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Author Topic: Anyone else losing money, but still mining?  (Read 1496 times)
joshv06
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September 01, 2014, 09:56:44 PM
 #1

I am..

I can't believe we are still at less than 500. What happened to the 600 days? or the 800 days? :/


 
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dropt
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September 01, 2014, 10:04:48 PM
 #2

I'm still mining and not losing money, perhaps that's because I'm not paying cage fees in a data centre.

TBH, I wouldn't mine at a loss, I'd just start buying BTC with the money I would have spent on power. However, that's because I want to hold BTC and not fiat.  If your intent is to make fiat profit and you're mining at a loss it makes absolutely no sense.

Edit: As for <$500, you can thank the large corp. farms who have no intention of holding any BTC, just selling them off to line their bank account.
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September 01, 2014, 10:16:39 PM
 #3

Yeah I can't ever see a point in mining at a loss.  If you're in it for fiat it definitely makes no sense.

If you want to accumulate BTC position it may not make sense to constantly flip miners on/off if you're marginal.  Then again if you're marginal you should just sell the equipment and buy BTC with the proceeds.

This is starting to look like the end of the GPU days where a lot of the expensive electricity areas had to call it quits.  Not only are miner prices not competitive but electricity is finally cutting into earnings significantly as ROI projections take years instead of weeks or months.

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kendog77
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September 02, 2014, 12:34:44 AM
 #4

Folks that are locked into data center contracts will likely continue to mine at a loss in order to minimize how much they lose.

The data center doesn't care if your business is profitable. They just want their monthly fee for the entire term of your contract.

Josh, are you still running S1s? If so, that is definitely the problem. Mining is a brutally competitive game, and you have to continually upgrade your hardware or get left behind. Mining does feel a lot like running in place on a hamster wheel at times.

I would dump all the S1s you have for whatever you can get for them on Ebay and start upgrading to more efficient hardware ASAP...
eoakland
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September 02, 2014, 01:44:51 AM
 #5

just recently got back into mining, only to get greeted with these billion point difficulty jumps.  the old bfl jalapeno earned more at 5gh/s than these new super duper power consuming miners.  it's wild to see how things have evolved in such a short time.  i agree with the point about just buying the currency rather than mining at a loss.  not too sure how much longer i will continue to mine. 

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September 02, 2014, 01:51:29 AM
 #6

Yeah I can't ever see a point in mining at a loss.  If you're in it for fiat it definitely makes no sense.

If you want to accumulate BTC position it may not make sense to constantly flip miners on/off if you're marginal. Then again if you're marginal you should just sell the equipment and buy BTC with the proceeds.

This is starting to look like the end of the GPU days where a lot of the expensive electricity areas had to call it quits.  Not only are miner prices not competitive but electricity is finally cutting into earnings significantly as ROI projections take years instead of weeks or months.

 op sell the gear and buy coins drG is telling it like it is. If your power is not 10 cents you are in trouble.

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September 02, 2014, 03:39:14 AM
 #7

Yeah I can't ever see a point in mining at a loss.  If you're in it for fiat it definitely makes no sense.

If you want to accumulate BTC position it may not make sense to constantly flip miners on/off if you're marginal. Then again if you're marginal you should just sell the equipment and buy BTC with the proceeds.

This is starting to look like the end of the GPU days where a lot of the expensive electricity areas had to call it quits.  Not only are miner prices not competitive but electricity is finally cutting into earnings significantly as ROI projections take years instead of weeks or months.

 op sell the gear and buy coins drG is telling it like it is. If your power is not 10 cents you are in trouble.
Sheesh, I would argue more like 0.05 cents/kw/h or your pretty much in trouble.  Have to agree with phillip on this one, best bet is probably to sell your gear and either get more efficient gear or simply hold whatever bitcoin you get out of them.  Don't think for one minute if you reinvest in more efficient newer gear that it too won't literally be out of date 4-6 months from now too.

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joshv06
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September 02, 2014, 03:55:45 AM
 #8

Folks that are locked into data center contracts will likely continue to mine at a loss in order to minimize how much they lose.

The data center doesn't care if your business is profitable. They just want their monthly fee for the entire term of your contract.

Josh, are you still running S1s? If so, that is definitely the problem. Mining is a brutally competitive game, and you have to continually upgrade your hardware or get left behind. Mining does feel a lot like running in place on a hamster wheel at times.

I would dump all the S1s you have for whatever you can get for them on Ebay and start upgrading to more efficient hardware ASAP...

I reckon you remember my post hehe.

Yes, still running the S1's. HF never delivered so we are now running mainly non-efficient miner. HF was supposed to be a majority of the miners..

