most of miners are shutting down their gigs?

[pooya87]

I heard most of the miners are shutting down their gigs, Is it true? So, Is this the end of Bitcoin? 

There was an article about miners in China shutting down their rigs and this has nothing to do with cost of electricity or difficulty, but this is more on the equipment itself reaching the lifespan where it needs to be shut down or replaced or else maintenance of such equipment will be more expensive.

Chinese miners are always going to be the last ones shutting anything down. even if their equipment is outdated they simply upgrade it since they have access to fast shipment of ASICs from Bitmain which is in the same country and easy to access.
besides ASICs don't expire all at the same time! there was new versions released which made it less profitable to run the old ones so some started shutting down or  upgrading. that shouldn't cause much of a hashrate drop in my opinion.

[btc-room101]

I heard most of the miners are shutting down their gigs, Is it true? So, Is this the end of Bitcoin? 

There was an article about miners in China shutting down their rigs and this has nothing to do with cost of electricity or difficulty, but this is more on the equipment itself reaching the lifespan where it needs to be shut down or replaced or else maintenance of such equipment will be more expensive.

Chinese miners are always going to be the last ones shutting anything down. even if their equipment is outdated they simply upgrade it since they have access to fast shipment of ASICs from Bitmain which is in the same country and easy to access.
besides ASICs don't expire all at the same time! there was new versions released which made it less profitable to run the old ones so some started shutting down or  upgrading. that shouldn't cause much of a hashrate drop in my opinion.

Well in the real world, and not the fake believe HODL world, but according to whattomine.com, right now an antminer S-9 causes you to lose $1/day

Thus in the real world who in the hell is keeping their miners running? ALso in the real world, it take +2 years to find a bitcoin, but the reality unless your on a chinese mining pool, you ain't going to get that bitcoin, cuz they got 90% of the miner's, and they decide who 'wins' the each round.

S-9's will become dirt cheap, I get offers every month from BITMAIN for $100 USD ( I'm assuming they're used or rehabs ), but the deal is they got a huge stock that ain't selling;

Only in places where the electricity is less than 0.05 per khw can you make profit at todays difficulty, but the only place that is that cheap is venezuela, ... which is in a civil war, and mining is illegal, so if you go mine there and get caught you win a spot  where you will starve & die in the mud,

The only rational thing to do with S-9's is to use them as space-heaters, and accept the fact that any btc you win is a lotto-win, I think millions of chinese will be having s-9's in their homes, but that said you must enjoy 110db sound of jet-engine in your house, so sound-mufflers will be the next 'big thing' if you want to get rich

[btc-room101]

I heard most of the miners are shutting down their gigs, Is it true? So, Is this the end of Bitcoin? 

GIG or RIG?

My first thought was like most posts on this forum it was a HODL'r ( retarded person ), and he was quitting his day job (gig)

I think most HODL'rs don't mine, they buy, as they have been told, besides long ago the investment for an s-9 was so high, they were told its better to buy, than mine, ...

So we don't know here if this person is talking about quitting a job, or shutting down their rig

It's not the end of bitcoin, because when the rigs ( take the s-9 as a base ), go for $10, people in china will buy them as space-heaters, and the accept the cost of electricity, and buy them for the added good of winning the lotto.

My fear is that new software will be deployed for mining only, and nobody will be running full servers to process transactions, thus BTC will be in deep shit, cuz the tx rate will go from bad to worse.

Remember an ASIC miner doesn't need a hard-disk ( full block chain ) it just needs to call home and get work and send back a hash that is led by 'N zeros'.

Now that running a full-node doesn't make you money because mining is dead, ...what's the point.

Lastly, difficulty will not drop cuz all these miners in china will be running as space heaters, thus price goes down, but difficulty goes to infinity.

[devinks]

I heard most of the miners are shutting down their gigs, Is it true? So, Is this the end of Bitcoin? 

I am believe its just temporary. Miners shutting down their gigs because its not profitable anymore for mining bitcoin and beside that, maybe they trying to replace the device with new one that more efficient

yes, maybe the person's decision is different, there are those who pause for a moment and resume it and there are also those who sell their mining equipment because of certain cost factors.

[donadoni212]

the end of bitcoin is not determined because there is no miner, even bitcoin can still continue to grow even without miners, we only need an investor, people who both support so that bitcoin continues to grow and stay alive

yes, I agree with your opinion, miners only rest for a while because of the cheap coin prices that cause small profit income. I'm sure the miner will be active again when the price has risen.

[BitFinnese]

I heard most of the miners are shutting down their gigs, Is it true? So, Is this the end of Bitcoin?  

There was an article about miners in China shutting down their rigs and this has nothing to do with cost of electricity or difficulty, but this is more on the equipment itself reaching the lifespan where it needs to be shut down or replaced or else maintenance of such equipment will be more expensive.

