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Author Topic: Don't venture into something you aren't completely sure about.  (Read 338 times)
Wingsbtc
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September 05, 2020, 06:30:47 AM
Merited by tk808 (3), Novatech8 (3), KaratX (2), Stanlo (1)
 #1

If you aren't fully prepared for what's coming don't jump into mining, miners have been in bad shape since last bullrun in 2017 to early 2018 and many shut down their miners, just because it's profitable to mine right now doesn't mine things will remain the same for miners, another thing to be worried about is ETHASH Algorithm, this Algorithm is the most profitable but the best coins on this Algorithm ( ETC and ETH ) are changing to POS and other algo soon, meaning your gpu will be less profitable too, it's better to buy coins unless it's your hubby already.

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September 05, 2020, 06:35:39 AM
 #2

Mining is only profitable for the ones that can get electricity cheap (or free) and have a good knowledge of GPU farms. With a small profit everyday, your devices would roast before they'd ever get their ROI. You can mine for educational purpose but don't intend to make a profit from a couple of GPUs while paying for your electric bill. There are many new GPU mineable coins but almost all of them are worthless.


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palle11
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September 05, 2020, 07:40:17 AM
 #3

I understand yes that mining now isn't too easy and profitable because of the expenses of electricity bills but if you can get such at an environment that it comes lesser, then that aspect has taken down your challenge. After the 2017 bull, miners have actually been facing certain issues especially for profit because you can't do business in an environment or situation without profit.

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September 05, 2020, 07:53:32 AM
 #4

Mining is only profitable for the ones that can get electricity cheap (or free) and have a good knowledge of GPU farms. With a small profit everyday, your devices would roast before they'd ever get their ROI.

Indeed. If you can get that setup then it's worth to go for it, though the mining setup itself is very expensive, enough to be
used if you change plan and go with trading or investing with coin that you desire to mine, it's very important to gained deeper knowledge
before you proceed with this, as being compensated will take longer time from this setup.


You can mine for educational purpose but don't intend to make a profit from a couple of GPUs while paying for your electric bill. There are many new GPU mineable coins but almost all of them are worthless.

That's the reality. If you tend to mine using few gpu's or small mining set up the competition is really tough as there are many big farmed
who also knowledgeable in picking profitable coins.

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September 05, 2020, 08:34:17 AM
 #5

If you aren't fully prepared for what's coming don't jump into mining, miners have been in bad shape since last bullrun in 2017 to early 2018 and many shut down their miners, just because it's profitable to mine right now doesn't mine things will remain the same for miners, another thing to be worried about is ETHASH Algorithm, this Algorithm is the most profitable but the best coins on this Algorithm ( ETC and ETH ) are changing to POS and other algo soon, meaning your gpu will be less profitable too, it's better to buy coins unless it's your hubby already.

Do you refer to Bitcoin miners when you said that miners are in bad shape since the last bull run which happened late in 2017? The price of Bitcoin has already more than tripled since the lowest days of Bitcoin's price which was around $3,000, that's in 2018.

I don't think there are so many Bitcoin miners who are now shutting down. Imagine that halving has already happened months ago but still the hashrate of Bitcoin is still on a very healthy level. The difficulty also did not drop even after months proceeding the halving.

Everything is doing perfectly well except if you are mining a shitcoin which is fast dying.


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September 05, 2020, 12:02:33 PM
 #6

You are pointing out that crypto mining nowadays is not profitable anymore? IMHO, I don't think so, look at Ethereum now the miners are struck another goldmine due to the insane increase of transaction fees, but only for Ether. and I'm sure it was a quietly different situation in other mineable altcoins.

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September 05, 2020, 12:08:16 PM
 #7

ETH switching to PoS could definitely bring disaster for small scale miners since ETH is what they have been mining ever since years ago but there's always alternative coin to mine but buying graphic card or any other mining rigs isn't really recommended considering that so many big players out there are the one who gain the most and small fry miners are gonna get crushed.
Mining is profitable only if the competition is not so tough and the difficulty is not too high otherwise just switch to other invetsment.

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September 05, 2020, 01:37:17 PM
 #8

I believe that mining is already a process of earning money for people who have been in cryptocurrency for a long time and they do not think about the profitability. for those people who come to this market only now it is better not to try mining

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September 05, 2020, 02:13:51 PM
 #9

This would be better suited in the mining section if it can be moved there. This is very important especially for the people that are new into bitcoin and want to invest in bitcoin mining and have a long term business plans for it. Mining might be profitable if you reside where electricity is cheap or you are considering cheap renewable ways of getting electricity for mining. https://decrypt.co/39426/is-bitcoin-mining-still-profitable-in-2020

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September 05, 2020, 03:03:38 PM
 #10

If you aren't fully prepared for what's coming don't jump into mining, miners have been in bad shape since last bullrun in 2017 to early 2018 and many shut down their miners, just because it's profitable to mine right now doesn't mine things will remain the same for miners, another thing to be worried about is ETHASH Algorithm, this Algorithm is the most profitable but the best coins on this Algorithm ( ETC and ETH ) are changing to POS and other algo soon, meaning your gpu will be less profitable too, it's better to buy coins unless it's your hubby already.
Everyone has his/her own interest and opinion. I have seen hardcore miners who will find alternative coims to mine even if eth or other big coins are not profitable. Similarly they must have alternatives in mind if eth changes to pos so not a big deal for them.

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September 05, 2020, 04:47:38 PM
 #11

If you aren't fully prepared for what's coming don't jump into mining, miners have been in bad shape since last bullrun in 2017 to early 2018 and many shut down their miners, just because it's profitable to mine right now doesn't mine things will remain the same for miners, another thing to be worried about is ETHASH Algorithm, this Algorithm is the most profitable but the best coins on this Algorithm ( ETC and ETH ) are changing to POS and other algo soon, meaning your gpu will be less profitable too, it's better to buy coins unless it's your hubby already.
Mining jas officially been gone in my opinion, especially after the last bull run of late 2017 or early 2018. Since then miners have been struggling to make any profit and mostly the big enterprise level mining companies are surviving because they get special discount electricity package or they have their own solar or alternative electricity plants.

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September 05, 2020, 05:49:44 PM
 #12

Mining was a lucrative business back then but I don't think if that's still the same for solo miners. The resources and power to contribute to the network has really shifted considering the economic factors and the price of Antminers. Better still invest in btc at low price and sell at high price.

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September 05, 2020, 06:39:38 PM
 #13

Mining was a lucrative business back then but I don't think if that's still the same for solo miners. The resources and power to contribute to the network has really shifted considering the economic factors and the price of Antminers. Better still invest in btc at low price and sell at high price.
Mining today is not very profitable because mining also requires a large amount of capital for resources and sophisticated equipment to do it, after all now the competition for mining is quite tight because many large platform platforms do it with large equipment and costs, I totally agree with what is being said, it is really good for us to take an easier and more effective way today, one of which is to trade in the market so that it also gives us an advantage from time to time.





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September 05, 2020, 06:39:57 PM
 #14

If you aren't fully prepared for what's coming don't jump into mining, miners have been in bad shape since last bullrun in 2017 to early 2018 and many shut down their miners, just because it's profitable to mine right now doesn't mine things will remain the same for miners, another thing to be worried about is ETHASH Algorithm, this Algorithm is the most profitable but the best coins on this Algorithm ( ETC and ETH ) are changing to POS and other algo soon, meaning your gpu will be less profitable too, it's better to buy coins unless it's your hubby already.


Unfortunately, those who will fall for it would still fall because they believe that any moving trend is what they should just put their money into just to make fast money forgetting that there were some people in the space roughing it through the hard times and have come to understand the nature of the sector and it's workings.
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September 06, 2020, 05:59:25 AM
 #15

But honestly something about me still prefers mining coins vs investing on coin because investing on coins can shrink your money to nothing or zero, there are some coins like that, they have a good beginning and after few months things start going very bad, I don't like holding coins either, well as some have comment that with free electricity it's still make sense to mine coin then it is.

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September 06, 2020, 06:02:35 AM
 #16

Staking your coins and earning rewards every month is the coolest investment option presently, I do this on binance exchange and through trust wallet and it's really cool, no need to worry about electricity costs or something, POS Algorithm all the way.

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September 06, 2020, 08:31:44 AM
 #17

Mining is only profitable for the ones that can get electricity cheap (or free) and have a good knowledge of GPU farms. With a small profit everyday, your devices would roast before they'd ever get their ROI. You can mine for educational purpose but don't intend to make a profit from a couple of GPUs while paying for your electric bill. There are many new GPU mineable coins but almost all of them are worthless.

Until Ethereum switched to Proof-of-stake, I will continue to mine ETH on my outdated hardware. I think that this is what most miners do, whose equipment has long paid off and they are now getting a good profit associated with the hype around DeFi. It is possible that when the hype subsides, I will turn off the equipment again.





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September 06, 2020, 08:35:45 AM
 #18

If you aren't fully prepared for what's coming don't jump into mining, miners have been in bad shape since last bullrun in 2017 to early 2018 and many shut down their miners, just because it's profitable to mine right now doesn't mine things will remain the same for miners, another thing to be worried about is ETHASH Algorithm, this Algorithm is the most profitable but the best coins on this Algorithm ( ETC and ETH ) are changing to POS and other algo soon, meaning your gpu will be less profitable too, it's better to buy coins unless it's your hubby already.
If someone already got their miners then they can switch to mine other coins because lot of less difficulty coins is giving decent profits for the miners and once you got the rewards it is easier to convert them to ethereum or bitcoin or any other coin with very less expenses so the profit you are going to make in this method will be more than direct mining of ethereum.

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September 06, 2020, 09:58:54 AM
 #19

If you aren't fully prepared for what's coming don't jump into mining, miners have been in bad shape since last bullrun in 2017 to early 2018 and many shut down their miners, just because it's profitable to mine right now doesn't mine things will remain the same for miners, another thing to be worried about is ETHASH Algorithm, this Algorithm is the most profitable but the best coins on this Algorithm ( ETC and ETH ) are changing to POS and other algo soon, meaning your gpu will be less profitable too, it's better to buy coins unless it's your hubby already.
Miners shutdown because of the bearish trend, because it's no longer profitable. It's ever you upgrade your hardware to cope with the coins which uses the latest algorithm, or sell your gear so at least get or break even. And we also have to understand that mining is also evolving. There are still coins that can be mine with ETHASH though, so it's really up to the miners, you should adjust and adopt.

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September 06, 2020, 08:31:28 PM
 #20

If you aren't fully prepared for what's coming don't jump into mining, miners have been in bad shape since last bullrun in 2017 to early 2018 and many shut down their miners, just because it's profitable to mine right now doesn't mine things will remain the same for miners, another thing to be worried about is ETHASH Algorithm, this Algorithm is the most profitable but the best coins on this Algorithm ( ETC and ETH ) are changing to POS and other algo soon, meaning your gpu will be less profitable too, it's better to buy coins unless it's your hubby already.

This is true and right, and is one reason why it is always stated that as crypto currency investors and traders you must perform your due diligence and do your research properly before investing. The crypto currency market is a very versatile market and you should make sure to invest right.

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