Can Cryto Mining recover in the future? - page 3.

Ayiranorea

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Quote from: franky1 on May 22, 2019, 10:49:26 AM

crypto mining is functioning fine.

the negative is that not everyone can be a constant winner.
its always a competition

this means the bottomline threshold has to rise. not everyone can win so all the home hobbiests thinking they can get rich quick at home running a cellphone app wont get far. as the hashrate/difficulty is way way way above the old CPU mining days.

same with gold. its no longer the days of pickaxes. its the days of excavators

those that are not living in the right region to have access to cheap electric wont prosper bitcoin mining
those that are not living in the right region to have access to cheap diesel wont prosper gold mining

those not able to invest in the best, most efficient equipment to compete wont prosper bitcoin mining
those not able to invest in the best, most efficient equipment to compete wont prosper gold mining

What's mentioned is the reality with mining. It's been more than a year stopping my mining rigs. As stated one needs to be in a region with access to cheap electricity, only then mining can prosper. I never thought about this, but after making an investment it isn't profiting and when I went to sell back the equipments I didn't get even ten 50% of my investment on the mining equipments.

rdluffy

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There is a lot of people mining with profit
It's harder to "amateur" miners, because now there is a lot of companies who start mining in countries with low cost energy

But it's profitable if you pay something like 5 or 8 cents per Kw and probably will be at least for a couple of years

franky1

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crypto mining is functioning fine.

the negative is that not everyone can be a constant winner.
its always a competition

this means the bottomline threshold has to rise. not everyone can win so all the home hobbiests thinking they can get rich quick at home running a cellphone app wont get far. as the hashrate/difficulty is way way way above the old CPU mining days.

same with gold. its no longer the days of pickaxes. its the days of excavators

those that are not living in the right region to have access to cheap electric wont prosper bitcoin mining
those that are not living in the right region to have access to cheap diesel wont prosper gold mining

those not able to invest in the best, most efficient equipment to compete wont prosper bitcoin mining
those not able to invest in the best, most efficient equipment to compete wont prosper gold mining

uneng

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Mining became too expensive due to high electricty costs and greedy asics traders. These equipments are very expensive and after some time they are already worthless to mine bitcoins, as there will be a new asic model on the market as soon as possible.
I believe someday mining will worth again, as we are reaching closer to renewable sources of energy, this way it's one less cost to operate a mining business. However the initial investment has to be huge anyway, and the asics will continue expensive and indispensable.

Om.monata

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Quote from: erickkyut on May 22, 2019, 07:22:00 AM

I remember the days when I was starting in the crypto world. One of the in-demand that time is crypto mining. Some people are buying and setting up their own mining rig. The income that time from mining was very dependable. You can quit your job and just focus on mining but nowadays, bitcoin mining is diminishing due to the high cost of operating expenses and it is really hard to mine bitcoin.

I'm just wondering if there is achance for the crypto mining industry to recover in the future? Not just about Bitcoin but on other coins as well. What are your thughts?

maybe if the price of coins going up in crypto mining can recover, this happens because the costs of mining and profits cannot be balanced, there are a lot of minus or losses. the main thing whether mining can come back is to wait until the cryptocurrency price is stable in a high position. that's the main key

okala

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Quote from: erickkyut on May 22, 2019, 07:22:00 AM

I remember the days when I was starting in the crypto world. One of the in-demand that time is crypto mining. Some people are buying and setting up their own mining rig. The income that time from mining was very dependable. You can quit your job and just focus on mining but nowadays, bitcoin mining is diminishing due to the high cost of operating expenses and it is really hard to mine bitcoin.

I'm just wondering if there is achance for the crypto mining industry to recover in the future? Not just about Bitcoin but on other coins as well. What are your thughts?

In cryptocurrency any thing can happen at any time I still remember back then in 2017 must miners were making huge profits from they mining farm and lots of people saw mining at that time as the must lucrative venture in the crypto industry
But this day the situation is different and the market is no longer profiting but I believe in the near future bitcoin mining is going to revive again.

