Bitcoin Forum

Everywhere I am seeing fellow miners discouraging other from jumping into the mining business.  All over this forum and reddit, you guys are being selfish because you don't want the difficult to keep rising.

The truth is mining crypto has been the easiest money for me, I am never going back to working a normal job when I can just do this all from my house.

I'm still pulling in NICE profits, people are just spreading fud about the ROI times and saying gpu mining is dead.

You probably live in Venezuela, there average joe/person earns $5 per month, mining there with their electricity cost paired with their worthless currency will give more than $5 per month, now if you live in places where you earn more than $1000 per month and then you come here and say mining is worth more than working in any regular job then that means you are an idiot.

So to suffice, mining is only good in places where electricity is rarely charged by the government or let aside by getting votes or support aka what is happening is Venezuela or your regular job wage is pitiful to a point coming here and say mining is worth. If is worth to you then probably many things contribute to be worth to you and I'm sure 99.9999% people in the world are not in the same situation as you.

The only downside to you is the hardware cost I take, is a huge investment and even now is hard you are getting any from it but your ego is huge to come here and say out loud, "hey, I do make a lot of money mining and these trolls are all deceiving you", profitability graphs since 2009 are there for a reason, check it and you will see mining is at lowest ever and that means, nobody is an idiot to buy hardware in an uncertain market.

I think miners need to be encouraged because they are the fuel of the crypto currency space. I also think miners should be the one who decide the price of coin. This way they will live and crypto will live too.

Thanks for posting this @OP. Can you post some data if possible.

There are some big company out there discouraging people to enter in mining because they don't want to difficulty increase. So I'm agree with OP.
Look at the Developers on FPGA they don't tell which coin and which bitstream you should use in order to make a good profit with FPGA and I heard there are company that making large amount of profit with FPGA which no one giving leak about this.
I don't know if its true but some youtuber that they have contact from some private company who develop FPGA for mining.

If you are just go in GPU the other comments here is true because here in my country mining is not profitable if you don't have free electricity source.

FPGA mining like Hashaltcoin?
https://www.hashaltcoin.com/

Of course, mining is not dead, but my profit has decreased by 4-5 times compared with the end of 2017 - 2018. This is quite a noticeable difference. If at that time I could recoup my RIG in 4-6 months, now it will be more than 2 years provided that the cryptocurrency prices remain the same.

PROGPOW to the rescue.


Mining IS about decentralization.

Centralized ASIC mining is a RISK.

Higher hashrate alone/in one hand ISN'T more secure.

If mining gets centralized than CRYPTOCURRENCIES have failed !!!

That was true only during the bull run of 2017. I'm not going to lie we were greedy.

But the truth now is we are way past the greed phase and in the anger or depressed phase. And I'm not gonna be greedy to keep my nickel I earn per day per card. I can split that with others for all I care.

I genuinely don't want to see miners get rekt but be my guess. I fear for those that bought GPU with debt.

If I had money I would buy coins. But I'm all out of cash so only thing I have left is credit which I only buy cards once in blue moon like a 2080 rtx and Vega vii for hobby mining and to keep home warm at night. Probably a bad idea but I enjoy it and so do others and that's why the market will always be oversaturated and unprofitable. Everyone knows how to gpu mine now. That was not the case before 2017

Thankgod there are miners like you trolls who earn cents, so we investors can buy cheap from you and wait till better times and then multiply our profile from 10 to 50 times without doing anything, this bear market is good, so we with the money can buy coins without any fear cause this is it, the bottom, from here coins will only grow and as you trolls sell cause you need your cents to pay for the electricity, hardware, maintenance and many other things. Profitability graph shows us, this is the golden age to buy coins, in all history of bitcoin there was not worse times than this for miners which is the best time for buyers.

It may be easy money, but unless you have:

- Some capital to invest in mining gear, be it asics, GPUs or FPGAs
- Cheap electricity
- A good electrical installation that doesn't turn your operation in a fire hazard (which many people seem to completely overlook)

Mining is not, as of today, a profitable business, in the sense that making 1$ a day after you pay off electricity isn't exactly what I would call worth the hassle.

Then again, I don't know what you call "NICE" profits (a dollar is worth more in some countries than others).

you want to invest in a centralized cryptocurrency ?
good luck
 :D


and who says miners aren't smart enough to hodl and god forbid even buy themself  ::)

also ever heard of cornering the market? (= a large miner who also buys)

.......

progpow is no magical savior, it will be cracked just like any other asic resistant algos.

ASICs do not equal centralization, please stop parroting incorrect information from the other ignorant people on this site.

Big farms buy up GPU rigs just like they do ASICs, yet dumbass people dont seem to understand how this works at a commercial level.

Educate yourself.

Mining with graphic card rigs is not dead but it is not profitable either. For the moment you cannot quit your daily job and live only by mining income. In developed countries you can't for sure do this. Probably in places like India with their cheap electricity and low standard of life you can. It all depends where you live at this time.

All of you crying about centralization can go buy Asics yourself, don't act like your only option is GPU mining.   These big farms are buying huge stocks of GPU at a discount with super cheap electricity.  Home miners will never be able to compete with the big boys, thats just how it is.

Wow that is really dumb of you!

Congrats for relaying TOTALLY wrong information, your opinion is nothing but a disgrace.

We mine with ASICs since 2009, yes not only the gpu IS an ASIC but also the cpu. (this is new to you???)

Progpow is an algorithm written for already existing ASICs as commodity hardware.

Until today we had algorithms which didn't fit the existing ASICs so new ones are/were created, pretty dumb thing to do.

So true.

All of this working at a commercial level is welcome. It is so true that this isn't the problem.

Educate yourself.

A decentralized emission period of a cryptocurrency is very essential to its core fundamentals.
Without that (once again) cryptocurrencies have failed/ are failing.


And you thinking to invest in a failure is so smart?

Even the 100% centralized coin will be decentralized if people got interest in buying it. There is no way to monopolize the market as a whole as even if holders dont want to sell for a set price, holders WILL SELL FOR A HIGHER PRICE and that is what means to be put in a market, meaning, look at eth for example 70 million coins were premined "The system went live on 30 July 2015, with 72 million coins "premined". This accounts for about 70 percent of the total circulating supply in 2018." and yet it holds a $140 mark, see my point. Even bitcoin was premined as a test subject. Decentralization means power to many.

Of course non miner wants increase in difficulty because this way they can keep much profit. It's 100% logical and I can't call it being selfish. Yeah, mining is easy money but that doesn't mean you have to buy miners, start mining and lay down on sofa. You won't be able to keep getting easy money your whole life and you mustn't stop your progress. I suggest, use your free time and acquire as much skills as possible, learn programming for example and get another profit source.
No one is spreading wrong speech when they are saying that GPU mining is dead. See numbers yourself on whattomine.com

This is the reason why im trying to put more value to mining than the dollar cost of what your mining vs electricity.

Mining was supposed to be a distribution method for crypto that anyone could partake in, not the centralized manipulated space it is now.

What needs to be done is actually counter intuitive (and what im trying to do with my miners). Get small ASICs in the hands of so many people that the hash power of that group of people > the hash power of the small centralized elite.

What happens then? People running 100 watt crypto platforms on there desk don't care about what it costs to run one lightbulb 24/7 because its negligible. The value of running a full hardware and software stack is much greater than the pure mining rewards for an individual that cares about crypto and its future. The large mining farms then start becoming unprofitable since all they see in crypto is pure profit and greed, and will start shutting down.

Thats the idealistic place I hope crypto gets to in the future.

FPGA mining will get you a nice PROFIT if done right - but earn that 50ct per day/GPU Tyrese - you probably would earn more in 1 minute of a normal day job




Investor aka Bagholder - sometimes i wish this hole experiment will fail, as too many people are way to kinky and shouldn´t be allowed to get rich that easy

You always say this kind of garbage when you have no understanding of what a business is thinking. You just use the same tired old tropes to whine about large miners. Sorry you werent made a millionaire by running a few GPU rigs, but you dont need to spread this kind of garbage because of it.

Think I have been around long enough to know what most large mines think...its not rocket science. Garbage is what the large ASIC companies and their large customers have done to crypto, and will keep doing what im going to shut that down.

And I wish im a millionaire, but selling hardware at cost so people can be part of this revolution does not make millionaires.

The profitability of mining is connected to the electricity price. As the price of crypto currency is low mining is only profitable in those countries with low electricity prices. Without PoW mining there is no decentralization and this is why it is where important to be continued.

Whether you encourage or discourage, money will attract them towards it. Remember, when one really wants to do something, they won't care for other people's opinion(s).

Could you elaborate what kind of mining rig you have and the coin mine?

People are not spreading FUD about the mining loss, I really see it with my own eye. Unless you get cheap electricity then you maybe you still got a huge ROI.

The poor are not poor because they are born badly, but because they lack courage and determination. And can accept new things not much. For blockchains, mining, new things still need to be popularized.

I think mining is profitable if your country has cheap electricity for other countries that has a expensive electricity its better not to mine or you will face   big problems ;)

When there are a lot of competitors then everyone gets a really small piece of cake. No one wants to share the profit.

That just isn't true.  Some people are born with extreme conditions that are nearly impossible to get out of.  You can't just have courage and determination and become wealthy, don't be an idiot.

Hahaahaha. Absolute nonsense. 'Easy money' - if your electric is free, your hardware costs are ignored, and your time researching algos/coins/exchanges is ignored, then you make a few quid, yes. Consider this - £600 in secondhand PC parts will make you a couple of dollars a day on ETH, but cost slightly more on .10c electric.

well.. I'd agree that this is true most of the time, but still would prefer not to generalize here.


that!
mobility class in Brazil takes 8 generations for example.
that means that the probability of your grandgrandchildren staying in the same class as you is quite high.
they take one example of a poor person that was succesfulland generalize like if everybody was able to do it, but forget to see the whole picture.

I see mining as a business like you. No difference from any other works. i enjoy this work and i am doing it fondly  :)
but the electricity usage fee began to annoy me every month hike is coming

Not Me :)
HERE IS MY TRUTH (https://bitcointalk.org/index.php?topic=5044586)  ;)

Mining is still profitable otherwise people wouldn't be doing it. The profit margins have fallen for those that live in countries like the UK where energy costs are continuously rising.

Im on 13.5c/kw, my rigs are working all the time from 2017. They were switched off only one month in December 2018.
I'm operating only on Nvidia.

But why? The whole economy is built on the creation of competitiveness. If they are satisfied with everything - then there is no sense for them to change the current situation.

Thats not entirely true, some criminals are fine with mining at a loss if they can generate clean money.  Also governments that are mining are effectively doing it at zero cost so they are just converting fiat to system that actually takes effort to get.

If you are able to provide cheap electricity then the mining is still profitable.
I have solar panels installed on my roof.

You must to have a very very very big house with a very very very big solar panel covered roof surface :) if you are using that electricity for mining what your roof installed solar panels are generating  ;)

Mining RVN is currently profitable with 0.17 kWh electric cost and Nvidia 1000, 2000 or 1600 series GPUs. 

This is because the exchange rate went up 600% in a month. 

If one has only a few rigs and can afford to pay their electric cost without selling coins; they can always hold coins until they can sell them at a profit.

However, one could have simply just bought RVN when it was around $0.01 and made 600+%.

An algo switching Algorithm with sufficiently different algos and a frequent algo switch; has FPGA resistance.

This is because it takes time to reprogram the FPGA for each algo.

For this reason, I caution miners who are investing heavily into FPGAs; the next generation of Cryptocurrencies will all likely be FPGA resistant.

Aspiring cryptominers should also know that as cryptocurrencies have risen in both popularity and value, competition has increased substantially as well and now includes organizations and enterprises with more extensive resources than most individuals can compete with.

The profit indicators of the mining is constantly changing. The prices are changing, the difficulty of mining is changing and depending on price of the electricity it should be profitable, especially long term if the prices increase.

This is why monero profitability is so far behind other coins, too many fpgas in it.

