ethermine.org has a msg saying theres an ongoing DDOS that wont be fixed till monday's hardfork my hashrate didnt drop till 2 hours after the msg popped up and now my calculated hashrate is almost 5-15% less than what it was
@Jotun70 You can laugh, but @oakey22 is 100% right. ETH mining isn't profitable at all for new miners. Anyone who is buying new rigs now thinking they're going to make ROI are in for a big shock. You'll be lucky to make back 50% of the cost of your hardware from ETH mining, and even that's a stretch at this point. And if you already had your rig paid off, well good for you, but that has nothing to do with the current profitability.
The rise in difficulty has not been matched at all by a rise in ETH price. ETH hit $13 US on March 12, 2016 when difficulty averaged 19.655 TH. Right now the price of ETH is $11.89 US and difficulty is at 96.16 TH. If you do the math, profitability has dropped over 81% in that time period.
Honestly I'm considering mining something else at this point.
ethermine.org has a msg saying theres an ongoing DDOS that wont be fixed till monday's hardfork my hashrate didnt drop till 2 hours after the msg popped up and now my calculated hashrate is almost 5-15% less than what it was
i was 130 Mh/s off about an hour ago but just 30 off now...so seems to have fixed itself somehow? did your rate get better as of now?
ethermine.org has a msg saying theres an ongoing DDOS that wont be fixed till monday's hardfork my hashrate didnt drop till 2 hours after the msg popped up and now my calculated hashrate is almost 5-15% less than what it was
i was 130 Mh/s off about an hour ago but just 30 off now...so seems to have fixed itself somehow? did your rate get better as of now?
its been all over lowest is about 100Mh it jumped up from that about 30 min ago, but i also dropped a few miners for the weekend thx to that dude who pointed out the h81 btc mobos back in stock on newegg ima consolidate a few miners
thx to that dude who pointed out the h81 btc mobos back in stock on newegg ima consolidate a few miners
amazing how amazon is charging 124 USD for pro btc. and insane how newegg is charging 299 USD for H97 anniversary! wtf happy I just paid about 55$ for my pro btc here. they are easy to get here for 50-55$. (less than 50$ if I order it online, $55 if I pick it up locally - easier to return if I buy locally so I did that incase it smoked)
nice you got some of the pro btcs while they are available.
Honestly I'm considering mining something else at this point.
And the reason you haven't switched yet is because there is currently nothing more profitable. And if ETH wasn't profitable for you, and there was no alternative, you wouldn't switch, you would stop.
Could the current difficulty be due, at least in part, to the ongoing attacks? Would it be reasonable to assume difficulty will plateau, or even drop for a time after the hardfork? I've heard no discussion to this end...
Could the current difficulty be due, at least in part, to the ongoing attacks? Would it be reasonable to assume difficulty will plateau, or even drop for a time after the hardfork? I've heard no discussion to this end...
No. The difficulty is an artificial construct designed to ensure that the average time between block discovery remains constant. Increasing difficulty is caused by more total hashing power on the network.
If anything, the attacks would have been putting people off, rather than encouraging them to add more power to the network.
However, it is likely to be the case that value is being kept low by the attacks.
@chuckfeast interesting. If some of these posts allude to wider sentiment maybe difficulty will plateau or even drop for a time as smaller miners leave the fold.
Current diff. is at ~ 95T. Why is everyone surprised by this? There is no place on the internet that I've read that said otherwise. Also, the diff will rise, I'd be very happy if it stays at ~ 95 for the next months. I'm rather hoping that ETH price will go up in the future.
Just a wild guess here but I believe history will repeat itself. Mining will go where the free power is which is... well I think you all know the answer to already. This game is already over for anyone paying 10c per KW or more. Hopefully after the fork the DDoS attacks will subside and devs can get on with what they're really ambitious about. Unfortunately security is hard. Like really hard for most developers so like it or not they're getting an education in the discipline required to write secure code. Something they don't teach in higher ed.
How is the game over for someone paying 10c/kwh? That only works out to around $80-90 CAD a month with an overclocked rx480 six card rig. You make a fair bit more than $80-90 CAD a month mining with an overclocked 6 card rx480 rig @ 29-32Mhs per card.
if u live in the US u can thank obama for squeezing us electrical paying miners out sooner with his stupid clean power act i live in a state with 3 nuclear plants and god knows how many gas plants, but only 4 or 5 coal plants, which are being shut down electricity has gone up 30% in the past 2 years, was paying .09 now were up to .12-.13 its crazy we generate enough power for us and 3-4 states around us and we pay more than most of the country makes no sense but ima use this years extra profit and move into alt energy
if u live in the US u can thank obama for squeezing us electrical paying miners out sooner with his stupid clean power act... ima use this years extra profit and move into alt energy
Sounds like the stupid clean power act is working!
Hi everyone. I'm considering getting back into mining again but obviously question profitability and difficulty changes. I have an opportunity to buy an ethereum rig with 4 8gb rx 480s with risers, 1000w psu, movie, county, memory, ethos running. Price is $1000 but might be able to go lower. At that rate for ethereum classic it should generate $190 per month minus electricity. About 120MH/s. http://www.coinwarz.com/calculators/ethereum-classic-mining-calculator/?h=115&p=1000&pc=0.11&pf=0.00&d=8596664774315&r=5.00000000&er=0.00171200&btcer=644.26000000&hc=0.00 I might have a lead where I can host your rig without paying for electricity. At that price, worth getting involved or too late? I mined litecoin in 2013 for about 5 months until profitability dried up. Sold all my ltc and hardware and basically broke even. Afraid the same will happen with ethereum. Input welcome
@Etcminer1 At this point you're better off taking that $1000 and investing directly in eth or etc (...I much prefer the long term trajectory of the former). If you want to mine and immediatly sell for profit I think the ship has sailed on that one, unless you have free or nearly so electric and even then getting a return on $1000 with 120mh/s will take over six months at the current rate of difficulty increase....call it 7-8 months to make that $1000 back at current eth prices assuming zero electric. It's also important to remember we retail miners only have about 7-8 months left in total, and even that may be optimistic.
