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Author Topic: Am I too late?  (Read 2102 times)
GayEddie (OP)
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March 13, 2014, 06:58:49 PM
 #1

I have been mining bitcoin and peercoin for a bit but was looking into scrypt I have already bought everything about a 2 weeks ago  it has been sitting in my loft waiting for me to load windows into it.

I didn't really want a hardcore rig I just bought 2  R9 270's and thought let them hash away switching from coin to coin for investment purposes so even if I just break even with electric it would be O.K.

Also if I do start this any recommendations for coins to mine or pools

Or sell all gear on ebay and cut my losses

And as usual Many Thanks For your Advice

Steve
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jbass350z
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March 14, 2014, 04:08:56 PM
 #2

It is hard to tell. Profits are way way way down right now.. So much so that people are about to start losing money just on electricity alone. I hope it comes back up because i invested in 8.5mh/s last month.
Monzsta
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March 14, 2014, 04:23:53 PM
 #3

Yes, you're too late.  Too many people came in at once, went balls deep in debt and threw mega hash farms online.  This happened at the precise time every other mouth breather figured out how to make their "own" coin, and severely diluted the markets. Add to that the numerous multipools that have sprung up and the perfect storm has occurred.

Many coins have to die, and many miners as well (figuratively)  for us to even think about the "Golden Days" of even a few months ago. Dark days are here and I'm moving directly to mining bitcoin with asic's.

Bring the pain.  I'll be waiting for better days.
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March 14, 2014, 11:33:45 PM
 #4

If you're OK with breaking even or slightly better, then go for it. Check out coinwarz.com to see if you will be profitable.

If things get better you can invest more. I wouldn't buy any more GPUs right now. Use 'em if you got 'em, but that's it.

If you want to set your rig and forget it, try mining LTC directly... or Doge... or a multipool like wafflepool or clevermining.
GBattaglia
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March 15, 2014, 12:49:25 AM
 #5

Yes, you're too late.  Too many people came in at once, went balls deep in debt and threw mega hash farms online.  This happened at the precise time every other mouth breather figured out how to make their "own" coin, and severely diluted the markets. Add to that the numerous multipools that have sprung up and the perfect storm has occurred.

Many coins have to die, and many miners as well (figuratively)  for us to even think about the "Golden Days" of even a few months ago. Dark days are here and I'm moving directly to mining bitcoin with asic's.

Bring the pain.  I'll be waiting for better days.

You know profitability is still much better than it was roughly a year ago [about the time I jumped into LTC mining].  At that time LTC difficulty was in the sub 1000 difficulty range, but it was also only worth $3, hell even went as low as $2 for a while.  Difficulty may now be 5x higher, but value of LTC is also up by roughly 6x as well.  

Many coins will die over the coming months, but ultimately we will see profitability remain for GPUs for a while now.  Gridseed ASICs are going to begin impacting profitability though in those months.  With power requirements so low on the Gridseeds, it is going to be much easier for there to be en-masse farms of them.  

Right now your power costs need to be below .15 cents or so for profitability on GPUs to remain appealing, and even then you are cutting it close.  I'm currently paying .11 cents and will be looking into adjustments.
So right now you should be telling us your power rate, as that determines whether this is a worthwhile venture for you.   Smiley
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March 15, 2014, 06:59:36 AM
 #6

I think if too many asics start to mine, people would just switch to asic-resistant currencies with different algorithms like vertcoin or something with scrypt-jane, wouldn't they?
GBattaglia
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March 15, 2014, 01:36:36 PM
 #7

I think if too many asics start to mine, people would just switch to asic-resistant currencies with different algorithms like vertcoin or something with scrypt-jane, wouldn't they?

That is a very real possibility, yes.  It is uncertain how profitability will fare on those currencies though regardless of being ASIC resistant. 
Monzsta
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March 15, 2014, 11:53:54 PM
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Yes, you're too late.  Too many people came in at once, went balls deep in debt and threw mega hash farms online.  This happened at the precise time every other mouth breather figured out how to make their "own" coin, and severely diluted the markets. Add to that the numerous multipools that have sprung up and the perfect storm has occurred.

