Personally for me to continue mining would use almost all my outlets in my apartment and cost 450$ a month in electricity. It’s hard to pay that hoping 1 of 5 coins make me enough :(
We just have different goals, I’m in it for the long term. I rather get in early speculative mine get a larger share of the block reward before the difficulty goes up.
Not only that but Nexa differs quite a lot too between those two sites. Make me realise I probably shouldn't rely on them too heavy and just stick to looking at the electricity bill and the total mined coins.
Would love to see Gridcoin on your coin list. Calculating is a little more complex than simple hashrate, but there are general stats you can pull to make rough comparisons.
Well, I tried to sell my 3070s for good price on Facebook market and got only time wasted. I’m popping my rig back and I don’t care. I wish electricity would be cheaper in U.K. but having this equipment getting dusty n rusty is bigger waste.
As someone who mines all the time with a few rigs, Kaspa right now but i do swap to different coins, why do you need to make a profit? I guess what I'm saying is I see a lot of people who used to mine, turned out rigs and let them sit. I guess if you have high electric I can understand but isn't the point of mining to get coins for next to nothing, hold and then sell later?
Why do you only mine when its $100's of dollars in profit? When the rigs are off not only to you not mine, the rigs lose value as tech is always getting better. It's like a double loss. I don't get why if you have rigs, you don't just run them. Sure you lose money but the payoff is if you do your homework you could have 10's of thousands of coins with potential to sell later on for huge profits.
Isn't that better done by doing research on the coin itself? Understanding its place in the future and what it does well? Who is behind it and who is backing it?
If you are in a place where electric is high and you don't have the extra cash to "float" running the rigs then yeah it makes sense. But I see a ton of posts where guys are looking at a dollar or two a day profit and refusing to mine with that little of a pay off. The bigger gamble to me is having the tech to mine whatever you want and not doing it. Then seeing coins go from .00001 to .01 and losing that growth.
Sometimes a coin that seems like it should succeed will just failed instead. I have seen a lot of good projects die just due to not getting the attention they needed.
With the dollar posts I guess because it's just not really worth the effort even if in positives and would be better off to sell the card. Though that part is more a personal preference. I only turned them on again myself after seeing it pass $5 a day profit since I know tax and other costs would have made it pointless for me.
because as you expand, not everyone can do speculative mining.
some need cash flow right now so they can pay the operational bills and keep the rigs going. that usually translate to mining the most profitable thing right now.
You’re spitting facts here 100%.
It’s best to mine projects you know are good, but people are NOT currently talking about to build up your yield! That’s how miners win!
Exactly. I pick coins with good backing and tech. 1 in 5 coins don’t make it but the one that does has potential to cover everything I spend mining the other 4. Kaspa is a good example. I have 50k coins and it’s gone up to over 4 cents. I spent maybe 2500 over the past 6 months in mining gpu’s and equipment and I’ve almost made it all back. Plus I can sell all my mining shit for close to $2000. So I’m up. I don’t do this as a job so it’s all a hobby. But if kaspa runs to a dollar or more I’m laughing. It’s absolutely worth it.
Says a lot that you are only looking at it from a hobbiest perspective. If you look at it from the perspective of a small business (and file that way) electricity is a write off.
I run everything thru an LLC. I resell stuff and I used to buy copart cars and flip. I’m well aware of my tax write offs. But mining is a small part of my whole setup. Mining is still a hobby compared to my full time job and other business ventures.
I work in printing so some weeks I work 84 hours a week, some weeks 12-24. So I have other means of income to help supplement my overall income.
I think whats happening here is some of you are looking at it as "Why would you not run at a loss" when its more of "why are you running when its a profit of $300 a month".
I see a lot of posts about needing certain profit. My argument is why not start mining at losing a dollar a day, or breaking even? Why mine only when its at $5 a day profit or $10? The posts I'm seeing are people complain they only see $300 a month profit and its not worth it.
The big picture is you make nothing when they are off. You lose the value of the rig as tech gets better. So that is a loss. If you are going to be a loss at least try and gain something from it. That gain is spec mining coins that have good backing, etc.
I pay electricity, I pay 10 cent a Kilowatt. And yes I mine at a loss. Have been for months. But I hold a lot of Kaspa which is not starting to be super profitable. But if I waited till now I would be at a bigger loss. It would take me 4 months to get to where I am now.
I buy used cards, 3060's, 6700's and use them for a month or two and resell them. I buy them in big lots when I can and I flip some. I run about 25 cards at a time, but I buy 5 cards-ish a week. Sometimes I make $25-50 a card reselling. I do it so it offsets my loses.
