Is Crypto Mining Still Profitable in 2019?! 💸🚀


What’s up everyone, so back in 2017 we made
our foray into the crypto youtube space with a video about GPU mining rigs. And at the time it just absolutely killed
it, you guys loved it, ate it up, we got like fifty thousand views in the first month. Which for a new channel was just insane. And ever since then we’ve had constant questions
about mining, both ASICs and GPU’s. You know we have people asking “hey, you
know, are you guys still mining? Is it still profitable, what coins are you
mining, what rigs are you using, what gear are you getting into?”. So, it’s been a while, about a year and
a half, we’re revisiting the subject. And today we’re going to give you our opinion
on mining in 2019, so i’m going to hop up here, I’m going to take you guys out to the
rigs and were going to show you an inside look at what we’re doing with our mining rigs
in 2019. That’s what we think of mining in 2019. Alright, so obviously, we touch on GPU’s
too. I was going to smash this, but I decided not
to because at the end of this video i’m going to kind of come back around and tell you how
you can save your hardware, maybe do a little something with it and take a complete loss
on your gpu rigs. But its miami, its summer, it’s hot as hell,
i’m going to go clean up and then were going to hop over and talk about the ins and outs
of the actual numbers on mining. Alright, I’ve cleaned up a bit. I’m no longer in the sweaty miami heat, and
let’s talk a little bit about what exactly happened to mining, what went wrong, and why
we’ve kind of come to the point that we have. So, obviously those of you that have been
following the channel for a while; mining is actually how i found out about crypto. I actually found out about mining bitcoin
before i knew much about bitcoin itself. I love it, i find it very interesting, it’s
a very innovative way to actually go through and encrypt this data and store it. But there’s a number of factors at play here
that really kind of pulled that profitability back. And really the first one I think is the fact
that mining was never meant to be a shot to the moon way to make money. The reality is, that the way that many cryptocurrencies
are set up, they go through halving periods; where after a certain amount of time and a
number of coins are produced, the number of coins that are produced from subsequent mining
operations are actually half of what the prior reward is. So it’s really inevitable without extreme
inflation of price that eventually the profitability of mining is going to go down. It’s just the nature of the beast. You know, the technology isn’t moving fast
enough to make up for that gap. It’s an unfortunate reality, but it is what
it is. Now, that being said, as of right now obviously
mining is still an integral part of blockchain technology. It’s a necessity to process the transactions. An unfortunate reality about all of this is
that you know, big money did step in. You’ve got bitmain out there in China and
really it moved from a situation where people could get their hands on basic hardware, do
some mining; support the network and make some money, to a very much, kind of corporate
profiteering type model now. Unfortunately with these ASIC miners that
are coming out, and you know really the big farms that are able to put up big money up
front are able to cut the line and get these miners before anyone else and that drives
the profitability as well once those miners enter the general market. So there’s really a lot of factors that
come in and kind of intermingle to cause what has happened. And with the ASICs the other one with kind
of the big money, is also just an issue of ASIC resistance. You know most of the general mining population
that was making some profit off this on the side, or doing it as a small business; they
were doing it on GPU rigs, these guys here. Now, there’s still a few different currencies
out there, a few different algorithms that have done their best to remain ASIC resistant. But the reality is, for example Lyra2Rev2
and equihash were some of the most profitable algorithms to mine nvidia series GeForce cards
for quite some time. And there’s still a few different currencies
and algorithms that are still ASIC resistant. But equihash now has an ASIC for it, Lyra2
now has an ASIC for it. You know whenever an ASIC comes out, this
technology is so much far and above GPUs it simply just pushes the GPU algorithms right
out of their profitability area. Now, I always talk about numbers. I like numbers more than just ranting about
what’s going on and trying to give some kind of, you know, formal reasoning from what
you see at face value. So we’re gonna go, were going to look at
whattomine, which is you know, the go to resource for profitability on mining. Now, this just says it all you know. When I started mining on the 1080ti graphics
cards, at their absolute peak these cards were making about fifteen dollars a day, really
steady state at their high point was about ten dollars a day, so you know, thats some
decent profitability. Youre talking about paying off the card within,
you know a couple of months, you’re making your return, and at this point, about a year
and a half, two years down the line those same cards are, it’s quite bad, they’re bringing
in less than a dollar a day. And you know, we got hit by it, its an unfortunate
thing, a lot of people got hit by it. It’s just the way it is you know, on average
you are paying about ten cents a kilowatt-hour for power. Once you factor that in the profitability
is simply not there to quantify the results. Paying off the hardware, actually getting
you’re money and getting that investment back is just an ever extending line because
of the decreasing profitability, and the newer machines coming out, you’re fighting a losing
battle if you think that mining is still a truly profitable venture unless you have mega
money, you can cut the line to the front of bitmain to get the asics early on and you’re
not paying for power. You know, unless you have those things going
for you it’s simply not profitable anymore. And you know we talk about scams in the crypto
space all the time, and one of the biggest ones is crypto mining, cloud mining, mining
is profitable again! It just doesn’t add up guys, you know. These mega farms out there with all the money
that are put in to cut the line and get these ASICs early on, they’re not cloud mining,
they’re not putting out their hashing power for you, they’re taking as many coins as humanly
possible from their operation and liquidating them. It’s just the nature of corporate profiteering,
that’s the way it goes. So seriously if you see anything about some
new mining thing, some new cloud operation, and its promising you know daily payouts and
great returns and this and that, guys, it’s just not plausible. You know, no matter what hardware yourte looking
at. Let’s take a look at you know, we’ve got our
L3 which is now making a whopping eight cents a day after we paid well over two thousand
dollars for it. I mean you know, there’s newer hardware thats
out there certainly, some of the most profitable hardware here, we can see is, what? The fusion silicon is one of the only ones
that out right now that has a supposed profit factor of $31. But $31 a day, the rigs are almost impossible
to find now, and they’re over $3000 a piece and that profitability is going down every
day. Even with that new hardware if you could get
your hands on it, chances are you’re not going to get a return on investment in any kind
of timely manner. So at this point as a solo person, as a smaller
investor, mining just really isn’t a worthwhile decision at this point in my opinion. Now thats not to say that if you’ve got a
rig that it needs to be trashed. ASICs I will fully say, it’s a paperweight
at this point guys, sorry. But if you’ve got a GPU rig sitting around
from your gpu mining days don’t just trash it. There’s multiple options, if you’re really
not that computer savvy but you managed to set up a rig or maybe you bought one from
someone, piece it out and sell it on ebay or amazon. There’s plenty of gamers out there that are
tapped dry for GPU’s because of the mining surge, and they very much will sell, I guarantee
you can sell it back. Another great option if you want to keep the
hardware crypto centric is host a node. You know look into some proof of stake blockchains. I believe we have Neo, you know, ethereum
is coming up on casper. It’s going to work in that proof of stake,
granted minimum staking is a little bit high for your average user, but there’s a number
of different options. You know, if you’re invested in a coin and
you find it interesting, host a node, help out the network. With general mining hardware if you did happen
to slap in a pentium into the computer then you know realistically you could run as many
as two or three nodes and a couple of proof of stake wallets, and you know, it’s going
to be fully functional. So, don’t completely write off your hardware
if you were one of the people that went in heavy on mining and now you feel like you’re
sitting on a brick, there are other options for that. So you know it’s an unfortunate reality with
what happened to mining but it’s just the nature of the beast. And you know, I really think the next big
step is going to be diving and really concentrating and looking at what proof of stake can bring
to the cryptocurrency offering. And for our next video were actually going
to do a little bit of that, were going to look at some different proof of stake coins,
and we’re gonna take an in depth look, because obviously, it’s the number two crypto in the
world, and then working to migrate to a proof of stake algorithm is I think huge. I think that’s going to be a big change in
the crypto space, so anyways I hope you guys enjoyed this video, hopefully you didn’t throw
any of your GPU mining rigs out the window, and good luck with the ASIC paper weights.

