The fate of the Miners

[nestizen]

What is the fate of miners if the price of coins gets worse?
Will Crypto stop this year?

 

[adaseb]

What is the fate of miners if the price of coins gets worse?
Will Crypto stop this year?

 

Just look at the ETH difficulty, its dropping but not massively.

I am assuming many with power > 0.10kwh are shutting down their rigs, and those that are mining are doing it out of speculation because they think ETH will hit $1000 again and BTC might go back to $20K.

Crypto won't stop because many have either free or very cheap electricity and those miners will still be mining. Basically go look at the difficulty charts of 2014-2015 when the BTC Price took a massive hit and the difficulty exploded upwards.

[jawakoak]

I have read with some news thats GPU can mining again on ETH, so many miner buying asic to change their hardware, and hash war between bch abc and bch sv crash down bitcoin price,,its mining profitable right now?

[netto7]

I have read with some news thats GPU can mining again on ETH, so many miner buying asic to change their hardware, and hash war between bch abc and bch sv crash down bitcoin price,,its mining profitable right now?

GPU can mine ETH but if ETH price lower than 300 USD i think it can not profit for miner.

[Metroid]

the smart ones are the ones buying eth at this price $140 coming next year or 2020 eth price will jump 20 times, eth $3000 easy sell and a possible $8000 in 2020/2021.

[swogerino]

the smart ones are the ones buying eth at this price $140 coming next year or 2020 eth price will jump 20 times, eth $3000 easy sell and a possible $8000 in 2020/2021.

I believe in the same vision that is why I have not turned my miners down but also I bought 2 Ethereums yesterday which I will conserve on my Ledger Nano. If our predictions come true I will be a very happy person after 2-3 years.

Meanwhile I have high energy costs but I still mine at a loss believing in a brighter future for cryptocurrencies.

[dagarair]

the smart ones are the ones buying eth at this price $140 coming next year or 2020 eth price will jump 20 times, eth $3000 easy sell and a possible $8000 in 2020/2021.

I agree.  I have a ton of machines and I am not buying ETH because I mine for it.  If you are not mining yet and your DON'T buy eth at these prices and decide to buy equip and mine, you are not smart.

[P00P135]

Lots of ICO's still need to sell off their Eth so it could drop even lower

[Etherion]

the smart ones are the ones buying eth at this price $140 coming next year or 2020 eth price will jump 20 times, eth $3000 easy sell and a possible $8000 in 2020/2021.

I agree.  I have a ton of machines and I am not buying ETH because I mine for it.  If you are not mining yet and your DON'T buy eth at these prices and decide to buy equip and mine, you are not smart.

Wait. Not smart by paying more for less?

Look if you are not making money then running your gear shortens there lifespan and you get less than what you would have gotten if you took the power cost and bought eth.

Best thing to do when you get under the power cost is to turn off your gear and then buy Eth at the amount you would have had to put in to keep your system running. Or if you are not cashing out at all then invest all of the power cost to buy eth. that way you get more eth. you support the price and provide up pressure.

[Indamuck]

Miners with cheap electricity are still making a profit.  Don't be upset because you got squeezed out by living in an area with high electricity costs.  This is how free markets work.  Difficulty will just adjust anyways so there will always be some miners making profit or else no one would even mine.

However, some people do mine at a loss because they don't want a paper trail of buying coins or they don't have access to fiat gateways.

[Ljunior]

Yes, but only experienced a decline in profits. The lucky miners are those who have electricity and free Internet access, If so, you get full profits. [lol]

[Natniadan]

I have read with some news thats GPU can mining again on ETH, so many miner buying asic to change their hardware, and hash war between bch abc and bch sv crash down bitcoin price,,its mining profitable right now?

GPU can mine ETH but if ETH price lower than 300 USD i think it can not profit for miner.

If you undervolt a lot and with cheap electricity, it is still profitable, but marginally.

[leowonderful]

There's always going to be a group of miners that will remain profitable- that's just how mining works, and difficulty adjustments will make things more profitable eventually. Mining will always continue on major cryptocurrencies, as even if people stop mining, difficulty will eventually correct itself to make mining profitable again, and blocks will continue to be mined.

I've personally chosen to turn off essentially all my mining rigs and I am currently just purchasing and holding cryptocurrencies. Many others on this subforum have chosen to do the same. Just keep in mind that if you're mining at a loss, you're essentially buying coins at market price plus electrical and maintenance fees- not an ideal situation.

