Today i saw a video about mining and thought i should give it a try,.... So i downloaded the software and using the btc calculator, calculated the profit. . i was in loss with my current hardware, and i just can't buy new hardware requured for the purpose... So i dropped the idea at once.. Also, my laptop became really hot within minutes of running the software...
by the way i am nrw to the btc world and this forum..
Topic: I am out of the mining game :( - page 3. (Read 44673 times)
By principle same will happen with less "amplitude" (if it is the right word)
12.5BTC will be mined every 10 minutes in average...for 25BTC now...
Many people will then mine and lose...certainly...
Miner hardware will then be sold...for low price.
12.5BTC will be mined every 10 minutes in average...for 25BTC now...
Many people will then mine and lose...certainly...
Miner hardware will then be sold...for low price.
i'm impatient to see what will happen after the halving.
The only reference we have is the 2012 halving, but the overall market conditions are completelly different. These days halving from 50 to 25BTC resulted in absulutely nothing:
i'm impatient to see what will happen after the halving.
BURST remains profitable to mine, and hardly takes any power at all, you can run 40TB of HDD space, with a single decent laptop. You can even mine with raspberry pi. Which I think will run 8TB... and drives will cost you nothing in power, are relatively inexpensive to purchase, and have great resell value. So it's kinda funny that people aren't jumping all over it.
But... the time is near. I see the people who used to support hardcore BTC mining, dwindling in their support of it, I see the people who used to love BTC, moving on to love a new tech that makes mores sense as far as sustainability... I mean really, do we all think that when EVERYONE knows about crypto, that mining with ASICs is still going to make sense?? Where is all of this power coming from? Or are we going to give in and just allow a few central authorities to run the entire network? Then if so, have we even gotten anywhere with this whole venture?
BURST has everything that BTC doesn't, and so much more. Not to mention working Automated Transactions before anyone else, and without any funding whatsoever. While ETH was still thinking, and collecting millions to help, BURST had proved the existing ability to make use of its Automated Transactions.
Don't get me wrong, there are a few other projects that will be amazing as well, but BURST is definitely one of them.
Running a hard drive for 60-120 seconds every 4 minutes or so, and a CPU or GPU at partial capacity to read that HDD, is nothing. It is basically the same as running your computer, without mining.
If you disagree, I challenge you to try it.
If you like mining, what have you got to lose? Not power, maybe a few hours time in learning an awesome technology? That's sad, why would you want to do that... lol
But... the time is near. I see the people who used to support hardcore BTC mining, dwindling in their support of it, I see the people who used to love BTC, moving on to love a new tech that makes mores sense as far as sustainability... I mean really, do we all think that when EVERYONE knows about crypto, that mining with ASICs is still going to make sense?? Where is all of this power coming from? Or are we going to give in and just allow a few central authorities to run the entire network? Then if so, have we even gotten anywhere with this whole venture?
BURST has everything that BTC doesn't, and so much more. Not to mention working Automated Transactions before anyone else, and without any funding whatsoever. While ETH was still thinking, and collecting millions to help, BURST had proved the existing ability to make use of its Automated Transactions.
Don't get me wrong, there are a few other projects that will be amazing as well, but BURST is definitely one of them.
Running a hard drive for 60-120 seconds every 4 minutes or so, and a CPU or GPU at partial capacity to read that HDD, is nothing. It is basically the same as running your computer, without mining.
If you disagree, I challenge you to try it.
If you like mining, what have you got to lose? Not power, maybe a few hours time in learning an awesome technology? That's sad, why would you want to do that... lol
I think that mining was profitable the last few days.
Maybe the difficulty was more than before but it worth maybe.
But after the halving period i think most of miners will quit.
Maybe the difficulty was more than before but it worth maybe.
But after the halving period i think most of miners will quit.
It is profitable in the last few days if you mine and sell instantly. If you wait for a few more day, the price will drop, then you are not making profit.
You make an excellent point. We all do calculations on Difficulty, electric cost etc and compute how much money we will make in a Day. However an even more important factor that is easily forgotten is what will the mined BTC be worth when converted back to Local Currency...
Rich
I think that mining was profitable the last few days.
Maybe the difficulty was more than before but it worth maybe.
But after the halving period i think most of miners will quit.
Maybe the difficulty was more than before but it worth maybe.
But after the halving period i think most of miners will quit.
It is profitable in the last few days if you mine and sell instantly. If you wait for a few more day, the price will drop, then you are not making profit.
Do you guys think there will be a time when mining will be that much difficult that it will take one day long to mine 1 ??
For an individual, it will take longer time to mine one certain unit of bitcoin if the difficult rises.
For all the miner as a whole, there should be one block (25 bitcoin) every 10 minutes, this time varies and is random.
you have some confusion about solo vs pool, the time is actually the same, but the solo miners will take more because the reward is more, for the pool will take less because they will earn less
if the diff was always constant, with 10 tera a solo miner will earn one block in 300 day, and in the pool it's the same, he would earn a full block in 300 days, but in the maintime he would earn small portions of his future block every day
I think you are also missing a very significant point here. A solo miner will earn one block on average in 300 day. He could earn it Tomorrow or never in his Lifetime. On a pool you will earn a full block in 300 days.
