Bitcoin Forum

I see the difficulty of ETC which was 320 T and now is back at 276 T which for me is great as I can produce a lot more ETC daily then I used to with 320 T.I noticed the same pattern in ETH which got from 7.79 P to 6.47 P which again increased my profit daily in crypto not in dollars.I of course am very happy with it as I am a long term player but what caused this to happen,maybe because prices fell some miners cannot afford anymore their mining activities because of high electricity cost or what ?

I think I have a good insight concerning the latest ETH mining profit increase.
Few major Chinese regions are now banning miners to operate so they had to unplug their hardwares (GPUs or ASICs) consequently the Ethereum Network Hash Rate has plunged from 643.81 TH/s to 524.81 TH/s, a -17% drop.

In other words, the piece of the cake is now bigger for us or the pool operators and then for us!
Add to that the GWEI is getting crazy.  ;D

Ho yea I forgot to write, if we follow the Ethash Design Rational, there's less miners on the network so the time it takes now to find a block is longer so the difficulty level is lowering down to come back at what 13 seconds something per block. Pretty neat!

Have you read the Ethash Design Rational? Check this out:
https://eth.wiki/concepts/ethash/design-rationale

Answer is China.Huge Asic miners shut down recently. BTC LTC ETH ETC major coins lowered hashrate we can see now how much percentage were in China.Now there someone can make calculation how many asics were in eth network.
Miners will quit when profit gets very low who has high electricity prices.

Yeah, this is a pyramid economics, the ones that have high electricity costs will leave first and so on until we see negative profit again then only the brave ones will mine for nothing, just to protect their bags and the network for nothing ehhe until another bull phase, so they can brag their bags hehe once again ehhe

People already said, but I have something to add

Most of this decrease in hashrate is because China are banning mining operations, and now this time is real.
If you search for China bans BTC mining, you can see some miners shutting down Asics

And not only BTC, but a lot of GPUs farms are off right now, miners are moving to another locations, like Kazakhstan.
In a few weeks the hashrate will return to previous levels, for BTC and ETH for example

And I see a lot of gamers are stop mining at this price of ETH, people who mined with 1 GPU or a couple and pay high electricity rate, is selling GPUs and gaming again, this is a trend in my country right now
I know farms are the big deal here, but there are thousands of gamers that mined some ETH

All this above are reflecting on price, now is the perfect time to hold, mine as much as possible to the next cycle

That is what I did during 2018,mined at a loss with Nicehash back then and was getting criticized by my best friend as we built the mining rigs with RX 480 4 GB together and had some 8GB cards also,we were mining when the Bitcoin price was 3000 dollars and with Nicehash we made like 0.001 Btc daily which was 3 dollars and the electricity to reach this was 200 dollars a month.In the later time in January 2021 I was congratulated from my friend and we build 1 mining rig with powerful cards which we are mining eth right now.In the end this was a winning strategy.

Now a good profit. I mine Ethereum Classic only on Rx 470 4GB video cards. I think that more profitable algorithms can be found on more modern video cards.
But I think that mining Ethereum classic is a more risky business than mining Ethereum, so all my video cards that have more than 4 GB of memory are mining Ethereum.

Not sure what I'm doing wrong then :)  I don't really see an uptick in my mining rewards over my small setup (only 1.2G) for ETH.  I calculate it daily (manually) and have some of the data running into Grafana.  In calculating the rewards over 24 hours in the pools I'm in there is there maybe too much luck (I think) to see a real trend - big pools, so wouldn't think so?  Maybe because it is too small a setup to see the difference?  Slope of the line is pretty much the same over the last month as it is the last few days.

My farm consists of 5 Rx 470 4GB graphics cards. 1 month ago, the profit per day was 0.1 ETC per day, and now my profit is 0.15 ETC per day.
ethermine.org pool
Maybe the miners found another coin and the hash rate has greatly decreased
https://bitinfocharts.com/comparison/ethereum%20classic-hashrate.html

I think you should see it.I have a 300Mhsh rig and I saw before yesterday reward was about 0.006 ETH daily in mining, now is 0.0105 ETH and I think it is because of the difficulty of the network going down.We should be happy for as long as the hashrate of China is still not powered on which will give all of us now a bigger piece of the pie.I am sure that hashrate will be powered up soon as soon as they find a new place to resume their mining activities but until then let's enjoy our bigger daily rewards.

this is very true.

I have sold 1 and 2 rigs since 2012.

designed to mine and to game.

so let say I sell a rig to a guy in New Jersey.

