Bitcoin Forum

BTC and ETH is going down but mining reward is still fair enough but why? Is this because of low mining difficulty? I heard BTC mining difficulty is down with 47% and ETH difficulty is down too, what do you have to say to this? China getting out of mining business a good thing to those who aren't in China?

Yes it appears so.Ethereum difficulty is below 7 P from quite some time now and this gives the miners a bit more rewards daily.Also I have seen the price of Antminers from Bitmain increase because of the falling difficulty of the Bitcoin network too.Yes these are good times which we should immediately take profit,personally I am doing so by mining Ethereum but I am a bit teased from the ASIC miners as they all seem profitable all of a sudden.

China coming down on the large farms just makes it more decentralized and competitive for the smaller guys. As hardware in short supply for now, Smoke 'Em If You Got 'Em I say.

This is why ETH mining remains profitable even while the price is falling, this won't last forever though as some country will be china 2.0 and take the lead once again so enjoy this while it lasts

China mean business this time around, I have a friend in China who have only four rigs in his basement, he was arrested and was forced to sell off his miners or leave the country is mining business is top priority for him, he begs me to buy some of the rigs which I did, GPU price isn't that cheap yet unless you are ready to buy 50- 100 GPUs at once

That's a good thing for those that are still new to mining like me, I just got few GPUs and I'm hoping that mining profitability stays roughly same way for just 5 months more to recover some of my money back and start preparing to hold for next halving year in the future

ETH hashrate is increasing this past 2 weeks :(

ETH profitability is VERY hard to predict because unlike Bitcoin where all you care about is the difficulty AND price. Ethereum has another variable and that is "transaction fees".

For the past few weeks the network has been really dead, you could actually get a transaction confirmed using 5 Gwei fees. However in the past couple of days it seems there is some slight interest again in NFTs and DeFI and the network is busy again and as I speak the fees are in the 50 Gwei range.

This is important because a large portion of your miner revenue are these fees. And these fees are hard to predict when they are going to be high or not. Price and difficulty is easier to predict.

Price is probably going to stay flat or go down. Difficulty will for sure eventually go up. But transction fees? How can you predict those. Very difficult.

I do not mine bitcoin, and on Ethereum, the profit increased slightly in mid-June. When mining Ethereum, the profit most of all depends on the commissions on the network. Now the commissions in blocks 1-2 Ethereum, and there was a time when commissions in blocks were from 6 coins and above. Then there was the best profit.

as soon as the chinese end up selling their hardware then the market will crash to hehell. Bitmain and manipulators holding the price yet.

This is a very good probability/reason..

You make crypto valuable so mining gear buyers will buy the gear thinking it will make money.

If the market crashes, it’s only for the big sharks to buy at a lower price. It will be easier to mine because miners will receive more coins due to a decrease in the network hashrate.
But coins also have a minimum price, below which the coin should not fall. This is the cost of mining a coin.

They don't need to keep the market up just to sell the miners. What they typically can do is just do pre-orders and ship them in a few months. So I don't think they are keeping the market propped up just to make some ASICs sells. People will buy them right now as a pre-order.

And it won't be the first time in history when someone buys an ASIC and pays in BTC and then by the time it gets delivered a few months in the future, they don't even bother opening the package because it would cost more to run than it generates.

I remember when miners would receive their late shipments of ASICs, and they didnt bother even opening them up. Just put them up straight on eBay as a unopened package.

I don't believe this shit, selling off all GPUs in China won't be the reason for the market to crash, many people around me are already buying those GPUs off those Chinese farms already, I got myself 15 GPUs and I'm still going to get more soon

If those GPUs from China won't be able to sell those ASICS and GPU then it's trouble but since many people are going to take over those GPUs in a matter of time it's not going to make any difference

The difference will be that there will be the increase in hash rate and RTX 3060 is already selling in some places for as low as 460 EUR,I know that they are limited in Ethash algorithm but they are not in KawPow which make them a good choice to buy.The difficulty is below 7 P from quite some time now for Eth but is slowly getting there,it means the GPU-s and ASICS are already moving out from China by now and difficulty will increase even more within few weeks.

The china mining FUD really affect the market, it has gone to affect exchange trading also. Large number of stable and bitcoin were seen moving from Huobi and other chinese exchanges to FTX etc to sustain their trade. After this settles in few weeks from now, then we can also understand the claims by some cryptocurrency influencers that the bull market is not over.

Dude you bailed on this market in January.it  is July

I made quite a bit from Jan to July.

What happens if market gets a second wind 🌬 and we crack 6k for eth and 70k for btc around novemeber or december.

What bull? BTC come down from 65k to 31.5k. If this week it closes below 31.4k another dump awaiting us. I want also bulls continues but fact is fact.

Yes there are reports that there are lots of outlets in China that are selling used GPUs. I think the reason why they are selling GPUs instead of shipping them elsewhere is because they are worth more than ASICs and they are better off just selling them, than having to deal with shipping them to another country and mining there.

There is still a shortage of GPUs and gamers are hungry for GPUs and they still fetch top dollar these days. Hence they figured we might as well try to sell them instead of relocating to another country and having to set up another warehouse, etc. Plus the ETH rewards aren't what they used to be and there are already high tech ETH ASICs which are going to get mass produced which will cause difficulty to go even higher.