Rich
And if you co-mine in my team you are sure to get few satoshi if you do not reach the pool minimum payout.
I think that mining was profitable the last few days.
Maybe the difficulty was more than before but it worth maybe.
But after the halving period i think most of miners will quit.
Maybe the difficulty was more than before but it worth maybe.
But after the halving period i think most of miners will quit.
Do you guys think there will be a time when mining will be that much difficult that it will take one day long to mine 1 ??
For an individual, it will take longer time to mine one certain unit of bitcoin if the difficult rises.
For all the miner as a whole, there should be one block (25 bitcoin) every 10 minutes, this time varies and is random.
you have some confusion about solo vs pool, the time is actually the same, but the solo miners will take more because the reward is more, for the pool will take less because they will earn less
if the diff was always constant, with 10 tera a solo miner will earn one block in 300 day, and in the pool it's the same, he would earn a full block in 300 days, but in the maintime he would earn small portions of his future block every day
I think you are also missing a very significant point here. A solo miner will earn one block on average in 300 day. He could earn it Tomorrow or never in his Lifetime. On a pool you will earn a full block in 300 days.
Rich
Do you guys think there will be a time when mining will be that much difficult that it will take one day long to mine 1 ??
For an individual, it will take longer time to mine one certain unit of bitcoin if the difficult rises.
For all the miner as a whole, there should be one block (25 bitcoin) every 10 minutes, this time varies and is random.
you have some confusion about solo vs pool, the time is actually the same, but the solo miners will take more because the reward is more, for the pool will take less because they will earn less
if the diff was always constant, with 10 tera a solo miner will earn one block in 300 day, and in the pool it's the same, he would earn a full block in 300 days, but in the maintime he would earn small portions of his future block every day
Do you guys think there will be a time when mining will be that much difficult that it will take one day long to mine 1 ??
For an individual, it will take longer time to mine one certain unit of bitcoin if the difficult rises.
For all the miner as a whole, there should be one block (25 bitcoin) every 10 minutes, this time varies and is random.
I do not agree
To mine a block it takes always 10 minutes no import the dificulty.
if the difficulty rises it is because we are more numerous to mine or because more is mined.
I'm guessing if these prices hold up, we'd see a lot of people going back into mining again.
Good times ahead, I hope.
Good times ahead, I hope.
Do you guys think there will be a time when mining will be that much difficult that it will take one day long to mine 1 ??
For an individual, it will take longer time to mine one certain unit of bitcoin if the difficult rises.
For all the miner as a whole, there should be one block (25 bitcoin) every 10 minutes, this time varies and is random.
Do you guys think there will be a time when mining will be that much difficult that it will take one day long to mine 1 ??
The difficulty is adjusted, Up and Down, every 2016 Blocks, about 14 Days, such that a Block on average is solved every 10 Minutes. So no it will never happen.
Rich
+1
it's allways 10 minutes.
What is changing is how much each miner get for his mining.
I mine for the fun 500 satoshi per day.
I will never roi my investment and I even do not count the electricity cost.
In my pool we are 250 or so.
let suppose that 1000000 people do the same.
then it is possible that the big miners lose cash.
They cannot loose cash like all the miners like me.
Here is the problem for miners...not for the bitcoin.
Do you guys think there will be a time when mining will be that much difficult that it will take one day long to mine 1 ??
The difficulty is adjusted, Up and Down, every 2016 Blocks, about 14 Days, such that a Block on average is solved every 10 Minutes. So no it will never happen.
Rich
Do you guys think there will be a time when mining will be that much difficult that it will take one day long to mine 1 ??
I once was a miner, and had a few Gridseeds laying around to mine alt coins and then exchange them to BTC. Unfortunately, I've quitted too because mining cost was too expensive. The electricity rates and having to compete with different miners/hashrate makes it somewhat unprofitable. Difficulty would rise as well, making your current mining gear obsolete. Still, I'm thinking of returning to it someday (probably between Christmas or summer) 
Only mine during the winter and treat the miners as space heater. Otherwise there is not much point to mine with high electricity price and high difficulty.
Mining directly is not for most people. If you think price will rise, just buy some bitcoins.
With high bitcoin at the moment, the difficulty will rise quickly. Most people will not ROI if they over pay the mining machines.
With high bitcoin at the moment, the difficulty will rise quickly. Most people will not ROI if they over pay the mining machines.
Yup it is not for most people, you will need knowledge in mining and you need to gamble in what to buy and computing the expenses that will come up to you, and buying some bitcoins you will need to wait when bitcoin will go up again, not in mining if you done it right you will always ROI when bitcoin increases!
I once was a miner, and had a few Gridseeds laying around to mine alt coins and then exchange them to BTC. Unfortunately, I've quitted too because mining cost was too expensive. The electricity rates and having to compete with different miners/hashrate makes it somewhat unprofitable. Difficulty would rise as well, making your current mining gear obsolete. Still, I'm thinking of returning to it someday (probably between Christmas or summer)
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