EH mining unprofitable now.

oakey22oakey22 Member Posts: 50
Looking at the difficulty and price of ETH it is now becoming unprofitable and you will never reach ROI on the cards to run it.

4x480's will generate around $8 a day, then take electricity out of it and your down to $6. At this rate you will never ROI as difficulty will increase meaning even less profit.

Just a heads up to all the newbies thinking they will make a profit.

Comments

  • JukeboxJukebox Member Posts: 640 ✭✭✭
    edited September 2016
    oakey22 said:

    Looking at the difficulty and price of ETH it is now becoming unprofitable and you will never reach ROI on the cards to run it.

    4x480's will generate around $8 a day, then take electricity out of it and your down to $6. At this rate you will never ROI as difficulty will increase meaning even less profit.

    Just a heads up to all the newbies thinking they will make a profit.

    Where are you from?
    4*480 consume ~ 15 kW/day. You pay 0.4 $/kWh ?

    Run diesel generator, it's cheaper for you.
  • ajthemacboyajthemacboy Member Posts: 22
    If my math is right, assuming 1 480 costs $230, $6 a day counting electricity;

    4x230= $920 for 4 480s
    $6*365 = $2190 a year
    920/2190=x/365 == 153 days for ROI excluding price of motherboard and other parts

    This obviously doesn't account for increasing difficulty. This calculator is the only one I know that does and assuming 29 MH/s per 480 and 412 watts using a custom BIOS, ROI estimate is 7 months or 210 days.

    So as long as POS doesn't happen within ~250 days maximum, I think it's reasonable to expect a ROI.

    I still have questions about whether other cryptos will be as profitable to mine after POS and no one can tell you if they will be. I assume that other cryptos will be profitable, but not as profitable at ETH, but you should still be able to make back your investment slowly. And of course you can sell your equipment.
  • Jotun70Jotun70 Member Posts: 107 ✭✭
    The smart thing to do is watch the market and trade... I was ahead of the game after just over a month mining from doing so.

    However, I believe it is still somewhat viable/profitable to mine. Especially since ETH has so much upside. Also, selling your equipment (especially 480s) is an easy way to get 50-75% of your money back.
  • adasebadaseb Member Posts: 1,043 ✭✭✭
    Right now its VERY PROFITABLE!

    Wait until your 4x480s start making $1 a day total without electricity costs, then you can complain. That's how it was in Summer 2014 and will most likely happen again in Spring/Summer 2017.
  • SWDude26SWDude26 Member Posts: 132 ✭✭
    edited September 2016
    I just started a month ago via 4x 390s and have $200+ in my wallet. It's still profitable at least until POS happens. (free electricity!)

    I love seeing these posts... I see them everywhere. People announcing to the world saying it's no longer profitable. Maybe not for you in your situation.

    I personally see these posts as a deterrent to run newbies off in a wasted attempt to keep the difficulty down. Which IMO, is bad in taste. I've already experienced how one member on this forum treats "newbies" and he reacted like a 12-year-old playing COD when I called him out for it.

    Not saying that's you in any way, but it just comes off as such. If you meant to inform rather than to mislead, then disregard my rant.

    Now if someone is coming in Ethereum thinking they are going to make bank mining for years down the road... Yeah, we should definitely break the bad news to them about POS. They should also research a bit more on their own before asking the same questions that have already been answered.

    But we shouldn't turn people away or run them off. Invite them in. Help educate them. And grow the community. Who knows maybe they will want to stay around and give back to the community in some unique way, or they will just go off chasing the next profitable coin.
    Post edited by SWDude26 on
  • danny1danny1 Member Posts: 42
    oakey22 said:

    Looking at the difficulty and price of ETH it is now becoming unprofitable and you will never reach ROI on the cards to run it.

    4x480's will generate around $8 a day, then take electricity out of it and your down to $6. At this rate you will never ROI as difficulty will increase meaning even less profit.

    Just a heads up to all the newbies thinking they will make a profit.

    What other coin is currently more profitable to mine?
  • Jotun70Jotun70 Member Posts: 107 ✭✭
    SWDude26 said:

    I just started a month ago via 4x 390s and have $200+ in my wallet. It's still profitable at least until POS happens. (free electricity!)

