I fear it may be time to shut down mining operations maybe permanently. I have a few a9, l3+ and s17 miners that barely break even. Not too long ago I was getting about 35/day profit. Now im down to single digits. Hopefully btc, ltc and others will see a few rallies and prices will return to near prior glory. Even with 40 solar panels I can’t generate enough power to run a single asic profitly.
Nice hash figures just in $4.98 @ 24 HR , utility charge $6.65. Time to do a full shutdown and wait
Dang Bro. I feel for you. That’s some harsh reality you’re facing.
I commend you also, sticking to reality and math.
Just pitching an alt-idea (I don’t even think I’d go for this myself), have you considered one of those hosting facilities , in the idea that maybe bulk cost and cheep electric might be the edge to turn those machines profitable again ???
I wonder how many times you’ve asked yourself what I’m thinking now. Could you mine now at a loss today and wait for the BTC market to turn around, then be able to sell for gains/profit . That’s a pretty loose idea though, since no ones a future teller.
I guess I’m just commenting to say, rough… I get what you mean and good for you for addressing the real topics and making a call. It aint easy.
I was thinking yesterday about switching my miners to Gold Coin (scrypt) ( GCN Coin price today, GCN to USD live, marketcap and chart | CoinMarketCap ) , It would involve different angles than other coin mining. For starters I’d have to cross into the little known world of Scandinavian Coins and the Frei exchange.
I came to this odd ball idea because or merged mining. GCN has been a popular merged coin for a couple years, (rewards are even low now’a’days) but 'could I run the node, miners and make a profit?" I don’t know. my math came out pretty close to ‘maybe profitable’ , so I’m now considering and wondering.
I’ve been doing Fireants (scrypt) ( https://fireants.online/ ) for 5 months now, total fringe / high risk. But , we have to be in it to win it and keep trying new stuff.
IDK , I’m just pitching ideas.
Interesting concept. Me being retired, a fancy word for being unemployed, I’ve been using the gear as an alternate source of income.
The $10,000 question is will mining these coins be any more profitable than mining mainstream coins like btc, ltc, doge and others. As a business I need to be making a profit each month. paying $8.00 - $12 a day to produce coins valued at $5 or so doesn’t make any sense to me. Speculation is ok if you a investor and willing to risk losing it all, make nothing or hitting a grand slam.
now that mining btc, ltc and doge has become unprofitable using last gen asic miners, any suggestions on what to mine next? Solar panels help a little with the power bill, so instead of $0.12 per kw hr, if averages down to $0.09. Of course the more miners I have online the higher the power cost become but also depends on weather as well.
Hey mate how much kwh is your solar system? in Australia our electricity prices are 0.24c USD (thats my locked in price for 12 months, wholesale is currently 30c+ usd)
I use batteries and solar for mining. I’d see whats available in lifePO4 lithium batteries and talk to an electrician about what you can get installed. Dont worry about using expensive brands like Tesla, I have a tesla powerwall and another local brand battery which is twice the capacity for less than a Tesla. Best of luck mate
got 41 panels, 14 are 250 watt, 12 are 300 and 15 are 325. so using those numbers 11975.
With out the miners running the panels provide more power that my modest home uses. I’m on a grid tied design where each panel has it’s own micro-inverter and what power isn’t used is credited back to my utility company. I’m paying $ 0.0125 per kw hr
Well, you’ve probably already thought thru it, but how about selling all those units and snagging a newer 3500 watt or so miner? You’ve got the power.
Before I was running on only solar I had wi-fi power points installed (Deta grid connect power points) and there’s quite a few handy functions with them. For example you can set the power points to turn on/off on a scheduled timer or you can set them to turn on/off depending on the weather in your area. so it looks like: IF [your home town] weather = sunny then TURN ON. Then you can at least run them when your electric rate is at its cheapest if you hold onto your miners if you think theres going to be a rally in future.
Edit: can also get them as power boards so no need for installation
I too am retired/unemployed, and too crippled to get a part time job. I have 3 GPUs mining with cudominer getting paid out in BTC. I’m fortunate that I can stack the coins for a period of time. The bears won’t growl forever. BTC isn’t going any where like the alt coins could. (Doge is at $0.11 and falling.). So I’m keeping on.
Being self-employed for most of my life, risk and gambling is part of the game just like buying/selling/mining coins …my miners are not shutting down even if it’s a negative number u are still accumulating the coins so when the coins raise you’ll have more of them and the lose is a capital/ business expense. Something to think about
good point, but with out the bimonthly coin income, i can’t afford the power and credit card bills. So I’m shutdown until btc rises above 40k, which is about the point I believe it becomes affordable to mine again.
I’m still looking for a formula to determine when i can resume mining.
For now the excess solar panels are providing payback to the power bill. You didn’t say what miners you are using, but my A9, L3 and to a lesser extent my S17 are not covering operating costs let alone covering other expediences
This is why I started with the Goldshell mini doge miners. I have 12 running 1 on the way 3 being the new models. I can eat the power bill and stake all my coins because most of my miners are paid for except 2. Im getting paid in LTC trading it when I get paid to CRO and getting a 6% return while I wait for the turnaround.
mars money lol
Yeah, the exchange rates are pathetic right now. Spending 15,000 + for a latest gen miner that has a 1 to 2 yr roi doesn’t make any sense. At least my micro farm is paid for. I’d have to sell everything to get 1 newer machine that only produces $10 a day. Seriously ? I’m thinking I’d be better keeping what I have now and limiting how many miners are online, finding an affordable balance between the power bil and hash rates.
Another perspective is that if you are a long term HODLer, then you are in essence purchasing the coins at a discounted price. Your specific economics may not be able to support this scenario, but that is basically what is occurring when mining at a loss.
In Ohio we are allowed to pick our residential electric supplier.
When I first discovered this I had been placed in a “preferred group” by my Mayor (he can pick the default supplier) and I was paying .52 cents per KW/h
I now pay .39 cents on a 2 month contract and have to keep searching out the cheapest provider as contracts expire, and there is over 100 of them! This is a RACKET
Investigate this option in your state
That’s a rip off.
I wish I could buy more Bitcoin right now. Think long term.