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Quote from: Beerwizzard on May 22, 2019, 08:47:57 AM

Quote from: erickkyut on May 22, 2019, 07:22:00 AM

~

So in other words: you could quit your job just in order to stay at home and do nothing. That could be your general activity because running a small rig at home does not require much time to maintain it.
With the same success, you can now regret about times when you could mine some BTC just on your shitty laptop.

Pretty well said!!!

It like people saying that the gold mining business is dead cause you can't find one pound gold nuggets in the river bed anymore.

Quote from: erickkyut on May 22, 2019, 07:22:00 AM

bitcoin mining is diminishing

Nope, bitcoin mining is not "diminishing".
Hashrate is up 10 times from two years ago, millions of miners (as in mining gear) are hashing 24/7, and this time we might even get a 5% increase in difficulty.

What is diminishing is the dreams of getting reach with a video card hashing while you sleep Tongue

Quote from: pakhitheboss on May 22, 2019, 08:29:08 AM

With the market showing an upward trend, Bitcoin mining will be a profitable business when the value of Bitcoin is above $10000.

Bitcoin mining is still profitable, even the old s9 are quite profitable now.
$70 a month with not so cheap 7 cents per kwh for gear that was sold at 300$ a few months ago?

serjent05

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Quote from: pakhitheboss on May 22, 2019, 08:29:08 AM

With the market showing an upward trend, Bitcoin mining will be a profitable business when the value of Bitcoin is above $10000. I understand that the amount of Bitcoin that you are getting now is very less as compared to the old days. But the cost of Bitcoin was not much at that time.

The mining business is correlated to the FIAT value of Bitcoin. When the price was less, you were getting more Bitcoin and when the price is going up you are getting less Bitcoin.

It will not be easy in the future, but it will be better to what you were making a few years back.

When Bitcoin is above $100000, competition with mining increase. I can see the same scenario of mining as ever increasing hashes and difficulty thus the increase in price is negligible when it comes to profiting in mining industry unless you own a huge mining farm to compete against other giants in the field. The mining industry had already been monopolized so small miners will take little to nothing profit. And if the person is living in a country where electricity is too high, he can forget about mining already.

Beerwizzard

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Quote from: erickkyut on May 22, 2019, 07:22:00 AM

You can quit your job and just focus on mining but nowadays, bitcoin mining is diminishing due to the high cost of operating expenses and it is really hard to mine bitcoin.

So in other words: you could quit your job just in order to stay at home and do nothing. That could be your general activity because running a small rig at home does not require much time to maintain it.
With the same success, you can now regret about times when you could mine some BTC just on your shitty laptop.

Quote from: pakhitheboss on May 22, 2019, 08:29:08 AM

With the market showing an upward trend, Bitcoin mining will be a profitable business when the value of Bitcoin is above $10000.

Bitcoin mining is still profitable simply because we can still send transactions. The existing mining farms would be turned off as soon as mining would require more money than it brings.

pakhitheboss

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With the market showing an upward trend, Bitcoin mining will be a profitable business when the value of Bitcoin is above $10000. I understand that the amount of Bitcoin that you are getting now is very less as compared to the old days. But the cost of Bitcoin was not much at that time.

The mining business is correlated to the FIAT value of Bitcoin. When the price was less, you were getting more Bitcoin and when the price is going up you are getting less Bitcoin.

It will not be easy in the future, but it will be better to what you were making a few years back.

erickkyut

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I remember the days when I was starting in the crypto world. One of the in-demand that time is crypto mining. Some people are buying and setting up their own mining rig. The income that time from mining was very dependable. You can quit your job and just focus on mining but nowadays, bitcoin mining is diminishing due to the high cost of operating expenses and it is really hard to mine bitcoin.

I'm just wondering if there is achance for the crypto mining industry to recover in the future? Not just about Bitcoin but on other coins as well. What are your thughts?

Topic: Can Cryto Mining recover in the future? - page 3. (Read 573 times)