I set it up with usb stick as first boot choice and it goes right to simplemining os and mines.

if the guy wants to game just shut the rig off pull the stick and and it boots to the windows ssd.

many guys mine 12 hours a day.

and game 12 hours a day.

new jersey is now on summer power rates say 20 cents.

so a 300 watt rig burns 4 kwatts or 80 cents

it earns 6 cents x 60 = 3.60/2 = 1.80-.80 that is 1 dollar profit.

and it make the room hot

the nj guy may turn the rig off.

the cali guy at 40 cents is at

1.80-1.60 = 20 cents

he is out.

I sold a lot of rigs over the years.
I know a lot of guys mine and game and I know almost all the guys with 40 cent power are not bothering to mine

I would expect to see it, but definitely not seeing it here:

https://imgur.com/jwD7ybl

The Flexpool miners have an average closer to 850-900 MH/s where Ethermine at 175-185 MH/s.  I've been tracking them  since 6/1.  Just got the larger miners online then, but have had the other rig up for years.   That graph is taking the data every 15 seconds from the APIs of the pools - I would expect a slope increase with a rewards increase.

This is the way!

Or you can switch from mining to staking.

Convington, I have like you 1.2 GH/s on ETH and in the last days I saw approximately +20% in my profit. From approx. 0.029 ETH/pay to 0.035 ETH/day. You should also see a good increase lately. I use HiveOS for the OS, HiveON for the pool and Gminer for the mining software.

I think maybe I am and I wasn't doing good calculations.  I also realized that I did have to take my miners down yesterday for a bit to work on them.  So - I think that was the difference.  I created a new trend with Grafana (pulling my stats into InfluxDB via the APIs) and I believe it is actually increasing a bit.  Not quite 20% (I don't think), but up around 11-13% based upon my fuzzy-math of looking at a chart. I feel better now :)

For the ones who have higher electricity costs, do they sell their rigs, even if at a loss?

I'd be willing to take on mining equipment and run it and split profit with rig owner, minus electricity costs.  Is there a service already out there like this?  To house mining rigs (not buy and own them) and split any profits with rig owner?

I know there would be some logistics involved, i.e. getting equipment to new location and getting it set up.

Yea and also from what I read, some big miners are looking for many MW/h of electricity and they have difficulties to find it. In some situations they might need to build the energy infrastructures and that can take some times (few months or even years). Meanwhile small GPU home miners like us are happy. Also I expect a big rebound soon on the crypto market.

Finally the EIP 1559 won't affect our profitability much because of the new technologies already taken from us the transactions fees (side chains, layer 2). Cool, cool cool, meanwhile I am wondering if I should buy ETH or mine ETH for staking.

If only you knew how easy and amazing it is to use HiveOS.
Grafana for staking okay, Grafana for mining, not sure it's useful unless you have a warehouse.

I think you want to offer cloud mining service if I understand you correctly.

Is that what you would consider it?

I remember looking at genesis (I think) years ago and you basically paid a set fee say $5,000 a year for say 1Gh of eth or sha256 or whatever algo, and you kept all the profit minus a maintenance fee, but you never owned the mining equipment.

I guess it's similar except rig owner doesn't have to spend any money nor the person taking on the rigs to run them.  Instead of owner's rig sitting idle or them selling at a loss, they ship it to cheaper electricity place and still make money daily (while the prices support it). Any daily profits are split, minus power costs.

So if 1 Gh of ethash is making $46-$50 a day, then take out power costs and split profit. Or some type of split. Maybe owner/runner split 50/50 and it's on the runner to pay all power costs.

Interesting idea but I don't think it's a good business model.

First, on the short term it's more appealing to sell your gears instead of shipping it to let another operators run them under a cheaper electricity cost. Also, it's pretty similar to cloud mining that idea, and in crypto mining field, cloud mining is probably where you find the most scams!

For instance, you cannot run your mining rigs anymore because of your high electricity cost so you send me your hardwares. When I receive them I switch your GPUs for cheaper one and pretend that the profit is not what we were expected.

Also to control the electricity cost, it would be sooo easy to scam people like that. First to have the correct kW/h unit cost for a specific region is hard and then the real power consumption if even harder to certify.

I see too much trust issues here.

I agree, trust is involved but some things are what they are. Some things could be mitigated. I give you pool and your rig worker ID.
 I know my rig should get 1 Gh. When I look at the pool and my worker ID, if it's not where it's supposed to be, then you can't lie about that.
and profit is profit, if I know it gets 1 Gh and profit should be $50 a day but you tell me it only made $25, then yeah, we have issues.
You're right, a lot of moving parts...trust being a big thing.

Maybe a better model would be for current rig owner to sell rig to runner. Runner pays half down and spreads the other half down via daily/weekly/monthly earnings of what the rig is making until rig is paid in full.

Looking at,
https://etherscan.io/chart/hashrate

You can see that the hashrate peaked at May 20th. And it is still heading down. And if you look at the BTC hashrate charts you will see something similar. Its basically all the China mining ban farms which are shutting down. Well they aren't shutting down completely, will just move them elsewhere and the hashrate will jump back up in 2-3 months time.

