Bitcoin miners are now losing money | Bitcointalksearch.org

Eternad

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Quote from: Tyrantt on May 27, 2018, 05:29:18 PM

"It's no longer profitable to create cryptocurrency"

Is this going to stop the explosion of alt-coin that has been going on for a couple of years now? Tho, miners will probably switch over to ETH or some alt-coin based on btc algorithm. Surely all of t hose miners and GPUs won't go to waste.

There is still always ways to earn in this century , miners will soon to figure out what it is. Tho I'm not into mining ,I still see its potential as an additional profit.

Tyrantt

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Need some spare btc for a new PC

"It's no longer profitable to create cryptocurrency"

Is this going to stop the explosion of alt-coin that has been going on for a couple of years now? Tho, miners will probably switch over to ETH or some alt-coin based on btc algorithm. Surely all of t hose miners and GPUs won't go to waste.

GoldenLad

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Quote from: Anonylz on May 27, 2018, 02:37:52 PM

The problem is that miner asics are more than expensive at the moment, and that is the main reason of why only a FEW people can buy them to mine, also, there are some people that are mining in places in where electricity is more than expensive

Even if expensive, there are still chancee that they will make it in the long run. So I guess they are just mining and storing up bitcoin for the better days when the price of bitcoin will moon again. The only problem we might be experiencing in the bitcoin mining is the cost of electricity which can be really very high. This the more reason why most people are shifting into solar as the source if their electricity.

Anonylz

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The problem is that miner asics are more than expensive at the moment, and that is the main reason of why only a FEW people can buy them to mine, also, there are some people that are mining in places in where electricity is more than expensive

followmenot

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I am sure miners won't stop mining bitcoin. Everyone has huge future belief in bitcoin. We all expect prices to return back. It won't happen in no time. It will take huge patience and many will leave. But we ll all see moon yet again.

btc_angela

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Quote from: aardvark15 on May 27, 2018, 09:16:28 AM

Quote from: sjefdeklerk on March 17, 2018, 10:29:32 PM

https://www.cnbc.com/2018/03/15/bad-news-for-bitcoin-miners-as-its-no-longer-profitable-to-create-the-cryptocurrency.html

What is this going to mean for bitcoin, if nobody wants to mine it?

If this is true then it could make some miners stop for a while. However, many miners may just want to accumulate as many Bitcoins as they can because the price will eventually recover and all those Bitcoins that they mined will turn into a gain. The point is that they will make money on those mined coins as long as the price of Bitcoin eventually increases.

I don't think that miners will just stop mining bitcoin just because the market is down. We all know how the market is very volatile so maybe next month the price could go up or even go down.

But If I'm a miner, I would continue to mine bitcoin or even accumulate it myself, we still have the next halving which makes mining more difficult so its better to take advantage of this situation because the next halving will really increase the price of bitcoin and the return of profit will be huge for them.

swissgang

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We investors do not worry about that, it would also cause prices to rise dramatically. Some people still can't aware of the fact that bitcoin is scarce so much.

aardvark15

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Quote from: sjefdeklerk on March 17, 2018, 10:29:32 PM

https://www.cnbc.com/2018/03/15/bad-news-for-bitcoin-miners-as-its-no-longer-profitable-to-create-the-cryptocurrency.html

What is this going to mean for bitcoin, if nobody wants to mine it?

If this is true then it could make some miners stop for a while. However, many miners may just want to accumulate as many Bitcoins as they can because the price will eventually recover and all those Bitcoins that they mined will turn into a gain. The point is that they will make money on those mined coins as long as the price of Bitcoin eventually increases.

talkbitcoin

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All I know is that I know nothing.

it is funny that how many people in speculation board and even on news sites like the one OP quoted are talking without bothering enough to do some research. they love to make a guess and increase the drama.

all who say miners are losing money, how do you explain the constant increase in the hashing power which means increase in number of miners? it must be more than profitable for them to increase!

oseikuf44

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Bitcoin miners are losing money due to the cost of equipment, electricity and other overhead such as maintaining cooling facilities. With the current price of bitcoins mostly dipping each and everyday, it isn't profitable again.

poplolnman

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Quote from: whyrqa on March 21, 2018, 01:45:56 PM

Quote from: ToyotaFortuner on March 21, 2018, 05:42:51 AM

Quote from: sjefdeklerk on March 17, 2018, 10:29:32 PM

https://www.cnbc.com/2018/03/15/bad-news-for-bitcoin-miners-as-its-no-longer-profitable-to-create-the-cryptocurrency.html

What is this going to mean for bitcoin, if nobody wants to mine it?

yes you are right if they use a little tool then it is definitely going to lose but if they use a large scale like a mining company of course they will still generate profits very much. so my conclusion if mining do not half-do maximum possible and do not rush to sell the mining you have.

Apparently not everyone is losing production today, as trading on the exchanges does not stop, and nobody has yet to cancel the opportunity to make a difference on the price. Proceeding from this, the miners will receive their profit.

The problem are when you do mining you'll have to sell the mined bitcoins asap due the mining production costs . Won't be a good way when you need to trade it to make it profitable , your mining activity might halted , that's my experience but of course unless if you have a lot of capital which still I doubt you could do that.

cryptocurrencyguru

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due to the volatility nature bitcoin miners are facing the heat of bitcoin price speculation but sooner we may see stable and growth prices in bitcoin then miners may get profited

Bagaji

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Quote from: sjefdeklerk on March 17, 2018, 10:29:32 PM

https://www.cnbc.com/2018/03/15/bad-news-for-bitcoin-miners-as-its-no-longer-profitable-to-create-the-cryptocurrency.html

What is this going to mean for bitcoin, if nobody wants to mine it?