[GarySeven]

I'm still running my A9's on NiceHash picking up 10-15 bucks a day per, but then I have .08 KwH and they also heat my place. If they drop below $5 a day I will think about giving them a rest if and until price and difficulty rebound.

I wish I had some of you guys faith in Ether. I'm not sure I believe the "use" case of crypto anymore as it may be easy for some of you to comprehend and use, but any crypto is a near impossibility for Ma and Pa Kettle to use in any event, and mass adoption is what would be needed to drive price. I think part of this latest selloff is big money's realization of that.

Crypto as a store of value makes more sense but it is a weak argument considering the volatility. I guess the same could be said of gold, the standard store of value which has also been historically volatile, so I am questioning all of my cherished beliefs right now. I parked my BTC in my USD wallet at $5800 and avoided the bloodbath but am unsure if I will ever put the cash at risk again.

[ximae]

There's always going to be a group of miners that will remain profitable- that's just how mining works, and difficulty adjustments will make things more profitable eventually. Mining will always continue on major cryptocurrencies, as even if people stop mining, difficulty will eventually correct itself to make mining profitable again, and blocks will continue to be mined.

I've personally chosen to turn off essentially all my mining rigs and I am currently just purchasing and holding cryptocurrencies. Many others on this subforum have chosen to do the same. Just keep in mind that if you're mining at a loss, you're essentially buying coins at market price plus electrical and maintenance fees- not an ideal situation.

thats not actually true. I am basically mining at a loss now with the latest dumps, but getting free heating, im making around 0.00025 day btc using 300w and at 0.113 kwh means im basically buying btc at 3250€, thats cheaper than the 3900€ its at now.

[DrG]

I was able to sell my last 2 rigs as complete rigs so I was able to get a little extra. I'm in the red from a fiat standpoint but but still have more crypto than had I bought eth at $70, so until that point I'm ahead.

Like I said, this was and is going to be a bad November for crypto. I don't see any positive movement happening until maybe Q2 of next year.

Hopefully AMD's 7nm consumer cards will be out by then.

[lunobird]

Ya miners are one tough sons of a b*tches group. Price of eth dumps 10x but hashrate only dumps 10 percent.

Mining will live on. Just everyone gets fractions of a peanut profits if any.

[leowonderful]

There's always going to be a group of miners that will remain profitable- that's just how mining works, and difficulty adjustments will make things more profitable eventually. Mining will always continue on major cryptocurrencies, as even if people stop mining, difficulty will eventually correct itself to make mining profitable again, and blocks will continue to be mined.

I've personally chosen to turn off essentially all my mining rigs and I am currently just purchasing and holding cryptocurrencies. Many others on this subforum have chosen to do the same. Just keep in mind that if you're mining at a loss, you're essentially buying coins at market price plus electrical and maintenance fees- not an ideal situation.

thats not actually true. I am basically mining at a loss now with the latest dumps, but getting free heating, im making around 0.00025 day btc using 300w and at 0.113 kwh means im basically buying btc at 3250€, thats cheaper than the 3900€ its at now.

You're correct, but not everybody mines for free heating, though it is true that mining for heat and crypto can be a viable option. It's been a relatively mild winter where I live, but for those who live in cooler environments this is absolutely a viable option. For those who don't mine for heat, though, if you're mining at a loss, you're better off buying coins.

[Metroid]

Ya miners are one tough sons of a b*tches group. Price of eth dumps 10x but hashrate only dumps 10 percent.

Mining will live on. Just everyone gets fractions of a peanut profits if any.

90% of eth miners are mining at loss, 9% are breaking even and 1% is earning peanuts per day with their gpus. The hashrate difficulty is proof that people believe eth will rise in the coming months a lot cause most of them are losing money mining it, best thing is just buy the coin and wait for 2020/2021.

[shield132]

How can you say that crypto will stop this year? At first bitcoin's price was some cents and it was doing well, last year we had 600$ and still it was doing well, there is no way to say that bitcoin has problem with current 4K usd price. Yeah, this is fall which we don't want to see, I talk not only about bitcoin but on another altcoins, as you know they follow btc.
Miners will keep their job and for this reason they will need price which will be enough to get them at least a little bit profit. Then it's a matter of task when price will rise. It will happen anyway because we want it.