I guess both sides of the pro and anti mining have valid opinions that are based on factual data and that is great but I seldom see threads with dedicated mission to share their most current profitable mining operation including all the equipment used and what coin they mine because I think most people are insecure with other people becoming their competitor in the mining niche.
 

Mining is still profitable (under certain conditions)and it seem things will get a lot better soon.I suppose your current drive could be that you pay very little on electricity and you can easily source for cheap hardwares. A lot of miners sold off their hardwares cheaply,that seem to have stopped now and prices are beginning to rise once more.Mining is cool if you are in the environment and were able to get hardwares cheap

I think only a few people think that crypto mining is dead, but I don't think so, maybe the results obtained are indeed slightly reduced, but crypto mining can still be profitable, maybe those who think mining crypto is dead don't know how to overcome difficulties if there is a situation like this now.

Wonder why the OP made a topic over a month ago and hasn't replied since.

I keep checking this thread from time to time to find out what country he is from where he is making enough money to quit work and live off the mining profits while most people around the world keep their rigs powered off.

The ETH difficulty is starting to rise quickly and the daily profitability is lower this week than last month, reason being that people are assuming ETH will hit at least $200 and its profitable to mine. And as a result the difficulty is going up and profitability is bad for most people as before.

They want to keep the competetion low. Mining was never difficult and never will be.

Yeah, even the thread starter did not even care to share any relevant information to a profitable mining strategy and consequently support his claim. I guess most are becoming greedy and insecure than before and the fact that I am not a fan of mining, I can sense this competition thing getting nasty at times that I hope the crypto community would be united in helping one another in any way they can.

This thing happens very fast, if eth hits 200 usd then 400 then 800 usd will be way faster and in a matter of weeks.

some people think the world resumes to their own head...
How many huge mines are located in Europe? in US? in places where energy costs are high?? Are the large mining facilities in Europe loosing money?? NO, they have renewable energy!!  ;D
And besides, if you have a decent mining strategy, even paying for high electricity costs, you can easily make money... maybe not so much as before, but nice money, even compared with the high US and European standards... Just have to do a lot of research and think it smart... (I know a few of those examples)

Have you ever heard about mafia in europe and other countries? That is your answer.

Nobody spread lies. Each has its own right. In my country now, with the price of electricity, mining is not profitable. Many equipment for mining is sold on special sites for sale. Maybe you have cheap electric power or you get it for free. so you and profitable mining. Maybe you'll mine some kind of new cryptos about which even few people know mine is still profitable

Studying the possibilities of mining, I was faced with large starting costs. Having not the most expensive KW/h, profit is possible in many months(mb year+), if conditions do not change. I understand those who do not want new miners in the net.
This is an business for those who are already in mining. By switching between coins and algorithms, they can make a profit. Starting ... unlikely.

There is so much corruption, they are making backroom deals with the government and getting extremely cheap power and other incentives.  The big boys are using so much power they can call the shots and your average hobby miner will never compete with them.

yeah .. for sure there are a lot of such semi-criminal structures that deal with this. I think they hardly go into mining some projects that are not in the top five.

When you can mining with cheap electricity fee, you will make a profit in daily, but not all people can get the same fee as you. So they say that mining with GPU is hard to get a profit and finally, they are shut down the machine. That happens too with my friend in the other country because he cannot cover the electricity fee, so he decided to end the mining.

You must have a lot of hashrate power to able get profit. cheap electricity just give us more opportunity to earn more profit. When we get expensive electricity and a high difficulty and the result will be we got a lost.

You made a point about the cheap electricity been an advantage to make profit in mining cause high cost electricity will generate expenses. The kind of hardware used helps.

Yes you got them right there, there are fuds and lots of discouragement by miners
To ensure that there are further decrement in the number of available miners

It’s more like trading too; where fud are spread so that a token can be bought cheap
Just that here; it reduced number of miners

Mining is not as easy as it use to be when one consider the cost of available electricity except you are using your own built renewable energy, then cost can be saved on electricity. My partner and myself have for now abandon our mining rig because of huge cost of electricity and internet connection.