Chinese miners are always going to be the last ones shutting anything down. even if their equipment is outdated they simply upgrade it since they have access to fast shipment of ASICs from Bitmain which is in the same country and easy to access.
besides ASICs don't expire all at the same time! there was new versions released which made it less profitable to run the old ones so some started shutting down or  upgrading. that shouldn't cause much of a hashrate drop in my opinion.

Make sense, a transition from an old miner to a newer efficient one.  If there is a limited space, one must shut down his old miner first before implementing newer miner for an upgrade.  It is possible once this upgrade is done we can see a rise of hash in the next days or week.  I also heard that a new and more efficient miner is out so it is normal to see such a scenario.  If mining is still profitable today, there is no sense to stop mining.

[btc-room101]

I heard most of the miners are shutting down their gigs, Is it true? So, Is this the end of Bitcoin?  

There was an article about miners in China shutting down their rigs and this has nothing to do with cost of electricity or difficulty, but this is more on the equipment itself reaching the lifespan where it needs to be shut down or replaced or else maintenance of such equipment will be more expensive.

Chinese miners are always going to be the last ones shutting anything down. even if their equipment is outdated they simply upgrade it since they have access to fast shipment of ASICs from Bitmain which is in the same country and easy to access.
besides ASICs don't expire all at the same time! there was new versions released which made it less profitable to run the old ones so some started shutting down or  upgrading. that shouldn't cause much of a hashrate drop in my opinion.

Make sense, a transition from an old miner to a newer efficient one.  If there is a limited space, one must shut down his old miner first before implementing newer miner for an upgrade.  It is possible once this upgrade is done we can see a rise of hash in the next days or week.  I also heard that a new and more efficient miner is out so it is normal to see such a scenario.  If mining is still profitable today, there is no sense to stop mining.

So your saying its OK to lose money to mine?

This means that miner's are no longer working for a profit, but they're just taking real money to buy more crypto.

Most miners went into mining to make money, not to make crypto.

When as now, when there are NO LONGER profits mining, why would people continue to mine? Unless they were idiots?

...

Last year this time, it cost 20 barrels of oil to mine one bitcoin, worth 50 barrels of oil, a 30 barrel profit.

Today, it costs 20 barrels of oil to find a bitcoin worth 7 barrels of oil, so MORONS would like to think that miners are willing to GO negative in the red to get bitcoins???

Oh, yep that's right they're going to do this because the price is going to go back up? ( no its not )

When gold mines shutdown, its because they don't pay for themselves, today MINING doesn't pay the electricity bill,

Most miners are shutting down, most mining pools work for CASH money, just like real miners, they don't hold the gold, they sell it to pay salary's and get drunk and party, then go back to work.

[franky1]

btc-room-101 has many many many calculations WRONG

hashdate 42exa
42000000thash
=3mill s9 asics always hashing

with 1800 btc mined a day
each asic makes 0.0006 a day =$2.40+

each asic bought last year was the s9 which was 1.3kwh
at $0.05/kwh = $0.0625 an hour per asic = $1.50 a day per asic

so your making 90c profit after electric is paid TODAY
i know your doing the math thinking 90c after electric
=6 years to cover hardware cost of an s9 12 month ago
=2.6 years to cover hardware cost of an s9 asic 6 months ago
=8months to cover hardware cost of an asic price batch of 3 months ago
=4month to cover the hardware cost at todays $100 second hand cost(ones offered to you)

but here is where your getting it wrong. basing old hardware costs on todays income
you said it yourself you can buy hardware at $100
which doing the actual math. subtracting out the electric cost. accounting for decumilating income means you get your $100 back in 5 months
................
so lets go back a year. grab all the stats of bitcoin prices. hashrate and math it out day by day
when turning on the hardware last year
you would make ~$25.88 a day (i done the math) which minus the $1.50 a day electric =~$24.38
that first day income after electric was $24.38

i done the math of hashrate per day divided it up to per asic and everything. and repeated it so that i could
calculate the de-escalating income per day. i even evaluated it against the btc price each day (eg selling your daily income as it came in)

and guess what.
within 5 month your income after electric. would have paid off the hardware.
meaning after the 5th month. you then are mining just with electric costs to cover.
knowing that there is still the rest of the year to go. you can work out at $1.50 a day thats $320~ of electric for 7 months
which paying the daily electric and just saving up income after electric as you use it.

within 2 months you have made enough profit. to cover the rest of the year.
so by month 7. you are making pure profit and no longr worrying about electric bill for the rest of the year

yep
mining on an S9 from december 2017 to december 2018 would get you ~$3147 BEFORE electric, taking into account you selling each daily reward each day
which is: ~$2600 after electric

have a nice day

[AjithBtc]

Right now mining rigs functional on countries with increased electricity charges have been found shut upon the steady price drop which is unexpected. Majority of the miners face a drastic loss, having patience will let everyone grow with ease.