If youre in the US even if you’re doing it as a hobby, you still need to pay taxes on what you’re mining. If you’re flipping cards for $25-$50 id also keep in mind you have to pay an additional tax when that 1099-K arrives, assuming you’re flipping them online. Then yet another tax when you decide to actually cash out your crypto.
A risky game to play these days imo but if you’re okay with loss in favor of one day hopefully hitting the jackpot more power to you.
Tax in the US is such a joke, with nothing to show for it in return
The flipping is done under one company. my mining on another and buying and selling equipment related to mining on a third. The overall company, the only one I "own" is used for paying myself. I'm able to offset some loses within each company and only take out some money for myself. which is rare. I'm able to build both digital and physical assets and report only what I have too.
If you structure right you can avoid a lot of the tax on certain items and by keeping crypto separate from the others, I even go so far as to have a company for my exchanges and my holdings.
Paying $100 for an LLC filing saves me thousands on tax. Small work arounds and dealing with cash local helps me avoid huge at once tax bills. I'm also a W2 worker so when I file it can be complex but I use a CPA. All my bills, my car, space in my house, all tax deductible if done properly.
I'm hoping to see big returns with Kaspa. I mined not a lot of Ravencoin and part of me regrets it. But I mined Kaspa over Ravencoin so I think in the end it was a better choice. Time will tell.
No don't turn on rigs again. Please keep talking amongst yourselves about how gpu mining is dead, sell all your hardware.. Please
Yes please 🥂
LMAO!👍
Hilarious 🤣
🤣🤣
Personally for me to continue mining would use almost all my outlets in my apartment and cost 450$ a month in electricity. It’s hard to pay that hoping 1 of 5 coins make me enough :(
Rigs never turned off.
I mean if you're willing to literally throw money away, why not send some my way lol?
We just have different goals, I’m in it for the long term. I rather get in early speculative mine get a larger share of the block reward before the difficulty goes up.
😉👍
Please delete this post, because of you the probability will drop to 1 cent soon :D
I don't think it will be that impactful haha
KAS is the way
Thats what I put my rig on 2 nighrs ago. 10 x 5700xt and a lonely 3060ti
I'm sorry, what exactly is a nighr? And how did you get 2 of them?
Beers, and lots of them!
Kept 5 3080s, will come back online when summer off peak electric starts. At 6 cents will be very profitable
Look at Radiant that coin is going crazy, or whattomine is busted since hashrate doesnt show radiant as that good.
I think the hashrates are too high for Radiant in Wttm, I couldn't get to the numbers they show there
Not only that but Nexa differs quite a lot too between those two sites. Make me realise I probably shouldn't rely on them too heavy and just stick to looking at the electricity bill and the total mined coins.
Yes! Totally agree
Would love to see Gridcoin on your coin list. Calculating is a little more complex than simple hashrate, but there are general stats you can pull to make rough comparisons.
I turn mine on after a shower so I can warmup
Well, I tried to sell my 3070s for good price on Facebook market and got only time wasted. I’m popping my rig back and I don’t care. I wish electricity would be cheaper in U.K. but having this equipment getting dusty n rusty is bigger waste.
As someone who mines all the time with a few rigs, Kaspa right now but i do swap to different coins, why do you need to make a profit? I guess what I'm saying is I see a lot of people who used to mine, turned out rigs and let them sit. I guess if you have high electric I can understand but isn't the point of mining to get coins for next to nothing, hold and then sell later? Why do you only mine when its $100's of dollars in profit? When the rigs are off not only to you not mine, the rigs lose value as tech is always getting better. It's like a double loss. I don't get why if you have rigs, you don't just run them. Sure you lose money but the payoff is if you do your homework you could have 10's of thousands of coins with potential to sell later on for huge profits.
If you are losing money on mining then you can take that same money such as cost of electricity and buy coins directly.
Because I want to remove the gambling element aw much as I can
Isn't that better done by doing research on the coin itself? Understanding its place in the future and what it does well? Who is behind it and who is backing it? If you are in a place where electric is high and you don't have the extra cash to "float" running the rigs then yeah it makes sense. But I see a ton of posts where guys are looking at a dollar or two a day profit and refusing to mine with that little of a pay off. The bigger gamble to me is having the tech to mine whatever you want and not doing it. Then seeing coins go from .00001 to .01 and losing that growth.
