Price rally and difficulty constantly rising causing me to have to unplug my miners


#1

I have no choice but to shutdown my litecoin farm as of right now becasue I am paying more for power in 1 month than I can make in Litecoin in over 3 months…Difficulty is almost at 1 million and the price has been at $50 for almost 6 months now…guess I am switching to a different scrypt coin until people learn how to buy instead of mining to sell right away…

I hate it because I love Litecoin but until people get with the program instead of trying to sell L3’s for 10K each on ebay…I have to do what I can to make things work for me…

Nice to have price security from a price rally, but I am loosing incentive to run my mining farm here…

PEOPLE NEED TO BUY!!!

Maybe I am doing other miners a favor by giving them my coins I was hardly making?


#2

With the flood of L3s hitting the market and cheap/free electricity in some parts of the world, here we are. I think it’s interesting that due to the difficulty spike, L3 owners are now figuring out that they really can’t sell :ltc: for less than $50 and expect any kind of meaningful ROI at all. Add in the fact that we are less than two hears from the next block reward halving, and there is the potential for this market to get very interesting very quickly. I noticed that even after China’s fallout that there are still around 800 transactions per hour moving through the :ltc: blockchain. Overall usage statistics look good. Fundamentals like lightning network, atomic swaps, and decentralized exchanges will be a reality in the near future. I agree that there is certainly no point in going negative on electricity costs, trying to compete with newer hardware fed by rock-bottom electric rates.

I think Charlie Lee and the entire group are slowly showing the world LTC’s value proposition, and people will buy accordingly. We saw millions of coins trading hands at the $90 level, and I think that is another reason why most people won’t be dumb enough to sell below the $50 level. I think it’s just a matter of time before LTC’s actual real-world benefits start to sink in and the market starts to digest it.


#3

I originally was mining at a loss when I got my first miners so I know its all in my head considering I dont cash out right away anyways…I gotta wonder what bitcoin segwit 2x is going to hold for litecoin…
for now I am going to do basically what I do for bitcoin and thats mine a different coin and trade it for litecoin…Litecoin has shown me to be the best to hedge with anyway


#4

It’s starting to look like segwit2x (BT2/B2X) will be nothing more than another BTC alt whose blockchain will die a slow agonizing death like bitcoin cash. Regardless of my own opinion on segwit2x, it appears to be an attack on bitcoin to me. It’s is a hard-fork with no consensus, extremely dangerous. So dangerous that coinbase will halt its BTC operations right after the fork because nobody knows which chain will be viable. My totally semi-educated guess is that at first both chains survive and that B2X continues to get treated like an alt. It would take consensus to actually replace BTC with B2X, a lot of people believe that means just “miner consensus” but they’ll find out quickly that isn’t going to be enough. :sunglasses:

The Litecoin team appears to have figured this all out. Litecoin doesn’t need a 2X hard fork, and off-chain scaling solutions are already being built. A lot of people cracked jokes at Litecoin for implementing segwit while it’s blocks were mostly empty, let’s see how much they’re laughing in a few weeks. :grinning: They probably didn’t learn about the seven P’s.
Proper, Prior, Planning, Prevents, Piss, Poor, Performance


#5

what I really dont get about bitcoin cash is…Isn’t SegWit already active on bitcoin? so why split to segwit 2x then? are they trying a segwit with 8mb block size or something?


#6

Right, that’s pretty much it. It’s a huge risky mess. There is a pretty good write-up here:


#7

Maybe you’re the one that needs to adjust. Nobody has to buy coins to make your decision to invest in mining equipment profitable. If you are using L3 and losing money you shouldn’t be mining, your electric is too high. I’d say it was your mistake mining with high electric prices and not preparing for possible correction in price and rise in difficulty. Try giga watt for hosting if your electric is high or buy more efficient miners.

don’t blame others for your investment not working out. Nobody has to bail you out, you’re not too big to fail.

before over investing in a mining farm PEOPLE NEED TO LEARN. You should be able to mine at a loss and hodl till price rises. You over invested and were over optimistic in your planning, and/or your electric is too high to compete world wide against other miners and you should have been buying coins not miners.
Your post is blaming others for your choices, and telling them they need to get with the program to enrich you. Seriously don’t quit your day job.


