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Author Topic: Bitcoin miners are now losing money  (Read 347 times)
sjefdeklerk
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March 18, 2018, 03:29:32 AM
 #1

https://www.cnbc.com/2018/03/15/bad-news-for-bitcoin-miners-as-its-no-longer-profitable-to-create-the-cryptocurrency.html

What is this going to mean for bitcoin, if nobody wants to mine it?
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March 18, 2018, 03:42:00 AM
 #2

One could imagine that, because some miners will stop mining, the market will get flooded with BTC less quickly. This might increase demand because there's less supply. Who knows how all of this is gonna play out.

To be honest, I hope the entire market will show a slow upward trend again soon. This long bear move is tiring.
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March 18, 2018, 03:53:57 AM
 #3

Not much, I’d say. All the crypto market is down, so miners have no alternatives to switch to., in fact, bitcoin is steadily regaining dominance.

It would be good if someone with more experience can enlighten us, as I am sure this is not the first time it’s happened in bitcoin’s history.
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March 18, 2018, 04:09:02 AM
 #4

The mining ecosystem is not homogenous e.g. chinese ppl usually pay less for electricity (< 0.03 $) then the rest of the world.

If miners drop out the difficulity decreases and it might be economical feasible for new players to enter the mining ecosystem.

Also the btc mining algorithm adjusts the difficulty relative to the network hashrate every 2016 blocks so that in average every 10 minutes a block is being created.

Only if a large proportion of miners would quit (long) before the diffuculty adjustment the btc network could see trouble.

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March 18, 2018, 04:18:22 AM
 #5

People will still mine it and the media reports are over exaggerating the issue. No doubt profits are down, but we are a ways from mining being unprofitable.

As has been pointed out, not everyone has the same costs, so there will be some who can make money while others might need to quit. This is no different than any other industry where to compete you need to trim costs and find more efficiencies in the way you work or run your business.

For Bitcoin mining this might mean shutting down older less efficient hardware or finding lower power costs, but like any business those who stand still will lose out, while those who are proactive and seek out solutions will be ok.
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March 18, 2018, 07:52:42 AM
 #6

This is just another fud news to drop bitcoin price. The negativity of the title tells it all.
Quote
Bitcoin has dropped to a point where it's not that profitable to produce, according to some estimates.
In what estimates? -make up estimates

In the first place, there are many factors for mining profitability. The place, hardware used, e-cost and many more which is different in each miners around the globe.
If someone will exit, another one will enter because certainly it have more advantages on these factors. It's impossible to say that - there would be no miners.
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March 18, 2018, 08:13:55 AM
 #7

What is this going to mean for bitcoin, if nobody wants to mine it?

bitcoin will die. but that is a huge IF and it has nothing to do with the news you shared here.

people are still mining bitcoin and they are making profit and they will always be people who will continue mining bitcoin. you see the way bitcoin mining works is with difficulty. there is always people who are mining it easier because they have cheap labor, cheap electricity, etc and there are individuals without those perks. if it becomes less profitable these individuals are the first to leave, possibly even farms may turn off some equipment or switch them and thanks to them difficulty comes down and mining becomes profitable again.

even if ALL the miners leave, i will pick up mining with my PC and enjoy ALL the block rewards Wink

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March 18, 2018, 08:19:24 AM
 #8

It means the difficulty will adjust until mining is profitable again. This should be the least of your concerns.

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March 18, 2018, 09:12:32 AM
 #9

Given the fact that these are only estimates, I'm sure they're over-generalizing. They must have used average values for computation, meaning those with dirt cheap electricity, etc. can still profit. There are many different variables to consider. Saying all of them are losing money is simply a lie. It would be more accurate to say that mining difficulty is rising while Bitcoin value is dropping, so it's getting harder to turn profits. No one would read such an article with a boring headline like that though.

But yeah, if it stops being profitable for some, they could simply take a break and go in again once difficulty scales back. This is nothing to worry about.

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March 18, 2018, 11:10:15 AM
 #10

Not sure if I believe that 100%.  Not saying it isn't true but I thought I read the cost of mining was under 2k for one Bitcoin.  But it might not be enough money to do it as a full time job.  It could be fud.
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March 18, 2018, 11:21:03 AM
 #11

One could imagine that, because some miners will stop mining, the market will get flooded with BTC less quickly. This might increase demand because there's less supply. Who knows how all of this is gonna play out.

