Mining profit evolution
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Hey guys,
I just have a question for the people that have been around FTC and altcoins for more than 6 month :
Mining profit (any altcoin, even top one on coinchoose, coinwarz etc…) keeps going down and down.
When I got in, the average profit (out of my a…) was about 30/40 $ per day on the most profitable coins with 1,9Mhs.Now we’re around 20$ max (except crap coins for a day).
What is going on ? Is it normal ?
My uneducated guess would be that people like me jumping in, difficulties rising fast, mutli-coins pools and bitcoin price not changing much are part of the equation, but I would like to know a little more about that.
Is it going to just go lower and lower ?
Did it happen already with scrypt coins in last six month or is this a new thing ?
I’m not really worried knowing that I made my ROI already, but it makes me hesitant as far as getting more hashing power now.
Thanks for your responses & comments !
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Yeah i also jumped in last november and profits have gone down. Still making money and good money but the bottom line is that one has to look at getting the best value for ones hashing power.
With my current hashing power i would get 70 feather coins a day given luck at steady 100 %. That`s around 20 USD a day. I tried switching to middle coin and though their business model is unfair toward coins in general with mine and dump it works. Profits there are 5-10 US higher with the same hashing power…
As for feather coins you could then just exchange your BTC for FTC and that way get more as there is nothing wrong with the supply side of feather coins.
You also see difficulty on FTC and LTC are leveling out so i think the increase wont continue in the same pase for the months to come.
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You have to decide why you mine, long-haul or short-haul?
I trade a few coins here and there to pay the electric bill, I put a few in a kitty for the Oxford Blue meet up and hold the rest.
Your asking a lot of a coin that is less than 12 months old, the question you have to ask yourself is how long did it take BTC miners at this point in the coins life to make it big?
Gather your information regularly, I spend about 10mins a day jumping round websites at about the same time taking notes of difficulty, exchange rates, noting press releases etc, all so I can try and do some analysis of what causes the dips and spikes in both difficulty and price.
My advice, set your risk level now, and stick to it.
UM
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Thanks for answering,
Well it’s actually what I did. I started by being really convinced by feathercoins, then very attracted by profit mining of crap coins. As some experienced user of this forum recommended me, I stopped mining FTC for a while, mining crap coins to get more btcs, to finally buy FTCs.
But I just want to know if crap coin mining is somehow “dying” or if it has already happened in the past (before this summer)
I find it interesting to look everyday to launches of bad ideas, mining them to exchange to FTCs, but I feel like all those coins are little by little getting the same value, and the time frame to mine & dump is getting everyday tighter.
And for the newer users : “Crap coin” is not a currency, yet…
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[quote name=“uncle_muddy” post=“53018” timestamp=“1389990894”]
You have to decide why you mine, long-haul or short-haul?I trade a few coins here and there to pay the electric bill, I put a few in a kitty for the Oxford Blue meet up and hold the rest.
Your asking a lot of a coin that is less than 12 months old, the question you have to ask yourself is how long did it take BTC miners at this point in the coins life to make it big?
Gather your information regularly, I spend about 10mins a day jumping round websites at about the same time taking notes of difficulty, exchange rates, noting press releases etc, all so I can try and do some analysis of what causes the dips and spikes in both difficulty and price.
My advice, set your risk level now, and stick to it.
UM
[/quote]Well, when I started FTCs, that was 100% for long run, with the idea of hoarding as much as possible until it reaches a concrete use/value.
I agree with you, BTC didn’t get big in 2 weeks. I do think though that the expansion/popularity/use/value of other coins
is exponential. BTC did the hard work, but you just have to take a look at any news to see that cryptos have reach an other level than just a novelty. For that reason I feel like everything is going really fast and one needs to be aware constantly of what’s happening (example : doge : in a week, made couple millions of them, the price went from 30 to 250 to 30 satoshi, didn’t have the time to sell !)
I feel like we miners have to keep up to date daily in order to be more than just profitable.That’s why, like you, I spend time everyday on searching & gathering info on what’s going on, and why I ask this kind of questions here !
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Actually … mining is still crazy profitable right now, when compared to a few months ago. When I got my first rig things looked more like this … and electricity prices increased another $0.05 this year for me, so I’m at $0.38/Kwh now.
Personally I expect profitability to go down way further. Considering the high electricity prices I pay, the 50% profit seems still way overboard.
btw. I carefully read this, before I finally made my decision to join in for the fun of it. [url=http://reckoner.com.au/2013/08/im-done-mining-litecoin/]http://reckoner.com.au/2013/08/im-done-mining-litecoin/[/url]
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I feel your pain the the electricity cost. If on a tariff here, starts at just $0.15, but I’m way into the $0.35 tariff.
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[quote name=“nimmneun” post=“53086” timestamp=“1390005909”]
Actually … mining is still crazy profitable right now, when compared to a few months ago. When I got my first rig things looked more like this … and electricity prices increased another $0.05 this year for me, so I’m at $0.38/Kwh now.Personally I expect profitability to go down way further. Considering the high electricity prices I pay, the 50% profit seems still way overboard.
btw. I carefully read this, before I finally made my decision to join in for the fun of it. [url=http://reckoner.com.au/2013/08/im-done-mining-litecoin/]http://reckoner.com.au/2013/08/im-done-mining-litecoin/[/url]
[/quote]
Meh, free electricity here. Sadly, I only have one HD 7870 mining 24/7 with a 550watt PSU. Getting around 6-8FTC($2-3)/day. Going to save up some money to buy FTC from BTC-E. :) -
[quote name=“mattmct” post=“53090” timestamp=“1390007014”]
I feel your pain the the electricity cost. If on a tariff here, starts at just $0.15, but I’m way into the $0.35 tariff.
[/quote]0.24 USD here in Singapore :-[
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[quote]0.24 USD here in Singapore [/quote]
0,135 here and I can use the rig as a heater.
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.10 here. my brothers and me fix to build a 45000 k/hash farm to add to are 15000 k/hash. so i hope it goes up. we at least going to have allot of fun!!! If it all crashes we can host gaming conventions and have a ebay store lol. was thinking it would be cool to build a farm in a pool full of oil then we can go scuba diving to fix the rigs maybe Evan add some nice lights!!!
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[quote name=“colsteel” post=“53175” timestamp=“1390043457”]
.10 here. my brothers and me fix to build a 45000 k/hash farm to add to are 15000 k/hash. so i hope it goes up. we at least going to have allot of fun!!! If it all crashes we can host gaming conventions and have a ebay store lol. was thinking it would be cool to build a farm in a pool full of oil then we can go scuba diving to fix the rigs maybe Evan add some nice lights!!!
[/quote]Lol that is very ambitious!
all u guys Kw/h are cute!
I pay 0,50 USD here in The Netherlands… -
And NeoScrypt just brought it alll back…
Hello history!
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0.11 USD per kWh here.
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Between .1 and .11 depending on how much bulk I use each month. I also have a 22U space with no real power restrictions other than if I need more I have to run more extension chords. However, fucking sheetrockers in the database have shut 50% of me down, I moved most of the rigs back home for heat.
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sheetrockers?
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Yeah, new walls and wiring… gypsum dust is such a bitch
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Ahh, Drywall plasterboard. :)