I will stay in the game enough for the contract.


 
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eoakland
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September 02, 2014, 04:02:57 AM
 #9

Folks that are locked into data center contracts will likely continue to mine at a loss in order to minimize how much they lose.

The data center doesn't care if your business is profitable. They just want their monthly fee for the entire term of your contract.

Josh, are you still running S1s? If so, that is definitely the problem. Mining is a brutally competitive game, and you have to continually upgrade your hardware or get left behind. Mining does feel a lot like running in place on a hamster wheel at times.

I would dump all the S1s you have for whatever you can get for them on Ebay and start upgrading to more efficient hardware ASAP...

I reckon you remember my post hehe.

Yes, still running the S1's. HF never delivered so we are now running mainly non-efficient miner. HF was supposed to be a majority of the miners..

I will stay in the game enough for the contract.

hey bro, did you volt mod your s1 ?  if not, you should.

Mobius
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September 02, 2014, 07:27:44 AM
 #10

I remember I stopped mining LTC on a gaming desktop when it was only getting 8-10 LTC/ day.

Big mistake. You should continue to mine if you believe in the future value of that currency. It helps the network and you may kick yourself later down the track. I think BTC will be worth a lot more in the near future.
DrG
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September 02, 2014, 08:39:19 AM
 #11

Folks that are locked into data center contracts will likely continue to mine at a loss in order to minimize how much they lose.

The data center doesn't care if your business is profitable. They just want their monthly fee for the entire term of your contract.

Josh, are you still running S1s? If so, that is definitely the problem. Mining is a brutally competitive game, and you have to continually upgrade your hardware or get left behind. Mining does feel a lot like running in place on a hamster wheel at times.

I would dump all the S1s you have for whatever you can get for them on Ebay and start upgrading to more efficient hardware ASAP...

I reckon you remember my post hehe.

Yes, still running the S1's. HF never delivered so we are now running mainly non-efficient miner. HF was supposed to be a majority of the miners..

I will stay in the game enough for the contract.

Did you finally get rid of the GPU farm in it's entirety?  I saw you had almost 300 280X or something like that for sale.

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September 02, 2014, 08:41:31 AM
 #12

I remember I stopped mining LTC on a gaming desktop when it was only getting 8-10 LTC/ day.

Big mistake. You should continue to mine if you believe in the future value of that currency. It helps the network and you may kick yourself later down the track. I think BTC will be worth a lot more in the near future.

If a desktop was able to mine 8-10 LTC/day then you could have bought the same 8-10LTC every day with the electricity.  Just because you stop mining doesn't mean you should stop accumulating - you're just choosing a different path for accumulation.  Always go with the cheapest path unless it's too cumbersome for minimal gain.

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kendog77
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September 02, 2014, 08:16:52 PM
 #13

hey bro, did you volt mod your s1 ?  if not, you should.

Agreed, voltage modding your S1s to get ~1.1W/GH and then adding more equipment is probably your most cost effective move. The problem is that miners that get ~1W/GH are not all that great anymore, and hardware that uses ~.5W/GH should be available within the next month or two (SP31 and S4). You may just end up throwing good money after bad.

Even S3s are questionable investments at the moment until the difficulty increases level out a bit.
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September 02, 2014, 10:05:47 PM
 #14

Folks that are locked into data center contracts will likely continue to mine at a loss in order to minimize how much they lose.

The data center doesn't care if your business is profitable. They just want their monthly fee for the entire term of your contract.

Josh, are you still running S1s? If so, that is definitely the problem. Mining is a brutally competitive game, and you have to continually upgrade your hardware or get left behind. Mining does feel a lot like running in place on a hamster wheel at times.

I would dump all the S1s you have for whatever you can get for them on Ebay and start upgrading to more efficient hardware ASAP...

I am stuck in a DC like this for 6 months, but I have the free option to underclock my miners and to swap old miners with new ones with no additional fee.

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September 02, 2014, 10:40:25 PM
 #15

I don't think anyone really makes any large amounts of money except traders.

Even Pool operators probably don't make that much, especially the small ones.

Looks like the only way to make really good money in Bitcoin is to either:

-Manufacture ASIC's
-Come up with a ground breaking new "thing"
-Get free/penny energy
-Day trade

I pay taxes, power and PSU out of my own pocket with money I "donate"to the network.

Only money I would otherwise with or don't know what else to do with.

Btcoin mining is a lot of fun, my miners would have to make less than BTC0.001 a day for me to stop.

It's when you do it for profit that it takes the whole fun out of it.

Either I'll make more coin trading or hoping the value goes back up to really high on some government mischief.

-I'd rather be mining
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