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Author Topic: Bitcoin mining would bring back excessive profit?  (Read 286 times)
TidaPay
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April 30, 2019, 07:13:41 AM
 #1

What make an influence on Bitcoin mining is computing power, difficulty of computing power and electrovalence. Among them, the electrovalence can be seen as a constant value for the reason of smooth fluctuations under the annual mining contract. There are generally two reasons for drastic fluctuation. One is the evolution of mining machines or methods resulting in halving the reward of Bitcoin; the other is the value of Bitcoin mining won’t increase more than the fluctuation of Bitcoin price.

Hence, Bitcoin mining could return to the lucrative business if its price continues to increase (say, above $5,785).
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April 30, 2019, 12:12:42 PM
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 #2

Well to be fair, there are still a lot of people/groups hashing bitcoin no matter what its value is, even when we drooped down to $3000 levels for a while. I believe that the enthusiasm and interest have died for a short time, especially when the price kept on tanking, but yeah, the more the price rallies the greater the interest of people will be for bitcoin, again, as was always the case for the past 2 bullish runs. Mining is alive, no matter what the price is, though some miners may have switched off for good or for the mean time when the price is not performing well.

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April 30, 2019, 12:49:59 PM
 #3

Well to be fair, there are still a lot of people/groups hashing bitcoin no matter what its value is, even when we drooped down to $3000 levels for a while. I believe that the enthusiasm and interest have died for a short time, especially when the price kept on tanking, but yeah, the more the price rallies the greater the interest of people will be for bitcoin, again, as was always the case for the past 2 bullish runs. Mining is alive, no matter what the price is, though some miners may have switched off for good or for the mean time when the price is not performing well.
Mining would be alive until Bitcoin exists. There is no sense for someone to run his mining equipment and pay for it without getting any profit. So if you are able to send a transaction then be sure that BTC mining is still profitable.
On the other hand, BTC skepticists always had their place and BTC price have no influence on them. No matter how much BTC cost because they are not going to buy it at any price.
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April 30, 2019, 12:58:38 PM
 #4

Well to be fair, there are still a lot of people/groups hashing bitcoin no matter what its value is, even when we drooped down to $3000 levels for a while. I believe that the enthusiasm and interest have died for a short time, especially when the price kept on tanking, but yeah, the more the price rallies the greater the interest of people will be for bitcoin, again, as was always the case for the past 2 bullish runs. Mining is alive, no matter what the price is, though some miners may have switched off for good or for the mean time when the price is not performing well.

Totally agree with you. There are types of miners who are not affected by the price of Bitcoin and are still mining. Because they think if BTC prices go down and no longer benefit many miners from miners who will shut down mining, but for this one miner they will still turn on their mining machines to get more bitcoins when the price of bitcoin falls and does not provide profits. But the advantage of these miners is getting more bitcoin because many of the miners turn off their mining machines when BTC prices drop. It's easy for him to sell and reap future profits when BTC prices rise again. I think we have experienced it before, when the price of bitcoin dropped to $ 200 in 2015 if not mistaken before BTC rose to $ 20k in 2018.
Maybe this is just a matter of daring to risk everything at the beginning or not. If you don't dare, most people or hashing groups will start operating mining machines until the BTC price rises more than $ 6000 Or when mining BTC feels profitable.
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April 30, 2019, 04:11:09 PM
 #5

Hence, Bitcoin mining could return to the lucrative business if its price continues to increase (say, above $5,785).
I can only say the same thing for those who understand the value of bitcoin is quite profitable as a personal asset.
That is to say, the profits earned will be additional assets that can be saved, besides your fixed income.

In bitcoin investment will make an alternative asset an additional asset for those who invest, so don't ever hesitate to buy it,

I can suggest that, there are simple strategies that can be developed at this time for all,
buy at the lowest price then sell when the price is soaring, that's for sure.

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April 30, 2019, 04:20:44 PM
 #6

I think there are still people who are still mining regardless of the price, they are not losing money as long as they are not selling what they have mined. Just keep it till the price goes back up. The problem is the fluctuations of mining difficulty and hash rates and not to mention the price of mining equipment itself and electricity cost.

