Bitcoin Forum

Just like internet work that is flooded with people across the world it has become a race to the bottom.  People in first world countries are competing with people that are happy to make a few crumbs.  It is too easy to set up some rigs and start mining.  

That is the beauty of mining. Some little guy with a 2 card rig can make a few bucks.

The problem is coins need dedicated developers that support GPU mining over asic mining.

Basically five major coins caved in to asic attacks and GPU mining was damaged so much it is yet to recover.

Of the major alt coins Only xmr fights against ASICS with algorithm change on a frequent basis.

This has never been about being "too easy", this has been about invest money and return money, trolls like you dont see the big picture here.

Your argument is self-defeating. Do you seriously think that the "people that are happy to make a few crumbs" are going to be able to invest the effort into mining if it were MORE difficult?

Take mining incentive off the table for a moment. The purpose of running a node on the network (whether that's a wallet node, or a mining node, or other) is to support and secure the network. The more people running nodes, the healthier the network is. The path to this is making running a node even EASIER -- everyone with a basic computer competency should be able to run nodes. Mining incentive is just a nice side affect.

Can't agree with you. It's also pretty easy to rent commercial part, make some refit and start business like Bar or Cafe, supermarket or etc but what is difficulty here? How to not stop and grow your business, get profit. You can buy GPUs and start mining but it has some risks too like Cafe, you don't know how much customers you'll gain and in mining, you don't know how difficulty will rise and what will be the price of coins you mine.
Well, in overall it's easy compared to others but I know a lot of people failed in mining because they thought it was very easy. On another hand individuals must be able to mine to keep decentralized platform.

the lower the barrier to entry gets the better it will be for crypto as a whole

Utter nonsense. Setting up a rig is only easy once you've done it a few times and learned along the way - at a cost of several days of your time. Then there's the startup cost of the hardware, and the running costs of electric, at which point you'll only just be breaking even. Then there's tuning per algo, maintenance, cooling, choosing which coins to mine, setting up the correct exchanges, passing KYC, trading coins effectively, then converting that back into fiat to pay the bills....

It's a full-time job that currently pays worse than a paper round. The only easy bit is going on eBay and overpaying for some well-cooked rx470s.

Low barrier to entry also means that profit margins will shrink to virtually nothing.  If everyone can enter the mining game profits will continue to dwindle to nothing.  I've seen it on many marketplaces that were very easy to enter the labor force.

in recent times mining is a very complicated thing, algorithms very much, and hard to produce asik miners. the further the more difficult

Too easy? Not many people outside of enthusiast forums like this can even manage to build a gaming computer.

some comments here.

1º Today, there are LEGIONS of technicians ready to build you a mining rig for as little as 200$ + hardware. they are even announced on the internet , almost everywhere

2º The hashrate is more or less like this: normal people with very little hashing power 10%. Big plants , big mining facilities 90%.

3º Crypto is a brutally centralized market, were a little movement in BTC collapses all the 800 coins in the market. It's so centralized, that 50% of all BTC mining power is in China. So centralized that very few people control almost everycoin in the market. They talk to each other, they plan the pumping and dumping scheme. And all the other people in the market, are just running around like headless chickens.

4º This is NOT a good moment to invest on mining. You don't want to spend 2000$ to buy a mining rig, to ROI in 5 years. it makes no fucking sense and you have to be so dumb to do it. Well, the difficulty in the ETH hashrate was increased from 136.000 GH/s to 174.000GH/s right now. So.....people are turning on their machines to get as low as 50$ per month in summer with heat. This is HOW DESPERATE people are to get a few bucks. If it weren't because some of them win more money like this than working, i would say that people are terribly dumb.

5º The more people enter mining, the less you get. So if you actually encourage people to mine, while you are mining....you are a bit stupid. And....the more people enter crypto, is not necessarily good for all the rest. Why? Because many people, with a lot of money are doing marginal trading playing , mostly the bear market. They borrow coins from people, they insta-sell, they drop the value of the coin with that. then, they buy the same amount of coins they borrowed. The difference, is PROFIT FOR THEM. This is why we are seeing a dumping scheme right now.

