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.
Let say that for the next week, it cost 50% more electricity $ than the value of the LTC we gain. Doing this is undeniably a waste of money. Instead of mining that week, you could turn off your miner and buy 150% the LTC or whatever directly. You'll still end with said LTCs but you will not have paid 150% for whatever amount you end up with.