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Author Topic: Bitcoin miners are now losing money  (Read 347 times)
eaLiTy
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March 18, 2018, 04:10:03 PM
 #21

What is this going to mean for bitcoin, if nobody wants to mine it?
If you are aware that there was a time when bitcoin was well below thousand dollars and people were still mining the coin even at a loss,there are big mining farms and they wont quit the process because they have invested a lot of money into this,small time miners will phase out eventually and that is how things work in the mining ecosystem.














 

 

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March 18, 2018, 04:12:21 PM
 #22

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.

No impact on the supply, because of the difficulty adjustment? Fair enough, I believe that's a good point.

More stamina, I would love to have that! Been trading crypto for two years and I was getting used to seeing mostly green and making profits, but lately it's all red and losses. I'm just not used to this bear market I guess, it takes my energy, I can't think straight. Practical advice is always appreciated Smiley
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March 18, 2018, 04:23:21 PM
 #23



No one will mine with loss long term. So when price decrease they will stop mine and that will reduce difficulty and the rest miners will get higher reward.   You also need to understand there is huge difference in costs of electricity.  Between cheapest electricity country Venezuela and most expensive electricity cost country South Korea there is almost 10 times difference.

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March 18, 2018, 04:34:55 PM
 #24



No one will mine with loss long term. So when price decrease they will stop mine and that will reduce difficulty and the rest miners will get higher reward.   You also need to understand there is huge difference in costs of electricity.  Between cheapest electricity country Venezuela and most expensive electricity cost country South Korea there is almost 10 times difference.
You're right, but it doesn't work if the bankers block access to Fiat. There may be a situation when miners receive income in bitcoins but can not exchange it for Fiat. To pay for electricity at any complexity of the network they need to have access to Fiat. The idea of bitcoin was that we could use it as a currency. But it didn't happen. That is why now there was a crisis of bitcoin and it is not known how it will end.
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March 18, 2018, 04:53:03 PM
 #25

The people who mine bitcoins won’t stop mining, no matter the reasons. It’s just a slight fall, trust me everything will bounce back.

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March 18, 2018, 04:55:42 PM
 #26

Bitcoin mining wasn't profitable people simply wanted to join the mining revolution and buying all the latest graphics card or even that stupid antminer which increased the difficulty before mining all costs have to be checked which many didn't do and now they are suffering
Regarding mining will never die there is always hope from china

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March 19, 2018, 01:24:25 PM
 #27

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.

No impact on the supply, because of the difficulty adjustment? Fair enough, I believe that's a good point.

More stamina, I would love to have that! Been trading crypto for two years and I was getting used to seeing mostly green and making profits, but lately it's all red and losses. I'm just not used to this bear market I guess, it takes my energy, I can't think straight. Practical advice is always appreciated Smiley

Not really a good point... just the way Bitcoin's supply mechanism has worked every since the first block was mined all those years ago! I think the point here is that the mining "industry"'s impact is overthought. The mechanism's been in place for a decade now and has proven to be very well thought out. Dynamics have changed, pricing has also caused that dynamic to evolve, but bitcoin supply is on an extremely predictable trajectory.

Stamina: yes. You've been here two years, that's actually longer than I have. I'm very used to the volatility, and recognise that I've been here a fraction of the time of the early adopters. It's a long, long ride, to a finish that none of us will be alive to see. So relax!

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March 19, 2018, 01:37:19 PM
 #28

With the block rewards becoming lower and lower the only thing keeping miners alive is the price of Bitcoin of course selling Bitcoin now would only mean a break even for some miners. I could say in the long term perspective if we don't have more powerful mining rigs in the future it would definitely be unprofitable in the near future. Also miners need to consider other cost of running operations and that includes electricity and maintenance cost which is really tough to be paid with Bitcoin's current price. It is sad to say that even miners need to hodl in order to gain profit.

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alyssa85
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March 19, 2018, 02:02:39 PM
 #29


Some of them will switch to mining some of the forked coins with easier hashrate - bitcoincash, bitcoingold etc. Some will simply go bust and bitcoin's overall hashrate will reduce.

Itr's just market forces in play, we've seen this before.

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March 19, 2018, 02:18:17 PM
 #30


I think bitcoin miners are only used for people who can withhold and play long-term, because if the miner rush to sell then bitcoin obtained will be difficult to get the maximum profit.

