Topic: Is mining going to die? (Read 1155 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.

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.

This, exactly.

Its unbelievable how many people repeat this stupid argument.

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.

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???

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.

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.

POS is a centralized scam. You're an idiot.

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... 

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.

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.

mining is always profitable in a bull market. if it turn bear.... I hope the difficulty will also drop...

It's profitable due to the amount of altcoins popping up and you can see electricity cost is a major factor in the profitability of mining altcoin especially for me in Australia.  In my calculation, it eroded a quarter of the earning when looking at ROI within 6 months.  In some countries the electricity cost is very low, then it would very profitable.

The other reason why it is not so good in Australia is because of the cost of hardware is more expensive than in USA.  Like the video cards which sold in USA is around US$340 and is equal to roughly A$400, but if you are to buy it in Australia it will cost $500.  A huge $100 different and six video cards will cost $600 more.  Not to mention all the other parts like CPU and motherboard.

he price of the digital market is very volatile and the price could swing up and down very quickly.  The result is you can make money quickly but you can also lose money.  As for mining, you will get a stable income and you won’t lose all your money even if mining becomes unprofitable.  Because you can sell your hardware and get back some of your money.

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

Mining is wasteful in that the total electricity used for mining last year was more then a lot of countries use in a year.

If there are safer and better way of making the network work with security and effectiveness, energy hungry process of mining should die.

I think it will die, but it will take a while, so we need to get the most of it while we can.

yes, it will kill mining according to my point of view.

 Not sure how you figure that - the ONLY coin I've seen get into the top 10 by total valuation that is NOT mineable is Ripple (Ethereum will get there eventually, but not for probably another 6 months at least and more likely a year).

 What are these 5 top 10 coins that you claim to not be mineable?



 And no, I don't see mining dying anytime soon IF ever.
 

Definitely possible in the long run.  Hoping we can hold out for a few more years.

Yes.it will kill mining...

I doubt if the minning will disappear in the near future, because the Bitcoin will run out in 2140, Then, if it has reached its time, will the 'pieces' Bitcoin will run out?
No, Because the fee of each transaction will be returned to the source, then the source will generate a new number that will be captured by the miners

It won't kill mining.  There are plenty of coins out there that are still profitable to mine.  You just have to do your research.  ASIC or GPU?  Do you have access to cheap or free electricity and so on...

People who think coin mining is a serious energy concern have no idea what kind of energy other things take.  It's all relative.  If you think coin mining is a waste of energy then so is every other modern technology you take for granted.  Let's turn off the internet, think of the power usage it is wasting running all those servers and networking gear, not to mention the cooling.

Go research what energy other things take up.  It's hilarious to me that people think 1200W is a lot when 10 years ago every light bulb was 75W alone.

Sorry to get frustrated it's just a lot of FUD in crypto and so many people are just eating it up and regurgitating it without thinking it through.

Everything else takes up so much energy that if you're concerned about crypto mining you are concerned about everything. If we don't find a way to get sustainable energy then everything else we do will be what brings us down, not crypto. World energy consumption is in the 100s of thousands of terrawats and crypto is like 7 or 8 of that.

I think the number of mining coins needs to decrease, which is not in favor for me as a miner but the growth of these markets has exploded at such a rate than it will take a long time for enough miners to up the difficulty and bring the profits back down to earth, and all that electric and heat output is just plain scary. I don't mind it since it's warming up rooms in the winter but we can' keep this mining fiasco up forever. Lets enjoy the mining for maybe 2 more years as we hopefully watch the majority of shitcoins die and leave only the few and solid POW coins to survive, let the block reward reductions over time regulate these few coins from over expanding.

Anyway, I would discuss what coins should die and survive but that is not for this subforum

Because it's not more secure.  Not even close.  The power usage is also negligible compared to literally every industry.  It's like saying drippy faucets are a water wasting problem as millions of times more water is used on industrial farming operations.

Also, the problem is not using energy, the problem is that we are not getting our energy in a sustainable way.  If we don't get energy from a better source in the future mining s the least of our problems.  As I mentioned, gold mining alone uses like 15 times the energy of crypto.

