most of miners are shutting down their gigs? - page 3.

anushkasachith888

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Activity: 546

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Quote from: sorrysteve1 on November 26, 2018, 02:43:35 PM

No - it's not true. Many can still profit at current prices and hash rate is continuing to increase over time. If some inefficient miners do shut down their rigs then that's probably a good thing in the long-run.

Why do you say inefficient miners do shut down their rigs is a good thing in long run?

smitchh

newbie

Activity: 2

Merit: 0

I don't think all miners will stop mining. Maybe the price will grow next month and all miners will come back.

131tc01n

sr. member

Activity: 569

Merit: 250

the end of bitcoin is not determined because there is no miner, even bitcoin can still continue to grow even without miners, we only need an investor, people who both support so that bitcoin continues to grow and stay alive

pat4cryptoreal

full member

Activity: 630

Merit: 102

There is no business that have assurance of profit all through, In every business there is always a time of loosing and a time of making gain. Those that can not withstand can quite so that others will take over. Bitcoin will not end just because of fluctuation in price.

ShadowBits

hero member

Activity: 994

Merit: 504

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

Maybe that is the other plan of all other mining companies, to make them stop mining and take it all for themselves.

bitfocus

member

Activity: 532

Merit: 15

if some miners think that mining is not profitable and shuts down their machines, will you stop believing in Bitcoin? - if Yes, you need to stop beleiving every thing that comes packed as "Could be The End of Bitcoin" and get a little matured.

nicko122

jr. member

Activity: 462

Merit: 1

The higher the price, the greater the profit from bitcoin. Some people do not want to risk and spend money on the extraction of currency in which they themselves do not believe. At the same time, there are many people who continue to do the same and mine cryptocurrency.

stompix

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Blackjack.fun

Quote from: anushkasachith888 on November 26, 2018, 01:16:15 PM

Quote from: stompix on November 26, 2018, 01:11:38 PM

~

Yes, This is a good point. Thanks mate.

Glad to be of help, and now you could help me out also and edit the title by adding "Guess not!" after the ?. Grin

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?

Let's say you pay for electricity as well as the equipment for $1000 and you're going to sell the Bitcoin you've mined just for 300$.

No offense but the reason you're not a miner is because you pull numbers out of you know what:).
Here is a mining calculator, play a with it before posting something like this again.

Ps. the electricity price is set by default at 13c/ kwh, you can change it at the bottom as no miner is working with those prices.

Quote from: Marcel666 on November 26, 2018, 02:42:20 PM

It would be interesting to see if there would be a significant increase in transaction cost.

Transaction cost has nothing to do with miners.
Indeed we are seeing bigger interval between blocks, at around 11.5 on average but the mempool is pretty empty and we still get half full blocks.
The only way it goes up is because of people panicking and rushing their coins around.

Quote from: Coyster on November 26, 2018, 05:06:08 PM

You probably heard wrong I guess..
Can you provide a valid link to this supposed information,maybe then we can start believing otherwise..
This is part of the manipulation plan in my opinion to spread panic in the bitcoin system,but as always we'll ignore such information as we're well used to it, and also used to how the bitcoin bounces back after a brief crash

This started the oh were doomed topic avalanche:
https://www.coindesk.com/600k-bitcoin-miners-shut-down-in-last-2-weeks-f2pool-founder-estimates

Quote from: shield132 on November 27, 2018, 04:16:32 AM

It was correctly mentioned that most means 51% and over.
Well yeah, some miners are shutting down their miners because currently even with free electricity mining isn't profitable. It happens because not everyone is able to handle loss, again big miners try to keep market. Don't blame me but still I think this price fall has to do something with mining, small players are going out of market and for example bitmain will have new and great antminers, they'll try to fill 1-2% loss and mine with better equipment and less difficulty. After that, price will rise.

