Happy to see so many miners giving up...

adasebadaseb Member Posts: 1,043 ✭✭✭
edited August 2016 in Mining
Looks like every 2nd-3rd thread on here are people doing nothing but complaining about ROI periods, hardware cost, electricity cost, etc.

Nice to see them turn off their rig and keep the difficulty down.

I know that this might not be nice but there are hundreds of threads about the risks in mining and it was discussed numerious times how difficulty works, dangers in price decline, inefficiency of older hardware, etc.

Yet people still invested thousands and now they are complaining and in fact we had the SLOWEST difficulty growth last month compared to anytime in 7-8 months.

At least most of your hardware holds value in the 2nd hand markets. If you bought some Antminers from a year ago they would be worth only 10% of actual retail cost.

Sorry that your investments didn't work out, but mining in general is VERY competitive.


  • kristofferjonkristofferjon Sagittarius AMember Posts: 77 ✭✭
    Please keep giving up guys >:)
  • bluelogicbluelogic Member Posts: 86
    Yep the network difficulty went down. You know we all started mining as noobs at one time. We really shouldn't discourage people from making mistakes and learning from them. Showing them the reality of this business is fine but telling people they are stupid hurts the overall growth of the network. Best advise whatever you spend on your mining gear should be considered a total loss. So if you wouldn't go into a casino and bet $1000 then you shouldn't be mining.
  • kristofferjonkristofferjon Sagittarius AMember Posts: 77 ✭✭
    Its not a total loss by any means, you can still sell the GPU's or put them to some other productive purpose.
  • bluelogicbluelogic Member Posts: 86
    True there is some risk mitigation and it also depends on the cards you mine with. Like the 7950/7970 will probably not sell so well.
  • thesmokingmanthesmokingman Member Posts: 152 ✭✭
    That's why I tell anyone asking or posting about getting into mining that they shouldn't do it if they are only doing it for one coin, as that coin may not always be profitable.

    That's a different story if they like the process of mining and everything that it involves, as they will always find something to mine. I fall into this category and why I've invested and diversified my rigs for mining between AMD/Nvidia. I'm sure there will be times where I shut a few of them down when speculating on a new coin. Once ETH goes PoS, I'll mine some DMD if possible or another alt and auto-convert to NXT to increase my distribution of child chain tokens....
  • bluelogicbluelogic Member Posts: 86
    I totally agree spending all this money for one coin and not thinking of the future, Zcash, XMR, or even SIA. It is an investment and for some of us a little fun as well.
  • wirelessnet2wirelessnet2 Member Posts: 385 ✭✭✭
    Guys feathercoin is a great coin. It's always had a relatiely high price and profitability rate, and the developers are very active
  • mmxmmx Montreal, QCMember Posts: 110 ✭✭
    There's only a few groups of people out there who will actually profit from mining:
    1. Miners with deep pockets (or those with investors on board) that got in super early into the game. Those with the highest hashrate initially will end up ROI'ing first once a particular coin hits their high.
    2. Individuals who track their expenses very well and only purchase what is necessary at any given time. They will only risk a certain amount of capital and pay themselves first rather than reinvest for more rigs when the time isn't right. Your chances of profiting sooner can be aided with a bit of trading on the side, finding great deals on hardware, or even selling and repurchasing equipment throughout the mining lifecycle.
    3. People who have kept cards from previous mining booms, such as BTC and LTC era (which included Doge/Dark/etc.) Miners from a previous failed altcoin experiment are finally paying off debt by dusting off cards kept in storage and are now quietly screaming "Don't fucking do it!" at the newbies wanting to get in when it was already too late. Veterans keep telling newcomers not to start mining for a reason, but no one seems to appreciate the free advice given to them.
    When it comes to financial wisdom, I consider the following: "you make money on the buy, not on the sell."
  • techtottechtot Member Posts: 339 ✭✭✭
    Diff is almost the highest it's ever been. 63 Trillion.
  • bluelogicbluelogic Member Posts: 86
    That is expected as more miners start-up, build new rigs etc... I'm curious how much do you think ETH will be worth when we hit PoS?
  • Jotun70Jotun70 Member Posts: 107 ✭✭
    Got into mining for the first time ever in June. I didn't ask for a single bit of help in buying the hardware, setting it up, choosing the mining software, where to mine, etc. Not a single thing. I simply read the damn forums. However, I will say that it probably helps that I have a fairly experienced background with PC hardware. A good 21 years worth of it.

