I just turned off my mining rig!

in cryptocurrency •  15 days ago

For approximately one year I have been mining all sorts of coins with my 5-GPU mining rig. But, recently I decided to turn it off. How come?

I have a mining rig with 5 AMD GPU's that I bought last summer. I did it because I was fascinated by the technology and about cryptocurrencies in general. Since then, I have mined Ethereum, Ethereum Classic, ZenCash (now Horizen), Metaverse, and Monero. It has been fun, and I have enjoyed the heat the miner has created as well (especially during the winter). But, again, I just decided to turn it off. Not because I do not believe in the technology anymore, and not because I do not believe that the prices will go up again.

turned off my miner.jpg
Source: Pixabay

In fact, one of the best things I have done was mining when the prices were down. For example, I mined Metaverse for 3 months when the price was beneath 1 USD. I could mine 5-7 tokens a day. Then suddenly the price of the token went up, and they are now worth more than 3 USD. That is quite a nice profit for what I mined back then. But, now it is different!

I turned off my mining rig


A few days ago I checked how much electricity my mining rig uses. And then I compared it with the different cryptocurrencies I could mine. Do you know what I discovered? I spend much more money on electricity than the income of the coins I actually mine. Of course, the price will once soar again, and in the long run, I will earn the money back.

But, why spend 2 USD a day on electricity to earn coins worth 1,5 USD? Isn't it better to simply use the money I would spend on electricity to buy 2 USD worth of coins instead?

When the prices soar, I will be better out and earn even more...

And yes, that is why I decided to turn off my mining rig and let it rest for some days and weeks until it will at least be a little bit profitable to keep it running! I am interested in mining LOKI, but it is with LOKI like with the other coins, I get more if I simply buy it instead of actually mining it.

Do you have a mining rig up and running? Do you run it with profit?

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Nekem sajnos nincs rigem, de ha lenne, nem állítanám le. A dollármilliós farmokon is fejlesztenek folyamatosan, szerintem ők többet tudnak, mint mi.

Inkább menj át néhány alacsony diffel dolgozó coinra, van a palettán bőven. Első körben a centeseket érdemes megcélozni, azokban még bent van a százszorozódás lehetősége :D

Meg ha gondolod, jöhetnél mcc-re is, minden új bányásszal növekszik a hálózat biztonsága :)

is it not profitable now ?

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I spent more money on electricity per day than the actual value of the tokens I mined per day, meaning that I would have gotten more tokens by spending the actual electricity cost on buying tokens instead of actual mining.

But, this will be heavily influenced by the prices of electricity where you actually live at the moment, so there are lots of places where mining will still be good and profitable :)

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