Do you think mining is still fair - page 19.

rickadone

legendary

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Quote from: anisoptera on October 22, 2018, 05:00:42 AM

As I see, mining is still profitable only in countries with extremely low electricity costs, in most countries it is not fair and even you might lose money by doing it.

Mining has always been dependent of several different factors and variables, but the thing with mining is that it requires some patience most of the time to be able to get something substantial and even with that, it depends on the level of mining you are operating and the coins you are mining as well. Mining is still fair to some certain extent, but the fact remains that it is not for everyone, and if you really do not have some bucks to tie down, you may not really be getting pretty much from it. So at the end, the whole choice is always in your hands.

Quote from: waitforme on October 23, 2018, 05:20:51 AM

It is always fair because everyone must solve the same algorithm based on the number of active Miners, the algorithm will be different. Those who own more Miner will earn more rewards, and lesser owners will receive less.

OP is asking about "fair" in the sense of "how much beneficial" mining business right now. You are still right as mining will be profitable only for corporate level of miners but it is hard truth mining rewards must be held out for selling in future so that a miner will able to find the maximum benefits.

Ambers

member

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Mining is very dependent on the value of the asset. Accordingly, when there is a very strong decline in the price of assets, it becomes unprofitable. In such cases, it is advisable to switch to the mining of other types of cryptocurrency.

waitforme

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BBOD The Best Derivatives Exchange

It is always fair because everyone must solve the same algorithm based on the number of active Miners, the algorithm will be different. Those who own more Miner will earn more rewards, and lesser owners will receive less.

Vaniaayu

full member

Activity: 476

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in my opinion it is fair enough, if it does not harm some parties. if you only mine only using a small processor, I think you are only wasting time, because it is not necessary that you expect the coins that you mine can be sold at high prices, while the market conditions are bad enough

HEvangelista

sr. member

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I see many people selling their mining equipment after spending a fortune assembling them, with some of them stating in the selling sites that the reason for selling is that "it is no longer needed". I mean why don't they need it anymore? Because it is not earning them some cash right now? Everywhere, the traders are the only ones profiting from cryptos.

feather7789

newbie

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yes it is fair because in the market the crypto has good value and it will increase next days also.but for mining initial investment will expensive. it is one time investment.

sana54210

legendary

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Quote from: danivan7 on October 22, 2018, 05:08:16 AM

Quote from: BountySoldier on September 11, 2018, 03:33:30 PM

In Q3 2018 market is still a blood bath. A lot of people that involved in crypto losing theirs hopes on a quick moon. ICO market is down. But difficulty of mining is growing up. We need more powerful processors, GPU and so on. Mining was created to give ordinary people get some free coins. Another hand big companies joint into monster to dig more digital gold. Simple person is out of this business. To support a node of ethereum you need more space every month and you get no reward. Do you think its fair enough or we need some new architecture to give mining a new life?

I don't think mining is worth for now.
many coin upgrade to masternode, and reward for pow miner are down to 50% oar 40%.
so many miner are leaving from mining coin.
high cost , and low earning.

Mining is still worth it if you have the bucks to set up pretty solid miners, but one thing you have to consider is that it is always going to be a long term project and not something you will just expect you will simply start making shit loads of money from, so in that case, it takes some level of perseverance.

One thing though is that with a proper set up, long term goals and then having some pretty good amount to set up something not so bad, you should always get the best from it, but like I said, mining is not for people looking for quick means, as in this case, you may even be tying down capital for long.

rozenkreitzer

member

Activity: 420

Merit: 13

Mining is not the only blockchain technology. There are alternatives. A decrease in remuneration is natural and can not increase

MOProgress

full member

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I really don't see mining as a good cryptocurrency business these days, The cost for power and other maintenance has taken most of the profit, for instance if you mine bitcoin you won't make much profit like expert traders do.

VclDm

member

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There is nothing fair in this life, so let's improve our knowledge, you can understand the most basic elements of mining, in my opinion should focus on improving the level and experience, That would be safer for us

Lyd

full member

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Mining is a bit expensive for random people so unless the market grows a bit I find it difficult for me to keep mining even if I already have the equipment for it. The energy costs too much comparative with the price of the coins.

-Newera-

member

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Meanwhile, it has become absolutely uneconomical for the private person to mine. I think it's time for new mining algorithms, because the proof of work has become very resource-wasting. I think that the Proof of Stake and the Proof of Storage approach is going in the right direction. Of course, there are also advantages and disadvantages that speak for, or against.

JayCue

full member

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Given the bloody market that we are experiencing today, I think mining is not profitable anymore unless you are using solar energy or the electric cost in your area is cheap.

mcgeil

newbie

Activity: 56

Merit: 0

You are right. The situation with the mining is very sad and, if it continues like this, then the miners will stop their work and the blockchain will no longer comply with its basic principle of operation. Everyone understands this and the way out of the situation will be to develop new coins with a good reward or increase the reward for work miners in already existing crypto currencies. But it can be said for sure that without mining, the main functions of the crypto currencies will be violated and therefore mining will never disappear.

Jigsawman082076

member

Activity: 247

Merit: 10

Many crypto enthusiast really says that mining is just a rich mans game wherein in order to be able to participate in mining you must be able to afford to buy high end expensive rigs and pay a costly energy or electric consumption to be able to participate in mining but still crypto market is still on its lowest point nowadays rendering mining still unprofitable and unfair to ordinary crypto enthusiast.

betty11

copper member

Activity: 448

Merit: 3

Mining is no more encouraging to the ordinary miners due to its cost of mining, profit is far as difficulty level is something else, big players keep stealing the show by using latest tech equipment. Even if you have all the required energy you still can't compete with these big players. The rich keep showing themselves! I would rather I save trade than mine for now.

syberwolfen

sr. member

Activity: 790

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Quote from: Pejoh Asu on October 22, 2018, 07:07:03 AM

I feel mining is increasingly difficult, this is because more and more large companies are focusing on mining, and this is like a monopoly from them, with big capital of course they can pay professionals for mining.

Obviously it has been very tough to get profit from mining as the market is very down now. At the same time to have to invest a lot of money and have to wait. You cannot even make the electricity bill charges. May be in future it will help but this is not the right time.

dadisde

copper member

Activity: 70

Merit: 0

The only thing I know, is that mining is not so profitable anymore, due to the fact that Bitcoin cost 6k USD and LTC 50 USD, the electricity prices have remained the same but the difficulty increased. So if you have a free source of energy, the mining could be still profitable.

automail

full member

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🚀🚀 ATHERO.IO 🚀🚀

For me, mining is not that productive compared to what it is a few a years ago. The bear market only makes it worst since the hard earned coins from mining already lost its value and it takes a while before it appreciates. Mining requires funds because its consuming electricity. Miners cannot just hodl especially if they need the money to pay for the mining expenses. If you browse on facebook, there are a lot of mining devices that was for sale but no one purchase it because they know that the golden days are over for mining as well.

aldorexxx

jr. member

Activity: 152

Merit: 1

I think so, mining was and is a really stable and suitable doing for the earning here and its effects were forgotten without any reasons and quite convincing arguements.

Topic: Do you think mining is still fair - page 19. (Read 11590 times)