Guys, Ive been saying this a lot recently. Home mining is a hobby and should never be looked as something else. If you are not a manufacturer or cloud mining scam like Genesis or Toomim (using costumer money to buy their own gear) and if you dont have lower than 0.02 $ electric costs you will never ROI. In China they are making their own equipment and getting almost free electricty for sha256 mining. Ive been a hobby miner since s1 and even though I renewed miners until and including s5, my initial investment stayed the same.
If you wanna profit and dont trust the altcoin casino, just buy btc, stock them in a cold storage (flash disk would do) and come back in a few years.
Not true for every case, may be true for specific case.
OK, my case, Iâve invested ~30000$ in hardware in august 2015, electricity costs for me are ~0.05$/kWh (different plans for day and night consumption, taking average + I have green power I donât include in calculation to be fair for most), power consumption is ~24 kW/h, ~28.8$/day for electricity. Letâs count I have 80 390x GPUs running, for the first 5 months average daily income from each card for me was 8-10$ (640-800$ a day for full farm, I wonât unveil my manipulations with altcoins), 5 months~=150 days*(640-28.8)=91680$ minimum, minus internet bills (15$/month=75$), minus thermo grease and replacement cooling fans (~500$), now we have 91105$. And you call it âyouâll never ROIâ ? And I took only 1 period of the highest income, currently I do ~3.5$/day from card which is pure income (positive ROIâd already at least 2 times) ~250$/day, Iâve done it my family business and I donât run any cloud mining scams or something.
PRC guys already have more than 50% bitcoin hashing power, so they regulate the market and coin now, if they want, youâll lose all your bitcoins in a moment during transactions, read Bitcoin Weaknesses . And Iâm still able to steal your Bitcoins knowing your privkey, whether theyâre in a cold storage or not (in case of cold storage it will be month before you notice someone has stolen your money), look at this guys LBC, to be fair their speed now is not enough to break the curve in any time and doesnât require attention, donât think any privkeys left unstolen in even 70-bits search space.
If I had more space where to place additional hardware and ability to increase my power line, Iâll definetly buy more equipment. Currently Iâm just thinking of replacing my 390xâs with 480âs, or just wait until 490-490x release.
These crypto-currencies are going to keep coming out, why not get a mining rig and just stay up to date on them yes its a risk but if you donât make a risk in life your never going to make money.
Iâve been mining for a week on servers so Im CPU mining. i can use i have 40 (I have another 60 to set up) on the go Hashrate is 520H/s and iâve got 0.1 ZEC not a lot but if the price shoots up my risk would have paid off but i donât pay for them or electric so happy days.
you have to look at things from different views but if you donât have money DONâT MAKE THE RISK its simple or like the guy said do it as a hobby which makes sense.
Hey, I have profit stories to share too. For example I bought 2nd hand S5âs for 300$, mined them and ROIâd and sold them over 600$ since its hard to get anything from outside in my country.
That doesnât change the fact that for an avarage Joe, the aim should be hobby rather than profits.
You have had a very good electricity cost btw.
Also you have traded a lot. In my case If I bought bitcoin rather than s5, which was 200 at the time, I would have even more profit.
Agree, but the basic idea of crypto always was about decentralisation, isnât it? Actually, Iâve been in Bitcoin mining, but after beginning of ASIC era it became something not for average person at all, especially now itâs something for Chinese guys.
Chips are desined and manufactured in China, the biggest players on the market are Chinese Bitfury and Bitmain, bunch of hasinng datacenters are located in China etc. Funny fact is that in China Bitcoin is prohibited and you can easily go to jail for just keeping it if youâre financial organisation
But we donât see this huge articles claiming somebody being jailed or something, why donât we also see all that China-based exchanges closing one-by-one, not to dig deeply, bitmain blog post Xinjiang Data Center, so they openly disclose location and general plan for this, seriously? They donât want to jail people, they want to regulate. And whoâs that mysterious ASIC-developement investors who throw their hundreds of millions of dollars in the air just for ASIC engineering design without any ROI on the horizon at that time? Isnât it Chinese goverment?
Donât misunderstand me, I donât blame China or Chinese at all, I have some very good friends there, but what is happening now is market regulation in itâs pure form. Why do they need it? Why Bitcoin?
I have an idea that they simply want to:
Obtain full control of Bitcoin ecosystem in general
Become first country to abandon fiat and switch to crypto (Bitcoin in this case), itâs not a secret that nowadays China prefers CNY for interstate trading, so would be with crypto
Every other country will be forced to use crypto, want they or not, world economy is boiling in China because of cheap labour, all major world factories are located in China, it will ruin world economical system if you try to move production from there at one time, it will take decades.
Profit, not only economical, but mostly political
But itâs all about conspirology, I just want to say that mining even with 1 GPU youâre not only helping decentralising Zcash network, youâre earning something (if only you can cover your electrical bills). You may say that almost all of us mine on pools, whereâs decentralization? Iâll agree and say: âYes, on the network map it looks like some major players with bunch of hashrate, but you can still conlrol these guys by simply switching your miners off at your home. Can you do it to BTC monster corps? No, sirâ
And, as a conclusion for investments and profit, article from WSJ
As a complete noob with a long computer industry background, I must say I do not quite understand the situation.
I set up a CPU miner and let it loose with 2 CPU cores ever since Zcash launched. Not super fast cores, no GPU, granted.
The mining yielded exactly zero cents. Nada.
I understand that mining serves a much greater purpose than making a few cents here and there.
But, why would anyone want to build any infrastructure or be a steward of a system, at a cost, without rewards of any sort?
My guess is that long term, running the block chain will be the business of financial institutions and it will be a pure cost of doing business.
As such, it will be odd for any cryptocurrency user to consider contributing to running the infrastructure.
Well, since you started with the conspirology, consider the situation with gold - more than 90% of the worldâs gold reserves are under the control of the major banks (at least thatâs what Iâve heard on goldbug forums). So maybe the Chinese government wants to be in dominant position should bitcoin replace gold as the safest asset.
You are mining for a block and unless you get really, really, really really lucky you will not mine a block and therefor no reward.
That is why there are pools where you mine shares depending on your hash power and will receive a reward when a block is found by that pool.
True thing, was thinking the same. Fiat is just a paper without support of a really valuable asset, like gold reserve nowadays, but in decade everything can change dramatically, weâll wait and see.
On another note. Bitcoin new Tax laws in my country. Bitcoin is considered a wealth object and must be taxed. The law clearly states its only for bitcoins, not for other crypto currencies⌠Lets hope it stays that wayâŚ
You will have to convert zcash to bitcoin then to cash at exchange all altcoins work that way for time been so taxable but you could find private buyers to sell zcash for fiat and hopefully in future we can use zcash to pay bills and buy online but in meantime process must go through bitcoin at exchange
