It isn't just GPU profitability that's way down, its everything. Asics are a terrible investment too. If you're a student of history, you'll know that the people who got rich during the California gold rush weren't the miners, it was the people selling the mining equipment. Same is true for crypto. Unless you manage to get ahold of the latest and greatest asics before everyone else, and get real lucky mining, you're playing a losing game too if your angle is to mine and dump.
That said, I'm not a big time miner by any stretch, I have ~5Mh. I knew the bubble would pop in dramatic fashion, and it is, so I didn't go overextend myself buying gpus or delude myself into thinking I would keep making huge profits. What I am doing is continuing to mine what I think has a future and diversifying my portfolio. Sure, I'm not making any money atm, but it may pay off in the future. I want to get my hands on as much btc, ltc, etc as I can while the diff and prices are down. I'm in this for the long haul, not a quick buck.
Nicely put, with the gold rush example. Levi's did totally great in that era of the US history. LOL
Unless your a hardware/software production company, mining pool, coin dev and/or crypto exchange owner, you truly are not going to get rich in general. Think of a crypto miner being an independ contractor/work for a major company.
I see alot of people not treat Crypto like stocks, when they seem to act in a similar way. Both are volatile and have huge swings. You have to do you due diligence in researching trends of crypto, like in stocks for companies.
I personally stop buying gpu's at the moment, keeping most of my equipment. Waiting to see how the AMD HBM(High Bandwidth Memory) technology pans out. I usually buy my gpu's used off of Craigslist, saves me a tons of cash. LOL
