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[BSGMiner]

My Mining days are over.....  All equipment is sold.  TH/s = 0.0

Guy who bought it will probably put the stuff on kano too.

Been fun.  Less work for me now...

I see we found another block and i didnt even have to do anything for it!

Sorry to hear Gopher, best of luck to you.   

Wow. Same here. Hope you came out on top!

Here I am about to use my rewards to buy a 741, and you're callin' it quits... Weird.

[1715458527]

1715458527

[AerialGopher]

My Mining days are over.....  All equipment is sold.  TH/s = 0.0

Guy who bought it will probably put the stuff on kano too.

Been fun.  Less work for me now...

I see we found another block and i didnt even have to do anything for it!

Sorry to hear Gopher, best of luck to you.   

Wow. Same here. Hope you came out on top!

Here I am about to use my rewards to buy a 741, and you're callin' it quits... Weird.

about 2000 cnd on the positive side.

5 months, huge electrical bill, and only 1.138 bitcoin.  This value at 11000 cnd (for the BTC) is included with the profit of 2000 cnd after if I sell it.
 for most of the miners I paid the Pre Dec 19 price of 1530 USD plus PSU and shipping.  So when all i said and done, my 2 to 2.5 month break even point was long lost since I am over 5 months now.

I traded a A3 for two S9's,  so I paid for 5 S9's, 1 A3 that I traded for 2 S9's one of which I sold for 3700 cnd a couple months ago, the other I sold 1 week ago for 1400 cnd.  I also had a L3 that i finally got shipped in march, and sold it within a week for 175 cnd less than I paid for it. 1 week later bitmain dropped the price of the L3 to 550USD.  Good call on my part.

Now the S9i are for sale pretty cheap and no real long wait.   I gave away a 350 USD coupon to someone here, but if I kept it, I could of got a S9i 14TH for 500USD, but the profitability I figured that even at that it would be over 1 month ROI, **IF** the equation was flat, ie no rate of decay on mining profitability.  the rate will not be as bad as Dec-Feb, but it will still be there.  As with bitcoin, its anyones guess.

If I sell my S9's at 1400 cnd, and my BTC income right now is 230 worth per month less about 90-100 for electricity is 140 per month.  1400/140 = 10 months IF bitcoin rate of return stayed flat, and value stays same.

10 month, will be totally different, especially if a new miner is released.
Even if BTC Value doubled, the 5 months return is still too long given the current state of mining difficulty.

So the easy way is sell equipment, buy the BTC and get to the same result later regardless of what time perspective you want to look at, and also enjoy the peace and quiet and not have to listen to them noise makers.

I am just glad that I didnt pay the high rates that some people did for S9's like 2200 USD and up.   So if my outcome yeilds me 2000 cnd profit after 5 months and I paid 1535 USD for my miners, except one at 3400 USD ( the first one)  I cannot see how that could come to a break even point any time soon.

So basically, it comes down to my personal time and how much I was making for the amount of time involved, setting up fans, cleaning them out, and all the other stuff It took to run them.  Yes, it is very little, but to become consumed into it can become overwhelming.  So if i was upside down on this equation more, then it would be worse.

The next time there is a hype of bitcoin, I will do things different, well, one of two things.......

Buy and resell equipment, not use it.
or...... just stay away from it all.

If you dont believe me....  why would a company that does mining ( Bitmain ) also sell equipment that makes the mining harder for themselves to do?  Becuase they make more money selling equipment.  They have too big of market share and can easily manipulate it by using bitcoin cash as a only payment type requirement, then that forces the price of it up when many people buy it, when its higher, they sell it.

Research litecoin cash, its sha256 algo that had questionable beginning.  Why is it a sha 256 algo?  to pull miners away from BTC and BCH to lower the difficulty?

In the stock market, these actions would be considered Insider Trading, and there are laws to protect people from that.

So I know I will get flak about this post, and thats ok, I know people will say that its a long term investment for mining.  I agree, but it is too long, at least for me.  What do you think is a reasonable amount of time?

[kano]

Well I'll add 2 comments

1) If you consider investment times in any other industry, Bitcoin can get positive ROI way faster.
You wont get a positive ROI in any other industry in less than a year - and usually it takes longer.

