Is mining going to die soon?

[Digital Drug Lord]

POS doesn't work without good distribution of tokens/coins, so no mining will not die soon, there are many pros and cons to both POW and POS (as well as dPOS)

who was the first one to create a master node? I keep seeing these nodes and how now the nodes are getting more and more of the miners block rewards. its like getting taxed for your hard work

isnt it like capitalism where one person with alot of money can now control most of the wealth and tax the hard working miner?

[encryptblockr]

With this current price, mining still not profitable if you pay electricity at @$0.1/kWh
so, i have a plan to hold coin until market recovery.
If not, maybe i decide to surrender

where are you getting that rate? what country? state? city?
is that residential rate?

[nsummy]

POS doesn't work without good distribution of tokens/coins, so no mining will not die soon, there are many pros and cons to both POW and POS (as well as dPOS)

who was the first one to create a master node? I keep seeing these nodes and how now the nodes are getting more and more of the miners block rewards. its like getting taxed for your hard work

isnt it like capitalism where one person with alot of money can now control most of the wealth and tax the hard working miner?

Dash was the first coin with a Masternode.  At its core, masternodes provide important functions that allow the instant and private sending of coins.  People who run masternodes are compensated because it requires a server to be online for 24 hours a day.  It also requires you to put up a certain amount of coins for collateral.  The payout on running a Dash masternode is about 8%.  Masternodes are required to put up a certain amount of coins to prevent bad actors from easily creating numerous masternodes.  The problem today is there are now a million shitcoins out there that no one will ever need to send instantly or privately, with ridiculous ROIs in the hundreds.  These drive up the value as people will be buying these coins to have enough for a masternode.  Devs also have found that creating a masternode coin is a quick way to get rich quick.  You often now see these premined coins where the dev will auction off 5 or 6 masternodes on Discord for 2-3 bitcoin each!

I wouldn't say Masternodes are like capitalism exactly.  Its really no different than a miner competing against someone who has a 100 GPU rig.  Like anything in life, the people with the most resources will gain the most when investing those resources.

[nsummy]

With this current price, mining still not profitable if you pay electricity at @$0.1/kWh
so, i have a plan to hold coin until market recovery.
If not, maybe i decide to surrender

where are you getting that rate? what country? state? city?
is that residential rate?

Why does it matter what city, state, country he is getting that rate?  Completely irrelevant.  Mining is still profitable at 10 cents a kWh

[MrN1ce9uy]

POS doesn't work without good distribution of tokens/coins, so no mining will not die soon, there are many pros and cons to both POW and POS (as well as dPOS)

who was the first one to create a master node? I keep seeing these nodes and how now the nodes are getting more and more of the miners block rewards. its like getting taxed for your hard work

isnt it like capitalism where one person with alot of money can now control most of the wealth and tax the hard working miner?

Capitalism and tax are on two separate ends of the economic spectrum. You should not associate one with the other. Socialism and communism are more aligned with taxation.

[encryptblockr]

There will always be new coins to mine so I don't think gpu will ever die. Asic's are so specialized, they seem to go obsolete pretty quickly.

New coins may start to move away from POW as well is the point here
One thing starts and everyone follows
sometimes you never know how much effect or influence something can have
and sometimes things go so fast because you have to react

which is point for this conversation
so we can think about it
yes it wont die, at least not right now
BUT if may slow down a lot in the coming 1 or 2 years if everyone starts to ditch POW

[encryptblockr]

I wouldn't say Masternodes are like capitalism exactly.  Its really no different than a miner competing against someone who has a 100 GPU rig.  Like anything in life, the people with the most resources will gain the most when investing those resources.

Well you cant hate on the people with most at the beginning
what you need to do is try to get in at the beginning as well

i mean i know it sucks but life is competitive man, and thank goodness we have charity and foundations to help other out but thats life man
for me i have accepted to find a way to get ahead rather than complain about others fortune

[ico41]

POS doesn't work without good distribution of tokens/coins, so no mining will not die soon, there are many pros and cons to both POW and POS (as well as dPOS)

who was the first one to create a master node? I keep seeing these nodes and how now the nodes are getting more and more of the miners block rewards. its like getting taxed for your hard work

isnt it like capitalism where one person with alot of money can now control most of the wealth and tax the hard working miner?

Dash was the first coin with a Masternode.  At its core, masternodes provide important functions that allow the instant and private sending of coins.  People who run masternodes are compensated because it requires a server to be online for 24 hours a day.  It also requires you to put up a certain amount of coins for collateral.  The payout on running a Dash masternode is about 8%.  Masternodes are required to put up a certain amount of coins to prevent bad actors from easily creating numerous masternodes.  The problem today is there are now a million shitcoins out there that no one will ever need to send instantly or privately, with ridiculous ROIs in the hundreds.  These drive up the value as people will be buying these coins to have enough for a masternode.  Devs also have found that creating a masternode coin is a quick way to get rich quick.  You often now see these premined coins where the dev will auction off 5 or 6 masternodes on Discord for 2-3 bitcoin each!

I wouldn't say Masternodes are like capitalism exactly.  Its really no different than a miner competing against someone who has a 100 GPU rig.  Like anything in life, the people with the most resources will gain the most when investing those resources.

I agree - I think the fundamental concept of the Masternode as a way to provide incentive to hold coins, and to help stabilize the currency in exchange for a return is fundamentally brilliant and innovated.  But it's become perverse where the DEV's pre-mine and then auction off the MN's on Discord, as I saw with Lizus and a few others.  I think this is somewhat of a recent trend, and I hope it doesn't continue. I actually don't think it will when these people who have paid several or even a large fraction of a bitcoin watch their MN investment evaporate in some months as the dev's and other dump their coins and disappear.  I'm not saying they all will - but I think there have already been cases of it happening fairly recently.

I completely get the fact that exchanges are now asking for hefty fees to get listed (which is why they claim they need to auction of the nodes), but why it is SO IMPORTANT to get on exchanges unless you plan to immediately speculate, drive the price up, and then cash out.  My question to the dev's would be - what about the actual use of the coin you are developing?  What has that to do with the exchange? 

I like coins that are back-to-basics types of released, like ROI and Raven.  Anyway ... even though I'm intrigued by the MN concept, I'm afraid it's getting somewhat ruined by these new trends.

[QuintLeo]

With this current price, mining still not profitable if you pay electricity at @$0.1/kWh
so, i have a plan to hold coin until market recovery.
If not, maybe i decide to surrender

where are you getting that rate? what country? state? city?
is that residential rate?

 10 cents per KWH?

 Lots of places offer that rate or lower for at least part of the year on residential service, and MORE on small business or "higher consumption" service types.

 Mining is VERY profitable at that rate if you run efficient or even semi-efficient rigs - for now.
It's just not AS profitable as a month ago, which might drive a few of the "get rich quick" types away.

[QuintLeo]

POS doesn't work without good distribution of tokens/coins, so no mining will not die soon, there are many pros and cons to both POW and POS (as well as dPOS)

who was the first one to create a master node? I keep seeing these nodes and how now the nodes are getting more and more of the miners block rewards. its like getting taxed for your hard work

isnt it like capitalism where one person with alot of money can now control most of the wealth and tax the hard working miner?

DASH/DarkCoin I think, but I'm not 100% sure.

[QuintLeo]

9 Vega 64 now struggle to make $9 a day

Think about that...

4 1080tis struggle to make $10 a day


Think about that....

Now ask your self will a Vega 64 ever go back to $499 in price?

Your problem is you that you think too much about it in fiat.  Who gives a fuck about fiat?

 The large number of us that have BILLS to pay.

[QuintLeo]

9 Vega 64 now struggle to make $9 a day

Think about that...

4 1080tis struggle to make $10 a day


Think about that....