PoS security and energy usage are two separate issues.  Basically for PoS if it doesn't require and energy and is easier, it's going to be less secure by nature.  Proof of work is secure because it requires work.  There is a lot more to it than that and it depends on how the PoS is set up.  What Ethereum was proposing last year was an absolute joke of an idea though.

Here is a good article on energy consumption and how that narrative is way overplayed.  PoS coins like to have centralized marketing so its hard to avoid this FUD...

https://srsroccoreport.com/bitcoin-vs-gold-which-ones-a-bubble-how-much-energy-do-they-really-consume/

There will be almost asic like gpu for the coming decades, more powerful cards and cpu. I think it will stay for quite a while. People just need to buy the same rigs other people are using so they dont suffer from high difficulty. Worst case on power consumption will be similar to ant miners, knowing this people might invest on large tesla batteries and solar panels while connected to the grid. Main goal of cryptocurrency is untraceable, decentralized, non taxable transactions(basically swiss bank 2.0). Unless someone made a coin that is like monero/cryptonight coins that is also pos/tangle/masternode/extremely fast transactions to save energy then pow will stay.

Ps. You might ask "if cryptocurrency is inherently bad for big governments then how is the system going to adapt?"  Short answer: Address holders will have to give their view key(only to govt.) and tax accordingly, if people/businesses have been found endorsing/making transactions on unregistered address they will be held liable.

A flood of people will get cheap as chips VR capable video cards. VR will have a big boost in sales. A new wave of video game playing zombies take over the world (from home). Delivery pizza sales go through the roof.

No reason you can't use the BTC motherboard for a PC. The H110 is very up to date with DDR4, LGA1151, ATX standard size. Stick a 3.5Ghz+ i5 or i7 in there with one of your GPU's and you have a hell of a PC.

Risers look good as Christmas tree decorations. A yearly reminder of the fun you had.

Rig Frames - well that's why I bought IKEA shelving (this one http://www.ikea.com/ca/en/catalog/products/20213312/). Multi level, used thick wire goinng horizontal across the back and front, about 2" from the top of a shelf, attached the GPU's to the wire with zip ties. PSU and motherboard underneath. A rig on each shelf and save on the price of the overpriced rig frames. And you have a nice shelving unit after.

I believe that this technology will defo be the new currency of the world
I think in the next 5 to 10 years all most everyone in the world will own some sort of
 Crypto currency weather it’s mineable that’s some thing am not sure about

I think if it becomes the new currency of the world then it won’t be mineable
Just like real money is not allowed to just be made

Not that I no alot about this as such but that’s how I think

The banks will find some way of making it work for them and not us
There is to much for the banks of the world to lose

Yes, mining will be there for quite a long time or until our lifetime, and more than that.
And miners are going green like utilizing the power of sun & other natural resources to address the high electricity bill incurred.
So mining will not die anytime soon. A lot are still earning from mining cryptocurrencies.
They are essential also to run the blockchain.

Not going to happen any time soon but it will be harder to get bigger profits as that will need more time invested in exploring new coins.Shitcoins are the way to go if you want to have 10$+ per 1080ti for a longer period,there are so many new coins coming out with new weeks with all that masternodes hype

Really?   You have some home based miners installing separate 200A 3 phase electrical services in their homes for mining. An efficient 6 card 1080ti rig runs at like 1200W, all day every day. Thats a lot of power, and just one example. Not even mentioning ASIC miners, big business (data center) mining, or the resources required to manufacture the all of the required hardware.

Just saying, if you had a coin that doesn't require all of that and is more secure, why wouldn't it be superior?

This energy consumption narrative is garbage.  It is not better technology to not have PoW.  Mining crypto uses like 1/15th of the energy involved with gold mining alone.  Let alone gold transportation or other things involved with the just Gold.

Most of these top non minable coins got their valuation mainly through a completely overhyped ICO in a mania.  ICO have mostly been BS non functional vaporware scams and PoW mostly functional.

