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[zeljko]

This is a little different topic. Most posts are about success, now I'm asking about losing money. My brothers best man buys graphic card worth 200$ and use some old computer for mining. After few months of mining Bitcoin and other types of currencies he only have 15$ in some wallet so he definitely lost money. He is waiting bill for electricity.
Did you lose money and how much?

 

[metsrock69]

I have seen these mining sites advertised but was not really sure what to do or how to earn on them so I stayed clear from them. I am sorry to anyone who has lost money there.

 

[zeljko]

Unfortunately many people lost money. Especially those who invested oney when Bitcoin had price more than 10 000$ but price get lower so they never recover invest.

 

[kona1]

Unfortunately many people lost money. Especially those who invested oney when Bitcoin had price more than 10 000$ but price get lower so they never recover invest.

Did you invest in buying bitcoins or you are only using faucets to get cryptocurrency? Now bitcoin price has decreased but we can't know or predict what can happen in the future if it will increase or no.

 

[Stoffy]

Bitcoin mining should, at the current price, only be used as a secondary satoshis collecting option. I use CryptoTab and Bitcoin Miner (from the Microsoft Store) both on power saving mode (The two programs only use a small bit of my CPU that way) and all in all I generate about 800-900 sats. a day. I run them in the background. I do faucets and PTC to generate my primary BTC income.

 

[Davidafer]

I don't really advice people to mine bitcoin at this time because the crypto market has crashed, anybody mining is probably losing cash right now.

 

[zeljko]

Did you invest in buying bitcoins or you are only using faucets to get cryptocurrency? Now bitcoin price has decreased but we can't know or predict what can happen in the future if it will increase or no.

I didn't invest anything. My brother best man did and lost Money. I think it would be better earn some coins using faucets, without invest and wait for bigger price.

 

[spyro]

well really did not lose money with mining but i bought a lot of dogecoin and i lost a lot of cash

 

[zeljko]

How much did you buy Dogecoin and for how much? How much is worth now? I like to know so we can calculate how much you lose Money. I hope it didn't affect to much on your budget?

 

[suwandichen13]

With price like this 3,5k today, lot of people lost their investment on bitcoin mining, especially for those own Bitcoin Mining Farm. The best is rent a Cloud Bitcoin Miner, you wouldn't need to think about your hardwares, electricity, and maintenance.

 

[VeirelMoney]

The mining industry was not for everybody. First of all if we use the term "Bitcoin mining" then only the big players count here. I think you was referring to mining crypto in general and that's a total different story.

A lot of people bought RX 580, Vega 64, GTX 1080 Ti, and that kind of videocards for mining Ethereum, ZCash and Monero-like coins. That people maybe lost a lot of money but the mining industry was very clear.

First of all the market was very volatile every day and still is it. If you bought some videocards when the ROI was good, expecting to earn even more, then you not played very well and maybe don't understood about cryptocurrencies.

The market was not growing everyday forever, that's for sure. It had to be a line where it stops. That's where the smart miners comes.

If you were a small miner (having 1-2 rigs, no more) then you should always consider it the electricity costs. This is very important now, and then. The people who joined the crypto mining with high bill, they were going to lose, no doubt.

I bought a couple of cheaps videocards to mining in my house, with a small rig, and I always prioritized the electricity cost above all other things. Then I could say, I don't lost anything, but I didn't convert the crypto I earned in time. This was just personal decision, I still have all that crypto that I mined but did not converted in time, so it started to loss value.

Why I say the crypto mining was very clear? Because look at it. A lot of users started to gain interested in this crypto mining industry because you put a couple of videocards to mine and you gain profit for just doing that. But NOBODY considered it the option that these cryptocurrencies, could be lower its price and start to mine losings, not earnings. The majority of the people saw it as a "secure invest option" or something that would work no matter what, but they don't had in consideration that the cryptos could lose value. This is the mistake from people who do not understand cryptocurrencies and markets in general, and I think it's okay in the way it is. A lot of people earned a lot of money from this industry and still earning. You just, like every bussiness, need to be an expert. Sadly this is not a bussiness for me, this is changing the economy and the way we know what money is. But people do not see it in that way, they only want money for themselves.

 

[zeljko]

Why I say the crypto mining was very clear?

I understand why you say that. Every economy in some time lose value, stocks, real estate, oil, etc. Many people hurry up and don't think long time so they loose money. When people see something good they often jump in it, without thinking.

 

[totalfreq]

So last year I upgraded all my GPUs to 1070TI and RX580s mostly....got creamed. Between the market, asic diversity and the power costs, I invested nearly $30k. I just ebayed all the video cards and got about $3k. Now I held all my miing rewards, but could have bought them for a few $$$ today. Now I'm running Z9 Minis with custom firmware for a net $0.75/day/ea profit. My S9i's & L3+ are losing about $1/day/ea, and my Futurebit Moonlander 2 and Gekkoscience Newpacs are basically breaking even.

Then again, I ve been at this since 2010 and am probably still 10,000% up. Ive mined BTC at $0.06 and ETH at $3 so I cant complain. 2014 was also as bad and I actually stopped until 2015. I'm in this for the long haul.

 

[totalfreq]

I also lost a fortune diverting all my gear to mine BTCP for a few months prior to the fork.

 

[mcjerry]

What crypto currency did he mined. If he mined bitcoin, it will definitely be a lost. But if he mined crypto currency with very easy difficulty, he will gain. To mine with GPU, you can mine monero with it

 

[karthik999]

i have lost 10$ in mining after investing in hashflare because of the cryptocurrency down 3 months ago .I wont suggest mining bitcoins in a cloud mining site because they have maintenance fees due to which the overall profit for a particular contract that you purchase is very negligible that too if your investment is too less.

 

[cryptohub123]

I didnt loose anything on mining , but neither gained that much profit , thats because some of the legitimate cloud mining sites have their own maintnenace fees, wich makes overall profit a bit less. I have not invested in any scam cloud mining site.

 

[Enteng]

i started mining few months, i mined a total of 52k satoshis using my gaming laptop. we just have to think collecting crypto and not the day to day value in dollar. crypto is very volatile, the risk is there, just dont invest much and buy hardware specifically just to mine.
im loooking what alternative crypto to mine. any suggestion?

 

[VeirelMoney]

i started mining few months, i mined a total of 52k satoshis using my gaming laptop. we just have to think collecting crypto and not the day to day value in dollar. crypto is very volatile, the risk is there, just dont invest much and buy hardware specifically just to mine.
im loooking what alternative crypto to mine. any suggestion?

Monero is a big coin that could be mined by GPU or CPU. Not the best but not the worst. Also like you said, the point of mining is to speculate on the price of the coin will have in the future, not in the moment. Right now only big miners make a difference.

I mined a lot of coins in the past and they did not well. I still have them, waiting for the right moment to sold them. Maybe that moment will never come but who knows.

 

[KarthikP]

I haven't lost much to the cloud mining sites . But somewhere lesd than $20 I may have lost by investing in mining sites that turned to be scam during the payout time.