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.

andytranter

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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.

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.

buwaytress

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Quote from: matuson on March 20, 2018, 08:01:59 AM

I don't believe in apocalyptic scenarios. If the price of bitcoin falls, the number of transactions is reduced. This means that miners can cut off half of their capacity and at the same time keep revenues at the same level. Such news reminds me of the blackmail of miners in order to increase the number of transactions. The big mistake of bitcoin is that it allowed the monopoly of miners.

Yeah, these armageddon type scenarios are just as unlikely as the moon scenarios - at least in the sense of the coming years. As much as we'd all like to believe in revolutions and new world orders, even with globalisation, these things take a lot of time to materialise and are subject to so much intrinsics that it really doesn't make sense to prepare for them, at least in our lifetimes.

I don't think price will really affect transaction volume - people still use them regardless of how much they're worth. And trading will always continue as long as Bitcoin is the major pair. Miners won't cut off capacity - they'll want to earn as much as others, unless they gather as a huge cartel and take a group decision (which won't happen for as long as it's profitable!).

The monopoly you talk about is there... but it's not quite the single-minded beast we take them to be.

omonuyak

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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?

I don't think we would get to that level and it might take some time before all bitcoin will be mine. If people are not mining bitcoin it might couse a lot of problems as transactions will be stock in one place and the few that will be in it will be charging us high maning fees and will not be able to sell our holding. I think there are several altcoins that are good for mining and most of them are very profitable and this is good for small investors.

yonjitsu

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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?

drachman

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Quote from: Za1n on March 17, 2018, 11:18:22 PM

People will still mine it and the media reports are over exaggerating the issue. No doubt profits are down, but we are a ways from mining being unprofitable.

As has been pointed out, not everyone has the same costs, so there will be some who can make money while others might need to quit. This is no different than any other industry where to compete you need to trim costs and find more efficiencies in the way you work or run your business.

For Bitcoin mining this might mean shutting down older less efficient hardware or finding lower power costs, but like any business those who stand still will lose out, while those who are proactive and seek out solutions will be ok.

Also while mining could be slightly unprofitable right now that doesn't mean it's going to remain that way for long and even if that was the case the miners got a lot of profits for a lot of time, in fact I have heard people in the forum saying that the greatest profits they got out of mining was when it was unprofitable to do so, so I really do not think it's such a big deal.

ssuchy

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Quote from: matuson on March 20, 2018, 08:01:59 AM

I don't believe in apocalyptic scenarios. If the price of bitcoin falls, the number of transactions is reduced. This means that miners can cut off half of their capacity and at the same time keep revenues at the same level. Such news reminds me of the blackmail of miners in order to increase the number of transactions. The big mistake of bitcoin is that it allowed the monopoly of miners.

I can not understand how it looks like Shakhtar's Blackmail? How can a Miner influence the world of crypto-currency? It seems to me that everything was simple enough and she was growing up with Bitcoin. But for today I no longer believe in just scripts.

Matimtim

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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?

I heard to my friend who is expert here in the bitcoin world, he said mining of bitcoin is a wasting time that we can lost money and wasting our time because if you want to earn money miner is not advisable way to earn more because in mining we can earn bitcoin but a little depends on the capacity of your computer.

But Mining is needs in the bitcoin world to have smooth transaction of bitcoin and good service for bitcoin user.

matuson

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I don't believe in apocalyptic scenarios. If the price of bitcoin falls, the number of transactions is reduced. This means that miners can cut off half of their capacity and at the same time keep revenues at the same level. Such news reminds me of the blackmail of miners in order to increase the number of transactions. The big mistake of bitcoin is that it allowed the monopoly of miners.

buwaytress

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Quote from: cellard on March 19, 2018, 11:20:37 AM

Funnily enough, Bitcoin difficulty is now up %5 since he made this thread:

https://blockchain.info/en/charts/hash-rate?timespan=all

And this is only the beginning. The next bull run will easily bring new all time highs on the hashrate department too. We managed to close the weekend above $8000 so $5900 is starting to look like the bottom for the year now. People are realizing anything near these prices is a bargain and hashrate follows price.

