Topic: Is mining going to die? (Read 1149 times)
One problem with mining is that it takes so much electricity to mine. Just look at bitcoin! Transaction fees are going to get bigger and transactions times may get longer. Right now, what is the power output of mining? It takes more energy than some countries? It will be interesting to see what we come up with in the future to combat the high electricity costs of mining.
when it dies most of us will be dead so no not in our life times or most living now won't see it die unless it's band world wide ....that said one day it will but that's many many years a way and some thing will replace it ...an none of us living now will see it .
It will not die, mining is running an algorithm that can change to make the coin more efficient. All coins are computer programs that can be improved and modified to accomplish any given set of rules. The objective of mining is rewarding the people who is in charge of confirm the transactions therefore if the algorithm change mining will be possible again.
Mining is not gonna die. The Prof of Work will die soon. Other more energy efficient ways of mining will appear and develop.
Mining isnt profitable now a days so most altcoins are going for proof of stake rather than mine with hardware which is costive and come with high electricity cost.
Wrong. Went through your post history and I find it interesting how one person can be so wrong on almost every post they make yet continue to keep posting.
Yes the alt-coin market is volatile, yes the difficulty is increasing as more miners enter the market, yes the barrier to start mining is rising relative to the cost of GPU's(You can't even buy a vega 64 anymore for under 800). Yet it's still profitable to mine now and will be for the foreseeable future, the market is subject to change and no one knows what will happen to crypto currency in 2018, but if you like taking risks now is the time to do it.
The (currently shut down) Alcoa Aluminum plant near Wenatchee WA has a power contract with the Chelan PUD that allowed them to use appx. 660 Megawatts of power from the 2 Chelan PUD major Columbia River hydropower dams.
660 MEGAwatts = ballpark 500 THOUSAND S9 units.
That's a lot of potential CLEAN POWER that could have been feeding a ton of hashpower (the plan was idled a little while back, but Alcoa is still on the hook for the charges related to that power under the terms of the contract).
I have no idea where that power is going now, due to the terms of the contract Alcoa "owns" it but is NOT allowed to resell it.
It would be interesting if someone like Bitfury or Caanan were to make an offer to buy out that plant - contract included - but I doubt they want to assume the existing liability ($45+ million owed per the last news I saw on it) associated with that contract.
660 MEGAwatts = ballpark 500 THOUSAND S9 units.
That's a lot of potential CLEAN POWER that could have been feeding a ton of hashpower (the plan was idled a little while back, but Alcoa is still on the hook for the charges related to that power under the terms of the contract).
I have no idea where that power is going now, due to the terms of the contract Alcoa "owns" it but is NOT allowed to resell it.
It would be interesting if someone like Bitfury or Caanan were to make an offer to buy out that plant - contract included - but I doubt they want to assume the existing liability ($45+ million owed per the last news I saw on it) associated with that contract.
The "mining is wasteful" talking point is garbage and should be ignored. There are industries that use 100X the energy of mining yet no one complains. The issue is not with mining but with the need to move to more efficient renewable energy sources in general.
This, exactly.
Its unbelievable how many people repeat this stupid argument.
Looking at the top 10 coins, 5 out of 10 are not mineable.
New 3rd generation coins, like Cardano, is showing a trend.
Do you believe this is going to kill mining like we know it?
This is a honest question.
I am not a miner but I can really tell you that traditionally, mining and blockchain technology will never die because the more projects that are developed the more opportunities to mining and I expect more projects to come up as far as blockchain remains. Mining the ten top coins maybe difficult but there are more than a hundred new coins coming into the market monthly. New 3rd generation coins, like Cardano, is showing a trend.
Do you believe this is going to kill mining like we know it?
