Topic: Real "Miners" shutdown the Mine, Unless they can make a profit (Read 436 times)
Current miners must feel a loss because the price of bitcoin is falling but is not offset by the cost of electricity bills that will continue to be the same as before. so it's better to just stop.
December 30, 2018, 09:44:49 AM
First of all there is NO MINABLE coin now, as no mining is profitable, all mining is now > than cost of electricity, so you want to mine and lose money? More power to you, this is an idiot game, a MINE doesn't mine GOLD unless there is a profit to be made.
So mining is no longer 'mining' now its just 'wasting electricity, and losing money'
...
Something is seriously wrong with the term 'MINING', it used to be you could Mine, say bitcoin, and turn a profit, .e.g. the price of bitcoin was much greater than the cost to mine, say last year, you burnt 20 barrels of oil, to fetch 50 barrels worth of oil value in bitcoin
Now today you 'mine' with an S-9 bitmain miner and you lose more than $2/day,
Miner's don't run mines, unless the price of GOLD is much higher than the cost of mining, say now at $1200, I understand today's cost to mine is about $900, preferably miners want at least 2X ROI to cover their costs, get a profit, and pay their investors off.
You can no longer talk about crypto mining as 'mining', because crypto is going to ZERO, and there is no rational reason to generate random numbers, if you only lose money.
The true whales are miners...thats why Roger Ver went to them when he released BCH...mining price is around 3250 when hash was reduced recently....miners don't just sell they accumulate as well and manipulate prices to sell. For miners staying profitable is all that matters and you can bet the big 3 doing just that
December 24, 2018, 06:05:08 AM
Bitcoin is exactly the same as Gold mining, because equipment can fail or the price can drop and your profits can evaporate into thin air, if you have not prepared for difficult times. Large miners are still profitable, because they negotiated with electricity providers to give them much lower rates for electricity than the average small solo miners. 
The way I see it, Bitcoin is superior because it has a built-in algorithm to adjust mining difficulty towards the cost of production. This helps to guarantee the viability of mining, which in turn ensures the security of Bitcoin.
Although the Bitcoin market is more volatile in these early years due to speculation, its predictable supply and mining incentives will promote price stability in the future after mainstream adoption has taken place.
December 24, 2018, 03:40:30 AM
Bitcoin is such a great concept and it was totally damaged by the speculators as well as big mining pools.Mining algorithm should have been adjusted as electroneum so that mining bitcoins would have remained decentralised.But bitcoin mining got almost centralised thus making normal people totally out of the participating in the mining process.
Now its said that the cost of mining one bitcoin is almost near $4,000 in many countries and for that reason,ASIC miners are getting sold in pounds.But now again bitcoin price rising and we could hope bitcoin to come another round.
Now its said that the cost of mining one bitcoin is almost near $4,000 in many countries and for that reason,ASIC miners are getting sold in pounds.But now again bitcoin price rising and we could hope bitcoin to come another round.
December 24, 2018, 03:10:07 AM
Now today you 'mine' with an S-9 bitmain miner and you lose more than $2/day,
Who said you have to sell it all today? Today you mine at a loss but Bitcoin and all cryptocurrencies are well below their average price. If something loses 90% of its value in one year it's referred to as oversold or sold in panic, which means the price doesn't represent its real value. What it represents is the current market sentiment.
Mining may be profitable if you have enough money to keep the process going until the market sentiment changes.
Mining, REAL MINING, looks at mining for gold, selling that gold to pay the payroll and equipment costs, and gov taxes, nobody who mines keeps the gold, its quickly sold. If the current price of gold doesn't cover cost you don't mine.
This is why calling BTC hamster running 'mining' is just plain dumb, because here miners are told to HODL, and in real world, miners sell the shit as quick as they can, so they can keep the lights on in the tunnels so they can keep mining.
In BTC world everybody is RICH moron, and electricity & hw are free, ... and you HODL, this is virtual bullshit, but idiots refuse to deal with reality.
You should watch the Gold Rush series on TV to get a better understanding of what Gold mining really is. If you watched it, you would have noticed that some of those miners in some of the seasons, hardly made some profit at all. They spend a lot of money on Diesel to power those excavators and they have expenses to pay and some of these expenses includes big repairs on their equipment.
Bitcoin is exactly the same as Gold mining, because equipment can fail or the price can drop and your profits can evaporate into thin air, if you have not prepared for difficult times. Large miners are still profitable, because they negotiated with electricity providers to give them much lower rates for electricity than the average small solo miners.
December 24, 2018, 12:31:37 AM
Yes, if you mining with no profit, then what is the purpose of your mining activities ?
Wasting money on electricity bill is not a good idea, it will be better if we wait for a while.
Until the market condition is better, the miners will be able to surpassing their break even point, and gain profit.
Wasting money on electricity bill is not a good idea, it will be better if we wait for a while.
Until the market condition is better, the miners will be able to surpassing their break even point, and gain profit.
December 18, 2018, 02:09:50 PM
Are you sure that mining is unprofitable in all countries? I recently learned that in Iran the cost of electricity is $ 0.006 per kilowatt. And I’m almost certain that Iran is not the only country where mining is still profitible. Especially since you most likely were not interested in books on business economics. In the economy of enterprises, there is such a rule as working at a loss in the hope of future profit with an increase in the price of manufactured products. In other words, enterprises may work for a while at a loss and form stockpiles of products in order to sell them in the future at a higher price. So do many businesses in various industries. Economically it is more profitable than stopping manufactured.
December 18, 2018, 01:48:38 PM
That there are no longer coins worth mining is a lie, there are many countries with an economic or subsidized electricity where it is always worthwhile, now that you can get into trouble with the state by abusing the benefits is another thing, but if I'm not mistaken people continue mining monero without problem, even the same btc.
December 18, 2018, 01:45:45 PM
Well, this is why Satoshi developed the system to get rid of the miners that cannot mine profitably and then once they left, the protocol adjust the difficulty to make mining easier and cheaper for them to return.
I agree. Some miners just have to leave. Once they do and the difficulty rate adjusts, those miners who decided to stay in the game will start mining enough for it to be profitable. Moreover, some can stay, considering mining as investing and hoping for a long-term profit, since the price will go up at some point. However, it would probably make more sense to simply buy some bitcoins instead of mining them, but in any case mining will not die. What can be happening, though, is mining centralization. When mining is not profitable, it's the small businesses that dump it first. This might lead to some company (Bitmain?) becoming a monopolist, which is kind of sad and potentially risky. December 18, 2018, 12:06:46 PM
This is all dependent on the cost of electricity because some miners get their electricity for free. Not saying in a legal way, but a free way. Only industrial miners are closing shop
December 18, 2018, 11:28:40 AM
are you suggesting there are 2 types of miners, real and fake! well, about the content,they will start mining anytime the market goes a little up.
December 17, 2018, 10:52:52 PM
MasterNodes or Proof Of Stake are more profitable than being Miners (POWs), now the price of coins is bad, so no one can take advantage if you mine now and sell now
but the majority of people expect to be able to benefit by selling it in the future, according to their beliefs, that BTC and other coins will experience future price growth
all this is just speculation,
and the only medicine that can solve the problem of expensive electricity costs and very cheap coin prices is, the POS system, only requires some money that might be of the same value as mining tools, and stores it in certain wallets
but the majority of people expect to be able to benefit by selling it in the future, according to their beliefs, that BTC and other coins will experience future price growth
all this is just speculation,
and the only medicine that can solve the problem of expensive electricity costs and very cheap coin prices is, the POS system, only requires some money that might be of the same value as mining tools, and stores it in certain wallets
December 17, 2018, 10:29:58 PM
Many miners disassembled their mining operations entirely, because prices have fallen so much that bitcoin isn’t even worth the marginal cost to mine it.
December 17, 2018, 10:22:40 PM
It seems that you deliberately provoke the miners to stop mining anymore so the hash rate will dropping and you can mining with greater profit, isn't it ?
If the value of bitcoin doesn't make profit in mining because too cheap, why we don't just buy it ?
We know that the bitcoin value has increased after the crash many times in the past.
If the value of bitcoin doesn't make profit in mining because too cheap, why we don't just buy it ?
We know that the bitcoin value has increased after the crash many times in the past.
December 17, 2018, 12:30:31 AM
i agree with you. but i think they will have the other way
December 16, 2018, 10:14:53 PM
Now today you 'mine' with an S-9 bitmain miner and you lose more than $2/day,
Who said you have to sell it all today? Today you mine at a loss but Bitcoin and all cryptocurrencies are well below their average price. If something loses 90% of its value in one year it's referred to as oversold or sold in panic, which means the price doesn't represent its real value. What it represents is the current market sentiment.
Mining may be profitable if you have enough money to keep the process going until the market sentiment changes.
Mining, REAL MINING, looks at mining for gold, selling that gold to pay the payroll and equipment costs, and gov taxes, nobody who mines keeps the gold, its quickly sold. If the current price of gold doesn't cover cost you don't mine.
This is why calling BTC hamster running 'mining' is just plain dumb, because here miners are told to HODL, and in real world, miners sell the shit as quick as they can, so they can keep the lights on in the tunnels so they can keep mining.
In BTC world everybody is RICH moron, and electricity & hw are free, ... and you HODL, this is virtual bullshit, but idiots refuse to deal with reality.
December 16, 2018, 12:13:44 PM
Now today you 'mine' with an S-9 bitmain miner and you lose more than $2/day,
Who said you have to sell it all today? Today you mine at a loss but Bitcoin and all cryptocurrencies are well below their average price. If something loses 90% of its value in one year it's referred to as oversold or sold in panic, which means the price doesn't represent its real value. What it represents is the current market sentiment.
Mining may be profitable if you have enough money to keep the process going until the market sentiment changes.
December 16, 2018, 10:50:03 AM
this is why there is such thing as difficulty, miners that cannot make profit shutdown
unless they believe the price grows one day and mine with one-two units for a loss for now
other miners, the more efficient ones, with the lower energy costs, enjoy lower difficulty
in theory this should result in the price growth and balancing the system out
in reality this could lead to more centralisation, when the majority of mining facilities are concentrated in a few countries with low energy cost
unless they believe the price grows one day and mine with one-two units for a loss for now
other miners, the more efficient ones, with the lower energy costs, enjoy lower difficulty
in theory this should result in the price growth and balancing the system out
in reality this could lead to more centralisation, when the majority of mining facilities are concentrated in a few countries with low energy cost
December 16, 2018, 10:42:22 AM
The current situation of the market plus the whole year of downward trend had caused a lot to cryptocurrency mining industry. A huge number of miners had already left mining and consider it as a losing ventures. This leaves the bigtime miners dominating the field. Some would suggest that instead of mining, better to invest in buying coins. This is advantageous especially now that coins are sold at low prices.
December 16, 2018, 09:49:02 AM
Yes, right now mining bitcoin is not good enough, because Cryptocurrency mining does not give us the profit at all. the electricity cost is higher than the mining earning, so right now there are many miners that quit mining and sell their rig
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