Topic: More than 10000 miners shut down due to market conditions (Read 331 times)
People have jumped to give mining services without thinking its risks in oreder to gain easy money when prices are good and there was an excess capacity in mining services. There will always be miners who will take mining services seriously and have a long term plan. These miners keep doing their job and I hope that small service providers can resist these hursh prices. It is better if big mining companies won't gain more power in mining services and that's very bad. Because it means a centralization in mining services.
With 0.05 $/kwh a farm with 50xS9 miners has to pay $3K monthly for the electricity which almost breaks even with the income considering current difficulty and bitcoin price.
Many miners do turn off their farms. And this is clearly seen on the graph of the complexity of the extraction of ethereum. Mining in many countries has become unprofitable. In addition, many miners, having become disillusioned with cryptographers, are now selling their mining farms with a big discount. Unfortunately, patience is not infinite and many of the people are subject to emotions. The bear market has been going on for almost a year, and people are just tired of waiting for growth. This is psychology. But I keep my crypto, and do not intend to sell it.
I will be interested to see how bitcoin mining equipment will be repaired after its recovery in price. I think it was stupid to do it in public.
A normal thing I'd say. We've seen this happen a lot of times in the past, and every sane person would just turn off their machines if it does not produce profit but rather a deficit. Only the big guns are getting something right now due to the overall network hashrate being low, but once everything normalized, we'll see the same miners turning on their machines to hash again. This is certainly not the end as institutions are currently going in on the action, and more positive news are trickling down the ecosystem day by day.
Yeah, I think it's actually a good thing that some miners shut down. This is going to lead to difficulty adjustment in maximum a couple of weeks, which will make mining more profitable. The price is terrible and it's better not to risk it for miners now. Throwing away the equipment doesn't make sense, though. People could at least try to sell them is they think the market's doomed or simply wait this period out. After all, many of us still believe that cryptocurrencies will rise again.The only thing that's bad is that some newbies can read news like that and think that this is the end, so they should sell everything in panic...
This is just logical , i remeber watching and youtube vide which very honestly explained that the btc mainaing is not profitable at electricty price above 7 cents, i cant even imagine what should be the price for the mining to be profitable right now.
https://blockmanity.com/news/more-than-10000-bitcoin-miners-shut-down-mining-due-to-markets-crash/
What do you think will happen? I know this is not the end but I want to hear your opinions
What do you think will happen? I know this is not the end but I want to hear your opinions
I hope they won't. But If they will, then I am sorry for them. Bitcoin will be back soon and they'll be a regret. Bitcoin has fallen before 3 times, like just now. So there is no need for panic. It will be recover soon. I hope less than a year.
But the one thing I DON'T understand is:
Why it is a problem that there are less mining power. Blockchain difficulty will adjust itself and it will work just as efficiently with smaller hashrate, a new block will still be found once every 10 minutes on average.
The current headlines make it sound like the whole blockchain will stop working if hashrate will decrease. As if it would become impossible to handle the current amount of transactions with less miners
Why it is a problem that there are less mining power. Blockchain difficulty will adjust itself and it will work just as efficiently with smaller hashrate, a new block will still be found once every 10 minutes on average.
The current headlines make it sound like the whole blockchain will stop working if hashrate will decrease. As if it would become impossible to handle the current amount of transactions with less miners
It's not really a problem at all. The protocol adjusts itself to market conditions. If unprofitable miners are forced to shut down because of low prices, difficulty will just adjust downward and the network will run normally. It's not an issue for users.
A lot of people are uncomfortable with the idea of hash rate decline. I think that's just because it's been trending upwards for so long. The only real danger is if the vast majority of mining power is shut down at once -- rendering the network unable to adjust difficulty. That's really unlikely, but theoretically possible.
these are temporary problem.it happened with bitcoin past too.kindly check some history.only small miner will shut down but big player will take it strongly and mine bitcoin bcz big player know bitcoin is future.
It's 2014 all over again. In 2014 there was a large increase in mining companies because of the development in ASIC mining. Along with them came cloud mining companies. Most of those new startup went bankrupt by the end of 2014. Some of the biggest mining scandals of 2014? CoinTerra, AMT miners and GAW miners:
https://insidebitcoins.com/news/bad-week-for-bitcoin-miners-c7-data-centers-sues-cointerra-for-5-4-million-in-damages/28666
https://www.coindesk.com/bitcoin-mining-hardware-maker-amt-facing-court-delays
https://coinjournal.net/gaw-being-sued-by-their-electric-company-power-bill-shows-72000-consumed-in-january/
We've seen it all before.
https://insidebitcoins.com/news/bad-week-for-bitcoin-miners-c7-data-centers-sues-cointerra-for-5-4-million-in-damages/28666
https://www.coindesk.com/bitcoin-mining-hardware-maker-amt-facing-court-delays
https://coinjournal.net/gaw-being-sued-by-their-electric-company-power-bill-shows-72000-consumed-in-january/
We've seen it all before.
