Bitcoin Forum

Hi!

I have a question. Who is mining right now? It is not profitable right now! But the network's hashrate is still high!

I'm out of the mining 4 months now. I could make some more profit then, but I decided to sell my rigs, and I got much better price than I could get now. Im also interested is there any profit at all in mining (Im interested to know about altcoin mining eth, etc, zcash)

Mr. or Ms. OP I would like to first say that I am not miner and not mining right now and not into it "yet" but I had studied the basic how mining works.

So, your a newbie? just guessing.

Now I would say that mining it not yet good right now. When the market it low your dead but when it is high your good. Still if your interpretation of earning when the market is low you will not earn daily with good amount of price you are wrong, you just need to hold it and wait for the price to get up so the value will rise.

I was mining when it was profitable but I've sold it during winter. I am just wondering why people ares till mining...

People are still mining because:

1. Without mining, there won't be any new 'issued' coins that use Proof-of-Work consensus such as Bitcoin;
2. It is still profitable. Large mining farms have already paid their worth during cryptocurrencies bubble. Now, miners who own those farms are only paying for maintenance and electricity (a few miners even produce their own electricity);
3. People who started mining recently and put a hefty initial investment, and want to break even;
4. Companies that are based on mining cryptocurrencies.

Although I have a high electricity price per KWH, I used to mine, but I stopped since the beginning of summer because when I turn that GPU on for 24 hours, I feel like I am in a furnace being cooked slowly.  

Yeh, I also used to mine in my house. I've sold them at the end of winter because of this. I was lucky I've sold them at a good price

I ask the same question. I dont have acquaintances who mines these days but I heard that it's too hard right now.

Ask this on Mining (Altcoins) (https://bitcointalk.org/index.php?board=160.0) or you can move this thread there.

Same people have free electricity that's why they will use mining for a long time. But even you have paid electricity mining still profitable. Litlle profit of course but it is.

I am not quite sure how to move the question there

According to the old mansion has become much more costly now it is hard to earn it for those who do not approach mining everybody more focused on buying.

anyone can mine and still not mine at all

Anyone can dig up a mine if they have the equipment for a while and moreover they love the digital world as well as they have the time to participate in mining and they can be men or women who have jobs or are part time they can participate in mining

now the cost of electricity is very high in my country, and for the mining community it is difficult to get profits from mining.

Best way to mining is altcoins because of now days we can not mining btc due to high hashrate, so we get good profit from the alt coins mining like eth, etc, zcash, and more.

I think that this is the best time for mining. The level of difficulty of mining is considerably reduced.

I think the miner in China still mining BTC right now because they want to and they have to do it. BTC is still the best coin for mining with them. Although they could mining altcoins but I don't think people spent alot of money for buying hardware to mining BTC want to change to altcoins.

I am getting free electricity here so still I mine with the 2 rigs I own in my room. People whoever mining with the farm and paying electricity will be pay the excess money than they get as a income now. They will be force to exchange their coins for sure.
Finally result will be loose only no profit at all buddy, kindly ignore mining this time and invest on some altcoins which has potential to grow more. So the profit better than mining will be reach to you.

From this we can conclude that miners are those who dump all their coins so they can pay electric bills. It makes sense, they are fighting for their life, especially those who came in the game last year when equipment was expensive and potential profit huge.

Digging bitcoin are the miners they are having the investment and take the time involved to dig the bitcoins as if they dig a bitcoin they can get bonuses after digging the coin.

I do not understand people who say that mining is not profitable. Don't you understand that a miner can't use a holding?  I think mining is very profitable as it used to. Simply sell their coin need not now and when will begin a new pump. But I mean professionals and not those who are engaged in mining at home.

I'm not sure it's profitable to mine now. The yield fell sharply but the price of electricity is the same as before.

Mining is very dangerous now, unless they joined the market early last year, because the current miners have started to lose money because of the very high hash value of Bitcoin!

people remain mining, the main reason is following:
1. they considering the mining is their job. If they don't mining, they will be lost.
2. the mining machine don't have the space time. If the mining machine is stop. That's wrost the money for the mininer.
3. The mininer have the beliving. they belive the coin will rising up again. I am also have this thought.

LOL. I think almost miners have quitted crypto mining already :)). At the moment, it's impossible to get money by mining while crypto market keep falling like this. In my country, I can see so many guys are trying to sell S9 and GPU. LOL. They don't wanna waste their time in mining anymore cause they can get profit from it at the moment.

Scroll at the bottom of this thread and on the left side there's the word Move Topic, press it and do the rest.

Which coin you mining this time?

To date, those who are interested in doing this are engaged in this kind of craft. This can be both large corporations and ordinary users.

I think mining with small setup is not benefitable now.

The dramatic decline in the cryptocurrency resulted in declining mining income. In my country there are many Bitcoin mining farms that are on hiatus due to losses from difficult mining and bitcoin prices. I hope that this period will soon be over so that investors can profit from the market.

I think that will still be profitable from mining, otherwise people will abandon it. Take a look at Bitmain China, which revealed higher profits than the Nvidia US GPU in 2017 and is currently operating well.

I am still mining (one rig out of four) and it is not very profitable. I break even or make a slight profit and hold the coins for the future. I believe most quality coins, especially BTC, will go up in value again. Then my mining now would become very profitable at a later date. The other rigs were broken down and I am selling the GPUs, motherboards, power supplies, etc.

I think the risk of mining is increasing now, and as the number of bitcoins that can be tapped is reduced, the difficulty of mining is increasing, and the price of bitcoin in the market is also decreasing!

now there are a lot of developments related to new cooling systems and the most powerful production machines) the market will not stand still

How can you conclude that there is no profit ? My friends are still minning and still profitable. The problem is that the market is losing market share will be lower than normal only

I dont have such acquintances. They were mining more than a half of a year but u know what's going on wih market mood and PC video equipment prices.

Big companies and for those miners who do reside into a place where electricity cost is cheap and with sufficient amount of miners to operate on and I'm sure they are the ones who do operate and still mining nowadays because no one would push up transactions if there are no miners. The thing or the fact small scale miners will really be on majorly affected with this market decline together with the spike up of mining difficulty.

All of you who are leaving mining and selling out the gear, invest that money in some coins and we all are gonna be much better!  :)

I think only miners whom still believe that crypto market will recover very soon keep mining cryptocurrency at the moment :). For now, seem like it's impossible to get profit from mining when crypto market is being in downward trend like this if miner don't have much TH/s :). A lot of miners that I know are trying to sell all their GPU and S9miner at the moment. :))

I have 2 Th/s Bitcoin mining cloud contract.. But still I could not able to cover my investment.. Because Bitcoin mining difficulty is very high now.. Profits are getting low daily.. So, I'm not going to recommend Bitcoin mining to any one now..

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Mining top coins now to hard and low profits.
But little altcoins dont lose interesting. And when market will be a bul run you can take a profit.

I'm mining few coins using my laptop. But profits are very less. I think mining from CPU is waste of time. Try to mine from a GPU or mining machine.

I ask the same question. I dont have acquaintances who mines these days but I heard that it's too hard right now.

I have a farm for the etherium mining. However, because of the price drop, I had to turn it off indefinitely. Although I am in a region where electricity is not expensive, it is still not profitable to mine now. We will wait for the price to rise.

Many of my friends around me have given up on mining because all the price of coins has fallen so badly, and the amount of bitcoin that can be mined is now decreasing!

I think it is time for coins to change from proof of work to proof of stake. Some new coins are doing it actually.

My friend was mining some altcoins but he said it is not profitable any more. But they may be mining for the future, when they will do 5x for example :) just a hope.
But if no one does mining, who is going to verify the transactions, who will keep the chain? We need them right now, and they need to earn something to continue doing it.

with this market situation, I think that is the right decision, the last few months the market has not shown good performance, but the need to mine is always high, including the cost of electricity and tools for mining.

with this market situation, I think that is the right decision, the last few months the market has not shown good performance, but the need to mine is always high, including the cost of electricity and tools for mining.

Large industrial miners are gaining momentum, and private sell their equipment, unable to withstand competition.

How I wish to be a miner but they say it's no longer profitable and it all started when the hype of all time high is there and maybe people took the chance of becoming a miner.

But as the time passes, correction comes and price of altcoins that they have been mining decrease as well but the quantity of the coin they mine has increased. Strategy in mining is like in holding, you can hold for a very long time and wait until the value of your token increases but you have to wait and be patient during the low days.

I'd still prefer doing bounties than mining because of the electricity consumption that increases whenever you mine using GPUs or mining hardwares. I think it is more practical to invest or do bounties at this point.

I read a lot of research and the main idea they have that today it is profitable to engage in mining only participate in the pool or having a large capital to invest in equipment.

I have not had a good experience with mining and this is the reason I try to stay as far as possible from mining. It might be working for others but for me, it is not an option of consideration for now.

I have friends who are mining bitcoin and eth. They say they still have enough money to continue their work.
Although their profits are less, there is still hope in their work so they will continue

The competition is big, small ones sell their equipment as they are overshadowed by larger companies.

Everybody is in the game right now. This makes it hard to make profits unless you have tens of thousands of dollars of setups. I think it's better to speculate or hodl rather than mine today.. Many coins mined die and you are left with huge bags, etc. Fake devs come in and copy paste coins from all algorithms, start a discord, own mining pool, premine and dump on poor people whenever their coins hit an obscure low-vol exchange. Rinse and repeat. 
Another thing not frequently mentioned is the very high number of bag holders from swaps, because its hard to follow ALL coins discords/telegram/medium/twitter to catch swap dates.
All these factors make it very hard to get a good coin. You are better of buying a coin or token that shows promise, like Elastos or Eterbase and watch the price go up.

Those who understand all the perspectives of mining in the future are mining right now as well. Because they don't take into account the price of crypto at the moment but just look at the bigger picture knowing that maximum in one year from now bitcoin and other cryptos will reach the new highs))

With each passing day, there are fewer private traders, and more are becoming large companies that do this.

