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Author Topic: Problem with mining is that its too easy  (Read 428 times)
angel55
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July 10, 2019, 05:43:07 PM
Last edit: July 10, 2019, 06:52:59 PM by angel55
 #1

Just like internet work that is flooded with people across the world it has become a race to the bottom.  People in first world countries are competing with people that are happy to make a few crumbs.  It is too easy to set up some rigs and start mining.  

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philipma1957
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July 10, 2019, 05:57:07 PM
Last edit: July 12, 2019, 10:59:46 PM by philipma1957
 #2

Just like internet work that is flooded with people across the world it has become a race to the bottom.  People in first world countries are competing with people that are happy to make a few crumbs.  It is too easy to set up some rigs and start mining.  

That is the beauty of mining. Some little guy with a 2 card rig can make a few bucks.

The problem is coins need dedicated developers that support GPU mining over asic mining.

Basically five major coins caved in to asic attacks and GPU mining was damaged so much it is yet to recover.

Of the major alt coins Only xmr fights against ASICS with algorithm change on a frequent basis.

I mine alt coins with https://simplemining.net...
I see BTC as the super highway and alt coins as taxis and trucks needed to move transactions.
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July 10, 2019, 07:11:18 PM
 #3

This has never been about being "too easy", this has been about invest money and return money, trolls like you dont see the big picture here.

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July 10, 2019, 09:30:44 PM
Last edit: July 11, 2019, 01:50:51 PM by jstnryan
 #4

Just like internet work that is flooded with people across the world it has become a race to the bottom.  People in first world countries are competing with people that are happy to make a few crumbs.  It is too easy to set up some rigs and start mining.  

Your argument is self-defeating. Do you seriously think that the "people that are happy to make a few crumbs" are going to be able to invest the effort into mining if it were MORE difficult?

Take mining incentive off the table for a moment. The purpose of running a node on the network (whether that's a wallet node, or a mining node, or other) is to support and secure the network. The more people running nodes, the healthier the network is. The path to this is making running a node even EASIER -- everyone with a basic computer competency should be able to run nodes. Mining incentive is just a nice side affect.
shield132
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July 10, 2019, 10:31:13 PM
 #5

Just like internet work that is flooded with people across the world it has become a race to the bottom.  People in first world countries are competing with people that are happy to make a few crumbs.  It is too easy to set up some rigs and start mining.  
Can't agree with you. It's also pretty easy to rent commercial part, make some refit and start business like Bar or Cafe, supermarket or etc but what is difficulty here? How to not stop and grow your business, get profit. You can buy GPUs and start mining but it has some risks too like Cafe, you don't know how much customers you'll gain and in mining, you don't know how difficulty will rise and what will be the price of coins you mine.
Well, in overall it's easy compared to others but I know a lot of people failed in mining because they thought it was very easy. On another hand individuals must be able to mine to keep decentralized platform.

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July 11, 2019, 03:28:06 AM
 #6

the lower the barrier to entry gets the better it will be for crypto as a whole
huntingthesnark
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July 11, 2019, 11:45:56 AM
 #7

Just like internet work that is flooded with people across the world it has become a race to the bottom.  People in first world countries are competing with people that are happy to make a few crumbs.  It is too easy to set up some rigs and start mining.  

Utter nonsense. Setting up a rig is only easy once you've done it a few times and learned along the way - at a cost of several days of your time. Then there's the startup cost of the hardware, and the running costs of electric, at which point you'll only just be breaking even. Then there's tuning per algo, maintenance, cooling, choosing which coins to mine, setting up the correct exchanges, passing KYC, trading coins effectively, then converting that back into fiat to pay the bills....

It's a full-time job that currently pays worse than a paper round. The only easy bit is going on eBay and overpaying for some well-cooked rx470s.

For the latest Crypto news and alts info check out https://coinsjar.info/
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July 11, 2019, 06:53:52 PM
 #8

the lower the barrier to entry gets the better it will be for crypto as a whole

Low barrier to entry also means that profit margins will shrink to virtually nothing.  If everyone can enter the mining game profits will continue to dwindle to nothing.  I've seen it on many marketplaces that were very easy to enter the labor force.




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mihacrypto
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July 11, 2019, 08:33:10 PM
 #9

in recent times mining is a very complicated thing, algorithms very much, and hard to produce asik miners. the further the more difficult

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July 11, 2019, 09:55:03 PM
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 #10

Too easy? Not many people outside of enthusiast forums like this can even manage to build a gaming computer.
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July 11, 2019, 10:15:40 PM
 #11

some comments here.

1º Today, there are LEGIONS of technicians ready to build you a mining rig for as little as 200$ + hardware. they are even announced on the internet , almost everywhere

2º The hashrate is more or less like this: normal people with very little hashing power 10%. Big plants , big mining facilities 90%.

3º Crypto is a brutally centralized market, were a little movement in BTC collapses all the 800 coins in the market. It's so centralized, that 50% of all BTC mining power is in China. So centralized that very few people control almost everycoin in the market. They talk to each other, they plan the pumping and dumping scheme. And all the other people in the market, are just running around like headless chickens.

4º This is NOT a good moment to invest on mining. You don't want to spend 2000$ to buy a mining rig, to ROI in 5 years. it makes no fucking sense and you have to be so dumb to do it. Well, the difficulty in the ETH hashrate was increased from 136.000 GH/s to 174.000GH/s right now. So.....people are turning on their machines to get as low as 50$ per month in summer with heat. This is HOW DESPERATE people are to get a few bucks. If it weren't because some of them win more money like this than working, i would say that people are terribly dumb.

