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/biz/ - Business & Finance

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3051846 No.3051846 [Reply] [Original]

How is this true when you can mine now at a loss and sell for $100,000 in 5 years? Running a mining rig doesn't cost 100k

>> No.3051869

ROI and upfront costs.

>> No.3051934

>>3051869
Buy a rig for $1000~ and $2000 on electricity but hold all the BTC for long term sale. Seems fool proof.

>> No.3051955

>>3051846
I leech power from an office building to mine. Easy money.

>> No.3051977

>>3051955
What do you mine and how much have you managed to mine? Any strategy, such as selling instantly or holding until price suits?

>> No.3052024

>>3051977
I'm joking. I've been planning to mine for a long time, but never got around it.
One protip though: always hodl your BTC. if you're mining other coins, convert them to BTC.

>> No.3052062

>>3051846
What is he mining?

>> No.3052086

>>3052062
BTC

>>3052024
Fucks sake anon

>> No.3052089

>>3052062
cumcoin

>> No.3052097

>>3052089
Not true sir

>> No.3052098
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3052098

I'm a miner, huge operation, if someone wants to pay me 5 bucks il give you the biggest breakdown of all costs to run the operation.

>> No.3052099

>>3051846
>emachines

>> No.3052109

>>3052062
Digibyte

>> No.3052125

Because with the money you spend mining at a loss you could just buy the coin right now.

>> No.3052152
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3052152

>>3052125

>> No.3052168

>>3051846
It's profitable right now. Each one of my 1080TIs is making me $5 a day on SIGT. Was making $15 a day before the price dip and reward halving. Again, that's per GPU.

>> No.3052196

>>3052168
Plus 4K gaming is my bitch now with all these 1080TIs

>> No.3052257

>>3052168
How much you pay per watt?

>> No.3052424

I'm considering it, though I don't think Bitcoin will see $4k ever again. All these kids saying it'll just grow and grow forever, nah.

Sure, it'd be fucking amazing if you mined for a year just now and sat on it till BTC reaches 50k/coin, but that's not going to happen is it.

Think about how stupid it is already, for some lines of code to be 'worth' gold. Think about the absolute stupidity of it when then headlines read "1BTC reaches $50K"... I just can't happen.

I missed out on the mining years ago, when I'd be a fucking billionaire, so I guess I'm just trying to justify my pity. Though you can see my point.

>> No.3052492

>>3052424

Retard.

>> No.3052500

>>3052257
$0.07 per kWh.

Electric bill only went up like $175 with four 1080TIs and five RX580s.

>> No.3052519

>>3052500
Was mining 3BTC a day on free campus electricity back in 2010-2011 hah. Sold off too early of course. Hanging on to whatever I mine since then.

>> No.3052524

>>3052424
Ass meets tractor

>> No.3052549

>>3052424
Surely this man is the crypto whisperer.

>> No.3052697

>>3051846
home mining is 'profitable' if you don't pay for electricity and don't have to buy hardware.

if you are mining at a 'loss' and waiting for the value to go up to 'profit' you are no better off then simply using money and buying the crypto with cold hard cash now and waiting the same amount of time but without the hardware costs and electrical costs.

>> No.3052779

>>3052424
>Think about how stupid it is already, for some lines of code to be 'worth' gold
Nocoiners in a nutshell

>> No.3052822

>>3052098
proof and wallet?

>> No.3052835

>>3052424
no coiner´s lul

>> No.3052908

>>3051846
Simply - buy one BTC for $4k, mine one BTC for $8k. 5 years later BTC is $100k and insisting on mining at a loss like a retard cost you nearly half a million dollars, but you still made a profit anon.

>> No.3052930

>>3052424
wow people like this exist

>> No.3053001

>>3052424
>gold
>valuable
asteroid mining, a thing that people are working on as we speak, will be able to haul home literal millions of tons of precious metals
gold will be a thing everyone will have, because it'll be on par with aluminum in price

>> No.3053006

>>3052908
Fuck. Was merely pretending

>> No.3053011

>>3053001
This isn't denial, this is straight psychosis.

