Mining dropping rapdily

[spearhawk]

People thought a few months ago , wow its so easy to make money in mining and they bought a few GPU-s a motherboard with many GPU slots and thought I can only plug into the wall and I will be rich in no time. That is a wrong approach. The best approach is that from people who thought I am building this mining board to make different amount of bitcoin even small every day. They keep their machines running as they know that bitcoin price in the end of the year should be up.

If you just bought the mining board to show off or without a plan in mind, you clearly lost money in it. However you can do as I said above and let it run, keep the bitcoins in your wallet and be happy after a few months or a few years where you probably would have made 10x or 20x your investment.

and of course there are those that just use the their awesomeness gaming computer to earn a few bucks while they play their favorite games, just like me.
I was merely looking into getting some constructive information about the drop in mining that rapidly when I expected it would be every month or so
and I did not understand that dfifficulty increases for many factors, but now I know, and I can also weed out the good people like you from those that
is just saying "I like the tears of the noobs" cause there is such a thing as Karma and what does go around, comes back around to you eventually.

Good luck in your future endevours, I will continue mining with what little I can cause it sure as heck aint costing me a dime so anything I make is a
clean profit.

[btcgolong]

WARNING: partial rant below


Don't worry "noobs" it's not you paying the price for this or will be crying...the noobs are on the sidelines watching. Sure the "easy money" is over (okay, okay, there is never easy money).


When you are "in the money" you can reinvest EVERYTHING and you have nothing to lose...It's the miners reinvesting their profits (the good thing is they have profits)...and many of these miners do not post here, they lurk, read, buy more cards.


You can look at it - as if - the mining community has cannibalized itself, but don't worry about them, they are "in the money"...and the noobs are currently "locked out" because it isn't worth it right now to go into mining (especially on a large scale)...but large is also a relative term.

Ethereum went from $40 to 400 in what 3-4 months...the most logical move was to add as many GPUs as possible! Now the downside difficulty up and value down.


As a hobby I would say jump in on a small scale...also buy coins on dips...there will be another run. I hate to use a gambling analogy, but play with money you can afford to lose.


Maybe the negative comments are directed toward noobs because a lot of the current miners are frustrated the difficulty level skyrocketed so quickly.


Look, I think ETC will be a $500 and BTC will be at $4000 at the end of the year...I'm adding equipment slowly with no expectations at all...I also have some cash on the side in case the shit hits the fan

[Marvell1]

WARNING: partial rant below


Don't worry "noobs" it's not you paying the price for this or will be crying...the noobs are on the sidelines watching. Sure the "easy money" is over (okay, okay, there is never easy money).


When you are "in the money" you can reinvest EVERYTHING and you have nothing to lose...It's the miners reinvesting their profits (the good thing is they have profits)...and many of these miners do not post here, they lurk, read, buy more cards.


You can look at it - as if - the mining community has cannibalized itself, but don't worry about them, they are "in the money"...and the noobs are currently "locked out" because it isn't worth it right now to go into mining (especially on a large scale)...but large is also a relative term.

Ethereum went from $40 to 400 in what 3-4 months...the most logical move was to add as many GPUs as possible! Now the downside difficulty up and value down.


As a hobby I would say jump in on a small scale...also buy coins on dips...there will be another run. I hate to use a gambling analogy, but play with money you can afford to lose.


Maybe the negative comments are directed toward noobs because a lot of the current miners are frustrated the difficulty level skyrocketed so quickly.


Look, I think ETC will be a $500 and BTC will be at $4000 at the end of the year...I'm adding equipment slowly with no expectations at all...I also have some cash on the side in case the shit hits the fan

good post, its nothing against noobs though we were all noobs at one time but the posts are funny since even as a noob back when i was mining BTC and Litecoin, I at least knew WTF difficulty was

I think the main problem is those stupid mining calculators we have now, whatamine, coinwarz etc

Back in t he btc days we had bitcoinwisdom which also had a projected difficulty slider, that averaged up the difficultly for the last six months , it also let you put in your hardware cost, power cost etc

and then projected earning using those numbers so you you actually saw how long it would take before you would be in the GREEN.

you saw what the REAL earning were, and that showed me that I need to dip in slowing and also factor in ALL the elements so i started mining slow , and still in the long run lost alot

in the big crash of '13 when ALL alt-coins and bitcoins crashed due to GOX , I didn't take out any loans or lose too much since I didn't overpay for gear.

More of my money was lost in cloud mining scams and ,  ASICS GPUs I did not loose much on since they held decent value. 

You noobs have it easy to be honest, the markets are way way more stable and safer now than before , its hard to loose money these days I dont get all the whining

[bobo012]

Lol, these threads are hilarious, a lot of noobs crying now
It' s good lesson, nothing is that easy as it seemed a few months ago

Dear sir or ma'am, I would prefer if you refrain from being abusive and obnoxious.
If you have something worthwhile to say, then speak it, if not there is a barrens chat in world of warcraft that more than happily would accept your membership.
In here, I have the assumtion we are here to be constructive and helpful, am I wrong?

Well, a lot of people had a lot of 'worthwile' and constructive to say and were saying a few months ago. They said it will come to this.
It's just that people dont think about it, they just see big money, and no downside.
This is a good wakeup call, it is a valuable lesson what crypto is. People entered crypto via mining and if they stay persistent, they will benefit greatly in a few years.
Don't worry, it will turn around again. It goes in cycles

[crazyivan]

I d suggest you read a bit before asking people to spoon feed you with information you should know if you want to mine.

Mining and not understanding the concept of difficulty is like wanting to drive a car and understanding what does your engine do.

[spearhawk]

To those who say to read more and not worry, I am not worrying, I was merely being curious.
I am doing this as a hobby, as sideline while I am having fun with games, but as curiousty hit me
I kind of wanted to sound off something odd, that it started dropping 1-2 percent per day after I got my first payment
and I thought that was a bit odd as it kept going up and up the day before. but I guess thats just one
of those coincidences that occurs.

[kodokbuduk]

How about we use Nvidia to mine? DAG increase ether mine wont effect it right?

[flipper55]

I d suggest you read a bit before asking people to spoon feed you with information you should know if you want to mine.

Mining and not understanding the concept of difficulty is like wanting to drive a car and understanding what does your engine do.

I've worked in 4 different industries, and consulted on many different sites/projects, with god knows how many different variables. I am no stranger to being over your head, and not being prepared (you actually never can prepare enough for most situations). If there's one thing I've learned, it's jump in, take your lumps, you will emerge an expert on the way out.

[Fatunad]

yeah its name DİFFİLCULTY

This is how difficulty works which it does increase in a period of time and talking and seeing with etheriums difficulty increase its really horrible which it can jump our in a span of percentage on a single day which means the longer people mine ETH the difficulty increases. Its just like that and its not really complicate to think of this thing. More Miners= Faster Growth of Difficulty= More harder to mine ETH.