Is mining going to die?

[hash3r]

Looking at the top 10 coins, 5 out of 10 are not mineable.

New 3rd generation coins, like Cardano, is showing a trend.

Do you believe this is going to kill mining like we know it?

This is a honest question.

In my opinion, mining as we know it is a fad and will most certainly die eventually. Every day miners are expanding their rigs while others get into the game, this will drive up difficulty and reduce overall profits. Meanwhile, new coins are being created with better technology that don't require mining at all because there is a real impact on the environment via energy consumption and a significant amount of raw materials associated with mining. This cant scale into the future.

What happens next is once mining becomes unprofitable, everyone will start selling of their rigs. The used GPU market will be flooded and NVIDIA/AMD won't be able to sell new graphics cards. Meanwhile, good luck selling your BTC Pro motherboad, risers, and expensive mining frames on ebay because nobody is mining anymore.

My advice: if you are mining strictly for quick profit, get out now, sell all of your hardware and put the money straight into crypto. While its true you can make some nice coin right now, nobody can honestly say how long this trend will last.

Don't get me wrong, I think mining will do well in 2018 but I doubt a 6 card mining rig will be able to do a whole lot in a couple years. Just look at where things were just a few years ago when you could mine bitcoins with your CPU.

At this moment in time, I think if you mine and HODL the right coins, you can make some nice profit in the future. As for myself, I have more than a few thousand invested in mining but I do it primarily because I enjoy computers and building / tuning different rigs, my real investment is in the overall crypto market.

Mine with this in mind and stay up on whats going on so you can look ahead and know when to get out. The key is to stay ahead of the rush.

[Bankincoins]

This energy consumption narrative is garbage.  It is not better technology to not have PoW.  Mining crypto uses like 1/15th of the energy involved with gold mining alone.  Let alone gold transportation or other things involved with the just Gold.

Most of these top non minable coins got their valuation mainly through a completely overhyped ICO in a mania.  ICO have mostly been BS non functional vaporware scams and PoW mostly functional.

There is a frustrating lack of common sense in crypto, and it leads to people not doing research on their own and regurgitating crap.

Gpu mining at home might not last if it gets industrialized,  but crypto should resist that to keep decentralization and censorship resistance.  That which is the only reason crypto is what it is....

[hash3r]

This energy consumption narrative is garbage.

Really?   You have some home based miners installing separate 200A 3 phase electrical services in their homes for mining. An efficient 6 card 1080ti rig runs at like 1200W, all day every day. Thats a lot of power, and just one example. Not even mentioning ASIC miners, big business (data center) mining, or the resources required to manufacture the all of the required hardware.

Just saying, if you had a coin that doesn't require all of that and is more secure, why wouldn't it be superior?

[grchina]

Not going to happen any time soon but it will be harder to get bigger profits as that will need more time invested in exploring new coins.Shitcoins are the way to go if you want to have 10$+ per 1080ti for a longer period,there are so many new coins coming out with new weeks with all that masternodes hype

[TimeTeller]

There will always be miners around until 2140 (estimated) and until all Bitcoin blocks are mined, there is no way denying it. It might not be GPU and just random ASIC mining farms but mining is mining.

Yes, mining will be there for quite a long time or until our lifetime, and more than that.
And miners are going green like utilizing the power of sun & other natural resources to address the high electricity bill incurred.
So mining will not die anytime soon. A lot are still earning from mining cryptocurrencies.
They are essential also to run the blockchain.

[chrismaher]

I believe that this technology will defo be the new currency of the world
I think in the next 5 to 10 years all most everyone in the world will own some sort of
 Crypto currency weather it’s mineable that’s some thing am not sure about

I think if it becomes the new currency of the world then it won’t be mineable
Just like real money is not allowed to just be made

Not that I no alot about this as such but that’s how I think

The banks will find some way of making it work for them and not us
There is to much for the banks of the world to lose

[Dodgums]

What happens next is once mining becomes unprofitable, everyone will start selling of their rigs. The used GPU market will be flooded and NVIDIA/AMD won't be able to sell new graphics cards. Meanwhile, good luck selling your BTC Pro motherboad, risers, and expensive mining frames on ebay because nobody is mining anymore.

A flood of people will get cheap as chips VR capable video cards. VR will have a big boost in sales. A new wave of video game playing zombies take over the world (from home). Delivery pizza sales go through the roof.

No reason you can't use the BTC motherboard for a PC. The H110 is very up to date with DDR4, LGA1151, ATX standard size. Stick a 3.5Ghz+ i5 or i7 in there with one of your GPU's and you have a hell of a PC.

Risers look good as Christmas tree decorations. A yearly reminder of the fun you had.

Rig Frames - well that's why I bought IKEA shelving (this one http://www.ikea.com/ca/en/catalog/products/20213312/). Multi level, used thick wire goinng horizontal across the back and front, about 2" from the top of a shelf, attached the GPU's to the wire with zip ties. PSU and motherboard underneath. A rig on each shelf and save on the price of the overpriced rig frames. And you have a nice shelving unit after.