    I love seeing these posts... I see them everywhere. People announcing to the world saying it's no longer profitable. Maybe not for you in your situation.

    I personally see these posts as a deterrent to run newbies off in a wasted attempt to keep the difficulty down. Which IMO, is bad in taste. I've already experienced how one member on this forum treats "newbies" and he reacted like a 12-year-old playing COD when I called him out for it.

    Not saying that's you in any way, but it just comes off as such. If you meant to inform rather than to mislead, then disregard my rant.

    Now if someone is coming in Ethereum thinking they are going to make bank mining for years down the road... Yeah, we should definitely break the bad news to them about POS. They should also research a bit more on their own before asking the same questions that have already been answered.

    But we should turn people away or run them off. Invite them in. Help educate them. And grow the community. Who knows maybe they will want to stay around and give back to the community in some unique way, or they will just go off chasing the next profitable coin.

    Spot on.
  • nhandonhando Member Posts: 82
    I am trying to refrain myself from commenting on this POST! CRAZY Math going here from 14KW power usage to 412Watts for Dual mining. OMG................
  • oakey22oakey22 Member Posts: 50
    My figures were based on the Electricity cost in my area so may be different for other people. What I do know is that a lot of people areally getting in to mining and thinking they will be making a lot of money. Unfortunately when you work it out you will be making max $2 a day for each card.

    I am not trying to drive anyone off from mining as the hash rate of people on this forum would not push the difficulty up as much as 1 large farm
  • deliciousminingdeliciousmining Member Posts: 49
    In the best moment a few months ago my income was 4-5x more. Today in comparison looks like there is barely any profit. Still profitable, but it's not the same :(

    If you mine on 1 card only, lets say 1 fan in your PC breaks and whole month profit goes into flames :dizzy:
  • JukeboxJukebox Member Posts: 640 ✭✭✭
    oakey22 said:

    Unfortunately when you work it out you will be making max $2 a day for each card.

    And if you have 100 or 200 of them... >:)
  • oakey22oakey22 Member Posts: 50
    edited September 2016
    Jukebox said:

    oakey22 said:

    Unfortunately when you work it out you will be making max $2 a day for each card.

    And if you have 100 or 200 of them... >:)
    Then you have invested around $20,000 which I don't think many have.
  • newmznewmz AustraliaMember Posts: 299 ✭✭✭
    edited September 2016
    SWDude26 said:

    I just started a month ago via 4x 390s and have $200+ in my wallet. It's still profitable at least until POS happens. (free electricity!)

    I love seeing these posts... I see them everywhere. People announcing to the world saying it's no longer profitable. Maybe not for you in your situation.

    I personally see these posts as a deterrent to run newbies off in a wasted attempt to keep the difficulty down. Which IMO, is bad in taste. I've already experienced how one member on this forum treats "newbies" and he reacted like a 12-year-old playing COD when I called him out for it.

    Not saying that's you in any way, but it just comes off as such. If you meant to inform rather than to mislead, then disregard my rant.

    Now if someone is coming in Ethereum thinking they are going to make bank mining for years down the road... Yeah, we should definitely break the bad news to them about POS. They should also research a bit more on their own before asking the same questions that have already been answered.

    But we shouldn't turn people away or run them off. Invite them in. Help educate them. And grow the community. Who knows maybe they will want to stay around and give back to the community in some unique way, or they will just go off chasing the next profitable coin.

    I do understand what you are saying about "scaring off newbies" etc, but quite honestly if I knew all that I have learned over the last 6 months - but I was just considering whether or not to start mining ETH now, I think I wouldn't do it. It is obviously great for you if you have free electricity but most people don't. It's a great thing to do as a hobby with a couple of cards - you learn so much, but I don't think it would be very good advice to tell anyone to start any medium to large scale ETH mining now - it's just too late. Unless of course you hold all your ETH and its price goes WAY up in the future. I personally plan to hold as much of mine as I can in the hope that one day it will reach $100 or even more. It's quite possible.

    I do share your feelings about "growing a community" but there are many miners out there - probably the majority - who are just doing this because it's profitable.
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