Topic: Do you think mining is still fair - page 5. (Read 11590 times)
I have some rigs setup and I use to make 2$ -4$ daily but suddenly it became 0.25$ per day which in my opinion is not worth it anymore ,I just stop mining and my rigs are gathering dusts
Mining is fair only if you have free electricity ,you will still be able to make some pennies depending on the kind of mining setup you have though
there is nothing unfair when mining in this world and because thanks to miners, we can make the world transactions progresses much faster and better in daily crypto transactions, despite the fact that the crypto market is in down trend so miners are having a hard time to keep their business going on.
An interesting question that today is probably very relevant. I think that today there is a need to really hope that all the same cryptocurrencies have a very big chance to be profitable in mining.
As an individual i would not encourage you to invest your money into the mining of bitcoin or ethereum because you might not have enough resources to compete with all these mining pools and mining firms that have been established across the world. It's far better if you do trading with the funds that you have other than investing into mining. In case you are still investing into mining then i would encourage you to run a masternode of a very solid and popular project because with that you don't need to compete but all you need to do is to acquire the collateral coins for running a masternode and you would be eligible to receive block rewards.
I say rough idea because many factors related to your mining profitability are constantly changing. A doubling in the Bitcoin price could increase your profits by two. It could also make mining that much more competitive that your profits remain the same.
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?
Mining coins nowadays seems not too profitable anymore because the cryptocurrency market has not recovered from the bearish market.
What makes i wonder, the difficulty of mining is not decreasing too much. If many miners stop mining coin because the price is bad,
the difficulty of mining should decreasing significantly. I guess there are many miners who want to keep mining despite the low profit.
No, I do not believe in a pow mining. I believe in pos mining, where you an hold the stakes and recieve a profit, without any electricity.
Mining is now a job that can be done by those who has power and money. With the big players taking part in mining, ordinary miners cannot make money. Balances can be changed with the arrival of POS in Ethereum.
You are going to be in lose if you are mining at this price but still lot of miners were working because they have the capital for their expenses so they will hold the mined coins until they will reach the profitable price,if you also can follow that then you can mine it,but better invest on those amount into something to make more profits.
Mining if not good now than even not bad either. The question is which going you are mining. If the coin is good and you follow hold policy then it can give you good return in no time. But if you frequently change coin then it become difficult to cover the cost of processor
Because of the reduced market price and the rising difficulty rate, mining is not as profitable as it used to be for most miners. But I think mining is still very good for wise miners that are not mining for immediate profit but are researching new and promising coins with low difficulty and mining them in larger quantity to HODL for long-term or when they become successful.
When you say "powerful processor” that does not come cheap. To me, mining is disappearing into thin air. It is becoming more of a thing for those with a good amount of cash rather than its availability to the average miner the way it used to be, a few years back. The way it is now, a time may come when mining of coin will disappear completely.
Powerful process is too expensive that may not be return your investment on that hardware on this day when mining. mining now is not profitable and the difficulty is too high.
When you say "powerful processor” that does not come cheap. To me, mining is disappearing into thin air. It is becoming more of a thing for those with a good amount of cash rather than its availability to the average miner the way it used to be, a few years back. The way it is now, a time may come when mining of coin will disappear completely.
Presently I regret ever building mining rigs because its so obsolete now I'd better off invested the money on good coins and tokens ,now I can't even sell them off because it will be a huge total loss for me,I've learnt my lesson its always better to invest money on coins than mining rigs
Its not always better but you just can't buy a mining rig anytime, I've got mine about 2 years ago and made some nice profits from it on a daily basis and ended up with much higher profit margins in the end, due to the bull run in late 2017. Buying a rig in 2019. would be a joke of course, and it is better to buy coins now.
Presently I regret ever building mining rigs because its so obsolete now I'd better off invested the money on good coins and tokens ,now I can't even sell them off because it will be a huge total loss for me,I've learnt my lesson its always better to invest money on coins than mining rigs
I have mining setup that cost me around 1,200$ and I got into the game in 2018 after bullrun well the news is I haven't make back my investment yet and I'm so far from reaching it ,I guess I got into crypto at the bad time ,now mining is far from been profitable, its been months since I run my mining rigs ,not just a good time
Due to the downfall in the market it is impossible to Earn from mining as the electricity consumption is more than normal also the bill is higher than the profit which comes from mining. Apart from that you need to invest a lot of money for buying cords and other stuffs which is very complicated.
You got free electricity (or extremely cheap) in some countries. So it is still viable. Once the profit is gone you can always mine coins you suspect might rise in price in the future, so it won't be profitable at the moment, but can be in the future. That is what I did more than a few times when my graphics card wasn't good enough anymore, made money even from that mining where I was losing money on a monthly basis.
Due to the downfall in the market it is impossible to Earn from mining as the electricity consumption is more than normal also the bill is higher than the profit which comes from mining. Apart from that you need to invest a lot of money for buying cords and other stuffs which is very complicated.
Mining becomes unprofitable, as costs increase, and mining becomes more difficult. The only ones who have profit in this situation are large companies.
Jump to: