I am out of the mining game :(

[X7]

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..

Yeah honestly people don't know any better and the allure of mining is strong to resist - especially in gamers - it resonates with people so they just jump in without even looking.

We have a thread that touches on mining here:
http://thebitcoinmovement.com/project/3702/

Also launched a charitable project here:
http://thebitcoinmovement.com/give-b-bit/

[1714633865]

1714633865

[ajareselde]

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..

If you bought in january, you still made some decent profit, right.
I would be so happy if i could sell my rigs for only 40% drop in price.

But im still keeping rigs for few months, hoping that there will be some change in x11/x13/x15 coins profitability.

[Bitsaurus]

Sadly I made more in my real estate investments than I did mining this year.  I don't mind not being able to mine for a profit - my only worry is that these large farms that are owned by the ASIC companies and promoting centralization of the network.  3 farms could easily join together for a 51% attack since home miners are being marginalized now.

[counter]

Sadly I made more in my real estate investments than I did mining this year.  I don't mind not being able to mine for a profit - my only worry is that these large farms that are owned by the ASIC companies and promoting centralization of the network.  3 farms could easily join together for a 51% attack since home miners are being marginalized now.

I recently read a post that suggested it was easier for a small miner to pay their electric cost of the large miner farms and the farms would likely need to shut down operations at some point.  I'm guessing at this point we will just have to wait and what the future holds but I'm putting my money on the large farms taking a step back at this point.

[X7]

Sadly I made more in my real estate investments than I did mining this year.  I don't mind not being able to mine for a profit - my only worry is that these large farms that are owned by the ASIC companies and promoting centralization of the network.  3 farms could easily join together for a 51% attack since home miners are being marginalized now.

I recently read a post that suggested it was easier for a small miner to pay their electric cost of the large miner farms and the farms would likely need to shut down operations at some point.  I'm guessing at this point we will just have to wait and what the future holds but I'm putting my money on the large farms taking a step back at this point.

I can tell you this much - for those of us who have to pay large electric bills - we need to convert this commodity to fiat to do so and the coin dropping to 490 really swallows up margins when you are producing coins at this rate as opposed to say the $600 which it was holding at for a while.

One of the reasons I mine is decentralization as well but I admit it has become very difficult and overwhelming at times given what is currently going on in this space.

[Bitsaurus]

Sadly I made more in my real estate investments than I did mining this year.  I don't mind not being able to mine for a profit - my only worry is that these large farms that are owned by the ASIC companies and promoting centralization of the network.  3 farms could easily join together for a 51% attack since home miners are being marginalized now.

I recently read a post that suggested it was easier for a small miner to pay their electric cost of the large miner farms and the farms would likely need to shut down operations at some point.  I'm guessing at this point we will just have to wait and what the future holds but I'm putting my money on the large farms taking a step back at this point.

Well that's kind of true, but only in a narrow view.  If a miner spend $10 in electricity mining on a small ASIC and earns $5 he/she can eat the loss because hey it's just $5.  If a farm were to spend $10 million and mine back only $5 million - heads will roll.

The thing is the farm will never have to spend $10 million.  It is probably built in the right place with cheap power and free or cheap cooling.  So it should only cost $2-$4 million to mine the $5 million.  The farms will almost always make a profit if done correctly.

[Gumbork]

Even large farm now is suffering big losses due to the crash in Alt price and bitcoin, Only if their electricity is less then 0.03cent they are making a loss too.. This is the mining game

[sololoop]

Mining is a hobby at the begin and ASIC turn it become money costing hobby.

Stay in game(hobby), buy a new generation mining gears(every half years) from manufacturer and pay operating cost (electricity).

[transient858]

Even large farm now is suffering big losses due to the crash in Alt price and bitcoin, Only if their electricity is less then 0.03cent they are making a loss too.. This is the mining game

Even if the electricity is free, the miners itself might not break even before network difficulty making it obsolete.

[BTCmaster3]

Even large farm now is suffering big losses due to the crash in Alt price and bitcoin, Only if their electricity is less then 0.03cent they are making a loss too.. This is the mining game

Even if the electricity is free, the miners itself might not break even before network difficulty making it obsolete.

Really? do you think the difficulty would slow down at one point?

[drmadison]

After this past weekend decided it's time to get out of mining myself sadly...thanks a lot electric company for jacking my rates up!

If anyone cares (and is local to the SF bay area), posting it all for sale:
https://bitcointalk.org/index.php?topic=745007.msg8421515

[kwong1983]

I think is still to early to give up as long as your mining game can still pay for the bills. Plus bitcoin value will increase for time to time. My main suggestion is to stick it until the value of mining can't really cover up the electricity cost, then only you consider quitting by selling off your hardware out and sell your bitcoin when the value is right for you.

To calculate how much of electricity you use the formula is
340W X 24 Hours X 30 Days / 1000 = 244.8 KWH

244.8 KWH X (Depends where you live) $0.14 = $34.272 Per Month on Electricity

Difficulty will not decrease period but the increase is not fast for now, what i mean is that the difficulty is predictable.

[jekv2]

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.

