Bitcoin Forum

I remember the days when I was starting in the crypto world. One of the in-demand that time is crypto mining. Some people are buying and setting up their own mining rig. The income that time from mining was very dependable. You can quit your job and just focus on mining but nowadays, bitcoin mining is diminishing due to the high cost of operating expenses and it is really hard to mine bitcoin.

I'm just wondering if there is achance for the crypto mining industry to recover in the future? Not just about Bitcoin but on other coins as well. What are your thughts?

With the market showing an upward trend, Bitcoin mining will be a profitable business when the value of Bitcoin is above $10000. I understand that the amount of Bitcoin that you are getting now is very less as compared to the old days. But the cost of Bitcoin was not much at that time.

The mining business is correlated to the FIAT value of Bitcoin. When the price was less, you were getting more Bitcoin and when the price is going up you are getting less Bitcoin.

It will not be easy in the future, but it will be better to what you were making a few years back.

So in other words: you could quit your job just in order to stay at home and do nothing. That could be your general activity because running a small rig at home does not require much time to maintain it.
With the same success, you can now regret about times when you could mine some BTC just on your shitty laptop.

Bitcoin mining is still profitable simply because we can still send transactions. The existing mining farms would be turned off as soon as mining would require more money than it brings.

When Bitcoin is above $100000, competition with mining increase.  I can see the same scenario of mining as ever increasing hashes and difficulty thus the increase in price is negligible when it comes to profiting in mining industry unless you own a huge mining farm to compete against other giants in the field.  The mining industry had already been monopolized so small miners will take little to nothing profit.  And if the person is living in a country where electricity is too high, he can forget about mining already.

Pretty well said!!!

It like people saying that the gold mining business is dead cause you can't find one pound gold nuggets in the river bed anymore.


Nope, bitcoin mining is not "diminishing".
Hashrate is up 10 times from two years ago, millions of miners (as in mining gear) are hashing 24/7, and this time we might even get a 5% increase in difficulty.

What is diminishing is the dreams of getting reach with a video card hashing while you sleep :P


Bitcoin mining is still profitable, even the old s9 are quite profitable now.
$70 a month with not so cheap 7 cents per kwh for gear that was sold at 300$ a few months ago?



 

In cryptocurrency any thing can happen at any time I still remember back then in 2017 must miners were making huge profits from they mining farm and lots of people saw mining at that time as the must lucrative venture in the crypto industry
 But this day the situation is different and the market is no longer profiting but I believe in the near future bitcoin mining is going to revive again.

maybe if the price of coins going up in crypto mining can recover, this happens because the costs of mining and profits cannot be balanced, there are a lot of minus or losses. the main thing whether mining can come back is to wait until the cryptocurrency price is stable in a high position. that's the main key

Mining became too expensive due to high electricty costs and greedy asics traders. These equipments are very expensive and after some time they are already worthless to mine bitcoins, as there will be a new asic model on the market as soon as possible.
I believe someday mining will worth again, as we are reaching closer to renewable sources of energy, this way it's one less cost to operate a mining business. However the initial investment has to be huge anyway, and the asics will continue expensive and indispensable.

crypto mining is functioning fine.

the negative is that not everyone can be a constant winner.
its always a competition

this means the bottomline threshold has to rise. not everyone can win so all the home hobbiests thinking they can get rich quick at home running a cellphone app wont get far. as the hashrate/difficulty is way way way above the old CPU mining days.

same with gold. its no longer the days of pickaxes. its the days of excavators

those that are not living in the right region to have access to cheap electric wont prosper bitcoin mining
those that are not living in the right region to have access to cheap diesel wont prosper gold mining

those not able to invest in the best, most efficient equipment to compete wont prosper bitcoin mining
those not able to invest in the best, most efficient equipment to compete wont prosper gold mining

There is a lot of people mining with profit
It's harder to "amateur" miners, because now there is a lot of companies who start mining in countries with low cost energy

But it's profitable if you pay something like 5 or 8 cents per Kw and probably will be at least for a couple of years

What's mentioned is the reality with mining. It's been more than a year stopping my mining rigs. As stated one needs to be in a region with access to cheap electricity, only then mining can prosper. I never thought about this, but after making an investment it isn't profiting and when I went to sell back the equipments I didn't get even ten 50% of my investment on the mining equipments.

I think that mining is a good idea when the price is constantly high or when people are so devastated that enough miners already left the market to affect the difficulty rate in such a way that will make mining profitable even when the price is not great. 2018 and almost half of 2019 do not qualify, because people weren't hopeless enough, I guess. As for now, I think it still makes more sense to simply buy Bitcoin and HODL rather than invest in equipment and regularly spend time on mining. The profits simply from the price going up are more reliable and pretty sufficient for this investment to make sense. Once Bitcoin fully recovers, I think mining will make sense again.

Mining plays a vital role in crypto industry. As for me, they would still recover in time. It will still be profitable when Bitcoin's price would increase and provide us with promising value. I believe that things will get better for the mining industry in the future because we couldn't eliminate it since it's necessary to balance the supply and demand of cryptocurrency.

To be honest, its one of the greatest things that you could probably get money from easily as long as you have the power to maintain a rig to mine for you 24/7. But with the number of miners existing after it went well increased exponentially leading to reduced income and greater expenses which I say is one of the reasons many people stopped doing it.

It is alot different now then it was when you first heard about mining crypto whether it be bitcoin or one of the altcoins. It is nearly impossible for you to get back your investment in a miner if you were to solely mine bitcoin. From electricity costs to the difficulty going up every week and then after the halving of the reward block will make it worst for those who have farms of these asics mining for it.
With altcoin mining it is a different story as there are many coins you can mine and be in profit even with electricity costs included in your daily earnings. You just need to find cheap equipment so to build your rigs and have electricity under 0.10 kwh for it to be achievable for someone to make a profit after about a year of doing it.
Once again all depending on the coin you choose to mine and when it is ready to exchange them into bitcoin or whatever it is you are wanting to do with it.

Mining efficiency will define the market 75 percentage because the new ASIC and cards are launching one by one to make their profit stability but the miners profit stability is falling like something.
I suggest if you stop buying the new higher end cards and asic machine then we can make the better mining business in this crypto marketplace.

I believe yes, and I will keep my hope for mining. If there would be a natural electric supply which could save more energy with a low cost, mining would be more profitable for miners.
The price of bitcoin also matters so if it strikes high, they will surely recover well.

If you had a good career as a professional then there is no way you would quite that and start mining for a living as it was evident that it will not last forever when industrial mining was a scope even during that time, if someone could make money from home, do you think people with deep pockets will sit idle, they invested heavily in these and so is the reason bitcoin mining is for large scale investors and you think the time will come so that you could mine at home, never  :P.

The miners are still mining simply because it is a profitable endeavor for them with the huge investment they made, if you have the right machine and cheap electricity you could make money but the problem is that, technology is improving by the day and you cannot sit on your million dollar investment when a new powerful machine gets released, so it is a highly competitive field with high risk.
@OP mining wont be a house hold process in the future.

according to me mining is not worth more nor for bitcoin nor for altcoin it has become too expensive, it is worthwhile only if you have almost free energy...

No, as bitcoin mining was not designed to work like that. Over time, bitcoin adjusts its difficulty depending on the number of miners, and it's designed to go up or down to maintain a 10-minute block time on average. Perhaps if a lot of people were to shut down their miners, you'll have a chance at hashing it out and making bitcoin, but until then difficulty will stay as it is and the competition will be stiffer, tighter and cut-throat to get a single block.

If that was too easy then I guess most would just be mining bitcoin and not do anything else to earn money.

Bitcoin mining is still a good thing since we are all still sending transactions everywhere.
You can still profit with them at the current Bitcoin price since price will mirror how much you get from mining as in percentage. The more harder to mine the better the rewards as in terms of price since price will become bigger.

If mining would not be profitable anymore do you think those big mining companies would still be alive and functioning? Hell no, because they would spend more than they earn and their whole business would get to bankruptcy over time. Mining is still profitable, but it's just not for everyone anymore because order to make more profit you need to invest more money and not everyone can afford that

Crypto mining is till very much profitable though not like before, Mining required huge amount of funds for a start up that's why you see different thread saying negative things about the crypto mining industry. So for those who cannot afford to run the required expenses in order to mine well should take trading as an alternative and stop been discouraged.

Crypto mining is no longer a short term investment venture but its now  a long term investment avenue. The profit margin of crypto mining for short term investment plan is very low compared to long term. The only way mining can be profitable to anyone interested in mining is by joining the mining ecosystem with a long term investment plan and strategy. That is the only way to make a decent profit from crypto mining....

I suppose it depends on how cheap electricity is in your area and your technical savviness. On the other hand, cloud mining or mining left to another party is sketchy as heck, and I have had a bad experience with it.

In terms of mining Bitcoin, there in no way it can be enhanced. It is said that while the time passes, the mining of Bitcoin is getting harder and harder. Welll, I think Bitcoin will stay on that track and that would be the same as other crypto too that followed BTC. I think it is obvious that while other age too, it will be the same but not to other cryptos that just released.

You really do not need to be a tech savvy to start mining, just the right equipment and cheap electricity is what you need to start mining alt coins, never trust cloud mining sites as they are not going to give you anything in the long run, i have seen many things in the past and i had my set up for mining too, things get too clustered after a while and especially when the  price of bitcoin and alt coins tanks you might think twice on how serious you can take mining. If you are planning to start mining now i would suggest not too, but if you already had your set up then you can have some profit.

I am not sure if that will happen to bitcoin, but for the other coin, it could happen.
Bitcoin difficulty will increase, and without using high-end hardware with big power, we cannot get a reward which will cover our electricity fee.
But if you have free electricity, you can use any power, and that will be a profit for you because you don't have to pay the electricity, maybe you need to give attention for the maintenance of the hardware.

you are talking about a very special case that rarely happens when the shitcoins are getting pumped every day in the market and as a miner you can earn a ton of them by mining if you have a decent mining rig. this is not a good idea in my opinion because it is risky for one and it is hard for another. i prefer trading during times like that because it gives me a lot more flexibility that i can move around much faster from one pumping shitcoin to another while a miner can't do that easily.

As time goes, commercial interest increases and real value of this coin decreases in which I mean the reason it waa created. At first mining was possible with cpu/gpu, then asics were created and now big companies don't want you to mine. They want to capture mining business, work hardly on creating better miners and increasing their hashrate. So as time goes, mining becomes more closer to very commercial/business thing. Sorry but I think it won't recover.

I respect what opinion you had with you mate, but as long a crypto coins has a strong and active community everything will always possible to recover. Miners changed their perspectives, so from time to time as technology getting more advanced; the potential is always there to create another milestone. For now we might not see it, but as we move forward with crypto improvements with respect to mining I guess there's no limitations with respect to its capabilities.

I started mining in early 2017. The year 2018 for mining turned out to be very difficult, but nevertheless the mining is still alive and continues to ensure the operability of the Bitcoin network and ethereum as the leading blockchain. I do not know what will happen next with the mining, but I think that during 2019 nothing will change significantly and mining will continue to live and will be with a fairly low profitability. It is possible that in future mining will become industrial and home mining will gradually die away.

The price of the mining rig is indeed expensive, of course the miners will return the initial capital and get a profit . While actively mining they will not feel lost even though the value of Bitcoin and other altcoins is in the downtrend though.

I don't know in what world you live but here things don't work like that..
Oh, checked your avatar, of course, mystery solved.

There is no such thing as harder to mine, easier to mine.
You put your miner to work and he will do his job at the same rate no matter what, the only thing that changes is how many do the same and between how many the reward is split.

So, the more mine, or as you imagined, the harder it is, the LESS you get.


You earn the same amount each day, and with difficulty rising your share goes down and so do our profits unless the price jumps. If it goes down...
So actually, the margin for short term is higher than let's say the 1-year median.


Yeah, and that will always because you've said so!!! /s

Its true, i think even if too much expensive when you mine you will also earn profit. But now you focus first for the price and wait the best time to mine. Because of its price is just recovering yet, So in the next years maybe it can recover and many people will mine bitcoin again.

Mining is totally different from buying/investing where you dont wait for the price to recover before you can decide to mine because in mining you can mine anytime and its not the price that you should be concerned the most but it should be the electric cost , mining hardware/software , and other stuffs related to mining  .  also , its not about the price that op is refering to that can recover but its the state of mining  .

if the price has reached that level, I think that mining is not an ordinary person but a giant company that mines like real-world mining. But surely mining in the future will be more difficult, because electricity is also increasingly expensive and scarce.
The problem with the difficulty is electricity, if there is no problem in mining equipment, in my opinion. And the second difficulty is the number of blocks mined decreases.

It’s true that some miners have already exited the market. The first of these price points is the all-in ROI breakeven level, above which they make a profit on their investment, and below which they make a loss on their investment. However, rational miners can mine at a loss for an extended period and want to mine Bitcoin to accelerate the time to the next difficulty adjustment that could result in greater profitability.

Yes mining now slowly recovering after bitcoin market price surge. It seems that miner now can gain huge profit from bitcoin transaction confirmations on ever transactions. Mining is one way business in cryptocurrency and no way that other users will going to mine bitcoin if it is not profitable. Just think about it why miner continue to mine even bitcoin has fallen down in terms of its market price.

It is not only mean that bitcoin has fall down and miner made some.losses. It is just how to hold bitcoin and sell it in the right time.

Who has free electricity? Certainly no large mining farm. I remember having read articles about how students abused their university's electricity to mine crypto currencies, but they have been penalized for that.

Free electricity is scarce and if it isn't you generating it, you are subject to fair use policies which nowadays have prohibited mining and whatnot. Mining is a tough industry to be in, and I'm glad I always sticked to buying Bitcoin directly.

Throughout all the years, simply buying Bitcoin has always outperformed the returns that mining Bitcoin has generated. The same applies to investments in start-ups in return for a % stake.

Even if people try to buy solar panel for free electricity this will cost a lot and even so over night the mining is stopped if can't store enough electricity, and also if electricity is not cheap not can get a profit over a month. Maybe in future will change if price will be high.

Venezuela has somewhat free electricity from people there I have talked too on other channels.
The problem with this is the electricity company can cut off the power whenever they like and they have frequent brown and black outs almost every other night. So this can be rather concerning when your mining because you never know when the power will come back on so you will need to be there to switch back on the systems so to continue mining. :-[

I have also wanted to find out more about solar power running a mining farm. But they would be limited unless you have a really expensive one to produce enough electricity to run even one asic 24 hours a day 7 days a week at full throttle.
The government subsidize these when purchased but only to an extent also reimbursing you every month or year.  So if you wanted a higher power one you would need to pay it completely out of your pocket I would imagine. :-\

In my opinion, crypto mining has always been relevant. I haven't shut down farms since 2017. Another conversation, that at the beginning of 2017 it was possible to mine ethereum and not worry, then in 2018 it was necessary to look for new coins and mine for the future. It turned out good money after month of keeping. Now the market is being restored and earnings in mining will grow.

in the world of crypto mining, it uses a random process. so if the miner does not find a new block, then the miner does not get a profit. 
in my opinion, when crypto mining becomes difficult, one of the solutions is to join mining pools and create a mining companies to avoid a little risk by creat a pool that functions to be able to mine Bitcoin together.  By determining one coinbase recipient who has been previously appointed.  The recipient, called the Pool Manager.

It is still profitable for some people. If it wasn't why would they mine? You will just have to choose your location carefully. You will need to buy efficient equipment for mining. The electricity cost is a huge factor over here. If you live in a place where electricity is super cheap, you will be making some good profit. Oh, and as the value of the coin rises, so will your profit from mining.

I agree. Mining equipment is getting more expensive but still believe that it will become profitable in the future. We need to use an alternative source of electricity to lessen the cost on it. Mining is good but still you cannot depend on the earning from it, you need another work.

I mean, your best bet is to do the calculations as to your own situation (your location, power cost, equipment access, etc).

I don't think it will ever be as profitable as before BTC went mainstream & the media started watching it. It's far too publicized now that the difficulty will always be steady.

IMO, mining is more betting on the future value of Bitcoin w/o having to invest so much of your own funds.

crypto mining can recover in the future but requires a lot of processes, especially the price that must be high up. maybe now it can't yet but in the future we can't predict.

İm sorry but no.its almost non profitable since big companies became monopoly.i think last dump of bitcoin was for it.noone could stay stand if mine bitcoin individually.