At $0.08-0.12/kwh, mining ethereum currently produces about 10-15x profit over power cost.
You can verify this with any mining calculator.
https://www.google.com/search?sourceid=chrome-psyapi2&ion=1&espv=2&ie=UTF-8&q=ethereum%20mining%20calculator
Example: If it cost one magic bean to mine 15 magic beans, would magic beans not be called a speculative bubble?
If 95.5% of all magic beans were held by insiders and early investors, who kept shitposting and shilling ETH, would you have a reason to doubt their claims?
If you do not understand the technology behind ETH, ask yourself: Are you just hiding behind your own ignorance and pretending to know? ETH is intentionally obfuscated behind unintelligible technobabble to make you feel stupid enough to give away your BTC for it.
Disclosure I am a big miner, and I sell all my ETH for BTC every day.
>>1114956
so what are you mining with what's your rig?
is it pic related?
i'm thinking of getting into ethereum mining
>>1114956
>I am a big miner
>one machine with 6 cards
You profit $10 a day?
>>1114966
That is a stock photo. I am running 200 GPUs currently, each GPU is 20mh/s. Making $850 per day.
>>1114967
can you post a pic of your setup?
>>1114967
>200 GPUs
Let's just say $350 each conservatively. So... $70,000 start up cost. The question is... if you believed that ETH would triple in price like it has in the past month, why wouldn't you just buy ETH and cash out with 210,000 in 30 days instead of only breaking even in 83 days like your current scheme?
I'm calling bullshit.
>>1114987
Top GPU's still hold considerable resale values and he also makes big bucks even if ETH price doesn't move at all.
He is also correct with his logic. There was a similar situation with BTC @ $1000. Mining was profitable as fuck and even awkward Nivida cards managed to break even.
However the difference is that hopefully sooner than later ETH switches to POS and gets rid of the mining jew.
>>1114995
will PoS be more profitable or less profitable for GPU miners?
>>1115011
POW - Prisoner of War
POS - Piece of shit
You fall into the latter.
>>1115011
https://en.wikipedia.org/wiki/Proof-of-stake
>>1114987
These GPUs were purchased from other liquidated miners in 2014 for approximately $60-$100 per unit, running on a farm skeleton that was purchased in 2013.
> if you believed that ETH would triple in price like it has in the past month, why wouldn't you just buy ETH and cash out with 210,000 in 30 days instead of only breaking even in 83 days like your current scheme
I have no such beliefs about ETH. I think it is a pointless shitcoin, that is why I mine and trade it for BTC. You should try reading the original post.
>>1114956
Everyone who's not shilling knows it's a speculative bubble.
Nice jobs on taking advantage of it to make some money off the fools. What coin will you move onto next?
>>1115038
Thanks. I will likely stop mining this cycle after selling my GPUs at $350 per each to people thinking they are missing the boat. I'll sit on the BTC until the financial crisis hits, liquidate BTC when it hits $5000 per coin and buy a few foreclosed houses at pennies on the dollar, then sit back and laugh as BTC crashes back down to $1000.
>>1115044
screencapped this post
just so i can repost in the future when either
a) everything you said happens as you say it will happen
b) ether is real and goes to $1000 each after you selling off massive amounts back when it was still in the single digits and the financial crisis never happens
>>1114956
Thinking of buying a cheap (500-$1000) rig to resell later. What are your recommended cardS?
>>1115054
HD 7950 is still the best hash/watt and hash/cost ratio.
>>1114956
Thank you for posting this, OP. I'm selling all of my ETH now.
ITT: speculators who didn't read the whitepaper and don't understand the switch the Proof of Stake will make mining significantly less profitable in a year or so
If anything, the price of ether is set to go up.
Price of ETH continues to rise OP is a big fat lying bitcoin maximalist shill
>want to mine ETH for a while
>hold some ETH
>have a capped electricity bill for life
>even tried using Amazon Web Service's comp for mining but failed
>no monies for build with a worthwhile GPU
Fucks sake man, this is fucking annoying.
>>1116487
is hardware mining even possible during pos? can't a mobile phone yield the same reward as a supercomputer, based entirely on how many coins it holds?
>>1116487
ITT: someone lecturing others on the whitepaper not knowing that Metallic Butterin's plan is to drastically increase the supply of ETH to destroy your sperg-gold investment
>>1116659
>telling lies
>>1116659
No I will not this is an absolute shameless lie. Ether is technically not limited but I will certainly not just pump out 5m ETH from my asshole.
>people who still didn't buy ETH in 2016
>>1116735
>>1116746
The current price will get trashed by inflation.
Eat shit.
>>1116778
This graph does not serve your argument's purpose, you fucking massive retard.
>>1114956
student here, i want to get into bitcoin / cryptocurrency mining, this post made me interested. Where do i find info about how to setup mining stations?
also how are the antminers, and what is different with etherium and bitcoin?
would anyone recomend a student that has 10kdollars ish to invest in this while he is studying a stem mayor?
also i live in Norway if that changes anything
>>1117566
Buy graphics cards to mine ETH. Search ethminer on reddit for info
>>1117670
ty, but will eth mining end this summer? what alternatives are there for a small mining rig? i want to use between 200$ to 1k
>>1117689
I dont know im not a miner. You could probably recoup your investment if you spend $600 on graphics cards. The price of ethereum will also be much higher than it is now so definitely worth mining if you think you can do it
