Don’t panic! Actually maybe panic if you invested into ETH with real cash when it was peaking… Sorry
I tend to watch the daily price of ETH and couldn’t help but freak out at the price drop over a two week period. When I started mining, ETH was valued at around £300 ($400ish). And then shortly after that crypto currency in general took a hit, well Bitcoin, which then tends to affect every other crpyto currency out there.
Lets blame Bitcoin .
So today (1.30PM BST 16/07/2017) the price of ETH is £110 and the price is still slumping.
This shouldn’t upset passive miners (like us), who’ve only invested into a bunch of rigs. Actually this shouldn’t upset any miner, as long as whatever you’re mining is still breaking even with electrical cost in mind (my view anyway).
That being said, most of the miners getting into ETH pretty late aren’t going to break even for a very long time when taking the initial cost of their mining rigs into consideration. With the current climate, it’s going to take around 1 year to pay for my rigs with the profit.
Do you have a strategy?
I wonder what kind of strategy you guys are using? Me for example, I’m going to keep mining with the view that if I’m still making a profit (excluding cost of rig), then I’m game. I’ll let the rigs churn away.
The worst case scenario if mining ETH turns into a loss (i.e. can’t even pay for electricity cost), then jump ship to another coin. Which coin though? Most people are mining ZEC (Zcash) but you should use the NiceHash benchmark feature to figure out which coin will generate the most amount of money.
My rigs for example, even with this slump in ETH, I’m sticking to ETH since it’s the most profitable out of the lot.
Stay tuned… and lets ride the waves until the bears disappear.