Many coins have to die, and many miners as well (figuratively)  for us to even think about the "Golden Days" of even a few months ago. Dark days are here and I'm moving directly to mining bitcoin with asic's.

Bring the pain.  I'll be waiting for better days.

You know profitability is still much better than it was roughly a year ago [about the time I jumped into LTC mining].  At that time LTC difficulty was in the sub 1000 difficulty range, but it was also only worth $3, hell even went as low as $2 for a while.  Difficulty may now be 5x higher, but value of LTC is also up by roughly 6x as well.  

Many coins will die over the coming months, but ultimately we will see profitability remain for GPUs for a while now.  Gridseed ASICs are going to begin impacting profitability though in those months.  With power requirements so low on the Gridseeds, it is going to be much easier for there to be en-masse farms of them.  

Right now your power costs need to be below .15 cents or so for profitability on GPUs to remain appealing, and even then you are cutting it close.  I'm currently paying .11 cents and will be looking into adjustments.
So right now you should be telling us your power rate, as that determines whether this is a worthwhile venture for you.   Smiley
My power as residential is 9.6701 cents per kilowatt hour.  I was lured by the easy money of about 6 months ago and began learning about crypto and figuring out what I could mine with.  At first it was cpu mining. The I found a hd5450 I had laying around could mine. A friend had a bushel of them he gave me and pretty soon I had mined enough to spring for a 7970.  A little while later, a 5850, then another 5850 along with a 7950 joined the fray. I had golden dreams making about $20/day on alt coins with 2gh/s.  Now, at $6-7 bucks a day I'm on the verge of unplugging the rig, selling the cards and picking up an antminer  s1, 180 GH/s at 300 watts. At current rates that's $14/day at 1/3 the power cost.  I don't see a happy end to this alt coin story.
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March 16, 2014, 02:43:18 AM
 #9

My power as residential is 9.6701 cents per kilowatt hour.  I was lured by the easy money of about 6 months ago and began learning about crypto and figuring out what I could mine with.  At first it was cpu mining. The I found a hd5450 I had laying around could mine. A friend had a bushel of them he gave me and pretty soon I had mined enough to spring for a 7970.  A little while later, a 5850, then another 5850 along with a 7950 joined the fray. I had golden dreams making about $20/day on alt coins with 2gh/s.  Now, at $6-7 bucks a day I'm on the verge of unplugging the rig, selling the cards and picking up an antminer  s1, 180 GH/s at 300 watts. At current rates that's $14/day at 1/3 the power cost.  I don't see a happy end to this alt coin story.
Is this guy for real? You seriously compared BTC farming where you are guaranteed to earn 20%+/- less every 10 days? And if the difficultly increase is gonna average out to 25% (which is more than plausible) you'll never see ROI.
I like it how you causally type that you'll make 14$ a day as if it's a constant.

If you wanna unplug your rig and sell it, than by all means, but from there to buying an antminer as if it's something profitable and so much better... lol.
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March 16, 2014, 04:56:49 AM
 #10

Is this guy for real? You seriously compared BTC farming where you are guaranteed to earn 20%+/- less every 10 days? And if the difficultly increase is gonna average out to 25% (which is more than plausible) you'll never see ROI.
I like it how you causally type that you'll make 14$ a day as if it's a constant.

If you wanna unplug your rig and sell it, than by all means, but from there to buying an antminer as if it's something profitable and so much better... lol.

Dude probably wasn't using a calculator with a difficulty chart. Difficulty for Bitcoin mining has been pretty steady: Just up up and up.