[franky1]

Right now mining rigs functional on countries with increased electricity charges have been found shut upon the steady price drop which is unexpected. Majority of the miners face a drastic loss, having patience will let everyone grow with ease.

right now mining rigs using more than 5cents/kwh electric. are not farms(majority) they are just home users hobby mining.
thus the amount of PEOPLE screaming its not profitable because they usually only running a couple asics say its not profitable
might seem high. but the amount of ASICS involved with those individuals is LOW

the asic FARMs where there are  hundreds-10's of thousands of asics per person/facility. are well placed in cheap electric area's

so yea
there might be 1000 PEOPLE with say 10 asics (10k asics) screaming 'unprofitable'
there is also 299 people with say 10,000 asics (2,990,000 asics) happily making profit

the 299 people. are swapping asics for more efficient asics to make more profit. thus dont need to run as many asics when swapping.
while the 1000 hobbiests are crying that their electric is too high

[kucritt]

from the beginning of the year. many people shutting down their mining rig because they think that bitcoin mining cang give them a big profit becayse of the price of bitcoin. so they stop mining it for a while. maybe if bitcoin rpice of another cryptocurrency price is hav the high value they will start mine again

[franky1]

from the beginning of the year. many people shutting down their mining rig because they think that bitcoin mining cang give them a big profit becayse of the price of bitcoin. so they stop mining it for a while. maybe if bitcoin rpice of another cryptocurrency price is hav the high value they will start mine again

continuing my math from a few posts ago. thats 12month of data and math i used. based that a asic bought 12 months ago was $2k and at month 5(april 2018) people made enough to have $2k after paying electric.
meaning then the only worry was electric.
2months after that(june) they accumiliated enough income to cover all the electric upto today. so any income after june was 100% profit

.. now imagine this.
in april you took that $2k and bought more asics.
cost in april would have got you 2 s9's
by october you would have paid off one of those asics and used those funds to buy 2 more asics.
meaning by november your upto 5 asics meaning your income is not 90cent after electric. but $4.50 a day
OR
you could have hoarded not bought any extra asics meaning $2600 profit combined today and bought 26 s9's at $100
so your income after electric would be $23 a day not 90c if you started mining them all today

[pucunghul]

In my opinion that is not true, because the miners can still make a profit even though the market situation is not good, even though there is a stop to it, I think it's only temporary and this isn't the end of bitcoin.

[Vinz1978]

Only a small percentage miners has shutdown may be due to coins very low prices. It has a direct hit on miners who don't have enough funds to continue. This hasn't much effect on the cryptocurrency.

[bettercrypto]

Due to the down market for almost one year, miners are making hard times to be profitable. Their expenses had been increase, but their profitable hasn't been enough to compensate the cost. These miners also haven't been upgraded their devices causing a lose instead of profit.

[keanne_isaac]

I heard most of the miners are shutting down their gigs, Is it true? So, Is this the end of Bitcoin? 

This is one of the negative side of Bitcoin as it is mined and continuous drop in price will affect  the number of miners that mined Bitcoin which can give negative impact to the speed of every transaction to be process but this might be a temporary problem once market will go on reversal miners may able to earn profit also.

[ponomare]

I heard most of the miners are shutting down their gigs, Is it true? So, Is this the end of Bitcoin? 

How much do you consider as most here ? I do not think that more than 10% have left mining and it will continue growing in coming months.

[kelz1]

Mining farms that are set up in countries or areas with high costs of electricity will have no choice but to shut down or suspend operations. This is kind of a good thing as people switch to cheaper renewable energy to mine with

[squatter]

It's not the end of bitcoin, because when the rigs ( take the s-9 as a base ), go for $10, people in china will buy them as space-heaters, and the accept the cost of electricity, and buy them for the added good of winning the lotto.

My fear is that new software will be deployed for mining only, and nobody will be running full servers to process transactions, thus BTC will be in deep shit, cuz the tx rate will go from bad to worse.

That won't happen. Miners have strong incentive to maximize transaction fees, especially as the block subsidy drops to 6.25 BTC and so on. Rationally, they'll work to fit as much transaction data as they possibly can into every block.

Remember an ASIC miner doesn't need a hard-disk ( full block chain ) it just needs to call home and get work and send back a hash that is led by 'N zeros'.

Now that running a full-node doesn't make you money because mining is dead, ...what's the point.

Miners may not need an archival node, but they need to run a full node. If they skip verification of the previous block, they risk publishing invalid blocks on top. That's what happened here -- a very costly mistake!

[TopT3ns]

I heard most of the miners are shutting down their gigs, Is it true? So, Is this the end of Bitcoin? 

Even bitcoin when on cheap price, miner still do their job, maybe what you means is new miner that mining ETH coin and other coins because price is so cheap and they start to loss their money.