SIXTEEN AND A HALF DAYS for this last difficulty reset?!?!? Way late!!!

[Paycheck]

Wow, this difficulty reset that just happened followed a time span of 16-1/2 days, as opposed to the usual ten day cycle.  That means a lot of miners are shut down, and the next difficulty reset will be another big drop.

Since I no longer mine, I don't care about that.  My hopes are that all crypto coin prices are going to crash LOW LOW LOW very soon.  This is what I want to happen, so I can buy as many LTC and maybe ETH and BTC Cash and EOS as I can.  And maybe even a Bitcoin.  Then when the prices eventually rise, I'll ride it to big profits!

I understand having a few machines running just for the hell of it, but really, right now you are a FOOL to be spending big bucks on big mining farms.  Investors looking for a loss they can take a tax deduction on, that's the only way I can see anyone getting the big bucks needed.

And it is a fool's errand.  It is diminishing returns.  It is an exercise in futility.  Difficulty rises, people buy and add more hashpower, to get more coins, so difficulty rises, etc, etc, etc.

I enjoyed having a dozen GPUs pimping out the hashes for me, but I knew when to say enough.  Ultimately, I might have been better served by just buying and HODLing, rather than mining at all, but hindsight, you know?

So the solution?  Stop mining, or at least severely reduce it.  Sell most of your equipment and just buy low and sell high as the market price bounces.  That's what I'm doing.

[sxemini]

Wow, this difficulty reset that just happened followed a time span of 16-1/2 days, as opposed to the usual ten day cycle.  That means a lot of miners are shut down, and the next difficulty reset will be another big drop.

Since I no longer mine, I don't care about that.  My hopes are that all crypto coin prices are going to crash LOW LOW LOW very soon.  This is what I want to happen, so I can buy as many LTC and maybe ETH and BTC Cash and EOS as I can.  And maybe even a Bitcoin.  Then when the prices eventually rise, I'll ride it to big profits!

I understand having a few machines running just for the hell of it, but really, right now you are a FOOL to be spending big bucks on big mining farms.  Investors looking for a loss they can take a tax deduction on, that's the only way I can see anyone getting the big bucks needed.

And it is a fool's errand.  It is diminishing returns.  It is an exercise in futility.  Difficulty rises, people buy and add more hashpower, to get more coins, so difficulty rises, etc, etc, etc.

I enjoyed having a dozen GPUs pimping out the hashes for me, but I knew when to say enough.  Ultimately, I might have been better served by just buying and HODLing, rather than mining at all, but hindsight, you know?

So the solution?  Stop mining, or at least severely reduce it.  Sell most of your equipment and just buy low and sell high as the market price bounces.  That's what I'm doing.

Yes that is what you are doing. And now?
What will you say us with this thread? Nothing?

It sounds like a kid who didn´t understand mining.

[Paycheck]

I understand mining very well, I did it for years.  And there comes a time where it is not the smart choice to throw more money at more expensive miners that will never ROI unless BTC price goes way up.  Which it will eventually, but who knows when?

[adaseb]

Pretty sure that most of the miners out there, they just sold their GPUs and left crypto all together. The true and devoted ones are the ones which are either mining at a loss or sold their farms in exchange for some BTC or ETH.

Regarding a price crash? I am pretty sure we bottomed out on the 13th when we hit the low $3k's and ETH hit $80 yearly support. How low are you expecting BTC to go? You won't see $1K BTC anytime soon. Stock market can crash all it wants but most likely BTC will trade sideways.

[Huxley23]

Pretty sure that most of the miners out there, they just sold their GPUs and left crypto all together. The true and devoted ones are the ones which are either mining at a loss or sold their farms in exchange for some BTC or ETH.

Regarding a price crash? I am pretty sure we bottomed out on the 13th when we hit the low $3k's and ETH hit $80 yearly support. How low are you expecting BTC to go? You won't see $1K BTC anytime soon. Stock market can crash all it wants but most likely BTC will trade sideways.

It is just your guess that is not supported with any data or reasonable argument. The same way I can say that BTC will go to 0, try to prove me wrong.

[philipma1957]

Pretty sure that most of the miners out there, they just sold their GPUs and left crypto all together. The true and devoted ones are the ones which are either mining at a loss or sold their farms in exchange for some BTC or ETH.

