Profitability Thoughts for Mining? | Bitcointalksearch.org

Metroid

sr. member

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Xtreme Monster

Quote from: nc50lc on February 13, 2019, 10:20:00 PM

Seriously guys? OP is asking for profitability in Malaysia,
there's only one guy who mentioned "move to Venezuela" and it became the center of the topic Undecided

Anyways, one good thing in Malaysia is: Mining isn't officially taxed by the Government (based on my research) unlike in other countries where some miners are either secretive of their operation or "lawfully" to pay a portion of their profit to the Gov't.

It's because the topic is very important, any sane miner would never go to that place, Also, as I already said, Myanmar is the best place to mine cryptocoins in asia right now, is worth the shot. I would advise to any miner to choose tax free places to mine. I mean, I wonder what will happen to miners who mined eth at $1400 and held it instead of selling it and now have to pay taxes on that.

nc50lc

legendary

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Self-proclaimed Genius

Seriously guys? OP is asking for profitability in Malaysia,
there's only one guy who mentioned "move to Venezuela" and it became the center of the topic Undecided

Anyways, one good thing in Malaysia is: Mining isn't officially taxed by the Government (based on my research) unlike in other countries where some miners are either secretive of their operation or "lawfully" to pay a portion of their profit to the Gov't.

gotminer

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Quote from: leowonderful on February 13, 2019, 07:53:57 PM

Quote from: adaseb on February 13, 2019, 07:31:34 PM

Quote from: Bulitt on February 13, 2019, 06:57:15 PM

Venezuela is the perfect example that it doesn't matter if you're interested in politics or not, politics is interested in you, or more specifically, your money.

Are you even allowed to legally mine in Venezuela? From what I've heard the power is subsidised by the government and you are not permitted to mine at all.

I remember back when Bitcoin and Eth were at all time highs, the Venezuela army basically arrested anyone that was caught running any type of farm whether it was an ASIC farm or a GPU farm.

Aside from 1 or 2 GPUs, you werent permitted to mine at all.

I haven't seen many articles about Venezuelan mining from about June of 2018 onwards, but last I saw the customs in Venezuela were confiscating miners that they found and stopping mining operations that they found like you said. Rules on mining there might have been changed a bit and might not be so strict anymore which might be why there hasn't been much news about mining there recently, but either way it's really not worth mining in a place where electricity isn't stable and things aren't stable in general.

There are plenty of podcast interviews out with those who live or have lived in Venezuela that describe how hard it is to get mining equipment into the country, corrupt govt agencies making deals with miners, those same agencies stealing equipment to use in their own farms ... Those (whoever advised on moving to Venezuela) who make the choice to distance themselves from international politics and reside in a free country will never understand what really goes on outside of their zone. Advice from those individuals should be taken with a grain of salt.

leowonderful

legendary

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Bitcoin FTW!

Quote from: adaseb on February 13, 2019, 07:31:34 PM

Quote from: Bulitt on February 13, 2019, 06:57:15 PM

Venezuela is the perfect example that it doesn't matter if you're interested in politics or not, politics is interested in you, or more specifically, your money.

Are you even allowed to legally mine in Venezuela? From what I've heard the power is subsidised by the government and you are not permitted to mine at all.

I remember back when Bitcoin and Eth were at all time highs, the Venezuela army basically arrested anyone that was caught running any type of farm whether it was an ASIC farm or a GPU farm.

Aside from 1 or 2 GPUs, you werent permitted to mine at all.

I haven't seen many articles about Venezuelan mining from about June of 2018 onwards, but last I saw the customs in Venezuela were confiscating miners that they found and stopping mining operations that they found like you said. Rules on mining there might have been changed a bit and might not be so strict anymore which might be why there hasn't been much news about mining there recently, but either way it's really not worth mining in a place where electricity isn't stable and things aren't stable in general.

adaseb

legendary

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Merit: 1723

Quote from: Bulitt on February 13, 2019, 06:57:15 PM

Venezuela is the perfect example that it doesn't matter if you're interested in politics or not, politics is interested in you, or more specifically, your money.

