Ethereum Miners Earn $500,000 in Just One Hour

[adaseb]

Well that sure was fun while it lasted, basically profitability is less than half of what it was a couple of days ago. It's crazy how volitile has been recently.

Certain GPUs were pulling in about $2.50 and now they are pulling in a little over a $1. Hence why it's not always an easy decision whether you want to expand your farm or not.

Hope this will be a lesson to people, defi scam went beyond control, scammers creating coins and asking 100k per coin to start off, and as soon as it started trading it crashed from 100k to 00000001 usd hehe, that surely was a red flag.

The red flag with DeFI was about 2-3 weeks ago when Arthur Hayes (CEO of Bitmex) started shilling it on Twitter to his followers. Why would the CEO, who is already some multi-millionaire talk about getting involved in DeFI. He was talking about all the profits he made and basically did it so people would get involved with it. So this is why ETH ended up rising so much because it lead to a huge surge of demand. Was good for miners and ETH holders but not for the people who actually traded these DeFI tokens paying $50 in fees.

Him and that Dave Portnoy are really on thin ice with regulators pretty much. Its all fun and games until the followers start losing money and they are going to get reported and some investigation is going to start. I remember when Portnoy basically picked a few tiles out of scrabble and bought whatever letters he picked out. So far most of his followers made money but eventually if the stock market actually topped eventually most of his followers will lose money and get mad.

[philipma1957]

and thanks to Metroid I did not go crazy and over expand.

[Metroid]

The red flag with DeFI was about 2-3 weeks ago when Arthur Hayes (CEO of Bitmex) started shilling it on Twitter to his followers. Why would the CEO, who is already some multi-millionaire talk about getting involved in DeFI. He was talking about all the profits he made and basically did it so people would get involved with it. So this is why ETH ended up rising so much because it lead to a huge surge of demand. Was good for miners and ETH holders but not for the people who actually traded these DeFI tokens paying $50 in fees.

Him and that Dave Portnoy are really on thin ice with regulators pretty much. Its all fun and games until the followers start losing money and they are going to get reported and some investigation is going to start. I remember when Portnoy basically picked a few tiles out of scrabble and bought whatever letters he picked out. So far most of his followers made money but eventually if the stock market actually topped eventually most of his followers will lose money and get mad.

This is going back up again, is not over yet. I'm sure we will see a xmas bull run this time again. The selling pressure is enormous now, I guess people are taking profits no matter the consequences, but pay attention when the buy pressure starts again. It will rise very hard, to me this is all a huge beartrap. We''ll see.

Bitcoin is not crashing like eth is, so the bull run still on. The selling pressure is only on eth and that is a good thing.

The funny thing will be when all this people selling their eth start buying back, it will happen anytime, ETH is already very low and far away from 480 usd. If people who sold around $450 and dont buy back now then the are doing it wrong, this is already a $150 spread from top. It can't go much lower than this.

and thanks to Metroid I did not go crazy and over expand.

Well defi fees are still high and people are still using a lot, mining dropped 100% from the highest but still not as bad. The money people could earn buying eth now is huge, I believe we will retest 480 usd and probably go a lot above that, if not by the end of this year then starting next year.

[Sy]

It doesn't matter, and I don't think it is what we should be bothered about. They get rewarded for service rather despite no particular fee fixed for them. They go and operate with what the network and market give. I recall months back when the market was seriously down and these miners were still operating at loss because what they were mining in value is less than their cost of operation. The high fee won't be forever.

It's good this is happening, eth devs are right now under pressure to release eth 2.0, people are complaining about the fees and that is good, the more people complain the faster eth 2.0 will be released, eth network at moment is unusable. Do you know why even with high fees defi and other sought out tokens are still on eth network? because is secured but that has its limits, if eth devs dont do a damn about it, they know things might get out hand.

Read an article on coindesk last night that ethereum developers are redirecting their focus towards the current network due to this high fee situation. Let's see what they will cook up.

[Metroid]

Read an article on coindesk last night that ethereum developers are redirecting their focus towards the current network due to this high fee situation. Let's see what they will cook up.

It's good for miners that stay like this forever ehhe, high fees like this make miners very happy but is terrible for traders and the ecosystem. People need to realise that eth price crashing has nothing to do with this issue. I dont think DEFI will disappear, I think defi is here to stay but will have corrections and so on along the road. DEFI was meant to be for eth 2.0, eth 1.0 just can't handle it but it was a good preview of things to come when eth 2.0 is released.

[Sy]

Read an article on coindesk last night that ethereum developers are redirecting their focus towards the current network due to this high fee situation. Let's see what they will cook up.

It's good for miners that stay like this forever ehhe, high fees like this make miners very happy but is terrible for traders and the ecosystem. People need to realise that eth price crashing has nothing to do with this issue. I dont think DEFI will disappear, I think defi is here to stay but will have corrections and so on along the road. DEFI was meant to be for eth 2.0, eth 1.0 just can't handle it but it was a good preview of things to come when eth 2.0 is released.

If the price stays at above 400 then, that would be dream come true for all the miners but, sadly the main money is coming from uniswap right now and because of those high fees, I would have to think twice before buying any tokens there lol.

[Metroid]

If the price stays at above 400 then, that would be dream come true for all the miners but, sadly the main money is coming from uniswap right now and because of those high fees, I would have to think twice before buying any tokens there lol.

Fees dropped significantly and so mining earnings and that is a good thing for the ecosystem, however i still think fees will be high like this, this will not drop any time soon, fees more than a dollar is still high for me.