I am out of the mining game :(

[Nawaytes]

20% import tax on equipment and $0.27 per KwH here in the UK, and i'm still mining so no idea why your giving up so early!

he doesn't give up to find bitcoin  ,
he just realized what he did (mining) was useless. not get anything even spend a lot of money,
but everyone have different way to find bitcoin

[googlemaster1]

Honestly, I think home miners should only mine as a hedge against bitcoin price stagnation, which could theoretically lead to difficulty stagnation.  If you are long on bitcoin, have a sort of 15% mining operation.

Lets say you buy 10 BTC.  Maybe it would behoove you to buy 2 Antminer S3's.  If the difficulty skyrockets beyond profitability too quickly, then it would be probably safe to assume that the bitcoin price would have reflected upward momentum to account for the increased difficulty.

Again this is in a perfect world and we all know miners aren't rational.  But in the event of a +20% btc price, you would see a lot of old miners turn back on, and other companies roll out batches to gain hashpower.  At this point I can see maybe the difficulty doubling at the current BTC price.... anything beyond that and I'd start to worry.

[Bitsaurus]

Honestly, I think home miners should only mine as a hedge against bitcoin price stagnation, which could theoretically lead to difficulty stagnation.  If you are long on bitcoin, have a sort of 15% mining operation.

Lets say you buy 10 BTC.  Maybe it would behoove you to buy 2 Antminer S3's.  If the difficulty skyrockets beyond profitability too quickly, then it would be probably safe to assume that the bitcoin price would have reflected upward momentum to account for the increased difficulty.

Again this is in a perfect world and we all know miners aren't rational.  But in the event of a +20% btc price, you would see a lot of old miners turn back on, and other companies roll out batches to gain hashpower.  At this point I can see maybe the difficulty doubling at the current BTC price.... anything beyond that and I'd start to worry.

The home user obviously can't mine if difficulty goes up but the fiat price doesn't - they can't get BTC ROI currently and then they may not even get fiat ROI.

The mining manufacturers, on the other hand, who can sell the miners for 5x their cost - they can still make miners for themselves and mine until the difficulty is 5x higher.  So we know who is adding the the network...all those private farms we subsidized 

[X7]

Honestly, I think home miners should only mine as a hedge against bitcoin price stagnation, which could theoretically lead to difficulty stagnation.  If you are long on bitcoin, have a sort of 15% mining operation.

Lets say you buy 10 BTC.  Maybe it would behoove you to buy 2 Antminer S3's.  If the difficulty skyrockets beyond profitability too quickly, then it would be probably safe to assume that the bitcoin price would have reflected upward momentum to account for the increased difficulty.

Again this is in a perfect world and we all know miners aren't rational.  But in the event of a +20% btc price, you would see a lot of old miners turn back on, and other companies roll out batches to gain hashpower.  At this point I can see maybe the difficulty doubling at the current BTC price.... anything beyond that and I'd start to worry.

The home user obviously can't mine if difficulty goes up but the fiat price doesn't - they can't get BTC ROI currently and then they may not even get fiat ROI.

The mining manufacturers, on the other hand, who can sell the miners for 5x their cost - they can still make miners for themselves and mine until the difficulty is 5x higher.  So we know who is adding the the network...all those private farms we subsidized 

^^^^ This - we were literally just discussing that here... CoinTerra rolling out 11 MegaWatt farms after we purchase a huge amount of hardware from them left a pretty bad taste in our mouth.  Just saying... thanks for selling it to us at retail (when we inspected the insides of the machines) which were pretty rigorously protected (even as far as seals) showed some of the patch work that went into the machines.

So essentially as she correctly wrote... we literally purchased 2nd hand hardware at full retail while they mine with better equipment before they sell it on to us... >:|

Killed our industrial sized mining operation - rather than roll over and die we chose to move to a more feasible location and try to recoup whatever investments we can.

[Bitsaurus]

Honestly, I think home miners should only mine as a hedge against bitcoin price stagnation, which could theoretically lead to difficulty stagnation.  If you are long on bitcoin, have a sort of 15% mining operation.

Lets say you buy 10 BTC.  Maybe it would behoove you to buy 2 Antminer S3's.  If the difficulty skyrockets beyond profitability too quickly, then it would be probably safe to assume that the bitcoin price would have reflected upward momentum to account for the increased difficulty.

Again this is in a perfect world and we all know miners aren't rational.  But in the event of a +20% btc price, you would see a lot of old miners turn back on, and other companies roll out batches to gain hashpower.  At this point I can see maybe the difficulty doubling at the current BTC price.... anything beyond that and I'd start to worry.

The home user obviously can't mine if difficulty goes up but the fiat price doesn't - they can't get BTC ROI currently and then they may not even get fiat ROI.

The mining manufacturers, on the other hand, who can sell the miners for 5x their cost - they can still make miners for themselves and mine until the difficulty is 5x higher.  So we know who is adding the the network...all those private farms we subsidized 

^^^^ This - we were literally just discussing that here... CoinTerra rolling out 11 MegaWatt farms after we purchase a huge amount of hardware from them left a pretty bad taste in our mouth.  Just saying... thanks for selling it to us at retail (when we inspected the insides of the machines) which were pretty rigorously protected (even as far as seals) showed some of the patch work that went into the machines.

So essentially as she correctly wrote... we literally purchased 2nd hand hardware at full retail while they mine with better equipment before they sell it on to us... >:|

Killed our industrial sized mining operation - rather than roll over and die we chose to move to a more feasible location and try to recoup whatever investments we can.

The same Cointerra that promised 2TH/s in January and ended up delivering 1.6 unstable TH/s in March?  The same Cointerra that said they didn't have enough money to refund customers was able to buy a 11 Megawatt farm?  I'm shocked.  How could this be!?!


That was sarcasm for anybody who couldn't tell.  These mining companies (for the most part) are out to make money for themselves and if they have to sell you hardware at high prices and mine on your hardware for a month or 2 they will do that.  What you gonna do, call the Kansas State AG?  (That was a reference to the reports that Sonny paid off the AG to stop BFL from being investigated since they're able to scam away for 2 years unhindered).

[Sir Bitcoin]

THose block erupters were never meant to ROI.. Sadly the price compared to what they mined was to damn high.
Sorry to hear of your loss. :/

[X7]

Honestly, I think home miners should only mine as a hedge against bitcoin price stagnation, which could theoretically lead to difficulty stagnation.  If you are long on bitcoin, have a sort of 15% mining operation.

Lets say you buy 10 BTC.  Maybe it would behoove you to buy 2 Antminer S3's.  If the difficulty skyrockets beyond profitability too quickly, then it would be probably safe to assume that the bitcoin price would have reflected upward momentum to account for the increased difficulty.

Again this is in a perfect world and we all know miners aren't rational.  But in the event of a +20% btc price, you would see a lot of old miners turn back on, and other companies roll out batches to gain hashpower.  At this point I can see maybe the difficulty doubling at the current BTC price.... anything beyond that and I'd start to worry.

The home user obviously can't mine if difficulty goes up but the fiat price doesn't - they can't get BTC ROI currently and then they may not even get fiat ROI.

The mining manufacturers, on the other hand, who can sell the miners for 5x their cost - they can still make miners for themselves and mine until the difficulty is 5x higher.  So we know who is adding the the network...all those private farms we subsidized 

^^^^ This - we were literally just discussing that here... CoinTerra rolling out 11 MegaWatt farms after we purchase a huge amount of hardware from them left a pretty bad taste in our mouth.  Just saying... thanks for selling it to us at retail (when we inspected the insides of the machines) which were pretty rigorously protected (even as far as seals) showed some of the patch work that went into the machines.

So essentially as she correctly wrote... we literally purchased 2nd hand hardware at full retail while they mine with better equipment before they sell it on to us... >:|

Killed our industrial sized mining operation - rather than roll over and die we chose to move to a more feasible location and try to recoup whatever investments we can.

The same Cointerra that promised 2TH/s in January and ended up delivering 1.6 unstable TH/s in March?  The same Cointerra that said they didn't have enough money to refund customers was able to buy a 11 Megawatt farm?  I'm shocked.  How could this be!?!


That was sarcasm for anybody who couldn't tell.  These mining companies (for the most part) are out to make money for themselves and if they have to sell you hardware at high prices and mine on your hardware for a month or 2 they will do that.  What you gonna do, call the Kansas State AG?  (That was a reference to the reports that Sonny paid off the AG to stop BFL from being investigated since they're able to scam away for 2 years unhindered).

Yeah... four of our 1.6s died and we were left with no recourse - the whole experience was very unsavory but we kept fighting.. not to mention the RIDICULOUS amount of power those bad boys pull... 600AMPS is nothing to these machines on a medium sized scale.