That's right. The numbers don't lie. In fact, the only reason Bitcoin hashrate ever goes down is when miners switch over to more profitable alts - we saw this in the months following the Bitcoin Cash fork. It's still profitable as ever, you can bet even miners are just holding on to what they can for now, they're not worried about long-term prospects... if there's one thing miners aren't, it's short-term speculators.

cellard

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Funnily enough, Bitcoin difficulty is now up %5 since he made this thread:

https://blockchain.info/en/charts/hash-rate?timespan=all

And this is only the beginning. The next bull run will easily bring new all time highs on the hashrate department too. We managed to close the weekend above $8000 so $5900 is starting to look like the bottom for the year now. People are realizing anything near these prices is a bargain and hashrate follows price.

orions.belt19

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Quote from: jseverson on March 18, 2018, 04:12:32 AM

Given the fact that these are only estimates, I'm sure they're over-generalizing. They must have used average values for computation, meaning those with dirt cheap electricity, etc. can still profit. There are many different variables to consider. Saying all of them are losing money is simply a lie. It would be more accurate to say that mining difficulty is rising while Bitcoin value is dropping, so it's getting harder to turn profits. No one would read such an article with a boring headline like that though.

But yeah, if it stops being profitable for some, they could simply take a break and go in again once difficulty scales back. This is nothing to worry about.

The article my have only been pertaining to the minority of miners who can no longer cover for the costs of mining. It takes up too much electricity now and without the right equipment, you won't profit that much from mining. Miners would still mine even when it's not profitable now because in the past when btc price was very low, there were still miners who continued to do so. Now that the btc price is considerably higher, miners would probably just store their holdings for a while but they will still continue to mine for sure.

Kingofbitcoin12345

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Do they really need or who to blame when they loss money??

Miners are like us investors,, they also calculate they’re earnings to the price of the coin they’re mining and subtract all expenses from hardware to electricity.. So it makes sense that if sold theyre coin at the bearish market,, they will surely be losing money.. But if they hold and wait then that’s a very different story.. So in case your one of them,, think not for today but the future..

Proton2233

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Bitcoin mining will always be profitable. But if the number of transactions is reduced, miners can turn off some of their equipment and save money on electricity. The complexity of the network will decrease and they will be able to earn the same amount of coins with less power. The bitcoin network has a good mechanism of self-regulation.

1NV3ST0NM3

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Bitcoin mining is still too profitable. Miners are still making a huge money they are just reluctant to accept this fact. They have always been making money. They are coming up with these statements because they don't really want new people to enter in this market of mining. The difficulty rate might have rised a lot but mining still is profitable because btc has a pretty good future prospects. Moreover after the G20 today we are pretty sure that bitcoin will rise like anything now as the 20 biggest countries are now pretty much clear about its regulation.

bitcoinerjawa

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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?

I think bitcoin miners are only used for people who can withhold and play long-term, because if the miner rush to sell then bitcoin obtained will be difficult to get the maximum profit.

alyssa85

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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?

Some of them will switch to mining some of the forked coins with easier hashrate - bitcoincash, bitcoingold etc. Some will simply go bust and bitcoin's overall hashrate will reduce.

Itr's just market forces in play, we've seen this before.

Harlot

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With the block rewards becoming lower and lower the only thing keeping miners alive is the price of Bitcoin of course selling Bitcoin now would only mean a break even for some miners. I could say in the long term perspective if we don't have more powerful mining rigs in the future it would definitely be unprofitable in the near future. Also miners need to consider other cost of running operations and that includes electricity and maintenance cost which is really tough to be paid with Bitcoin's current price. It is sad to say that even miners need to hodl in order to gain profit.

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Quote from: JohnTask on March 18, 2018, 11:12:21 AM

Quote from: buwaytress on March 18, 2018, 10:37:21 AM

More or fewer miners will have no impact on the supply... Bitcoin will always be generated at more or less every 10 minutes, whether there's 1 miner like when it all began or thousands like they are now. Tired of the bear move? You've got to get more stamina into you.

No impact on the supply, because of the difficulty adjustment? Fair enough, I believe that's a good point.

More stamina, I would love to have that! Been trading crypto for two years and I was getting used to seeing mostly green and making profits, but lately it's all red and losses. I'm just not used to this bear market I guess, it takes my energy, I can't think straight. Practical advice is always appreciated

Not really a good point... just the way Bitcoin's supply mechanism has worked every since the first block was mined all those years ago! I think the point here is that the mining "industry"'s impact is overthought. The mechanism's been in place for a decade now and has proven to be very well thought out. Dynamics have changed, pricing has also caused that dynamic to evolve, but bitcoin supply is on an extremely predictable trajectory.

Stamina: yes. You've been here two years, that's actually longer than I have. I'm very used to the volatility, and recognise that I've been here a fraction of the time of the early adopters. It's a long, long ride, to a finish that none of us will be alive to see. So relax!

JL421

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Bitcoin mining wasn't profitable people simply wanted to join the mining revolution and buying all the latest graphics card or even that stupid antminer which increased the difficulty before mining all costs have to be checked which many didn't do and now they are suffering
Regarding mining will never die there is always hope from china

Zlatna Kopa4ka

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The people who mine bitcoins won’t stop mining, no matter the reasons. It’s just a slight fall, trust me everything will bounce back.

Basmic

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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.

Febo

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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?

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.

JohnTask

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Quote from: buwaytress on March 18, 2018, 10:37:21 AM

More or fewer miners will have no impact on the supply... Bitcoin will always be generated at more or less every 10 minutes, whether there's 1 miner like when it all began or thousands like they are now. Tired of the bear move? You've got to get more stamina into you.

No impact on the supply, because of the difficulty adjustment? Fair enough, I believe that's a good point.

More stamina, I would love to have that! Been trading crypto for two years and I was getting used to seeing mostly green and making profits, but lately it's all red and losses. I'm just not used to this bear market I guess, it takes my energy, I can't think straight. Practical advice is always appreciated

eaLiTy

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

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

If you are aware that there was a time when bitcoin was well below thousand dollars and people were still mining the coin even at a loss,there are big mining farms and they wont quit the process because they have invested a lot of money into this,small time miners will phase out eventually and that is how things work in the mining ecosystem.

cellard

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This is the guy that has been posting FUD threads non stop for days and he has already been accused of doing so.

This is once again an uninformed post. It's impossible that "nobody mines Bitcoin". Bitcoin is as elf regulating system. If you take a big chunk of hashrate down, the difficulty goes down, which means someone will find an huge incentive to become a miner somewhere on planet earth. There's too many people for nobody to be interested on mining, it's a business that will never end because there will always be a demand for decentralized money, and that means people wanting to transact, and that means profit to be made mining.

buwaytress

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First of all, bullshit. Bitcoin price alone has been profitable ever since it was at $1k or so, and yes hashrate has been doubling every step in move with the price, and it's still profitable now. This isn't even taking into account all the alts they're merge mining. Are miners trying to rake in some pity? Not likely. They're just trying to make it seem like they're less of the bad guys some of them are.

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.

More or fewer miners will have no impact on the supply... Bitcoin will always be generated at more or less every 10 minutes, whether there's 1 miner like when it all began or thousands like they are now. Tired of the bear move? You've got to get more stamina into you.

Altcoindealer

full member

Activity: 701

Merit: 136

XAYA - THE ULTIMATE BLOCKCHAIN GAMING PLATFORM

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 problem. You can go with the difficult so low that one pc is able to calculate the algorhytm. So dont worry, as long as bitcoin is valuable, their will be always some one who will mine cryptocurrencies. So maybe at the moment for the most miners the mining is not profitable, but if they hld the coins long enough, it will gain value again and they sell it for more. So dont spread always the fud news from the mainstream media!

BTCLovingDude

legendary

Activity: 1134

Merit: 1010

BTC to the moon is inevitable...

people need to stop worrying about things that does not concern them and start worrying about things that do concern them really. for example right now price is lower and that makes it a good time to buy bitcoin.

miners know how to make profit, you don't have to worry about them!

fabiorem

sr. member

Activity: 1400

Merit: 347

Miners have thousands of coins in reserve, they can dump it to cover expenses.

They can also use the excess fiat acquired through these sells, to buy at a higher price and pump the market.

Maybe they are already doing that. Unconfirmed transactions are around 6k. Compare it with the 200k in December.

jakagintiri

member

Activity: 420

Merit: 10

www.coinxes.io

I do not think it's a question of losing money but it's a matter of finding the right momentum to restart a more mature early mining concept, so take some time to think about the future, or maybe the state policy they hold back. There is no cessation of problems in every country we should know it.

Tankdestroyer

full member

Activity: 476

Merit: 107

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?

There will always be someone that will mine bitcoin, just continue to read the article before judging it. It only said that it would not be profitable for countries that have cost of electricity above 6 cents per kilowatt hour but in some countries like China it is still profitable. If many miners stop though, difficulty will adjust so there is nothing to worry about. They will come back soon though(most of them) after it is profitable again.

goaldigger

sr. member

Activity: 2422

Merit: 357

The article didnt said that miners will stop mining, they were just take a rest. If your work is not profitable enough, that the fees and charges is greater that it, then you should stop for a bit. They would be back soon once the price recovers and i think that is just for a short period of time.

BitHodler

legendary

Activity: 1526

Merit: 1179

OP is an obvious troll, just as much as that troll news source is. It's impossible for anyone to find out exactly what it costs to mine a whole Bitcoin, because it's different for each miner, and per location.

It might be that smaller miners will struggle short term speaking, but that's not an issue at all. If the price doesn't reflect profitability for their practices, then they'll temporarily stop mining, which might lower the difficulty.

This lower difficulty however might stimulate larger farms to fire up even more machines, so that slight drop in difficulty will level out again. It's a market based on supply and demand, it's that simple.

The difficulty is about to adjust itself within an hour, and it's still up 5%....... I'll edit my post later in case there is a quick significant change.

Ghondronk

member

Activity: 356

Merit: 14

https://exiptoken.io/

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.

with bitcoin prices falling by 25%, in line with the widespread discourse of firm action taken by a number of regulators.

imapessimist

jr. member

Activity: 266

Merit: 1

Not sure if I believe that 100%. Not saying it isn't true but I thought I read the cost of mining was under 2k for one Bitcoin. But it might not be enough money to do it as a full time job. It could be fud.

jseverson

hero member

Activity: 1834

Merit: 759

Given the fact that these are only estimates, I'm sure they're over-generalizing. They must have used average values for computation, meaning those with dirt cheap electricity, etc. can still profit. There are many different variables to consider. Saying all of them are losing money is simply a lie. It would be more accurate to say that mining difficulty is rising while Bitcoin value is dropping, so it's getting harder to turn profits. No one would read such an article with a boring headline like that though.

But yeah, if it stops being profitable for some, they could simply take a break and go in again once difficulty scales back. This is nothing to worry about.

TERA2

full member

Activity: 266

Merit: 222

Deb Rah Von Doom

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?

It means the difficulty will adjust until mining is profitable again. This should be the least of your concerns.

Herbert2020

legendary

Activity: 1946

Merit: 1137

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

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

bitcoin will die. but that is a huge IF and it has nothing to do with the news you shared here.

people are still mining bitcoin and they are making profit and they will always be people who will continue mining bitcoin. you see the way bitcoin mining works is with difficulty. there is always people who are mining it easier because they have cheap labor, cheap electricity, etc and there are individuals without those perks. if it becomes less profitable these individuals are the first to leave, possibly even farms may turn off some equipment or switch them and thanks to them difficulty comes down and mining becomes profitable again.

even if ALL the miners leave, i will pick up mining with my PC and enjoy ALL the block rewards Wink

npredtorch

legendary

Activity: 1246

Merit: 1049

This is just another fud news to drop bitcoin price. The negativity of the title tells it all.

Quote

Bitcoin has dropped to a point where it's not that profitable to produce, according to some estimates.

In what estimates? -make up estimates

In the first place, there are many factors for mining profitability. The place, hardware used, e-cost and many more which is different in each miners around the globe.
If someone will exit, another one will enter because certainly it have more advantages on these factors. It's impossible to say that - there would be no miners.

Za1n

legendary

Activity: 1078

Merit: 1011

People will still mine it and the media reports are over exaggerating the issue. No doubt profits are down, but we are a ways from mining being unprofitable.

As has been pointed out, not everyone has the same costs, so there will be some who can make money while others might need to quit. This is no different than any other industry where to compete you need to trim costs and find more efficiencies in the way you work or run your business.

For Bitcoin mining this might mean shutting down older less efficient hardware or finding lower power costs, but like any business those who stand still will lose out, while those who are proactive and seek out solutions will be ok.

criptix

legendary

Activity: 2464

Merit: 1145

The mining ecosystem is not homogenous e.g. chinese ppl usually pay less for electricity (< 0.03 $) then the rest of the world.

If miners drop out the difficulity decreases and it might be economical feasible for new players to enter the mining ecosystem.

Also the btc mining algorithm adjusts the difficulty relative to the network hashrate every 2016 blocks so that in average every 10 minutes a block is being created.

Only if a large proportion of miners would quit (long) before the diffuculty adjustment the btc network could see trouble.

Don Pedro Dinero

legendary

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Not much, I’d say. All the crypto market is down, so miners have no alternatives to switch to., in fact, bitcoin is steadily regaining dominance.

It would be good if someone with more experience can enlighten us, as I am sure this is not the first time it’s happened in bitcoin’s history.

JohnTask

jr. member

Activity: 35

Merit: 1

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.

sjefdeklerk

jr. member

Activity: 154

Merit: 8

SODL

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?

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