Terriable Terriable mining profits - how is it even profitable anymore
After spending over $7000 on mining equipment in Early Jan 2017 - that has been running constantly since Jan 5, I have barely made enough to pay for one 1080ti - and that's not considering the cost of power. Running 2 I7's and 5 GTX 1080 ti's OC, I can barely bring in $350.00 a month CAD.
With that being said, how are all these companies like miner one staying a float ? I tried mining pools, solo mining and so on, but can't really do any better than what I can get from NICEHASH. Is there something that I am doing wrong ? My earning are in line with what is illustrated on what to mine, but I do not know if that is even an accurate benchmark to utilize. Once I have to start paying for power again in July - unless things turn around and we are making $10/day per 1080ti, I think I will be forced to turn off my mining rig for good.
In January I had a projected pay back period of 4 months, now its more like 16. Maybe the best alternative is to sell my rig and buy as much crypto as I can before the next bull-run. These are confusing times and with the way things have went over the last 4 months, I am scared to make any moves, because when I do, it always ends up being the wrong one!
I was in same position in 2014, i shut down my rig because it was not making bank. I wish I had left it going, even at a loss for power consumption. I would be a millionaire if I had. The few coins I held on to were worth tons 4 years later. Do. Not. Stop. Mining.
Thanks for the bout of confidence. I sold all my bitcoin that I mined - about 100 units back in 2013 for $130 a piece to buy a used snowmobile thinking I had made the best decision of my life. Man was I wrong. I just hope that @$350 a month, maybe everything that I am mining will 10x in a year or two or ten. I just hope ada is the right choice, because I am selling all the btc I am mining with nicehash and buying more and more ada.
I held about 12 different crypto. Turned out Doge and Redd were the biggest bags i had and biggest climbers. Some did end up dead coins though...
That's awesome, talk about a stroke of luck. Hopefully you were able to unload them in December
I unloaded a little early but still did quite well. I honestly only cashed out about 10% of the crypto into $$$. The rest I held on the exchanges in fiat for about a month into the drop and then started making a new portfolio and averaging my way back into some positions. Really hoping it pays off in the long run.
Sweet. Id be happy even if I made half the money I put in back. The next dollar I make will be the first.