At the very least we were happy to be a part of the eco system and just hope to recoup our investment on other smart SHA256 coins (And of course hoping the BTC goes back up and moves to its rightful place... on the moon. (lol)

Wonder what the Devs will do when they realize between Megabigpower and Cointerra that they already more than likely have 35-50% of the hashing power of the entire network - Don't get me wrong - I love that bitcoin confirmations are SUPER fast and it protects the eco system with hash speeds that make any other network pale in comparison... I just don't think it was right to piggy back on smaller/medium sized players (Even the recreational home miners) to boost your own mining facilities which compete directly with the consumers you sold hard ware to..

Nope...  2 thumbs down

[drmadison]

If any of you want to feel better...
As of my latest electricity bill, I'm paying $0.43/KW/H

Yes, 43 CENTS per KW/H. Didn't realize this until I took a much closer look at my bill. I pay both a generation fee AND a transmission fee...

I have at-most a couple more months until I'm out and probably won't buy back in.

[crowetic]

If any of you want to feel better...
As of my latest electricity bill, I'm paying $0.43/KW/H

Yes, 43 CENTS per KW/H. Didn't realize this until I took a much closer look at my bill. I pay both a generation fee AND a transmission fee...

I have at-most a couple more months until I'm out and probably won't buy back in.

Holy fuckin hell... That's some insane power prices... I am upset with my summer rates of .15...

[darkphantom934]

I just quit this week after realizing that the power was completely taking over my profits. I'm currently at about 12MH X11 and that doesn't pull enough profit to justify the heat, noise, and inconvenience

[xdominating]

i suggest  you something like this :
1. learn mining strategy
2. prepare some money for investment
3. use that money investment for mining by rent some ghs on the trusted website.

that's my suggestion for handle your electric bill trouble at your home.

may be that able to help

[Bitsaurus]

i suggest  you something like this :
1. learn mining strategy
2. prepare some money for investment
3. use that money investment for mining by rent some ghs on the trusted website.

that's my suggestion for handle your electric bill trouble at your home.

may be that able to help

1) There is no real mining strategy other than mining the most profitable coin at that moment in time
-
3) Renting GH/s doesn't save you money really since most people have the total operating costs priced into their rental price.

The only thing rental would help is for somebody trying to mine some pump and dump coin of the day. Of course there's money to be made, but it's mostly just stealing money from new users.  I don't see it as productive.

[Don007]

i suggest  you something like this :
1. learn mining strategy
2. prepare some money for investment
3. use that money investment for mining by rent some ghs on the trusted website.

that's my suggestion for handle your electric bill trouble at your home.

may be that able to help

1) There is no real mining strategy other than mining the most profitable coin at that moment in time
-
3) Renting GH/s doesn't save you money really since most people have the total operating costs priced into their rental price.

The only thing rental would help is for somebody trying to mine some pump and dump coin of the day. Of course there's money to be made, but it's mostly just stealing money from new users.  I don't see it as productive.

While GPU mining for example new coins, there is indeed a way to get some profit. You've to be very Lucky to do this these days, but I succeed atleast once.  Mined a quite inactive coin for a couple of hours and they become worth some nice bucks later on.

However, with so many new coins these days, and many coins fail, it's hard to be Lucky doing this. Most Scrypt coins and their value are likely to be influenced by the Scrypt ASICs these days.

[Bitsaurus]

i suggest  you something like this :
1. learn mining strategy
2. prepare some money for investment
3. use that money investment for mining by rent some ghs on the trusted website.

that's my suggestion for handle your electric bill trouble at your home.

may be that able to help

1) There is no real mining strategy other than mining the most profitable coin at that moment in time
-
3) Renting GH/s doesn't save you money really since most people have the total operating costs priced into their rental price.

The only thing rental would help is for somebody trying to mine some pump and dump coin of the day. Of course there's money to be made, but it's mostly just stealing money from new users.  I don't see it as productive.

While GPU mining for example new coins, there is indeed a way to get some profit. You've to be very Lucky to do this these days, but I succeed atleast once.  Mined a quite inactive coin for a couple of hours and they become worth some nice bucks later on.

However, with so many new coins these days, and many coins fail, it's hard to be Lucky doing this. Most Scrypt coins and their value are likely to be influenced by the Scrypt ASICs these days.

Yeah if you jump onto a new coin within the first couple of hours you could make some decent profits.  I happened to be on right when Dashcoin launched and could have jumped on it and didn't feel like reconfiguring all my rigs.  I went out on a date and have been seeing the same guy since then - worth so much more to me than even the $250 I could have mined for a day.

[X7]

i suggest  you something like this :
1. learn mining strategy
2. prepare some money for investment
3. use that money investment for mining by rent some ghs on the trusted website.

that's my suggestion for handle your electric bill trouble at your home.

may be that able to help

She is right - my advice is - unless you enjoy mining as a hobby or wish to add to the decentralized eco system.

