Is the efficiency of mining BTC gone?

[CryptopieceOfficial]

I would like to hear your views and experience.

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[rodalutor]

Efficiency has increased near infinitely since bitcoin was first minted, alongside that difficulty has also increased massively. At the moment it would seem for a lot of people bitcoin price is too low to mine profitably and that's why we've seen recent drops in difficulty.

[Osayo]

I would like to hear your views and experience.

I guess by efficiency, you mean the profitability of mining bitcoin. I will simply tell you years. Bitcoin mining is no longer profitable. It is best to forget about mining, and invest a little amount to buy some bitcoin instead of trying to mine.

[shamc]

It's only for business based miners with a warehouse style setup, or for people with free electricity and don't want to bother with other altcoins. There are are serious miners closing shop due to the price drop but that will change next year as the market recovers

[Thirdspace]

Efficiency has increased near infinitely since bitcoin was first minted, alongside that difficulty has also increased massively. At the moment it would seem for a lot of people bitcoin price is too low to mine profitably and that's why we've seen recent drops in difficulty.

Which helps turn off less efficient machines and keeps the network a lean mean concentrated hashrate machine.

some (big) miners are turning off (or swithing network) some of their equipments
in the hope to reduce total network hash rate and create new equilibrium of hash rate, cost and bitcoin price
and by doing so, they are trying to reach acceptable cost-to-profit ratio of their mining facilities
so we actually seeing how miners are becoming more efficient by adjusting their hash rate to the network

[avikz]

I would like to hear your views and experience.

I encourage you to visit the below links for better understanding.

Network hasrate in last 30 days:
https://www.blockchain.com/charts/hash-rate?timespan=30days

Difficulty chart in last 30 days:
https://www.blockchain.com/charts/difficulty?timespan=30days

If I am interpreting the trend correctly then I think some of the miners have switched to some other crypto assets during the span of last one or two months. Efficiency has not gone down but surely the profitability is going down due to the price factor. So miners are switching to more profitable coins just to remain profitable.

[Kakmakr]

ASIC manufacturers are continuously improving the hardware to increase the efficiency. The new ASICs are more powerful and they use less electricity than previous ASICs.

Unfortunately most of the manufacturing are done in China and other countries are far behind the Chinese to be able to compete with them. I would like Silicon Valley to come up with their own ASIC technology, but I think it might be too late for them to start now. 

This scenario creates a monopoly in the market and that is not good for mining and Bitcoin. 

[pat4cryptoreal]

Every business have ups and down, we all know that mining was profitable but now that it is not profitable again let us bear with the system and think of how to bring the market back to how it was before instead of quiting.

[anitaraymonds]

The activities of miners are directly proportional to the activities in the market.  The more the market gets Bizier the miners get busier. It means one thing more money to the miners and the business goes on. Due to the dip in the market now where the support has been broken severally and a new one  (support ) always replacing the old one the mining job become expensive and less profitable. Hope the market will recover and the mining commences again.                                                                                                                                                                                                                                                                                                                             

[bellamente]

Now mining Bitcoin is unprofitable, but if the price of Bitcoin starts to grow, then all investments pay off quickly. I think now many have abandoned mining

[Showkat Hossain]

Bitcoin is unprofitable, but if the price of Bitcoin is growing up, then all investments pay off quickly.

[burky156]

Yes, it has gone like 8 month ago. I use to work with HashFlare, which was the best and most trustfull mining company and i made great money with them. But now my money is not working and i can't make any profit. It just stopped and gone.. They say the mining fees are more than the minings and that business got stucked. I made some researches and i saw that they weren't lying.. There is nothing left to do.. Do not try to mine BTC ever!

[asyakashi]

Now mining Bitcoin is unprofitable, but if the price of Bitcoin starts to grow, then all investments pay off quickly. I think now many have abandoned mining

I also agree with you, now mining is being abandoned.
I have an interesting link about this, this is the fact that miners started selling their equipment.
https://bitcointalk.org/index.php?topic=5082887.new#new

[Kopyleft]

Which helps turn off less efficient machines and keeps the network a lean mean concentrated hashrate machine.

This could also decrease the decentralization of mining make it a more regulated protocol where new miners would have to register in order to get their rigs set up.

Then again it puts all existing miners on an equal playing field where each is using the same level of available tools.

[aoluain]

Now mining Bitcoin is unprofitable, but if the price of Bitcoin starts to grow, then all investments pay off quickly. I think now many have abandoned mining

I also agree with you, now mining is being abandoned.
I have an interesting link about this, this is the fact that miners started selling their equipment.
https://bitcointalk.org/index.php?topic=5082887.new#new

Some misleading comments here

Bitcoin mining is not profitable for some miners at the moment, others, the vast
majority are mining away no problem.

Not every miner has the same costs, electricity varys different from country to
country.

Some miners are selling equipment because there is new hardware coming
onstream shortly and as the markets are down this is a perfect time to sell.

[Vladislav2306]

We have special page on this forum for such questions. People who already bought asics will continue to confirm transactions, because they want to receive their money back to their pockets.

[bitvelk]

I'm not sure, but I think now mining is not profitable, because there is a lot of news that miners sell bitcoins and everything is bad.

[Abal Abal]

after the fall in the price of bitcoin, mining was no longer efficient, because on average the miners were still using electricity provided by the government, and the costs that were incurred tended to be expensive, even the results of mined bitcoin were insufficient to pay for the electricity bill.

[Pab]

I would like to hear your views and experience.

I've been reading that Intel won patent for more efficient and less costly btc mining
Now many mining businesses have to shut down mining because of low btc price and energy cost increase.Now prices of hash double in China so only big boys are able to mine btc
Maybe it is yet another reason of low prices
Keep price low mine as many btc possible without competition than sell at much higher price
during halving time
It is similar how it was before previous halving

[miner1.8]

Not really, still mine BTC till today, not efficient as it used to be obviously.
I sell weekly with Rialto escrow and buyers are always available. Don't listen to the FUD