Are some miners quitting already ? - page 2.

FP91G

legendary

Activity: 1610

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Quote from: adaseb on June 23, 2021, 11:58:05 PM

Looking at,
https://etherscan.io/chart/hashrate

You can see that the hashrate peaked at May 20th. And it is still heading down. And if you look at the BTC hashrate charts you will see something similar. Its basically all the China mining ban farms which are shutting down. Well they aren't shutting down completely, will just move them elsewhere and the hashrate will jump back up in 2-3 months time.

ETH is proof that the hashrate is more decentralized, because the %'s drop is much much less than BTC where like 50% of the hashrate seems to have disappeared due to the China ban.

There are a lot of video cards in China, I think they are easier to hide because they do not make much noise and do not consume a lot of electricity. And they give more profit per 1 kilowatt of consumed electricity.
So far, only large mining farms are being closed in China, and when they start looking for small farms with 500-1000 video cards, the hashrate will decrease even more.

Didz

member

Activity: 192

Merit: 11

Quote from: adaseb on June 25, 2021, 12:51:15 AM

Quote from: Didz on June 24, 2021, 09:11:56 PM

Quote from: adaseb on June 23, 2021, 11:58:05 PM

Looking at,
https://etherscan.io/chart/hashrate

You can see that the hashrate peaked at May 20th. And it is still heading down. And if you look at the BTC hashrate charts you will see something similar. Its basically all the China mining ban farms which are shutting down. Well they aren't shutting down completely, will just move them elsewhere and the hashrate will jump back up in 2-3 months time.

ETH is proof that the hashrate is more decentralized, because the %'s drop is much much less than BTC where like 50% of the hashrate seems to have disappeared due to the China ban.

I think 2-3 months it's pretty optimistic.
I would say more 6 months or a year. Chinese miners who were forced to shutdown don't have all new locations to move on.

No they are moving their inventory very quick. Already there are reports that tons and tons of ASICs have already entered the USA by air. Most likely they are already up and running since there is an uptick in the average hashpower.

https://fork.lol/pow/hashrate

There are photos from China farms how they are cleaning their ASICs, putting them back in their original boxes and having the entire pallets shipped to other countries. Time is of the essence here and they need to move quick.

Impressive operation!

Moving the hardwares is one thing but getting the electric power they need is something else.
No doubt some have already completed their transitions.

I read an article (don't remember which one) about some Chineses asking for hundreds of MW/h of electricity and the grid operators answering that they don't have that available.

Damn 105 Exahashes per second for BTC and BCH. 1 Exa = 10^18 or one quintillion !!!!!!!!

mak013

hero member

Activity: 2338

Merit: 750

Someone powering off, anothers - moving from china to other countries, someone selling their equipment. 1-2 months later we can see full changes.

adaseb

legendary

Activity: 3738

Merit: 1708

Quote from: Didz on June 24, 2021, 09:11:56 PM

Quote from: adaseb on June 23, 2021, 11:58:05 PM

Looking at,
https://etherscan.io/chart/hashrate

You can see that the hashrate peaked at May 20th. And it is still heading down. And if you look at the BTC hashrate charts you will see something similar. Its basically all the China mining ban farms which are shutting down. Well they aren't shutting down completely, will just move them elsewhere and the hashrate will jump back up in 2-3 months time.

ETH is proof that the hashrate is more decentralized, because the %'s drop is much much less than BTC where like 50% of the hashrate seems to have disappeared due to the China ban.

I think 2-3 months it's pretty optimistic.
I would say more 6 months or a year. Chinese miners who were forced to shutdown don't have all new locations to move on.

No they are moving their inventory very quick. Already there are reports that tons and tons of ASICs have already entered the USA by air. Most likely they are already up and running since there is an uptick in the average hashpower.

https://fork.lol/pow/hashrate

There are photos from China farms how they are cleaning their ASICs, putting them back in their original boxes and having the entire pallets shipped to other countries. Time is of the essence here and they need to move quick.

Didz

member

Activity: 192

Merit: 11

Quote from: adaseb on June 23, 2021, 11:58:05 PM

Looking at,
https://etherscan.io/chart/hashrate

You can see that the hashrate peaked at May 20th. And it is still heading down. And if you look at the BTC hashrate charts you will see something similar. Its basically all the China mining ban farms which are shutting down. Well they aren't shutting down completely, will just move them elsewhere and the hashrate will jump back up in 2-3 months time.

