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Topic: Problem with mining is that its too easy - page 2. (Read 589 times)

hero member
Activity: 1120
Merit: 554
the lower the barrier to entry gets the better it will be for crypto as a whole

Low barrier to entry also means that profit margins will shrink to virtually nothing.  If everyone can enter the mining game profits will continue to dwindle to nothing.  I've seen it on many marketplaces that were very easy to enter the labor force.
member
Activity: 357
Merit: 26
Just like internet work that is flooded with people across the world it has become a race to the bottom.  People in first world countries are competing with people that are happy to make a few crumbs.  It is too easy to set up some rigs and start mining.  

Utter nonsense. Setting up a rig is only easy once you've done it a few times and learned along the way - at a cost of several days of your time. Then there's the startup cost of the hardware, and the running costs of electric, at which point you'll only just be breaking even. Then there's tuning per algo, maintenance, cooling, choosing which coins to mine, setting up the correct exchanges, passing KYC, trading coins effectively, then converting that back into fiat to pay the bills....

It's a full-time job that currently pays worse than a paper round. The only easy bit is going on eBay and overpaying for some well-cooked rx470s.
jr. member
Activity: 69
Merit: 1
the lower the barrier to entry gets the better it will be for crypto as a whole
hero member
Activity: 2352
Merit: 905
Metawin.com - Truly the best casino ever
Just like internet work that is flooded with people across the world it has become a race to the bottom.  People in first world countries are competing with people that are happy to make a few crumbs.  It is too easy to set up some rigs and start mining.  
Can't agree with you. It's also pretty easy to rent commercial part, make some refit and start business like Bar or Cafe, supermarket or etc but what is difficulty here? How to not stop and grow your business, get profit. You can buy GPUs and start mining but it has some risks too like Cafe, you don't know how much customers you'll gain and in mining, you don't know how difficulty will rise and what will be the price of coins you mine.
Well, in overall it's easy compared to others but I know a lot of people failed in mining because they thought it was very easy. On another hand individuals must be able to mine to keep decentralized platform.
jr. member
Activity: 61
Merit: 1
Just like internet work that is flooded with people across the world it has become a race to the bottom.  People in first world countries are competing with people that are happy to make a few crumbs.  It is too easy to set up some rigs and start mining.  

Your argument is self-defeating. Do you seriously think that the "people that are happy to make a few crumbs" are going to be able to invest the effort into mining if it were MORE difficult?

Take mining incentive off the table for a moment. The purpose of running a node on the network (whether that's a wallet node, or a mining node, or other) is to support and secure the network. The more people running nodes, the healthier the network is. The path to this is making running a node even EASIER -- everyone with a basic computer competency should be able to run nodes. Mining incentive is just a nice side affect.
sr. member
Activity: 2142
Merit: 353
Xtreme Monster
This has never been about being "too easy", this has been about invest money and return money, trolls like you dont see the big picture here.
legendary
Activity: 4256
Merit: 8551
'The right to privacy matters'
Just like internet work that is flooded with people across the world it has become a race to the bottom.  People in first world countries are competing with people that are happy to make a few crumbs.  It is too easy to set up some rigs and start mining.  

That is the beauty of mining. Some little guy with a 2 card rig can make a few bucks.

The problem is coins need dedicated developers that support GPU mining over asic mining.

Basically five major coins caved in to asic attacks and GPU mining was damaged so much it is yet to recover.

Of the major alt coins Only xmr fights against ASICS with algorithm change on a frequent basis.
full member
Activity: 630
Merit: 172
Just like internet work that is flooded with people across the world it has become a race to the bottom.  People in first world countries are competing with people that are happy to make a few crumbs.  It is too easy to set up some rigs and start mining.  
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