Sad to see ethereum dieing

heandog69heandog69 Member Posts: 283 ✭✭
I got out of the game 3-4 months ago sold up my equipment and coins. And boy am i glad i done so. It surely is no longer profitable to mine, nobody can be making money right now by still mining this coin.

if you believe you are, your simply kidding yourself because my modest rigs at just under 200mhash where eating more electricity when the coin was 13 dollar than they were producing.

So if i could offer some advice it would be run now, run to the hills the coin killed itself the moment it bailed out the dao idiots. You essentially crushed your own investment.

Comments

  • wirelessnet2wirelessnet2 Member Posts: 385 ✭✭✭
    edited December 2016
    ...k
    im still making a 400% profit ratio now...
    heandog69 said:


    if you believe you are, your simply kidding yourself because my modest rigs at just under 200mhash where eating more electricity when the coin was 13 dollar than they were producing.

    well then your rigs were shit and your electricity rate was shit

    heandog69 said:


    So if i could offer some advice it would be run now, run to the hills the coin killed itself the moment it bailed out the dao idiots. You essentially crushed your own investment.

    Offer some advice my ass. Until it goes up and leaves you behind.
    maybe you can shut the hell up with your FUD
  • workwork Member Posts: 2,084 ✭✭✭✭
    It's still very profitable to mine ethereum as long as you live somewhere with low power costs. If you have high power costs, then mining was never the right business for you.

    If your "modest" rigs weren't making a profit at $13, then you were doing something very wrong, or have stupidly expensive power. Just because you're bad at this business doesn't mean everyone is. I would still make a profit at $5 eth and 100T difficulty.
  • YogiYogi Member Posts: 147 ✭✭
    Typical (I think I know everything and everyone must fit within the criteria I say) mentality.
  • workwork Member Posts: 2,084 ✭✭✭✭
    edited December 2016
    Yogi said:

    Typical (I think I know everything and everyone must fit within the criteria I say) mentality.

    Moreover, I think it's the "omfg I missed out on the last 3-4 months, but at least it's getting worse now.... right? I didn't totally fuck up by panic selling my equipment early.... right?" Mentality =p

    Most of my GPUs I bought new and are faaaaar out of warranty now. Some of my 290s are from before there were non-reference cards. If you buy and sell rigs on every boom and bust, you're playing this game all wrong, IMO.

    Sometimes, mining for power costs + free heat is profit enough. It's winter here, and at current eth value and diff we're making many times power costs and still getting that free heat. Well damn, a few thousand in gas savings and a few thousand in profits sounds just fine to me.
  • wonderfullifewonderfullife Member Posts: 103
    Bye, we will miss you a lot.. (goes to check if hist rig is still working.. yep).
    Also if he got out he probably missed the Zcash gravy train, but hey what do we know.
  • o0ragman0oo0ragman0o Member, Moderator Posts: 1,291 mod
    heandog69 said:

    So if i could offer some advice it would be run now, run to the hills the coin killed itself the moment it bailed out the dao idiots....

    Or you could run to 'Ethereum Classic'.... because, y'know, they didn't bail out the DAO, and wow, look where they are now!



  • un4givenun4given Member Posts: 172 ✭✭
    edited December 2016
    work said:

    Yogi said:

    Typical (I think I know everything and everyone must fit within the criteria I say) mentality.

    Sometimes, mining for power costs + free heat is profit enough. It's winter here, and at current eth value and diff we're making many times power costs and still getting that free heat. Well damn, a few thousand in gas savings and a few thousand in profits sounds just fine to me.
    u say it. winter is here in EU and i haven't used my central heating till now. Saving 60€ a month with just one 6x RX 480 rig....and the whole flat has 25+ degrees...

    @ OP u r doing smthing very wrong if you are not doing any profit

  • workwork Member Posts: 2,084 ✭✭✭✭
    @G416G uh, Canada and some areas of the USA have power as cheap as india and China (some of the cheapest power in the world). Hydroelectric produces some of the cheapest power next to coal. Plenty of nice cities to live in with power under 10cents/kWh.

