Bitcoin Forum

Will Crypto Mining Become Obsolete?
News reports have come out stating that crypto mining is phasing out and graphics card sales are proving that to be true. When bitcoin was booming, graphics cards were being bought like they were going out of style. Companies such as Nvidia and AMD were raking in higher profits with higher prices on graphics cards due to the demand. ARS Technica reported:

Nvidia reported its financial results for its second fiscal quarter, which ended on July 29. The results were pretty good overall, with strong demands for Nvidia products for AI and data center applications. However, cryptocurrency-related demand has cratered.

'Our revenue outlook had anticipated cryptocurrency-specific products declining to approximately $100 million,' said Nvidia CFO Colette Kress. 'Actual crypto-specific product revenue was $18 million.'

The company isn't counting on any more cryptocurrency-related sales in the future, either. 'We now expect a negligible contribution going forward,' Kress added.

Nvidia CEO Jensen Huang echoed that sentiment. 'We're projecting no crypto mining going forward,' he said.

The same has been reported for AMD as they have seen their sales decrease. On a good note, graphics cards will now be more reasonably priced.

https://i.imgur.com/YUwCp4I.jpg

Clearly, we can see two things happening here:
Bitcoin prices have plummeted and people are pulling out
Mining is declining
Mining is extremely inefficient and does not even go with the Paris Agreement standards [see our article on that here]. It looks as though many people who were in it to win it has thrown in the towel as we are seeing these latest results. Although, not everyone has thrown in their towel. Others have been finding better and efficient ways to stay in it for the long haul. GODcoin is one of those amazing options on the blockchain because it will be backed by gold and silver, so it is not as volatile as bitcoin, as well as it alleviates the need to mine so frivolously. From GODcoin's white paper, here is how it will work:

GODcoin will use the Proof-of-stake consensus algorithm for the minting process. This presents a couple significant advantages, transactions will be processed quickly and energy efficiency is drastically improved over the commonly used Proof-of-Work. Minters will be able to run a node on resource-constrained systems provided there is adequate disk space.

Essentially put, GODcoin will altogether eliminate the need for the costly and exorbitant mining process. It seems mining is still holding on, but it will eventually become obsolete with newer and better technology. GODcoin is going to be the currency of the New Kingdom, so it will evolve to become more efficient and remain when the global economy hits rock bottom and other currencies begin to plummet.

This article was authored by Judith Monte, @belovebelight


There are many advantages to GODcoin especially since it is one of the few coins that will be backed by gold and silver. Not only does GODcoin offer the illuminated path towards a prosperous future, but very soon, it will be the global currency. To learn more, visit the following links:

https://godcoin.gold/wp-content/uploads/2018/03/GODcoin-whitepaper-RayEl-proof.pdf (https://godcoin.gold/wp-content/uploads/2018/03/GODcoin-whitepaper-RayEl-proof.pdf)

https://godcoin.gold/wp-content/uploads/2018/03/GODcoin-whitepaper.pdf (https://godcoin.gold/wp-content/uploads/2018/03/GODcoin-whitepaper.pdf)


All information provided is available on the official website at https://godcoin.gold

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No bitcoin mining will not be obsolete. What those company are saying that their sales are declining, and it coincides with the price of crypto plummeting this year. Last year they are booming and their boards are running out of stocks, even gamers are complaining that Nvidia and AMD GPU are very expensive because crypto miners are using them.

So its pretty obvious that there's some price correlation going on. But it doesn't mean that crypto mining is obsolete or something. Let's wait next year when crypto started to bounce back again, I'm sure that both companies will make a lot of revenues similar to 2017.

The first part of your post is obviously true one because there is no way they are going to get us the cheapest mining equipments. The GPU's will always get costlier because the demand is already huge and the production capacity is always limiting itself all the time. Imagine a single person or miner is using more than 12 GPU alone and there are half million who surely are into the crypto mining.

Now why they are declining the sales is not because of the miners are decreasing but because they are just trying to focus more on the gaming based gpu for which they are making the stuff work.

No correlation between the prices and sales for sure.

I am pretty sure that bitcoin has got nothing to do this with the news. The bitcoin miner is completely different and it runs on the ASIC models which are specially designed for this purpose. I guess it will not get affected with the decision of the graphic card producing companies. Moreover there is no way that graphic card companies will pull back themselves just because the mining operations going down. They still have the biggest market of gaming world and people in their are already in the need of cheap GPU's. Mining is essential part of the crypto smooth running and hence I believe that it will continue forever. Almost!

Nope. This suggests that demand for GPU mining is going down. It has nothing to do with Bitcoin, which can't be mined with GPUs anymore. The altcoin market is suffering alongside the demand for their mining equipment.


For altcoins, you're probably right. Bitcoin mining is as popular as ever though. In fact, the hashrate has recently recorded all all time high (https://bitcoinist.com/bitcoin-hashrate-record-150-gains/).

It will not become obsolete. It is getting stronger in bitcoin terms. Returns are not great though at the moment. It is in card producers interest that we mantaine good mining ecosystem. They will lose big if it goes away

That could be #fakenews.

Reports indicate bitcoin's collective hash rate is up "155%" since january 2018.


Crypto based demand for graphics cards are diminishing. It doesn't indicate a decline in crypto hash power. Rather it can be explained by a paradigm shift from GPU mining to ASIC mining.

Stompix was kind enough to post this chart representing bitcoin's hash power in another thread:

https://i.imgur.com/OmfQpAl.png

As you can see the collective hashpower of BTC is on the rise.

No!

And the fact that you're blatantly ignoring facts,

as none of those is happening, that you're confusing gpu mining and bitcoin mining, and that half of your post is about a shitcoin makes me think this is not a real topic and more a way to advertise this crapcoin.

Even though crypto mining had a huge decline this year due to crypto prices plummeting to more than 50-70% since last year it will still not be replaced as it is still a common procedure to calculate algorithims for transaction and as long as the market stays decentralized it will still be in the market even if the prices plummet to the ground.,

Posts like these are randomly spawning whenever the price is plumetting and there's not much profit to be made on the mining side of things. Most mining companies align the prices of their machines with the current prices of coins, as for GPUs, the prices of viable cards for mining are declining due to the newer-gen cards being constantly introduced every 6-8 months. If anything, I can see mining operators expanding their farms by buying more hardware due to it being cheap.

Check the recent hashrates for the coins you are pertaining to, and see for yourself that it haan't changed drastically for the worse.

edit: spellings and a word

It is in a decline because the market has been on a steady bear run for a while and not went up back again, so the miners who already have machines to mine uses their own and not get any bigger because they are not sure if it will worth it or not.
Back in the day miners used their profits to pay their bills and all and use all the rest to get their rig bigger and have more hashing power, yet lately because of these drop in price they are just taking the profit and keep holding until the price goes back up. Why would you buy more machines for more hashes when you can make more by just one big bull run? So they are not becoming obsolete, they are just investment smartly.

Mining has ceased to be a HYIP and mainstream. Last year, every student was mining, and this year there is no such great demand, which was earlier. Therefore, sales fell. These companies are interested in sales and high profits.Therefore, they know how to count where profitable and profitable.

No i cannot see it becoming obsolete. There are plenty of people who would
love to mine Bitcoin and benefit from the rewards but they are too small and
cannot compete with the big farms. If the big farms were to close operations
the small guys would be waiting on the sidelines to start mining.

Nvidia will always be looking to move their technology forward, new cards
will be released which will make mining more effecient.