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.
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im still making a 400% profit ratio now... well then your rigs were shit and your electricity rate was shit
Offer some advice my ass. Until it goes up and leaves you behind.
maybe you can shut the hell up with your FUD
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.
One less idiot mining ETH.
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.
Also if he got out he probably missed the Zcash gravy train, but hey what do we know.
@ OP u r doing smthing very wrong if you are not doing any profit
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!
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).
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.
Everyone meet work, he is a nice knowledgeable guy but he is currently head deep in sand
But why would someone go through the trouble of posting such a diatribe? Hmmm...
why indeed?