 
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April 30, 2019, 04:47:18 PM
 #7

The problem is the fluctuations of mining difficulty and hash rates and not to mention the price of mining equipment itself and electricity cost.
Majority of the miners are already aware of the risks involved with mining which is why the problems that you mentioned are not a big hindrance as long as they continue earning regular profits over the short term and the long term.

The biggest problem here is the advancement in mining tech which makes the old machines useless and the need to upgrade to new ones cuts into the profits.
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April 30, 2019, 04:54:08 PM
 #8

Directly quoting from an interesting article I found (https://cryptotradernews.com/cryptocurrency/how-does-bitcoin-mining-work/):

And due to the fact that almost 84% of bitcoins have been mined, unlocking rewards isn’t as easy as it was seven or eight years ago. Especially if you’re mining with only one computer. For this reason, Bitcoin mining is largely restricted to people with access to cheap or renewable energy, as well as enough money to run several mining rigs at once.



In other words, either you have enough money to buy a powerful a** computer or you're better off mining altcoins.

I'm currently mining bpx tokens, the project looks amazing.
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April 30, 2019, 05:09:35 PM
 #9

Bitcoin mining is very expensive now a days and it was good in china  because the electricity cost are more every where and mining was good for those who were good in the crypto and now a days the whole market is not much better so if we work and earn crypto that will be good for me because i have not much funds to use for investment and to trade coins in the market but with time when i get the best coins i ll use it for multiplying my wealth.

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April 30, 2019, 05:19:03 PM
 #10

What make an influence on Bitcoin mining is computing power, difficulty of computing power and electrovalence. Among them, the electrovalence can be seen as a constant value for the reason of smooth fluctuations under the annual mining contract. There are generally two reasons for drastic fluctuation. One is the evolution of mining machines or methods resulting in halving the reward of Bitcoin; the other is the value of Bitcoin mining won’t increase more than the fluctuation of Bitcoin price.

Hence, Bitcoin mining could return to the lucrative business if its price continues to increase (say, above $5,785).

Bitcoin mining will greatly depend on the price of bitcoin. when the price is at the lower limit, of course the miners will leave it, that is because they are much cheaper to buy directly than to do mining. but when the price of bitcoin increases, it is likely that greater profits will be made. so the miners will determine their future while always paying attention to the price movements of bitcoin.
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April 30, 2019, 05:41:02 PM
 #11



I think its all for the profit less the electricity bills, if its worth mining even with the enormous amounts to pay for the electricity mining will still be a lucrative business. Regardless of how much the asic devices cost, halving and the maintenance of it as long as the transaction fees continues and will make them profit.

 
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April 30, 2019, 06:48:22 PM
 #12

Bitcoin mining is still there regardless of what happened with the profit of miners but sadly when you start today to mine it you must have a good amount of investment capability to buy the latest Mining hardware.
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April 30, 2019, 07:01:40 PM
 #13

Miners who are in countries with low electricity costs like China may probably not affected much by Bitcoin price but for countries who have to cope up paying too expensive electricity plus their mining device maintenance and value together with the drop in bitcoin price I don't know how much profit do they get from mining or probably they don't mind the cost and just consider them investment and wait for the bull run.

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April 30, 2019, 07:43:13 PM
 #14

Miners who are in countries with low electricity costs like China may probably not affected much by Bitcoin price but for countries who have to cope up paying too expensive electricity plus their mining device maintenance and value together with the drop in bitcoin price I don't know how much profit do they get from mining or probably they don't mind the cost and just consider them investment and wait for the bull run.
The issue with a lot of the hardware that's used for mining is the fact that it doesn't have much use outside of crypto mining. They invest tens of thousands if not hundreds of thousands of dollars into this equipment and simply don't have any way to recoup the loss if they can't sell it to other miners. While it's easy enough to maintain the current infrastructure they have, their margins are already relatively slim. I'd say that $3000 was the lowest that most of them could go before they were mining at a loss, now it's about a 50% profit from their bottom line. They might have even been selling at a loss at $3000 and just had leftover funds to carry them through to the next bull run, like what we have now. I'm not entirely sure, but if anyone knew what exchanges the miners use, it might be possible to determine their historical bottom lines. That'd require a lot of effort, and the payoff might not be worth it though.
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April 30, 2019, 09:35:31 PM
 #15

I think there are still people who are still mining regardless of the price, they are not losing money as long as they are not selling what they have mined. Just keep it till the price goes back up. The problem is the fluctuations of mining difficulty and hash rates and not to mention the price of mining equipment itself and electricity cost.
Definitely there are, no transaction will be confirmed if there are no more miners there. Mining farms are still in operations because they have planned it well on how to continue if ever the market isn't favorable to most.

There's alternative energy that they probably invested if ever they aren't living to the countries that has nice weather and cheap cost of electricity. And for those who are living in that kind of country, this isn't a big deal to them. Operations and business as usual.

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April 30, 2019, 10:02:15 PM
 #16

What make an influence on Bitcoin mining is computing power, difficulty of computing power and electrovalence. Among them, the electrovalence can be seen as a constant value for the reason of smooth fluctuations under the annual mining contract. There are generally two reasons for drastic fluctuation. One is the evolution of mining machines or methods resulting in halving the reward of Bitcoin; the other is the value of Bitcoin mining won’t increase more than the fluctuation of Bitcoin price.

Hence, Bitcoin mining could return to the lucrative business if its price continues to increase (say, above $5,785).

Do we still have a legit platform for Bitcoin mining, because I came to realise late last year that many Bitcoin mining platform turned scam. And the only one we can recommend is that if hashrate, Genesis mining and so on. Mining in other words its not too profitable let's say in this present time.
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April 30, 2019, 10:49:13 PM
 #17

Even when the price of bitcoin cross $5785 large scale mining firms were gonna get profited. From my understanding the chances for profiting through small scale mining is really hard and to what extent this is gonna happen is unidentified. Even in countries with the least electricity consumption it is impossible to get a better earning through mining with the prevailing market condition.

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Leonardo7
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April 30, 2019, 11:19:39 PM
Last edit: May 01, 2019, 12:55:12 AM by Leonardo7
 #18

Many miners are still making a profit from mining, and some have already switched to a cheap renewable source of power in other to cut operational running cost and maximize profit. It's not bitcoin mining machines that determine the halving of the bitcoin mining reward, but it's the way it has been programmed and this happens every four years and the next halving is expected next year, in which reward per block will be reduced from the current 12.5BTC to 6.25Btc. Mind you, price is predicted to increase significantly as miners are likely to stop selling for cheap because of the reduced block reward and a ftp://further increase in the mining difficulty.

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April 30, 2019, 11:30:27 PM
 #19

I agree with you. engine quality affects the value of the mining cycle. there is one more thing that can affect mining volatility. the activity of miners also affects the world of bitcoin mining. when mining BTC a little. then the hashrate and mining pool will drop drastically.
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April 30, 2019, 11:48:08 PM
 #20

OP I don't really get why you're using the term "electrovalence" possibly a translator or something.

Either way you are missing a few key points for mining. Regardless of the price someone will mine profitably; the people with lower power costs. You can see this by checking any profitability calculator out there. So when the price drops people who have higher electrical costs tend to shut down first, this leads to another factor of mining Difficulty adjustments. When miners shut down their farms the network hashrate is reduced, this eventually brings down the network difficutly.

When Difiiculty goes down, you earn more BTC per TH you mine with. So the miners earnings find an equilibrium again. The opposite effect happens when price goes up, more people can afford to mine so they do causing the Difficulty to increase.

~snip~
In other words, either you have enough money to buy a powerful a** computer or you're better off mining altcoins.
I'm currently mining bpx tokens, the project looks amazing.

I disagree that it's either or. I spent significantly more on my GPU rig than I did buying my first several Asic machines. You run into the same issues with Altcoins that can be considered stable; there is no guarantee of massive gains in anything.

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