These problems are all temporary. Finally, though some miners prefer to turn off when they get no profit, it's not a big deal to work for the future.
I had told everyone whom I know that in my country it is not preferable to min as electricity and rentals are high and instead of that investing is a better option. Thus if you see even during the fallen market miners are not earning but traders who can hedge can make money from it or else they can still invest at low and sell off once the boom period starts.
https://blockmanity.com/news/more-than-10000-bitcoin-miners-shut-down-mining-due-to-markets-crash/
What do you think will happen? I know this is not the end but I want to hear your opinions
What do you think will happen? I know this is not the end but I want to hear your opinions
This is understandable, because with the decline in the price of bitcoin which is quite drastic like this, mining is no longer worth doing, the costs spent on maintenance and electricity cannot be covered by the profit mining. Miners on this side are experiencing huge losses
why wont they shut down their minning if conditions are not favourable for them and they cant afford to make loss to. And as we all know the cost and resources in it is not easy and to me is better to stop and hope for good time.
I read a few weeks ago, that there are only about 10000 full nodes on the whole network.
A miner is very likely also a full node.
So if 10000 miners quit, that means, there aren't any nodes left in the bitcoin network. Quite worrying if true
But the one thing I DON'T understand is:
Why it is a problem that there are less mining power. Blockchain difficulty will adjust itself and it will work just as efficiently with smaller hashrate, a new block will still be found once every 10 minutes on average.
The current headlines make it sound like the whole blockchain will stop working if hashrate will decrease. As if it would become impossible to handle the current amount of transactions with less miners
A miner is very likely also a full node.
So if 10000 miners quit, that means, there aren't any nodes left in the bitcoin network. Quite worrying if true
But the one thing I DON'T understand is:
Why it is a problem that there are less mining power. Blockchain difficulty will adjust itself and it will work just as efficiently with smaller hashrate, a new block will still be found once every 10 minutes on average.
The current headlines make it sound like the whole blockchain will stop working if hashrate will decrease. As if it would become impossible to handle the current amount of transactions with less miners
This is very normalto encounter in life and as a matter of fact no body will persue things after sseing they are running at lost. Eveerybody would like to make some profit after little hard work and if not so then what will be the essence of it and to me i would have stopped minnig and wait forgood season because the charges are not easy to bear in minnning.
Not bad, not good, middle part here. At least it's a little bit funny to see how people quit from mining. On another hand giants will gain more power in mining and that's very bad, now people don't have to quit, let's wait a little bit, pricr will rise, at least it's what all we want. We wanted bitcoin higher than 1000$ and achieved, now this can't be so difficult to gain 6K usd price back.
Since I highly hope price will rise, I would say situation won't get any worse.
Since I highly hope price will rise, I would say situation won't get any worse.
It's not good for small miners to be running at loss, they will have to temporarily stay off mining for the main time, pending when the market recovers. A company I had invested in called hahflare cancelled our contract even when BTC was $12,000 citing inability to pay for light bill as occasioned by the drop in BTC price. This was nothing but wickedness.
yeah, well if you look at that number alone that looks dramatic! oooh 10000, much big!
but if you look at the actual measurable number which is hashrate and see the percentage of the change you can see it was about a 4% drop in hashrate which is nothing!
it is like saying Berkshire Hathaway dropped $15000 last weak
but that is $15k in 330K price which happens to be actually be 4% hehe
but if you look at the actual measurable number which is hashrate and see the percentage of the change you can see it was about a 4% drop in hashrate which is nothing!
it is like saying Berkshire Hathaway dropped $15000 last weak
but that is $15k in 330K price which happens to be actually be 4% hehe
These problems are all temporary. Finally, though some miners prefer to turn off when they get no profit, it's not a big deal to work for the future.
That video showing workers dumping their hardware is quite alarming, but there will always miners who will take the job in mining Bitcoin, it's now time to medium size mining company to take over I'm also sure they will all come back when market stabilized.
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