To be honest, I hope the entire market will show a slow upward trend again soon. This long bear move is tiring.
with bitcoin prices falling by 25%, in line with the widespread discourse of firm action taken by a number of regulators.

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March 18, 2018, 11:36:26 AM
 #12

OP is an obvious troll, just as much as that troll news source is. It's impossible for anyone to find out exactly what it costs to mine a whole Bitcoin, because it's different for each miner, and per location.

It might be that smaller miners will struggle short term speaking, but that's not an issue at all. If the price doesn't reflect profitability for their practices, then they'll temporarily stop mining, which might lower the difficulty.

This lower difficulty however might stimulate larger farms to fire up even more machines, so that slight drop in difficulty will level out again. It's a market based on supply and demand, it's that simple.

The difficulty is about to adjust itself within an hour, and it's still up 5%....... I'll edit my post later in case there is a quick significant change.

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March 18, 2018, 12:30:06 PM
 #13

The article didnt said that miners will stop mining, they were just take a rest. If your work is not profitable enough, that the fees and charges is greater that it, then you should stop for a bit. They would be back soon once the price recovers and i think that is just for a short period of time.

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March 18, 2018, 02:00:40 PM
 #14

There will always be someone that will mine bitcoin, just continue to read the article before judging it. It only said that it would not be profitable for countries that have cost of electricity above 6 cents per kilowatt hour but in some countries like China it is still profitable. If many miners stop though, difficulty will adjust so there is nothing to worry about. They will come back soon though(most of them) after it is profitable again.
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March 18, 2018, 02:17:31 PM
 #15

I do not think it's a question of losing money but it's a matter of finding the right momentum to restart a more mature early mining concept, so take some time to think about the future, or maybe the state policy they hold back. There is no cessation of problems in every country we should know it.

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March 18, 2018, 02:39:58 PM
 #16

Miners have thousands of coins in reserve, they can dump it to cover expenses.

They can also use the excess fiat acquired through these sells, to buy at a higher price and pump the market.

Maybe they are already doing that. Unconfirmed transactions are around 6k. Compare it with the 200k in December.


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March 18, 2018, 03:24:56 PM
 #17

people need to stop worrying about things that does not concern them and start worrying about things that do concern them really. for example right now price is lower and that makes it a good time to buy bitcoin.

miners know how to make profit, you don't have to worry about them!

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March 18, 2018, 03:36:11 PM
 #18


No problem. You can go with the difficult so low that one pc is able to calculate the algorhytm. So dont worry, as long as bitcoin is valuable, their will be always some one who will mine cryptocurrencies. So maybe at the moment for the most miners the mining is not profitable, but if they hld the coins long enough, it will gain value again and they sell it for more. So dont spread always the fud news from the mainstream media!

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March 18, 2018, 03:37:21 PM
 #19

First of all, bullshit. Bitcoin price alone has been profitable ever since it was at $1k or so, and yes hashrate has been doubling every step in move with the price, and it's still profitable now. This isn't even taking into account all the alts they're merge mining. Are miners trying to rake in some pity? Not likely. They're just trying to make it seem like they're less of the bad guys some of them are.

One could imagine that, because some miners will stop mining, the market will get flooded with BTC less quickly. This might increase demand because there's less supply. Who knows how all of this is gonna play out.

To be honest, I hope the entire market will show a slow upward trend again soon. This long bear move is tiring.

More or fewer miners will have no impact on the supply... Bitcoin will always be generated at more or less every 10 minutes, whether there's 1 miner like when it all began or thousands like they are now. Tired of the bear move? You've got to get more stamina into you.

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March 18, 2018, 03:57:44 PM
 #20

This is the guy that has been posting FUD threads non stop for days and he has already been accused of doing so.

This is once again an uninformed post. It's impossible that "nobody mines Bitcoin". Bitcoin is as elf regulating system. If you take a big chunk of hashrate down, the difficulty goes down, which means someone will find an huge incentive to become a miner somewhere on planet earth. There's too many people for nobody to be interested on mining, it's a business that will never end because there will always be a demand for decentralized money, and that means people wanting to transact, and that means profit to be made mining.

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