2) I've said to many people that Bitcoin is indeed the place where there are no rules and no central control of what happens.
Or a specific example of that that I have said - the perfect place for insider trading
But that complete lack of centralised control is it's most important feature.
At the moment, however, there are 2 camps related to that.
a) core who thinks they do control everything and want to control everything - but fortunately that isn't the case
b) Bitmain who do control a large part of Bitcoin - but that has been due to a lack of good competition
If anyone doesn't like the situations with Bitmain then do something about it, but if what they are doing is only making it worse ... e.g. nothing but simply buying miners from them ... like the rest of the sheeple ... then they certainly have no grounds to complain about it

[rifleman74]

Mr kano is very true on the ROI...it's years for many investments in the business world.

That said, I love the write-off's of the hosting, helps my tax bill out in the short-term while mining bitcoin for the longer-term.   Win/win/win.



MINE ON WITH KANO-SAN!

[delicin33]

I have 5 $200 and $100 bitmain coupons expiring June 1st if anyone needs them PM me your bitmain ID, they are yours for free.

Received 3 x $200 coupon from @coinbizarre, thank you very much

Will add another 42th to kanoPool in 2 weeks time

[Shazam!!!]

<snip>

My Mining days are over.....  All equipment is sold

Aww man!!! Who's gonna ask for a Pool Restart when we get a ~300% Block??? Ha!!! Goodluck!!!

[rifleman74]

<snip>

My Mining days are over.....  All equipment is sold

Aww man!!! Who's gonna ask for a Pool Restart when we get a ~300% Block??? Ha!!! Goodluck!!!

Aye Aye, ready for duty!   


MINE ON WITH KANO-SAN!

[nazzer]

Just got this scam PM:

Code:

[quote author=rao916 link=action=profile;u=1888646 date=1527860489]
Now GH is activated on kano yooopyyy! :D
[url=http://maxpara.vn/index/Register/?=1]
https://kano.is/index.php?mine=Gh
[/url]
[/quote]

Be wary please

[kano]

Just got this scam PM:

Code:

[quote author=rao916 link=action=profile;u=1888646 date=1527860489]
Now GH is activated on kano yooopyyy! :D
[url=http://maxpara.vn/index/Register/?=1]
https://kano.is/index.php?mine=Gh
[/url]
[/quote]

Be wary please

https://bitcointalk.org/index.php?action=trust;u=1888646

[ogombii]

Guys,

A real sad day for me.  I've had to switch 5 of my Avalon 741s off, BTC price drop puts the 741s in negative territory until a price pickup.  Still got the 841s mining on Kano 

[dkincaid]

about 2000 cnd on the positive side.

5 months, huge electrical bill, and only 1.138 bitcoin.  This value at 11000 cnd (for the BTC) is included with the profit of 2000 cnd after if I sell it.
 for most of the miners I paid the Pre Dec 19 price of 1530 USD plus PSU and shipping.  So when all i said and done, my 2 to 2.5 month break even point was long lost since I am over 5 months now.

...

So I know I will get flak about this post, and thats ok, I know people will say that its a long term investment for mining.  I agree, but it is too long, at least for me.  What do you think is a reasonable amount of time?

We all have to make the decisions that we think is best for our particular situation. Not everyone got into mining to build a business around it. There are plenty of people who have been happy just being a small home miner or hobby miner. Up until the last year or so that was still feasible. With the rapid increase in the network difficulty over the last year it doesn't make sense now for most people and it's going to make less and less sense as the difficulty continues it's upward climb.

I faced this same decision myself early this year. Been mining here since I started in Feb 2017 with 3 Bitmain R4's. As the price of BTC dropped and the network difficulty rose these things are less and less profitable. I was looking at probably going negative returns by summer on them. I decided that I enjoy doing this and being a small part of the mining community, so I'm staying. I bought 3 841's in April which I absolutely love. The quality of these things compared to the Bitmain machines is huge. I don't understand why they aren't more popular. I just sold my 3 R4's on eBay for about $1,000 each and used the proceeds of that to buy 3 more 841's which will be here on Monday.  That at least should keep me above water for a good while.  I'm a bit shocked that I could sell those R4's for as much as someone can buy 3 841's.

For me, I treat mining as an investment that also gives me enjoyment and satisfaction and expect a payoff in the future. But it is a very risky investment for sure so it isn't going to fit into everyone's portfolio.

