ETH switching to PoS could definitely bring disaster for small scale miners since ETH is what they have been mining ever since years ago but there's always alternative coin to mine but buying graphic card or any other mining rigs isn't really recommended considering that so many big players out there are the one who gain the most and small fry miners are gonna get crushed.
Mining is profitable only if the competition is not so tough and the difficulty is not too high otherwise just switch to other invetsment.
Topic: Don't venture into something you aren't completely sure about. - page 3. (Read 418 times)
September 05, 2020, 08:08:16 AM
September 05, 2020, 08:02:33 AM
You are pointing out that crypto mining nowadays is not profitable anymore? IMHO, I don't think so, look at Ethereum now the miners are struck another goldmine due to the insane increase of transaction fees, but only for Ether. and I'm sure it was a quietly different situation in other mineable altcoins.
September 05, 2020, 04:34:17 AM
If you aren't fully prepared for what's coming don't jump into mining, miners have been in bad shape since last bullrun in 2017 to early 2018 and many shut down their miners, just because it's profitable to mine right now doesn't mine things will remain the same for miners, another thing to be worried about is ETHASH Algorithm, this Algorithm is the most profitable but the best coins on this Algorithm ( ETC and ETH ) are changing to POS and other algo soon, meaning your gpu will be less profitable too, it's better to buy coins unless it's your hubby already.
Do you refer to Bitcoin miners when you said that miners are in bad shape since the last bull run which happened late in 2017? The price of Bitcoin has already more than tripled since the lowest days of Bitcoin's price which was around $3,000, that's in 2018.
I don't think there are so many Bitcoin miners who are now shutting down. Imagine that halving has already happened months ago but still the hashrate of Bitcoin is still on a very healthy level. The difficulty also did not drop even after months proceeding the halving.
Everything is doing perfectly well except if you are mining a shitcoin which is fast dying.
September 05, 2020, 03:53:32 AM
Mining is only profitable for the ones that can get electricity cheap (or free) and have a good knowledge of GPU farms. With a small profit everyday, your devices would roast before they'd ever get their ROI.
Indeed. If you can get that setup then it's worth to go for it, though the mining setup itself is very expensive, enough to be
used if you change plan and go with trading or investing with coin that you desire to mine, it's very important to gained deeper knowledge
before you proceed with this, as being compensated will take longer time from this setup.
You can mine for educational purpose but don't intend to make a profit from a couple of GPUs while paying for your electric bill. There are many new GPU mineable coins but almost all of them are worthless.
That's the reality. If you tend to mine using few gpu's or small mining set up the competition is really tough as there are many big farmed
who also knowledgeable in picking profitable coins.
September 05, 2020, 03:40:17 AM
I understand yes that mining now isn't too easy and profitable because of the expenses of electricity bills but if you can get such at an environment that it comes lesser, then that aspect has taken down your challenge. After the 2017 bull, miners have actually been facing certain issues especially for profit because you can't do business in an environment or situation without profit.
September 05, 2020, 02:35:39 AM
Mining is only profitable for the ones that can get electricity cheap (or free) and have a good knowledge of GPU farms. With a small profit everyday, your devices would roast before they'd ever get their ROI. You can mine for educational purpose but don't intend to make a profit from a couple of GPUs while paying for your electric bill. There are many new GPU mineable coins but almost all of them are worthless.
September 05, 2020, 02:30:47 AM
If you aren't fully prepared for what's coming don't jump into mining, miners have been in bad shape since last bullrun in 2017 to early 2018 and many shut down their miners, just because it's profitable to mine right now doesn't mine things will remain the same for miners, another thing to be worried about is ETHASH Algorithm, this Algorithm is the most profitable but the best coins on this Algorithm ( ETC and ETH ) are changing to POS and other algo soon, meaning your gpu will be less profitable too, it's better to buy coins unless it's your hubby already.
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