I started mining 6 days ago at 700 Sol/s, getting 0.15 ZEC about every day and have not sold any ZEC. Beginning 5 days ago my balance in dollars has stayed about the same. 30 more days like this, and it will not pay for my electricity and my electricity costs have been 1/2 of the GPU miners. BTC per $ is now slightly higher than it was 5 days ago. People wanting a secure coin have not yet got a windows wallet to actually use it (and MINE it at 30 Sol/s on the 30 W laptops in our CPU threads). It remains a mystery as to why i7-6700k and xenon’s are so slow. 2011 CPUs with DDR3 are at 3 Watts per Sol/s, same as best modern GPU’s using claymore’s and silentarmy. Meanwhile PoS in ETH will be a flood of GPUs looking for a coin.
Hey!
Don’t lose heart!
As the block reward increases you will get more coins.
I remember reading a similar thread from a chap who mined litecoin in the early days and invested a lot in GPU’s.
He too gave up, sold up and seriously regretted it 8 months later.
I am mining for the long term at 3 Sols but over a period of a few years who knows where that will take us?
All the best
rx 470 and rx 480? Two others were strangely posting system-wide 230 W per card on these 150 W cards with claymore. So you’re running the cards at 70 W (direct) and getting 45 Sol/s? (assuming 4 cards and 100 W overhead)
Because the ZEC/block was increasing at the same rate Sol/s was increasing. Since claymore released yesterday, I’m probably going to get more like 0.07 ZEC today, which is even more of a concern for me since they’re all CPUs, unless I buy 14 GPUs to stick into the CPUs in order to keep up. So my electrical costs will double and be more like everyone else at 3 W per sol/s, so maybe in 20 days our electricity can’t be paid for. There’s some errors in knowing my start and stop time and other things, so really maybe we’re at a gross income of 2x electricity in 30 days with the current trend.
You should of sold the first few days of mining. Highly unlikely that in 1 year the price of ZEC would stay at 3BTC/ZEC. Its market cap would have to be 1/2 of BTC market cap and even ETH hasn’t reached that.
6 days later and my ZEC holdings worth are $200 less than they were 5 days ago while at a constant 750 Sol/s using CPUs. Gee thanks, claymore.
Price dropping has been smooth past 3 days and it’s 1/2. At that rate, GPU miners will not be able to pay for electricity in 24 days if no new GPUs are added.
5760 ZEC/day x 450/ZEC x 0.5^(24 days / 3) x 1/10M Sol/s = 0.001 payout per day per Sol/s in 24 days
Current average Sol/s electrical cost per day using good claymore or SA cards:
3 W per Sol/s x $0.15 kW/h x 24 / 1000 = $0.001 electrical cost per day per Sol/s.
If improvements in Watts per Sol/s are applied to all GPUs, the above does not change.
Most GPUs have about 14 days before they start losing money?
We are already where supply is larger than demand since price is slipping downwards. Since the number of new coins that hit the market will accelerate through the first month and on wards, expect price to continue down.
There are many places in the developed world where power is under 0.05/KW during the day and under 0.01 at night, there are many places where it’s about to be winter, so you can replace your heating power bill with mining gear power bill and mine essentially at zero power cost.
On the other hand as the mining becomes unprofitable, the difficulty would start to go down as less profitable operations shut down. I.e. at first there were a lot of people running mining on cloud services like Amazon, which was profitable at 10-20 BTC/ZEC, and then they all shut off once it dropped to around 1-2 BTC/ZEC.
So no one really knows where the balance point would end up.
Yeah, all good points. It shows current 3-day trend is not sustainable. 50% of the GPUs supporting ETH were switched over to ZEC so fast, they’ll switch back with equal speed, maybe beginning in 2 weeks. Since they are the most fickle supposedly more likely to be selling ZEC, price might stop dropping faster than a simple correction to the trend can predict. 0.08 ZEC/BTC and $50 per ZEC is a good bet which is what the pre-launch futures were.
It is silly to believe that ordinary miners could make a profit from this. There are a lot of people with next to zero mining cost: hackers with their botnets, admins with free access to unused computing resource. Do you see that Monero community essentially stopped talking about mining years ago? Simply because legit miners cant make any profit.