"Mining is not profitable"

[Nebell]

I'm curious, why are people saying that, yet calculators are telling a different story?

With 4x580 I can have about $600 profit per month. That's a lot of money for not really doing anything.
Or am I missing something? I know I should deduct electricity and hardware cost, but I'm planning to hide my box somewhere at work lol, and screw hardware cost, I love tech stuff so I'm not worried about that.

So what am I missing? Or is everyone lying about mining not being profitable? Did I calculate something wrong?

 

[sephkeene]

I think what you're seeing is people talking about Bitcoin. BTC mining isn't profitable for the average Joe.

 

[Nebell]

I think what you're seeing is people talking about Bitcoin. BTC mining isn't profitable for the average Joe.

Maybe, I was looking at Ether mining.

 

[silent-circuit]

If your employer finds the (easily found loud, hot) box, it may be very unprofitable for you.

If I ever caught an employee trying to pull this kind of thing I'd fire them and backcharge them for the electricity costs. Dick move.

 

[Archaea]

If your employer finds the (easily found loud, hot) box, it may be very unprofitable for you.

If I ever caught an employee trying to pull this kind of thing I'd fire them and backcharge them for the electricity costs. Dick move.

+1.
Morals mean little these days.
Think how few of the greatest generation would consider doing this? My grandfather literally ate lard sandwiches during the depression because their family didn't have money and they wouldn't beg, borrow, or steal. And then know even fewer still of that generation would announce their intent to steal publically. Now you see this kind of cavalier calous criminal attitude fairly regularly. Generationally, Americans are changing, and every time I see it I'm less optimistic for the future.

As to the question. Yes I wonder the same thing.

 

[travm]

clickbait.

 

[nvgrim]

That $600 a month isnt constant as the difficulty rises constantly.

 

[rehab]

if you derived that revenue from the online calculators, get ready to be disappointed.

 

[Nebell]

That $600 a month isnt constant as the difficulty rises constantly.

But so should the value of the coin, usually, right?

if you derived that revenue from the online calculators, get ready to be disappointed.

Why?

If your employer finds the (easily found loud, hot) box, it may be very unprofitable for you.

If I ever caught an employee trying to pull this kind of thing I'd fire them and backcharge them for the electricity costs. Dick move.

+1.
Morals mean little these days.
Think how few of the greatest generation would consider doing this? My grandfather literally ate lard sandwiches during the depression because their family didn't have money and they wouldn't beg, borrow, or steal. And then know even fewer still of that generation would announce their intent to steal publically. Now you see this kind of cavalier calous criminal attitude fairly regularly. Generationally, Americans are changing, and every time I see it I'm less optimistic for the future.

As to the question. Yes I wonder the same thing.

I'm not American, or anywhere close.
I'm not your grandfather, I also don't need moral lessons. I work for the government, my morals are already low
Since I work for the IT sector, I have access to the whole building, places most people don't go, and places my boss won't ever show up.
Also, I manage the bills for my building, including electricity bills, so no one will ever know about that tiny increase (compared to how much we already pay). It's a perfect crime.
I'm a nice guy. But morals and ethics? Pffft, that's last century shit, stop being such dinosaurs.

 

[nvgrim]

But so should the value of the coin, usually, right?

In theory yes, but its not always true. its a toss up really giving the volatile nature of crypto.

 

[Nebell]

In theory yes, but its not always true. its a toss up really giving the volatile nature of crypto.

But since Ethereum was created by this brainiac and is set to go POS in November or so, the value of it should raise quite high in 2018.

 

[M76]

I'm not American, or anywhere close.
I'm not your grandfather, I also don't need moral lessons. I work for the government, my morals are already low
Since I work for the IT sector, I have access to the whole building, places most people don't go, and places my boss won't ever show up.
Also, I manage the bills for my building, including electricity bills, so no one will ever know about that tiny increase (compared to how much we already pay). It's a perfect crime.
I'm a nice guy. But morals and ethics? Pffft, that's last century shit, stop being such dinosaurs.

Just because you have no chance of being caught doesn't make it right. I'd rather live in a world with dinosaurs than with asshats whose only reason to not do stupid shit is to not get caught.

 

[tacos4me]

But since Ethereum was created by this brainiac and is set to go POS in November or so, the value of it should raise quite high in 2018.