Don't mine - just buy your crypto and have 0 over heads - do the math for yourself.

If 20 Thz gives you 0.5-6 BTC per day (Work out the cost of your Avalon or CoinTerra or Antminer to get to 20Thz) minus your elec power/rent/staff
Now work out how much BTC you could have bought.

You can scale the above example at the rounded 20Thz either way... Up or down...   (we hash at rates higher than this so it is not a guess)

[Hash Master]

So im out of the mining game.

Getting asics importet from china is too expensive -.-
Electricity is too expensive in my country 0.14$/kwh -.-
and my block erupters isnt making me anything.

this game have only been a waste of money so far.


GL on your mining guys dont make the same mistakes as i did.

Where do you live?

Shipping from China costs around $120 per miner, I think. It still might be profitable. However, good luck!

[GigaBit]

So im out of the mining game.

Getting asics importet from china is too expensive -.-
Electricity is too expensive in my country 0.14$/kwh -.-
and my block erupters isnt making me anything.

this game have only been a waste of money so far.

GL on your mining guys dont make the same mistakes as i did.

Always saddens me to see a miner leave the game

Hoever....  WTF are you still doing on block erupters??    Mind officially fucking blown, splattered all over the wall!!

Why didn't you re-invest a portion pf what you made?

Or better yet, why didn't you sell off your Erupters when the price tanked to buy cheaper, more efficient hardware?

In the end, you only stopped by your own demise or failure to stay on top of the game.

I sold my nukes to buy S1's when they came below the $1,000 mark, during the Gox crash era.

Smartest move I ever did but I seen it coming...  read the Bitcoin news on Google...

Quote from: bluecityste on August 14, 2014, 02:40:14 PM
20% import tax on equipment and $0.27 per KwH here in the UK, and i'm still mining so no idea why your giving up so early!

That is what the spirit of Bitcoin mining should be, for what it is: a no-video video-game.

You'll need lots of capital investment to get to a reasonable amount of hashing power now to be considered an investment.

I love mining, gold mine also, I never sell coin/gold and pay power related buys with fiat I can spare.

I rarely sell the mined asset other than buying mining supplies (hardware), I pay power related ecpenses out of pocket with cash I don't really need.

i suggest  you something like this :
1. learn mining strategy
2. prepare some money for investment
3. use that money investment for mining by rent some ghs on the trusted website.

that's my suggestion for handle your electric bill trouble at your home.

may be that able to help

Best statement in this thread IMO.  Although Bitcoin mining is virtual, you still need a mining plan and as mine boss, your job is to ensure a stable growth.

Anyone who owns a Gold claim understands a mining plan; and it needs to change regularly too in Bitcoin mining, let me tell you that.

---

Final Words:

That said, if you never re-invest then of course you won't make it as a Bitoin Miner.

Better to tighten your belt now so you can loosen it later; mine's finally pretty loose now.

Don't need to re-invest it all but at least a serious miner should be adding 1TH/s per month by now to keep up with difficulty nerfs.

If you can't do that, you probably won't have a profitable operation.

You have to be at the right place at the right time all the time on every thing, it's a game.

Note: BITCOIN MINING IS A PHYSICAL ONLY VIDEOLESS GAME - If you can't accept that, mining might not be for you.

Bitcoin has all the same qualities as video games such as difficulty (how tough your NPC opponents are), luck (if you get a one shot kill or take 5 shots) and a reward (block) when you win a level (Block height).

Understand it and you'll be one of the top players on the leaderboard grow up on it instead of going down it

Miners come and go, only the resilient and smart ones will remain and make the most.

Right now coins are rather cheap, it's not even worth investing if you have to pay out of pocket, I do but I make about 3 times my power investment so I'll gladly pay with the fiat I have because I got 2-3 bitcoin for about $200 worth of power.

Best and fastest way to make the most coin is by day trading on exchanges starting with at least 1 full coin; but you need to understand that aspect too.

As someone said, sooner tha nwe think, good and experienced Bitcoin Miners will be in demand in data centers.

Even good traders will be in demand by banks or other financial institutions.

It's not an easy game but it's a fun game none the less

[MajidBC]

Damn, the electricity cost is too high in your country. Mining is not profitable in altcoin community either. I'm selling some of my equipment.

[X7]

We recently had to relocate our operation to a more cost effective environment

[seandaniel]

electricity is the number 1 enemy... i also quit in mining after i realize that.. but it's already late because i already bought total of 12 7970 GPU.. and some PSU and materials.. sad to say i sell all my rig for 40% drop price..