I Turned My Rigs Off...

[GarySeven]

At least for the summer.

I run a small farm of ASIC A9 Zmasters and they were heating my shop and giving me a decent profit over the winter but even at $0.06 a KW it will cost me too much to run them through the hot weather. So I'm drinking Bushmill's, smoking a Cuban cigar, and crying a little.

[1714036866]

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[1714036866]

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[1714036866]

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[P00P135]

Thank you

[yrk1957]

First, A9 is not a rig.

Second, and more important, if you are turning A9s off with 0.06c power then you need to stop smoking whatever you are smoking...

[Maxumark]

RE:
A9 is ASIC, not RIG.
RIG mean multi-GPU mining, not ASIC.
Asic standart : New Shipping, Never ROI!

with this difficulty, ROI will be 1 year

Posted by: yrk1957

All GPUs are ASICs FYI

[GarySeven]

Sometimes this forum is hard to take.

Instead of saying something worthwhile you argue about whether the A9's are "rigs" or not.

Actually I call them "critters". Ergo, critter 1, 2, etc....

Go ahead and argue about the semantics of that.

[Piskeante]

They argue because every time someone shuts down those unprofitable machines be ASIC or GPUs, one of those who are trully believers, that a paying from their pockets the electricity bill seeing no profit at all thinking that in the future they will recover their money, this conversation actually makes them think how dumb they are for keeping their machines on.

So no worry. You've done the best you can do. You should have done it way before IMO. I switched mines off at least 6 months ago. Never have regreted doing it.  

[not.you]

It used to be that if you dropped a decent amount (like a few k $) you could buy gear that would pay you back at least double that in a year or so (really it was even better than that in the early days).  Now though you can't even break even it seems.  People are willing to dive in with new gear with the shittiest margins, or maybe they don't even calculate it any more.  ASIC's go for much more than they are really worth now in my opinion so that I don't even want to buy the brand new ones even though I used to buy anything from a reputable company as soon as it was available.  I have a pile of old ASIC's and GPU's that really aren't worth anything now and those are just the ones I didn't resale when I upgraded.  I don't know who is making money on mining anymore.  I have a few things still running but I haven't bought anything new in like 18 months and the few things I still have going are going to be shut down before too much longer.  I have been mining continuously for just over 6 years but the day when I am doing no mining at all is fast approaching.

[Piskeante]

It used to be that if you dropped a decent amount (like a few k $) you could buy gear that would pay you back at least double that in a year or so (really it was even better than that in the early days).  Now though you can't even break even it seems.  People are willing to dive in with new gear with the shittiest margins, or maybe they don't even calculate it any more.  ASIC's go for much more than they are really worth now in my opinion so that I don't even want to buy the brand new ones even though I used to buy anything from a reputable company as soon as it was available.  I have a pile of old ASIC's and GPU's that really aren't worth anything now and those are just the ones I didn't resale when I upgraded.  I don't know who is making money on mining anymore.  I have a few things still running but I haven't bought anything new in like 18 months and the few things I still have going are going to be shut down before too much longer.  I have been mining continuously for just over 6 years but the day when I am doing no mining at all is fast approaching.

I said like a thousand times in this forum, that mining was dead. a huge amount of trolls just came to say that mining with GPUs would never die. Well, we have to be honest here. They thought gpu mining would always survive the ASIC tsunami. What it will not survive, is the shittiest market ever created by the man in the hole history.

Today, you have to be really, like really really dumb and blind to not see the reality of a market that is collapsing day after day with no options but to believe highly paid guys that tell you what they want you to believe, because they need stupid people to continue burning money in this hell.

Just stop mining mate, there is no point. Probably you are losing money right now. It makes no sense.

[dagarair]

Funny how other people always tell me that I am not making money.  I'm a pretty good size PRIVATE miner and pull about a 1MW power personally in my building.  It's my full time job, if you are not a tard you recover all your expenses in tax credits, and various other LEGAL means as well as about a 15-25% profit.  I do ok in the bear ass market, not great but pretty damn ok.  I report every penny and pay my taxes.  It's all about not being greedy, not extending yourself beyond your means and costs of power.  I buy used equipment and no joke over 2018 i doubled my equipment because the cost was very low to do so.  I'm 75/80% GPU of that 1/2 AMD/NVIDIA and 20/25 ASICs.  ALL are paid for and all make me $ every month.  My building, my upgrades to power the whole smash was paid for by crypto profits.  On top of that guess what, asset depreciation on taxes = continual write off.  Before you all speak do your homework.  Just because you can't make $ don't mean others can't.  