>> No.3053019

>>3052168
This^ basically mine alt new coins n sell when thy just reach market
Many people bought 6k-20k minning rigs n mined sigt thn sold n got back more thn roi all on the same day, in fact sigt is still profitable

I dont mine but this is what ive been told since im on many telegram/cord of crypto

>> No.3053048

>>3052424
the most nocoiner one can be

>> No.3053053
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3053053

>>3053011
http://deepspaceindustries.com/
http://www.planetaryresources.com/#home-intro
nod really

here's a kicker
https://en.wikipedia.org/wiki/16_Psyche
>Lindy Elkins-Tanton, the lead scientist on the NASA Psyche mission, estimated that if the 200-kilometre-wide body could somehow be transported back to our planet the iron alone would be worth US $10,000 quadrillion

Space nigga, it's the shekels of the future

>> No.3053063

>>3052424
>Think about how stupid it is already, for some lines of code to be 'worth' gold.
And what is gold "worth"? What makes gold different from any old rock?

If you can answer that, you can figure out bitcoins value

>> No.3053067
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3053067

>>3052424

>> No.3053091
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3053091

>>3053053
>10,000 quadrillion

>> No.3053095

>>3053063
>What makes gold different from any old rock?

It's a rare metal that is used in many electronics and (bio)medical science applications.

>> No.3053346

>>3052500
>$0.07 per kWh.
Lucky, I pay double that here.

>> No.3053348
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3053348

>>3052424
hahahahaha oh wow

>> No.3053616
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3053616

>>3052697
Are you aware that you can sell the used hardware and recoup a part of set up costs?

>> No.3053682

>>3053616

at a depreciated value. but the fact that you've spent capital on that instead of straight up buying the crypto will mean you are forever in the red.

if you are mining, and you are making money to continue mining minus capital and electrical costs. that's great! you are in the sweet spot. but the market moves quickly and it won't be that profitable.

>> No.3053735
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3053735

>>3053682
Well, I am mining EXP, which holds its value like hell. The nice thing about it is that I've gotten on some moon missions just because I had a constant stream of it. I would have otherwise missed out on them due to other opportunities.
Also, I am not paying for electricity and bought my GPUs at a normal price.
What is more, I probably would have put my set up costs in XMR if I was to invest the same money. I am glad I did not.

>> No.3053821

>>3053682
Why do people mine then and where do they get the capital to continue operations?

>> No.3053849

>>3053821
investors and they have heavy duty specialized mining computers, for mining bitcoin exclusively

>> No.3053850

>>3053821
new miners usually fall for the crypto meme and jumped onto the ship with calculations that it is profitable NOW, not how long it will be profitable.

>> No.3053867

>>3053735
there are always niche scenarios that make individuals more profitable then others to mine. cost of electricity, cost of parts, exchange rates etc etc. if you fit into a part where you can make money for a period of time greater then just investing into crypto, then great you lucked out. for almost everyone else, the sunk cost, cost of electricity, and future increases in difficulty making mining unprofitable vs straight up buying.

>> No.3053872

>>3053682
silly nominer, its very profitable if you live somewhere where electricity is cheap (for me 6c kw/h), 2/3 months roi not including that u can always sell your rigs for a straight up profit

>> No.3053874

>>3053053
>>3053091
if the military begins using nukes to reverse-Armaggeddon asteroids, they could make it rain precious metals and have "drones" collect samples off them

Goddamnit born too early

>> No.3053909

>>3053053

I feel like this is something that will be done, probably by the end of my lifetime. Probably on a smaller scale with a lot of issues but it seems more practical than trying to make Mars a plan.

>> No.3053911

>>3053874
absolutely fucking not are you allowed to "BRING" a fucking asteroid that big anywhere near humans on this fucked planet... we will end up killing ourselves with it.

>> No.3053940

>>3051846
>lets just operate our brand new technology biz temporarily on a loss, it will be fine in the future im sure

deja vu from 1999

>> No.3053951

>>3053872
>2/3 month

More like 12/16 months..

>> No.3054073

>>3053001
you realize for asteroid mining to be profitable, the cost of gold and other materials would have to be so astronomical that asteroid mining would HAVE to be considered feasible

>> No.3054101

this whole thing is fucking stupid, fuck bitcoin, its a total bubble. what drives the price of bitcoin other than stick bundles like /biz/ jerking eachother off about it? eventually people will stop caring, and all you guys will lose all youre money

>> No.3055003

>>3052424
>1 post
here is your (you) for triggering me

>> No.3055014

>>3051846
>>3051934
Why do you dumb retards still attempt to mine btc when you can make profit right now?
http://whattomine.com/

>> No.3055345
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3055345

>>3051846
>plan to build mining rig
>GPUs sold out
>write bot instead
>x280 so far

>> No.3055741
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3055741

>>3051846
THANK YOU!! Ive been trying to convince my partners to get into mining - these fools want to make money off of the Bitcoin market and risk everything, to make money to buy a supercomputer and have cash leftover.

What Ive been telling them is even with a convertible GPU, you can make more cash than the market, and 24 hours a day~! THEN hit up the market, in a self sustaining economical manner.

>> No.3055761
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3055761

>>3055741
Samefagging.

In fact, Ive presented numbers on this board countless times - that if you were to build a shed, Windfarm rig, solar for the days it isnt so windy.. Then have 3 GPU monsters, it would cost Under 10k, WITH an AC unit.

Please look it up, it would pay itself off - especially if you have the rig at ROI already. AND if the difficulty or market sours, then you have free electric, and rigs to sell!

>> No.3055770

with so many people mining with free electricity and equipment (me included) I doubt it is profitable. I recommend everyone to invest the money they would pay for the rig and hold.

>> No.3055784

>>3053346
>Lucky, I pay double that here.
Lucky, I pay 5 times that here...

>> No.3055798

>>3055784
Look, if you have a rig that is profitable, and you save cash to buy another rig, thats crazy.

Simplify simplify simplify~ Take out the part of the equation that drags profit down, before expenditure to make the same.

Look up how small a 2k Rig is. Even with an apartment, you can rig it up if you have deep enough screws and tip the landlord! (renters insurance is always a good idea if you work from home... costs like 5 bucks a month)

>> No.3055811

>>3055798
soz, by rig I mean Solarpanel/windfarm.. NO PERMIT NEEDED in ANY state for anything that is less than 30 feet tall~

>> No.3055833

>>3053053
>>3053091
$10,000 quadrillion at today's price. If you find a shit load more of iron and release it into the market, the price goes down. That's how supply and demand works.

>> No.3056026
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3056026

>>3051846
Alright you speculation faggots..

I got into mining admist the eth craze around june 2017.

I dropped close to $45,000.

I accumulated $30,000 in 2 months and mostly came from trading in the last 2 weeks.

>> No.3056579

>>3053095
>scarcity
>demand
that why it's valuable...
no one gives a shit what it is used for

gold could be used to build roads for all the market cares
it's about the deman and suply retard

>> No.3056704

Move to Balkans or eastern Europe, we got cheap electricity my nigga

>> No.3056717

>>3055833

stop using basic economics and logic, this is /biz/

>> No.3056745

>>3051846
If it's not profitable at the current moment in time then you'd be better off using the money that you would have spend on a mining rig + electricity on the coin right now

By definition

Why would you go through the hassle of setting this shit up when it's more profitable to just buy the coin?

>> No.3056810

>>3052125
actually this

>> No.3056817

>>3053001
do you know what launching a rocket into space costs?

>> No.3056848

>>3051846
are you fucking stupid? with that logic, you could now buy more if you weren't mining and it'd be worth even more in the future.

FUcking retard

>> No.3056921

>>3055345
If true, that is exceptional as the top performer on BitMEX (which allows maximum leverage of x100) only has x100

>> No.3057059

>>3055345
What kind of bot ?
I planned to write one myself, but I think I was planning something way ro complex.

Could you develop a little bit more ?

>> No.3057088

>>3055014
so, which one of all those meme shitcoins exactly you suggest would be ever profitable?

>> No.3057097

>>3057088
Did you see the profitability column? It's their profitability ratio compared to ETH.

>> No.3057104

>>3057097
it still required an upfront investement to make any money for a decent rig, i cant start mining with my shitty laptop today

>> No.3057107

>>3057104
Well, duh

>> No.3058079

>>3053001
You think that might be why debeers doesn't flood the market with diamonds? Jesus fuck some of you kids should open a book.

>> No.3058105

>>3052500
How fucking inefficent is your rig? Im paying $0.16 per kWh and my 7 gtx 1070s only costs me $109 per month dual mining eth/sia