Is your RIG still running? Profitable?

[brooklynite]

Hello Everyone, I wanted to solicit your opinion on whether I should shut down my RIG.

So I started Jan 1st, spent $1,500 on my 4x7970 RIG.

I started making 0.30 BTC avg. worth $30 minus $5 daily for electricity my net was  $25/day. (mining alt of course)

Well, I never sold any BTC so it was never realized profit, but by March 1st I had made 1.5 BTC.

Then March hit. Gridseeds flooded the (Chinese) market before ever making it to the rest of the world and profits sank for everyone else doing GPU mining. Scrypt-N showed up but coin developers were very slow in making hundreds of clones so those have not become profitable either.

So... profits for me are down to 0.012BTC day, (BTC is in the $440 range) making my profit worth $6 /day minus $5 in electricity and now I'm down to $1/day which is not worth the noise and the space it takes over and certainly more than what I lose on depreciation of the parts. My RIG as is is prbably worth $1,000 or less (it was worth $3,000 in Jan).

So as of tonight it seems like I need to shut down the RIG.

So I'm here asking any one of you who is in the same boat (anyone doing GPU probably is). What are you guys doing? What are you mining? What is your advise for me?

Thanks!

[MichBjukenon]

Hello Everyone, I wanted to solicit your opinion on whether I should shut down my RIG.

So I started Jan 1st, spent $1,500 on my 4x7970 RIG.

I started making 0.30 BTC avg. worth $30 minus $5 daily for electricity my net was  $25/day. (mining alt of course)

Well, I never sold any BTC so it was never realized profit, but by March 1st I had made 1.5 BTC.

Then March hit. Gridseeds flooded the (Chinese) market before ever making it to the rest of the world and profits sank for everyone else doing GPU mining. Scrypt-N showed up but coin developers were very slow in making hundreds of clones so those have not become profitable either.

So... profits for me are down to 0.012BTC day, (BTC is in the $440 range) making my profit worth $6 /day minus $5 in electricity and now I'm down to $1/day which is not worth the noise and the space it takes over and certainly more than what I lose on depreciation of the parts. My RIG as is is prbably worth $1,000 or less (it was worth $3,000 in Jan).

So as of tonight it seems like I need to shut down the RIG.

So I'm here asking any one of you who is in the same boat (anyone doing GPU probably is). What are you guys doing? What are you mining? What is your advise for me?

Thanks!

lots of us have the same problem,but ill still mine even with a loss but for future profit.is it smart or dumb only time will tell

[MonkeyDOH]

It's more profitable to mining altcoins.

[DubFX]

Hunt for new altcoins or check altcoin calendars and if the coin is worth it hold and then sell slowly.

[Kruncha]

People mined bitcoin when they were worthless, look at them now. Just because at this very moment it isn't profitable, doesn't mean it wont turn out to be.

K.

[brooklynite]

People mined bitcoin when they were worthless, look at them now. Just because at this very moment it isn't profitable, doesn't mean it wont turn out to be.

K.

Big difference is that bitcoins almost always had an uptrend. Since March 1st things are not rosy there either.

[Amph]

People mined bitcoin when they were worthless, look at them now. Just because at this very moment it isn't profitable, doesn't mean it wont turn out to be.

K.

it's better to buy then, mining at loss(or for a tiny profit) is never a good move

personally i've shut down my rig, and i'm mining only new coin at the start, repeat

i'm happy anyway in two months i have done plenty of btc with just two vga

[brooklynite]

Hunt for new altcoins or check altcoin calendars and if the coin is worth it hold and then sell slowly.

Problem is that we need a ton more alt to spread the new 250mh/s miners around, or all coin developers should focus on Scrypt-N only and let Scrypt difficulty, on all altcoins, just skyrocket like Bitcoin did.

When ASICs appeared on Bitcoins everyone moved onto making Scrypt clones of litecoin.

When ASICs appeared for Scrypt we need everyone to move on to Scrypt-N and that doesn't seem to be happening.

[brokedummy]

lots of us have the same problem,but ill still mine even with a loss but for future profit.is it smart or dumb only time will tell
[/quote]

It's dumb, just buy the coins.

[brokedummy]

People mined bitcoin when they were worthless, look at them now. Just because at this very moment it isn't profitable, doesn't mean it wont turn out to be.

K.

They would have even more bitcoin if they had spent the electric money on bitcoin. It's never a good idea to mine at a loss. Take the electric money and buy the coins if profitability is that low.

[Joerii]

Hunt for new altcoins or check altcoin calendars and if the coin is worth it hold and then sell slowly.

Problem is that we need a ton more alt to spread the new 250mh/s miners around, or all coin developers should focus on Scrypt-N only and let Scrypt difficulty, on all altcoins, just skyrocket like Bitcoin did.

When ASICs appeared on Bitcoins everyone moved onto making Scrypt clones of litecoin.

When ASICs appeared for Scrypt we need everyone to move on to Scrypt-N and that doesn't seem to be happening.

X11 is much more GPU friendly. Check out Hirocoin and Darkcoin. Soon Einsteinium will also change to hash with X11. Less heat and noise !

[DeltaQuebec]

My 2 cents, if your are mining right now.. and need to profit right now, then no. However if your mining now, and can afford to not see a noticeable  return for a while, then yes absolutely.

Many miners jumped in with 'ALL THEY HAD' , they saw stars, they mined, & they dumped. This miner told a friend .. hey check this out.. his friend did the same, then forums came, & social media.. GPUS sky rocket in price ( multiple reasons ).. people still bought in, they still saw stars.. they mined, they dumped, they smiled.. until recently.

Now, the late to the gamer's are wondering what happened.. where did the stars go.. whats this big bright light.. well its the sun. These vampires are running away in droves. Used GPU's in abundance's are now available used, some dirt cheap. The sun is still rising, and it will set again, in time.. like it always does. But if you cannot be exposed to the sun for very long, then there may be issues.

In laymen's terms w/o the silly 'sun/stars' references.. Crypto is transitioning from 'Insta idiot profits', into real world investing. Miners that cant , dont or refuse to properly invest hash/btc properly, will fail hard. Good things come to those whom wait. Blindly using resources on the 'latest ANN coin', will weed out the ones whom cant see past hype & glitter, they will inevitably fall, some quite hard.

If you define 'profitable' on a day to day basis, or need to rather.. its not looking good for you. And hasent for quite some time now.

I will end this with the statement , that I am by no means an expert trader / miner / investor in anything.. this is just my 2 cents. YMMV

-Happy Trading & Mining too if you can afford to

[Kruncha]

People mined bitcoin when they were worthless, look at them now. Just because at this very moment it isn't profitable, doesn't mean it wont turn out to be.

K.

it's better to buy then, mining at loss(or for a tiny profit) is never a good move

personally i've shut down my rig, and i'm mining only new coin at the start, repeat

i'm happy anyway in two months i have done plenty of btc with just two vga

I had a PC, but no money, and no way to buy, even if i wanted to - I've done really well out of it, so i'm sticking to my methods.

K.

[vrm86]

Now my rig is running for one of two purposes:

1st: Mining new algo coins to hold them in long term.

2nd: Mining coins for BTC to invest in some PoS coins - it's cheaper and easier to pay electricity bill than moving FIAT on some BTC exchanges.

[SpeedDemon13]

I'm not making as much as two months ago. Now with the new ASIC Scrypt Miners are out, I mine my 3.2 mh/s on either X11, HVC, Myraid or any profitable non-Scrypt coin. These non-Scrypt/non-Scrypt-N algos are pretty much less heat producing and less power hungry. Also, I cpu mine XPM.

[greentea]

I sold my small rig operation and am waiting on some scrypt ASICs ... if you're really doing it for ROI and not fun/hobby
mining is mostly a gamble.  Who knows in 6 months what the price of BTC/LTC could be?

[Kruncha]

I sold my small rig operation and am waiting on some scrypt ASICs ... if you're really doing it for ROI and not fun/hobby
mining is mostly a gamble.  Who knows in 6 months what the price of BTC/LTC could be?

nicely said, i love the scene and what it can possibly achieve - i do it coz i love it

K.

[Wipeout2097]

- Undervolt the cards
- See if your power company offers a contract where it costs less during night and weekends.
- Avoid mining scrypt or scrypt-n, if the gains are minimal vs X11, keccak, hefty, etc...

But then, I don't mind mining at a (small) loss. I'm slowly converting fiat to cryptos, without exchanges or ID validation

[DubFX]

Hunt for new altcoins or check altcoin calendars and if the coin is worth it hold and then sell slowly.

Problem is that we need a ton more alt to spread the new 250mh/s miners around, or all coin developers should focus on Scrypt-N only and let Scrypt difficulty, on all altcoins, just skyrocket like Bitcoin did.

When ASICs appeared on Bitcoins everyone moved onto making Scrypt clones of litecoin.

When ASICs appeared for Scrypt we need everyone to move on to Scrypt-N and that doesn't seem to be happening.

X11 is much more GPU friendly. Check out Hirocoin and Darkcoin. Soon Einsteinium will also change to hash with X11. Less heat and noise !

You may also want to look here till it isn't so popular i think that it will grow alot b4 or throught summer:
https://bitcointalk.org/index.php?topic=525926.0

[ibfragalot]

Hiro coin X11 is the answer! Try it... You'll be amazed.