Everything right except for the bolded part.
The s15 might be better at hashing but with the initial costs...it just sucks.

rudox

full member

Activity: 476

Merit: 100

This can not be the end of bitcoin, It is only a passing phase which is normal with bitcoin over all these years. As some miners are leaving more miners are setting up to open for business, Bitcoin is here to stay and must continue its resilience till it will become the future backbone of all financial transaction globally. Stay put with crypto do not fear or cause people to be afraid.

shield132

hero member

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Metawin.com - Truly the best casino ever

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 was correctly mentioned that most means 51% and over.
Well yeah, some miners are shutting down their miners because currently even with free electricity mining isn't profitable. It happens because not everyone is able to handle loss, again big miners try to keep market. Don't blame me but still I think this price fall has to do something with mining, small players are going out of market and for example bitmain will have new and great antminers, they'll try to fill 1-2% loss and mine with better equipment and less difficulty. After that, price will rise.

bloodyvio

full member

Activity: 546

Merit: 102

based on information from this site https://bitnodes.earn.com/
more than 10k nodes are still running
this is the end of bitcoin?
of course NO..!!

yazher

hero member

Activity: 2268

Merit: 588

You own the pen

That's only because they realize that they can't get their Return of investment anymore after the price has gone down, Instead of pursuing it, it is a wise decision for them to stop right now and to continue later and maybe some of them are bound to mine other coins than bitcoins, because the other coins are still had the potentials within them.

darkangel11

legendary

Activity: 2478

Merit: 1360

Don't let others control your BTC -> self custody

While some miners are shutting down, others are buying newer and cheaper mining rigs to begin mining in the new season. Bull market is inevitably coming next year and buying cheaper hardware now, when people are getting rid of it, can be a very profitable move. People are always bad at calculating and emotional and don't see that crypto has its seasons. Now it's Winter, but there will be spring and Summer again.

abojamal

member

Activity: 322

Merit: 17

Quote from: stompix on November 26, 2018, 01:11:38 PM

Most means at least 51%
We had a 7% difficulty drop last time and maybe another 10-13% this period which is hardly even 1/4.

So it's not true and it's not the end of Bitcoin.

LE
To get a better picture, the chain still has five times more hashrate than during the 2017 pump.

The miners also use worn equipment to make them lose money
It is necessary to keep pace with modern machines to make profit in the mining industry.

Coyster

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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

You probably heard wrong I guess..
Can you provide a valid link to this supposed information,maybe then we can start believing otherwise..
This is part of the manipulation plan in my opinion to spread panic in the bitcoin system,but as always we'll ignore such information as we're well used to it, and also used to how the bitcoin bounces back after a brief crash

creeps

full member

Activity: 742

Merit: 144

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

News is just a news, we don’t know if this is true or not but I know bitcoin will not end this year. Miners will continue to mine bitcoin because i believe they are the real supporters of bitcoin.

Quote from: bayu7adi on November 26, 2018, 04:44:25 PM

does China do the same thing? which is selling all their mining equipment?
Seeing the price is getting lower, I am also very sad, because the miners who have been running since pumping in 2017 are not necessarily getting their ROI
Hopefully there is the best solution for miners at this time, considering the operating costs are not small

Big miners are still in this market so nothing to worry about, and China is just another Country who is trying to kill bitcoin, well I know they will not succeed on that because bitcoin will never stop from fighting for the best in the future.

M4NDELL

member

Activity: 221

Merit: 10

A month ago, there was no talk about the cessation of mining activity, and over the last week Bitcoin went down sharply, so when did the miners manage to sell their equipment and go to work in factories? Everyone continues to extract bitcoin and only think about what to do if the fall continues.

Ravenangel

member

Activity: 448

Merit: 10

Bitcoin to stay does not need to have a massive number of miners, also remember that once the amount of hash decreases the rewards will be higher and that will call people again, you can also proceed to a model where they benefit more from fees, as will happen when there are no more blocks to mine.

bayu7adi

hero member

Activity: 1470

Merit: 558

dont be greedy

does China do the same thing? which is selling all their mining equipment?
Seeing the price is getting lower, I am also very sad, because the miners who have been running since pumping in 2017 are not necessarily getting their ROI
Hopefully there is the best solution for miners at this time, considering the operating costs are not small

btc_angela

hero member

Activity: 2660

Merit: 551

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

Maybe what you heard is that miners are shutting down their old mining gear and replace it with the new one. And I will just re-inforced what other has said, its not the end of Bitcoin, although we saw some drop on the hashrate lately, I'm sure those who move out in favour of Bitcoin Cash ABC or SV will go back to bitcoin because its more profitable to mine it and not those alt coins.

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