Topic: Why are profits so low? (Read 2059 times)
I think that the profit is low because the market is no longer growing fast. In order to get a good profit from mining, it is necessary that the coin that you mine grows greatly in price.
The price of ETH and mining are not always corrolated together.
Reason being that even if the price of ETH rises, so will the difficulty because people with expensive power will re-power up their rigs.
The reason why mining was profitable again in 2016 was because nobody was mining. People sold off their rigs in 2014-2015 and forgot about mining in general. The price of ETH back then was low, but it was much more profitable because there was less competition.
Right now the competition in mining is enourmous.
Reason being that even if the price of ETH rises, so will the difficulty because people with expensive power will re-power up their rigs.
The reason why mining was profitable again in 2016 was because nobody was mining. People sold off their rigs in 2014-2015 and forgot about mining in general. The price of ETH back then was low, but it was much more profitable because there was less competition.
Right now the competition in mining is enourmous.
yes same opinion. The competition in mining is really strong and the small miners don't have a chance to profit much now.
The only way to get more profitable is to mine and keep the coins, until the price goes up again.
Considering the price of Bitcoin and Altcoin has a downtrend certainly affects the profit you get. But we can see that the price of Bitcoin is starting to stabilize and move up. hopefully, it will be a good income for miners.
With a lot of people are mining and the difficulty rises and the electricity plus the hardware this are the things to consider why the profit is so low 
Even big miners are putting more and more new rigs everyday while at the same time a small miners can do nothing to compete with it. But it's about there was a problem when OP was decreasing a lot on its profit from his mining rig. Those factors should be the main factor.
With a lot of people are mining and the difficulty rises and the electricity plus the hardware this are the things to consider why the profit is so low
So depressing, I used to make around $300 a day but now I'm down to like $70 a day. Probably won't even be able to live off this anymore and I have bills to pay.
Exactly which ones are you digging? You should give up less profit and find new blood. This is the greatest must for miners. (also in February you opened the subject, can I ask the current situation)
There are some reasons behind this.
First of all, prices are not that high it used to be. And second, there is more competition. Before there were not many miners and profit was higher, now people are accepting less profit which makes more miners with less profit.
First of all, prices are not that high it used to be. And second, there is more competition. Before there were not many miners and profit was higher, now people are accepting less profit which makes more miners with less profit.
that!
the location of miners also change a lot the full system balance.
some places have much cheaper electricity costs, some other have it so high that mining is almost impossible (or always unprofitable).
There are some reasons behind this.
First of all, prices are not that high it used to be. And second, there is more competition. Before there were not many miners and profit was higher, now people are accepting less profit which makes more miners with less profit.
First of all, prices are not that high it used to be. And second, there is more competition. Before there were not many miners and profit was higher, now people are accepting less profit which makes more miners with less profit.
The awards now are reduced. They will become lower and lower. At the same time, hardware prices will be rising. Besides it, you will need to update this hardware more often. The electricity is going up. Everything affects low profits.
There are some reasons behind this.
First of all, prices are not that high it used to be. And second, there is more competition. Before there were not many miners and profit was higher, now people are accepting less profit which makes more miners with less profit.
First of all, prices are not that high it used to be. And second, there is more competition. Before there were not many miners and profit was higher, now people are accepting less profit which makes more miners with less profit.
So depressing, I used to make around $300 a day but now I'm down to like $70 a day. Probably won't even be able to live off this anymore and I have bills to pay.
I believed a lot of people has started mining as many sees it as very simply and this has affectsed the profit also with the fact that the price of Bitcoin has also dropped from what it use to be
And honestly, miners have lots of contribution to the network to include the transaction to the blocks it also help to speed up verifying all transactions.
The profits of mining are quite low these days because of the number of miners that are operating and also the increased difficulty in mining is also another factor to look at. That is why it is not advisable to mine cryptocurrencies as an individual unless you have a really cool mining rig to compete with those mining farms other than that it would be a total waste of time, energy, resources etc. Get into masternodes because that is the future of blockchain decentralization or any highly potential proof-of-stake based network.
So depressing, I used to make around $300 a day but now I'm down to like $70 a day. Probably won't even be able to live off this anymore and I have bills to pay.
I believed a lot of people has started mining as many sees it as very simply and this has affectsed the profit also with the fact that the price of Bitcoin has also dropped from what it use to be
Now there are a lot of miners. Many people in China use hydropower plants for mining. The cost is much lower than the electricity bill. In comparison, his cost is very low and the profit is higher than you.
Exactly, there is no way anyone who is not using hydropower plants in their country to survive and profit in the same competitive market as those people in china and other countries who may be using this hydropower as well, with the high rate of electricity bills in some countries, mining is very hard now and almost unprofitable.
I consider this to be a natural thing, where the current state of the market cannot be said to be good. the poor market has had a negative impact on all miners, so it's good for us to look for alternatives so that we can still make a profit.
Natural in any business, times like this needed to be reconsidered other venue of sources of financial income, the mining profitabilities really fell so deep, looking for other source and if you still believe keep all your mined coins and take it as your investment while finding for other venue of source of income.mining is not always profitable. this is a long-term planning game. basic earnings only in 10% of the time. because if some coin or project very profitable after a while the crowd comes and mining too.
Because the period of stagnation and uncertainty on the crypto market. I have already said that what you now own and have little or no profit at all, it's better to keep and wait for the bull market.The market is cyclical.Aafter falling necessarily comes the growth. It is better to trade so far. The more the market recently has shown not bad growth on some coins. you can make good money
So depressing, I used to make around $300 a day but now I'm down to like $70 a day. Probably won't even be able to live off this anymore and I have bills to pay.
There's that kind of season in every business. Try to change your strategy or your source of energy. There are really times where mining isn't that profitable as well as trading. I guess you have to balance everything. Check if your profit is worth more than your electric bill.
Now there are a lot of miners. Many people in China use hydropower plants for mining. The cost is much lower than the electricity bill. In comparison, his cost is very low and the profit is higher than you.
Move the mining farm somewhere, where energy would be much cheaper and you will be happy
If I had such power of production, I would have done so
If I had such power of production, I would have done so
You might consider letting go if especially you are pay more for energy. Nowadays I hear miner complain and it always points to one thing or rather one cause which is high energy bill. So check yourself and know if it worth it.
Nowadays mining is becoming hard. Miners Can't get much profits from it. Because there have lot of miners and for which the fee of electricity is increasing and miners can't earn much.
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