ETH is proof that the hashrate is more decentralized, because the %'s drop is much much less than BTC where like 50% of the hashrate seems to have disappeared due to the China ban.

I think 2-3 months it's pretty optimistic.
I would say more 6 months or a year. Chinese miners who were forced to shutdown don't have all new locations to move on.

Didz

member

Activity: 192

Merit: 11

Quote from: WanderingPhilospher on June 23, 2021, 09:18:53 PM

Quote from: Didz on June 23, 2021, 08:57:07 PM

Quote from: WanderingPhilospher on June 23, 2021, 08:32:42 PM

Quote from: Didz on June 23, 2021, 08:23:27 PM

Quote from: WanderingPhilospher on June 23, 2021, 08:11:56 PM

For the ones who have higher electricity costs, do they sell their rigs, even if at a loss?

I'd be willing to take on mining equipment and run it and split profit with rig owner, minus electricity costs. Is there a service already out there like this? To house mining rigs (not buy and own them) and split any profits with rig owner?

I know there would be some logistics involved, i.e. getting equipment to new location and getting it set up.

I think you want to offer cloud mining service if I understand you correctly.

Is that what you would consider it?

I remember looking at genesis (I think) years ago and you basically paid a set fee say $5,000 a year for say 1Gh of eth or sha256 or whatever algo, and you kept all the profit minus a maintenance fee, but you never owned the mining equipment.

I guess it's similar except rig owner doesn't have to spend any money nor the person taking on the rigs to run them. Instead of owner's rig sitting idle or them selling at a loss, they ship it to cheaper electricity place and still make money daily (while the prices support it). Any daily profits are split, minus power costs.

So if 1 Gh of ethash is making $46-$50 a day, then take out power costs and split profit. Or some type of split. Maybe owner/runner split 50/50 and it's on the runner to pay all power costs.

Interesting idea but I don't think it's a good business model.

First, on the short term it's more appealing to sell your gears instead of shipping it to let another operators run them under a cheaper electricity cost. Also, it's pretty similar to cloud mining that idea, and in crypto mining field, cloud mining is probably where you find the most scams!

For instance, you cannot run your mining rigs anymore because of your high electricity cost so you send me your hardwares. When I receive them I switch your GPUs for cheaper one and pretend that the profit is not what we were expected.

Also to control the electricity cost, it would be sooo easy to scam people like that. First to have the correct kW/h unit cost for a specific region is hard and then the real power consumption if even harder to certify.

I see too much trust issues here.

I agree, trust is involved but some things are what they are. Some things could be mitigated. I give you pool and your rig worker ID.
I know my rig should get 1 Gh. When I look at the pool and my worker ID, if it's not where it's supposed to be, then you can't lie about that.
and profit is profit, if I know it gets 1 Gh and profit should be $50 a day but you tell me it only made $25, then yeah, we have issues.
You're right, a lot of moving parts...trust being a big thing.

Maybe a better model would be for current rig owner to sell rig to runner. Runner pays half down and spreads the other half down via daily/weekly/monthly earnings of what the rig is making until rig is paid in full.

On the hash rate side yea I agree with you but for the electricity costs it remains very hard to control that.

Convington

newbie

Activity: 68

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Quote from: Didz on June 23, 2021, 08:20:35 PM

If only you knew how easy and amazing it is to use HiveOS.
Grafana for staking okay, Grafana for mining, not sure it's useful unless you have a warehouse.

I use HiveOS Wink

But - I can only use it for my GPU Rig. It doesn't work for my other 2 miners which are both A10's. Grafana I just use to pull out the information and track where I am at both in a wattage perspective (power) and a monetary perspective (from the APIs of the pools)

fmz89

legendary

Activity: 1766

Merit: 1002

Quote from: swogerino on June 22, 2021, 03:25:34 PM

I see the difficulty of ETC which was 320 T and now is back at 276 T which for me is great as I can produce a lot more ETC daily then I used to with 320 T.I noticed the same pattern in ETH which got from 7.79 P to 6.47 P which again increased my profit daily in crypto not in dollars.I of course am very happy with it as I am a long term player but what caused this to happen,maybe because prices fell some miners cannot afford anymore their mining activities because of high electricity cost or what ?

