GPU Mining Is NOT Profitable In My HOUSE - October 2018 Mining Farm Update

[EdgeOfSanity]

Yes it might be profitable at $0.10/kwh but to what extent?

When 80% of all your profit is going to electricity is it really worth mining?

I did the calculation and most have the RX 470/570 which uses like 130 Watts so at $0.10/kwh you make about $0.12/day.

However after fees, bank fees, errors, GPU downtime, etc you probably end up making a nickel per GPU. Is it really worth mining for that much?

at .10/kwh roughly 40-50% of your income goes to electricity if you know how to optimize your mining rigs properly. This of course depends on the algo you're mining but most will fall in that range. The market would need to drop another 50% or so from current levels while nethash remains the same to hit breakeven. That includes all the fees incurred for exchanging to USD.

I've looked at this pretty closely in recent months because if it happens i'll shut down my mine and if it stays low for more than a month i'll sell the equipment.

I am not sure which GPU you are referring to.

But with an RX 470 which hashes at around 28Mhs nets about 0.40 profit where 0.30 is electricity cost alone.

Not sure how the 1080ti fares but with those your main issue is to ROI the GPU first so you got more issues to worry about than just the GPU cost.

My mine is roughly a 50/50 split of 1070tis and 1080tis. My equipment is paid off and has been since March. I wouldn't try to buy equipment right now if you haven't paid off whatever you have currently.

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[TheHas]

Economists love their equilibrium! Alot of people are at the point where after electricity costs, it is pretty much a wash - no profit no loss.

So there would be little incentive for someone to build a rig today, particularly as better GPUs come out, FPGAs, ASICs and so on all put a dampener on potential profits. And lets not even talk about Eth (one day) moving to PoS... 

I'll keep mining and perhaps we'll have another upswing in the not too distant future.

[toptek12]

I'm just glad I invested my profits from last year into solar.

My L3+s get started at sunrise and shut down at sunset.

My other gpus rigs are the same.

Costs me sweet stuff all in electricity and I'm still getting some sort of profit out of them.

Plus I'll still have something for when profitability goes up.

I do the same thing with my solar if it's a bad day for the sun like mostly rain and no SUN i don't turn mine on ,I know it works on rainy days or during most any light of day but on the weak days, i take a break . .

with the winter coming it should work even better , less light because of shorter days means less mining but more back to the power company.

if  Vos was indeed making 4k a day a week or month or whatever why didn't he take at least 15k of that and invest into solar. his system would be paid for with Rebates and tax credits on his house, were he lived in the pictures Ive seen, his house can support solar .. he must have thought it was going to last lol.

[toptek12]

Can you guys post what kind of solar panels are you using to support such power crunching machines you have?
I have seen Ognasty's wind turbine and I think its much worth investing than solar panel in my opinion because just when winder came, there isn't much power from the sun and win can be a lot sustainable. How much power does a Computer with 8 GPUs on it?

not to sure how good it is.when I bought it i was told it was state of art then.
no they work better in the winter but the down side less day light shorter days but they work better when it's cold .

ENV-IQ-AM1-240M / CELLMODEM-01 M    Enphase Energy    1
Inverter    IQ6    Enphase Energy    30
Module    Q-Cells 295 Mono    Q-Cells    30
Racking       IronRidge    
Inverter    IQ6    Enphase Energy    30
Module    Q-Cells 295 Mono    Q-Cells    30
Racking       IronRidge    

[d57heinz]

This is the best time to buy coins, soon people will start buying all the coins which are popular and almost not profitable. Price of those coins will increase more than 10x and mining will return to 1 usd per card.

Past performance doesn’t guarantee future returns.  Don’t invest more than you can afford to lose. These two phrases are synonymous with crypto!. (Cuz we all know there are far smarter players in this game. Only here to fleece the uninformed—->don’t be this guy). There are far better investsments ie (yourself) that one can put this kind of time and resource into and get so much more out of it.  Your gain in crypto is someone’s  loss.  Does that make you feel good.  I have a disdain for markets.  No one should be able to make money off price movements.  How is that even a thing.  How does one get to steal the wealth created by others.  Why do we as a society allow this behavior.  I’d say it’s because we have too many unwise to the situation.  When we have banks the likes of Wells Fargo making billions off fraud and only fined a percentage of the gains is really a fucking joke.  Makes the whole system laughable in my eyes.  Crypto being easily manipulated by the Chinese makes this no better.  In order for crypto to work you have to have a world that gives two shits about facts.  Well facts are bad for business.  So what do we do about this shitstorm we have created for ourselves?   I’d say first step is recognizing there is a problem.  Step out of your bubbles/comfort zone once in a while.  Stop ignoring facts for financial gain.  Br

[netto7]

you are only finding this out now???

i guess you have been squeezing as much click bate youtube money you could.

going from 1 video with pros and a short time later to this is crazy bro.

sell more shirts.

lol..

mans gotta eat,   let him earn whatever chipotle burrito he can get. +1 for Tails

yeah you are right everyone gotta eat.

[stomachgrowls]

This is the best time to buy coins, soon people will start buying all the coins which are popular and almost not profitable. Price of those coins will increase more than 10x and mining will return to 1 usd per card.

-snip-

Sad truth but people do keep blinding themselves with those facts and instead like to continue on the things that they do believe out.

This is the best time to buy coins, soon people will start buying all the coins which are popular and almost not profitable. Price of those coins will increase more than 10x and mining will return to 1 usd per card.

I would prefer to buy than to mine the coin which i do know that im just mining on paying the electricity cost.

[VoskCoin]

I think it's time Vosk. It's time. Time to walk up to your old boss, let him know you got rekt in crypto and beg for your old job back.

You'll leave crypto before I do

[VoskCoin]

Next month will get worse, eth is reducing the reward, so expect all the coins to follow.

Agreed, not trying to be negative lately but this will really slap some people in the face lol

[VoskCoin]

Yes it might be profitable at $0.10/kwh but to what extent?

When 80% of all your profit is going to electricity is it really worth mining?

I did the calculation and most have the RX 470/570 which uses like 130 Watts so at $0.10/kwh you make about $0.12/day.

However after fees, bank fees, errors, GPU downtime, etc you probably end up making a nickel per GPU. Is it really worth mining for that much?

this essentially sums it up, & this number will vary for everyone but at some point it simply does not make sense to invest the time and money into mining --- For many it is still a lucrative endeavor, or perhaps speculation mining is allowing you to still do very well --- however the overall bad health of crypto mining profitability cannot be ignored.

[VoskCoin]

you are only finding this out now???

i guess you have been squeezing as much click bate youtube money you could.

going from 1 video with pros and a short time later to this is crazy bro.

sell more shirts.

lol..

mans gotta eat,   let him earn whatever chipotle burrito he can get. +1 for Tails

thanks for the +1 luno lol

& hiphoptrail you feel good now? I hope your life gets better man, because if someone trying to create quality cryptocurrency content to do my small part in moving this sector forward bothers you . . IDK what to tell ya!

There's a difference between my as least bias as possible view vs what I will do with my personal mining farm.

[VoskCoin]

If you still want to support the Bitcoin network you should try and run a node at least.

Uses pretty much no electricity and keeps bitcoin decentralized. Depending what country you are in and what your bandwidth costs are it might be benefitial.

Yes you don't get paid anything to run a node but at least you can keep supporting the network.

I think this is great advice and one of my goals by year end is to get some nodes up (no profit nodes) to support some of the coins I like / want to see do well -- BTC being one of them

[VoskCoin]

I'm just glad I invested my profits from last year into solar.

My L3+s get started at sunrise and shut down at sunset.

My other gpus rigs are the same.

Costs me sweet stuff all in electricity and I'm still getting some sort of profit out of them.

Plus I'll still have something for when profitability goes up.

I do the same thing with my solar if it's a bad day for the sun like mostly rain and no SUN i don't turn mine on ,I know it works on rainy days or during most any light of day but on the weak days, i take a break . .

with the winter coming it should work even better , less light because of shorter days means less mining but more back to the power company.

if  Vos was indeed making 4k a day a week or month or whatever why didn't he take at least 15k of that and invest into solar. his system would be paid for with Rebates and tax credits on his house, were he lived in the pictures Ive seen, his house can support solar .. he must have thought it was going to last lol.

Solar is not the amazing investment many people make it out to be -- do you personally run solar? & if so to support how many rigs (power)?

I'm not interested in keeping my house for more than another year or two max --- so anyway you cut it solar was never the right decision for me

[dagarair]

Yes it might be profitable at $0.10/kwh but to what extent?

When 80% of all your profit is going to electricity is it really worth mining?

I did the calculation and most have the RX 470/570 which uses like 130 Watts so at $0.10/kwh you make about $0.12/day.

However after fees, bank fees, errors, GPU downtime, etc you probably end up making a nickel per GPU. Is it really worth mining for that much?

this essentially sums it up, & this number will vary for everyone but at some point it simply does not make sense to invest the time and money into mining --- For many it is still a lucrative endeavor, or perhaps speculation mining is allowing you to still do very well --- however the overall bad health of crypto mining profitability cannot be ignored.

Are you guys fair weather miners?  I'm in it if i'm making 5 cents per card a day because i have FAITH that crypto will emerge stronger in the future.  If you have the equipment and you are not mining at even a 1 cent profit i don't get it.  I get it at a loss, i guess (even though i still mine at a loss sometimes) but even at a 1 cent profit IF you have the equipment it's worth the risk in my opinion if you have the ability to keep the coin at these prices.  If you have to sell it to pay your bills, then I get it i guess, but then you probably should not have been mining in the first place because that's in essence like living check to check.

That's my view anyway.  

PS Solar is retarded.  

[VoskCoin]

Yes it might be profitable at $0.10/kwh but to what extent?

When 80% of all your profit is going to electricity is it really worth mining?

I did the calculation and most have the RX 470/570 which uses like 130 Watts so at $0.10/kwh you make about $0.12/day.

However after fees, bank fees, errors, GPU downtime, etc you probably end up making a nickel per GPU. Is it really worth mining for that much?

this essentially sums it up, & this number will vary for everyone but at some point it simply does not make sense to invest the time and money into mining --- For many it is still a lucrative endeavor, or perhaps speculation mining is allowing you to still do very well --- however the overall bad health of crypto mining profitability cannot be ignored.

Are you guys fair weather miners?  I'm in it if i'm making 5 cents per card a day because i have FAITH that crypto will emerge stronger in the future.  If you have the equipment and you are not mining at even a 1 cent profit i don't get it.  I get it at a loss, i guess (even though i still mine at a loss sometimes) but even at a 1 cent profit IF you have the equipment it's worth the risk in my opinion if you have the ability to keep the coin at these prices.  If you have to sell it to pay your bills, then I get it i guess, but then you probably should not have been mining in the first place because that's in essence like living check to check.

That's my view anyway.  

PS Solar is retarded.  

I just want to come over, smash some blocks and grill steaks my man!

dagarair - source : https://bitcointalk.org/index.php?topic=4789787.msg43227027#msg43227027

[dagarair]

Anytime brother well except for next week, kids bday! 

Door is always open for ya.

[hiphoptrail]

you are only finding this out now???

i guess you have been squeezing as much click bate youtube money you could.

going from 1 video with pros and a short time later to this is crazy bro.

sell more shirts.

lol..

mans gotta eat,   let him earn whatever chipotle burrito he can get. +1 for Tails

thanks for the +1 luno lol

& hiphoptrail you feel good now? I hope your life gets better man, because if someone trying to create quality cryptocurrency content to do my small part in moving this sector forward bothers you . . IDK what to tell ya!

There's a difference between my as least bias as possible view vs what I will do with my personal mining farm.

I'm moving this industry forward unlike you prostitution it like you...trust me son

[Thekool1s]

I stopped mining around 2 months ago. I have 0.15$/Kwh, I was mining for peanuts but I had it enough and Sold out 80% of my farm. I occasionally mine on my remaining rigs. I was thinking about going solar but it doesn't make any sense to me. I will be hardly making my ROI in the long run. The only value I saw in solar was I could completely go grid-free after breaking even and selling out the farm. But I couldn't invest in it due to different issues. I have had my fair share of 'speculative mining' too. It is time to move on I guess.

[BillieCrypt]

Mining on video cards is currently profitable only with a low price of electricity of about 6-7 cents per kilowatt and below. At the same time, the profit is very small and the number of profitable coins for mining has significantly decreased due to the appearance of many ASICs.

[dagarair]

Mining on video cards is currently profitable only with a low price of electricity of about 6-7 cents per kilowatt and below. At the same time, the profit is very small and the number of profitable coins for mining has significantly decreased due to the appearance of many ASICs.

about 12 cents is still profitable on eth on a 470 doing 28 hash.  Not sure what you are talking about.