Turning off miners

[Mikestang]

I hope more and more miners get shut off, especially the large farms.  I'd like to see mining done mainly by individuals and pools of individuals, not large-scale industrial facilities.

[1713575131]

1713575131

[crazyearner]

I hope more and more miners get shut off, especially the large farms.  I'd like to see mining done mainly by individuals and pools of individuals, not large-scale industrial facilities.

Would be nice for that to happen but seems more company's been jumping on it seen on news the other week that one company has gone bust due to buying millions of $ worth of equipment and it was working out good for them then comes the bills for them and they had to cease business and turn off some kept running to squeeze the last bits of profit out of it but most are seeing that it is only profitable if prices sustain them self and energy is  cheap. I only turn my lot on when needed now or when new coins come along and even then sometimes rent the hash power as its a lot cheaper to or just buy up the coins instead.

[DrG]

Turned my miners off 6 months ago as it was getting to the point of no return on braking even each day and eventually started costing more in energy then it was producing BTC and the drop in prices and energy costs continue to spike or go up is not cost effective. It was a hobby but turning out to be way to expensive. I will only put my miners to work when a new sha coin comes along and mine it for a few days to get a chunk of them. Maybe when something comes along to be better or btc prices go up then might consider to turn back on but right now their staying off until prices are better or theirs a better alt coin out to mine.

why dont you sell the miners , and then later on buy an more updated ASIIC for the money ? imo this would be the most economic choice atleast.

When miners are obsolete for generating a profit, the consideration of having to pay shipping costs would ensure that the buyer would be more likely to incur a loss (in almost any case except where a buyer has free power).

[tss]

Turned my miners off 6 months ago as it was getting to the point of no return on braking even each day and eventually started costing more in energy then it was producing BTC and the drop in prices and energy costs continue to spike or go up is not cost effective. It was a hobby but turning out to be way to expensive. I will only put my miners to work when a new sha coin comes along and mine it for a few days to get a chunk of them. Maybe when something comes along to be better or btc prices go up then might consider to turn back on but right now their staying off until prices are better or theirs a better alt coin out to mine.

why dont you sell the miners , and then later on buy an more updated ASIIC for the money ? imo this would be the most economic choice atleast.

You get nothing for the miners no days. Maybe get $50 to $100 at most for an  S1  old 80GH Avlaon maybe $20 if that lol and to compare with Antminer s5 are 370 USD for 1.1TH mining power so for 200GH miner going to get what a fraction so its pointless to sell on when can use it to mine towards other coins when they come out and make that 10x over when the coin goes to exchange. It is far better to keep and m ine the odd few days here and their with antminers than to sell for next to nothing.

im thinking s1's value is closer to $20. 

[Bananana]

Turned my miners off 6 months ago as it was getting to the point of no return on braking even each day and eventually started costing more in energy then it was producing BTC and the drop in prices and energy costs continue to spike or go up is not cost effective. It was a hobby but turning out to be way to expensive. I will only put my miners to work when a new sha coin comes along and mine it for a few days to get a chunk of them. Maybe when something comes along to be better or btc prices go up then might consider to turn back on but right now their staying off until prices are better or theirs a better alt coin out to mine.

why dont you sell the miners , and then later on buy an more updated ASIIC for the money ? imo this would be the most economic choice atleast.

You get nothing for the miners no days. Maybe get $50 to $100 at most for an  S1  old 80GH Avlaon maybe $20 if that lol and to compare with Antminer s5 are 370 USD for 1.1TH mining power so for 200GH miner going to get what a fraction so its pointless to sell on when can use it to mine towards other coins when they come out and make that 10x over when the coin goes to exchange. It is far better to keep and m ine the odd few days here and their with antminers than to sell for next to nothing.

im thinking s1's value is closer to $20. 

I am actually surprised if S1 still have value, can't even break-even electricity cost. Who buy them anyway?

[greenchip]

What about alternative energy to power the equipment.
Wonder if there is even a calculation for that. Solar, wind etc.

[crk]

I'm serious.. If you are wiling to sell any s4.. PM :-)

[MegaFall]

All of my miners (ZeusMiner Blizzard, GridSeed Orb, AM S3+, 2 RockMiner New R-Boxes, and 2 RockMiner R-Boxes) are paid for and my electric is currently free... So I'm keeping mine running; I will for quite a while.

They're paid for by the government... I got a $2800 government Pell grant for college. $800 of which I didn't need to use for college.

[crazyearner]

All of my miners (ZeusMiner Blizzard, GridSeed Orb, AM S3+, 2 RockMiner New R-Boxes, and 2 RockMiner R-Boxes) are paid for and my electric is currently free... So I'm keeping mine running; I will for quite a while.

They're paid for by the government... I got a $2800 government Pell grant for college. $800 of which I didn't need to use for college.

Nice way to start up and that you got free electric. Wonder how their bill looking with using more energy   is good to so no harm in mining at all as it will be free for you and generating coin.

[doggieTattoo]

The difficulty increase combined with the price drop has me turning off another batch of miners. How about you?

