Turning off miners

[nokati]

After one year of mining, I just stopped my small time mining operation 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 am on the fence of shutting down my 7 S3's - I live in SF and feel like I am actively losing money, but I enjoy doing what I can to decentralize the network.

I wish it wasn't so slanted by silicon/ASIC producers with access to cheap power.

I also got ripped off $6000 by bitmine in 2014 with a miner/refund that never came.

I wish there weren't so many bad people motivated by greed in this world.

I still believe in bitcoin.

maybe offtopic but what was the deal about the $6000?

[Tim89]

For me mining at home is not profitable due to the high electricity costs. I recently bought some GH's from a trustworthy cloud mining service. This makes some profit after the costs are paid.
Time will tell if i break even or end up with a little profit

[djroadking]

China has basically taken bitcoin over for the most part. I still have my miners here but only 2 of them are running. And they're not running all day.

[knowhow]

well sollar energy as wind would be the way to be able to roi but how many time you think withoyt pay eletricity would take 1 year? more less with the current price of 230 dollars.... would be better to sell and buy it ?

Don't forget that with solar and wind (or any other electricity source you buy and generate your own) you will have to ROI on the investment for that device too, on top of the miner. Essentially, it only extends your ROI and makes your income higher after the break-even point, where the difficulty probably would have already risen.

sollar as wind energy would be only to mine lol you can use it at home there is a lot things to spend those energy from them lol...soo this investment is to ROI around 5 to 10 years of bills

[Borisz]

well sollar energy as wind would be the way to be able to roi but how many time you think withoyt pay eletricity would take 1 year? more less with the current price of 230 dollars.... would be better to sell and buy it ?

Don't forget that with solar and wind (or any other electricity source you buy and generate your own) you will have to ROI on the investment for that device too, on top of the miner. Essentially, it only extends your ROI and makes your income higher after the break-even point, where the difficulty probably would have already risen.

sollar as wind energy would be only to mine lol you can use it at home there is a lot things to spend those energy from them lol...soo this investment is to ROI around 5 to 10 years of bills

I didn't fully get what you were trying to say. However, there is a big difference between 5 and 10 years of ROI.

[NoahWL1]

well sollar energy as wind would be the way to be able to roi but how many time you think withoyt pay eletricity would take 1 year? more less with the current price of 230 dollars.... would be better to sell and buy it ?

Don't forget that with solar and wind (or any other electricity source you buy and generate your own) you will have to ROI on the investment for that device too, on top of the miner. Essentially, it only extends your ROI and makes your income higher after the break-even point, where the difficulty probably would have already risen.

Very true, but a miner that mines for free is never obsolete so theoretically you could keep mining forever.  Technically you'll always make your ROI eventually, although as you have said because of difficulty rises and other factors like price that could take some time.  I really only think green/free energy is the way to go for people that really want to get into mining but have really high power costs or people who don't care as much about the money as they do the fun of mining and other cool and interesting projects.

[knowhow]

well sollar energy as wind would be the way to be able to roi but how many time you think withoyt pay eletricity would take 1 year? more less with the current price of 230 dollars.... would be better to sell and buy it ?

Don't forget that with solar and wind (or any other electricity source you buy and generate your own) you will have to ROI on the investment for that device too, on top of the miner. Essentially, it only extends your ROI and makes your income higher after the break-even point, where the difficulty probably would have already risen.

sollar as wind energy would be only to mine lol you can use it at home there is a lot things to spend those energy from them lol...soo this investment is to ROI around 5 to 10 years of bills

I didn't fully get what you were trying to say. However, there is a big difference between 5 and 10 years of ROI.

if you think in future you can say on the next 20 at 40 next years that you expect to be  alive ,what i meaned is that is currently several people that invested on wind and solar energy soo mine bitcoins for any person that goes into these new ways of energy will be roi on the next years that is around those time as the country you present at brazil is around 10 years....the normal energy costs....

What i meaned is you can take a shower turn on light ,turn on pc ,turn on tv, and mine bitcoins with the new energy soo is what i meaned

[Borisz]

well sollar energy as wind would be the way to be able to roi but how many time you think withoyt pay eletricity would take 1 year? more less with the current price of 230 dollars.... would be better to sell and buy it ?

Don't forget that with solar and wind (or any other electricity source you buy and generate your own) you will have to ROI on the investment for that device too, on top of the miner. Essentially, it only extends your ROI and makes your income higher after the break-even point, where the difficulty probably would have already risen.

Very true, but a miner that mines for free is never obsolete so theoretically you could keep mining forever.  Technically you'll always make your ROI eventually, although as you have said because of difficulty rises and other factors like price that could take some time.  I really only think green/free energy is the way to go for people that really want to get into mining but have really high power costs or people who don't care as much about the money as they do the fun of mining and other cool and interesting projects.

The thing is that your miner will mine less and less every month and your income will gradually reduce.  Eventually to a point where you can already call your miner obsolete. At this point you are "wasting" your renewable energy on something that is not profitable. For example, I could sell the electricity for 15c/kWh, but by using it for mining if I make less than 15c/kWh of Bitcoins, then I am losing money (wasting energy that could be sold).
If my expenses are double for the same income (understand: I have to invest in e.g. solar plus the miner) then the ROI will be longer, for sure. However, since your income is gradually decreasing (linearly or maybe even exponentially!) you may never even make a ROI  if you keep your miner running.

