The difficulty is going up too quickly for any miners to be profitable, even if you get free electricity. I actually don't know why people are still buying miners because it's just not possible to make a profit the way the difficulty is increasing.

Some people might be thinking along the lines of "well if my 20BTC miner mines 15BTC but the BTC/USD value goes up I will still profit" but this is bad logic because they would have been better off just buying 20BTC instead of the miner. Some people enjoy the hobby of mining Bitcoins but I don't see how it could possibly be enjoyable if you take away the financial aspect of it. To each their own.

Existing miners are still making a profit but if a bunch of mining doesn't die off then no-one will be making a profit. Still, mining is an essential part of Bitcoin so I'm glad people are still doing it.

Hey,

Not new to Bitcoin. Not new to this forum. Just been a long time lurker and finally decided to join. Didn't realise I'll be trapped here until I make so many posts.