you will still profitable even at most expensive electric at this current market, because china dump their hardware mostly in asic, in gpu mining only down by 20-35%, while btc mining really hit morethan 35%

some of them only moving to better place, but it tooks months to get back in mining, so as we small miner can breath when market turn red

Looper_U

member

Activity: 369

Merit: 16

$CYBERCASH METAVERSE

In some countries electricity bill is very high so once ETH mining reward goes lower they have to stop mining, to keep mining electricity bills must be convenient for miners, things will get worsen once EIP1559 takes place in July this year but I have no problem with it because I'm using solar energy

btcshiner

full member

Activity: 478

Merit: 125

I'm sure some are quitting as it's summer time but it wouldn't be enough to drop the hash this much. This is China. Even Bitmain is stopping spot sales of new miners while they are likely dumping old equipment that they don't want to relocate.

https://finance.yahoo.com/finance/news/bitmain-halts-sales-bitcoin-mining-162000866.html#:~:text=Bitmain%20Technologies%20Ltd.,be%20run%20out%20of%20town.

WanderingPhilospher

full member

Activity: 1050

Merit: 219

Shooters Shoot...

Wouldn't make sense for non-China miners to stop.

At 1Gh for ethash, even if you paid 50 cents kwh, you would still profit $34 a day, $1128 a month.

So I think most of you are right, probably has more to do with the ban in China.

adaseb

legendary

Activity: 3738

Merit: 1708

Looking at,
https://etherscan.io/chart/hashrate

You can see that the hashrate peaked at May 20th. And it is still heading down. And if you look at the BTC hashrate charts you will see something similar. Its basically all the China mining ban farms which are shutting down. Well they aren't shutting down completely, will just move them elsewhere and the hashrate will jump back up in 2-3 months time.

ETH is proof that the hashrate is more decentralized, because the %'s drop is much much less than BTC where like 50% of the hashrate seems to have disappeared due to the China ban.

WanderingPhilospher

full member

Activity: 1050

Merit: 219

Shooters Shoot...

Quote from: Didz on June 23, 2021, 08:57:07 PM

Quote from: WanderingPhilospher on June 23, 2021, 08:32:42 PM

Quote from: Didz on June 23, 2021, 08:23:27 PM

Quote from: WanderingPhilospher on June 23, 2021, 08:11:56 PM

For the ones who have higher electricity costs, do they sell their rigs, even if at a loss?

I'd be willing to take on mining equipment and run it and split profit with rig owner, minus electricity costs. Is there a service already out there like this? To house mining rigs (not buy and own them) and split any profits with rig owner?

I know there would be some logistics involved, i.e. getting equipment to new location and getting it set up.

I think you want to offer cloud mining service if I understand you correctly.

Is that what you would consider it?

I remember looking at genesis (I think) years ago and you basically paid a set fee say $5,000 a year for say 1Gh of eth or sha256 or whatever algo, and you kept all the profit minus a maintenance fee, but you never owned the mining equipment.

I guess it's similar except rig owner doesn't have to spend any money nor the person taking on the rigs to run them. Instead of owner's rig sitting idle or them selling at a loss, they ship it to cheaper electricity place and still make money daily (while the prices support it). Any daily profits are split, minus power costs.

So if 1 Gh of ethash is making $46-$50 a day, then take out power costs and split profit. Or some type of split. Maybe owner/runner split 50/50 and it's on the runner to pay all power costs.

Interesting idea but I don't think it's a good business model.

First, on the short term it's more appealing to sell your gears instead of shipping it to let another operators run them under a cheaper electricity cost. Also, it's pretty similar to cloud mining that idea, and in crypto mining field, cloud mining is probably where you find the most scams!

For instance, you cannot run your mining rigs anymore because of your high electricity cost so you send me your hardwares. When I receive them I switch your GPUs for cheaper one and pretend that the profit is not what we were expected.

Also to control the electricity cost, it would be sooo easy to scam people like that. First to have the correct kW/h unit cost for a specific region is hard and then the real power consumption if even harder to certify.

I see too much trust issues here.

I agree, trust is involved but some things are what they are. Some things could be mitigated. I give you pool and your rig worker ID.
I know my rig should get 1 Gh. When I look at the pool and my worker ID, if it's not where it's supposed to be, then you can't lie about that.
and profit is profit, if I know it gets 1 Gh and profit should be $50 a day but you tell me it only made $25, then yeah, we have issues.
You're right, a lot of moving parts...trust being a big thing.

