The too major problem of mining is
1)higher difficulty rate
2)present market condition
This is the two major problem affecting mining and the daily rewards ain't worth is anymore unless you are using basic miners or you have a very big mining farm,I've stopped mining since months ago and waiting till market price start appreciating better
Topic: Do you think mining is still fair - page 2. (Read 11590 times)
Mining alone is very difficult but that is fair as what ever you get is as a result of your own efforts. Unlike joining a pool to mine where they sometimes deny you of your rewards. Mining actually ain't profitable as it used to be back in the days.
Get into cryptocurrency trading and make some decent profits for yourself.
Get into cryptocurrency trading and make some decent profits for yourself.
Unfortunately, the nature of mining has made it such that mostly the big fish can make profits. It's no longer profitable to mine BTC and ETH using basic equipment or even a computer. This has worked to centralize the cryptocurrencies somewhat, but fortunately there are multiple major players still competing to mine new cryptocurrency. Sadly, there is nothing we can do to change this, except perhaps to migrate to proof of stake where possible.
In my idea it is a bit of difficult right now because there are many factors related to your mining profit are changing. A price in the Bitcoin would be doubled and could increase your profits.mining could also make that much more competitors that your profits is just the same.
Mining right now is no recommended,Because the fall of the crypto market is not balanced with the cost of electricity bills. market falls, but the consumptions of electricity remains the same as the previous usage cost. meaning the chance of earning profit.
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 like working with mining. But recently the level of income here has really dropped significantly. It was possible to work successfully and profitably several years ago, now the situation has really changed dramatically. I very much hope that coins will go up from next year so that mining will once again become a cost-effective solution.
The coins you are mining might not have any value now because of present market condition but if market start surging the coins will increase in price so don't bother to stop mining ,what matters now is quantity of coins you mined
Miners are not coin holders who can wait as long as they wish.
Miners need to pay for electricity, repair and upgrade equipment. All this costs money, so not everyone can afford to get coins and store them in order to sell them in the future.
This is a free for all market, therefore miners are going to do their best to mine the most at the lowest cost.
They are in the competition with others, definitely fees will be in huge consideration as mining expenses will be their problems also. Traders, investors and crypto holders will never have a big deal with that cause we know actually that we need to pay them in order to process our transactions. If we want fast transfers, we simply need to have more satoshi to pay with them.
With the existing prices mining is not profitable or it is on break even. Of course it depends in which country you are mining and the cost of the electricity. Hopefully the market increase and and mining will be profitable again even for the ordinary people.
Take a look guys at the top new projects and you will definitely find something to mine. I consider that we still can gain something from mining
This is a free for all market, therefore miners are going to do their best to mine the most at the lowest cost.
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 think mining companies knew that this will gonna happen, it depends when they have started their mining. I think if they have reached the double value of their ROI, they will survive. As of now, the mining industry is already on its darkest moment but they have to hang on. What of the rising of BTC will come?Simple person, the regular crypto dude is out of the mining business so to say. Mining is mainly done and controlled by huge companies for sure, except some minor shitcoins.
Now it is the big buck that controls the mining market. Both tech costs but it is also is not possible for the regular dude to get [local] government sponsored discounts for cheaper energy costs. The mining companies making huge dough, they just making their operations more cost effective and continuing with old market maker tricks.
....Do you think its fair enough or we need some new architecture to give mining a new life?
New architecture for sure. PoS is not the best solution in my opinion though, obvious flaws in that approach
We can doubt many things about the crypto market in 2018. But I think this 2019 situation will have more positive changes than in 2018. Bitcoin is rising rapidly since the beginning of April this year. If Bitcoin keeps going like that I think the crypto market will be good and we can trust it.
There are many factors that makes it fair but a lot of people will miss it and that’s why they feel it’s not exactly like some people told them it is. So we should give good time to do research about it especially with based upon our country which makes difference with How to do Mining. If we begin without doing the required homework on mining, it will be not easy to make money. So do it only if you know it well or don’t do it at all.
I finished mining and sold the machine about a year ago, but many of my friends continue to do this, believing that the cryptocurrency has a big future. I must agree that mining is still one of the good sources of income . The main thing is free energy.
I don't quite have a knowledge on mining, but the little I know, I tried mining electroneum then and it was not easy. Like the posters said, electricity is one factor that deter mining. Wish there can be other ways to improve mining for the common person.
It seems to me that it is unprofitable. My friend has long ceased to engage in this type of activity. He says that it brings big losses now.
Mining has long been a not profitable direction. You have to have a lot of money to buy the equipment and that it could pay off. Otherwise it is not profitable at all.
I think that mining at this stage of the rise of the cryptocurrency market from the bottom is still relevant.
Coins that you have mined can eventually gain strength and be valued at a very good price.
Perhaps it will be in the long term, but you need to believe in the future and continue your work.
Coins that you have mined can eventually gain strength and be valued at a very good price.
Perhaps it will be in the long term, but you need to believe in the future and continue your work.
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 think mining companies knew that this will gonna happen, it depends when they have started their mining. I think if they have reached the double value of their ROI, they will survive. As of now, the mining industry is already on its darkest moment but they have to hang on. What of the rising of BTC will come? Jump to: