Topic: Miners are closing... (video) - page 3. (Read 889 times)
Closing down the warehouse will remove rental expenses but there isn't a need to sell the mining gear. It will be useful when the prices rebound, unless he has not sold any bitcoin and kept any savings
As long as the price continues to fall further down the lane, we'll still get more and more miners shutting down their rigs,as they can no longer make up the the amount spent or is to be spent on mining bitcoins.Its really sad for this network.
Just as sad as it is for investors who bought at extremely high prices and are at a significantly huge loss,with no profit in sight,and just simply hoping to break even.
High expectations most times in this network ends up being our bane
Just as sad as it is for investors who bought at extremely high prices and are at a significantly huge loss,with no profit in sight,and just simply hoping to break even.
High expectations most times in this network ends up being our bane
It is very sad. Minneser stopped mine because of the decreasing bitcoin prices in the market. They have to read regularly in Loses. They can not pay electricity bills. China's biggest minner is forced to shut down their firm because they can not profit from this.
IMO this is just normal considering that some miners might have bought their machines during the climb, which explains that the machines' price were somewhat outrageous. Some small miners are also shutting down for obvious reasons, and poor hindsight as well since some miners thought that it will be always a sunny day for crypto, and have invested loads of money into machines due to greediness. This, perhaps, is just a failure in one's business model without considering factors of losses and whatnot.
His whining is pathetic. He had this hangar because of mindless greedyness. Im pretty sure that he made out profits not just loss.
he probably pulled out decent profits over the years, but it sounds like this last venture was a big money pit.
it's true, he (like many others) overspeculated. just like investors who bought into the bubble, a lot of miners overestimated their margins. everyone got caught up in speculative madness that depended on unsustainable growth to maintain. now we're seeing a lot of that unwind as the market crashes.
1. he was managing a cloud mining operations... (not good business model)
2. they are GPU's = altcoins....(not good business model)
3. nothing to do with bitcoin
4. he showed a few dozen racks and said he already shipped off just as many.. well that doesnt seem like much.
he tries to make it sound like he had ware house full of the stuff but listening to him fully. he was only operating out of a quarter of the space.
but anyway. its what happens when you cant afford to go big and have to rely on 'contracts' that are temporary.
cloud mining is never profitable for the user or the manager.. (unless the manager scams alot off the top, which is usually 99% of the case)
im guessing we will soon learn this guy who has GPU's that are still sellable as GPU's and still relevant for gamers. will cover his costs. but is making a video to play on heart strings for donations and to avoid paying out coins he did mine to users he contracted to.. by trying to plead poverty.
we usually see this happen.
but anyway nothing to do with bitcoin
5. selling "contracts" where he calculated rigs of just 5 GPU's were worth $10k... (facepalm) no wonder his contracts dried up faster than his water cooling
2. they are GPU's = altcoins....(not good business model)
3. nothing to do with bitcoin
4. he showed a few dozen racks and said he already shipped off just as many.. well that doesnt seem like much.
he tries to make it sound like he had ware house full of the stuff but listening to him fully. he was only operating out of a quarter of the space.
but anyway. its what happens when you cant afford to go big and have to rely on 'contracts' that are temporary.
cloud mining is never profitable for the user or the manager.. (unless the manager scams alot off the top, which is usually 99% of the case)
im guessing we will soon learn this guy who has GPU's that are still sellable as GPU's and still relevant for gamers. will cover his costs. but is making a video to play on heart strings for donations and to avoid paying out coins he did mine to users he contracted to.. by trying to plead poverty.
we usually see this happen.
but anyway nothing to do with bitcoin
5. selling "contracts" where he calculated rigs of just 5 GPU's were worth $10k... (facepalm) no wonder his contracts dried up faster than his water cooling
Wow man this is just sad, I didn't even complete the video, the sound of his voice is full of depression, a lot of people facing the same thing but as individuals, seeing the price of RX 5xx getting as low as $100 used in my county after it was $350 used is just hurting, I have a lot of them and I don't know what I should do I already shut them down in October and they are setting there collecting dust I will not sell them that cheap, I still have some hope that things will turn around. This video is just a big mirror of what every miner face these days.