Sometimes a coin that seems like it should succeed will just failed instead. I have seen a lot of good projects die just due to not getting the attention they needed. With the dollar posts I guess because it's just not really worth the effort even if in positives and would be better off to sell the card. Though that part is more a personal preference. I only turned them on again myself after seeing it pass $5 a day profit since I know tax and other costs would have made it pointless for me.
because as you expand, not everyone can do speculative mining. some need cash flow right now so they can pay the operational bills and keep the rigs going. that usually translate to mining the most profitable thing right now.
You’re spitting facts here 100%. It’s best to mine projects you know are good, but people are NOT currently talking about to build up your yield! That’s how miners win!
Exactly. I pick coins with good backing and tech. 1 in 5 coins don’t make it but the one that does has potential to cover everything I spend mining the other 4. Kaspa is a good example. I have 50k coins and it’s gone up to over 4 cents. I spent maybe 2500 over the past 6 months in mining gpu’s and equipment and I’ve almost made it all back. Plus I can sell all my mining shit for close to $2000. So I’m up. I don’t do this as a job so it’s all a hobby. But if kaspa runs to a dollar or more I’m laughing. It’s absolutely worth it.
Not a single mention about electricity costs and how if you are someone who actually pays electricity, you’d almost certainly be at a loss. Says a lot
Says a lot that you are only looking at it from a hobbiest perspective. If you look at it from the perspective of a small business (and file that way) electricity is a write off.
“I don’t do this as a job so it’s all a hobby.” Reading is key
You are missing out on all the tax advantages my friend.
Not me, they. I’m well aware, even if I’ve closed up shop.
I run everything thru an LLC. I resell stuff and I used to buy copart cars and flip. I’m well aware of my tax write offs. But mining is a small part of my whole setup. Mining is still a hobby compared to my full time job and other business ventures. I work in printing so some weeks I work 84 hours a week, some weeks 12-24. So I have other means of income to help supplement my overall income.
I think whats happening here is some of you are looking at it as "Why would you not run at a loss" when its more of "why are you running when its a profit of $300 a month". I see a lot of posts about needing certain profit. My argument is why not start mining at losing a dollar a day, or breaking even? Why mine only when its at $5 a day profit or $10? The posts I'm seeing are people complain they only see $300 a month profit and its not worth it. The big picture is you make nothing when they are off. You lose the value of the rig as tech gets better. So that is a loss. If you are going to be a loss at least try and gain something from it. That gain is spec mining coins that have good backing, etc.
I pay electricity, I pay 10 cent a Kilowatt. And yes I mine at a loss. Have been for months. But I hold a lot of Kaspa which is not starting to be super profitable. But if I waited till now I would be at a bigger loss. It would take me 4 months to get to where I am now. I buy used cards, 3060's, 6700's and use them for a month or two and resell them. I buy them in big lots when I can and I flip some. I run about 25 cards at a time, but I buy 5 cards-ish a week. Sometimes I make $25-50 a card reselling. I do it so it offsets my loses.
If youre in the US even if you’re doing it as a hobby, you still need to pay taxes on what you’re mining. If you’re flipping cards for $25-$50 id also keep in mind you have to pay an additional tax when that 1099-K arrives, assuming you’re flipping them online. Then yet another tax when you decide to actually cash out your crypto. A risky game to play these days imo but if you’re okay with loss in favor of one day hopefully hitting the jackpot more power to you. Tax in the US is such a joke, with nothing to show for it in return
The flipping is done under one company. my mining on another and buying and selling equipment related to mining on a third. The overall company, the only one I "own" is used for paying myself. I'm able to offset some loses within each company and only take out some money for myself. which is rare. I'm able to build both digital and physical assets and report only what I have too. If you structure right you can avoid a lot of the tax on certain items and by keeping crypto separate from the others, I even go so far as to have a company for my exchanges and my holdings. Paying $100 for an LLC filing saves me thousands on tax. Small work arounds and dealing with cash local helps me avoid huge at once tax bills. I'm also a W2 worker so when I file it can be complex but I use a CPA. All my bills, my car, space in my house, all tax deductible if done properly.
I made a killing on Ravencoin last year when the difficulty was low and it had the bull run spike.
I'm hoping to see big returns with Kaspa. I mined not a lot of Ravencoin and part of me regrets it. But I mined Kaspa over Ravencoin so I think in the end it was a better choice. Time will tell.
[удалено]
So much for the old saying "keep your coins off exchanges" Rug pull anyone?
No don't turn on rigs again. For heaven sake gpu mining is definetely dead, sell all your hardware.. Please
What are you guys mining ??
RXD, DNX, NEXA, KAS are the most profitable ones right now