Who still mining?

Discussion in 'Cryptocurrency Mining and Markets' started by marcoi, Apr 1, 2018.

  1. marcoi

    marcoi Active Member

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    I finally turned off my mining rigs yesterday, 3-31-2018. At the current rate I wouldn't even be able to pay for electricity bill for the miners.

    Curious what everyone else is doing right now.
     
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  2. alex_stief

    alex_stief Active Member

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    I stopped already a few weeks ago.
     
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  3. Patrick

    Patrick Administrator
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    It is certainly not great right now.

    Talking to a lot of the institutional investor folks that I have been meeting with, most still think cryptos are going up in the future. The question is whether it remains profitable for the average person if altcoins are also being serviced by ASICs.

    If you do think prices are going up, the next question is whether it is better off to just buy them outright instead of mining.
     
    #3
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  4. marcoi

    marcoi Active Member

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    Hard thing with just buying vs mining, at least for me, is when buying you end up with nothing but the coin, so if the value is gone, that money is lost. Which some people are OK with as they can afford to invest that way. With mining, I enjoyed doing it. It let me buy some new servers and video cards, which if market tanks i still have the hardware around to be used for other things.

    Since i already paid for the equipment, claimed it on last year taxes, i will just hold on to it and wait for the next bubble where even non ASIC miners can still make some profit. Worst case scenario, i can recoup some of the money invest by selling off the hardware.

    For now, im just sitting on my coins waiting for value to go up. Plan is to sell some when market is up, then wait to buy low, rinse and repeat. And when next bubble comes, start up existing equipment.
     
    #4
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  5. Klee

    Klee Well-Known Member

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    I turned my Open Compute servers off for about a week and a half, then the last week I updated two to Ubuntu 18.02 daily build and updated all of them to Xmrig 2.5.2 and have been running them off and on the past week just tinkering with them. So I am really just waiting for the cryptonight forks then I'll decide what to do then.
     
    #5
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  6. Dean

    Dean Member

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    Exactly this situation for me. Now to decide if sitting on the hardware is worth it, or simply offload.

    Sent from my Moto Z (2) using Tapatalk
     
    #6
  7. Marsh

    Marsh Moderator

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    In month of March, thanks to the Ebay coupon , I added 4 x GTX 1080 cards , 1 x GTX 1060 , 3 x RX 580 , 4 x RX 570 cards.

    It is a non-paying hobby for me at the moment.
     
    #7
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  8. marcoi

    marcoi Active Member

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    I would add more hardware if electricity wasn't so much. Currently with 4 node dual e5-2680v2 server, 1 x vega 64, 1 x 1080 card i was paying about 200 a month for electricity (included networking items etc.).

    Eventually i want to move out of New England down south with cheaper electric rates and get solar setup. I wouldn't mind mining, even at lower rates if I didnt have to pay for electricity.
     
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  9. Marsh

    Marsh Moderator

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    Envious of your $200 power bill.

    If you do not like high power bill , do not move to Calif.

    My Feb power bill $1,500
     
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  10. marcoi

    marcoi Active Member

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    Not sure what Cali rate is, but here in NH it averages out to about .17c per kwh.
     
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  11. StammesOpfer

    StammesOpfer Active Member

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    I gave up about a week ago... I have cheap enough power that it was still profitable but I was looking at GPU prices and my mining profitability and decided that it made more sense to offload GPUs right now and decide on getting back into the game in a few months depending on next gen GPUs and mining profitability.
     
    #11
  12. Nizmo

    Nizmo Member

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    Massachusetts is very high as well just outside Boston $.18
     
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  13. Marsh

    Marsh Moderator

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    I had a windfall ( not really ) check from my previous Megacorp job back in late 1970 to late1980.

    I signed up and contributed to a 401K account. Back then , the fund choice was very limited.
    I split my 401K contribution between stock index and bond fund. After close to 10years, I saved $30K in my 401K account.

    After the 1987 October black Monday stock market crash, and not long after 1987, the bond fund that was issued by Executive Life Insurance went to $0. Thanks to Executive life Insurance filed for bankruptcy.

    In 2018, after 29 years , I received a settlement check in the sum of $900 from my old 401K bound fund.

    I retired in 1994, so I decided blow the $900 on Ebay.
     
    #13
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  14. Godfr33

    Godfr33 Member

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    I’m still siked for mining! It wasn’t profitable when I started early last year but I ended up making a ton of $. Best part was the vast knowledge gained!

    Rule 1. If your in a speculative game you have to cut the throats of the idiots looking for fast cash. There’s a reason the saying is true “Bulls make $, Bears make $, Pigs get slaughtered!”

    Rule 2. You’ll never get rich if you don’t actively manage you crypto portfolio. That means selling at profits. I’d bet if every miner sold into $ when they profited they would have made more than the stupid HODL.

