Bitcoin Forum

If you aren't fully prepared for what's coming don't jump into mining, miners have been in bad shape since last bullrun in 2017 to early 2018 and many shut down their miners, just because it's profitable to mine right now doesn't mine things will remain the same for miners, another thing to be worried about is ETHASH Algorithm, this Algorithm is the most profitable but the best coins on this Algorithm ( ETC and ETH ) are changing to POS and other algo soon, meaning your gpu will be less profitable too, it's better to buy coins unless it's your hubby already.

Mining is only profitable for the ones that can get electricity cheap (or free) and have a good knowledge of GPU farms. With a small profit everyday, your devices would roast before they'd ever get their ROI. You can mine for educational purpose but don't intend to make a profit from a couple of GPUs while paying for your electric bill. There are many new GPU mineable coins but almost all of them are worthless.

I understand yes that mining now isn't too easy and profitable because of the expenses of electricity bills but if you can get such at an environment that it comes lesser, then that aspect has taken down your challenge. After the 2017 bull, miners have actually been facing certain issues especially for profit because you can't do business in an environment or situation without profit.

Indeed. If you can get that setup then it's worth to go for it, though the mining setup itself is very expensive, enough to be
used if you change plan and go with trading or investing with coin that you desire to mine, it's very important to gained deeper knowledge
before you proceed with this, as being compensated will take longer time from this setup.



That's the reality. If you tend to mine using few gpu's or small mining set up the competition is really tough as there are many big farmed
who also knowledgeable in picking profitable coins.

Do you refer to Bitcoin miners when you said that miners are in bad shape since the last bull run which happened late in 2017? The price of Bitcoin has already more than tripled since the lowest days of Bitcoin's price which was around $3,000, that's in 2018.

I don't think there are so many Bitcoin miners who are now shutting down. Imagine that halving has already happened months ago but still the hashrate of Bitcoin is still on a very healthy level. The difficulty also did not drop even after months proceeding the halving.

Everything is doing perfectly well except if you are mining a shitcoin which is fast dying.

You are pointing out that crypto mining nowadays is not profitable anymore? IMHO, I don't think so, look at Ethereum now the miners are struck another goldmine due to the insane increase of transaction fees, but only for Ether. and I'm sure it was a quietly different situation in other mineable altcoins.

ETH switching to PoS could definitely bring disaster for small scale miners since ETH is what they have been mining ever since years ago but there's always alternative coin to mine but buying graphic card or any other mining rigs isn't really recommended considering that so many big players out there are the one who gain the most and small fry miners are gonna get crushed.
Mining is profitable only if the competition is not so tough and the difficulty is not too high otherwise just switch to other invetsment.

I believe that mining is already a process of earning money for people who have been in cryptocurrency for a long time and they do not think about the profitability. for those people who come to this market only now it is better not to try mining

This would be better suited in the mining section if it can be moved there. This is very important especially for the people that are new into bitcoin and want to invest in bitcoin mining and have a long term business plans for it. Mining might be profitable if you reside where electricity is cheap or you are considering cheap renewable ways of getting electricity for mining. https://decrypt.co/39426/is-bitcoin-mining-still-profitable-in-2020

Everyone has his/her own interest and opinion. I have seen hardcore miners who will find alternative coims to mine even if eth or other big coins are not profitable. Similarly they must have alternatives in mind if eth changes to pos so not a big deal for them.

Mining jas officially been gone in my opinion, especially after the last bull run of late 2017 or early 2018. Since then miners have been struggling to make any profit and mostly the big enterprise level mining companies are surviving because they get special discount electricity package or they have their own solar or alternative electricity plants.

Mining was a lucrative business back then but I don't think if that's still the same for solo miners. The resources and power to contribute to the network has really shifted considering the economic factors and the price of Antminers. Better still invest in btc at low price and sell at high price.

Mining today is not very profitable because mining also requires a large amount of capital for resources and sophisticated equipment to do it, after all now the competition for mining is quite tight because many large platform platforms do it with large equipment and costs, I totally agree with what is being said, it is really good for us to take an easier and more effective way today, one of which is to trade in the market so that it also gives us an advantage from time to time.

Unfortunately, those who will fall for it would still fall because they believe that any moving trend is what they should just put their money into just to make fast money forgetting that there were some people in the space roughing it through the hard times and have come to understand the nature of the sector and it's workings.

But honestly something about me still prefers mining coins vs investing on coin because investing on coins can shrink your money to nothing or zero, there are some coins like that, they have a good beginning and after few months things start going very bad, I don't like holding coins either, well as some have comment that with free electricity it's still make sense to mine coin then it is.

Staking your coins and earning rewards every month is the coolest investment option presently, I do this on binance exchange and through trust wallet and it's really cool, no need to worry about electricity costs or something, POS Algorithm all the way.

Until Ethereum switched to Proof-of-stake, I will continue to mine ETH on my outdated hardware. I think that this is what most miners do, whose equipment has long paid off and they are now getting a good profit associated with the hype around DeFi. It is possible that when the hype subsides, I will turn off the equipment again.

