Is mining even profitable anymore?

[Nullu]

I've got two rigs running, which work out at roughly 5 mhash/sec on Scrypt. That's two Corsair 1200 watt PSUs.

Since middlecoin went down, I've been looking at something else to keep the rigs profitable. Tried multipool. Doesn't even cover the electric costs. Just looked on Betarigs, and it doesn't even seem worth it either. 0.003 BTC per day on Scrypt, at best?

Anything else I should be looking at? I haven't had to touch the rigs for months as they've just been mining away at middlecoin, but now I need to make them profitable again.

[byt411]

Unless you are paying very little for electricity, no, you won't earn anything at all.
You can also move to another country with low electricity fees, but I doubt you'd do that.
Try other multipools.

[bitgeek]

I think it is, you just need to know what to mine and speculate with the coins a bit. Simple mining and trying to calculate the profits daily doesn't work as it used to (unless you're cloud mining).

[Amph]

i think not anymore, but maybe because whales are on vacation...notice how even new coins have a very tiny value

[JohnD]

I have to pay a lot for electricity and my rigs are still profitable. I am currently mining Cryptonight coins (mainly monero).

[AdamWhite]

Well, there's your problem. Why on earth are you still mining Scrypt coins? There are other algorithms.. if you're using AMD cards and paying for electricity it'll be tough to make a profit. Look into X11

[zhinkk]

Your PSU is 1300watts but how much are you actually using out of it? I agree though, unless you have a very powerful asic you got on sale or something profits are iffy.

[Nullu]

Your PSU is 1300watts but how much are you actually using out of it? I agree though, unless you have a very powerful asic you got on sale or something profits are iffy.

3 R9 280s on one, and 4 on another. One of the PCI slots died on one motherboard so I'm a card down.

I'll look at Monero and also some X11 currencies.

[Kluge]

Only mine during Winter when profitability is low or non-existent. Especially if you use propane or electric heating, the usually-wasted electricity (heat) from miners will offset or completely eliminate your normal heating costs, a benefit you can use to adjust your effective electricity cost. If you're in a place with fairly stable, mild or hot temperatures, to Hell with mining. The benefit is much, much smaller if you have a city natural gas line, too.

Moreover, if you don't regularly use all the rooms in your house, the ability to only produce heat where it's needed is exceptionally efficient.

Last year, I ordered a few small-ish electric heaters due to propane prices and propane's poor ability to direct (rather, my need to re-do the wrapping on the ducts and replace vents, which sounds like a real PitA). Less than a week later, I realized I was being unbelievably stupid and ordered electric bitcoin-generating heaters.

[Lauda]

I do not think that it is. If you have cheap electricity or somehow 'free' you could mine. I guess the mining game is over for small miners, sadly (I know). Or you could also do what Kluge said, use it to heat up some parts of your home which also works very well if you do some customization. There was a guy that modified his miner to have a similar effect such as underfloor heating I think.

[hellscabane]

I agree with most of the sentiment on this thread. In particular, switching out from scrypt mining and going to a different algorithm.

If you're hoping to get a head start on an anticipated growth in value that could happen when more and more miners switch their rigs back on when it becomes winter again, you should just buy coins instead of trying to squeeze pennies of profitability.

In either case, with sCrypt ASICs, a different algorithm is the way to go. But even those new algorithms are quickly losing daily profitability.

[sumantso]

Was playing games earlier, stopped them to mine, and back to playing games only now.

With altcoins crashing hard doesn't even feel its worth the effort.

[TrangLee]

My miners are parked until i see something decent coin wise to mine. 

[Nxtblg]

Wow...up the mountain and all the way back down again. We might actually be re-visiting the days when scrypt mining was both a hobby and a way to scoop up coins to HODL.

https://www.youtube.com/watch?v=s6FsnmaJrQQ

[lynn_402]

Actually, in all the history of Bitcoin it rarely was immediately profitable to mine. Except in period of bubbles, miners can only profit by holding there coins and waiting for them to have an higher value. It's silly to expect that it's possible to have an immediately profitable money-making machine.

[griffga]

Like people have said before, if you're willing to take a risk and mine in order to hold for future value, you can make a profit. However, that is a lot of what ifs. I have 4 mining rigs right now, but I only still run them because I have free electricity and I also bought them back in 2013 and already made roi on them. Would I go out and drop $7k on mining equipment again right now if they weren't already paid off? Hell no, I would just take that money and buy coins directly.

[Equate]

Actually, in all the history of Bitcoin it rarely was immediately profitable to mine. Except in period of bubbles, miners can only profit by holding there coins and waiting for them to have an higher value. It's silly to expect that it's possible to have an immediately profitable money-making machine.

Miners are missing pump n dump opportunities these days as most of coins are not even pumped at first place

[Palmdetroit]

Yep mining is dead, however,



.....Quadfire 4k!

[notlist3d]

It depends a lot on electricity prices.  For me CPU/GPU is dead but asic very much alive.  I am lucky to have lot's of space and decent priced electricity.

Begining of summer i pulled 8500+ watts of GPU from mining as summer heat removal and mining profits just did not make it worth it, was better off selling GPU's and getting asics and electricity and cooling cost have been much less.  Making it profitable for me on asic's.

It really is a very individual thing on ROI.  And there is hosted mining for those who have high electricity or no space.  Again machine price and monthly price with bitcoin going rate depend make/break your profit.

With Scrypt its harder to predict then bitcoin.  Difficulty/coin price is a lot harder to predict then flat BTC.

[CryptoSkills]

As many others said depend first on the cost of electricity.

Then a fundamental factor is the zone in the world you are living. I mean, mining altcoins for a worth of 0.1 BTC when you're living in Taiwan or Cambodia is not bad, but how this could be "enough" when you are living in central or northern europe?

I definitely think that even multipools or launches are profitable anymore. Why? Because multipools tooks too much fees first, second they drop so hard the price of a coin that if "now" is profitable, maybe 12 hours later it is not anymore.

Launches? Well, when you can get a "fair and proper"(1 on 100/150) launch you will be probably fighting in the so called "Rent War". Do you have less then 30MH/s? You're out. Do not even try. Things changed amazingly fast from the last year (same month and same day )and now seems that the good old "concept of decentralization and power to the people", is totally gone.

This become a worldwide business. This means more competition..and of course more money. And where are the money come in the multicorporations whales.

Without going too far my thought about your question are: if you're lucky, you can earn some quick and good bucks, if not you ...