Also check out this quote because damn I think I found a new hero. He is on vosks discord.  Damn I like his positivity.

CryptoToreToday at 7:11 AM
Thanks
Doing fine! Chemo aint nothing compared to a bear market

[ZombieWorm]

Any tax tips @dagarair for those who have not yet had to declare or will do soon due to changes to the system?

[dagarair]

Any tax tips @dagarair for those who have not yet had to declare or will do soon due to changes to the system?

Look i'm not a tax dude and they very state to state but I have a bad ass CPA.  That being said easy stuff is you can instant depreciate your rig/asic this year, expense electric bill etc.  REPORT your income and if its a loss and you sold it then it's a negative cap gains hit that go right in your taxes as a loss.  Stuff like that.

[FloppyPurpleGherkin]

All GPUs are ASICs FYI

Nonsense.

[dentolas]

They argue because every time someone shuts down those unprofitable machines be ASIC or GPUs, one of those who are trully believers, that a paying from their pockets the electricity bill seeing no profit at all thinking that in the future they will recover their money, this conversation actually makes them think how dumb they are for keeping their machines on.

So no worry. You've done the best you can do. You should have done it way before IMO. I switched mines off at least 6 months ago. Never have regreted doing it.  

So, just because you were running your farm with no profit, this autmatically mean that all the others are dumb in keeping their machines on and you are the smart one that was not able to get profit and so it turned his farm off??
I can safely tell you that I know about several cases that keep having profit on the bear season (using GPU, no example with ASIC)... it envolves mainly a good mining strategy, good investment plan (including energy), and sometimes renwable energy sources...
Besides, and how about all the miners that are still supporting the main crypto networks (networks are still growing)?? all the world is loosing money because they just like it........

[pinoycash]

At least for the summer.

I run a small farm of ASIC A9 Zmasters and they were heating my shop and giving me a decent profit over the winter but even at $0.06 a KW it will cost me too much to run them through the hot weather. So I'm drinking Bushmill's, smoking a Cuban cigar, and crying a little.

During this depressing market situation its better to buy the coins that you want to mine, it proves to be more cheaper and viable options than mining them.

[stomachgrowls]

Atleast I have some fun on reading up some comments and arguing about A9 is asic or Rig. 

At least for the summer.

I run a small farm of ASIC A9 Zmasters and they were heating my shop and giving me a decent profit over the winter but even at $0.06 a KW it will cost me too much to run them through the hot weather. So I'm drinking Bushmill's, smoking a Cuban cigar, and crying a little.

You do have the full control on your decisions, if you do see that you aren't making profits then why proceed? Just continue to smoke Cuban cigar and cry a little.

[lunobird]

ill be mining for almost 2 years now with .10 - 0.12 kwh

never turned off any of my rigs

i have been paying electricity out of pocket just so i can speculate and turn all my mining profits into a certain coin which i think has a future and very undervalued

ill worry about the tax man when crypto becomes more mainstream

Are you not taking advantage of the equipment deductions on your taxes?. If you want to expand into a farm treat it like a business and do your accounting correct. Otherwise you will always be a small timer

[grendel25]

I still mine and my electric bills are high.  I pretty much break even but I've thought a few times about shutting down.  Have them setup and mostly dread the work and hastle of working with it.  Used to be a little fun and actually... I do find some of it enjoyable.  idk... hard to say if it's worth it in times like this.  But there's just so much going on to keep it interesting so... can't stop.

[||bit]

After market crash mining become something that makes losses instead of gains for btc, eth and etc. So i can understand your decision.

[Novatech8]

Same here ,my rigs are gathering dusts for now and I regret setting them up in the first place but who knows? The profitable days may return in the future

[shiming]

The market is grim, the market is sluggish, and the mining industry needs to consider costs when the market is bullish. Provide opportunities for those who are ready. prepare in advance.