Now ask your self will a Vega 64 ever go back to $499 in price?

 Not soon, if ever - but that's more about "no more low cost reference cards" and the 3'd party cards so far being much higher-end cooling and such that allow for higher PERFORMANCE as well, coupled with RAM price increases.

[QuintLeo]

Gpu mining died in 2012 and again in 2013 yet we grasp the last bit of cryptos with all we have it really doesn't matter how many times gpu mining dies as long as there are devs and miners we do what we do.

 It didn't die - it just lost all the "get rich quick" types and cut back to where EFFICIENT, LOW COST operations were the only ones that were profitable.

[wendybean]

It’s not necessary that the mining will die, unless whole of the Blockchain technology go vanish. Though it is a difficult time, when the prices of most trusted and known Bitcoin are getting down, but the mining will still be profitable if you mine correctly. Proper Mining rig setup allows the user to mine properly but at the same time the expenses of Electricity and power4 will surpass the profit that we earn. But you can mine other crypto coins with the mining rig, that will not surpass any of the expenses and no other Crypto needs this big setup to mine the block.

[gotminer]

9 Vega 64 now struggle to make $9 a day

Think about that...

4 1080tis struggle to make $10 a day


Think about that....

Now ask your self will a Vega 64 ever go back to $499 in price?

Your problem is you that you think too much about it in fiat.  Who gives a fuck about fiat?

 The large number of us that have BILLS to pay.

Everyone has bills to pay.  If you didn't over extend yourself to begin with (not saying you, just in general), you would have money to pay your electric costs out of other funds as opposed to cashing out crypto at the wrong time to do it.

[philipma1957]

9 Vega 64 now struggle to make $9 a day

Think about that...

4 1080tis struggle to make $10 a day


Think about that....

Now ask your self will a Vega 64 ever go back to $499 in price?

Your problem is you that you think too much about it in fiat.  Who gives a fuck about fiat?

 The large number of us that have BILLS to pay.

Everyone has bills to pay.  If you didn't over extend yourself to begin with (not saying you, just in general), you would have money to pay your electric costs out of other funds as opposed to cashing out crypto at the wrong time to do it.

There are lots of reasons to sell off gear. Then buy some back later.

In December I had 60k in gear and I now have 20k in gear.

But If I sell a pair of 1080tis for 1500 in btc  today at 10000 a btc  I get .1500 btc

If I sold a pair of 1080ti's at same price in december I get 0.0750 btc

In both case fiat is =  but btc 2x depends on how you think of it.

Fiat is a key part of your math  in this game.

Gear availability
gear reliability
power cost
coin prices
diff for coins

your ratio of gpu to asic to cash to debt to power cap to heat cap to cooling cap to diff to coin price all matters.

Mining will do fine for the time being.  But long run they may want to force out the smaller players.

[miakama]

It’s not necessary that the mining will die, unless whole of the Blockchain technology go vanish. Though it is a difficult time, when the prices of most trusted and known Bitcoin are getting down, but the mining will still be profitable if you mine correctly. Proper Mining rig setup allows the user to mine properly but at the same time the expenses of Electricity and power4 will surpass the profit that we earn. But you can mine other crypto coins with the mining rig, that will not surpass any of the expenses and no other Crypto needs this big setup to mine the block.

That is true if you can find a good coin to mine which does not have the ASIC.

[Metroid]

Yeah, it will die, as far as can tell, still no hope yet. Idiots paying $1000 for a rx 580, soon, will all commit suicide.

[gotminer]

Yeah, it will die, as far as can tell, still no hope yet. Idiots paying $1000 for a rx 580, soon, will all commit suicide.

Wonder if they'll start climbing the clock tower before or after you do. hehe

[Metroid]

Wonder if they'll start climbing the clock tower before or after you do. hehe

Nvidia is developing a gpu for cryptomining only which means, the end of gaming gpus will end soon, my hopes is gaming gpus will only be for gaming like it was meant to.