To the ones who gave up mining or reduce mining because electricity costs

[rdluffy]

I live in Brazil, and I used to pay something like 0.14 cents in 2017
I had 25 Gpus mining and 4 CPUs, but when market crashed, my electricity costs went to 0.20cents, so I sold my rigs, and I'm holding my coins until today

What did you do with the rigs?
Still mining at loss, sold everything or just turned it off?

I confess that I miss my rigs, but there's no chance to mining with high electricity costs, better buy the coins with fiat

[lobat999]

Since electricity cost is a major factor in determining mining profitability then I'm afraid it would be more difficult to resolve your issue unless there will be drastic changes in energy generation in your country e.g. adoption of renewable energy - which could result to low electricity costs. Moreover, maybe you can figure out a more efficient mining operation by carefully selecting the most profitable coin from time to time and adapt with it since I understand most miners did suffer from the negative effects of crypto winter and I hope it will be changed anytime soon. Just don't give it up yet. Good luck!

[JeffBrad12]

I live in Brazil, and I used to pay something like 0.14 cents in 2017
I had 25 Gpus mining and 4 CPUs, but when market crashed, my electricity costs went to 0.20cents, so I sold my rigs, and I'm holding my coins until today

What did you do with the rigs?
Still mining at loss, sold everything or just turned it off?

I confess that I miss my rigs, but there's no chance to mining with high electricity costs, better buy the coins with fiat

I just try to search a profitable coin with easy difficulty and good liquidity. I can pay my electricity with my own salary from my real job and i was not feeling worried about that dude. but my country still cost 10 cents. and that means if you have paid it doubled than me. Sold it and move to the trade and i will do that if that's me.
But just curious about the performance of your coin and did you get some money from there after the bitcoin bullish?

[shiming]

For those who have just joined the mining industry, the current market downturn is indeed very bad. You can close the mining machine within the acceptance range, and then dig it when the market is good. Just a suggestion.

[traderethereum]

I live in Brazil, and I used to pay something like 0.14 cents in 2017
I had 25 Gpus mining and 4 CPUs, but when market crashed, my electricity costs went to 0.20cents, so I sold my rigs, and I'm holding my coins until today

What did you do with the rigs?
Still mining at loss, sold everything or just turned it off?

I confess that I miss my rigs, but there's no chance to mining with high electricity costs, better buy the coins with fiat

Did you try to calculate how much your profits before you sold your rigs?
Because with an increase in the electricity costs for about 0.06 cents will not be a problem for you if you can get a nice reward.
But that happened before, and I think you can buy another rig because I heard the price for the GPU was reduce too deep related to the mining difficulty was increased.
But if I were you, I think I will continue the mining process, and I think I will make deeply search for the potential coins to mining.

[rdluffy]

Since electricity cost is a major factor in determining mining profitability then I'm afraid it would be more difficult to resolve your issue unless there will be drastic changes in energy generation in your country e.g. adoption of renewable energy - which could result to low electricity costs. Moreover, maybe you can figure out a more efficient mining operation by carefully selecting the most profitable coin from time to time and adapt with it since I understand most miners did suffer from the negative effects of crypto winter and I hope it will be changed anytime soon. Just don't give it up yet. Good luck!

Thanks, I looked for solar energy or another companies to supply energy, but here in my country we don't have options

I live in Brazil, and I used to pay something like 0.14 cents in 2017
I had 25 Gpus mining and 4 CPUs, but when market crashed, my electricity costs went to 0.20cents, so I sold my rigs, and I'm holding my coins until today

What did you do with the rigs?
Still mining at loss, sold everything or just turned it off?

I confess that I miss my rigs, but there's no chance to mining with high electricity costs, better buy the coins with fiat

I just try to search a profitable coin with easy difficulty and good liquidity. I can pay my electricity with my own salary from my real job and i was not feeling worried about that dude. but my country still cost 10 cents. and that means if you have paid it doubled than me. Sold it and move to the trade and i will do that if that's me.
But just curious about the performance of your coin and did you get some money from there after the bitcoin bullish?

I can pay electricity with my salary to, but I don't think this is the best choice for me, I sold my GPUs at the same price I bought (GPUs prices are at the peak) and it's better to buy the coins instead of mining, it's cheaper for me
After the bullish of BTC, I just hold my coins, all of then, ETC, ETH, Zcoin, Doge etc

For those who have just joined the mining industry, the current market downturn is indeed very bad. You can close the mining machine within the acceptance range, and then dig it when the market is good. Just a suggestion.

I'm not a newbie trying to join, I already did 2 years ago

I live in Brazil, and I used to pay something like 0.14 cents in 2017
I had 25 Gpus mining and 4 CPUs, but when market crashed, my electricity costs went to 0.20cents, so I sold my rigs, and I'm holding my coins until today

What did you do with the rigs?
Still mining at loss, sold everything or just turned it off?

I confess that I miss my rigs, but there's no chance to mining with high electricity costs, better buy the coins with fiat

Did you try to calculate how much your profits before you sold your rigs?
Because with an increase in the electricity costs for about 0.06 cents will not be a problem for you if you can get a nice reward.
But that happened before, and I think you can buy another rig because I heard the price for the GPU was reduce too deep related to the mining difficulty was increased.
But if I were you, I think I will continue the mining process, and I think I will make deeply search for the potential coins to mining.

I calculated everything
It was not only 6 cents guys, the market crashed at the same time, I have a lot of profits before, but with ETH worthing less than 300 USD and BTC less than 10k, it's complicated to mining  with high energy costs

[irixo10]

You said it all and I really feel for you as I have done that already.
Actually it doesn't make sense being in a business or in this case mining where you will sacrifice more and end up with little or no profit.
I have resorted to buying the coins instead of going through trauma mining as electricity cost isn't encouraging in my location.
Maybe it will be profitable one day, but for now I will wait it out.

[rdluffy]

You said it all and I really feel for you as I have done that already.
Actually it doesn't make sense being in a business or in this case mining where you will sacrifice more and end up with little or no profit.
I have resorted to buying the coins instead of going through trauma mining as electricity cost isn't encouraging in my location.
Maybe it will be profitable one day, but for now I will wait it out.

We are on the same boat
Nowadays the price of GPUs are very good in my country, but it doesn`t matter anymore

I`m curious, where do you live?

[kickdapa]

I turned off mining for a while, but I am staking nowadays and started trading. Maybe I become lazy to start mining again or I am earning good enough from the trade! In my country, the electricity cost is a minor problem but the main problem is the government has announced to shut down mining and mining becomes illegal here!

[thorRJ]

I live in Brazil, and I used to pay something like 0.14 cents in 2017
I had 25 Gpus mining and 4 CPUs, but when market crashed, my electricity costs went to 0.20cents, so I sold my rigs, and I'm holding my coins until today

What did you do with the rigs?
Still mining at loss, sold everything or just turned it off?

I confess that I miss my rigs, but there's no chance to mining with high electricity costs, better buy the coins with fiat

I also live in Brazil, and I had some GPUs, there were few, but when the fever started in mining, especially in ETH, my hash power dropped, and with this high energy cost I also ended up selling .

In Brazil it is almost impossible to have a ROI in mining, plates at the time were high and still have the energy.

[adaseb]

We will see what most people did with their GPUs depending on how high the difficulty goes right now that mining became profitable again.

So far the difficulty is slowly rising now that the price went up. I think most people just turned off their rigs because they assumed, ETH would go up again in the future. However there are certain people that actually sold their rigs, most likely to gamers which won't affect the hashrate unless those gamers are also miners.

[Dewi Aries]

Well, if cost is more than what we got, i think it is good to stop our mining activity. About rigs, in my community there are people who already sold it and hold their rigs. I have friends that get hype, and increase electricity in his house, and now he regret it.

[mk111]

I started mining with two rigs at the beginning of 2017 and has been mining at a loss (not much but still a loss) for the last year or so.
Yes I  have to cover electricity every month and I have not sold any coins I have mined since 2017 but I feel that it will be worth it at the end.

My main reason for mining crypto and not buying crypto with fiat is because when I mine nobody (including the greedy government mofo's) know how much and which crypto's I have. I am never going to cash out to fiat and get taxed!

 

[Christinebeauty]

We don't do mining for fun but for the financial benefits we derive from it. You made a good decision by halting your mining activities when the market crashed and mining wasn't profitable anymore. High electricity consumption is the major drawback in the crypto mining sector

[shaheer001]

Your are right mate The main factor which every one are facing the cost of electricity and coins value due to which many top miners quit up this great business at the moment.

[viljy]

I think that now engaged in mining mainly those who do not pay for electricity. In addition, they did not pay for the equipment. Since it is often the server in the place where they work. This applies to mining coins for cpu. For example, xmr or other coins on algo cn. Think about it, who will buy dozens or more xeon? What for? Miners buy GPU, I have not seen such a miner who would buy processors for $2000 or more. Well, maybe I'm wrong, but that's my opinion.

[rdluffy]

Thanks for all answers, it's good to see what each one of you did about mining
I really like mining and all concept about that, but I cannot afford to lose money mining

[DeathProxy]

The cost of electricity has been the reaaon many dumped mining.  Once you calculate the amount you spend on electricity you will discover that there is no much profit in mining. But if you can find alternative source of energy like solar so as to cut cost of electricity you can then maximize profit from mining

[rdluffy]

The cost of electricity has been the reaaon many dumped mining.  Once you calculate the amount you spend on electricity you will discover that there is no much profit in mining. But if you can find alternative source of energy like solar so as to cut cost of electricity you can then maximize profit from mining

I'm looking for solar energy, but it's very expensive here in Brazil and we only have one company to buy electricity

About solar system, I have to spend a small fortune to only have power to maintain one GPU for example

The return is more than 6 or 7 years to pay the rig and the solar system

[huhhuh18]

and it is to this reason why many people prefer good climate, cheap electricity and considerate jurisdiction. Well, what I can say is that if you have some of the coins you got from that left then you may need to keep them for long so that it helps as a " self-collateral" for the sold rigs.