[$Invested into Mining] / [$ Made from Mining]

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Successfully Trolled by Megalith
Joined
Jul 18, 2010
Messages
3,927
I'm just curious how everyone's doing with mining, especially with the recent turns.

[$$ Invested into Mining] / [$$ Made from Mining after paying power] / [How long you've been mining for]

I'll start it out.
$730 / ~$650 / Since late September 2013

All in all I'm close to even cash wise, and up a Socket 1155 motherboard, CPU, some RAM, 1x280x, 3x5770s, 1x5830, and a pair of PSUs. Also, added 20 more LTC, 0.5 BTC, and 800K DOGE which I'm currently holding.
 
D

Deleted whining member 223597

Guest
I didn't actually invest anything at the beginning. I did pay off my credit card a few times, bought about $120 worth of heatsink gear for my old X58 system and an R9 270x. I did stop mining last month though, nice 3 months though of mining(February sucked, March was so bad I stopped halfway through the month)
 

atp1916

[H]ard|DCoTM x1
Joined
Jun 18, 2004
Messages
4,809
Bought 15k worth of hardware in summer of 2013, finished paying it all off with the winter 2013 altcoin explosion.

Expanding now.
 

LZ_Xray

Limp Gawd
Joined
Mar 25, 2013
Messages
306
I mined a few years ago for a few months and just got lucky with BTC when the market exploded, then traded quite a bit since then. Even though they're technically "from mining" I wouldn't consider those gains to be from mining. I consider those blind luck and market speculation.

For real mining I just started March 1st so about 40 days ago. I have $670 invested (4x 750ti and some risers), and have made about $130 over electric and cooling cost.
 

teh_chem

[H]ard|Gawd
Joined
Jun 21, 2012
Messages
1,474
I know not a ton of people have responded in this thread, but almost everyone says they're 'almost break even' regardless of when they started. ;) outside of just this thread.

Don't forget to factor in electricity bills!
 

jmilcher

Supreme [H]ardness
Joined
Feb 3, 2008
Messages
5,284
Truth is most miner sheeple will just elaborate on the definition of fiat currency and then proceed to explain how they have made thousands or tens of thousands of dollars. But if that was the case and no one lost out, we would all be doing it.

So I dont see this thread being full of honesty. But thats just my .02

I did mine in 2011/early 2012. Had about 1K invested in purposed mining gear. In the end I made nothing on crypto, but sold my AMD cards for a premium when the boom happened. I made about $600 profit. And I am glad I sold the setup when I did.

I lost money on the currency, got lucky and made money on the hardware, thanks to speculation.
 

collegeboy69us

Supreme [H]ardness
Joined
Jul 27, 2003
Messages
5,256
Truth is most miner sheeple will just elaborate on the definition of fiat currency and then proceed to explain how they have made thousands or tens of thousands of dollars. But if that was the case and no one lost out, we would all be doing it.

So I dont see this thread being full of honesty. But thats just my .02

I did mine in 2011/early 2012. Had about 1K invested in purposed mining gear. In the end I made nothing on crypto, but sold my AMD cards for a premium when the boom happened. I made about $600 profit. And I am glad I sold the setup when I did.

I lost money on the currency, got lucky and made money on the hardware, thanks to speculation.

Well you are certainly helping fill the thread with negativity. Coming into the crypto thread to call people sheeple? You just ooze class good sir.

I started mining with two 6950's in 2011, some btc, some ltc, cashed out a few times. Was pretty cool getting chunks of cash like 400 dollars for doing nothing essentially (i already owned the cards for gaming) Still kicking myself because right around the time btc asics started coming online, I did "one last huzzah" of BTC mining when I *could* have been churning on LTC back when difficulty was nothing. The rates I could have mined and their explosion in value a year later? Yeah I could have easily paid off my house had I gotten on that boat.

Slowly expanded with my profits and am now sitting at ~15 GPU's mining certain scrypt coins. Even with the recent expense of ~1000 for a new block of GPU's, things are still looking good in these "dark" times. The fact I only pay 5.1 cents per kwh probably has something to do with it :)

I do agree with one aspect of it, the fantastic stories we hear of people getting mega rich almost overnight are mostly due to luck. Nobody knows when BTC will take off again, or what the next hot coin will be (if alts survive). Those people who made tens or hundreds of thousands of dollars were also the same people who were called "Crazy" a few years ago pouring resources into this game.

I view it as a fun little hobby that pays for itself and puts a little bit of money in my pocket. I'm not expecting to turn 1000 dollars into 100,000 dollars, but I wouldn't complain if it happened either :)

I'm now a huge fan of winter these days thanks to mining, lol. In north Texas here, the approaching days of 90-105F temps might force me offline during the really bad months of heat.
 

Core32

[H]ard|Gawd
Joined
Mar 3, 2012
Messages
1,065
The real sheeple are the folks that come into this forum ad nauseum with no knowledge of the effort required to make it profitable and calling people they do not know, sheeple.
 

IEC

Limp Gawd
Joined
Sep 23, 2013
Messages
139
Well, that's because the negative nancies have an overdeveloped love of schadenfreude and enjoy kicking people in the face when they're down.

Not literally, but it's not surprising to me that they come out of the woodwork only on "bad news" days.
 

Spidey329

[H]F Junkie
Joined
Dec 15, 2003
Messages
8,683
The real sheeple are the folks that come into this forum ad nauseum with no knowledge of the effort required to make it profitable and calling people they do not know, sheeple.

Well, they are also the people who are risk-adverse and afraid to take a leap - they pass on their insecurity of taking risk by insulting those that do, and can make something of it. It's why they will normally be "workers" and not "owners".

You may not win with cryptocurrency, but if you never take a risk, you shouldn't expect to get above where you're at this very moment.
 

JeffBlair

Limp Gawd
Joined
Jul 13, 2009
Messages
333
As of now I really don't have anything invested in mining per se, I'm using my main rig with 2 Nvidia's. I've made about $100 in the past couple of months. Sold off before this last big downturn.

But, I just bought some Gridseeds, so I'm hoping for an upturn in a few months.
 

mkrohn

2[H]4U
Joined
Apr 30, 2012
Messages
2,345
I've pulled a profit and my 15Mh is still plugged in. Last night I turned off a 5870/6950 rig and will probably tun off the 4x 6950 rig or just go through and undervolt those cards. When I get a chance to I will be undervolting everything a bit more. I will be sitting on the cards just waiting for a time when it is either cooler outside or mining profitability skyrockets. Even if things are at "break even" next winter I will be using my card collection to heat TWO houses instead of just mine. Saving a couple hundred a month in heat is certainly worth it.
 

collegeboy69us

Supreme [H]ardness
Joined
Jul 27, 2003
Messages
5,256
I've pulled a profit and my 15Mh is still plugged in. Last night I turned off a 5870/6950 rig and will probably tun off the 4x 6950 rig or just go through and undervolt those cards. When I get a chance to I will be undervolting everything a bit more. I will be sitting on the cards just waiting for a time when it is either cooler outside or mining profitability skyrockets. Even if things are at "break even" next winter I will be using my card collection to heat TWO houses instead of just mine. Saving a couple hundred a month in heat is certainly worth it.

That's the one thing I loved about last winter. Granted we don't get any crazy cold temps, but we were down in the teens a few times.

Granted profitability was sky high at that time, it was quite literally like being paid to keep my house nice and toasty over winter since the waste heat was something super desirable. I actually moved an extra mining rig into my bedroom that dumped another 700w or so.

Even if I don't make profit and simply break even this coming winter... that's a couple hundred dollars I'd be getting back whenever I sold off what was mined over winter.
 
Joined
Mar 17, 2014
Messages
45
As of lately approx £15,000 and pointing it all 100% at gridcoin. Made nothing on gridcoin yet because i'm performing beta testing, but in the past i've made back what I spend btc wise.. so thats cool lol..
 

mkrohn

2[H]4U
Joined
Apr 30, 2012
Messages
2,345
That's the one thing I loved about last winter. Granted we don't get any crazy cold temps, but we were down in the teens a few times.

Granted profitability was sky high at that time, it was quite literally like being paid to keep my house nice and toasty over winter since the waste heat was something super desirable. I actually moved an extra mining rig into my bedroom that dumped another 700w or so.

Even if I don't make profit and simply break even this coming winter... that's a couple hundred dollars I'd be getting back whenever I sold off what was mined over winter.

We had entire weeks below zero here in Michigan and on those days I still had to open a couple windows to let excess heat OUT. Not only did it keep my house warm but it kept my house much warmer than i would have normally. temp would have been pegged at 68 and instead it was generally 75 in the middle of the day when it was around ZERO outside.