At the beginning of September I purchased my final card, and I'll most likely make a little bit on that factoring in subsidized electric and resale value. With hardware additions now, even assuming zero electric cost you're still taking a risk breaking even, let alone making anything.
Whenever I see a good hardware deal come up I have to run through all this in my mind...as much as I like building and tinkering with rigs, we past a point sometime in the last several weeks where adding new hardware/cards just wasn't worth it vs buying eth directly. Even if you feel eth will go up or way up you're still better off buying it directly.
@Etcminer1 At this point you're better off taking that $1000 and investing directly in eth or etc (...I much prefer the long term trajectory of the former). If you want to mine and immediatly sell for profit I think the ship has sailed on that one, unless you have free or nearly so electric and even then getting a return on $1000 with 120mh/s will take over six months at the current rate of difficulty increase....call it 7-8 months to make that $1000 back at current eth prices assuming zero electric. It's also important to remember we retail miners only have about 7-8 months left in total, and even that may be optimistic.
At the beginning of September I purchased my final card, and I'll most likely make a little bit on that factoring in subsidized electric and resale value. With hardware additions now, even assuming zero electric cost you're still taking a risk breaking even, let alone making anything.
Whenever I see a good hardware deal come up I have to run through all this in my mind...as much as I like building and tinkering with rigs, we past a point sometime in the last several weeks where adding new hardware/cards just wasn't worth it vs buying eth directly. Even if you feel eth will go up or way up you're still better off buying it directly.
Those are entirely valid points and something that I am racking my brain on. Logically I know its a highly questionable investment in mining, but the impulsive side thinks it would be fun to get back into. Even with free electricity you are right, the breakeven point to reclaim cost at least 5-6 months if not more with the skyrocketing difficulty. I guess the million coin question is.. what is the next Ethereum coin that is profitable to mine via GPU? I was surprised to see another coin that was profitable spawn (albeit I'm probably 9 months too late).. I originally thought that cryptocoin GPU based mining dried up back in 2013 shortly after bitcoin mining with Litecoin and a few of the alternatives. There is something drastically "cool" about mining, I want to say no.. but the premise of what we're doing is just astounding. Converting a resource (electricity) into a currency that can be exchanged into dollars. Pretty cool.
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my hashrate didnt drop till 2 hours after the msg popped up and now my calculated hashrate is almost 5-15% less than what it was
The rise in difficulty has not been matched at all by a rise in ETH price. ETH hit $13 US on March 12, 2016 when difficulty averaged 19.655 TH. Right now the price of ETH is $11.89 US and difficulty is at 96.16 TH. If you do the math, profitability has dropped over 81% in that time period.
Honestly I'm considering mining something else at this point.
If difficulty stays the same at current level and doesn't change, i will ROI in 32 months.
27c per kw
I am even considering stopping dual mining altogether as it's not worth the $ in electricity at present, even if it meant I use that to buy more Eth.
1.1KW dual mining for 160~170~ MH/s.
vs Solo mining Eth 700W~.
thx to that dude who pointed out the h81 btc mobos back in stock on newegg ima consolidate a few miners
and insane how newegg is charging 299 USD for H97 anniversary! wtf
happy I just paid about 55$ for my pro btc here. they are easy to get here for 50-55$. (less than 50$ if I order it online, $55 if I pick it up locally - easier to return if I buy locally so I did that incase it smoked)
nice you got some of the pro btcs while they are available.
If anything, the attacks would have been putting people off, rather than encouraging them to add more power to the network.
However, it is likely to be the case that value is being kept low by the attacks.
I'm rather hoping that ETH price will go up in the future.
@ difficulty topic. we all knew where this is going to happen, so no reason to complain about it.
i live in a state with 3 nuclear plants and god knows how many gas plants, but only 4 or 5 coal plants, which are being shut down
electricity has gone up 30% in the past 2 years, was paying .09 now were up to .12-.13
its crazy we generate enough power for us and 3-4 states around us and we pay more than most of the country
makes no sense but ima use this years extra profit and move into alt energy
I might have a lead where I can host your rig without paying for electricity. At that price, worth getting involved or too late?
I mined litecoin in 2013 for about 5 months until profitability dried up. Sold all my ltc and hardware and basically broke even. Afraid the same will happen with ethereum. Input welcome
At the beginning of September I purchased my final card, and I'll most likely make a little bit on that factoring in subsidized electric and resale value. With hardware additions now, even assuming zero electric cost you're still taking a risk breaking even, let alone making anything.
Whenever I see a good hardware deal come up I have to run through all this in my mind...as much as I like building and tinkering with rigs, we past a point sometime in the last several weeks where adding new hardware/cards just wasn't worth it vs buying eth directly. Even if you feel eth will go up or way up you're still better off buying it directly.
I'll probably be one of the last ETH miners standing. My electricity is less than 4cents per kw. (3.8)
I originally thought that cryptocoin GPU based mining dried up back in 2013 shortly after bitcoin mining with Litecoin and a few of the alternatives.
There is something drastically "cool" about mining, I want to say no.. but the premise of what we're doing is just astounding. Converting a resource (electricity) into a currency that can be exchanged into dollars. Pretty cool.