Regarding a price crash? I am pretty sure we bottomed out on the 13th when we hit the low $3k's and ETH hit $80 yearly support. How low are you expecting BTC to go? You won't see $1K BTC anytime soon. Stock market can crash all it wants but most likely BTC will trade sideways.

It is just your guess that is not supported with any data or reasonable argument. The same way I can say that BTC will go to 0, try to prove me wrong.

He has zero need to prove you wrong.

But you can shout all you want about coins dropping to zero value.

I have dirt cheap power and I will simply earn more and more coins as the price of coins drop.


the problem with your concept of 0 value for coins is you negate the real true core values of mining.

1) sheds power load when a dam is in rainy season.
2) provides heat
3) a space heater gives you zero money back while it heats a space.
4) a miner gives you back $$ while you heat.

personally insisting coins are all or nothing is typical of humanity.

most people want :
on or off
black or white
good or evil
right or wrong

reality is gray is the color and last i heard there are fifty shades of it.

will i need to alter my mining ⛏ yes
will i stop mining ⛏ no

do i fear coins going to zero no.

do i believe they can go to zero. yes they can.  but corona-v would need to become corona-v10x

come in three waves over the next two years infect us all and kill off at least two billion people.

if that happens the world 🌎 will pretty much be a hellish terrible place, do i think the virus 🦠 will mutate and kill that many people no I don’t.

But the black plague was crazy bad a long long long time ago.

So far this disease looks worse then h1n1 was in 2009-2010 but not as bad as 1918-1919 spanish flu.

If it turns out to be like the spanish flu more then 50 million will die. which will be really bad.

if it is worse then h1n1 it will be 1 million dead.

i don’t think either would wreck the world’s economy.   

[Paycheck]

More an excuse to pop this topic up than anything else, but...

If it took 16-1/2 days for this past difficulty reset, that means a lot of miners are turned off, a good 40% or more by my calculations.  Maybe just because the price is down right now, but that's a foolish way to go about mining.

[sxemini]

More an excuse to pop this topic up than anything else, but...

If it took 16-1/2 days for this past difficulty reset, that means a lot of miners are turned off, a good 40% or more by my calculations.  Maybe just because the price is down right now, but that's a foolish way to go about mining.

What is your problem with 16 and half day to adjust the difficulty? this is not the first time it take so much time. And now the difficulty is adjusted and the miner takes not so long to mine a new block.

I can´t understand the topic of this thread. We discuss about "is mining senseless" or about what?

[Drakyla]

More an excuse to pop this topic up than anything else, but...

If it took 16-1/2 days for this past difficulty reset, that means a lot of miners are turned off, a good 40% or more by my calculations.  Maybe just because the price is down right now, but that's a foolish way to go about mining.

What is your problem with 16 and half day to adjust the difficulty? this is not the first time it take so much time. And now the difficulty is adjusted and the miner takes not so long to mine a new block.

I can´t understand the topic of this thread. We discuss about "is mining senseless" or about what?

I really wouldn't care at all about this user . He should understand mining since he has been doing it for years (his words ) and for years he doesn't understand that usual difficult adjustment is based on 14 days window .. and not 10 like he claims .
After this statement everything else he says can be ignored .


Edited: Talking about user Paycheck

[Paycheck]

Oh yeah... it is 14 days for a normal readjust, not 10.  What was I thinking?  Oh well, whatever.  Move along.

[adaseb]

It is extremely rare for bitcoin to have a difficulty adjustment down. And right now looking at,

http://core.jochen-hoenicke.de/queue/#0,1w

The blocks are almost empty since many are mined at 1 sat/byte. So nobody really cares about the difficult retarget going down. This isn't during the BCH launch where BCH was more profitable and most miners switched to BCH and we got stuck waiting hours for a block because nobody wanted to mine it. Those difficulty retargets were more important because blocks were actually full bad then due to transaction spamming, right now its not an issue.

In one month at the halving, there probably will be more difficulty retargets.

[philipma1957]

More an excuse to pop this topic up than anything else, but...

If it took 16-1/2 days for this past difficulty reset, that means a lot of miners are turned off, a good 40% or more by my calculations.  Maybe just because the price is down right now, but that's a foolish way to go about mining.

Please delete this as it is completely wrong.

if difficulty drops 15% it means 15% of the gear shut off not 40%