I Turned My Rigs Off...

[mak013]

second - its until this "clever" boy would be catched.

You should not think that all these people will be caught. One in a thousand might get caught. And the rest will continue their activities.

This is one of the the silliest deed that can be. They are not miners, they are stealers. And their quantity is so small, that we cant count them. Yet, i dont think that they are thinking about "I Turned My Rigs Off"

[huntingthesnark]

Mining at this point is profitable again if you have recovered the investment you have made to buy your mining equipment.Mining Ethereum with a six graphic cards rig with a 0.07 dollars kilowatt energy price makes you about 50 dollars profit.

It may seem a little now but who knows how high the bitcoin price can go so why turning off the rigs now.

Eth is nearly profitable again, it is true - but 0.07USD electric is very cheap! Sure, if you have prices that low get cracking - just know you are lucky! UK is nearly triple that @ standard residential rates.

I have only one mining device at my home and energy is expensive here for residents.I manage a few mining rigs for some of my colleagues and they keep the miners in our company and pay preferential rate of 0.07 dollars per kilowatt so they have turned their rigs on from a few months now.

I would mine even at Uk rates because I think the crypto can boom again soon and even higher than December 2017.

Bet you wouldn't! I did for a few months, but once it is clear that you are actually really spending £800 a month electric and get £801 (or less) in crypto one does start to think 'WTF am I doing?' - it's basically a very, very time and hardware intensive method to avoid using an exchange.

[arbifahrozy]

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

so am I, my rig is still in the corner of the room with dust. this situation is still not profitable, but who knows it will be profitable again later? I hope so

[rdluffy]

When I turned off my rigs I took a decision to sell every GPU, because everyday your GPU suffer from depreciation, sometimes it's best to have money in your pocket and if better times comes, you can buy new GPUs again easy
I sold everything I had, and no regreat, for me it's not smart to have money invested in rigs and they are on dust...it's your money after all

[shinratensei_]

second - its until this "clever" boy would be catched.

You should not think that all these people will be caught. One in a thousand might get caught. And the rest will continue their activities.

This is one of the the silliest deed that can be. They are not miners, they are stealers. And their quantity is so small, that we cant count them. Yet, i dont think that they are thinking about "I Turned My Rigs Off"

When they are only using small mining rigs and it's not so emerged. Those get caught caused by they are using mining that consumes a lot of electricity and then they have created a big power consumption.

I just think what they wanna do is always "I turned my rigs on" because I earn something without nothing.  that's a fun fact

[Beyerd17]

When I turned off my rigs I took a decision to sell every GPU, because everyday your GPU suffer from depreciation, sometimes it's best to have money in your pocket and if better times comes, you can buy new GPUs again easy
I sold everything I had, and no regreat, for me it's not smart to have money invested in rigs and they are on dust...it's your money after all

The new upcoming AMD Navi gpu's are coming out this summer, so just maybe you reinvest what you sold for and re-enter the mining scene. Also Bitcoin has been on the rise since the start of 2019, so that should help profitability.

[mak013]

When they are only using small mining rigs and it's not so emerged. Those get caught caused by they are using mining that consumes a lot of electricity and then they have created a big power consumption.

I just think what they wanna do is always "I turned my rigs on" because I earn something without nothing.  that's a fun fact

It doesnt matter big or small rig. Its steal in both cases. And i think that sometime its becomes known. May be several years later, it doesnt matter. Thief is a thief.

[viljy]

When they are only using small mining rigs and it's not so emerged. Those get caught caused by they are using mining that consumes a lot of electricity and then they have created a big power consumption.

I just think what they wanna do is always "I turned my rigs on" because I earn something without nothing.   that's a fun fact

Yes, exactly. Especially many of these miners where mining coins only for the CPU. They use the processing power of processors that are installed in different organizations. In fact, it is a theft of electricity and computing power, which is converted into money. But the most interesting thing is that they do not consider themselves thieves.

[Iykecollinz]

It is not always green as their can be some off days and seasons. I have not been so much of a miner but I see that the venture is not favorable to all persons and for some kind situations. Not sure setting up a farm in my part of the world will be worth it

[jjjfff]

Damn.

OP was paying 0,06 for kw and still wasn't profitable.

Back when I was mining in 2013 or so I paid 0,25 or more, with extra fee for excess consumption.

And was profitable for a while! Especially since I held until 2017.

I hope the mining scene recovers soon.

[percy_tc]

Turn off your rigs, indeed... hehe  

[bittick]

Damn.

OP was paying 0,06 for kw and still wasn't profitable.

Back when I was mining in 2013 or so I paid 0,25 or more, with extra fee for excess consumption.

And was profitable for a while! Especially since I held until 2017.

I hope the mining scene recovers soon.

Too much competition and the difficulties increasing like crazy due to crazy hash power, now the miners seem to be cooling down but still leaving the high difficulties and that could make the whole blockchain slowing down aswell. The only way for instant profit recovery for all these miners that still running until now is the new ATH.

[mak013]

Too much competition and the difficulties increasing like crazy due to crazy hash power, now the miners seem to be cooling down but still leaving the high difficulties and that could make the whole blockchain slowing down aswell. The only way for instant profit recovery for all these miners that still running until now is the new ATH.

Try to calculate by yourself. But dont compare results with the end of 2017. Compare it with real life investment. What ROI you get, how much work you have to do, your chances to lose money, etc.

The mining is one of the profitable business right now. If you work hard on it. It is the same for any business.

[evenotto]

Damn.

OP was paying 0,06 for kw and still wasn't profitable.

Back when I was mining in 2013 or so I paid 0,25 or more, with extra fee for excess consumption.

And was profitable for a while! Especially since I held until 2017.

I hope the mining scene recovers soon.

Too much competition and the difficulties increasing like crazy due to crazy hash power, now the miners seem to be cooling down but still leaving the high difficulties and that could make the whole blockchain slowing down aswell. The only way for instant profit recovery for all these miners that still running until now is the new ATH.

if it should be ATH, then it should not be fast - it need to approach it quickly and confidently, otherwise after that the market will fall again and prices will go down and then mining will definitely be without profit.
In fact, this is a direct competition - the strongest win and will remain mine

[lunobird]

Your going to need a 20k bitcoin in order to get $2 dollars per gpu per day and I would consider this fair work for fair pay from a small line of work business accounting perspective.

In order to get party time $5 dollars a day per gpu like the good ole days you will need a 60k-100k+ btc price.  So don't expect party time anytime this year.  Give it 2-3 years.

[U253]

Your going to need a 20k bitcoin in order to get $2 dollars per gpu per day and I would consider this fair work for fair pay from a small line of work business accounting perspective.

In order to get party time $5 dollars a day per gpu like the good ole days you will need a 60k-100k+ btc price.  So don't expect party time anytime this year.  Give it 2-3 years.

Currently the 1080ti gets $1.3 USD per day with ~$0.5 power cost, used card in warranty costs $500~600 on ebay. Not that bad if you still plays some games.

[Alpha0One1]

Just make mining seasonal, a winter event, if it will double as a heater and that heat exchange will save you on heating cost.

[mak013]

Just make mining seasonal, a winter event, if it will double as a heater and that heat exchange will save you on heating cost.

It sounds like: "Just make your job seasonal". Mining is a work. You ought to analyze different markets, coins. You have to make research what coin may be interesting in future and what would cost nothing.