#8

I wish I could afford miners that cost over $1000 each but my entire farm cost me $2000 on ebay…which is why I had to switch coins for the miners to still make a profit…yeah I can upgrade but no one will buy these old ones if they don’t make a profit

besides…I was trying to encourage people to buy with the post…
not encourage people to talk ■■■■…

I did not over invest in my farm…I already made all my money back and made a lot of profit with the farm…the electricity just costs more than the coins they make now…
once the price goes up it will be fine but I had to unplug for about a month

ask just about anyone on this forum…this is not my first rodeo buddy…

because of the price rally I had to come out of pocket for the power bill last month…


#9

f your not gonna spend at least 15K bare min to start Mining don’t even do it! You will set yourself up for failure because you didn’t start off strong enough. The days of 1 miner leads to 2 and 2 lead to 6 and so on, IS OVER. Anytihng you do in the digital world of mining, if you don’t start off with at least 5+ of what ever mining equiment you choice do not mine.


#10

ok…apparently you don’t understand the purpose of my post either…
the purpose of this post was to encourage buying through the community because when I first made this post it got a a lot of attention…
I make plenty of money through mining …I also run a pool now and a warehouse of miners…I have earned all my miners through mining and only had to come out of pocket for the first one…
Research is Key to Not Screwing your self in my opinion that and NOT Listening to Anything Anyone Else tells your when you Know For A Fact Something will Work In Your Favor…

LOL I just got 2 Zeus Lightnings the other day for $100 out the door…no PSU’s but I dont care about that I can get a PSU whenever I want…miners may not be at these prices ever agian… now a zeus lightning is worth over $1000 if I sell it but it makes more than its worth in 3 months so I’m keeping them…so I’m Good…Thanks for your concern though


#11

I am not trying to discourage people from mining! sorry, not my intent! I don’t know how long you’ve been mining for (most likely for awhile if you have a farm) but within the last year in order to mine lets say #LTC you need at least 10-15 miners if your gonna do anything profit wise. You can’t start off with one miner and then build into it. By the time that 1 L+3 (504MH) makes enough to buy another miner your diffucluty just went up again!

I am all FOR MINING but starting off with 1 miner isn’t gonna do anything unless your GPU mining Dogecoin.If you go to coinwarz.com and use the mining calculator you’ll see 1 litecoin miner with 504MH will only net you 1.5 LTC A MONTH!.

BUT, if litecoin goes up in value $1000 over night as you mine then yes you can do it and build a farm slowly. But the days of building a farm with 1 miner or 1 GPU miner is over.

If you want i can post a video of a bussinies consulttent who explains all the captil your avg ASIC farms needs to start!

  1. cheap power
  2. reliabe ISP provider ( if miner lose Internet connection for more 4 min they catch on fire)
  3. cheap rent
  4. 2000sq ft bare min
  5. needs to be secure

All these things apply to any farm but in this video he was talking Bitcoin which needs WAY MORE start-up captil then any other coin. He said starting cap for a Bitcoin farm is 500K. Now i know where talking LTC here and not BTC but that was just a example.


#12

Oh i completely agree…I cant expand until I come up with enough money for a bigger building and all the stuff that comes with that bigger building…I’d love to watch a video like that…I am always looking to learn from others experience and advice…thanks

I guess I know that bitcoin and mining is not a “get rich quick scheme” but just about everyone I tell about it, doesn’t want to get involved because its just like owning a business…Someone should make a video to discourage people from expecting to get rich over night mining with a laptop though…
I had a guy the other day that would not leave me alone because he was pissed off that he left this pc on all night and didn’t even make a penny yet…but he is the one who failed to read ahead of just jumping right in…
reality check on his part but if more people could be put in check before just jumping in I think it would help more than hurt…
I see a lot of people who pre-ordered L3’s only to sell them now that the difficulty went up…again lack of research…
Maybe my realism is what separates me from them though…


#13

Looks like this worked out after all :grinning: