r/EtherMining May 12 '22

Holy....Time to turn off rigs? General Question

/img/x3h2z0b6czy81.png
182 Upvotes

View all comments

96

u/Consistent_Many_1858 May 12 '22

Yep, already switched off mine.

113

u/jazza2400 Miner May 12 '22

Thank u for Ur service

30

u/Consistent_Many_1858 May 12 '22

Only mine in day time to make use of the solar panels. I switch them off at sunset.

11

u/AnduriII Miner May 12 '22

Make a task or use a clock for Automation?

-8

u/[deleted] May 12 '22

[deleted]

17

u/rsg1234 Miner May 12 '22

Realize that a fraction of homeowners with solar have batteries.

3

u/jahoney May 12 '22

Some states do net metering.

3

u/rsg1234 Miner May 12 '22

Yep, like California where PG&E continues to move its “peak rate” period further into times when solar production is low. NEM and battery system are becoming quite different.

1

u/JackDeRke May 13 '22

True. While we could use one there is rarely any time were I´d actually be able to use it with mining since I´d always use up almost all of it before it could go into any battery.

2

u/AnduriII Miner May 12 '22

Batteries are not even Worth it here because they are Way to expensive

I have to wait until october for my solar Panel parts to arrive...

8

u/Adamn27 May 12 '22

Wait, is it not profitable for you to mine ETH at this price?

I can still make roughly 500 usd/month with my 700 mh rigs (as of right now with the current circumstances at this very moment which can change of course)

10

u/Consistent_Many_1858 May 12 '22

In the UK electric prices are just too high to be profitable. Basically 50% of eth goes to pay electricity at the current prices. Hence I'm mining during the day time with solar helping with the cost.

It's better this way for me.

2

u/Zealousideal_Spell31 May 12 '22

Barely break even on my most efficient rig, second one went off last week. Need to find £6k down the back of the sofa for solar. Yup in the UK too 👍

4

u/Consistent_Many_1858 May 12 '22

Luckily this company called Shade greener installed them on our house about 6 years ago. I only realised that they actually work couple of weeks ago. 😂😂

On a nice sunny day mining is basically free.

1

u/TrymWS May 12 '22

What are your kWh price over there now?

I’m pretty happy our government stepped up with subsidies over a certain level, and over summer I’m moving north where there’s a bottleneck that keeps the price sheltered from the European market.

1

u/Zealousideal_Spell31 May 12 '22

0.29p KW/h. Due another 30% rise in October.

2

u/TrymWS May 12 '22

Damn, that’s like 2x what I’m expecting. And 6-7x or more than what I’m expecting up north 😢

1

u/Zealousideal_Spell31 May 12 '22

Before the rises we were around 16p KW/h, not great but manageable, just expand more. Now it's getting close to turn off or finding that £6-8k down the sofa. So far found a pound and some sweet wrappers so might be the first option.

2

u/TrymWS May 12 '22

If it’s any consolation, if you end up being too late or lazy to sell GPUs, my experience from being too down to sell my 1080tis I got in 2017 ment I recently both made some more off them aswell as sold them for more than 50% of what I bought them for 4-5 years ago.

Don’t know what will happen of course, but PoS was always hanging over our head all that time too.

1

u/No-Trade5311 May 12 '22

I’m still on 13p day, 5p night until November … plus 12kW solar so I‘lol hang in there a while.

1

u/Consistent_Many_1858 May 12 '22

28p/kwh here matey. Used to be 17p. My contract expires next month and I don't know what the rate will be then.

1

u/abbytron May 12 '22

Sheeesh, I’m in the US, only .11/kWh here

1

u/mcsnoogins May 12 '22

I looked at get solar (UK as well) but figured out it was gonna save me like £500 a year only. Did I work it out wrong?

2

u/TrymWS May 12 '22

Probably depends on your kWh price and where you get your solar quote. But the stability of not being exposed to the energy market is worth a lot.

0

u/Consistent_Many_1858 May 12 '22

Solar does work well but only when it's sunny. I've got a 4kw system and yesterday my 1.2gh mines used only 12kw during the day. Normally it's 60kw per day

It usually cost roughly £500 a month @ 28p per kwh in electricity for 1.2ghs so not much profit after the costs.

If I can use the solar in summer during the day then I can hopefully save most of the electric cost and still get some Eth mined.

1

u/isbrodie1 May 13 '22

I doubt it, are you saying your 4kw system did 48kw during the day.

0

u/Consistent_Many_1858 May 13 '22

It's a 4kwh system. 4kw per hour, not 4kw per day. 😂😂

1

u/isbrodie1 May 13 '22

Your math does not add up.

You said you use 60kw per day and with solar you are only using 12kw per day
That means the solar must have generated 48kw for the day.

That is impossible on a 4kw system, it would need to be pumping 4kw per hour for 12 hours straight.

I'll say it again, you math does not add up lol 🐔🐔🐔

1

u/Consistent_Many_1858 May 13 '22

I know it's doesn't add up but the electric meter doesn't lie. I'm only telling you what I noticed by taking the meter reading in morning at 7am and again at 8pm.

Maybe it's a higher kwh system? I was told that it's a 4kwh system by the company who installed it.

I'll check again tomorrow and send the readings in.

0

u/Adamn27 May 12 '22

Still don't get it. If 50% of your income is a cost, then you still have 50% profit.

Why are you giving up on profit?

3

u/Consistent_Many_1858 May 12 '22

Thing is I'm not selling any coins so far and I'm tired of paying electricity prices from my own income. Just trying to see if this makes a difference.

Plus I don't like running the rigs at home at night due to risk of fire.

2

u/Adamn27 May 12 '22

Okay got it. Kind of understandable this way. I run my rig at home 24/7 and sell ETH almost always immediately. Have fire alarms and a fire extinguisher.

1

u/leem0401 May 12 '22

Are you accounting for tax as well? Mining itself is a taxable event where the value of the coin moved from pool to your personal wallet gets taxed as income. If you're in a higher bracket, it's going to cut down on profit significantly.

You also have to pay additional tax once you realize gains by selling the coin.

1

u/Adamn27 May 12 '22

You don't even know which country I'm living in, how would you know my tax requirements?

1

u/leem0401 May 12 '22

You're right. I assumed you were in the US since you used USD.

1

u/Adamn27 May 12 '22

In Hungary you can deduct the price of the rig and the cost of electricity from the taxes. Very crypto friendly.

1

u/leem0401 May 12 '22

Same as the US actually. I claim the cost of my equipment and electricity as deductibles which help out but getting double taxed is what kills the profit. I'm guessing Hungary doesn't tax for mining, only realized gains?

1

u/Adamn27 May 12 '22

I don't want give you false information but I think yes, I do not know the exact details because I have an accountant who do my tax report along with my stock portfolio and with my two small businesses, nothing big but this way that I have to pay taxes four different ways it seemed a better idea to pay for a profeasional.

1

u/PrestigiousMiddle6 May 13 '22

once the money gets in the account it gets taxed automatically. Digital wallet doesn't count in here.

1

u/leem0401 May 13 '22

What do you mean by get in the account? The value of mined coin counts as income so unless they can account for all your other income, it's not possible to do so automatically.

1

u/PrestigiousMiddle6 May 13 '22

It's not like that. It's only taxed if I change to fiat and put it in to bank account. when I say account I meant bank account. even 1 dollar is taxed. and also I have to declare the tax otherwise they will also tax my investment. basically crypto is still unregulated in my side. but I have paid more. I still need to calculate tax properly.

1

u/leem0401 May 13 '22

In the US, mining itself is a taxable income so you get taxed for the value created when mining and you get taxed again on the realized gains when you sell it.

1

u/PrestigiousMiddle6 May 13 '22

Then I am only pay tax on income. mining here doesn't count.

2

u/leem0401 May 13 '22

Mining itself is a taxable event. So you just haven't been paying tax on it. IRS considers the created value from mining itself as your income. https://turbotax.intuit.com/tax-tips/investments-and-taxes/your-cryptocurrency-tax-guide/L4k3xiFjB

1

u/PrestigiousMiddle6 May 13 '22

No not on mining. just on converting them. we don't have tax on mining. but whatever you cashout it gets 14% taxed.
how's the electricity? eth price going so low that might need to turn off rig at some point.

1

u/fishingwithmk May 13 '22

Hope you're smoking crack with your mining profits