Ethereum Miners Earn $500,000 in Just One Hour

[kolbalish]

Ethereum miners are increasingly profiting from transaction fees as they keep growing—along with concerns over the high prices.

Miners on the Ethereum blockchain have set a new record by earning half a million dollars in transaction fees in just one hour, according to crypto analytics platform Glassnode.

It would be better to follow the link below to read more about this news: https://decrypt.co/40388/ethereum-miners-earn-500000-in-just-one-hour?amp=1

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[Ridwan Fauzi]

Wrong board honestly..

You can move this thread to this board https://bitcointalk.org/index.php?board=160.0

[kolbalish]

Wrong board honestly..

You can move this thread to this board https://bitcointalk.org/index.php?board=160.0

Moved. Thank you to remind me to move this in the right section.

[Metroid]

Funny, when eth miners lose $500.000 in just one hour, nobody says anything. Talk about hypocrisy.

[philipma1957]

Funny, when eth miners lose $500.000 in just one hour, nobody says anything. Talk about hypocrisy.

most likely that has never happened.

but hodlers took huge down spikes.

you are very negative to miners and mining in general.
i am very positive to miners and mining in general.

some months miners lose out and you look good.

right now miners are whaling and i am looking good.

I appreciate your negativity as I use it to not goe nuts with cards.

[Metroid]

I'm not always negative, I just say as I see, it upsets the hell of me when mining starts having a little profit since 2018 of negative profit and then comes all these new people, online news, saying miners are getting rich quickly, not one of them says anything about what happened last 2 years mining eth, about the negative profit during the last 2 years. all the bullshit they spread about mining eth is beyond comprehension, and now because of these online news, these new people are buying gpus hoping to get rich fast and then increasing the network difficulty a lot, the miners who really stayed there when eth needed the most are not getting what they should be getting and these new people are focusing on mining instead of buying eth and that is bad for the ecosystem. So, why don't they stay quiet about mining profit now as they have done last 2 years, I have not seeing anybody talk about negative mining profits last 2 years, those online news stayed all quiet.

[philipma1957]

well as a gold rush has happened again you need to sort out the good and or bad of it.

I never stopped mining gpus.

I reduced my gpus a lot.

Shifted some ming to asics.

this year i reduced my asics and shifted some to new gpus and some threadrippers.

Do I think anyone should start from scratch and plow in six thousand no I don’t.

Like i say i use you as a debbie downer in the bast way.

ie I now have 33 cards and i am going to 38/39 cards.

i could go to 58 cards with the mobos the psus and the other gear i have on hand.

you negative talk has made me decide to go to 38/39 cards not

55-58 cards.

I am thanking you in advance as you make my growth decisions easier to do.

[adaseb]

There is no right answer when is the best time to get into mining. When I started back in 2014... it was also a risky time. Basically its when BTC peaked and its around the time that ASICs for Litecoin came out and mining profits were brutal. Basically if I recall an R9 280X, the best mineable GPU at the time was pulling in about $5/day. Then a month later it was like $2.50/day, then $1/day, then $0.50/day to pretty much losing money. Basically with a retail price of $400, I think some ROI and some didn't.

However I kept the gear and reused it for mining ETH later in 2016. I honestly think 2016 was the best time to mine because it was profitable... but not too profitable where GPUs get sold out everywhere.

2017.2018 sure was more profitable however it wasn't "that" profitable for long. Basically GPUs sold out everywhere, so you couldn't expand your farm. And the days of making $5-10/day/GPU were sort lived. So when you are buying a $1000 GPU, even with a $10/day/gpu, would still take 3 months.

[badbart]

There is no right answer when is the best time to get into mining. When I started back in 2014... it was also a risky time. Basically its when BTC peaked and its around the time that ASICs for Litecoin came out and mining profits were brutal. Basically if I recall an R9 280X, the best mineable GPU at the time was pulling in about $5/day. Then a month later it was like $2.50/day, then $1/day, then $0.50/day to pretty much losing money. Basically with a retail price of $400, I think some ROI and some didn't.

However I kept the gear and reused it for mining ETH later in 2016. I honestly think 2016 was the best time to mine because it was profitable... but not too profitable where GPUs get sold out everywhere.

2017.2018 sure was more profitable however it wasn't "that" profitable for long. Basically GPUs sold out everywhere, so you couldn't expand your farm. And the days of making $5-10/day/GPU were sort lived. So when you are buying a $1000 GPU, even with a $10/day/gpu, would still take 3 months.

Its like a ll business adventures smart money wins and a huge amount of idiots but high and sell low.  Buying gear to decent prices and low electrical cost are key. 

I've been mining since late 2016 120 gpus and various ASICs and they paid off long ago and now its all profit after electrical cost and expansion cost.  I also hedge my mining profits so price swings are less of a problem.     

[adaseb]

I've been mining since late 2016 120 gpus and various ASICs and they paid off long ago and now its all profit after electrical cost and expansion cost.  I also hedge my mining profits so price swings are less of a problem.     

You can hedge the price of ETHUSD but you can't hedge the difficulty. Which is a problem because if you hedge to early you will screw yourself because the difficulty will be much higher than anticipates and instead of earning $100/day at current prices you might earn $50/day if you hedged at half of ETH's price.

I though about doing this before but I got screwed a little back in 2017 because we all know what happened with ETH. Remember early in the year when we assumed $100 ETHUSD would be the peak? Well it ended up going 14x higher than that. The best would of been hedging at $1400 but who knew if that would be the top.

[philipma1957]

It is why a guy like Metroid can help as he was right on top of the 2018 GPU crash.

So I actually do read what he says. I actually slowed my builds down and will stop for a bit.

[DrG]

Look at the world economy before going all in on miners. I prefer to have my cash ready for property pickups. I already did my crypto shopping when ETH went sub $100 and less than 0.017 vs BTC.

I doubt this bubble will sustain for a decent amount of time.

[Metroid]

Look at the world economy before going all in on miners. I prefer to have my cash ready for property pickups. I already did my crypto shopping when ETH went sub $100 and less than 0.017 vs BTC.

I doubt this bubble will sustain for a decent amount of time.

You have done it right, eth would no way sustain that crash below $100 for long, that was the right time to buy, hell even $150 was a good price at that moment. Bubble here is only on defi, eth and btc is no way in a bubble, is far from a bubble yet. ETH 2.0 is coming and that is huge, for now price seems to be indicating it will crash but I do not go along with it, any crash on eth or btc now is simply the people that want the quick money, whales know the big bull run is coming and they are slowly preparing for it. I would at this moment position myself to what is coming in few weeks.

[arielbit]

Look at the world economy before going all in on miners. I prefer to have my cash ready for property pickups. I already did my crypto shopping when ETH went sub $100 and less than 0.017 vs BTC.

I doubt this bubble will sustain for a decent amount of time.

You have done it right, eth would no way sustain that crash below $100 for long, that was the right time to buy, hell even $150 was a good price at that moment. Bubble here is only on defi, eth and btc is no way in a bubble, is far from a bubble yet. ETH 2.0 is coming and that is huge, for now price seems to be indicating it will crash but I do not go along with it, any crash on eth or btc now is simply the people that want the quick money, whales know the big bull run is coming and they are slowly preparing for it. I would at this moment position myself to what is coming in few weeks.

besides how will nvidia and amd sell their cards if gpu mining is dead already?  hehe

[Bitbtc8]

I'm not always negative, I just say as I see, it upsets the hell of me when mining starts having a little profit since 2018 of negative profit and then comes all these new people, online news, saying miners are getting rich quickly, not one of them says anything about what happened last 2 years mining eth, about the negative profit during the last 2 years. all the bullshit they spread about mining eth is beyond comprehension, and now because of these online news, these new people are buying gpus hoping to get rich fast and then increasing the network difficulty a lot, the miners who really stayed there when eth needed the most are not getting what they should be getting and these new people are focusing on mining instead of buying eth and that is bad for the ecosystem. So, why don't they stay quiet about mining profit now as they have done last 2 years, I have not seeing anybody talk about negative mining profits last 2 years, those online news stayed all quiet.

Ignore them mate, mining is for those who can endure any outcome, there will be time when mining won't be profitable at all, miners deserve this moment, it's never easy to be a miner nowadays, Ive been mining since 2018 too and it was all I'm loss at the time but I'm determined enough to hold my ETH and now im in big profit, mining and holding is so painful

[Akoldi_ibk]

It doesn't matter, and I don't think it is what we should be bothered about. They get rewarded for service rather despite no particular fee fixed for them. They go and operate with what the network and market give. I recall months back when the market was seriously down and these miners were still operating at loss because what they were mining in value is less than their cost of operation. The high fee won't be forever.

[Metroid]

It doesn't matter, and I don't think it is what we should be bothered about. They get rewarded for service rather despite no particular fee fixed for them. They go and operate with what the network and market give. I recall months back when the market was seriously down and these miners were still operating at loss because what they were mining in value is less than their cost of operation. The high fee won't be forever.

It's good this is happening, eth devs are right now under pressure to release eth 2.0, people are complaining about the fees and that is good, the more people complain the faster eth 2.0 will be released, eth network at moment is unusable. Do you know why even with high fees defi and other sought out tokens are still on eth network? because is secured but that has its limits, if eth devs dont do a damn about it, they know things might get out hand.

[Sy]

Lol, it's a time like this I wished that I had owned a huge mining farm lol. My buddy who owns a big farm earned about 30-35k in just about a week when the ETH gas fees were reaching an all-time high.

[adaseb]

Well that sure was fun while it lasted, basically profitability is less than half of what it was a couple of days ago. It's crazy how volitile has been recently.

Certain GPUs were pulling in about $2.50 and now they are pulling in a little over a $1. Hence why it's not always an easy decision whether you want to expand your farm or not.

[Metroid]

Well that sure was fun while it lasted, basically profitability is less than half of what it was a couple of days ago. It's crazy how volitile has been recently.

Certain GPUs were pulling in about $2.50 and now they are pulling in a little over a $1. Hence why it's not always an easy decision whether you want to expand your farm or not.

Hope this will be a lesson to people, defi scam went beyond control, scammers creating coins and asking 100k per coin to start off, and as soon as it started trading it crashed from 100k to 00000001 usd hehe, that surely was a red flag.