    You can also get video cards anywhere in the world pretty darn easily, and as long as your latency isn't terrible, any internet connection will work just fine for mining.

    If you only have 7 GPUs, you're barely a hobbyist at this point. If you made some smart investments in recent years (or even just earlier this year), you might be at 5GH/s and have all the equipment paid for several times over. Earning $7000/month with ~$2000/month in power costs sounds very profitable to me. There have been lots of periods where mining only earned you 110% of cheap power and gave you free heat - even that small margin (and free heat!) is still profit.

    Looking at the $2000 power for $7000 income again - keep in mind that the $2000 can essentially be free if you live in a cold region and have your equipment spread between a few buildings for use as heating. This essentially subsidized heating thru the winter is a HUGE profit for some people - it's worthwhile even if you only made 75% of power costs back as crypto... cheap heat is cheap heat. Right now you're talking about heat we'd pay for anyway earning $7000/month, so hell yes it's very profitable!
  • ethfanethfan Member Posts: 458 ✭✭✭
    @work, there are few houses that can support ten's of thousands of Watts.
  • workwork Member Posts: 2,084 ✭✭✭✭
    @ethfan a standard NA 200A household breakerbox can run over 100 GPUs at 30MH/s. So, spread between 2-3 houses 5GH/s should be easy. In most places, it's easy to get more power from the street too. I can speak to one property in a somewhat rural area that has service for 3x 200A.
  • wirelessnet2wirelessnet2 Member Posts: 385 ✭✭✭
    @work is correct. In the part of Georgia I live, my current power rate is .045 cents per kWH
  • workwork Member Posts: 2,084 ✭✭✭✭
    edited December 2016
    @G416G you're rambling nonsense. How about a region in Canada with >2million people in the city and power costs under 7cents/kWh? Also, gigabit UP and DOWN internet for $50/month. Heck, there are even more restaurants per capita then anywhere else in the world!

    And the place I was talking about with 3x 200Amp on the property has a population of over 60,000. It's a smaller town, but very nice place to live.

    Just because it's too difficulty for you or you see too many issues in running a large mining operation, doesn't mean it's actually difficult. And it certainly doesn't mean it isn't highly profitable. I actually find this stuff fun for that matter, and it certainly doesn't turn my life upside down (I have a full-time job that has nothing to do with cryptocurrencies, manage a large multi-location farm, and still have lots of spare time to enjoy the beautiful place where I live).
  • workwork Member Posts: 2,084 ✭✭✭✭
    edited December 2016
    I've never said it's profitable to mine for the average joe... It's very profitable in the right situation. And no, it has nothing to do with mining in my parent's basement - I'm far too old to be living with my parents lol. And no, I didn't inherit anything either. Somehow tho, my mining operations right now earn more then my rather high paying job... that's very profitable, there can be no argument.

    Anyway, I'm going to go out and enjoy the fresh snow now. Will let my mining rigs purr away heating my house and earning me money.
  • heandog69heandog69 Member Posts: 283 ✭✭
    1 thing i did not mention is i have solar panels 9 large ones to be precise and it still was not profitable at 13 dollar, anyone who think's they can mine now and make profit is doing a very good impression of a emu
  • heandog69heandog69 Member Posts: 283 ✭✭


    Everyone meet work, he is a nice knowledgeable guy but he is currently head deep in sand
  • lonpotts07lonpotts07 Member Posts: 63
    Lol this conversation is hilarious! My opinion is... if anyone cares, that if you mine as much as you can regardless of the price or cost of electricity. when POS comes and everyone is locking up all of their Eth to stake it, the supply is going to go down and I think that will drive the price up, so with that said mine away people!
  • SpydrMstrmndSpydrMstrmnd Member Posts: 73
    The syntax and positions in this thread seem so familiar... It's like I've heard all this nonsense before...

    But why would someone go through the trouble of posting such a diatribe? Hmmm...

    why indeed?
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