Mining Bitcoin Forks Has Become More Profitable Than BTC Itself, Miners Pull Out

[Flagship11]

https://ethereumworldnews.com/mining-bitcoin-forks-has-become-more-profitable-than-btc-itself-miners-pulling-out/

For a long time, Bitcoin has stood the test of time as the most profitable crypto to mine, and thousands of miners have set up bases all across the world. Hardware manufacturers have developed equipment specifically designed for BTC mining.

However, the current trend seems to be shifting the favor away from the top crypto. Since the market went bearish after the BCH hard fork happened, the value of Bitcoin has dwindled, and with it hundreds of other cryptocurrencies.

Bitcoin Mining Is No Longer Profitable
For crypto miners to make any profits, their operations must first break even. This puts into account the capital invested in set up mining rigs and the power consumed. If a miner can’t break even, then they’re running at a loss. This has been the dilemma faced by numerous Bitcoin miners since the price took a hit.

As a matter of fact, hundreds of miners have since shut down operations. Some have even sold their mining hardware, signaling a growing sentiment about the uncertainty of Bitcoin’s future in the face of bear market fueled by a civil war between its own hard forks. In 2017, BCH was forked out of BTC. On November 15 this year (2018) BCH underwent its own hard fork that resulted into BCHABC and BCHSV, sparking a hash war between the two. BCHABC has since won and has been recognized as BCH.

BTC Vs BCH
When the BCH hard fork happened, miners shifted their resources to mine the new blocks. Since Bitcoin’s price started falling, mining BCH and BCHSV has become more profitable and therefore more attractive. The interesting part is that just two weeks ago, mining Bitcoin was 300% more profitable than mining BCHSV. Today, mining BCHSV is 25% more profitable than Bitcoin.

This presents a rather interesting scenario because the said profitability will still increase if Bitcoin’s price goes up. It’s a fact that BTC takes the rest of the market wherever it goes. As such, it would be interesting to see whether the top coin finally claims back its number one spot as the most profitable to mine among its 3 variants.

Factors To Consider
As is evident from the current Bitcoin mining situation, there’s more to profitable mining than just a crypto’s market price. The hashrate, network difficulty, and block rewards are some of the most significant factors.

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[pooya87]

the way bitcoin mining and profitability of it works is based on difficulty. miners didn't pull out of bitcoin. SOME miners shut down because price dropped, they didn't do it because some shitcoin was created.

with that said when a shitcoin is being mined with a price that is low there is a stable hashrate. then when you pump that shitcoin up suddenly in a day or two it suddenly becomes more profitable to mine but for the miners that are already mining it. the rest aren't going to jump on board immediately to mine that shitcoin. and when they come it again becomes less profitable as the difficulty rises. and interestingly enough when the dump comes it becomes less profitable, you even lose money if you mine it because the difficulty is higher while the price has dropped.

saying "hundreds of miners have shut down" is just nonsense because first of all you have no way of counting how many miners are there on the network, you can only measure hashrate. and that is about 10-20% if i am not mistaken.

[Zin-Zang]

You know the constant slander of any coins the btc zealots consider not btc, is really a sign of child like stupidity.

They call all other coins shitcoins, when the fact is many of those other coins outperform bitcoin in a multitude of ways,
faster speeds, energy efficient , built in anon, higher onchain transaction capacity and greater profit margins during the same time periods.

And many people have made money off of those altcoins.

Fact altcoins have made some people money and lost some people money , just as bitcoin has made some people money and lost some people money.

So if all of those superior designed altcoins are shitcoins, then bitcoin is the worst shitcoin of all.


 

[btc-room101]

the way bitcoin mining and profitability of it works is based on difficulty. miners didn't pull out of bitcoin. SOME miners shut down because price dropped, they didn't do it because some shitcoin was created.

with that said when a shitcoin is being mined with a price that is low there is a stable hashrate. then when you pump that shitcoin up suddenly in a day or two it suddenly becomes more profitable to mine but for the miners that are already mining it. the rest aren't going to jump on board immediately to mine that shitcoin. and when they come it again becomes less profitable as the difficulty rises. and interestingly enough when the dump comes it becomes less profitable, you even lose money if you mine it because the difficulty is higher while the price has dropped.

saying "hundreds of miners have shut down" is just nonsense because first of all you have no way of counting how many miners are there on the network, you can only measure hashrate. and that is about 10-20% if i am not mistaken.

Exactly, also just because you can mine a shitcoin, doesn't mean you can sell it,

Right now BTC with a S9 will net you -$1/day, that means if you run a antminer you lose $1/day.
Some of the alt's claim, if you run the same miner, you'll make a $1/day, how about the cost of that miner??

Like I said, if you look at 'slippage' ( cost of getting in out of a thinly traded shit-coin ), then your going to net-zero.

Every CLONE of BTC is a shit-coin, they offer no advantage, bring nothing to the table.

However I think zcash is ok, ETH sucks hard, all the ICO's are bullshit. The only thing that would get me excited about a BTC clone is if they made it 10X stronger, more secure and more private than mother-btc, and I don't see that happening the powers that be, that run BTC want to keep easy for GOV to track, and imprison the population.