Yes, at present, it is unlikely that big coins will be available in the market because most of them are low value and very difficult. If I continue to mine, I think that miners should look for coins that have the potential to grow in the future and are now cheap but difficult to exploit.

I have stopped mining since May 2018 because coin prices have fallen and if I move forward it only produces a break-even point where I have to spend all the costs on mining but the results are only enough to pay for it

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I think being a miner is now the same as suicide, with very high hashrate and low prices, it's really ridiculous if you still want to do it. Will you be able to get profit in this situation?

Yes...I was mining HOLD coin from 4 months ago, and now it only values 10% price when I bought it.
I think you should choose 1 good coin then focus on it.

I think minners are still sleeping for the time being, and whether they will be active again when. because with hashrate as it is now, it is not balanced with prices on the market. if you still add to the situation as it is now, then maybe he just likes it, because profit is just a hoax

I'm certainly not a trader, but I can answer this question from the height of experience ... What you need to sell if the project you do not relate to the soul, I keep a couple of tokens that have fallen by almost 80% but the belief in them and the project is strong)

Mining is a way to make a steady profit, but now that the number and price of Bitcoin is decreasing, the risk of mining is increasing!

We are set-up a mining rig through a friend but we couldn't mine anything because he complained bitterly about the increase in mining difficulty. 

I am mining Ethereum with my gtx1060 rig. It is not very profitable right now but I can mine and hold them. I believe Ethereum's price will increase in near future.

now mining is so bad choice, becouse fee is more then income.

Thinking about mining Gladius (GLA).
Sounds profitable, its not processing power intensive, but internet upload speed intensive!

Recently I have mined Litecoin and Monero. And I get a profit from the mining. But mining is very difficult now because mining must use a rig to mine. You cannot do mining with an ordinary personal computer because it will make your personal computer die.

In my life as a crypto user, investor, and trader, I don't have any experience on doing cryptocurrency mining. I prefer to do bounty campaigns, joining airdrops, and trading cryptos than doing it because there are some mining sites who don't pay you and there are some that needs investments in order for you to get the coins you had mined. This is just my speculations !  :D

What is the best mining site today?

You mean the cloudmining or mining pool site. We will be find the lose only if you invested on mining field. There is no profit on investing mining field. I was looking to invest on Bitcoin and altcoins mining once.
But nowadays I really feel bad and moved away from mining only few rigs going vfor mining works.

I think that mining is very profitable, as before. Just sell their coins do not need now, but when the new pump starts.

Although the exchange rate has declined, the charm of Bitcon as a virtual currency is still brilliant.
Not to mention the existence of virtual currencies other than Bitcoin such as Ethereum, Litecoin, or Dash.
Other virtual currencies are Namecoin, Swiftcoin, Dogecoin, Emercoin, Gridcoin, Omni, Primecoin, Ripple, Burstcoin, MazaCoin, Monero, NEM, Nxt, PotCoin, Synereo AMP, Titcoin, VertCoin, Ethereum Classic, IOTA, SixEleven, Decred, ZCash , ARK Ecosystem, Bitcoin Cash, and Ubiq.
Uniquely, as a virtual invisible currency, various types of currencies can be mined by anyone.

mining sucks right now . id rather do trading and investing than running a miner because it is not really profitable anymore . i will only pay more for the electric consumption rather than earing a few bucks .

what i didnt understand is why there are still die hard people who try to enter the mining scene ? for me , i think mining is only for educational purpose and cant bring any good benifits for you and for the environment .


doing bounty and other activity do also consumes an electricity but it is not big as when compared to when you are using a hardware mining since their wattage is high . doing bounty is also risky than mining because you arent sure if you will get paid or not .

Could you please advice, how much money are you spending each month on electricity? And how much money you had invested in the hardware to start mining?

in my country there are many small miners who close their mines because of the huge maintenance and electricity costs, while the price of crypto sedan mining products goes down

Today I was finally stopped my ferm. With 5 video cards Nvidia GeFrorce GTX 1060 gaming X 6gb it only 5$ monthly profit  :o
So it's over

Same goes with my RX480 rigs too which I had sold most of them and keep 1 for my gaming rig.I cant afford to continue if you do look your expense with a very very small profit for month.


Just a normal thing for you to react where if it turns out for you not to be profitable.Then why continue?

I'm very interested in mining. It's like having a printing press that prints you coins. Though not as much as I would like, but if the coins to be stored and wait until the price will grow, then you can earn.

Mining is useless now, but you mine some new coin.

Yes, I think about it last days. But don't know which coin with big potential I can mine on GPUs right now. Maybe you can give some advices or anybody.

Mining is losing its popularity. Although in Iran, for example, the mining was recognized as a separate industry, and after that the cost of bitcoin in the country jumped to $ 24,000  :o :o

If you connect your bicycle to some agregat and produce your own electricity while pedaling it you can achieve that! Printing your coins for free and saving your money for dietary products!