Re: [ANN][AUTO-SWITCH] Profit-switch auto-exchange pool: CleverMining.com
Hmm... $1.84 for 1mh on ltc per daily power cost $1.20, pool fee 0.04$ = profit 0.60 cents/day.
Methink some miners better turn off their mining machines.
Methink some miners better turn off their mining machines.
Had better turn them off? This only makes sense if a) there is no profit (your calculations say there is) and b) you're selling your Crypto to pay for your electricity. Or if you're mining but you're a bear.
Let me point out the variable that you seem to have forgotten ; Power cost:
It make sense if you're running a 250/mh farm at higher than 0.1 kwh. As stated by some users who have farm, sometimes they pay upward of 0.2kwh. It would cost such user @ 0.2kwh a minimum of 13 000$ for power per month for 14 000$~ worth of LTC. But truth is, such power drain is often considered industrial which crank up the price even more.
At the moment there's profit for your average GPU miner who pays 0.1kwh, therefore :
Methink some miners better turn off their mining machines.
My power provider charge only 0.051 for electricity, but if i use more than what a regular house would use , the price go up to 0.2 after the first 30kw And if i was using 84kwh, the cost would be 0.36kw after the first 50kw. So would pay easily pay 0.3 even tho small miners here(where i live) normally only pay 0.051.
So Again, unless they want to gamble whether the price go back up to 700$+ SOME miner will have to shut down
I few thoughts about mining "profits"...
"Mining when not profitable" might be the best investment youve ever made.
That is SO INCORRECT! It's not complicated. If the cost of mining is greater than the cost of the coin you are better off buying the coin, otherwise you are overpaying.
On this I agree with baddoge, I don't see how it would be profitable to pay more to mine a coin than you could by simply shutting off your miners and buying the coin outright.
By my own estimations in the US at 0.12 per KW/h, I am earning roughly $2 for every $1 I spend on electricity when mining here at Clever. Once that dips too much further I am thinking of shutting off some of my miners. I have a mix of GPUs and Gridseeds, so can continue to run the Gridseeds a lot longer and remain profitable.
I completely agree! I never claimed that is isnt more profitable to buy the coin outright compared to mining at a certain point. I was merely making the point that mining "at a loss" can still be profitable.