I think investing in solar/wind is a good opportunity, I just don't see why it would have to be combined with mining, apart if it is a hobby project then for sure it is fun. For me these 2 will be separate investments. The idea of having "free" energy from renewable seems very appealing, but I am not sure if I couldn't rent a place with cheap electricity that would make more economical sense and give me a fast ROI at the end of which I'd sell the miner and invest in a new technology.

[tmmapp]

I ain't turning off my miner, i'm mining other sha256 coins.  

I got a ant miner u3 off $50 of ebay.

[knowhow]

well the way to go is another coins ,but with renew energy otherwise no miner profitable to pay the bill

[NoahWL1]

well sollar energy as wind would be the way to be able to roi but how many time you think withoyt pay eletricity would take 1 year? more less with the current price of 230 dollars.... would be better to sell and buy it ?

Don't forget that with solar and wind (or any other electricity source you buy and generate your own) you will have to ROI on the investment for that device too, on top of the miner. Essentially, it only extends your ROI and makes your income higher after the break-even point, where the difficulty probably would have already risen.

Very true, but a miner that mines for free is never obsolete so theoretically you could keep mining forever.  Technically you'll always make your ROI eventually, although as you have said because of difficulty rises and other factors like price that could take some time.  I really only think green/free energy is the way to go for people that really want to get into mining but have really high power costs or people who don't care as much about the money as they do the fun of mining and other cool and interesting projects.

The thing is that your miner will mine less and less every month and your income will gradually reduce.  Eventually to a point where you can already call your miner obsolete. At this point you are "wasting" your renewable energy on something that is not profitable. For example, I could sell the electricity for 15c/kWh, but by using it for mining if I make less than 15c/kWh of Bitcoins, then I am losing money (wasting energy that could be sold).
If my expenses are double for the same income (understand: I have to invest in e.g. solar plus the miner) then the ROI will be longer, for sure. However, since your income is gradually decreasing (linearly or maybe even exponentially!) you may never even make a ROI  if you keep your miner running.

I think investing in solar/wind is a good opportunity, I just don't see why it would have to be combined with mining, apart if it is a hobby project then for sure it is fun. For me these 2 will be separate investments. The idea of having "free" energy from renewable seems very appealing, but I am not sure if I couldn't rent a place with cheap electricity that would make more economical sense and give me a fast ROI at the end of which I'd sell the miner and invest in a new technology.

I hadn't thought of it that way before, seems you're right.  I guess it's the only way to go if your electricity is super high, you can't sell to the grid, AND you like Bitcoin mining as a hobby.

[AtomicStrike]

I will mine bitcoin even in minus, because I'm believe in bright future.

[Amph]

I will mine bitcoin even in minus, because I'm believe in bright future.

well isn't better to buy it then and setup a full node? a better combination than wasting time mining, while still maintaining the support for the network

[knowhow]

that sounds insane keep mining bitcoin with the low worth of it and well bills will accumulate and it can stay for a long time on the current price soo how long you are able to wait for a raise on them?

[AtomicStrike]

I'm miner, not trader. And full node already working for decentralization of bitcoin. This is my small contribution to support network. I'm not spending mined bitcoins now, money from my main job is enough to pay electricity bills.

[Amph]

I'm miner, not trader. And full node already working for decentralization of bitcoin. This is my small contribution to support network. I'm not spending mined bitcoins now, money from my main job is enough to pay electricity bills.

the only good thing about this is anonimity, via mining, in comparison with buying bitcoin, but if you don't mind this, you can go ahead and buy with your wage instead of paying the bills, which would be basically the same thing

but you can have some edge on the price if it skyrocket later, while with mining you can't mine quickly enough, in the case the diff will rise

[knowhow]

I'm miner, not trader. And full node already working for decentralization of bitcoin. This is my small contribution to support network. I'm not spending mined bitcoins now, money from my main job is enough to pay electricity bills.

the only good thing about this is anonimity, via mining, in comparison with buying bitcoin, but if you don't mind this, you can go ahead and buy with your wage instead of paying the bills, which would be basically the same thing

but you can have some edge on the price if it skyrocket later, while with mining you can't mine quickly enough, in the case the diff will rise

well in the end all the same thing,but well would be better to buy the bitcoin direct on exchanges instead buy a miner,and pay a huge bills of energy,this way you would be helping the bitcoin world but without loose your money to pay bills... but well for me makes no sense i were to buy a miner but i thinked on the ROI soo now i buy bitcoin on exchangers ,,,less cost and i can roin in days or weeks. All money invested gets in the end ,the called results.

[vrm86]

When you buy Bitcoins you can close your position with few clicks and get your funds back instantly. When mining you are attached to your gear, that you have to find a buyer for.
When I had a scrypt miner over one year ago I've been refraining from buying coins, because mining seemed more entertainable for me and thought it brings more opportunities.

Unless you have very cheap electricity I'd suggest to buy coins instead of mining. Especially if you are not selling them to get profit now, but holding.

[knowhow]

When you buy Bitcoins you can close your position with few clicks and get your funds back instantly. When mining you are attached to your gear, that you have to find a buyer for.
When I had a scrypt miner over one year ago I've been refraining from buying coins, because mining seemed more entertainable for me and thought it brings more opportunities.

Unless you have very cheap electricity I'd suggest to buy coins instead of mining. Especially if you are not selling them to get profit now, but holding.

yes that way buy them directly is loose money some kind of hoby? at the moment you are throwing money away ,if you wanna do that send them to my wallet lol,there is several ways to support and those one just killing your precious money

[HeroCat]

Yes, I agree. Electricity costs are too high, when BTC go up, then may be