1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Stubborn miners

Discussion in 'Crypto Currency & Mining' started by Zairs, Nov 10, 2018.

  1. Zairs

    Wise Guy

    Joined: Jan 3, 2010

    Posts: 1,717

    Location: Hailsham

    With the oc pool closing down due to the earnings dropping and everyone selling up, is there any of you lot that carried mining after the first drop to the pickup a couple of years ago?

    If so was it always running at a loss?
     
  2. Th0nt

    Soldato

    Joined: Jul 21, 2005

    Posts: 6,442

    Location: N.Ireland

    Not quite sure on the question, but I originally mined in 2012 and sold up sometime in 2013. Seen this all before but this time round it got way more exposure to the masses so unlikely to be so easy to profit from especially by GPU's.

    It has had many a time where profits were flowing, at least the exchanges, wallets etc have improved somewhat over the years.
     
  3. mattpc

    Mobster

    Joined: Oct 18, 2002

    Posts: 4,726

    Location: Manchester

    Er no way am I carrying on. When I first got in to Eth mining in May 2017 it was a NO BRAINER I was confident about investing in hardware and selling up if things changed, by December 2017 after some ups and downs it was AMAZING but clearly not going to always be like that forever, by March it looked IFFY because of the Cryptonight asics that were being revealed, by May it was looking broadly positive and then as far as I'm concerned it's all gone down the toilet since then. I'm not saying there is no profit to be had but in the current climate you need properly cheap electricity to do well. I can't see a way to do that in the UK without solar panels and that's not currently an option in my home. I've sold up because I can quickly buy any more gear that I want to get hold of and it's unlikely I'm going to want the same gear that I've got now if I reinvest. I always expected to eventually sell my rigs, either as part of an upgrade programme or to cash out. I've just done it several months earlier than I was hoping and do not expect to reinvest in the near future.

    In the current climate there is no way I would enter mining. It's not bonkers for people who already have the gear to continue if they want and things could swing round in a more positive way (you never know in crypto) but I'm out. Any free headspace I've got is going towards brewing my own beer and wine. It's much more enjoyable than crypto ;)

    However.... If anyone wants to fund my alcohol production facilities please checkout my sig. My AX1500i would be ideal for someone getting in to multiple FPGA card setups.
     
  4. 200sols

    Mobster

    Joined: Jan 14, 2018

    Posts: 2,541

    Location: Hampshire

    Never run a mining rig at a loss, it’s pointless. Even if you hope the price rises in the future, it’s always better to buy the coin direct rather than mine at a loss.
     
  5. StonedPenguin

    Mobster

    Joined: Apr 22, 2011

    Posts: 3,607

    Been mining since 2013 and won't be stopping (100+ gpus)
     
  6. Marvt74

    Capodecina

    Joined: Feb 20, 2004

    Posts: 13,100

    Location: Higher Walton

    Not fund, but i will happily come and enjoy the fruits of your hard work!
     
  7. mattpc

    Mobster

    Joined: Oct 18, 2002

    Posts: 4,726

    Location: Manchester

    if you buy the PSU then by all means...
     
  8. Zairs

    Wise Guy

    Joined: Jan 3, 2010

    Posts: 1,717

    Location: Hailsham

    were you running at a loss during most of thay time? Any tips to help out during the bad times?
     
  9. Psycho Sonny

    Caporegime

    Joined: Jun 21, 2006

    Posts: 31,204

    it's luck. i doubt any of his tips would apply.

    right place at the right time. or free electricity. there is a guy who got banned on here who was using his works electricity. that isn't why he got banned but he's lucky not to be fired if anyone at his work was to wise up to his situation. as in why is our leccy bill now £100 a month higher than normal. he could blame it on tweaking the cooling in the server room, etc. probably nobody smart enough to realise that machine he has plugged in isn't a works server.

    if you had started mining back in 2013 with 100 GPU's you would be a billionaire today. so there is no tips just best guesses. it could all go to zero tomorrow so my tip would be if you can't afford to throw that money away then sell up now whilst you can. walk away and never look back
     
  10. Zairs

    Wise Guy

    Joined: Jan 3, 2010

    Posts: 1,717

    Location: Hailsham

    I'm always re evaluating and changing my gear to compensate the market. I have reduced my gear and acquired cheaper gear to unlock some of the value in the gear. I will always be running something and adding to the speclative pot. I believed in crypto when it was on the up, I still believe in it now, nothing changed in the idea.
     