13 cents kwh why so high? taxes. 4 cent tax, here.

I too am fucked. I paid 90 bucks 6 gridseeds that returned nothing. Now they're $29 & fury is $35
A gawminer fury 100 bucks that hasn't returned anything.

I was played hard.

Now they're just sitting burning electric making 71 cents a day and counting lower day by day.

Bitcoin is to me is like kryptonite to superman.

I've lost out a lot.


Anyone wants to buy my stuff pm me.

[crowetic]

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.

13 cents kwh why so high? taxes. 4 cent tax, here.

I too am fucked. I paid 90 bucks 6 gridseeds that returned nothing. Now they're $29 & fury is $35
A gawminer fury 100 bucks that hasn't returned anything.

I was played hard.

Now they're just sitting burning electric making 71 cents a day and counting lower day by day.

Bitcoin is to me is like kryptonite to superman.

I've lost out a lot.


Anyone wants to buy my stuff pm me.

Those little miners were honestly never meant to ROI (IMO) They are simply to see what mining is like, I bought the gridseeds right when they first came out for 2400 for 10, and I think after I sold them for 600 6 months later, that they came close to breaking even with the money from the sale included...

You just have to get the right equipment to make money... and right now, there really isn't much that's profitable.

I started off with 3 280x's that were making me 75 dollars a day for a while in the good ol days, then I ramped my GPU mining up to 15 GPUs that were making about the same as the original 3 by the time I got them all...

Then a few months later I sold most of them in order to buy antminer S3's , which are machines that will actually make something.

At this point it's hard to tell where I am with ROI, but I know for sure that my original miner paid itself off, as well as almost all of the video cards I sold till this point. I am keeping 1 5 280x miner and one 3 270 miner in case there are things that are worth video card mining in the future, but otherwise I am moving solely to ASICs, and only to ones with good power ratio.

Anything else is simply for fun, any of the USB devices are just for fun, and at this point anything less than a modded S1 is just for fun. Sorry you lost out, but honestly you didn't lose much, and you bought miners that were only meant for a hobby, not for actually making money.

[X7]

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.

13 cents kwh why so high? taxes. 4 cent tax, here.

I too am fucked. I paid 90 bucks 6 gridseeds that returned nothing. Now they're $29 & fury is $35
A gawminer fury 100 bucks that hasn't returned anything.

I was played hard.

Now they're just sitting burning electric making 71 cents a day and counting lower day by day.

Bitcoin is to me is like kryptonite to superman.

I've lost out a lot.


Anyone wants to buy my stuff pm me.

jekv2
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anyone want to buy your stuff pm you... lol... yeah... I'm gonna pass 

[madken7777]

The cost to price each bitcoin is around 597. And the cost to buy one coin directly is less than 500 dollars.

The choice is rather clear if you should mine or buy.

[jekv2]

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.

13 cents kwh why so high? taxes. 4 cent tax, here.

I too am fucked. I paid 90 bucks 6 gridseeds that returned nothing. Now they're $29 & fury is $35
A gawminer fury 100 bucks that hasn't returned anything.

I was played hard.

Now they're just sitting burning electric making 71 cents a day and counting lower day by day.

Bitcoin is to me is like kryptonite to superman.

I've lost out a lot.


Anyone wants to buy my stuff pm me.

jekv2
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anyone want to buy your stuff pm you... lol... yeah... I'm gonna pass  

The trust system lol. Nothing in my trust system states of me stealing or scamming.

I will show you the trust system now.

Edit:

Shit man.... Don't ever trust this guy! He has a bad trust. And is a new account.

X7
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[Rigon]

Sounds like you got duped into buying bad equipment (erupters haven't been making anything a around a year), also do the math before you mine and you may end up cutting close, but also remember you can sell that miner for even more ROI.

I believe if you can get free electricity and sell the miner after you get even with ROI the is possible you can sell it and get half profit from what you paid on the miner, still is risky but if you open an online shop it might just work.  Also selling on ebay will kill profits if you try to sell it there.

[orcanice]

i did pay $150 for my 10 erupters in november 2013
and $170 for my BF1 also i november 2013
and then i got my USB hub in december because i got the wrong one first time.

[Ayers]

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.

13 cents kwh why so high? taxes. 4 cent tax, here.

I too am fucked. I paid 90 bucks 6 gridseeds that returned nothing. Now they're $29 & fury is $35
A gawminer fury 100 bucks that hasn't returned anything.

I was played hard.

Now they're just sitting burning electric making 71 cents a day and counting lower day by day.

Bitcoin is to me is like kryptonite to superman.

I've lost out a lot.


Anyone wants to buy my stuff pm me.

jekv2
Member
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Activity: 98
View Profile  Personal Message (Offline)
Trust: -1: -1 / +1(1)
Warning: Trade with extreme caution!
Ignore

anyone want to buy your stuff pm you... lol... yeah... I'm gonna pass 

have you noticed that escrow.ms said that he is trusted? the trust system is really fucked up so bad,there are some serious abuse, Personal dissensions should stay away from the trust system, i noticed that some guy give trust only because they hate another guy, really stupid