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March 19, 2018, 02:24:37 PM
 #31

Bitcoin mining is still too profitable. Miners are still making a huge money they are just reluctant to accept this fact. They have always been making money. They are coming up with these statements because they don't really want new people to enter in this market of mining. The difficulty rate might have rised a lot but mining still is profitable because btc has a pretty good future prospects. Moreover after the G20 today we are pretty sure that bitcoin will rise like anything now as the 20 biggest countries are now pretty much clear about its regulation.

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March 19, 2018, 02:43:38 PM
 #32

Bitcoin mining will always be profitable. But if the number of transactions is reduced, miners can turn off some of their equipment and save money on electricity. The complexity of the network will decrease and they will be able to earn the same amount of coins with less power. The bitcoin network has a good mechanism of self-regulation.
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March 19, 2018, 03:11:36 PM
 #33

Do they really need or who to blame when they loss money??

Miners are like us investors,, they also calculate they’re earnings to the price of the coin they’re mining and subtract all expenses from hardware to electricity.. So it makes sense that if sold theyre coin at the bearish market,, they will surely be losing money.. But if they hold and wait then that’s a very different story.. So in case your one of them,, think not for today but the future..


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March 19, 2018, 03:44:26 PM
 #34

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.

The article my have only been pertaining to the minority of miners who can no longer cover for the costs of mining. It takes up too much electricity now and without the right equipment, you won't profit that much from mining. Miners would still mine even when it's not profitable now because in the past when btc price was very low, there were still miners who continued to do so. Now that the btc price is considerably higher, miners would probably just store their holdings for a while but they will still continue to mine for sure.
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March 19, 2018, 04:20:37 PM
 #35

Funnily enough, Bitcoin difficulty is now up %5 since he made this thread:

https://blockchain.info/en/charts/hash-rate?timespan=all

And this is only the beginning. The next bull run will easily bring new all time highs on the hashrate department too. We managed to close the weekend above $8000 so $5900 is starting to look like the bottom for the year now. People are realizing anything near these prices is a bargain and hashrate follows price.

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March 20, 2018, 12:44:11 PM
 #36

Funnily enough, Bitcoin difficulty is now up %5 since he made this thread:

https://blockchain.info/en/charts/hash-rate?timespan=all

And this is only the beginning. The next bull run will easily bring new all time highs on the hashrate department too. We managed to close the weekend above $8000 so $5900 is starting to look like the bottom for the year now. People are realizing anything near these prices is a bargain and hashrate follows price.

That's right. The numbers don't lie. In fact, the only reason Bitcoin hashrate ever goes down is when miners switch over to more profitable alts - we saw this in the months following the Bitcoin Cash fork. It's still profitable as ever, you can bet even miners are just holding on to what they can for now, they're not worried about long-term prospects... if there's one thing miners aren't, it's short-term speculators.


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March 20, 2018, 01:01:59 PM
 #37

I don't believe in apocalyptic scenarios. If the price of bitcoin falls, the number of transactions is reduced. This means that miners can cut off half of their capacity and at the same time keep revenues at the same level. Such news reminds me of the blackmail of miners in order to increase the number of transactions. The big mistake of bitcoin is that it allowed the monopoly of miners.
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March 20, 2018, 02:30:41 PM
 #38


I heard to my friend who is expert here in the bitcoin world, he said mining of bitcoin is a wasting time that we can lost money and wasting our time because if you want to earn money miner is not advisable way to earn more because in mining we can earn bitcoin but a little depends on the capacity of your computer.

But Mining is needs in the bitcoin world to have smooth transaction of bitcoin and good service for bitcoin user.

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March 20, 2018, 07:41:04 PM
 #39

I don't believe in apocalyptic scenarios. If the price of bitcoin falls, the number of transactions is reduced. This means that miners can cut off half of their capacity and at the same time keep revenues at the same level. Such news reminds me of the blackmail of miners in order to increase the number of transactions. The big mistake of bitcoin is that it allowed the monopoly of miners.
I can not understand how it looks like Shakhtar's Blackmail? How can a Miner influence the world of crypto-currency? It seems to me that everything was simple enough and she was growing up with Bitcoin. But for today I no longer believe in just  scripts.

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March 21, 2018, 02:54:21 AM
 #40

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.
Also while mining could be slightly unprofitable right now that doesn't mean it's going to remain that way for long and even if that was the case the miners got a lot of profits for a lot of time, in fact I have heard people in the forum saying that the greatest profits they got out of mining was when it was unprofitable to do so, so I really do not think it's such a big deal.

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