bitcoin mining not profitable anymore

[coinmoneyfarm]

so if you have 1000 gh/s miner which is drawing 1000 watts you lose $ 3.67 per day according to cionwarz
so my question is how come hashrate is continuously increasing
why are all these people mining at a loss or am i totally missing here something

[achimsmile]

so if you have 1000 gh/s miner which is drawing 1000 watts you lose $ 3.67 per day according to cionwarz
so my question is how come hashrate is continuously increasing
why are all these people mining at a loss or am i totally missing here something

Unless you are paying 80 USD cents per kWh, I think you made a mistake in your calculation.

[coinmoneyfarm]

ok sorry i entered cents per kwh wrong
thanks for correcting

[jonnybravo0311]

so if you have 1000 gh/s miner which is drawing 1000 watts you lose $ 3.67 per day according to cionwarz
so my question is how come hashrate is continuously increasing
why are all these people mining at a loss or am i totally missing here something

Unless you are paying 80 USD cents per kWh, I think you made a mistake in your calculation.

Err... so did you.  $0.80 per kWh translates into $19.20 a day.  To get $3.67 a day, it's $0.1529 per kWh.

[achimsmile]

so if you have 1000 gh/s miner which is drawing 1000 watts you lose $ 3.67 per day according to cionwarz
so my question is how come hashrate is continuously increasing
why are all these people mining at a loss or am i totally missing here something

Unless you are paying 80 USD cents per kWh, I think you made a mistake in your calculation.

Err... so did you.  $0.80 per kWh translates into $19.20 a day.  To get $3.67 a day, it's $0.1529 per kWh.

No, I assumed "you lose $3.67 per day" to be the total, after adding profits. Else the title of this thread would not make sense.

[jonnybravo0311]

so if you have 1000 gh/s miner which is drawing 1000 watts you lose $ 3.67 per day according to cionwarz
so my question is how come hashrate is continuously increasing
why are all these people mining at a loss or am i totally missing here something

Unless you are paying 80 USD cents per kWh, I think you made a mistake in your calculation.

Err... so did you.  $0.80 per kWh translates into $19.20 a day.  To get $3.67 a day, it's $0.1529 per kWh.

No, I assumed "you lose $3.67 per day" to be the total, after adding profits. Else the title of this thread would not make sense.

Wouldn't "you lose $3.67 per day" mean "it costs you $3.67 a day to run the thing"?

The original statement is "I have a 1TH/s miner that draws 1kW of power".  We know he's using 24kW of power in a day.  If it's costing $3.67, he must be paying $0.15ish per kWh.

I am genuinely interested in how you got your number as I just can't see your interpretation of it.  Would you mind expanding for me?  Thanks!

EDIT: Never mind!  I got what you're trying to say now... your take on his statement was "At the end of the day I'm $3.67 in the hole"
So, given the current difficulty, that 1TH/s expects to earn 0.02683BTC a day, which converted to USD right now is $15.51.  So, if he's ending up at a loss of $3.67 a day, he's got to be spending $19.18 a day in power... hence your $0.80 per kWh costs.

[jjc326]

I think this is what a lot of people are wondering.  Who is buying all this new product unless they have "free" electricity, or at least very cheap?  I suspect most places where you get "free" electricity, like colleges and workplaces, will soon catch on and do something about the electricity costs.  I think a bunch of people are ignorant too, or else they just consider it a hobby and have money to burn.

[CreationLayer]

Well I think some of the larger mining producers are shifting to enterprise sales, as it's difficult for the average person to generate profit.

However, there are opportunities, it's just no easy anymore to find.

[DrG]

In the past people bought miners because they promised to deliver more hash to their customers than their competitors at an earlier point in time coughBFLcough.  Now the new people joining are buying cloud mining contracts and the companies can afford to operate on very lean profits from the mining since they resell the hash at an inflated rate.