mostly I mine specific coins (on the pool). My electricity cost cheaper than Leonix  ($0.1)

Agreed, this is one of the keys! (not only for pooled mining but also for optimization and efficiency that effect to our profits)

yes with the right bios mod , with the right undervolting/overclocking your miner reported hashrate should be the same as a pool side reported average hashrate. if its not the same, you definitely have some issues

Be more flexible on mining if you want to survive!

Nice try Vitalik .....

No, he wont post up on a Bitcoin Forum. haha

     Maybe Vitalik will come here, then hard lol after reading this.

[adaseb]

I think the ones who are still mining at break-even or at a loss are doing it because they believe in the crypto future in general.

Basically many friends I had in 2015 or so they were all mining with their Antminer S1/S2/S3 all at a loss or break-even. They believed that BTC would hit $10K one day and they weren't risking too much by just paying a little for their electricity.

They mined I think every 2 months or so about a BTC and kept all of it till 2017 and the pay off was huge for them.

So the reason why the difficulty hasn't come down sharply is because of this reason. Seems like a low-risk trade to just mine at break-even or at a loss and hold the coin for the futures.

[troiano9]

Really just depends on the true reason you mine.  If you are mining and selling immediately then you are most likely not making money.  I have been mining for about a year and still do it because I believe in crypto and mine coins with solid fundamentals that I believe will go up in value and then I will take my profits.

[philipma1957]

Mining at a small loss also works.

I do everything with reporting of taxes.

I was able to legally carry 2017 gains into 2018.

I can offset the gains if I have a small loss this year.


Say you made 10000 in 2017 and purchase gear late in the year.

The entire gain of 10000 can be sunk into inventory if you resell used gear.
You then sell the gpus at peak prices in Jan of 2018.  The gain is this year and you can offset with a mining loss.

[[YAZ]]

Say you made 10000 in 2017 and purchase gear late in the year.

The entire gain of 10000 can be sunk into inventory if you resell used gear.
You then sell the gpus at peak prices in Jan of 2018.  The gain is this year and you can offset with a mining loss.

Yeah, you were right. But I'm not doing this, Q1 2018 is a pretty good moment for mining (at least for me), so I don't even think to sell my gear. Maybe I'll do this next time (I Just need to know the moment). Good idea!

Really just depends on the true reason you mine.  If you are mining and selling immediately then you are most likely not making money.  I have been mining for about a year and still do it because I believe in crypto and mine coins with solid fundamentals that I believe will go up in value and then I will take my profits.

For some miners maybe yes (most miners do that), but I've never held the coins, I need to pay all the bill (at least once a month) but I still get some profit after bill payment.

[philipma1957]

There are many angles to mining at a loss.

I have 12x 1080ti's
I have  4x  56 vegas
I have  2x  1050ti
I have  1x  2080
I have  1x  rx560

I have a threadripper 1920x
I have a ryzen 2700x
I have a ryzen 1800x

This is paid off gear.

All still have 2 or more years warranty

I would say  together they burn 3600 watts

They are earning about 13 a day  before power

about 2600 kwatts.  my winter rates kicked in oct 1st  so they cost me about 260 usd  and pull in 300 -390 =  a 40 to 130 a month profit

Even if they were negative I would mine as I can spend 260 x 7 = 1820 in power from now to May 1.  So I will mine away  with those gpus  until May 1st.

[markiz73]

There are many angles to mining at a loss.

I have 12x 1080ti's
I have  4x  56 vegas
I have  2x  1050ti
I have  1x  2080
I have  1x  rx560

I have a threadripper 1920x
I have a ryzen 2700x
I have a ryzen 1800x

This is paid off gear.

All still have 2 or more years warranty

I would say  together they burn 3600 watts

They are earning about 13 a day  before power

about 2600 kwatts.  my winter rates kicked in oct 1st  so they cost me about 260 usd  and pull in 300 -390 =  a 40 to 130 a month profit

Even if they were negative I would mine as I can spend 260 x 7 = 1820 in power from now to May 1.  So I will mine away  with those gpus  until May 1st.

$ 0.1 per kilowatt is a very high cost.
Do you have a chance to look for better deals on the cost of electricity?
What is your situation with sales in the secondary market?

[xleps81]

I have 6 rigs still on ETH.

it gives me about 1.5 ETH/month.

Im just waiting for the coins to increase their prices!!

Im not investing in new equipments. You should think about getting Asics...

[mettalmag]

the profits are quite same as it was couple years ago
even with 0.01$ per kwh as you say
and for me and my clients starting with 0.0037$ per kwh it is sure profitable and will be in the nearest future

[jasta more]

Why not sell your rigs and invest that money in eth instead,this way you are injecting fresh money in crypto instead leaching it out eventualy(just using you for example)Also you will probably earn more with swing trading eth then mining(especialy after block reduction at the end of the month)You could use them as a heating system in your house to further negate the cost of runing them,my ti rigs are using arround the same amount of money for electricity that i would give for gas  heating(and are doing better job of warming up the place)