There is a frustrating lack of common sense in crypto, and it leads to people not doing research on their own and regurgitating crap.

Gpu mining at home might not last if it gets industrialized,  but crypto should resist that to keep decentralization and censorship resistance.  That which is the only reason crypto is what it is....

In my opinion, mining as we know it is a fad and will most certainly die eventually. Every day miners are expanding their rigs while others get into the game, this will drive up difficulty and reduce overall profits. Meanwhile, new coins are being created with better technology that don't require mining at all because there is a real impact on the environment via energy consumption and a significant amount of raw materials associated with mining. This cant scale into the future.

What happens next is once mining becomes unprofitable, everyone will start selling of their rigs. The used GPU market will be flooded and NVIDIA/AMD won't be able to sell new graphics cards. Meanwhile, good luck selling your BTC Pro motherboad, risers, and expensive mining frames on ebay because nobody is mining anymore.

My advice: if you are mining strictly for quick profit, get out now, sell all of your hardware and put the money straight into crypto. While its true you can make some nice coin right now, nobody can honestly say how long this trend will last.

Don't get me wrong, I think mining will do well in 2018 but I doubt a 6 card mining rig will be able to do a whole lot in a couple years. Just look at where things were just a few years ago when you could mine bitcoins with your CPU.

At this moment in time, I think if you mine and HODL the right coins, you can make some nice profit in the future. As for myself, I have more than a few thousand invested in mining but I do it primarily because I enjoy computers and building / tuning different rigs, my real investment is in the overall crypto market.

Mine with this in mind and stay up on whats going on so you can look ahead and know when to get out. The key is to stay ahead of the rush.

You're still safe for a couple more years at the very least.

It is like dotcom bubble was, when the people will realize that the value of the coins are pure speculation and there is no real value behind them, it will die, but until then happy mining  

Yea, only if cryptocurrency died first , mining is the mechanism that made all this possible , it's written in the bitcoin whitepaper POW is the way peer to peer became a reality , also i don't think any of POS or new way of proof will be better , security comes for a cost , energy is not wasted you pay it for the security of your coins which is real money.

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.

i do not think it is going to die
as there is still profitabilityin some coinjs
like monero and zcash
for exampleif you have over 500hash per second mining machine you will break even daily with zcash or monero
depend on the machine or hardware or gpu cpu  you get and with what price you get them
better try zcash now

It's a long way off dieing, there are always going to be new POW coins that can be mined so I don't see any issues for the next couple of years either.

Yes this is true, mining a the die

Definitely not within the next several years

More like 4 out of the top 10 are not mineable.  All of the top 3 (BTC, ETH, BCH) you can mine.  Ethereum was supposed to go PoS a year ago, so given the extent of the schedule slip, we could still be mining it in another year.

As long as crypto isn't perfected mining will exist. New technology almost always comes in the form of a new mineable alt coin. For example zk-snark.

There will always be miners around until 2140 (estimated) and until all Bitcoin blocks are mined, there is no way denying it. It might not be GPU and just random ASIC mining farms but mining is mining.

Interesting views. In the end, we never know. Maybe PoS will win, but security is very important.

I do not think that mining will ever disappear in modern reality. You can see that there are a lot of new coins with a high production rate (the reason is a little complexity) and if the project is intresting to the community you can earn a lot. At the moment I use Nvidia for mining Kalkulus, the extraction is very good (although to be honest I bought coins too).

I think mining will still be there for few years. Actually PoS will be over PoW, but there's the big gap to fulfill in implement process.
A lot of people said ETH will move to new phase PoS in Oct, then Dec, but yes, it's still just a plan.

Every time mining always grows to top not grow to bottom. IF a coin from POW to POS it's normal situations. Mining and are miners always exist.

Probably not any time soon

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.

Mining will die eventually. Currently, it is the best way to secure a blockchain. PoS is catching up and improving but PoW completely discourages attacking the network.

Until there is a protocol that is as bulletproof as PoW, it is here to stay.

yeah it will kill mining......

obviously you are not a miner.

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.