Maybe a better model would be for current rig owner to sell rig to runner. Runner pays half down and spreads the other half down via daily/weekly/monthly earnings of what the rig is making until rig is paid in full.

Didz

member

Activity: 192

Merit: 11

Quote from: WanderingPhilospher on June 23, 2021, 08:32:42 PM

Quote from: Didz on June 23, 2021, 08:23:27 PM

Quote from: WanderingPhilospher on June 23, 2021, 08:11:56 PM

For the ones who have higher electricity costs, do they sell their rigs, even if at a loss?

I'd be willing to take on mining equipment and run it and split profit with rig owner, minus electricity costs. Is there a service already out there like this? To house mining rigs (not buy and own them) and split any profits with rig owner?

I know there would be some logistics involved, i.e. getting equipment to new location and getting it set up.

I think you want to offer cloud mining service if I understand you correctly.

Is that what you would consider it?

I remember looking at genesis (I think) years ago and you basically paid a set fee say $5,000 a year for say 1Gh of eth or sha256 or whatever algo, and you kept all the profit minus a maintenance fee, but you never owned the mining equipment.

I guess it's similar except rig owner doesn't have to spend any money nor the person taking on the rigs to run them. Instead of owner's rig sitting idle or them selling at a loss, they ship it to cheaper electricity place and still make money daily (while the prices support it). Any daily profits are split, minus power costs.

So if 1 Gh of ethash is making $46-$50 a day, then take out power costs and split profit. Or some type of split. Maybe owner/runner split 50/50 and it's on the runner to pay all power costs.

Interesting idea but I don't think it's a good business model.

First, on the short term it's more appealing to sell your gears instead of shipping it to let another operators run them under a cheaper electricity cost. Also, it's pretty similar to cloud mining that idea, and in crypto mining field, cloud mining is probably where you find the most scams!

For instance, you cannot run your mining rigs anymore because of your high electricity cost so you send me your hardwares. When I receive them I switch your GPUs for cheaper one and pretend that the profit is not what we were expected.

Also to control the electricity cost, it would be sooo easy to scam people like that. First to have the correct kW/h unit cost for a specific region is hard and then the real power consumption if even harder to certify.

I see too much trust issues here.

WanderingPhilospher

full member

Activity: 1050

Merit: 219

Shooters Shoot...

Quote from: Didz on June 23, 2021, 08:23:27 PM

Quote from: WanderingPhilospher on June 23, 2021, 08:11:56 PM

For the ones who have higher electricity costs, do they sell their rigs, even if at a loss?

I'd be willing to take on mining equipment and run it and split profit with rig owner, minus electricity costs. Is there a service already out there like this? To house mining rigs (not buy and own them) and split any profits with rig owner?

I know there would be some logistics involved, i.e. getting equipment to new location and getting it set up.

I think you want to offer cloud mining service if I understand you correctly.

Is that what you would consider it?

I remember looking at genesis (I think) years ago and you basically paid a set fee say $5,000 a year for say 1Gh of eth or sha256 or whatever algo, and you kept all the profit minus a maintenance fee, but you never owned the mining equipment.

I guess it's similar except rig owner doesn't have to spend any money nor the person taking on the rigs to run them. Instead of owner's rig sitting idle or them selling at a loss, they ship it to cheaper electricity place and still make money daily (while the prices support it). Any daily profits are split, minus power costs.

So if 1 Gh of ethash is making $46-$50 a day, then take out power costs and split profit. Or some type of split. Maybe owner/runner split 50/50 and it's on the runner to pay all power costs.

Didz

member

Activity: 192

Merit: 11

Quote from: WanderingPhilospher on June 23, 2021, 08:11:56 PM

For the ones who have higher electricity costs, do they sell their rigs, even if at a loss?

I'd be willing to take on mining equipment and run it and split profit with rig owner, minus electricity costs. Is there a service already out there like this? To house mining rigs (not buy and own them) and split any profits with rig owner?

I know there would be some logistics involved, i.e. getting equipment to new location and getting it set up.

I think you want to offer cloud mining service if I understand you correctly.

