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Author Topic: Bitcoin miners are now losing money  (Read 607 times)
yonjitsu
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March 21, 2018, 03:41:59 AM
 #41

I have a friend who is into mining and said that his mining rig today doesn't give him the same profit as what he usually gets before. It ain't profitable anymore and he even asked me if i wanted to buy his mining rig (at a discounted price of course) but shall i really buy it?

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March 21, 2018, 06:56:13 AM
 #42

I don't think we would get to that level and it might take some time before all bitcoin will be mine. If people are not mining bitcoin it might couse a lot of problems as transactions will be stock in one place and the few that will be in it will be charging us high maning fees and will not be able to sell our holding. I think there are several altcoins that are good for mining and most of them are very  profitable and this is good for small investors.
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March 21, 2018, 09:13:25 AM
 #43

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.

Yeah, these armageddon type scenarios are just as unlikely as the moon scenarios - at least in the sense of the coming years. As much as we'd all like to believe in revolutions and new world orders, even with globalisation, these things take a lot of time to materialise and are subject to so much intrinsics that it really doesn't make sense to prepare for them, at least in our lifetimes.

I don't think price will really affect transaction volume - people still use them regardless of how much they're worth. And trading will always continue as long as Bitcoin is the major pair. Miners won't cut off capacity - they'll want to earn as much as others, unless they gather as a huge cartel and take a group decision (which won't happen for as long as it's profitable!).

The monopoly you talk about is there... but it's not quite the single-minded beast we take them to be.

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March 21, 2018, 09:19:46 AM
 #44

One could imagine that, because some miners will stop mining, the market will get flooded with BTC less quickly.

Not true. The same amount of bitcoin will be generated every 10 minutes (on average). If there are fewer miners, it just means that reward is spread between less miners.

Made you look!
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March 21, 2018, 10:42:51 AM
 #45


yes you are right if they use a little tool then it is definitely going to lose but if they use a large scale like a mining company of course they will still generate profits very much. so my conclusion if mining do not half-do maximum possible and do not rush to sell the mining you have.
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March 21, 2018, 06:45:56 PM
 #46


yes you are right if they use a little tool then it is definitely going to lose but if they use a large scale like a mining company of course they will still generate profits very much. so my conclusion if mining do not half-do maximum possible and do not rush to sell the mining you have.
Apparently not everyone is losing production today, as trading on the exchanges does not stop, and nobody has yet to cancel the opportunity to make a difference on the price. Proceeding from this, the miners will receive their profit.

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March 25, 2018, 05:29:24 PM
 #47



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.

It all depends where you live. I know in Australia you can pay all your bills with bitcoin.  I am sure that is possible now in many countries.  Tomorrow will be in much more.    even id you cant pay electricity with Bitcon. you can exchange it on exchange to pay.

I personally will pay my electricity from next month on with SNC tokens.  And I will buy electricity from best offer.  I cant tell much before it will happen since I don't really know.    But this is just one another things that shows what you are saying is pointless.
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March 25, 2018, 06:52:34 PM
 #48

Most people think that without miners there would not be cryptos at all, but this is WRONG, there is no way that cryptos could disappear just becuase there are not enough miners.

And all those who invested in a lot of GPU's or ASIC's are now losing a lot of money.

One could imagine that, because some miners will stop mining, the market will get flooded with BTC less quickly.

Not true. The same amount of bitcoin will be generated every 10 minutes (on average). If there are fewer miners, it just means that reward is spread between less miners.
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March 26, 2018, 08:28:23 AM
 #49

And all those who invested in a lot of GPU's or ASIC's are now losing a lot of money.

Not necessarily, I know for a fact that there are still some mining hobbyists/entrepreneurs who get good money on mining. It's all about efficiency and economics I suppose.

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drachman
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March 27, 2018, 02:25:34 AM
 #50

I have a friend who is into mining and said that his mining rig today doesn't give him the same profit as what he usually gets before. It ain't profitable anymore and he even asked me if i wanted to buy his mining rig (at a discounted price of course) but shall i really buy it?
This is a really difficult question, you should probably post it in the mining section of the forum, you will need very precise numbers about the cost of electricity and when do you expect to get back your investment if you do not make those calculations and if those numbers are not very precise it is possible that you will never get your money back and you will lose money.
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March 27, 2018, 05:41:18 AM
 #51

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.

