Is the efficiency of mining BTC gone?

Ethan Argu

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Quote from: aoluain on December 10, 2018, 03:50:12 PM

Quote from: asyakashi on December 10, 2018, 12:49:13 PM

Quote from: bellamente on December 10, 2018, 06:29:42 AM

Now mining Bitcoin is unprofitable, but if the price of Bitcoin starts to grow, then all investments pay off quickly. I think now many have abandoned mining

I also agree with you, now mining is being abandoned.
I have an interesting link about this, this is the fact that miners started selling their equipment.
https://bitcointalk.org/index.php?topic=5082887.new#new

Some misleading comments here

Bitcoin mining is not profitable for some miners at the moment, others, the vast
majority are mining away no problem.

Not every miner has the same costs, electricity varys different from country to
country.

Some miners are selling equipment because there is new hardware coming
onstream shortly and as the markets are down this is a perfect time to sell.

Not totally gone. Maybe bitcoin will lay low to its popularity because some of the time like stakes there are times the prices are going low and some sort of time it will go higher than expected. Many of the mining companies are lay low it depends on the situation of the country thru mining. But their time that mining is popular and many supportive government and businessmen are investing in the mining industry.

zolfa

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mining will not gone, if the miner is gone, then the existence of the crypto world will not survive. Today, we see many miners having extraordinary mining equipment.

because they understand, that mining in the future will be more difficult.

kamBlanV

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BTC mining is not lost, if BTC mining is lost, then we will not see the hash battle, because the hash battle must sell a lot of BTC to win. between BCHSV and BCHABC.

and that big sale will not happen without miners.

mohammedmattar

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Merit: 20

I think we are at a crucial stage
In other words, this stage is the stage of big companies
Or miners capable of using the best mining equipment
Along with their ability to keep the currency until the price rises.

miner1.8

newbie

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Not really, still mine BTC till today, not efficient as it used to be obviously.
I sell weekly with Rialto escrow and buyers are always available. Don't listen to the FUD

Pab

legendary

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Quote from: CryptopieceOfficial on November 19, 2018, 03:44:13 PM

I would like to hear your views and experience.

I've been reading that Intel won patent for more efficient and less costly btc mining
Now many mining businesses have to shut down mining because of low btc price and energy cost increase.Now prices of hash double in China so only big boys are able to mine btc
Maybe it is yet another reason of low prices
Keep price low mine as many btc possible without competition than sell at much higher price
during halving time
It is similar how it was before previous halving

Abal Abal

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Activity: 602

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after the fall in the price of bitcoin, mining was no longer efficient, because on average the miners were still using electricity provided by the government, and the costs that were incurred tended to be expensive, even the results of mined bitcoin were insufficient to pay for the electricity bill.

bitvelk

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I'm not sure, but I think now mining is not profitable, because there is a lot of news that miners sell bitcoins and everything is bad.

Vladislav2306

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We have special page on this forum for such questions. People who already bought asics will continue to confirm transactions, because they want to receive their money back to their pockets.

aoluain

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Quote from: asyakashi on December 10, 2018, 12:49:13 PM

Quote from: bellamente on December 10, 2018, 06:29:42 AM

Now mining Bitcoin is unprofitable, but if the price of Bitcoin starts to grow, then all investments pay off quickly. I think now many have abandoned mining

I also agree with you, now mining is being abandoned.
I have an interesting link about this, this is the fact that miners started selling their equipment.
https://bitcointalk.org/index.php?topic=5082887.new#new

Some misleading comments here

Bitcoin mining is not profitable for some miners at the moment, others, the vast
majority are mining away no problem.

Not every miner has the same costs, electricity varys different from country to
country.

Some miners are selling equipment because there is new hardware coming
onstream shortly and as the markets are down this is a perfect time to sell.

Kopyleft

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Activity: 168

Merit: 15

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Which helps turn off less efficient machines and keeps the network a lean mean concentrated hashrate machine.

This could also decrease the decentralization of mining make it a more regulated protocol where new miners would have to register in order to get their rigs set up.

Then again it puts all existing miners on an equal playing field where each is using the same level of available tools.

asyakashi

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Quote from: bellamente on December 10, 2018, 06:29:42 AM

Now mining Bitcoin is unprofitable, but if the price of Bitcoin starts to grow, then all investments pay off quickly. I think now many have abandoned mining

I also agree with you, now mining is being abandoned.
I have an interesting link about this, this is the fact that miners started selling their equipment.
https://bitcointalk.org/index.php?topic=5082887.new#new

burky156

full member

Activity: 658

Merit: 112

Yes, it has gone like 8 month ago. I use to work with HashFlare, which was the best and most trustfull mining company and i made great money with them. But now my money is not working and i can't make any profit. It just stopped and gone.. They say the mining fees are more than the minings and that business got stucked. I made some researches and i saw that they weren't lying.. There is nothing left to do.. Do not try to mine BTC ever!

Showkat Hossain

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Merit: 0

Bitcoin is unprofitable, but if the price of Bitcoin is growing up, then all investments pay off quickly.

bellamente

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Now mining Bitcoin is unprofitable, but if the price of Bitcoin starts to grow, then all investments pay off quickly. I think now many have abandoned mining

anitaraymonds

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The activities of miners are directly proportional to the activities in the market. The more the market gets Bizier the miners get busier. It means one thing more money to the miners and the business goes on. Due to the dip in the market now where the support has been broken severally and a new one (support ) always replacing the old one the mining job become expensive and less profitable. Hope the market will recover and the mining commences again.

pat4cryptoreal

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Every business have ups and down, we all know that mining was profitable but now that it is not profitable again let us bear with the system and think of how to bring the market back to how it was before instead of quiting.

Kakmakr

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ASIC manufacturers are continuously improving the hardware to increase the efficiency. The new ASICs are more powerful and they use less electricity than previous ASICs.

Unfortunately most of the manufacturing are done in China and other countries are far behind the Chinese to be able to compete with them. I would like Silicon Valley to come up with their own ASIC technology, but I think it might be too late for them to start now. Roll Eyes

This scenario creates a monopoly in the market and that is not good for mining and Bitcoin. Angry

avikz

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Quote from: CryptopieceOfficial on November 19, 2018, 03:44:13 PM

I would like to hear your views and experience.

I encourage you to visit the below links for better understanding.

Network hasrate in last 30 days:
https://www.blockchain.com/charts/hash-rate?timespan=30days

Difficulty chart in last 30 days:
https://www.blockchain.com/charts/difficulty?timespan=30days

If I am interpreting the trend correctly then I think some of the miners have switched to some other crypto assets during the span of last one or two months. Efficiency has not gone down but surely the profitability is going down due to the price factor. So miners are switching to more profitable coins just to remain profitable.

Thirdspace

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Quote from: ?? on ??

Quote from: rodalutor on November 19, 2018, 03:53:23 PM

Efficiency has increased near infinitely since bitcoin was first minted, alongside that difficulty has also increased massively. At the moment it would seem for a lot of people bitcoin price is too low to mine profitably and that's why we've seen recent drops in difficulty.

Which helps turn off less efficient machines and keeps the network a lean mean concentrated hashrate machine.

some (big) miners are turning off (or swithing network) some of their equipments
in the hope to reduce total network hash rate and create new equilibrium of hash rate, cost and bitcoin price
and by doing so, they are trying to reach acceptable cost-to-profit ratio of their mining facilities
so we actually seeing how miners are becoming more efficient by adjusting their hash rate to the network

Topic: Is the efficiency of mining BTC gone? (Read 390 times)