Are you even allowed to legally mine in Venezuela? From what I've heard the power is subsidised by the government and you are not permitted to mine at all.

I remember back when Bitcoin and Eth were at all time highs, the Venezuela army basically arrested anyone that was caught running any type of farm whether it was an ASIC farm or a GPU farm.

Aside from 1 or 2 GPUs, you werent permitted to mine at all.

Bulitt

member

Activity: 108

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Venezuela is the perfect example that it doesn't matter if you're interested in politics or not, politics is interested in you, or more specifically, your money.

willy35

jr. member

Activity: 163

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What happens is Venezuela is so sad.

But to answer the initial question, POW will not disappear, sure there is less project around it, but there will always have some.

cpu mining, gpu mining, some coins will modify their algo to maintain and support them and prevent any fpga and asics on their blockchain.

ronnieb

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Quote from: BitcoinGirl.Club on February 12, 2019, 05:23:04 AM

Quote from: Exl on February 12, 2019, 05:17:58 AM

Hello guys,

I'm thinking about setting up a small mining farm in Malaysia. GPUs are cheap these days and power costs are low there, too. Although crypto currency charts have been going sideways for a while, I believe in the technology of blockchain and expect prices to rise sooner or later.

I am curious about your opinions: will future blockchain projects turn into proof-of-stake systems and make miners unnecessary? Or will mining rather be required to run those projects?
In other words: do you believe mining will still be profitable in future considering crypto currencies will continuously increase mainstream adaption?

Thanks for your insights!
Exl

I suggest you to move to Venezuela (Seriously) if possible. Check out this image

Quote from: VB1001 on February 06, 2019, 10:31:37 AM

$531 to mine one bitcoins. What more you could expect.

Good luck.

I've heard they have been searching and arresting people who have been using the electricity there to mine bitcoin. also the country is in total collapse.

gotminer

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Quote from: BitcoinGirl.Club on February 13, 2019, 02:11:42 PM

Quote from: Metroid on February 13, 2019, 01:33:47 PM

if you say that then clearly you dont know what is happening there, venezuela is the last place a person should go these days.

OP, as you are in asia then go to Myanmar as is the cheapest in asia as per the image. If you believe cryptocoin prices will rise then you must know is a accepted loss if it doesn't.

I really do not have much knowledge about venezuela.

That's certainly true Grin

BitcoinGirl.Club

legendary

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Farewell LEO: o_e_l_e_o

Quote from: Metroid on February 13, 2019, 01:33:47 PM

if you say that then clearly you dont know what is happening there, venezuela is the last place a person should go these days.

OP, as you are in asia then go to Myanmar as is the cheapest in asia as per the image. If you believe cryptocoin prices will rise then you must know is a accepted loss if it doesn't.

I really do not have much knowledge about venezuela. I heard news here and their and people talked about it however never really put my attention in any. I have no interest in politics by the way.

Metroid

sr. member

Activity: 2142

Merit: 353

Xtreme Monster

Quote from: BitcoinGirl.Club on February 12, 2019, 05:23:04 AM

I suggest you to move to Venezuela (Seriously) if possible. Check out this image

if you say that then clearly you dont know what is happening there, venezuela is the last place a person should go these days.

OP, as you are in asia then go to Myanmar as is the cheapest in asia as per the image. If you believe cryptocoin prices will rise then you must know is a accepted loss if it doesn't.

Iannn

jr. member

Activity: 52

Merit: 1

Gpu's are for sure cheaper than they have been. Profits from mining are for sure less than then have been also......Nobody knows what will happen going forward. There are just lots and lots of factors to consider. If you have the money for equipment, electricity, and can hold out not making much mining coins for a while or ever maybe then go for it?

fanatic26_

full member

Activity: 294

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Quote from: BitcoinGirl.Club on February 12, 2019, 05:23:04 AM

I suggest you to move to Venezuela (Seriously) if possible. Check out this image

People have been reposting this graphic forever now but the data is sorely out of date. Also considering all of the different power options its really completely useless data.

xberg

jr. member

Activity: 159

Merit: 5

No Venezuela is a VERY bad idea. Follow the news.

