about 2000 cnd on the positive side.
5 months, huge electrical bill, and only 1.138 bitcoin. This value at 11000 cnd (for the BTC) is included with the profit of 2000 cnd after if I sell it.
for most of the miners I paid the Pre Dec 19 price of 1530 USD plus PSU and shipping. So when all i said and done, my 2 to 2.5 month break even point was long lost since I am over 5 months now.
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So I know I will get flak about this post, and thats ok, I know people will say that its a long term investment for mining. I agree, but it is too long, at least for me. What do you think is a reasonable amount of time?
We all have to make the decisions that we think is best for our particular situation. Not everyone got into mining to build a business around it. There are plenty of people who have been happy just being a small home miner or hobby miner. Up until the last year or so that was still feasible. With the rapid increase in the network difficulty over the last year it doesn't make sense now for most people and it's going to make less and less sense as the difficulty continues it's upward climb.
I faced this same decision myself early this year. Been mining here since I started in Feb 2017 with 3 Bitmain R4's. As the price of BTC dropped and the network difficulty rose these things are less and less profitable. I was looking at probably going negative returns by summer on them. I decided that I enjoy doing this and being a small part of the mining community, so I'm staying. I bought 3 841's in April which I absolutely love. The quality of these things compared to the Bitmain machines is huge. I don't understand why they aren't more popular. I just sold my 3 R4's on eBay for about $1,000 each and used the proceeds of that to buy 3 more 841's which will be here on Monday. That at least should keep me above water for a good while. I'm a bit shocked that I could sell those R4's for as much as someone can buy 3 841's.
For me, I treat mining as an investment that also gives me enjoyment and satisfaction and expect a payoff in the future. But it is a very risky investment for sure so it isn't going to fit into everyone's portfolio.