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Author Topic: no incentive to mine, electricity costs > than profit whats the point? The dev-  (Read 468 times)
justbeingmanan
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December 12, 2015, 04:42:11 PM
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-velopers need to fix satoshis mess first of all the fee needs to be increased to provide compensation an incentive if you like to continue to mine without power companies breathing down my throat sort it out or i will abandon bitcoin and never mine again and so will lots of other people
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BTCBinary
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December 12, 2015, 05:13:33 PM
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There's no incentive to mine if you have an ASIC or two. Mining has come to the point if that you want it to be profitable you will need to invest a lot
ezeminer
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December 12, 2015, 05:46:12 PM
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-velopers need to fix satoshis mess first of all the fee needs to be increased to provide compensation an incentive if you like to continue to mine without power companies breathing down my throat sort it out or i will abandon bitcoin and never mine again and so will lots of other people
Please stop spamming, you already have one thread about the same topic.

The only reason mining isn't as easy anymore is because there are huge farms in China, Goergia, and anywhere with electricity under $0.05 per kwh. Look at your electricity bill, if it is $0.10 or higher, it is harder for you to ROI on a miner. Miners also operate at different efficiencies.

S1- 2W per GH
S3- 0.8W per GH
S5- 0.5W per GH
S7- 0.25W per GH

Honestly Bitcoin doesn't care about your power costs. Bitcoin has been industrialized.
Bitcoin doesn't have to change. To be honest I am perfectly fine with not being a large miner. I run lotto USBs, and quit mining this past spring.

If you want to make money on Bitcoin, go buy a chunk of land, build a mining farm, get tons of AC, buy S7's, secure a sub $0.05 per kwh power contract and you're good.

Anyways the blockchain was built to eventually run off transaction fees. It wasn't built to be short term for transaction fees to compensate miners. Long-term we will see if the social experiment of Bitcoin coming to the world. We don't know what the future holds, be we all have faith in it.

justbeingmanan
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December 12, 2015, 06:16:04 PM
 #4

its put me off ill stick with mastercard no incentive
VirosaGITS
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December 12, 2015, 09:44:47 PM
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its put me off ill stick with mastercard no incentive

Not sure what you're talking about. The BTC price is so high right now, even old hardware like S1 is being profitable again, even in the US with their High electricity cost.

I recommend you redo your math. Right now, it is crazy lucrative to mine.

What you're asking can't happen for so many reason, but i'll name one reason; Because its working just fine.

We are the Mineority @ https://mineority.io
Currently not accepting commissions for Custom BIOS work @OhGodACompany
OhGodAnAi@gmail.com / virosabios@gmail.com
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December 13, 2015, 08:50:40 AM
 #6

the incentive is the demand, the more demand the more value, the more profit for your asic, as a consequence even fee will have higher value(related to usd)

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