If someone already got their miners then they can switch to mine other coins because lot of less difficulty coins is giving decent profits for the miners and once you got the rewards it is easier to convert them to ethereum or bitcoin or any other coin with very less expenses so the profit you are going to make in this method will be more than direct mining of ethereum.

Miners shutdown because of the bearish trend, because it's no longer profitable. It's ever you upgrade your hardware to cope with the coins which uses the latest algorithm, or sell your gear so at least get or break even. And we also have to understand that mining is also evolving. There are still coins that can be mine with ETHASH though, so it's really up to the miners, you should adjust and adopt.

This is true and right, and is one reason why it is always stated that as crypto currency investors and traders you must perform your due diligence and do your research properly before investing. The crypto currency market is a very versatile market and you should make sure to invest right.

Also Nvidia just released new cards and AMD will launch their new generation soon too - this should affect the prices of existing cards both in stores and on second hand markets. And in general, mining isn't what it used to be, you can no longer just buy GPUs or ASIC and make enough profit in a few months to cover the costs and then keep making more money for more months - now it's all about maximizing efficiency, so small scale miners are in a bad spot.

You said it as if what is befalling the cryptocurrencies at the moment has been revealed or prophesied to you. Miners would be laughing to their banks in the past two months. That is going to change now with the general fall in the prices of all major cryptocurrencies.

That is, it is good to know what you are good at and perfect it while looking for possible ways to make it work amidst any kind of challenges. I believe many miners faced issues but yet while others where shutting down their equipments, others were always looking for ways to improve and continue mining. Just as it is with mining, in the same way it is with investing or trading cryptocurrencies. Taking a look at the crypto space days ago, everyone witnessed a massive growth in many cryptocurrencies mostly all these Defi projects, while some people took time to invest in the promising projects others chased hype projects; thus now the market is down it's clear that those that went for good projects won't be much disturbed while their counterparts will likely sell at loss.

Most experience miners would know where to mine, there are still coins which is profitable to mine but I guess mining will stay just for Bitcoin cause some token and coins are doing PoS and running nodes is a new thing which require very minimal electricity if you run it from an instance.

Well, that's true. Electricity cost plays a huge role for a profitable mining and that's what makes it difficult to set up a mining rig and go online. Besides, who ever planned to enter the cryptocurrency mining today will suffer the effects of the mining war that's currently happening today.
In 2017 or 2018 there are still a lot of good coins to be mined, but I doubt there are only a handful of them nowadays, plus you already need to have a good GPU that has a higher hash power and that's a very pricey piece of hardware.

Exactly, moreover only following the hype of something. Whether it is on mining or other ways in the crypto world.
Mining was profitable and many did it very well because they could earn money profitably.
But now? Many friends of mine said that mining is no longer profitable right now, the outcome is bigger than income. Most of them then sold their equipment and jump to trading.

Mining Ethereum (Ethash) is a gold mine but for how long? Those who benefits from this are those miners with gigantic mining farms and rigs, but mind you before the year runs out it's a goodbye to Ethereum mining and also Ethereum Classic will join very soon too, I'm just hoping that new coin will come out that will use Ethash Algorithm and become very profitable to mine too.

I was aware that ETC planned to change their algorithm to POS few months back but they have end up misleading many people, I came across a news online yesterday strictly for ETC miners saying that ETC plan to upgrade to a POW algorithm that will benefits even old miners , the upgrade codename is (Thanos), I sold some of my rigs because I thought it's over for Ethash Algorithm

Even with the current mining profitability rate its hard to make any real profits by the small scall miners so its like mining is only for mining farms.So even jf you have the knowledge about mining still don't invest money in 2020 on the hardware needed is good idea, either you can buy directly or just buy some and start doing trading.

Mining is only profitable right now for two types of people.

1. Those who have enough money to build big farm and also install solar panels
2. Those who have 100% free electricity in their home or country

Some few graphics card are still profitable, they are less power hungry and more effective like

1. Gtx1660 super and ti version
2. RTX3080 and higher .
3. AMD RX5700XT

they are not changing algo, it's still ETHASH. i saw a thread just today where he sold his rig all because ETC announced they'd be moving to POS but eventually changed this idea but only forking it to continue the ETHash algo. the guy thought the ETC team tricked him lol

i wouldn't be mining something that will change their mind soon. ETH had also this concept but as far as i know ETH will still have ETHhash and also can be staked.

idena is something interesting, its like mining with just proof of identity. this token must be very unique. I'm more inclined to participate in this project than something that you will have to buy a rig.

Mining is still profitable if you have the right machines, for example in my country it only costs 0.19$ to mine for 24 hours with a single gtx1660 super and you can make up to 1.24$ with this GPU, how is this not profitable? Get the right miners with less electricity consumption in mind and you will be good to go

I realized for myself long ago that it is better to just buy promising coins such as bitcoin and ethereum than to buy expensive mining equipment. Moreover, given the halving and the transition of Ethereum to POS, this becomes even more relevant.

Staking is definitely more viable option than mining. Less stress and kinda more rewarding when you can just lying on your couch while your own money generates you more money.
The condition really different compared back then though. In the past, mining difficulty is not as high as it is right now. Even using old PC could still generates you some dollars but right now if it's not high end GPU you gonna gets rewarded dust.

Staking is more viable option than mining but not all POS coin are good, some losses value while you are already staking them, you can't sell until the staking period is over since your coins will be in locked state, the best coin I can stake on binance right now is USDT or BUSD, or maybe even decide to lend them out?

This does apply to all facets of crypto currency and not only mining; be it bounty hunting, trading crypto currencies, investment option; you must ensure that you have thorough knowledge about this before considering any participation. This is why in the blockchain; the first step in the blockchain world is to do your own research diligently; don't add fantasies or guesses.

Actually ETC is not going out of POW business anytime soon, infact they plan to upgrade their Ethash Algorithm that will become profitable and minable with low end graphic cards ( 4gig Variants ), I'm guessing they believe that if all the hash of Ethereum goes straight to ETC there will be more scarcity of ETC and probably affect the price too

Completely true, this must a lesson to everyone especially to newbies in crypto that are very much vulnerable to any kind of scam investments scheme like hyip, or any forms of illegal activities in crypto. We should always DYOR,

Whether you like it or not mining will still be around for a very long time, if you go on whattomine.com you will see that there are few coins that are still profitable to mine, as crypto market has its season so is mining has its season too, sometimes mining coins will be more profitable than investing on coins and sometimes vice versa, I'm enjoying every money making parts in crypto space, mining, trading and investing

We have different stand or opinion with regards to mining and we surely do have our own accountable reasons why we do like it or not. Certainly there are people who would love to try doing mining while others will not. Honestly, this is something that must not just be applied with mining but also with other crypto related works such as trading and investment that if you do not certainly know or sure about something, do not bother to take into engagement for you are just risk taking everything that you have got. Better took ventures into something that you are completely familiar so that even if risk is there, you can still be able to manage such risk and make it into profitable one which is favorable into your part.

Yep. That's the only way for profitable mining without expensive equipment/big investment in shitcoins. 5$ VPS or even old laptop/PC, 40 min monthly doing touring test and you can start your mining journey. Rewards are not big now because price is dumped to the ground, but i guess it wont last long (only 3 mln$ marketcap for the most decentralized coin in whole crypto industry on the eve of the launch of oracle that will revolutionize oracle definition - oracle that use blockchain that has 5000 unique nodes with equal voting power)

Its all about timing, just because mining coins isn't profitable at this moment doesn't mean there won't ever be a time where mining will be so profitable again, since everything in crypto space is all about timing that's why I engage in mining even if it's not profitable right now, I like trading in bull season cos it's way easier and lesser loss too, moreover there might be new coins that will be more profitable to mine in near future, probably more profitable than ETH and ETC

It actually depends on them if they want to mine or not. Maybe some people want to mine some tokens because they have some resources to use and they can really earn in that way without making more expenses. There are some people also who want to mine but they have no resources to use, sometimes they want to mine tokens but the expenses like the power usage are so expensive so they decided not to mine. Giving time and effort to something you want is normal but you should make sure that you are making a profit with your way of earning.

This is a reminder that i think newcomers to this market need to pay attention to if you want to get into mining. The market is likely to reassemble what happened when, as you said in the past, mining becomes difficult and many people have to dismantle and sell miners, so good advice at the moment thing that everyone should be doing is keeping yourself the coins and waiting for the price to take profit.

For me mining is now not a good thing even though there are now powerful GPUs that keep launching in the market, before I considered mining as good when the price of the bitcoin is still not high but now, I do not think that it is a good investment because of the expenses and also the time in order to mine coins. Even though I have a huge capital, I will not force myself to make investment in something that I do not have knowledge, I want to mine before but I tell myself that I'm not yet ready because of the maintenance and also my current knowledge and skills. I chose trading over mining and I do not regret my decision because I already have long journey wherein, I finally understand the basics and the foundation of what I'm currently doing. For those who will continue to make investment in mining, I discourage you but it is still your decision just make sure that you have knowledge on what you are currently doing.

That is applicable not only to the cryptocurrencies, but also to a person's life. Without having a proper understanding on what you are doing, no-one can say that where are going to get ended up. You need to know:

• The meaning of whatever you do?
• The best way of doing it?
• Risk associated with it
• Opportunities you may get and so on.

And talking about electricity, it might be cheap but you can’t get it for free, and another thing is that it’s not cheap everywhere, it’s costly in most places. I have only heard that the electricity can be cheap in China, which I am not really sure about, but this same China has been locking down on Bitcoin miners and trying to prevent them from engaging in the activity of mining and selling Bitcoin.

One of the ways they are doing this is by tracing every bank transactions that has to do with crypto and freezing every account that’s caught related to it. That way miners will be scared that they are losing and then they will be discouraged. As for other places, electricity is costly.