most of miners are shutting down their gigs?

Youghoor

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Yes, they were selling the copper on kilograms.

But it is not because it is not profitable anymore, you did not read well. They are just doing that with the old equipment, not the new one.

That notice was badwritten, and it confused a lot of people already

Quote from: DigitalCyberius on December 03, 2018, 12:12:23 AM

I heard recently that some miners were selling their rigs at scrap metal prices to try to make up for losses, as mining was becoming/had become non-profitable. If true, of course, it doesn't mean all miners, and it could be that they were only scrapping certain machines, like older models. In of itself, I don't think this spells the "end" of Bitcoin... if it was happening on a massive scale, and prices continued to drop, it could be a contributing factor to some negative effect, but not the only component, and not (necessarily) the end.

The Cyberius team.

DigitalCyberius

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I heard recently that some miners were selling their rigs at scrap metal prices to try to make up for losses, as mining was becoming/had become non-profitable. If true, of course, it doesn't mean all miners, and it could be that they were only scrapping certain machines, like older models. In of itself, I don't think this spells the "end" of Bitcoin... if it was happening on a massive scale, and prices continued to drop, it could be a contributing factor to some negative effect, but not the only component, and not (necessarily) the end.

The Cyberius team.

sambel90129

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Quote from: maman567 on November 26, 2018, 01:20:53 PM

Many miner have sold their miner tools because lower budget and earning getting every day, we have stop for take profit with miner and try other way for getting profit with bitcoin and altcoin,

actually only because of the benefits offered from time to time, many of the miners are changing direction, actually by buying and selling if we do not really understand the very risk, indeed offering a lot of benefits are always echoed but, we do not realize the huge potential losses await if we misstep, it is very different if we do mining, indeed the benefits are not as bad as buying and selling, but the potential losses that can occur are almost nonexistent.

bayu7adi

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dont be greedy

Quote from: joeperry on November 26, 2018, 01:29:59 PM

Well if I'm a miner too I will also shut down my rigs, why?

First of all as you can see the market and the Bitcoins price it's dropping nonstop. You have invested to buy equipments, paying electricity and maintenance of the equipment just to mine a coin that the price is dropping isn't? Let's say you pay for electricity as well as the equipment for $1000 and you're going to sell the Bitcoin you've mined just for 300$.

if the price of bitcoin can be better in the future, that means we can get more money if we sell at the right price and time
maybe now the price of BTC is dropping, but who knows what will happen in the next few years?
and what happens when the BTC allocation to the mine is up? can fly high to the moon, and the worst possibility is to fall to the bottom of the trough
all of this is only based on the beliefs of each miner

btc-room101

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Quote from: cahbagus555 on December 02, 2018, 08:39:59 PM

Quote from: anushkasachith888 on November 26, 2018, 01:09:28 PM

I heard most of the miners are shutting down their gigs, Is it true? So, Is this the end of Bitcoin? Huh

From the news that i recently read, its true that many bitcoin miners shutting down their gigs. Its because they can not make profits with current bitcoin price. Electricity cost is main factor why miners shutting down their rigs
[/quote

The ignorance of mining here just shows you that virtually nobody on this forum mines, or does anything real or productive with bitcoin.

The simple fact is if you run a miner now anywhere on earth you lose money, at the current price.

Lets see today,...

Day 0.000000 0.000538 0.000538 $2.16 $3.29 -$1.13

whattomine.com

so right now today, if you mine bitcoin, on an s-9, you lose $1.13 everyday, ...

the point of mining was to make a profit, but I know HODL'rs cannot grasp this as they only seek loss

Experia

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Quote from: anushkasachith888 on November 26, 2018, 01:09:28 PM

I heard most of the miners are shutting down their gigs, Is it true? So, Is this the end of Bitcoin? Huh

it is not an organization that once their leader told them that they will shut down they are will all do it, imagine you will spend lots of money but in the end you will end up shutting down your rigs. and also if one shut down it is an opportunity for the others to build their own.

cahbagus555

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Quote from: anushkasachith888 on November 26, 2018, 01:09:28 PM

I heard most of the miners are shutting down their gigs, Is it true? So, Is this the end of Bitcoin? Huh

From the news that i recently read, its true that many bitcoin miners shutting down their gigs. Its because they can not make profits with current bitcoin price. Electricity cost is main factor why miners shutting down their rigs

andika2018

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Quote from: anushkasachith888 on November 26, 2018, 01:09:28 PM

I heard most of the miners are shutting down their gigs, Is it true? So, Is this the end of Bitcoin? Huh

From the news i read, its true many bitcoin miner shutting down their device but i dont think it will be death for bitcoin. Bitcoin will survive because cryptomarket is at early stage. I am believe market will recover and market cap will reach highest value again in near future

Cryptoreflector_666

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Quote from: anushkasachith888 on November 26, 2018, 01:09:28 PM

I heard most of the miners are shutting down their gigs, Is it true? So, Is this the end of Bitcoin? Huh

Not at all. You have to understand first of all that when one person sells something, there will always be another-who buys from him. This is the law of economy and trade. Here may be the situation is this: people specifically sell at low prices their technical resources for mining, in order to bring down the price and buy more.

