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Author Topic: Home mining is dead  (Read 357 times)
byebyehi
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October 12, 2018, 04:42:47 PM
Last edit: October 12, 2018, 11:59:26 PM by frodocooper
Merited by philipma1957 (1)
 #1

I'm very concerned about users encouraging newbies to start mining from their homes.  It's a high chance that they will never get a return on their investments. Crypto Mining has been taken over by large farms in China that pay virtually nothing for electricity. HOBBY MINERS AT HOME CAN'T COMPETE

It's similar to the gold rush in the 1800s in California.  The people that came out the richest were the ones selling the mining equipment, not the actual miners.
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October 12, 2018, 05:03:16 PM
Merited by OgNasty (1)
 #2

Do you have anything useful to add outside of this ignorant post?

As always if mining is a good idea or not depends on a number of factors exclusive to that person so making blanket claims like this is just dumb and doesnt help anyone.
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October 12, 2018, 09:06:40 PM
Merited by bill gator (1)
 #3

It is a general truth though. With the state of things currently (BTC holding low, diff still flying) even new current-gen gear could have a hard time turning profit without nickel power. Used to be dime power was the standard measure, and even that's not terribly common in a lot of places. N00bs who dive in without thinking are very likely to lose money.

And it's been common knowledge since ASICs first happened that the shovel-makers were gonna get rich. Especially the double-dippers that run massive datacenters and then sell the miners out of them a few months later. This whole economy was founded by people trying to get out from under crippling greed and ended up creating a new means of being taken in by it.

Cool, quiet and up to 1TH pod miner, on sale now!
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October 12, 2018, 09:13:39 PM
 #4

I believe the miner's that are just jumping into the mining-game at this point are cut from only a couple of clothes, generally. You've got the miners that are ignorantly jumping in, as you've described, without doing the calculations or research to check the profitability of their operation. Then you've got your other miners that are buying their gear in Fiat, mining for coins that they believe will go up in value and out-weigh their initial investment; making the "unprofitable" mining they were doing suddenly a marvelous investment in retrospect. Neither path is a glorious path, because you could probably just buy the coin for whatever you were going to spend on hardware and see the same (or greater) gains. Plus, you wouldn't have to wait for mining or pay higher electric bills from this strategy.

My main point, is people are jumping in for various reasons and it might be easy to dismiss new miners as uneducated, but playing the long-game has always been the best plan with Bitcoin and I can't fault them if that's their goal.

Some people just use their ASICs to heat their house, because it's cheaper that way. We've got a long way to go before Bitcoin comes close to the utopia we envision, but if the worst thing that happens is a few people make a few extra dollars then that's a good problem to have.

 
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philipma1957
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October 12, 2018, 09:18:31 PM
 #5

Do you have anything useful to add outside of this ignorant post?

As always if mining is a good idea or not depends on a number of factors exclusive to that person so making blanket claims like this is just dumb and doesnt help anyone.

what is you power cost? I know what it is
where are your mines?  I have a general idea where they are.

does the op's post fit you with that blanket?   yeah  it does

but to be fair If I had 2 cent power or 3 cent power in bulk and a good line of communication to a big builder of asic gear I would be saying what you are saying.

To op  you are fairly close to correct so I gave your 1 merit.

you do miss that some small guys like me can hustle power here and there and survive.

I see BTC as the super highway and alt coins as taxis and trucks needed to move transactions.
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October 12, 2018, 10:38:11 PM
Last edit: October 13, 2018, 12:01:54 AM by frodocooper
 #6

what is you power cost? I know what it is
where are your mines?  I have a general idea where they are.

does the op's post fit you with that blanket?   yeah  it does

but to be fair If I had 2 cent power or 3 cent power in bulk and a good line of communication to a big builder of asic gear I would be saying what you are saying.

To op  you are fairly close to correct so I gave your 1 merit.

you do miss that some small guys like me can hustle power here and there and survive.

Im not talking about me specifically. I know my specifics are not shared by many. There are lots of people out there with options. Home miners with subsidized power, altcoin rigs that are still profitable, all sorts of variables. There are so many variables this kind of wet blanket negativity thrown over the whole industry helps no one. As always if mining is right for someone or not depends on their specific situation. So many people just point their finger and cry about things around here and that negativity helps no one. The non stop complaints just get old after a while.
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October 13, 2018, 12:15:48 AM
Last edit: October 13, 2018, 12:28:07 AM by frodocooper
 #7

Im not talking about me specifically. I know my specifics are not shared by many. There are lots of people out there with options. Home miners with subsidized power, altcoin rigs that are still profitable, all sorts of variables. There are so many variables this kind of wet blanket negativity thrown over the whole industry helps no one. As always if mining is right for someone or not depends on their specific situation. So many people just point their finger and cry about things around here and that negativity helps no one. The non stop complaints just get old after a while.

Yeah they do.
With the solar array I will always make some money.  Just not as much as I would like.

So I do not fit in the ops first post.

You fit in as one of the villains and I dont mean that I think you are a villain I mean the op would think of you as a villain in the game of mining.

What has happened is the guy with 2x 30 amp circuits of 240 watts in his house can no longer compete.

Lots of reasons why.  I did a springtime  consulate for a guy with 100 megawatts looking to add 40,000 miners.

He did that but the trump tax stopped him from expanding to 70000 miners.

Guys with good power deals 2-4 cents just kept buying s9 and Avalon 841

I see BTC as the super highway and alt coins as taxis and trucks needed to move transactions.
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October 13, 2018, 02:02:52 AM
Merited by suchmoon (4), toptek12 (2), adaseb (1)
 #8

An odd post as winter approaches...  Go ahead and run your heater.  I'll keep mining.  I would agree that if you are mining strictly to sell immediately for a profit, you're gonna have a bad experience.  However, if you're mining to get a higher return from an excess of electricity, willing to wait for the right time to sell, to produce heat, to earn BTC without registering for an exchange, or simply as a hobby to support the network, it is both commendable and profitable.  

As I have said several times on this forum...  The most profitable BTC I ever mined, was the BTC I mined when it was unprofitable to do so.

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