30 thoughts on “Is Crypto Mining Still Profitable in 2019?! 💸🚀”

  1. Mining profitability is negative, but the binary options wizards still use it to double your money every day 🤣 The BS people fall for is hilarious. Great video to explain why mining makes no sense for the average person.

  2. And the most important thing is to download and install software – the PRIZM node is an independent wallet. and Read the White Paper PRIZM cryptocurrency.

  3. Definitely mining is still profitable especially when you mine coins like Etherum, and Veil coin.

  4. Well built rig at the beginning there, or you need to hit the gym a little more. Anyway, I did enjoy the video.

    While you made it very clear that Joe Homebody isn't going to make a ton mining in his basement, you barely mentioned the fact that his little GPU/CPU mining efforts do help support the growth of crypto currency.

    I'm pretty new and ignorant in the ways of crypto, but I just slapped NiceHash on all of my computers which tend to spend a lot of time powered on. Mining while idle, I'm pulling in maybe $2.00 per day, but that's $2.00 per day more than the computers would otherwise make for me. Nope, at that rate I'll never make any appreciable money, but I'm learning something about a new technology.

  5. I live in Trinidad AND have free electricity.. Literally FREE.. I'm looking to take any old unprofitable MINERS and will mine from here for half of any BTC mined …. Please contact me if interested..

  6. I mine on my gaming rig when I’m not using it. Making about $2.25 a day at the moment with my 2080 before electricity, which I don’t actually pay

  7. I guess the best thing you could do is buy a dozen rtx 2080 tis. mine them for 2 years or until you make your money back and then sell the gpus as used. It's the only way you will profit from mining.

    1 rtx 2080 ti cost = $1,199.00
    mining with 1 gpu would earn around £1.80 a day @ $0.10 kWh (nice hash profitability calculator)
    $1,199.00 / 1.80 = 666 days to earn your money back
    after 666 days sell the gpus as used @ $600 each

    times number of rtx 2080 ti by 100 = and sell them all to earn $60,000 profit after 2 years.

    process:
    invest 100 x rtx 2080 ti
    mine for 2 years or until you earn you initial investment back
    sell all the rtx 2080 ti as used @$500 – $600
    $500 x 100 = $50,000 profit.

    repeat the process after selling the rtx 2080 ti by buying the latest gpus on the market (rtx 3080 ti and so on…)
    mine and after 2 years sell those gpus….etc

  8. i got my mining software from the dark web, which has been making me money since i started mining with it. incase you need one contact cyberhackspy0 @ gmail . com

  9. Breaking news today from The Crypto Sight, Crypto News and Crypto Insight that Ukrainian Power Plant Operators Detained for Compromising Security System by Crypto Mining https://thecryptosight.com/ukrainian-power-plant-operators-detained-for-compromising-security-system-by-crypto-mining/

Leave a Reply

Your email address will not be published. Required fields are marked *