5º The more people enter mining, the less you get. So if you actually encourage people to mine, while you are mining....you are a bit stupid. And....the more people enter crypto, is not necessarily good for all the rest. Why? Because many people, with a lot of money are doing marginal trading playing , mostly the bear market. They borrow coins from people, they insta-sell, they drop the value of the coin with that. then, they buy the same amount of coins they borrowed. The difference, is PROFIT FOR THEM. This is why we are seeing a dumping scheme right now.

Ohhh BTW, ETH is in the red line. support is just in the 265-270$. If it holds, we can see more value. If not, we may go to 225$ which would be a brutal and huge step backwards that could mean ETH and other coins have no demand in the low price. Have you got your baby diapers?? Want an advice? put on at least three of them. There is going to be a massive drop in cryptos in 2 days time, and it's going to crash the market. I really hope i'm mistaken, but this is not a joke.

BTC no more than 6k by end of 2019. ETH no more than 300$ by end 2019. Huge market manipulation, huge amount of scammers and hypers.
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July 11, 2019, 11:36:58 PM
 #12

This market altcoin crash movement is a huge trap, they always do before a huge altcoin pump, they crash altcoins to no end by pumping and crashing bitcoin, right now what you can see is bitcoin is pumped then altcoins crash, bitcoin is dumped then altcoins crash, anyway you see altcoins are dumped, this is called a bearbulltrap. They want those trolls to dump their altcoins to a very low price and then they buy billions of dollars of that for cheap and then they pump altcoins 100 times and then after a while they dump those altcoins and process repeats.

I would advise you not to sell your altcoins or exchange to btc, keep your altcoins safe.

BTC Address: 1DH4ok85VdFAe47fSVXNVctxkFhUv4ujbR
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July 12, 2019, 01:51:07 AM
 #13

Its only east if you get the hang of building a rig and setting up the algorithms along with choosing the right altcoins to mine. That means that you should have at least a good amount of technical skill before you start and you will get confused even before you start earning in crypto mining. The good thing though is that even if you don't have that technical skill you can always do the research on how to start, though lets face it many people would just want to plug the components and start the application and call it mining then end the day without even researching.
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July 12, 2019, 12:19:45 PM
 #14

Too easy? Not many people outside of enthusiast forums like this can even manage to build a gaming computer.
I completely agree to this one short and simple comment but yet this one is accurate where not all do have the knowledge even on the basic installation.

And the most important is the funds yet building a mining set-up isnt cost free and not all is capable on having sufficient fund.


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July 12, 2019, 04:12:00 PM
 #15

Plug and Play scale mining isn't healthy for the crypto economy.  It supports ignorance, supports fraud and deceit, supports a % fee business model, etc, etc, etc.  It was never "hard" to mine, but it was technical and demanded basic computer knowledge.  Lots of trial and error and playing around.  I would specify the problem being un-educated fools with money building huge mining farms.  I encourage home mining and everyone should mine at home, in all countries.  Home mining profitability is subsidized by actually living in the house and so by default will always be more profitable than a dedicated mining farm.
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July 12, 2019, 07:30:57 PM
 #16

Yes you should only be mining if you want to donate your electric to the network.  Expecting money out of this is a fool's game and you will set yourself up for big disappointments. Just buy coins and grow some if you want any meaningful chance of getting some returns.



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July 12, 2019, 08:19:08 PM
 #17

Home mining profitability is subsidized by actually living in the house and so by default will always be more profitable than a dedicated mining farm.

This may be true for real estate costs (it is less expensive if you're already paying to live there, than it is to rent an extra warehouse), but is not for electricity costs, which are often half to a third as much for commercial and (even cheaper for) industrial properties than they are for residential properties. I live a mid-sized American city, and pay $0.11-0.12/kWh, a commercial property in my area will pay $0.05-0.07/kWh, and an industrial property can pay as low as $0.01-0.03/kWh (granted, there are other fees which need consideration, but, for the sake of this discussion, are extraneous).

So, saying that mining in your house is "more profitable" is not necessarily true when considering scale.
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July 12, 2019, 11:01:07 PM
 #18

the lower the barrier to entry gets the better it will be for crypto as a whole

Low barrier to entry also means that profit margins will shrink to virtually nothing.  If everyone can enter the mining game profits will continue to dwindle to nothing.  I've seen it on many marketplaces that were very easy to enter the labor force.

This is so lost and off track it is just sad.

I mine alt coins with https://simplemining.net...
I see BTC as the super highway and alt coins as taxis and trucks needed to move transactions.
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July 13, 2019, 01:46:46 AM
 #19

A high barrier to entry is good for those inside the barrier. It's called protectionism.
It seems to be a trend.

cpuminer-opt developer, https://bitcointalk.org/index.php?topic=1326803.0
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July 13, 2019, 04:12:44 AM
 #20

the lower the barrier to entry gets the better it will be for crypto as a whole

Low barrier to entry also means that profit margins will shrink to virtually nothing.  If everyone can enter the mining game profits will continue to dwindle to nothing.  I've seen it on many marketplaces that were very easy to enter the labor force.

This is so lost and off track it is just sad.

How is it off track?  This is spot on and we saw it unfold with our own eyes.   Common sense would dictate that as the altcoin prices plummeted so would the hashrate, but its been quite the opposite.  Really this is just economics playing out, there is always an equilibrium.  The idea of crypto is that people are paid for securing the network.  This payment should be somewhat of a fair wage, not something to get filthy rich off of.
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