ETH is proof that the hashrate is more decentralized, because the %'s drop is much much less than BTC where like 50% of the hashrate seems to have disappeared due to the China ban.

Wouldn't make sense for non-China miners to stop.

At 1Gh for ethash, even if you paid 50 cents kwh, you would still profit $34 a day, $1128 a month.

So I think most of you are right, probably has more to do with the ban in China.

I'm sure some are quitting as it's summer time but it wouldn't be enough to drop the hash this much.  This is China.  Even Bitmain is stopping spot sales of new miners while they are likely dumping old equipment that they don't want to relocate.

https://finance.yahoo.com/finance/news/bitmain-halts-sales-bitcoin-mining-162000866.html#:~:text=Bitmain%20Technologies%20Ltd.,be%20run%20out%20of%20town.

In some countries electricity bill is very high so once ETH mining reward goes lower they have to stop mining, to keep mining electricity bills must be convenient for miners, things will get worsen once EIP1559 takes place in July this year but I have no problem with it because I'm using solar energy

you will still profitable even at most expensive electric at this current market, because china dump their hardware mostly in asic, in gpu mining only down by 20-35%, while btc mining really hit morethan 35%

some of them only moving to better place, but it tooks months to get back in mining, so as we small miner can breath when market turn red

I use HiveOS ;)  But - I can only use it for my GPU Rig.  It doesn't work for my other 2 miners which are both A10's.  Grafana I just use to pull out the information and track where I am at both in a wattage perspective (power) and a monetary perspective (from the APIs of the pools)

On the hash rate side yea I agree with you but for the electricity costs it remains very hard to control that.

I think 2-3 months it's pretty optimistic.
I would say more 6 months or a year. Chinese miners who were forced to shutdown don't have all new locations to move on.

No they are moving their inventory very quick. Already there are reports that tons and tons of ASICs have already entered the USA by air. Most likely they are already up and running since there is an uptick in the average hashpower.

https://fork.lol/pow/hashrate

There are photos from China farms how they are cleaning their ASICs, putting them back in their original boxes and having the entire pallets shipped to other countries. Time is of the essence here and they need to move quick.

Someone powering off, anothers - moving from china to other countries, someone selling their equipment. 1-2 months later we can see full changes.

Impressive operation!

Moving the hardwares is one thing but getting the electric power they need is something else.
No doubt some have already completed their transitions.

I read an article (don't remember which one) about some Chineses asking for hundreds of MW/h of electricity and the grid operators answering that they don't have that available.

Damn 105 Exahashes per second for BTC and BCH. 1 Exa = 10^18 or one quintillion !!!!!!!!

There are a lot of video cards in China, I think they are easier to hide because they do not make much noise and do not consume a lot of electricity. And they give more profit per 1 kilowatt of consumed electricity.
So far, only large mining farms are being closed in China, and when they start looking for small farms with 500-1000 video cards, the hashrate will decrease even more.

I don't think noise is what is going to get people busted for mining in China. I think the larger issue is mostly heat which is difficult to hide. These days there are sophisicated thermal imaging cameras and they can easily scan different areas of the country and determine who is mining and who is not.

In the USA they do this to actually catch people who are growing (or did when illegal) marijuana. Basically some chopper would fly around high risk areas and try and find someone with an operation. Some miners actually got visited by police because they were suspicious what they were doing which generated all that heat.

this is going to get ugly, crypto miners going to look like/hunted like meth makers? haha, maybe insulate and blow the hot air to the sewers? no..use radiator and flow hot water to the sewers LOL.

If that happens that miners are hunted down like people who grew Marijuana before in the US,I think all the miners before starting their mining operation will plan how they will deploy cooling,and this will be an extra cost for them,for example keeping air conditioners all the time on to evade the hot sensor cameras.It will be fun to see how it will unfold.

As for me, even without hunting miner have to think about deploy, electricity and cooling before he start mining.
And even if air conditioners will cool mining location, the removing hot air will be at hot sensor cameras.

Chinese authorities do not need to check about heat or electricity cost, they just have to check which place (house, office or warehouse) in China connect to mining pools such as asia.ethermine.org, btc-na.f2pool.com, they can get a list of each internet user connecting to these pools easily. They have some kind of software, they just have to type a website link to get all the Chinese internet users connecting to these websites. Then it's just a matter of sending cops to the house. Right now, they are not doing it, I think Chinese authorities will tolerate small miners mining at home.

Then you can use satellite Internet from companies in neighboring countries.
So that the IP address is not Chinese and then there will be no problems.
This equipment costs $ 500-1000.
Miners will have to set up bunkers in the ground to hide from the thermal imager.
It's not funny anymore.

Where I am located some people are being arrested because they don't pay electricity.The bad thing is that the media write articles which tell the people "Arrested the person with a Bitcoin factory" referring to this guy who had 11 Antminers S19.Of course he got what he deserved as he was cheating the government but then the police and media added to him a lot of false accusation,like "Cybernetic crime", "Bitcoin production" etc while here the law is that cryptos are allowed.You are right it is not funny anymore and every day that passes it is becoming an even more mess.

remember when pandemic lock downs started in china and then the rest followed? might happen with mining.

anyway the smallest miners with 1-10 gpus are immune for sure LOL

I don't think they would do that. Its too much work and not reliable. Someone can just use a mining pool in a different country like Russia or USA. The government won't go after those mining operators in those countries. Plus an easier solution to this would be just to solo mine and not use a pool at all.

Getting a mining farm in an underground bunker won't work at all. Its going to be way too expensive and you are faced with the issue of getting rid of the heat somehow. I think if someone really wants to mine they will just relocate its just much easier than playing these games.

Surprisingly we got a bump up in hashrate, almost the retarget is here and we should get a nice difficulty reduction.

The difficulty has already dropped for Ethereum which is at 6.xx P from almost 8 or a bit more that were sometime ago before the China ban.I think everyone is happy now that is mining with at least 250-300 Mhsh processing power,it is almost 0.01 Eth daily rewards.Let's hope the difficulty stays at these levels for some months to come,it will benefit us all.

a lot of these "turned off asics" must be the  latest and greatest ethhashers..well shit happens

4 major coins

https://www.coinwarz.com/mining/bitcoin/hashrate-chart
https://www.coinwarz.com/mining/ethereum/hashrate-chart


https://www.coinwarz.com/mining/dogecoin/hashrate-chart
https://www.coinwarz.com/mining/litecoin/hashrate-chart


I come up with this idea.

BTC
LTC/Doge

both are down bigly

40% maybe 50%. they use all asic. and this show a lot of hash was located in China

Eth drops under 25%

they use asics and gpus
this shows a lot of miners are smaller use  GPUs and are not in China

BTC 191 may 9 down to       87 July 1 down 54.4%
LTC 395 June 7 down to     185 July 1 down 53.1%
Doge 427 June 10 down to 215 July 1 down 50.1%
Eth  687  May 20 down to  495 July 1 down 27.9%

You better navigate your situation.
If miners start to go to jail, then it is better to legalize your business or sell equipment.
And it makes no sense to believe the publications in the press, because in most cases, more than 50% of this is a deception. These articles are written for money.

When was a kid a million years ago in the 1960s

Communist Russia was taught to us in the USA 🇺🇸 to be the “bad” guys.

Here was a list of reasons.

Kids are raised in day care.
The mothers go to work and do not raise the kids.
Abortions are legal.
Kids are told to rat out and inform on their parents.

okay now in USA.
kids are raised in day care. well over 50%
The mothers go to work and dont raise the kids.
Abortions are legal in every USA state.
Kids have the ability to call ½ dozen or so government agencies. To rat out or inform on their parents!


Oh yeah russia is still the “bad” guys.

This time it is Putin to blame.

I am sure in 20-30 years Putin will be gone and USA 🇺🇸 will have some other story as to why Russia is the “bad” guy.

You have to look at the big picture world wide. The press is simply a tool used to divide and conquer the people .

If it is going this way i would like tell my thoughts.
I think it is all manupulative game and all people in the world are instrument for this. I think nearly all countries belong to couple of people who control everything those people have most money and shares and im sure they have big amount of BTC too.People who we see on TV they are puppets of those in control. They always keeps our brain busy with fake news and also makes us afraid like virus or war. ive been in many country and saw nearly same things. I think main project is how to make people slave beautifully. Best way they do it like this: Make people hate each other in this way 3rd person makes profit.

You are awake my friend. This is exactly how i see this world

gpus still stupid expensive so no, nobody is quitting.

Yes it's pretty much the media theory of Noam Chomsky.
The people who control most of the capitals in the world I call them the ghost kings.

ditch the TV or use with caution, i ditched it more than a decade ago. telling you who to love, hate, heroes, right, wrong, eat etc.

i knew i was about to ditch the TV at that time when i was reduced to only watching two channels, national geographic and discovery channel...because i prefer just watching animals roam around in their habitat.

the internet is far superior, you watch whatever, whoever and whenever you want.

Yup, personally when I sit in front of my TV I go straight on YouTube and start watching the left propaganda Democracy Now! which has informative news then I watch Stephen Colbert and after maybe some videos on Cryptos or Documentaries.

The latest Rick & Morty Season 5 is amazing!