Well, mining Bitcoin as far as i know will soon come to an end as more than 65 to 70 of Bitcoin has already been mind so all this while minners were busy making cool profit particularly when the transactions fee was very high. Although there are many of them that are still making huge profit from mining just all about economic of scale and efficiency.

Panda Trump

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Quote from: JohnTask on March 17, 2018, 10:42:00 PM

One could imagine that, because some miners will stop mining, the market will get flooded with BTC less quickly. This might increase demand because there's less supply. Who knows how all of this is gonna play out.

To be honest, I hope the entire market will show a slow upward trend again soon. This long bear move is tiring.

Ahum, no. That's not how it works. Less miners doesn't mean less bitcoins produced. Let me do a quick recap for ya:

Every 10 minutes, a block is mined. REGARDLESS OF THE AMOUNT OF MINERS, it's every 10 minutes & offers the same amount of BTC.

So, if every 10 minutes a block is mined, regardless of the amount of miners, what DOES happen then if there are less miners?
The BTC is then shared among less miners, thus each miner makes more. Then it gets more profitable again too!

So: Supply stays the same (or increases some actually due to the mining, but that's not really significant given the great volatility of Bitcoin due to speculation).

Therefore, the price is dependent on the demand and not on the amount of miners! Everyone wants Bitcoins to sell them for more later on.

drachman

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Quote from: yonjitsu on March 20, 2018, 10:41:59 PM

I have a friend who is into mining and said that his mining rig today doesn't give him the same profit as what he usually gets before. It ain't profitable anymore and he even asked me if i wanted to buy his mining rig (at a discounted price of course) but shall i really buy it?

This is a really difficult question, you should probably post it in the mining section of the forum, you will need very precise numbers about the cost of electricity and when do you expect to get back your investment if you do not make those calculations and if those numbers are not very precise it is possible that you will never get your money back and you will lose money.

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Quote from: minersday on March 25, 2018, 01:52:34 PM

And all those who invested in a lot of GPU's or ASIC's are now losing a lot of money.

Not necessarily, I know for a fact that there are still some mining hobbyists/entrepreneurs who get good money on mining. It's all about efficiency and economics I suppose.

minersday

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Most people think that without miners there would not be cryptos at all, but this is WRONG, there is no way that cryptos could disappear just becuase there are not enough miners.

And all those who invested in a lot of GPU's or ASIC's are now losing a lot of money.

Quote from: andytranter on March 21, 2018, 04:19:46 AM

Quote from: JohnTask on March 17, 2018, 10:42:00 PM

One could imagine that, because some miners will stop mining, the market will get flooded with BTC less quickly.

Not true. The same amount of bitcoin will be generated every 10 minutes (on average). If there are fewer miners, it just means that reward is spread between less miners.

Febo

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Quote from: Basmic on March 18, 2018, 11:34:55 AM

Quote from: Febo on March 18, 2018, 11:23:21 AM

Quote from: sjefdeklerk on March 17, 2018, 10:29:32 PM

https://www.cnbc.com/2018/03/15/bad-news-for-bitcoin-miners-as-its-no-longer-profitable-to-create-the-cryptocurrency.html

What is this going to mean for bitcoin, if nobody wants to mine it?

No one will mine with loss long term. So when price decrease they will stop mine and that will reduce difficulty and the rest miners will get higher reward. You also need to understand there is huge difference in costs of electricity. Between cheapest electricity country Venezuela and most expensive electricity cost country South Korea there is almost 10 times difference.

You're right, but it doesn't work if the bankers block access to Fiat. There may be a situation when miners receive income in bitcoins but can not exchange it for Fiat. To pay for electricity at any complexity of the network they need to have access to Fiat. The idea of bitcoin was that we could use it as a currency. But it didn't happen. That is why now there was a crisis of bitcoin and it is not known how it will end.

It all depends where you live. I know in Australia you can pay all your bills with bitcoin. I am sure that is possible now in many countries. Tomorrow will be in much more. even id you cant pay electricity with Bitcon. you can exchange it on exchange to pay.

I personally will pay my electricity from next month on with SNC tokens. And I will buy electricity from best offer. I cant tell much before it will happen since I don't really know. But this is just one another things that shows what you are saying is pointless.

whyrqa

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Quote from: ToyotaFortuner on March 21, 2018, 05:42:51 AM

Quote from: sjefdeklerk on March 17, 2018, 10:29:32 PM

https://www.cnbc.com/2018/03/15/bad-news-for-bitcoin-miners-as-its-no-longer-profitable-to-create-the-cryptocurrency.html

What is this going to mean for bitcoin, if nobody wants to mine it?

yes you are right if they use a little tool then it is definitely going to lose but if they use a large scale like a mining company of course they will still generate profits very much. so my conclusion if mining do not half-do maximum possible and do not rush to sell the mining you have.

Apparently not everyone is losing production today, as trading on the exchanges does not stop, and nobody has yet to cancel the opportunity to make a difference on the price. Proceeding from this, the miners will receive their profit.

ToyotaFortuner

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Quote from: sjefdeklerk on March 17, 2018, 10:29:32 PM

https://www.cnbc.com/2018/03/15/bad-news-for-bitcoin-miners-as-its-no-longer-profitable-to-create-the-cryptocurrency.html

What is this going to mean for bitcoin, if nobody wants to mine it?

yes you are right if they use a little tool then it is definitely going to lose but if they use a large scale like a mining company of course they will still generate profits very much. so my conclusion if mining do not half-do maximum possible and do not rush to sell the mining you have.

Topic: Bitcoin miners are now losing money (Read 680 times)