[AerialGopher]

<snip>

My Mining days are over.....  All equipment is sold

Aww man!!! Who's gonna ask for a Pool Restart when we get a ~300% Block??? Ha!!! Goodluck!!!

Funny you remembered that.. but if you look back since the last time I asked for that, there has been some sort of issue where a restart was done, then right after that a bunch of blocks that were sub-100% were found right after that...  so....  there may be something :-)

[AerialGopher]

Guys,

A real sad day for me.  I've had to switch 5 of my Avalon 741s off, BTC price drop puts the 741s in negative territory until a price pickup.  Still got the 841s mining on Kano  

this makes no sense... unless you were to keep it off permanently?

If you continue to mine, you will get BTC, even if value is lower that expenses, the increase in BTC value will increase all of what you had even what you mined at a supposed loss becuase your calculation was done for the " moment" when BTC value was down.

The only thing you do by doing this temporary shut down is not make any bitcoin, and when you start back up again, you had that much lost time mining...... while difficulty went up.  

so unless you plan on keeping them off permanently, there is no point to wait until BTC value goes back up.

FYI  S7 profitability according to nicehash calculator is also about  -$5.00 per month now too.


just hope that sales drop to nothing and miners start burning out.  :-)  difficulty will go down.

[porepete]

I just changed my payment address,so the payment from the latest block which is at 92 confirmations will go to the old address or the new?

[heartlandmining]

just hope that sales drop to nothing and miners start burning out.  :-)  difficulty will go down.

I hope the fire sale of hardware from Bitmain stops "Real Soon Now."    Bring back the days where miners are a lot harder to come by.

[heartlandmining]

I just changed my payment address,so the payment from the latest block which is at 92 confirmations will go to the old address or the new?

It goes to the address that was in place when the block was found.

[rifleman74]

just hope that sales drop to nothing and miners start burning out.  :-)  difficulty will go down.

I hope the fire sale of hardware from Bitmain stops "Real Soon Now."    Bring back the days where miners are a lot harder to come by.

Firesales stop when BTC hits $12,500 and above again. 

[dzimmerm56]

just hope that sales drop to nothing and miners start burning out.  :-)  difficulty will go down.

I hope the fire sale of hardware from Bitmain stops "Real Soon Now."    Bring back the days where miners are a lot harder to come by.

I find the situation of the underpricing of the underground empire's equipment to be similar to a middle earth quote.

"The Elves may fear the Dark Lord, and they may fly before him, but never again will they listen to him or serve him."

As long as Avalon/Canaan can supply us and accept bitcoin as payment there is no good long term reason to turn to the other source.

Short term, yeah, many will go that route, but just keep in mind what you are supporting and what their goals seem to be.

[BSGMiner]

My Mining days are over.....  All equipment is sold.  TH/s = 0.0

Guy who bought it will probably put the stuff on kano too.

Been fun.  Less work for me now...

I see we found another block and i didnt even have to do anything for it!

Sorry to hear Gopher, best of luck to you.   

Wow. Same here. Hope you came out on top!

Here I am about to use my rewards to buy a 741, and you're callin' it quits... Weird.

...So I know I will get flak about this post, and thats ok, I know people will say that its a long term investment for mining.  I agree, but it is too long, at least for me.  What do you think is a reasonable amount of time?

Regardless of any "flak" you may get, it sounds like you've put a lot of thought into it and came to the best decision for yourself considering your multi-faceted situation.

I respect that you made an informed decision. Best of luck!

[imine4coins]

My Mining days are over.....  All equipment is sold.  TH/s = 0.0

Guy who bought it will probably put the stuff on kano too.

Been fun.  Less work for me now...

I see we found another block and i didnt even have to do anything for it!

Sorry to hear Gopher, best of luck to you.   

Wow. Same here. Hope you came out on top!

Here I am about to use my rewards to buy a 741, and you're callin' it quits... Weird.

...So I know I will get flak about this post, and thats ok, I know people will say that its a long term investment for mining.  I agree, but it is too long, at least for me.  What do you think is a reasonable amount of time?

Regardless of any "flak" you may get, it sounds like you've put a lot of thought into it and came to the best decision for yourself considering your multi-faceted situation.

I respect that you made an informed decision. Best of luck!

Sorry to hear it. Electricity is killing me too, need that price to go back up. Normally I would thank you for lowering the difficulty for the rest of us, but your buyer will take over.