Ya, same thing happened to me.  Witht he oversaturation of the market, I am not making nearly enough for the combined effort and electricity bill to make sense.  I think a lot of people are going to be turning away from mining and finding other ways to get their bitcoin fix!

[Mikestang]

The difficulty went down 0.2G, a sign of the times?

[cramved]

What about alternative energy to power the equipment.
Wonder if there is even a calculation for that. Solar, wind etc.

The high cost of buying and setting up a solar farm to power a btc farm would make it hard to justify with bitcoin not being the most stable thing in the world. It might even be a safer bet and more profitable to just set up a solar farm and sell power back to the city than it would be to use the power to mine depending on the scale of the mining operation.

[Bananana]

The difficulty increase combined with the price drop has me turning off another batch of miners. How about you?

Ya, same thing happened to me.  Witht he oversaturation of the market, I am not making nearly enough for the combined effort and electricity bill to make sense.  I think a lot of people are going to be turning away from mining and finding other ways to get their bitcoin fix!

A lot of people should turn away from mining due to electricity bills, but a lot of them are mining at a loss and they give this reason "to secure the network".

[Mikestang]

A lot of people should turn away from mining due to electricity bills, but a lot of them are mining at a loss and they give this reason "to secure the network".

I mine "at a loss" because I do it for hobby.  I only have about 300gh in gear I picked up for a song, so it's not like I could expect to make a profit with that, and I'm not going to spend the money on hardware that would net me a profit.  I'm mining because I find it fun, I'm happy that I am contributing to the network, and I do have a chance, ever so small, of solving a block.  Fun stuff!

[cramved]

There is also the mentality that even if you are mining at a loss currently at the current bitcoin price in the future if the price goes up you could be making a profit.

[MegaFall]

There is also the mentality that even if you are mining at a loss currently at the current bitcoin price in the future if the price goes up you could be making a profit.

Very true... technically speaking, pegging the price of BTC to USD and saying you're mining at a loss is a bit of a fallacy. If you hold BTC and the price relative to USD doubles, you didn't lose anything.

[cramved]

There is also the mentality that even if you are mining at a loss currently at the current bitcoin price in the future if the price goes up you could be making a profit.

Very true... technically speaking, pegging the price of BTC to USD and saying you're mining at a loss is a bit of a fallacy. If you hold BTC and the price relative to USD doubles, you didn't lose anything.

Exactly if you say I am not going to sell until BTC reaches $500 then you would calculate your profits as if it were $500 so you can get the future profitability not the current one were you won't sell,

[Bananana]

There is also the mentality that even if you are mining at a loss currently at the current bitcoin price in the future if the price goes up you could be making a profit.

Very true... technically speaking, pegging the price of BTC to USD and saying you're mining at a loss is a bit of a fallacy. If you hold BTC and the price relative to USD doubles, you didn't lose anything.

Exactly if you say I am not going to sell until BTC reaches $500 then you would calculate your profits as if it were $500 so you can get the future profitability not the current one were you won't sell,

The theory is that if you are mining at a loss, you could easily stop the mining and use the loss to buy more bitcoin. You would get more bitcoin for the same amount of USD spend.

[cramved]

There is also the mentality that even if you are mining at a loss currently at the current bitcoin price in the future if the price goes up you could be making a profit.

Very true... technically speaking, pegging the price of BTC to USD and saying you're mining at a loss is a bit of a fallacy. If you hold BTC and the price relative to USD doubles, you didn't lose anything.

Exactly if you say I am not going to sell until BTC reaches $500 then you would calculate your profits as if it were $500 so you can get the future profitability not the current one were you won't sell,

The theory is that if you are mining at a loss, you could easily stop the mining and use the loss to buy more bitcoin. You would get more bitcoin for the same amount of USD spend.

That makes sense assuming the person has the money to buy bit coins on the spot.

[desertfox470]

Turned my miners off 6 months ago as it was getting to the point of no return on braking even each day and eventually started costing more in energy then it was producing BTC and the drop in prices and energy costs continue to spike or go up is not cost effective. It was a hobby but turning out to be way to expensive. I will only put my miners to work when a new sha coin comes along and mine it for a few days to get a chunk of them. Maybe when something comes along to be better or btc prices go up then might consider to turn back on but right now their staying off until prices are better or theirs a better alt coin out to mine.

why dont you sell the miners , and then later on buy an more updated ASIIC for the money ? imo this would be the most economic choice atleast.

You get nothing for the miners no days. Maybe get $50 to $100 at most for an  S1  old 80GH Avlaon maybe $20 if that lol and to compare with Antminer s5 are 370 USD for 1.1TH mining power so for 200GH miner going to get what a fraction so its pointless to sell on when can use it to mine towards other coins when they come out and make that 10x over when the coin goes to exchange. It is far better to keep and m ine the odd few days here and their with antminers than to sell for next to nothing.

You would be lucky to get $50 for an S1 in my opinion. I see them going for $20, and then the rest of the price would most likely come from the shipping of the actual unit. Most people will not buy a large lot of S1's. Another large problem is actually finding people to buy your miners.