    I have no sympathy for people who come in here and start making new threads with the most rudimentary questions that can at many times be answered by reading a thread that is on the front page! That is just pure laziness. Then to come back and complain... I just laugh!

    Anyway, I setup my 6 GPU rig purely for fun as I am always looking for a new project. I even swapped out 4 370s for 4 480s as soon as they were available... so my ROI was extended out drastically, at first. I say at first because I also invested in ETH (and some ETC...) when it was low and ROI'd awhile back, and then some. Everything from here on out is pure profit (minus electricity), and I'll ride this thing long all the way to the end!

    Then... I'll sell the hardware, or move on to the next coin (if there is one). That is probably the most difficult decision I'll have to make because I can't decide if I enjoy this enough to deal with the upkeep of the rig, especially for 6 months...a year... more... haha.

    Currently, in addition to ETH, I have investments in SIA and MAID, but I have A LOT of reading and catching up to do on that front as I know there are many other coins that have potential. FTC, for example. I got out of ETC... seemingly at the right time because every "pump" on that thing is getting smaller and smaller and I actually got sick of day trading on it pretty quick.

    As far as the difficulty of ETH goes, it is the highest it has ever been. Sure, ETC caused a large dip for a bit there, but anyone with half a brain knew that wouldn't last. I think for now we will continue to see a slow climb in difficulty, at least until devcon and other good news hits and the price shoots up again. Then we should see a fairly large increase. Just a guess, btw.
  • MurukuruMurukuru Member Posts: 8
    why give up,I am mining on 11-12w/Mh,0.15cents per watt and still on +
  • bluelogicbluelogic Member Posts: 86
    Jotun I started in June as well. I waited until the 480s came out and dumped my 7950s. I currently mine because I'm close to ROI but feel the coin will pop after PoS. I dual mining SIA coin. SIA I dump and it covers 74% of my entire household energy bill. (0.07 cents/KWh)
  • bluelogicbluelogic Member Posts: 86
    I take it back. DO NOT get into mining unless you are upgrading your current rig.
  • ZanderMZanderM Member Posts: 86
  • Jamis1979Jamis1979 Member Posts: 22
    I am somewhat nervous as I just bought my first 6x 480 rig outright. It cost me about $2500 so hopefully over a years time it will make that back. I just wanted to learn something new. I recently had a newborn so my evenings are confined to the house anyway. I have my own electrical business and that's where my money comes in. If I don't ROI for a year, then so be it. My electricity here floats between .035 and .055 depending on the time of year. I read all the veterans saying don't do it, but i did it anyway.
  • ethfanethfan Member Posts: 458 ✭✭✭
    @Jamis1979, with your electricity rates being so low, you will be better off than most. Even more so with the more efficient 480's. However, you seem to have paid more than I expected for your rig... Should have been closer to $2000...
  • Jamis1979Jamis1979 Member Posts: 22
    Canadian price
  • rawmeenrawmeen Member Posts: 79
    @Jamis1979 Congrats on the newborn ... you probably won't be able to mine Ether for another year unless the transition to POS takes longer than expected. However, if you decide not to mine other coins after Ethereum I'm pretty sure you'll at least break even but you might need to sell your rig in order to do so. Meanwhile, if the price of Ether goes up you're golden. Good luck and have fun.
  • CalivetCalivet Member Posts: 194 ✭✭
    Yes you should start mining!!! But instead of mining for ETH (diff is too high) hop on the "more profitable" train, start mining ETC(diff is way lower). :p
  • bluelogicbluelogic Member Posts: 86
    At 162 hash rate and with difficulty increasing at 1 trillion per day in one year with no price change you should have $1500.00. http://karldiab.com/EthereumMiningCalculator/
  • HasLuxHasLux Member Posts: 48
    I'm enjoying a nice ROI. When the going gets tough you optomize. Cut costs where you can. Calculate the most profitable energy usage/hashrate. Some times slower mining and less energy consumption is better than faster power hungry mining and more profitable. Currently each of my rigs are optimized to net 1.6 ETH per day and my overhead per rig for electricity stays at 1 Kwh or less per rig. I am a registered business so I enjoy lower rates of 5 cents per Kwh and have multiple 3 way 480 volt circuits which I transform down to 220. I always run my rigs of 220 with really cheap platinum grade power supplies (usually 1/3 of a rigs expenses but with my power supplies it's substantially less than. That ) but will not divulge what power supplies I use as I consider this a trade secrete but many of you know what I'm using and are doing the same and will respect my silence on this. I always always always buy my cards on sale or I don't buy. If I'm not paying under $7 per Mhs it's not worth the expense. I never buy from merchandise scalpers. For example if you've ever paid more than $60 dollars for your motherboard, $50 for your processor, and $40 for you ssd and ram combined then you overpaid. I run my rigs like a business. I do not mine ETC and stick with ETH. I do not dual mine and kill my cards. When I build a rig I consider it a long term investment and as such if I see a 12% ROI in the first year then I'm well above the average ROI for any business. People think mining is a path to rapid riches. It's not it's a business and should be run as such. Perhaps my corporation will be ready for an IPO soon and I'll be happy to allow those discouraged regarding mining difficulty increase invest with me and earn some dividends that way. I just felt like adding to the conversation. Now I'm going to go watch some tv while my rigs process transactions on ethereum and thereby make me money ;)
  • bluelogicbluelogic Member Posts: 86
    edited August 2016
    There is a point when you should diversify, find the next big thing to mine vs continue to mine. While I agree you should mine an hold, most people are looking for big money fast that is true in the stock market and casinos as well. Everyone jumping in now are not looking at 1 year from now. I used this time to replace all my old hardware, but I had existing equipment.

    If someone built a 6 card RX 480 for $1800 and expected an ROI at the current rise in difficulty 1 trillion per day. The ROI would be never.

    Now it someone did the math they would realize based on a 1 trillion per day increase they have 10 months of mining left and the max ROI would be 50% per RX 480. That is a good deal.
  • chtat12chtat12 Member Posts: 9
    @bluelogic 10 months of mining, not accounting for PoS change.
  • SpydrMstrmndSpydrMstrmnd Member Posts: 73
    From the start I always viewed this as a hobby and an outlet for my hardware tinkering. I find it fun, even when its massively frustrating. I went into it saying, worst case, ETH goes to 0 and I'm only out X, where X is the difference between how much I paid for hardware, and how much I get for it on the sell.

    That said, most discussions of this nature focus, or seem to focus on ETH as a short term investment, i.e. how long to ROI and then how much longer do I want to hold after that? I'm curious if anyone actually believes in ETH, its future and its potential...in other words not holding it for >12 months but longer term, with the hope/expectation that ETH will reach some of its lofty potential. I'm not saying that in a snarky way, I'm genuinely curious how much the community believes in this project's long term trajectory.
  • minernewbieminernewbie Member Posts: 8
    Can someone tell me what PSU HasLux was referring to? Would love to know the secret sauce :smiley:
  • SWDude26SWDude26 Member Posts: 132 ✭✭
    edited September 2016

    Can someone tell me what PSU HasLux was referring to? Would love to know the secret sauce :smiley:

    I'm pretty positive I know what he's referring to. It's not that much of a secret. Search enough about PSUs used for mining and modding, and you'll find them.
  • cidmocidmo Member Posts: 446 ✭✭✭
    yea this diff is outta control now
    with the ddos attack slowing the network and the diff i dropped almost 25% payout over the past week
    idk if i can really keep up, big farms are already gonna push out lil guys like me
    wish i had more to invest in march, coulda been in a better position
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