Topic: Ethereum Reduces Block Reward | ETH GPU Mining Will No Longer Be Profitable - page 2. (Read 8775 times)

what if. . every coin . . is a shitcoin 

Im not going to argue with you bro, Do your own damn research , invest in minexbank no one cares ,

what I do know is is if BCI is a shitcoin at 25million cap, so is BTG AND BCC they are both forks of btc and the have caps of 300million and over a billion respectively.

/shrug

Bro:  https://minexbank.com/

"Unlike traditional banks, in MinexBank you do not need to transfer your funds to anyone in order to receive interest on open deposits. All you need is to “freeze” funds on your own wallet without fear of losing funds as the result of unauthorized access to the centralized traditional bank." 

You are in denial if you think BCI is anything more than a shitcoin.  It was forked away from bitcoin in December when prices were through the roof and a new (and pointless) fork was created every week to capitalize.  If you read the first 10 pages of your announcement its obvious they were just making it up as they went along.  They had already secured an exchange before their mainnet even launched!

Probably why they keep postponing POS.  Inflation will definitely go down when the difficulty bomb hits.  Either way, ETH miners should prepare for rewards to get lower and lower.  Whether that means lower earnings will depend on price and hashrate.

Like I said you have to your own research, If it means anything the hash rate has doubled in the last day, and this is with no one able to withdraw to any exhange.

What am I missing then? I have done a fair amount of research on BCI. Even in one of the dev videos they stated that eventually they would like the staking ability to happen directly from within the wallet. So what is the difference with this new method of staking? whitepaper isn't clear about that from what I recall.

No one is talking about wallet staking thats , super old tech ...

stop buying the fud and do your own research, what BCI does is completely different from a usability
and technical standpoint its like the Ethereum blockchain vs Bitcoin in terms of innovation.

Stop with the fud, you can mine xmr , cn heavy for near double that profit , eth is going pos anyways so its better we leave it to the asics, they can have it

Well looking at WhatToMine and putting in an RX 470 as an example hashing at 27.6mh/s and using 10 cent power yields about $0.40 revenue and after power $0.09 profit.

So at this point you really are better off just selling the GPU and just buy the coin instead. Or at least just mine until the block rewards are reduced and pretty much hope for the best.

Mining to make less then 10 cents before any Claymore or Pool or Exchange or Bank Fees is not worth the hassle.

The earliest I recall is a few Scrypt coins that do this from within the wallet since 2014-15

Correct, I mined about 200 BCI on batch 1 mini. I've been checking hitbtc for weeks but deposits are still closed for reasons I don't know. The only other possible option I see is tradesatoshi which charges high deposit/withdrawal fees and only sees like $100/day or less in volume making it very difficult to sell near market value. True, the global equihashrate was high, but BCI only saw a small % of that. Usually <5 MH/s with the exception of a few very high spikes per day leading me to believe it was probably being 51% attacked. (which may be why hitbtc deposits are locked and why they forked)

Which is still pretty high. Bitcoin´s inflation rate will go down to 1.8 % after the next block
reward halving in 2020. 4.5 % inflation implies a lot of sell pressure by miners on top of the sell
pressure by ICOs that are looking to cash out their raised ETH. This will drive the ETH price even lower,
which makes GPU mining even more unprofitable.


Many people doubt if PoS is even viable in the long-term. Of course a few obscure altcoins
have implemented PoS and everything seems to work fine, but this is not a guarantee that it would
work equally well for a cryptocurrency with a higher market cap like ETH. ETH is obviously
a much more attractive target for people with nefarious intentions that know how to
exploit weaknesses in PoS.

Besides, I´m still not sure how realistic the change to PoS even is. The ETH developers
are just postponing the switch to PoS all the time, which could be seen as an indication
of intractable problems.

Already they have copied an idea and claimed to be the first.  Minexcoin has offered this "decentralized staking" for over a year now.

Right, I mean if your channel was focused on coding and developing, you would of course be talking about a different aspect of this change.    Now what you said makes sense, the more ETH you have/mine would naturally make you more invested in the project.  However, I think most people belly-aching about this aren't looking at the long term and instead the short term.  Which makes sense to a degree;  You laid out the earning in your video, and if someone bought a bunch of equipment explicitly to mine Ethereum (read AMD cards) then their cheeks are getting stretched to fissure and are about to apply the burn gel.  

If you look at this from an economic standpoint though, current annual ETH inflation is 7.4% and this change will bring it down to 4.5%.  Once POS is implemented it will be under 1%.  For a frame of reference the current annual Bitcoin inflation is 4.25%.  There is a oversupply of ETH and currently ETH is overpaying miners (not going to be a popular opinion I know).  ETH has 34% of bitcoin's market cap but is paying out 80% of bitcoin's rewards.  Current ETH supply is over 100 million and in the last year $6.6 billion was paid out in mining rewards.  Paying miners is to secure the network, not make people rich.  Last year the reward dropped from 5 to 3 and since then the hash rate has grown to 3X what it used to be.  The hard truth is a lot of people jumped into the mining craze when prices were going up.  Now that they are back to earth there are too many people mining.  Eventually there will be an equilibrium.  The people willing to mine for a smaller profit will continue to do so and a certain part will drop out thus increasing rewards for those who stayed.

Im in the us and i use hibtc wallets are supposed to be opened soon, I don’t know about the interest payments but um the wallets stayed closed while they worked on solving true issues with current gpu mining instead of doing a half ass fix like BTG , the hash ratecon equihash was large but dominated by groups of z9 miners , I suspect you are one of them , I can’t imagine you bought any of your BCI ? Death to asics viva la BCI lol

Fair warning to anyone looking at BCI, There are no exchanges available to US residents i'm aware of that see enough BCI volume to where you can sell anywhere near market value at this time. Plus I have been weekly staking BCI for a few months and they only seem to pay out interest 75% of the time for whatever reason. Been trying to sell for a few weeks at market price now with little more than nibbles. The only thing I think progpow solves is a possible 51% attack which wouldn't have been a problem in the first place if they had a significant number of miners anyway.

hey hey heyyyyyyyyyyyyy

hey hey heyyyyyyyyyyyyy

I try to always be fair and unbiased but I do also voice my own personal opinion -- being a big fan of mining . . it is naturally in favor of mining (reasonably) FWIW

Not to start a huge debate but just one point I'd like to make, why would people care about a project they're not invested in?

I wouldn't classify it all as greed, it is more like being a part of something. If I can mine ETH, I can acquire ETH that way, I can support the ETH network, and then as I build more rigs / acquire more ETH, I naturally become more involved in the ETH community / ecosystem / vested interest in ETH success.

If all I have left to do is buy ETH, I would rather
(A) buy BTC a more established / renowned cryptocurrency also a more secure bet
OR
(B) I would invest into projects that are more speculative where I'd be more likely to see 10x returns (hopefully)

Yes of course everyone wants to make money, but not all people are fueled by only self-serving greed. I want to acquire a lot of cryptocurrency, be a part of something, and ultimately be rewarded for seeing the real use case / vision of crypto along w/ being a relatively early adopter

Otherwise if I do not stand to gain anything I am better off spending my time on a different job / business / other investments / hobbies etc -- granted I genuinely enjoy/love/ am passionate about crypto, and the above reasons are why I personally pursue it.

bitconnect used to be up all the time too lol

what really turned me off big time in my initial research on BCI and also why I stopped researching them is the fact they're buying social media accounts

https://www.facebook.com/BitcoinInterestBCI/




https://www.facebook.com/VoskCoin/




Posting my facebook for reference, which is over a year old and I've posted on average probably every 3 days, I have a tiny fraction of their likes, and more engagement on my last post which was not a super interesting post or anything. You can dig through their page and find the same.

Their listing on bitfinex is interesting as well



I am happy to see a project implement progpow, like . . very happy. Finally gives decent real world testing

I'd take BCI over BTG though I guess, BTG massive premine and just muddying up the BTC waters further  -- Not that BCI won't do that eventually but they're too small for now to muddy much up at all lol