Time to stop mining?

jacobjacob Member Posts: 39
edited August 2015 in Mining

Hello guys,

right now I would have to mine around 10eth a day just to pay the electricity bill of my mining rig, which at current difficulty makes around 2 blocks a day. In return I have hardware costs, hassle, heat and noise. People are throwing lots of ethers onto the market, which keeps the price around 1,03 €/eth - for now.

Anyone thought of completely stopping to mine ether, before it's too late? I know ethereum is about a distributed, democratic network, but if that means that miners have to lose lts of cash despite providing an essential service to the network (I am not talking of making huge profits), I think it's understandable they have to make a choice.

What do you think, time to pull the plugs?

Comments

  • o0ragman0oo0ragman0o Member, Moderator Posts: 1,291 mod
    Will you be buying the equivalent amount of eth as your mining would cost?

    ATM Eth is still just another speculative altcoin. Its intrinsic value of a DAPP ecosystem hasn't yet been built into the network. I think it is still well worth hoarding eth either by mining or buying for the next 12 months at least.

    But, if you want to pull the plug, be my guest! Less hash I have to compete with the better :)
  • jacobjacob Member Posts: 39
    edited August 2015
    @o0ragman0o The incentive (from a economical point of view) to mine ether is to be rewarded for the time and efforts invested setting up and running the rig - or buy. That means that there has to be a perspective in the future to be able to sell your eth for more than you the same price or than you paid for it. This is not the case (difficulty raise). That's why I wouldn't buy it and others don't as well - which is lowering the price again and so on. See the chart above.

    The problem is there are too many people who have bought eth in the presale a lot cheaper than miners will be able to mine it. If those people sell their eth for this unprofitable price (for the miners), they still make lots of profit.
  • OzdiggerOzdigger Member Posts: 25
    I look at it like this.

    With around 250mh I can get about 0.13btc, or a bitcoin every 8 days approx..... with the vision ( dream, hopes, wishes, prayers , luck, or mislead) that BTC will hit $1000 at some stage...

    I actually use it to buy other main coins that fluctuate 500 to 1000%, BTC doesn't. hence the last spike.

    my 2 bobs worth.....

    Ether seems the highest paying at this point in time, well the pools are unstable I find so I am back to solo mining now I have the updated Geth 1.1 etc......
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