For example, Bitmain just released their 1TH machines (1000w usage, comes with the PSU). After meeting ROI on them, you'll MAYBE make ~$1,000 on them, after having spent ~$4000 for the miner itself. $1,000 isn't small money, but if you want mining to become a day-job, you either need to have the dough to invest a ton up front, or know how to make your own chips.
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March 16, 2014, 08:02:02 AM
 #11

best time to build is yesterday.  second best time to build is today.  

if you have the hardware, you're losing money every day it's not mining.  if you have the cash, i'd suggest getting 2 more 270, and getting 1.7-1.8mh out of a 800w power supply.

You are investing!  most people only talk about day-to-day earnings, so good work looking ahead.  i'd suggest getting your rig mining in the coolest, out-of-the-way place in your house.  point it at a switching pool that gives you bitcoins.  leave it alone for a year.  




DC2ngEGbd1ZUKyj8aSzrP1W5TXs5WmPuiR wow need noms
gsupp
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March 17, 2014, 05:40:49 PM
 #12

Many coins have to die, and many miners as well (figuratively)  for us to even think about the "Golden Days" of even a few months ago. Dark days are here and I'm moving directly to mining bitcoin with asic's.

Roll Eyes Good luck with that.
Monzsta
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March 17, 2014, 10:33:25 PM
 #13

If you look at the accelerated rate litecoin and altcoin-in-general difficulty has risen in march alone vs bitcoin, you might have picked this emoticon instead.  Shocked
Bitcoin is slower and more stable in the difficulty rise.  Hence, hardware roi will take less time.
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March 17, 2014, 10:47:27 PM
 #14

I put money into 16.5 Mhash two and half months ago, and am selling most of my gear now. 3-4 months ago the profits were good, you were practically guaranteed at least .1200 per Mhash. Now you are lucky if you get anything above .0058. I have sold most of my gear now at a slight loss which doesn't bother me. I came to a realization that I should have played the arbitrage game, which would have made me WAY WAY more than what mining could have ever brought in. I sadly couldnt do that because it took so long for BitStamp to approve me...very slow process. The only people that are benefiting are those that began mining years ago, which by now have paid for all of their hardware and made money. Also people that pay very little for electricity, especially in colder climates which dont have to use AC to cool down their hardware.

ASICs are coming guys, I didnt want to accept it myself. They are pricey however, but sure do save on power. Problem is, is that a solid ASIC unit thats in development that does 9-30Mhash is costing almost the same amount in video cards. It will still take you a long time to break even, even if you are paying less for electric.
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March 18, 2014, 01:49:19 AM
 #15

I put money into 16.5 Mhash two and half months ago, and am selling most of my gear now. 3-4 months ago the profits were good, you were practically guaranteed at least .1200 per Mhash. Now you are lucky if you get anything above .0058. I have sold most of my gear now at a slight loss which doesn't bother me. I came to a realization that I should have played the arbitrage game, which would have made me WAY WAY more than what mining could have ever brought in. I sadly couldnt do that because it took so long for BitStamp to approve me...very slow process. The only people that are benefiting are those that began mining years ago, which by now have paid for all of their hardware and made money. Also people that pay very little for electricity, especially in colder climates which dont have to use AC to cool down their hardware.

ASICs are coming guys, I didnt want to accept it myself. They are pricey however, but sure do save on power. Problem is, is that a solid ASIC unit thats in development that does 9-30Mhash is costing almost the same amount in video cards. It will still take you a long time to break even, even if you are paying less for electric.
ASICs are coming for scrypt, but videocards != scrypt.

Then power usage is quadratically correlated with voltage, so I suggest you strongly undervolt your cards down to ~0.9V core, or in alternatively mine coins with non-scrypt PoW.

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rembrandtt
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March 18, 2014, 06:50:46 PM
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I think if too many asics start to mine, people would just switch to asic-resistant currencies with different algorithms like vertcoin or something with scrypt-jane, wouldn't they?

That is a very real possibility, yes.  It is uncertain how profitability will fare on those currencies though regardless of being ASIC resistant. 