    Remember for every 5% lost you need to make 5.4% back. It’s only 6.9% if you lost 6% and well I think you know what happens at 7% and up!


    Rule 3. Enjoy the fact that you have to KYC/AML your accounts. I’m fully known by Gdax/Bittrex and sit when I sell into the “real” tether USD. The amount of scrambling to send an “alt” from a ledger nano-Binance-sell to an USD paired crypto-than try and get USD is a cluster %}*#.

    Hope you not holding tether!

    Rule 4. Learn an adapt to your mistakes. Write a letter from the past to your future self. Marty McFly your brain! You’ll know what to do from your new found 20/20 hindsight.

    I’m proud to say I donated real $ to my local children’s museum and Zoo because I had to pay short term gains. I win and I support local charities. Great feeling!!

    I paid 100% of my crypto earnings tax to both state and federal too. No fears or shady tax crap. PAY YOUR TAXES!

    Literally 10 blocks from my house are 2 Nuclear Aircraft carriers a training facility for the SEALs and a few blocks down SUBs.

    Those 2 of our 16 total carriers are the same amount both Russia and China have combined. Yes Russia has 1 and the Chinese have 1! When I look across the bay I feel incredibly proud and lucky to pay US taxes.

    Reason I sold all holdings on December 20th. Clear the slate for a new tax year! Why do you think Wall Street does it?

    I have no tax obligations left and I can even right off losses from the 80% nicehash owes me.
    I paid income tax on my mining!

    But Patrick is right, I’m lucky enough to have a cousin who owns a very large VC firm in Menlo Park. This is institutional $ getting into the game.

    They want in cheap and to “ legitimize” crypto, yet pay sats on the $! What did you think futures was for? Common people! Look back with your new found hindsight and adjust where you messed up. It’s trillions a day versus “ internet magic $”

    I mine because I really enjoy it, sure I want to drive a fancy car it but it was never a lambo.

    So looking forward for the next few years I’m going to mine. I’m wishing the best that this new distributed decentralized database is happening. Along side people getting hip to data mining from the likes of social media. Just think about the $ you lost knowingly giving away your “pokes,likes,and twits”

    These are great times, new times hopefully!

    If your disgusted with crypto and not mining than you should just cut bait and turn off your equipment! That’s exactly what they want you to do!

    Just be prepared to buy above the bottom “ which know one except J.P and Goldman know.

    Than you’ll make $!!

    So keep doing what your doing but do it in a different way!!!


    Also laugh, get some fresh air, enjoy time with loved ones! Life is short and technology makes it seem to go quicker. It’s only $ or was it?
     
    #14
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  15. Godfr33

    Godfr33 Member

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    2nd highest here next to Hawaii! SoCal.
     
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  16. Godfr33

    Godfr33 Member

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    Now if you blew that $900 buying eBay stock you’d be up to more than 50k!!

    Wheels go round and round they go!
     
    #16
  17. Godfr33

    Godfr33 Member

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    In SoCal

    We have 3 zones. coastal, inland, and what I call “Hills have eyes” tiers.

    I’m coastal so .20 for up to 300-400 kWH tier 1 a month. Guess you can figure the SDGE rape that happens in the higher tiers!

    Although, I only need a small heat pump for both AC/heat. With a coiled emergency heat back up!

    Thankfully mining this past winter I never touched the thermostat once!
     
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  18. Godfr33

    Godfr33 Member

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    Still a lot of blood letting left. Hmmm Goldman CEO out in a few months and they bought Polonix? Barclays HSBC Santander coinbase? CBOE saying they will tame BTC.

    I know you get it and many others here too!

    -insert winking backflipping yellow emoji with dollar bills in its hand—
     
    #18
  19. Joel

    Joel Active Member

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    Man that's a lot. I'm in VA and at peak hardware I had $200 in power costs running: 6x dual 2680v2 nodes with a GTX 1050 each, 1x dual 2667v2 PC with 1080Ti, 1x 7700K PC with R9 390, and 1x 7GPU server with single 2680v2 and 7 1060s. Total revenue was ~$900/mo, would probably earn $350/mo now (does not justify the ~$12k in hardware).

    I need to update my hardware spreadsheet to see my current $$$ position. I sold off a lot of the gear now though, trying to get down to the stuff I want to keep regardless of the crypto market.

    My 2 node dual 2680v2 now earns about $.75/day net, even with $.10/kwh power rate. I've shut them off anyway.
     
    #19
    Last edited: Apr 2, 2018
  20. mstone

    mstone Active Member

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    They're delusional. Same kind of brainiacs that didn't see the housing crisis coming, but don't care because they'll be making money anyway.
     
    #20
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