Now mining does not pay for itself. The price for the power required for mining is too ahead of the price that is obtained by mining now. However, people do not want to sell their video cards in the hope that the market will make a reversal and the price of bitcoin will grow again. I would advise you to continue mining if you can get income from other sources.
the faster they close, the faster the growth will begin
Take a look : https://youtu.be/kxbCHlXZ-0U
It is really sad
But let us be realistic , this is the market (gains and loses)
I expect more miners leave from the mining industry, only large entities capable of coping with this difficult period will be able to continue mining.
this is disheartening, things seems to be falling apart for bitcoin but this is definitely not an end to bitcoin, as an investor, i see this as an opportunity to stock up my wallet with more bitcoin 
Another thing he can do is to use his rigs to other type of cryptos.... or it's not good idea? what do you think about it? But as long as I've seen in the market and today's industry the whole cryptocurrencies are dropping.
When the whole market is nosediving, everything is unprofitable to mine or will be. I think most of his business was warehousing rigs for other people and renting hashpower. He can't afford to speculatively mine altcoins in this environment. He's liquidating everything to avoid walking away in debt.
Sucks for him, and goes to show you that the market doesn't really care about mining costs. Miners follow price, not the other way around.
Take a look : https://youtu.be/kxbCHlXZ-0U
Unfortunately, this world is about survival of the fittest. But, if he hold on, he'll definitely see profit.
His whining is pathetic. He had this hangar because of mindless greedyness. Im pretty sure that he made out profits not just loss.
Wow man this is just sad, I didn't even complete the video, the sound of his voice is full of depression, a lot of people facing the same thing but as individuals, seeing the price of RX 5xx getting as low as $100 used in my county after it was $350 used is just hurting, I have a lot of them and I don't know what I should do I already shut them down in October and they are setting there collecting dust I will not sell them that cheap, I still have some hope that things will turn around. This video is just a big mirror of what every miner face these days.
One way or another, miners comes and goes... Probably, they will go in for other crpytocurrencies. I think, true question is the which cryptocurrency they will pick! I guess Ethereum will be the winner soon! If I were them, I definitely pick Ethereum mining network.
Mining profitable coins comes at a higher cost now compared to some years ago as more and more people enter the foray to get a piece of the pie. whether he was in it for himself or for clients he certainly made some profits for himself. However, we must not forget that the cost to mine a block or a coin is actually increasing and then to see the markets fall helplessly, the profits are all burnt and it may not be exactly profitable at the moment to mine until the market recovers.
Even if i'm that person, I will also close my mining rigs I'm just wasting an electricity and money if I'll let my equipments to run even though i don't have assurance on what will happen to Bitcoin.
Another thing he can do is to use his rigs to other type of cryptos.... or it's not good idea? what do you think about it? But as long as I've seen in the market and today's industry the whole cryptocurrencies are dropping.
Another thing he can do is to use his rigs to other type of cryptos.... or it's not good idea? what do you think about it? But as long as I've seen in the market and today's industry the whole cryptocurrencies are dropping.
very sad, I see this happening in my country some miners try to sell their VGA at cheap prices.
this is an unpredictable risk and almost all miners suffer losses this year.
I agree that it is really sad that people are losing their businesses like that, because of such low prices. Bitcoin will be fine without them, the difficulty rate will adjust, but it will become even more centralized in terms of mining, because it's the small private businesses that will not be able to take the risks and keep going. So the current situation is bad not only because it makes people lose and thus not trusting cryptocurrencies, but also because of the serious mining centralization issue that will get even bigger if the low point is not reached soon and the recovery doesn't start. this is an unpredictable risk and almost all miners suffer losses this year.
We can only wait for prices to start rising.To justify mining.I am sure that the same trend is observed in other countries where the cost of electricity is too high.
Does he not have enough money to keep it somewhat running? He mentioned he had this in 2013. I personally do not know much about mining as my team and I are marketers and developers, but if he was around in 2013, that means he must have reaped the benefits of the last bubble about a year ago. Is he just giving up or just out of money?
He was probably not wise with investments and savings. If someone had started mining in 2013 and was smart with it until this point then they wouldn't be going bust, they'd still be very comfortable. It's a sorry sight to see and we'll see more of it in the current market but don't forget that not all of these stories are free from self infliction.
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