This is a honest question.
im still mining and its still profitable till now..
jsut be smart to choose wisely, which coin will you mine. and maybe you need to forecast for bright future coins.
thats how i get most profit.
actually, mining is my source of income now. dunno till when, but i think it will be a good source of income for next few years.
cmiiw
jsut be smart to choose wisely, which coin will you mine. and maybe you need to forecast for bright future coins.
thats how i get most profit.
actually, mining is my source of income now. dunno till when, but i think it will be a good source of income for next few years.
cmiiw
Thousands of time many newbie asks this same question. I do not understand why you please skip reading the threads already for the same query. You can make money in all the time but as hardware upgraded for the bitcoin mining and other crypto currencies.
Still many people are mining the altcoins with the graphics card. Select the perfect card for mining the perfect coin you want to mine, then start invest on it.
Mining isnt profitable now a days so most altcoins are going for proof of stake rather than mine with hardware which is costive and come with high electricity cost.
block chain technology is moving on miners. if mining is stopped who will be run blockchain???
if mining is stopped then how transaction are confirmed???
if mining is stopped then how transaction are confirmed???
The "mining is wasteful" talking point is garbage and should be ignored. There are industries that use 100X the energy of mining yet no one complains. The issue is not with mining but with the need to move to more efficient renewable energy sources in general.
Proof of Stake is garbage. It's far less secure, unless it's a system where anyone can stake any amount. Mining also isn't wasteful, that narrative is stupid FUD.
Mining is wasteful in that the total electricity used for mining last year was more then a lot of countries use in a year.
Wasteful relative to what? If mining to secure the network is wasteful I guess we should go back to the caves because literally every industry including fiat currency uses more energy than that.
The whole point of crypto is decentralization and censorship resistance. So much stupid on here.
Mining won't die - well it will in its current form. Mining will evolve. What cryptocurrency has introduced with the blockchain, there will be new uses we haven't thought of yet. Crypto just happens to be very profitable right now.
Looking at the top 10 coins, 5 out of 10 are not mineable.
New 3rd generation coins, like Cardano, is showing a trend.
Do you believe this is going to kill mining like we know it?
This is a honest question.
New 3rd generation coins, like Cardano, is showing a trend.
Do you believe this is going to kill mining like we know it?
This is a honest question.
Mining will eventually die out. PoS is more efficient, Eco-Friendly, and has much less carbon footprint. Honestly, I hope mining never dies out but I know it's a pipe dream. Technology is always advancing and eventually, PoW will become obsolete and things like Tangle (Iota), Delegate System (Ark, Lisk) and masternodes (Dash, Sys) will replace it.
Ensure you always do your own research. Many people will tell you it is not profitable in order to keep difficulty down and keep people away to ensure it stays profitable for them. Will there be periods of time where you may mine to break even or at a loss? Yes its possible, however, there are also times where profit is great and once you pass the break-even point for your equipment its all profit.
As a miner, some can say is not profitable 
so people don't mine and just buy, difficulty will decrease and the rest of the miners will earn more coins... 
so people don't mine and just buy, difficulty will decrease and the rest of the miners will earn more coins...
Bitcoin will never die
Associated with the gap in mining Bitcoinmining gapPertambangan is the initial stage to form a value of the usersAwesome Miner is a powerful software for you who are interested to manage, monitor, and mine Bitcoin and all other popular crypto currenciesWhen mining minergate where our device died then stopped . In order to ensure the ultimate mining experience of Bitcoin.
Associated with the gap in mining Bitcoinmining gapPertambangan is the initial stage to form a value of the usersAwesome Miner is a powerful software for you who are interested to manage, monitor, and mine Bitcoin and all other popular crypto currenciesWhen mining minergate where our device died then stopped . In order to ensure the ultimate mining experience of Bitcoin.
I hope no ..
I have mined through bear as well as long as it cost you 3 and you make 4 keep going because when it turns again you will be kicking it.
In 3 years I have never turned my miners off, yeah sometimes it was close to breakeven but again hold until it turns and BOOM.
In 3 years I have never turned my miners off, yeah sometimes it was close to breakeven but again hold until it turns and BOOM.
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