Ohhh BTW, ETH is in the red line. support is just in the 265-270$. If it holds, we can see more value. If not, we may go to 225$ which would be a brutal and huge step backwards that could mean ETH and other coins have no demand in the low price. Have you got your baby diapers?? Want an advice? put on at least three of them. There is going to be a massive drop in cryptos in 2 days time, and it's going to crash the market. I really hope i'm mistaken, but this is not a joke.

This market altcoin crash movement is a huge trap, they always do before a huge altcoin pump, they crash altcoins to no end by pumping and crashing bitcoin, right now what you can see is bitcoin is pumped then altcoins crash, bitcoin is dumped then altcoins crash, anyway you see altcoins are dumped, this is called a bearbulltrap. They want those trolls to dump their altcoins to a very low price and then they buy billions of dollars of that for cheap and then they pump altcoins 100 times and then after a while they dump those altcoins and process repeats.

I would advise you not to sell your altcoins or exchange to btc, keep your altcoins safe.

Its only east if you get the hang of building a rig and setting up the algorithms along with choosing the right altcoins to mine. That means that you should have at least a good amount of technical skill before you start and you will get confused even before you start earning in crypto mining. The good thing though is that even if you don't have that technical skill you can always do the research on how to start, though lets face it many people would just want to plug the components and start the application and call it mining then end the day without even researching.

I completely agree to this one short and simple comment but yet this one is accurate where not all do have the knowledge even on the basic installation.

And the most important is the funds yet building a mining set-up isnt cost free and not all is capable on having sufficient fund.

Plug and Play scale mining isn't healthy for the crypto economy.  It supports ignorance, supports fraud and deceit, supports a % fee business model, etc, etc, etc.  It was never "hard" to mine, but it was technical and demanded basic computer knowledge.  Lots of trial and error and playing around.  I would specify the problem being un-educated fools with money building huge mining farms.  I encourage home mining and everyone should mine at home, in all countries.  Home mining profitability is subsidized by actually living in the house and so by default will always be more profitable than a dedicated mining farm.

Yes you should only be mining if you want to donate your electric to the network.  Expecting money out of this is a fool's game and you will set yourself up for big disappointments. Just buy coins and grow some if you want any meaningful chance of getting some returns.

This may be true for real estate costs (it is less expensive if you're already paying to live there, than it is to rent an extra warehouse), but is not for electricity costs, which are often half to a third as much for commercial and (even cheaper for) industrial properties than they are for residential properties. I live a mid-sized American city, and pay $0.11-0.12/kWh, a commercial property in my area will pay $0.05-0.07/kWh, and an industrial property can pay as low as $0.01-0.03/kWh (granted, there are other fees which need consideration, but, for the sake of this discussion, are extraneous).

So, saying that mining in your house is "more profitable" is not necessarily true when considering scale.

This is so lost and off track it is just sad.

A high barrier to entry is good for those inside the barrier. It's called protectionism.
It seems to be a trend.

How is it off track?  This is spot on and we saw it unfold with our own eyes.   Common sense would dictate that as the altcoin prices plummeted so would the hashrate, but its been quite the opposite.  Really this is just economics playing out, there is always an equilibrium.  The idea of crypto is that people are paid for securing the network.  This payment should be somewhat of a fair wage, not something to get filthy rich off of.

I thought this was going to be the troll post of the year, but I think this is accurate.  I wouldn't say its too easy, but its very accessible (by design), and with the various economies in the world, making money is all relative.  If you live in a hellhole like Venezuela and can mine with free electricity for 50 cents a day, you are making 3x more than the average person, plus your earnings are in crypto which isn't devaluaing 500% a day.  I don't want to be a naysayer but I think the altmining for the most part will never come close to what it used to be.  In the end, everyone got rich off mining the shitcoins.  You never saw anyone posting about how much money they were making mining monero, dash, or decred.  Eth might have been the only outlier as it was the one mainstream coin you could do well with, if you were able to buy a bunch of low cost amd cards.

Miners now act like corporate shareholders.  They don't care what the coin does, or how it does it, as long as the price goes up.  You will rarely see criticisms of decisions affecting the coin beyond people complaining about POS or an algo that is ASIC friendly.  This is the altcoin subforum but in reality its the gpu subforum

The Internet is like a goldmine that gives different opportunities to many people around the world.Mining is just one of many but one that has been embraced by a lot of people lately.Information available for mining in general and how to set up a mining rig is a lot so even newbies in IT can easily build one.