Didz

member

Activity: 192

Merit: 11

Quote from: Convington on June 23, 2021, 08:11:04 PM

Quote from: Didz on June 23, 2021, 08:07:14 PM

Quote from: Convington on June 23, 2021, 08:34:08 AM

Not sure what I'm doing wrong then

I don't really see an uptick in my mining rewards over my small setup (only 1.2G) for ETH. I calculate it daily (manually) and have some of the data running into Grafana. In calculating the rewards over 24 hours in the pools I'm in there is there maybe too much luck (I think) to see a real trend - big pools, so wouldn't think so? Maybe because it is too small a setup to see the difference? Slope of the line is pretty much the same over the last month as it is the last few days.

Convington, I have like you 1.2 GH/s on ETH and in the last days I saw approximately +20% in my profit. You should also see a good increase lately. I use HiveOS for the OS, HiveON for the pool and Gminer for the mining software.

I think maybe I am and I wasn't doing good calculations. I also realized that I did have to take my miners down yesterday for a bit to work on them. So - I think that was the difference. I created a new trend with Grafana (pulling my stats into InfluxDB via the APIs) and I believe it is actually increasing a bit. Not quite 20% (I don't think), but up around 11-13% based upon my fuzzy-math of looking at a chart. I feel better now

If only you knew how easy and amazing it is to use HiveOS.
Grafana for staking okay, Grafana for mining, not sure it's useful unless you have a warehouse.

Didz

member

Activity: 192

Merit: 11

Quote from: swogerino on June 23, 2021, 10:06:43 AM

Quote from: Convington on June 23, 2021, 08:34:08 AM

Not sure what I'm doing wrong then

I don't really see an uptick in my mining rewards over my small setup (only 1.2G) for ETH. I calculate it daily (manually) and have some of the data running into Grafana. In calculating the rewards over 24 hours in the pools I'm in there is there maybe too much luck (I think) to see a real trend - big pools, so wouldn't think so? Maybe because it is too small a setup to see the difference? Slope of the line is pretty much the same over the last month as it is the last few days.

I think you should see it.I have a 300Mhsh rig and I saw before yesterday reward was about 0.006 ETH daily in mining, now is 0.0105 ETH and I think it is because of the difficulty of the network going down.We should be happy for as long as the hashrate of China is still not powered on which will give all of us now a bigger piece of the pie.I am sure that hashrate will be powered up soon as soon as they find a new place to resume their mining activities but until then let's enjoy our bigger daily rewards.

Yea and also from what I read, some big miners are looking for many MW/h of electricity and they have difficulties to find it. In some situations they might need to build the energy infrastructures and that can take some times (few months or even years). Meanwhile small GPU home miners like us are happy. Also I expect a big rebound soon on the crypto market.

Finally the EIP 1559 won't affect our profitability much because of the new technologies already taken from us the transactions fees (side chains, layer 2). Cool, cool cool, meanwhile I am wondering if I should buy ETH or mine ETH for staking.

WanderingPhilospher

full member

Activity: 1050

Merit: 219

Shooters Shoot...

For the ones who have higher electricity costs, do they sell their rigs, even if at a loss?

I'd be willing to take on mining equipment and run it and split profit with rig owner, minus electricity costs. Is there a service already out there like this? To house mining rigs (not buy and own them) and split any profits with rig owner?

I know there would be some logistics involved, i.e. getting equipment to new location and getting it set up.

Convington

newbie

Activity: 68

Merit: 0

Quote from: Didz on June 23, 2021, 08:07:14 PM

Quote from: Convington on June 23, 2021, 08:34:08 AM

Not sure what I'm doing wrong then

I don't really see an uptick in my mining rewards over my small setup (only 1.2G) for ETH. I calculate it daily (manually) and have some of the data running into Grafana. In calculating the rewards over 24 hours in the pools I'm in there is there maybe too much luck (I think) to see a real trend - big pools, so wouldn't think so? Maybe because it is too small a setup to see the difference? Slope of the line is pretty much the same over the last month as it is the last few days.

Convington, I have like you 1.2 GH/s on ETH and in the last days I saw approximately +20% in my profit. You should also see a good increase lately. I use HiveOS for the OS, HiveON for the pool and Gminer for the mining software.

I think maybe I am and I wasn't doing good calculations. I also realized that I did have to take my miners down yesterday for a bit to work on them. So - I think that was the difference. I created a new trend with Grafana (pulling my stats into InfluxDB via the APIs) and I believe it is actually increasing a bit. Not quite 20% (I don't think), but up around 11-13% based upon my fuzzy-math of looking at a chart. I feel better now

Topic: Are some miners quitting already ? - page 2. (Read 726 times)