Future of Bitcoin Mining? Difficulty has increased so much in the past few days.

BitcoinIntern

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Quote from: pereira4 on September 19, 2017, 10:24:38 AM

Quote from: BitcoinIntern on September 19, 2017, 10:22:36 AM

What do you guys think is the future of Bitcoin Mining? Difficulty has increased so much in the past few days. Let me know your thoughts. Thanks.

The difficulty will keep increasing along the price as the mining operations keep expanding, but I predict a possible chinese ban on mining which will finally put an end in Bitmain's monopoly, so that would actually be bullish even if temporarily the market corrects.

I think there's a lot of hashrate already and we could easily survive with less hashrate so im not worried about that.

I doubt that will happen tho, because Bitmain is founded by Chinese government.

So does increasing difficulty has any direct correlation with increasing price? I doubt it...

Also, what is the Chinese government bans bitcoin mining in China plus the manufacturing of the equipment as well? Then everybody suffers? Or you think Bitmain will relocate? Thanks to everyone for responding

amacar2

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Bitcoin mining is not profitable right now and in future it will be almost impossible for any miners to get profit if they are paying really high price for electricity. Mining is only profitable if you are in place where electricity is free or price is really low like 0.04$. Even this price will be be expensive when block reward will be halved many times in coming years and also when mining difficulty will increase exponentially due to high demand of bitcoin.

To me, mining is not profitable because we have to pay over $0.10 for 1 kiloWatt electricity. Grin

Ucy

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Quote from: pereira4 on September 19, 2017, 10:24:38 AM

Quote from: BitcoinIntern on September 19, 2017, 10:22:36 AM

What do you guys think is the future of Bitcoin Mining? Difficulty has increased so much in the past few days. Let me know your thoughts. Thanks.

The difficulty will keep increasing along the price as the mining operations keep expanding, but I predict a possible chinese ban on mining which will finally put an end in Bitmain's monopoly, so that would actually be bullish even if temporarily the market corrects.

I think there's a lot of hashrate already and we could easily survive with less hashrate so im not worried about that.

I doubt that will happen tho, because Bitmain is founded by Chinese government.

Chinese government really owns Bitmain or just a conspiracy theory? I have a feeling HYPOCRISY would never let the greedy ban mining.
What a world lol

pereira4

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Quote from: BitcoinIntern on September 19, 2017, 10:22:36 AM

What do you guys think is the future of Bitcoin Mining? Difficulty has increased so much in the past few days. Let me know your thoughts. Thanks.

The difficulty will keep increasing along the price as the mining operations keep expanding, but I predict a possible chinese ban on mining which will finally put an end in Bitmain's monopoly, so that would actually be bullish even if temporarily the market corrects.

I think there's a lot of hashrate already and we could easily survive with less hashrate so im not worried about that.

I doubt that will happen tho, because Bitmain is founded by Chinese government.

BitcoinIntern

full member

Activity: 210

Merit: 100

What do you guys think is the future of Bitcoin Mining? Difficulty has increased so much in the past few days. Let me know your thoughts. Thanks.

Topic: Future of Bitcoin Mining? Difficulty has increased so much in the past few days. (Read 334 times)