Be next year for POS, at the earliest.

Bottom line, mining is super profitable.. anyone that tells you otherwise just wants to keep competition away. It's not a set-it-and-forget-it deal at all though, keep that in mind. Constant tweaking required.

 

[TordanGow]

I'm not American, or anywhere close.
I'm not your grandfather, I also don't need moral lessons. I work for the government, my morals are already low
Since I work for the IT sector, I have access to the whole building, places most people don't go, and places my boss won't ever show up.
Also, I manage the bills for my building, including electricity bills, so no one will ever know about that tiny increase (compared to how much we already pay). It's a perfect crime.
I'm a nice guy. But morals and ethics? Pffft, that's last century shit, stop being such dinosaurs.

Maybe America should nuke your country, it would be better for us. You say innocent people would die? Too bad, morals are outdated. Heck forget nuking you... America should invade your country and enslave the entire population. Why should I care? It would be good for me, free labor and free goods. Maybe you wouldn't like it but who cares, morals are so last century, right?

You can justify it any way you want but theft is theft. End of story.

 

[workshop35]

Be next year for POS, at the earliest.

Bottom line, mining is super profitable.. anyone that tells you otherwise just wants to keep competition away. It's not a set-it-and-forget-it deal at all though, keep that in mind. Constant tweaking required.

I'm glad someone put the "constant tweaking required" in there because people new to it don't understand that today's profits will not be tomorrows profits, up or down.

its profitable until the speculation train dies and the 2k you just spent on cards will now take 16 months to hit ROI at current difficulty and prices. People need to understand that your 600 a month today could be 400 next week then 200 next then 15 the week after. Of course it can always swing back, but you need to be shutting off miners ect during the bad times.

Honestly though I've made WAY more buying btc and eth and selling when the price inflates, without the noise, heat, and extra hardware required to mine like I was right before LTC blew up a few years ago.

 

[tacos4me]

I'm glad someone put the "constant tweaking required" in there because people new to it don't understand that today's profits will not be tomorrows profits, up or down.

its profitable until the speculation train dies and the 2k you just spent on cards will now take 16 months to hit ROI at current difficulty and prices. People need to understand that your 600 a month today could be 400 next week then 200 next then 15 the week after. Of course it can always swing back, but you need to be shutting off miners ect during the bad times.

Honestly though I've made WAY more buying btc and eth and selling when the price inflates, without the noise, heat, and extra hardware required to mine like I was right before LTC blew up a few years ago.

Agree. I wouldn't mine at all if it wasn't also a hobby I really enjoyed (new computer parts, mmmmm). Plenty of profit to be made purely in investing/trading crypto, without all the hassle.

 

[nvgrim]

Same here, my mining days are over, i stopped mid 2014 because summer was coming and the bubble popped. If i had a ton of extra hardware or cash then id probably setup a 8 gpu mining setup, but the heat and noise isnt worth it for me. My money is just better spent buying and selling for a profit.

 

[KazeoHin]

If morality was beneficial, it wouldn't be called morality.

 

[Lunas]

Btc you need rooms and rooms of asic to turn a profit and until recently the margins were razor thin now they can afford to pay a bit for electricity so they could turn on more arrays...

I did some coin trading when auroracoin was starting up was up 1800 went played a session of d&d thinking oh it will just grow more was down to 200 by the end of the session i traded it for btc before it finally dropped into the toilet in the end i made enough trading for btc to buy a 280x and a pair of 270x with an a10-7850k. then went to using my zeus miner to mine a auto switching pool which turned it into btc now im sitting on .09 btc... mined just with the zeus blizzard i kinda want to mine something on my gpus but my hvac is dead so maybe this winter...

 

[TordanGow]

Wow, you're giving me moral lessons and threatening me and my whole country with nuking and enslaving. You're a hypocrate and a fucking moron on top of that. Don't bother posting anymore, your opinion is irrelevant, regardless of what you have to say.

 

[lilbabycat]

I according to an online calc, mining ether I can manage ~$1 a day profit mining with just my 770gtx (8-10 MHash/sec). If I were using a more efficient AMD card it would be ~$3 a day (~25MHash/sec). That's at current prices and difficulty.

 

[Lunas]

But so should the value of the coin, usually, right?



Why?




I'm not American, or anywhere close.
I'm not your grandfather, I also don't need moral lessons. I work for the government, my morals are already low
Since I work for the IT sector, I have access to the whole building, places most people don't go, and places my boss won't ever show up.
Also, I manage the bills for my building, including electricity bills, so no one will ever know about that tiny increase (compared to how much we already pay). It's a perfect crime.
I'm a nice guy. But morals and ethics? Pffft, that's last century shit, stop being such dinosaurs.

Congratulations on thinking you have the perfect setup for embezzlement because that is what this is. I have a similar situation but I'm not going to do it.

 

[workshop35]

But so should the value of the coin, usually, right?



Why?




I'm not American, or anywhere close.
I'm not your grandfather, I also don't need moral lessons. I work for the government, my morals are already low
Since I work for the IT sector, I have access to the whole building, places most people don't go, and places my boss won't ever show up.
Also, I manage the bills for my building, including electricity bills, so no one will ever know about that tiny increase (compared to how much we already pay). It's a perfect crime.
I'm a nice guy. But morals and ethics? Pffft, that's last century shit, stop being such dinosaurs.

Morals aside (which should deter you from doing this anyway), why risk your salary for small gains from mining? Say you make 80k a year and maybe 6k from mining. Why jeopardize your income, and future possible incomes, by doing this? It doesnt make sense.

 

[Lunas]

Morals aside (which should deter you from doing this anyway), why risk your salary for small gains from mining? Say you make 80k a year and maybe 6k from mining. Why jeopardize your income, and future possible incomes, by doing this? It doesnt make sense.

Yes in theory if he wheeled in his own rack of specially equipped computers to burn hardware at 100% he would depending on hardware make a few hundred in crypto coin a month.

If he threw a miner on every server and workstation in the company he might make a few thousand a day but everyone's PC would chug likely even if he limited it to 50% power. And his little miner would be visible and he would be easily caught.

The consequences of such being job loss fines and imprisonment. In all countries not just the us... Some countries like Singapore flogging and death are potentials too...

 

[Nebell]

Eh, it's not going to be a power hog, it will be only 4x580. It's going to draw less power than everyone's private cellphones they charge at work. As long as it doesn't slow down the internet, it will be no problem. And it won't. I am also one of the few in my group who have access everywhere in the building. And I also manage access for everyone.
And no, I'm not going to connect everyone's PC and make them mine, WTF, my morals can be questioned, but I'm not stupid.
Anyway, after thinking a while, this is probably not going to work as the government is using a VPN. I could use it but I don't really want to add my rig to the system. A computer in the system can be traced, some extra power draw in the building can't be traced. And it probably won't even be noticed. I'm curious if this is work. So I'm going to give it a go anyway, without VPN.

Morals aside (which should deter you from doing this anyway), why risk your salary for small gains from mining? Say you make 80k a year and maybe 6k from mining. Why jeopardize your income, and future possible incomes, by doing this? It doesnt make sense.

80k a year
Government jobs suck. I earn less than half of that. I earn 35k a year.
I have plans for the future which don't include working here for very long. I also have some small loans I want to get rid of fast, and I also want to help out my parents and my sister get rid of theirs before I move to the other side of the world.
Yes, I'll risk this for them (and me, but mostly them). It's more about earning a few Ether and hope for them to go up in price, then just sell everything in about a year, pay off what I and my family owe and get the fuck out of here.

I according to an online calc, mining ether I can manage ~$1 a day profit mining with just my 770gtx (8-10 MHash/sec). If I were using a more efficient AMD card it would be ~$3 a day (~25MHash/sec). That's at current prices and difficulty.

According to this calc:
https://www.cryptocompare.com/mining/calculator/eth?HashingPower=115&HashingUnit=MH/s&PowerConsumption=0&CostPerkWh=0
I should earn about $620 per month. That is with 4x 580 each mining at about 28-30mh/s. This is with free electricity.

+ my home 1080Ti which is mining at about 35-45 mh/s but it's not always mining since it's my gaming machine. So let's say 30mh/s. That's about $60 per month (no free electricity here) or $160 if I exclude electricity cost (I have my computer on a lot so it should be no big difference). So close to $700-800 profit per month. It will go down as difficulty goes up, but Ether price should go up as well.