Now with it being 70 today I'm putting more and more thought into unplugging more rigs each and every day but right now my garden is getting jumpstarted so All of my seeds have grown what normally took about a month to grow in a mere days thanks to the room being 90-100 and a single light. I'm tempted to just setup some hydroponics for the mining room ;)
 

UncleDavid218

2[H]4U
Joined
Jan 16, 2006
Messages
2,734
I have about $2,500 "invested", with 1.4BTC in holding, .6BTC spent on video cards, and 600 odd BC as well. I have no electricity expense to everything I do is "profit". I started in the middle of February, so pretty late.
 

Ocean

Supreme [H]ardness
Joined
Oct 19, 2003
Messages
4,927
[0] / $~11000 / i mined for a week in 2010

i still have the same number of coins (25) from when i mined 25 coins during a week in 2010, ive just been playing the market.

using the computer i built for playing video games, same one in sig.
 

XViper

Gawd
Joined
Aug 24, 2012
Messages
838
$3600/$800 - I have practically zero power costs so it's just a matter of time for me to break even on this.

The issue I'm going to have is that it's starting to get warm here and I'm going to need an A/C in there in about a week.
 

Activate: AMD

[H]ard|Gawd
Joined
Nov 6, 2004
Messages
1,994
Invested: $250
Return: ~$900
October 2013

Got in at the start of the last litecoin boom and had a few GPU's that were good at mining prior to (so ignoring that sunk cost since it wasn't an "investment" into mining). Only spent a little to buy one more card and cashed out regularly between $30-$25. Sold a few off at $15 and am holding like 5LTC right now just in case it goes nuts again. Probably could have made a few more bucks by selling smarter, but I made so much (relative to my "investment") that its hard to even complain. I still have the GPU's too as capital costs that still have value for resale. I'm not even bothering anymore with mining, but I definitely feel pretty happy with the whole experience.
 

blade52x

2[H]4U
Joined
Sep 9, 2006
Messages
3,111
I mostly just haven't cashed out of crypto. I've kept a lot of my mining profits as BTC and then put them back into other alts. It's all or nothing for me.

I was an ok amount ahead of mine + sell ROI before BC came along. Now I'm way ahead. :D

Unless you absolutely need the money, I see no reason to go back to fiat. Trading within the altcoin market will net you just as much if not more than trading from BTC to fiat and back, plus you won't have to deal with capital gains taxes staying within the crypto market?
 

oblox

[H]ard|Gawd
Joined
Nov 27, 2013
Messages
1,079
I mostly just haven't cashed out of crypto. I've kept a lot of my mining profits as BTC and then put them back into other alts. It's all or nothing for me.

I was an ok amount ahead of mine + sell ROI before BC came along. Now I'm way ahead. :D

Unless you absolutely need the money, I see no reason to go back to fiat. Trading within the altcoin market will net you just as much if not more than trading from BTC to fiat and back, plus you won't have to deal with capital gains taxes staying within the crypto market?

If you want to get technical, you should be reporting capital gains on crypto-to-crypto in the U.S.
 

blade52x

2[H]4U
Joined
Sep 9, 2006
Messages
3,111
If you want to get technical, you should be reporting capital gains on crypto-to-crypto in the U.S.

IRC section 1031 provides that “no gain or loss shall be recognized on the exchange of property held for productive use in a trade or business or for investment if such property is exchanged solely for property of like-kind which is to be held either for productive use in a trade or business or for investment.”

Depends if crypto falls under that or not. The IRS classified it as property, and crypto-to-crypto would be a "like-kind" exchange.
 

oblox

[H]ard|Gawd
Joined
Nov 27, 2013
Messages
1,079
Depends if crypto falls under that or not. The IRS classified it as property, and crypto-to-crypto would be a "like-kind" exchange.

The catch though is the productive use which really crypto isn't. Personally, there needs to be way more clarification on this matter. Actually dreading my taxes come next year.
 

blade52x

2[H]4U
Joined
Sep 9, 2006
Messages
3,111
Same. We need a TurboTax to implement upload your crypto wallet history for an extra $39.99. :(
 

LZ_Xray

Limp Gawd
Joined
Mar 25, 2013
Messages
306
Same. We need a TurboTax to implement upload your crypto wallet history for an extra $39.99. :(

Or better yet, just... don't :cool:

I'm perfectly OK with claiming oopsie and pulling the back taxes out of my ace on the offchance I get dinged on it.
 
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