BITCOIN MINERS | Bitcointalksearch.org

cryptoaddictchie

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Quote from: Famous Grouse on November 10, 2022, 09:56:24 AM

"Many bitcoin miners are now turning off their rigs.

The cost of electricity in Bitcoin has just been exceeded for the second time in 5 years. The electricity bill for the average miner is now more than the income earned."

Is it for real? I think it must be better to hear it from the one who are doing an actual mining with rig set up.

If this is true a lot of articles or viral links posted already on social media like it was trending but I didnt see you attached any source link, so it would be your assumption.

I doubt the earning is lower than the expenses cause if it was, a lot have quit already.

fuguebtc

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It seems that this news is not accurate as we could see hashrate continuously hitting all-time highs this year. But there is some news that miners are also selling bitcoins to cover costs as rising energy prices and falling bitcoin prices cause their profits to plummet.

Maybe the news you read is talking about small-scale miners like individuals, this is completely normal and has almost no effect on bitcoin mining. Like we invest, there will always be people leaving the market and there will always be new entrants, positions are always filled and the number of participants is increasing.

Jawhead999

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I wonder if it's your own words or you've read on somewhere? but I found nothing on google.

You should look on the hashrate, there's no sudden decrease, actually it move opposite against you mentioned above. This mean Bitcoin miners didn't shutdown their mining rigs, but it's either there's new miners who want to start mine Bitcoin or the old miners bought new mining rigs.

I think even though they're loss or gain low profit, but their main intention to mine Bitcoin is for long term purpose.

Lagduf

sr. member

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A few times i have seen some media published the news about bitcoin hashrate pushed to the new ATH and was there something wrong with it? where did you get that conclusion of mining was not even profitable anymore? So what you called that as average miners?

I can't deny that since the price of bitcoin was moving down and miners revenue might go down but the problem is since so many countries were facing crisis and there are so many new small miners came to the bitcoin as the valuation of bitcoin tied to the USD.

There are so many things need to be calculated whether mining bitcoin is still profitable enough or not. You can at least provide link where did you get that statement.

zasad@

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Quote from: Famous Grouse on November 10, 2022, 09:56:24 AM

"Many bitcoin miners are now turning off their rigs.

The cost of electricity in Bitcoin has just been exceeded for the second time in 5 years. The electricity bill for the average miner is now more than the income earned."

The first link on the Internet with information about the bitcoin hashrate gives information that this is not true
https://bitinfocharts.com/comparison/bitcoin-hashrate.html
Or if some miners turn off their equipment, then more new miners come in instead. And the price of Bitcoin at $17,000 does not scare the miners.

Famous Grouse

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"Many bitcoin miners are now turning off their rigs.

The cost of electricity in Bitcoin has just been exceeded for the second time in 5 years. The electricity bill for the average miner is now more than the income earned."

Topic: BITCOIN MINERS (Read 94 times)