[btc-room101]

You know the constant slander of any coins the btc zealots consider not btc, is really a sign of child like stupidity.

They call all other coins shitcoins, when the fact is many of those other coins outperform bitcoin in a multitude of ways,
faster speeds, energy efficient , built in anon, higher onchain transaction capacity and greater profit margins during the same time periods.

And many people have made money off of those altcoins.

Fact altcoins have made some people money and lost some people money , just as bitcoin has made some people money and lost some people money.

So if all of those superior designed altcoins are shitcoins, then bitcoin is the worst shitcoin of all.


 

Corrections:

1.) Shitcoins have made the people who promoted them some money. Anybody that BUYS shitcoins is fool that will lose his/her money.
2.) All alt-coins are shit, because they're created by idiots who think they can copy & paste the open-source BTC code, and that be renaming stuff they're adding value, the only thing they have done is dilute the bitcoin brand.
3.) There is nothing 'faster' is all the alt's are based on the same code-base, using the exact same source.
4.) There is nothing energy efficient about different kinds of hamsters in their cages running in circles, all crypto computation is wasteful.
5.) I do concur that zcash has added value because they have embraced 'privacy' with their notion of the 'z' address.
6.) All transaction's of BTC clones are the same, of course BTC is going to be slower, because they're getting +90% of the transactions. An idle clone with no users, will always be the fastest.
7.) Alt-Coins are a result of 'open source', it makes it all too easy for an idiot to change a few lines of code and promote a clone, and hope to get 1% of the BTC volume, trouble is today there are +2100 clones, all trying to get that 1%, but logic will tell you they will at best get 0.05% of the crypto  eyeballs or less. Alt's are no different that 'penny stocks', they're promoted by con-men who get 100% commission on the sale. The people that 'invest' in penny-stocks and alt's are sheep, Muppets as they're called by Goldman Sachs.

[Zin-Zang]

You know the constant slander of any coins the btc zealots consider not btc, is really a sign of child like stupidity.

They call all other coins shitcoins, when the fact is many of those other coins outperform bitcoin in a multitude of ways,
faster speeds, energy efficient , built in anon, higher onchain transaction capacity and greater profit margins during the same time periods.

And many people have made money off of those altcoins.

Fact altcoins have made some people money and lost some people money , just as bitcoin has made some people money and lost some people money.

So if all of those superior designed altcoins are shitcoins, then bitcoin is the worst shitcoin of all.


 

Corrections:

1.) Shitcoins have made the people who promoted them some money. Anybody that BUYS shitcoins is fool that will lose his/her money.
2.) All alt-coins are shit, because they're created by idiots who think they can copy & paste the open-source BTC code, and that be renaming stuff they're adding value, the only thing they have done is dilute the bitcoin brand.
3.) There is nothing 'faster' is all the alt's are based on the same code-base, using the exact same source.
4.) There is nothing energy efficient about different kinds of hamsters in their cages running in circles, all crypto computation is wasteful.
5.) I do concur that zcash has added value because they have embraced 'privacy' with their notion of the 'z' address.
6.) All transaction's of BTC clones are the same, of course BTC is going to be slower, because they're getting +90% of the transactions. An idle clone with no users, will always be the fastest.
7.) Alt-Coins are a result of 'open source', it makes it all too easy for an idiot to change a few lines of code and promote a clone, and hope to get 1% of the BTC volume, trouble is today there are +2100 clones, all trying to get that 1%, but logic will tell you they will at best get 0.05% of the crypto  eyeballs or less. Alt's are no different that 'penny stocks', they're promoted by con-men who get 100% commission on the sale. The people that 'invest' in penny-stocks and alt's are sheep, Muppets as they're called by Goldman Sachs.

1. Some people made money with alts , Some People lost money , no different than btc in that regard.
    (A holier than thou prejudice by btc zealots just shows their foolishness to the public.)
2. Many Altcoins have code not in btc.
3. Many Alts run a 30 second block speed, they are a hell of a lot faster than btc 10 minute block speed, No one can deny that!
4. Proof of Stake requires only the energy to run a node , as the ASICS warehouse that eat/waste energy are not needed.
6. btc is slower because of its 10 minute block delay and limited blocksize.
7. An Altcoin will dethrone btc in time, thinking it is invulnerable is a mistake of a zealot and not a logical mind
 * Most Products have a 10 year life cycle and are then replaced by a newer superior design, btc 10 years are up. *

 
 

FYI:
btc is an 8 track tape in the time when MP3 players (more advanced Cryptocoins) are being released, and btc will be replaced just like the 8 track tapes were.

[Pursuer]

this is like 2017 all over again. when BCASH was created the first time, the coin got dumped hard and nobody touched it so the hashrate remained very low. they also intentionally kept it low because they wanted to manipulate the difficulty using EDA. then as things settled a little they started pumping it and with the help of difficulty manipulation they earned a lot of money in a short time.
now we have the same thing all over again. they pump and dump BSV so that they can manipulate both on the market and in the mining scene to make money on both fronts.