I just invested in 30 290x mining farm and just got them up and running couple of weeks ago.  I now feel that it's too late and that I should have known and invested in Gridseed instead.  Now I'm wondering if should take the loss by selling by GPU rigs now to convert to ASIC farm, gridseed in particular, but the one major speculation I'm hoping for is that GPU mining will continue to be profitable because of nscrypt.  Then again maybe nscrypt will eventually work on these asics...
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March 19, 2014, 04:12:00 PM
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I think if too many asics start to mine, people would just switch to asic-resistant currencies with different algorithms like vertcoin or something with scrypt-jane, wouldn't they?

That is a very real possibility, yes.  It is uncertain how profitability will fare on those currencies though regardless of being ASIC resistant. 

I just invested in 30 290x mining farm and just got them up and running couple of weeks ago.  I now feel that it's too late and that I should have known and invested in Gridseed instead.  Now I'm wondering if should take the loss by selling by GPU rigs now to convert to ASIC farm, gridseed in particular, but the one major speculation I'm hoping for is that GPU mining will continue to be profitable because of nscrypt.  Then again maybe nscrypt will eventually work on these asics...

I'm in a similar situation. I'm hoping Scrypt-Adaptive N factor and Scrypt-Jane coins keep the GPU farm busy. That being said, I'm only getting gridseeds from now on to increase my hash rate.
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March 19, 2014, 05:04:24 PM
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I think if too many asics start to mine, people would just switch to asic-resistant currencies with different algorithms like vertcoin or something with scrypt-jane, wouldn't they?

That is a very real possibility, yes.  It is uncertain how profitability will fare on those currencies though regardless of being ASIC resistant. 

I just invested in 30 290x mining farm and just got them up and running couple of weeks ago.  I now feel that it's too late and that I should have known and invested in Gridseed instead.  Now I'm wondering if should take the loss by selling by GPU rigs now to convert to ASIC farm, gridseed in particular, but the one major speculation I'm hoping for is that GPU mining will continue to be profitable because of nscrypt.  Then again maybe nscrypt will eventually work on these asics...

I'm in a similar situation. I'm hoping Scrypt-Adaptive N factor and Scrypt-Jane coins keep the GPU farm busy. That being said, I'm only getting gridseeds from now on to increase my hash rate.
You guys are putting too much into an empty word "hope". Hope will cost you everything you invested into your cards, which will be a huge loss. You have to look into the current coins to see how they perform.
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March 19, 2014, 05:42:16 PM
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I just invested in 30 290x mining farm and just got them up and running couple of weeks ago.  I now feel that it's too late and that I should have known and invested in Gridseed instead.  Now I'm wondering if should take the loss by selling by GPU rigs now to convert to ASIC farm, gridseed in particular, but the one major speculation I'm hoping for is that GPU mining will continue to be profitable because of nscrypt.  Then again maybe nscrypt will eventually work on these asics...

GPUs will always be useful because coin creators will just adopt different algos for which there are no ASICs yet.

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March 21, 2014, 12:44:01 AM
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I think if too many asics start to mine, people would just switch to asic-resistant currencies with different algorithms like vertcoin or something with scrypt-jane, wouldn't they?

That is a very real possibility, yes.  It is uncertain how profitability will fare on those currencies though regardless of being ASIC resistant. 

I just invested in 30 290x mining farm and just got them up and running couple of weeks ago.  I now feel that it's too late and that I should have known and invested in Gridseed instead.  Now I'm wondering if should take the loss by selling by GPU rigs now to convert to ASIC farm, gridseed in particular, but the one major speculation I'm hoping for is that GPU mining will continue to be profitable because of nscrypt.  Then again maybe nscrypt will eventually work on these asics...

I'm in a similar situation. I'm hoping Scrypt-Adaptive N factor and Scrypt-Jane coins keep the GPU farm busy. That being said, I'm only getting gridseeds from now on to increase my hash rate.

Agreed.  Same here.  My GPU farm is now 100% nscrypt and plan to slowly get gridseeds.  The hard part is to slowly buy gridseeds only from profits.  Otherwise this will turn into a very expensive hobby.
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