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Author Topic: Turning off miners  (Read 36044 times)
desertfox470
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March 11, 2015, 01:09:12 AM
 #161

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.
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pcjnjn
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March 11, 2015, 05:42:56 PM
 #162

I stopped mining too
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March 11, 2015, 06:07:23 PM
 #163

The difficulty increase combined with the price drop has me turning off another batch of miners. How about you?
Yes, difficulty / price ratio is killing miners.
My CPU only works for some Monero sometimes.
Others are off. No chance to gain a cent.

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Mikestang
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March 11, 2015, 06:40:44 PM
 #164

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.

I paid $19 for my S1, plus about that again in shipping.  I would not pay more.
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March 12, 2015, 02:29:52 AM
 #165

The difficulty increase combined with the price drop has me turning off another batch of miners. How about you?
Yes, difficulty / price ratio is killing miners.
My CPU only works for some Monero sometimes.
Others are off. No chance to gain a cent.
Bitcoin only exists because of the miners. Without, kinda loosing ... incentive.

lucasjkr
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March 12, 2015, 02:37:40 AM
 #166

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.

If they have the money to pay their power bill, wouldn't they have money to buy the coins?
vrm86
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March 12, 2015, 07:42:37 PM
 #167

Many people find mining enjoyable as it looks like your machine serves you to literaly mine some assets from an unavailable source, or create something from basis. Others may like all this hardware-related things. Now, as the home mining keeps becoming less and less reasonable, the question is how much money one can expend for all that fun.
And in comparison buying coins could be perceived as boring - within few minutes whole process is copleted. In that case I suggest to try trading.
hugs1BTC
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March 17, 2015, 02:39:10 PM
 #168

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

I turned off my mining rigs in december 2014. Now I only mine altcoins at launch, with cloud mining.
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March 18, 2015, 04:30:32 AM
 #169

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

I turned off my mining rigs in december 2014. Now I only mine altcoins at launch, with cloud mining.

how has that worked for you?  Sometimes I think about giving it a go with alts, then I remember how I threw away .25 BTC worth of mining power back in 2014 for a day on some 21 coin and I could never sell it for anything worthwhile. 

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March 19, 2015, 12:17:51 AM
 #170

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

I turned off my mining rigs in december 2014. Now I only mine altcoins at launch, with cloud mining.

how has that worked for you?  Sometimes I think about giving it a go with alts, then I remember how I threw away .25 BTC worth of mining power back in 2014 for a day on some 21 coin and I could never sell it for anything worthwhile. 

There are sites to help you choose the best coin at any given moment. If your'e on top of it, you might do well, as there are sometimes brief distortions with various alts, where you can swoop in, mine them, even for just a couple of hours, and make 5x or 6x what you would have gotten from mining a mainstream coin.

Most of those are Scrypt coins, though, not SHA256; of the SHA coins, generally BTC is the most valuable to mine...
desertfox470
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March 19, 2015, 01:05:54 AM
 #171

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

I turned off my mining rigs in december 2014. Now I only mine altcoins at launch, with cloud mining.

how has that worked for you?  Sometimes I think about giving it a go with alts, then I remember how I threw away .25 BTC worth of mining power back in 2014 for a day on some 21 coin and I could never sell it for anything worthwhile. 
42 coin was another coin like that. They were trading for more than a btc, but there was one 42 of them.
melon21
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March 19, 2015, 04:59:20 AM
 #172

After one year of mining, I just stopped my small time mining operation Smiley In the past 4 months, I was paying so much for power, my bills were so high, and I was barely making anything. Not even close to breaking even each month. Now I just buy direct, and cloud mine. I have to keep the feeling of getting new coins each day. I think I will turn on my miners maybe for a week each month (maybe).

But I will say what a year experience it has been. From being ripped off and miners never coming that I paid for from minersource/blackarrow (prospero x-1), and from cloud mining sites shutting down after 2 months of offering service (GAW miners).

I learned, and it's been fun, and I will say we are in the infancy stage of bitcoin. And I can see how it will stay around, and not go away anytime soon.

So I will be cloud mining on trusted sites, and buying my bitcoins for the foreseeable future. And having a lesser power bill Smiley With the money I save, it's more worth it to just direct purchase bitcoins. Right now that has the most value (to me anyway).
hugs1BTC
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March 19, 2015, 02:36:00 PM
 #173

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

I turned off my mining rigs in december 2014. Now I only mine altcoins at launch, with cloud mining.

how has that worked for you?  Sometimes I think about giving it a go with alts, then I remember how I threw away .25 BTC worth of mining power back in 2014 for a day on some 21 coin and I could never sell it for anything worthwhile. 

You should use a bot on altcoins announcements section, they are all potentially profitable if you start mining as soon as they are released. Then you can always sell on exchanges. Lots of coins today are immediately listed in sites like Yobit. For example, I'm keeping an eye on dragonsphere xdb now (https://bitcointalk.org/index.php?topic=986534), supported by manhattanmine and suprnova. For people like me who bought multi-gpu rigs a while ago it's a good chance to make profit.
lucasjkr
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March 19, 2015, 06:15:34 PM
 #174

I recognize that Bitcoin isn't 100% perfect, that someone in theory could create something that poses legitimate competition. But 99% of the time when you see an alt coin announcemt, you can just tell it has no future. Yet people go off and mine it, and sell to others. Don't get it.
lucasjkr
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March 19, 2015, 06:31:46 PM
 #175

I recognize that Bitcoin isn't 100% perfect, that someone in theory could create something that poses legitimate competition. But 99% of the time when you see an alt coin announcemt, you can just tell it has no future. Yet people go off and mine it, and sell to others. Don't get it.
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March 20, 2015, 07:05:16 AM
 #176

I recognize that Bitcoin isn't 100% perfect, that someone in theory could create something that poses legitimate competition. But 99% of the time when you see an alt coin announcemt, you can just tell it has no future. Yet people go off and mine it, and sell to others. Don't get it.

I have always wondered "who" is on the other side of the transaction when I sell an alt-coin? Who wants to give me Bitcoin, or better yet USD, for this alt-coin that I "mined"? That's why I could never see a long term model for the various GAW schemes that mined "X coin", but paid out in Bitcoins.
hugs1BTC
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March 20, 2015, 05:23:49 PM
 #177

Answer is simple, imho:

1) newbies
2) traders
3) whales
majeis
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March 21, 2015, 04:06:37 AM
 #178

Stopped mining a few months ago. Power costs too much. Cooling is an annoying overhead.


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March 24, 2015, 08:32:50 AM
 #179

Stopped mining a few months ago. Power costs too much. Cooling is an annoying overhead.

Selling any of your miners? Really interested in expanding my farm Smiley

Minerjoe
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March 26, 2015, 08:33:33 PM
 #180

I dont home mine anymore, just a bit of cloud now. I think that currently besides cloud the only thing you can make money with is trading. Get a nice bot and skim profits.

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