  11. Psycho Sonny

    Caporegime

    Joined: Jun 21, 2006

    Posts: 31,204

    I just don't see how it can work the the extortionate fees involved.

    If I want to send someone £100 or £10,000 I can do so right now for free.

    if I want to send them some crypto I get charged for the pleasure.

    Then you have illegal markets, it cannot be audited from a crime perspective. The people who stole nicehash's thousands of bitcoins still haven't been found a year later.

    if someone had stolen millions from a bank they would have been found by now for instance.

    I don't believe in crypto in it's current state. It should be banned but it can't be. When the whales all decide to dump it it will throw everything into a death spiral where there will be nothing left apart from coins which cannot be used. Not even to send to someone for a laugh as the miners all stopped mining when the money fell out from it.

    In it's current form it's all a scam.
     
  12. wesley

    Soldato

    Joined: Jul 29, 2003

    Posts: 7,219

    Yeah I agree. Once it's regulated then the value will drop as it'll ruin the purpose of crypto is anonymous
     
  13. Zairs

    Wise Guy

    Joined: Jan 3, 2010

    Posts: 1,717

    Location: Hailsham

    That isn't the purpose of crypto
     
  14. 200sols

    Mobster

    Joined: Jan 14, 2018

    Posts: 2,541

    Location: Hampshire

    It really is not anonymous. Thats not its point at all.
     
  15. Th0nt

    Soldato

    Joined: Jul 21, 2005

    Posts: 6,442

    Location: N.Ireland

    It can be anonymous if you go out of your way. However for the masses and luddites its way over their head or too much hassle to go down that route.
     
  16. Zairs

    Wise Guy

    Joined: Jan 3, 2010

    Posts: 1,717

    Location: Hailsham

    The main point of crypto is to be able to send and receive money without a centralized middle man anywhere in the world quickly and cheaply.
     
  17. dowie

    Caporegime

    Joined: Jan 29, 2008

    Posts: 43,270

    Why on earth would you mine at a loss? Why not just withdraw some money from the bank and set it on fire while you're at it... I guess you reduce money supply a bit in doing so...

    yet in doing so you then need two middle men - first you convert some real currency to BTC then you send the BTC then the person you sent it to needs to convert to their real currency...

    with companies like TransferWise and revolut etc.. it isn't like Joe public needs to get ripped off here, seems massively inefficient and pointless to use BTC for this if you live in a free country

    I can see why BTC is useful for people who want to avoid currency controls/monitoring etc.. particularly those who don't live in a free country, there was demand for this stuff in China for good reason but for the rest of us it is a bit pointless to use it for that.

    it needs to die anyway as if it carried on it would be pointlessly consuming a ridiculous amount of the world's electricity
     
  18. Minusorange

    Mobster

    Joined: Nov 25, 2005

    Posts: 4,172

    For now you can, paypal does charge a fee to the person you're sending the money unless you say they're family

    But they could quite easily at any time, along with banks for any reason decide they don't want your custom and refuse you that service

    It's also worth mentioning mining is unprofitable now because too many miners, too high difficulty and too low value in coins to make it viable

    Difficulty however will adapt and lower as more miners drop out due to lower price and soon, it will be profitable again for those who see it through, you don't need luck, you just need to pay attention and fire up the mines before everybody else fires theirs up again for the next gold rush
     
  19. MadMossy

    Soldato

    Joined: Oct 25, 2004

    Posts: 6,073

    Location: Sunny Torbaydos

    BTC is the worst crypto to use for sending money, it's the equivalent of sending a gold bar through the post, slow and extensive.

    There are plenty of others available that are incredibly cheap/borderline free and instant.

    I agree with the access side of things currently, the reqirment to buy BTC with fiat and vice versa is a tedious and coveluted task, but like before there are cryptos available that are looking to solve that problem.

    I think the biggest issue is that most are trying to influence the Western markets when we really have no need for it, other than to streamline the system. 3rd world countries on the other hand where a vast number of people have no Bank account, crypto could make a huge difference.
     
  20. Psycho Sonny

    Caporegime

    Joined: Jun 21, 2006

    Posts: 31,204

    It's not cheap to send though. It can be as high as £15. It's completely useless for small transactions. There will never be a time you can buy something like a Mars bar with Crypto due to fees well you probably could but the fees would make it stupid to do so