Told ya...... I've lost count of how many times i've predicted drops of 15% correctly. I think the dumping will stop somewhere close to the 225$. If it goes below that, even by 2$, if there is no insta-pump, sell, and do it quickly because we can go to 180$ or below.

The market is crashed right now. All technical analysis is saying the same, selling is massive in all platforms.

This was expected.  Eth was like $89 dollars earlier this year so even its current value is pretty impressive.  BTC was also at 3300 and look at the price now. So ya your right nobody is buying at these prices.  I gota see a sub $200 eth and sub 8k btc in order for me to get interested in buying again.

But to get back on topic.  Piskeante, How's your gpu mining going? I see your still around.  Have you bought more gpus ?

The 225$ support for ETH has fallen. We are going to see far far loses. Got your diapers? use them and do it now. Or sell and never return to this shitty market. You have so many options...... for me lose money is not an option.

The entry level for mining is still higher than just buying the coin or participating in an ico, sto, ieo, leo etc. . . :-)

Overall mining is supposed to have an easy setup.

i don't get it.

After a huge crash of ETH mining, almost 35% in current month, and still GH/s entering the pool. In just 1 month, it has gone from 140.000GH/s to 175.000GH/s even being ETH the worst performer coin on the market.

People are dumb. Really dumb. But anyway, probably they are losing money. Unless they are using ASIC, which the fucking stupid devs will continue to allow in the pool. For god sake....

Well the problems with altcoins are as follows:

They need to be gpu friendly.
They need to be cpu friendly.

Asics  make them pretty much not needed.
The developers  promised asic resistance and then sold out for the most part.


Now all would have been fine  if they were not sold  or pitched to be asic resistent. But they were and the did well until asics crushed them.

Many developers simply gave up and let it happen.

So a guy like me will never have 200 Rtx 3080ti's when they come out simply because I don't trust developers.

list shows 2267 coins

https://coinmarketcap.com/all/views/all/

1    Bitcoin   BTC   $184,393,028,275   $10,348.19   17,818,862   $24,768,186,737   0.16%   -3.75%   -11.96%   
2    Ethereum   ETH   $24,329,142,295   $227.57   106,908,177   $10,217,520,154   0.34%   -6.46%   -26.00%   
3    XRP   XRP   $13,362,575,976   $0.313922   42,566,596,173 *   $1,674,048,141   0.09%   -1.13%   -20.99%   
4    Litecoin   LTC   $5,568,207,303   $88.84   62,675,762   $3,932,027,627   0.35%   -5.27%   -25.95%   
5    Bitcoin Cash   
...


2260    Pandemia   PNDM   $?   $0.000008   ?   $?   0.00%   0.00%   0.00%   
2261    Delizia   DELIZ   $?   $0.000167   ? *   $?   0.00%   0.00%   0.00%   
2262    APOT   APOT   $?   $0.013596   ? *   $?   0.00%   0.00%   -21.90%   
2263    Bgogo Token   BGG   $?   $0.002161   ? *   $?   0.00%   0.00%   0.00%   
2264    Solareum   SLRM   $?   $5.16   ? *   $?   0.00%   0.00%   0.00%   
2265    pEOS   PEOS   $?   $0.066584   ? *   $?   0.00%   0.00%   0.00%   
2266    Stellar Gold   XLMG   $?   $0.008425   ? *   $?   0.00%   0.00%   0.00%   
2267    Gratz   GRAT   $?   $?   ? *   $?   ?   ?   ?   
← Back to Top 100
* Not Mineable


coins ranked as low as 2260 can be mined.  but what is the value of most of the coins?  from 811  pink coin down to 2267  value drops from 998,756 to 34 dollars for coin 1867 Shade Token  anyone from 1868 to 2267 is worth zero.

worst part is they piggy back  mining algos  which is a certain way to cause 51% attacks.

So yep  they wont work like they did in 2017.  

We will get consolidated coins and I know you are pro asic for these coins  and I am not pro asic.  But you are right since only one developer changes algo's fast enough to hurt asics  I see no good future for alt coins.

POS  = a bank or a bond  and has no real backing.  other then facebook's coin  where if it crashed you may be able to sue facebook (good luck)