Ahum, no. That's not how it works. Less miners doesn't mean less bitcoins produced. Let me do a quick recap for ya:

Every 10 minutes, a block is mined. REGARDLESS OF THE AMOUNT OF MINERS, it's every 10 minutes & offers the same amount of BTC.

So, if every 10 minutes a block is mined, regardless of the amount of miners, what DOES happen then if there are less miners?
The BTC is then shared among less miners, thus each miner makes more. Then it gets more profitable again too!  Smiley

So: Supply stays the same (or increases some actually due to the mining, but that's not really significant given the great volatility of Bitcoin due to speculation).

Therefore, the price is dependent on the demand and not on the amount of miners! Everyone wants Bitcoins to sell them for more later on.

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March 27, 2018, 05:44:40 AM
 #52

Well, mining Bitcoin as far as i know will soon come to an end as more than 65 to 70 of Bitcoin has already been mind so all this while minners were busy making cool profit particularly when the transactions fee was very high. Although there are many of them that are still making huge profit from mining just all about economic of scale and efficiency.
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May 26, 2018, 07:54:43 PM
 #53

due to the volatility nature bitcoin miners are facing the heat of bitcoin price speculation but sooner we may see stable and growth prices in bitcoin then miners may get profited
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May 26, 2018, 08:52:15 PM
 #54


yes you are right if they use a little tool then it is definitely going to lose but if they use a large scale like a mining company of course they will still generate profits very much. so my conclusion if mining do not half-do maximum possible and do not rush to sell the mining you have.
Apparently not everyone is losing production today, as trading on the exchanges does not stop, and nobody has yet to cancel the opportunity to make a difference on the price. Proceeding from this, the miners will receive their profit.
The problem are when you do mining you'll have to sell the mined bitcoins asap due the mining production costs . Won't be a good way when you need to trade it to make it profitable , your mining activity might halted , that's my experience but of course unless if you have a lot of capital which still I doubt you could do that.

I'm in 400,000 euros debt , dont help me , i rather die
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May 27, 2018, 08:42:14 AM
 #55

Bitcoin miners are losing money due to the cost of equipment, electricity and other overhead such as maintaining cooling facilities. With the current price of bitcoins mostly dipping each and everyday, it isn't profitable again.
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May 27, 2018, 09:24:32 AM
 #56

it is funny that how many people in speculation board and even on news sites like the one OP quoted are talking without bothering enough to do some research. they love to make a guess and increase the drama.

all who say miners are losing money, how do you explain the constant increase in the hashing power which means increase in number of miners? it must be more than profitable for them to increase!

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May 27, 2018, 02:16:28 PM
 #57


If this is true then it could make some miners stop for a while. However, many miners may just want to accumulate as many Bitcoins as they can because the price will eventually recover and all those Bitcoins that they mined will turn into a gain. The point is that they will make money on those mined coins as long as the price of Bitcoin eventually increases.
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May 27, 2018, 06:53:03 PM
 #58

We investors do not worry about that, it would also cause prices to rise dramatically. Some people still can't aware of the fact that bitcoin is scarce so much.

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May 27, 2018, 06:58:46 PM
 #59


If this is true then it could make some miners stop for a while. However, many miners may just want to accumulate as many Bitcoins as they can because the price will eventually recover and all those Bitcoins that they mined will turn into a gain. The point is that they will make money on those mined coins as long as the price of Bitcoin eventually increases.

I don't think that miners will just stop mining bitcoin just because the market is down. We all know how the market is very volatile so maybe next month the price could go up or even go down.

But If I'm a miner, I would continue to mine bitcoin or even accumulate it myself, we still have the next halving which makes mining more difficult so its better to take advantage of this situation because the next halving will really increase the price of bitcoin and the return of profit will be huge for them.

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May 27, 2018, 07:30:08 PM
 #60

I am sure miners won't stop mining bitcoin. Everyone has huge future belief in bitcoin. We all expect prices to return back. It won't happen in no time. It will take huge patience and many will leave. But we ll all see moon yet again.

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