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Title: Will miners survive? Post by: Angilarie on February 15, 2018, 01:34:23 PM I have been mining ETH for some months now with 8 NVIDIA 1070 cards. The amount of ETH coming in is getting smaller and smaller, but i managed with the mined ETH to place an order for 4 more NVIDIA 1070 cards.
But i was thinking lately that if the amount of ETH keeps declining i will be mining the same amount in the future with more cards. I mean i have several businesses which I cannot keep if they were not making me money atleast a bit money but the way this goes it doesnt look to good. I mean I re invest the mined ETH into new equipment but if i keep mining the same amount of ETH what would the future be like? It is hard for me to believe that this would be the outcome since ETH needs the miners to sustain their blockchain. I mean the developers of ETH have to see the situation right? If the mining would not be profitable enough anymore there will be no more mining ? Or do i see it wrong? Do i just have to mine the ETH and expect the price to go up to a certain point that it is profitable? but then again is it not much better to buy the coins instead with the money instead of investing in miners? Title: Re: Will miners survive? Post by: stelee68 on February 15, 2018, 03:18:46 PM hmm, firstly, some comma's and periods will be helpful.
Secondly, issues with mining ETH should be in alt-coin mining section (this is for BTC mining). Last but not least, your predicament with ETH mining is similar to (but not as bad as ASIC miners) some of the problems all crypto miners are facing :- namely the diff increase, depreciation of the mined coins, ROI timeline, etc. In the end, it all boils down to individual, can you mine and HODL? Or otherwise? Title: Re: Will miners survive? Post by: Angilarie on February 15, 2018, 03:57:30 PM hmm, firstly, some comma's and periods will be helpful. Secondly, issues with mining ETH should be in alt-coin mining section (this is for BTC mining). Last but not least, your predicament with ETH mining is similar to (but not as bad as ASIC miners) some of the problems all crypto miners are facing :- namely the diff increase, depreciation of the mined coins, ROI timeline, etc. In the end, it all boils down to individual, can you mine and HODL? Or otherwise? thanks bud. I'm new to the forum and I changed the section accordingly. I understand the mine and HOLD concept. What i ment to say was Ethereum needs the miners why not give them a bit more coins instead? When there are no miners there are no transactions. Miners have more power in this then we realize. Title: Re: Will miners survive? Post by: Vann on February 15, 2018, 04:07:29 PM As a disruptive technology, the Cryptoverse is a fast growing and quickly changing space. Mining is like working for a startup, with all the uncertainty and benefits that brings rather than the predictability and structure of a corporate job.
Title: Re: Will miners survive? Post by: MagicSmoker on February 15, 2018, 04:25:36 PM thanks bud. I'm new to the forum and I changed the section accordingly. I understand the mine and HOLD concept. What i ment to say was Ethereum needs the miners why not give them a bit more coins instead? When there are no miners there are no transactions. Miners have more power in this then we realize. There is so much misunderstanding in those few few sentences I hesitated replying... The rate at which you earn coins is proportional to the hashrate of your cards, but also inversely proportional to the hashrate of the entire network; that is what dictates "difficulty". So the more miners that decide to mine ETH the more difficult it becomes to mine ETH. Furthermore, Ethash is not the 1070's strong suit: Lyra2v2, Equihash, Skein, Nist5 are several algos that perform much better on it; AMD cards do a lot better at Ethash (and Cryptonight). So if you really want Ethereum I would suggest either selling your mining equipment and buying ETH directly or mining a coin your hardware excels at, such as ZEN, ZEC, VTC, XVG, etc., then trade it for ETH (NB - you may have to trade for BTC first). Title: Re: Will miners survive? Post by: dhouse on February 15, 2018, 04:32:08 PM all mining is dying! send me all your useless hardware and i'll take care of it for you, free of charge.
Title: Re: Will miners survive? Post by: fanatic26 on February 15, 2018, 04:40:34 PM If you are mining ethereum on NVIDIA cards you are doing it wrong. Well informed miners will be fine. You talk like ETH is the only coin out there, when it is literally never the most profitable coin to mine with NVIDIA hardware.
Title: Re: Will miners survive? Post by: Turkish88 on February 15, 2018, 04:42:45 PM Maximum what can be is dying POW system of mining. But miners not dying never he engine of crypto, who making transactions
Title: Re: Will miners survive? Post by: pickleburglar on February 15, 2018, 04:44:33 PM Mining is EXTREMELY profitable right now and what you are seeing is the profits going back to normal.
google "mining difficulty" before buying any more hardware with these insane prices Title: Re: Will miners survive? Post by: Angilarie on February 15, 2018, 09:01:03 PM If you are mining ethereum on NVIDIA cards you are doing it wrong. Well informed miners will be fine. You talk like ETH is the only coin out there, when it is literally never the most profitable coin to mine with NVIDIA hardware. I see more people mining ETH with NVIDIA here plus I tried zcash but in $$$ I mined almost the same amount of $$$ Title: Re: Will miners survive? Post by: moldovacoin on February 15, 2018, 09:24:08 PM You should buy an ASIC and fogot about mining from 1 GPU - this type of mining dead
or you can buy big RIG https://www.whinkel.be/catalogsearch/result/?q=mining+farm&gclid=EAIaIQobChMIjIvH2eWo2QIVCgDTCh1urgFzEAAYASAAEgLq_fD_BwE (https://www.whinkel.be/catalogsearch/result/?q=mining+farm&gclid=EAIaIQobChMIjIvH2eWo2QIVCgDTCh1urgFzEAAYASAAEgLq_fD_BwE) https://mineshop.eu Title: Re: Will miners survive? Post by: gotminer on February 15, 2018, 09:31:17 PM You should buy an ASIC and fogot about mining from 1 GPU - this type of mining dead or you can buy big RIG https://www.whinkel.be/catalogsearch/result/?q=mining+farm&gclid=EAIaIQobChMIjIvH2eWo2QIVCgDTCh1urgFzEAAYASAAEgLq_fD_BwE (https://www.whinkel.be/catalogsearch/result/?q=mining+farm&gclid=EAIaIQobChMIjIvH2eWo2QIVCgDTCh1urgFzEAAYASAAEgLq_fD_BwE) https://mineshop.eu How is mining with 1 GPU dead, but mining with a GPU rig is not? Lol. That doesn't even make sense. It's exactly the same other than scale. |