[Sgsg666]

There will be almost asic like gpu for the coming decades, more powerful cards and cpu. I think it will stay for quite a while. People just need to buy the same rigs other people are using so they dont suffer from high difficulty. Worst case on power consumption will be similar to ant miners, knowing this people might invest on large tesla batteries and solar panels while connected to the grid. Main goal of cryptocurrency is untraceable, decentralized, non taxable transactions(basically swiss bank 2.0). Unless someone made a coin that is like monero/cryptonight coins that is also pos/tangle/masternode/extremely fast transactions to save energy then pow will stay.

Ps. You might ask "if cryptocurrency is inherently bad for big governments then how is the system going to adapt?"  Short answer: Address holders will have to give their view key(only to govt.) and tax accordingly, if people/businesses have been found endorsing/making transactions on unregistered address they will be held liable.

[Bankincoins]

This energy consumption narrative is garbage.

Really?   You have some home based miners installing separate 200A 3 phase electrical services in their homes for mining. An efficient 6 card 1080ti rig runs at like 1200W, all day every day. Thats a lot of power, and just one example. Not even mentioning ASIC miners, big business (data center) mining, or the resources required to manufacture the all of the required hardware.

Just saying, if you had a coin that doesn't require all of that and is more secure, why wouldn't it be superior?

Because it's not more secure.  Not even close.  The power usage is also negligible compared to literally every industry.  It's like saying drippy faucets are a water wasting problem as millions of times more water is used on industrial farming operations.

Also, the problem is not using energy, the problem is that we are not getting our energy in a sustainable way.  If we don't get energy from a better source in the future mining s the least of our problems.  As I mentioned, gold mining alone uses like 15 times the energy of crypto.

PoS security and energy usage are two separate issues.  Basically for PoS if it doesn't require and energy and is easier, it's going to be less secure by nature.  Proof of work is secure because it requires work.  There is a lot more to it than that and it depends on how the PoS is set up.  What Ethereum was proposing last year was an absolute joke of an idea though.

Here is a good article on energy consumption and how that narrative is way overplayed.  PoS coins like to have centralized marketing so its hard to avoid this FUD...

https://srsroccoreport.com/bitcoin-vs-gold-which-ones-a-bubble-how-much-energy-do-they-really-consume/

[PovertyByte]

I think the number of mining coins needs to decrease, which is not in favor for me as a miner but the growth of these markets has exploded at such a rate than it will take a long time for enough miners to up the difficulty and bring the profits back down to earth, and all that electric and heat output is just plain scary. I don't mind it since it's warming up rooms in the winter but we can' keep this mining fiasco up forever. Lets enjoy the mining for maybe 2 more years as we hopefully watch the majority of shitcoins die and leave only the few and solid POW coins to survive, let the block reward reductions over time regulate these few coins from over expanding.

Anyway, I would discuss what coins should die and survive but that is not for this subforum

[Bankincoins]

People who think coin mining is a serious energy concern have no idea what kind of energy other things take.  It's all relative.  If you think coin mining is a waste of energy then so is every other modern technology you take for granted.  Let's turn off the internet, think of the power usage it is wasting running all those servers and networking gear, not to mention the cooling.

Go research what energy other things take up.  It's hilarious to me that people think 1200W is a lot when 10 years ago every light bulb was 75W alone.

Sorry to get frustrated it's just a lot of FUD in crypto and so many people are just eating it up and regurgitating it without thinking it through.

Everything else takes up so much energy that if you're concerned about crypto mining you are concerned about everything. If we don't find a way to get sustainable energy then everything else we do will be what brings us down, not crypto. World energy consumption is in the 100s of thousands of terrawats and crypto is like 7 or 8 of that.

[Agozyen]

Looking at the top 10 coins, 5 out of 10 are not mineable.

New 3rd generation coins, like Cardano, is showing a trend.

Do you believe this is going to kill mining like we know it?

This is a honest question.

It won't kill mining.  There are plenty of coins out there that are still profitable to mine.  You just have to do your research.  ASIC or GPU?  Do you have access to cheap or free electricity and so on...

[radhitya18]

I doubt if the minning will disappear in the near future, because the Bitcoin will run out in 2140, Then, if it has reached its time, will the 'pieces' Bitcoin will run out?
No, Because the fee of each transaction will be returned to the source, then the source will generate a new number that will be captured by the miners

[themistocleess]

Yes.it will kill mining...

[bk2000]

Definitely possible in the long run.  Hoping we can hold out for a few more years.

[QuintLeo]

Looking at the top 10 coins, 5 out of 10 are not mineable.

 Not sure how you figure that - the ONLY coin I've seen get into the top 10 by total valuation that is NOT mineable is Ripple (Ethereum will get there eventually, but not for probably another 6 months at least and more likely a year).

 What are these 5 top 10 coins that you claim to not be mineable?



 And no, I don't see mining dying anytime soon IF ever.
 

[geethnew]

yes, it will kill mining according to my point of view.

[cawekun]

I think it will die, but it will take a while, so we need to get the most of it while we can.

[keyrun]

If there are safer and better way of making the network work with security and effectiveness, energy hungry process of mining should die.

[Mattwald]

Proof of Stake is garbage. It's far less secure,  unless it's a system where anyone can stake any amount.  Mining also isn't wasteful, that narrative is stupid FUD.

Mining is wasteful in that the total electricity used for mining last year was more then a lot of countries use in a year.