Move to a place with stability. And access to electricity.
It's no good to have cheap electricity if you can't have access to it!

0xcosmos

full member

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Quote from: Exl on February 12, 2019, 05:17:58 AM

Hello guys,

I'm thinking about setting up a small mining farm in Malaysia. GPUs are cheap these days and power costs are low there, too. Although crypto currency charts have been going sideways for a while, I believe in the technology of blockchain and expect prices to rise sooner or later.

I am curious about your opinions: will future blockchain projects turn into proof-of-stake systems and make miners unnecessary? Or will mining rather be required to run those projects?
In other words: do you believe mining will still be profitable in future considering crypto currencies will continuously increase mainstream adaption?

Thanks for your insights!
Exl

there will always be coins which will be gpu mineable but the question is
if there are going to be profitable or remain profitable in the future
monero is one such example which will be mineable for the foreseeable future
eth is questionable when pos is going to kick in
and for others it is gamble to say as of now

anyway i have sold most of my gpus but i have kept a rig or two to turn on if the prices increases

x001tk

newbie

Activity: 29

Merit: 0

Quote from: Exl on February 12, 2019, 05:17:58 AM

Hello guys,

I'm thinking about setting up a small mining farm in Malaysia. GPUs are cheap these days and power costs are low there, too. Although crypto currency charts have been going sideways for a while, I believe in the technology of blockchain and expect prices to rise sooner or later.

I am curious about your opinions: will future blockchain projects turn into proof-of-stake systems and make miners unnecessary? Or will mining rather be required to run those projects?
In other words: do you believe mining will still be profitable in future considering crypto currencies will continuously increase mainstream adaption?

Thanks for your insights!
Exl

Look at the Etherium.
If POS mining would be so productive and efficient, devs and stake holders will turn their chain on it in a minute. You might say: "They stuck cause of some technical problems", I will answer: "Devs would be working 24/7 if stakeholders wish so".

So, I think mining would be profitable BUT not for all crowd. Only as a business and if you will have some edge.

BitcoinGirl.Club

legendary

Activity: 2800

Merit: 2736

Farewell LEO: o_e_l_e_o

Quote from: Exl on February 12, 2019, 05:17:58 AM

Hello guys,

I'm thinking about setting up a small mining farm in Malaysia. GPUs are cheap these days and power costs are low there, too. Although crypto currency charts have been going sideways for a while, I believe in the technology of blockchain and expect prices to rise sooner or later.

I am curious about your opinions: will future blockchain projects turn into proof-of-stake systems and make miners unnecessary? Or will mining rather be required to run those projects?
In other words: do you believe mining will still be profitable in future considering crypto currencies will continuously increase mainstream adaption?

Thanks for your insights!
Exl

I suggest you to move to Venezuela (Seriously) if possible. Check out this image

Quote from: VB1001 on February 06, 2019, 10:31:37 AM

$531 to mine one bitcoins. What more you could expect.

Good luck.

Exl

newbie

Activity: 13

Merit: 0

Hello guys,

I'm thinking about setting up a small mining farm in Malaysia. GPUs are cheap these days and power costs are low there, too. Although crypto currency charts have been going sideways for a while, I believe in the technology of blockchain and expect prices to rise sooner or later.

I am curious about your opinions: will future blockchain projects turn into proof-of-stake systems and make miners unnecessary? Or will mining rather be required to run those projects?
In other words: do you believe mining will still be profitable in future considering crypto currencies will continuously increase mainstream adaption?

Thanks for your insights!
Exl

Topic: Profitability Thoughts for Mining? (Read 328 times)