TopT3ns

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Quote from: anushkasachith888 on November 26, 2018, 01:09:28 PM

I heard most of the miners are shutting down their gigs, Is it true? So, Is this the end of Bitcoin? Huh

Even bitcoin when on cheap price, miner still do their job, maybe what you means is new miner that mining ETH coin and other coins because price is so cheap and they start to loss their money.

squatter

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STOP SNITCHIN'

Quote from: btc-room101 on December 02, 2018, 12:46:18 AM

It's not the end of bitcoin, because when the rigs ( take the s-9 as a base ), go for $10, people in china will buy them as space-heaters, and the accept the cost of electricity, and buy them for the added good of winning the lotto.

My fear is that new software will be deployed for mining only, and nobody will be running full servers to process transactions, thus BTC will be in deep shit, cuz the tx rate will go from bad to worse.

That won't happen. Miners have strong incentive to maximize transaction fees, especially as the block subsidy drops to 6.25 BTC and so on. Rationally, they'll work to fit as much transaction data as they possibly can into every block.

Quote from: btc-room101 on December 02, 2018, 12:46:18 AM

Remember an ASIC miner doesn't need a hard-disk ( full block chain ) it just needs to call home and get work and send back a hash that is led by 'N zeros'.

Now that running a full-node doesn't make you money because mining is dead, ...what's the point.

Miners may not need an archival node, but they need to run a full node. If they skip verification of the previous block, they risk publishing invalid blocks on top. That's what happened here -- a very costly mistake!

kelz1

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Mining farms that are set up in countries or areas with high costs of electricity will have no choice but to shut down or suspend operations. This is kind of a good thing as people switch to cheaper renewable energy to mine with

ponomare

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Quote from: anushkasachith888 on November 26, 2018, 01:09:28 PM

I heard most of the miners are shutting down their gigs, Is it true? So, Is this the end of Bitcoin? Huh

How much do you consider as most here ? I do not think that more than 10% have left mining and it will continue growing in coming months.

keanne_isaac

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www.daxico.com

Quote from: anushkasachith888 on November 26, 2018, 01:09:28 PM

I heard most of the miners are shutting down their gigs, Is it true? So, Is this the end of Bitcoin? Huh

This is one of the negative side of Bitcoin as it is mined and continuous drop in price will affect the number of miners that mined Bitcoin which can give negative impact to the speed of every transaction to be process but this might be a temporary problem once market will go on reversal miners may able to earn profit also.

bettercrypto

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Due to the down market for almost one year, miners are making hard times to be profitable. Their expenses had been increase, but their profitable hasn't been enough to compensate the cost. These miners also haven't been upgraded their devices causing a lose instead of profit.

Vinz1978

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Only a small percentage miners has shutdown may be due to coins very low prices. It has a direct hit on miners who don't have enough funds to continue. This hasn't much effect on the cryptocurrency.

pucunghul

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In my opinion that is not true, because the miners can still make a profit even though the market situation is not good, even though there is a stop to it, I think it's only temporary and this isn't the end of bitcoin.

franky1

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Quote from: kucritt on December 02, 2018, 08:36:20 AM

from the beginning of the year. many people shutting down their mining rig because they think that bitcoin mining cang give them a big profit becayse of the price of bitcoin. so they stop mining it for a while. maybe if bitcoin rpice of another cryptocurrency price is hav the high value they will start mine again

continuing my math from a few posts ago. thats 12month of data and math i used. based that a asic bought 12 months ago was $2k and at month 5(april 2018) people made enough to have $2k after paying electric.
meaning then the only worry was electric.
2months after that(june) they accumiliated enough income to cover all the electric upto today. so any income after june was 100% profit

.. now imagine this.
in april you took that $2k and bought more asics.
cost in april would have got you 2 s9's
by october you would have paid off one of those asics and used those funds to buy 2 more asics.
meaning by november your upto 5 asics meaning your income is not 90cent after electric. but $4.50 a day
OR
you could have hoarded not bought any extra asics meaning $2600 profit combined today and bought 26 s9's at $100
so your income after electric would be $23 a day not 90c if you started mining them all today

kucritt

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from the beginning of the year. many people shutting down their mining rig because they think that bitcoin mining cang give them a big profit becayse of the price of bitcoin. so they stop mining it for a while. maybe if bitcoin rpice of another cryptocurrency price is hav the high value they will start mine again

franky1

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Quote from: AjithBtc on December 02, 2018, 08:12:29 AM

Right now mining rigs functional on countries with increased electricity charges have been found shut upon the steady price drop which is unexpected. Majority of the miners face a drastic loss, having patience will let everyone grow with ease.

right now mining rigs using more than 5cents/kwh electric. are not farms(majority) they are just home users hobby mining.
thus the amount of PEOPLE screaming its not profitable because they usually only running a couple asics say its not profitable
might seem high. but the amount of ASICS involved with those individuals is LOW

the asic FARMs where there are hundreds-10's of thousands of asics per person/facility. are well placed in cheap electric area's

so yea
there might be 1000 PEOPLE with say 10 asics (10k asics) screaming 'unprofitable'
there is also 299 people with say 10,000 asics (2,990,000 asics) happily making profit

the 299 people. are swapping asics for more efficient asics to make more profit. thus dont need to run as many asics when swapping.
while the 1000 hobbiests are crying that their electric is too high

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