Don't venture into something you aren't completely sure about.

[hatshepsut93]

Also Nvidia just released new cards and AMD will launch their new generation soon too - this should affect the prices of existing cards both in stores and on second hand markets. And in general, mining isn't what it used to be, you can no longer just buy GPUs or ASIC and make enough profit in a few months to cover the costs and then keep making more money for more months - now it's all about maximizing efficiency, so small scale miners are in a bad spot.

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[Miaallen]

You said it as if what is befalling the cryptocurrencies at the moment has been revealed or prophesied to you. Miners would be laughing to their banks in the past two months. That is going to change now with the general fall in the prices of all major cryptocurrencies.

[Chuky92]

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.

That is, it is good to know what you are good at and perfect it while looking for possible ways to make it work amidst any kind of challenges. I believe many miners faced issues but yet while others where shutting down their equipments, others were always looking for ways to improve and continue mining. Just as it is with mining, in the same way it is with investing or trading cryptocurrencies. Taking a look at the crypto space days ago, everyone witnessed a massive growth in many cryptocurrencies mostly all these Defi projects, while some people took time to invest in the promising projects others chased hype projects; thus now the market is down it's clear that those that went for good projects won't be much disturbed while their counterparts will likely sell at loss.

[bbcolex]

Most experience miners would know where to mine, there are still coins which is profitable to mine but I guess mining will stay just for Bitcoin cause some token and coins are doing PoS and running nodes is a new thing which require very minimal electricity if you run it from an instance.

[Oasisman]

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.

Well, that's true. Electricity cost plays a huge role for a profitable mining and that's what makes it difficult to set up a mining rig and go online. Besides, who ever planned to enter the cryptocurrency mining today will suffer the effects of the mining war that's currently happening today.
In 2017 or 2018 there are still a lot of good coins to be mined, but I doubt there are only a handful of them nowadays, plus you already need to have a good GPU that has a higher hash power and that's a very pricey piece of hardware.

[Rengga Jati]

Don't venture into something you aren't completely sure about.

Exactly, moreover only following the hype of something. Whether it is on mining or other ways in the crypto world.
Mining was profitable and many did it very well because they could earn money profitably.
But now? Many friends of mine said that mining is no longer profitable right now, the outcome is bigger than income. Most of them then sold their equipment and jump to trading.

[Novatech8]

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.

Mining Ethereum (Ethash) is a gold mine but for how long? Those who benefits from this are those miners with gigantic mining farms and rigs, but mind you before the year runs out it's a goodbye to Ethereum mining and also Ethereum Classic will join very soon too, I'm just hoping that new coin will come out that will use Ethash Algorithm and become very profitable to mine too.

[Gunday_07]

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.

I was aware that ETC planned to change their algorithm to POS few months back but they have end up misleading many people, I came across a news online yesterday strictly for ETC miners saying that ETC plan to upgrade to a POW algorithm that will benefits even old miners , the upgrade codename is (Thanos), I sold some of my rigs because I thought it's over for Ethash Algorithm

[mersal]

Even with the current mining profitability rate its hard to make any real profits by the small scall miners so its like mining is only for mining farms.So even jf you have the knowledge about mining still don't invest money in 2020 on the hardware needed is good idea, either you can buy directly or just buy some and start doing trading.

[JHORN]

Mining is only profitable right now for two types of people.

1. Those who have enough money to build big farm and also install solar panels
2. Those who have 100% free electricity in their home or country

Some few graphics card are still profitable, they are less power hungry and more effective like

1. Gtx1660 super and ti version
2. RTX3080 and higher .
3. AMD RX5700XT

[electronicash]

they are not changing algo, it's still ETHASH. i saw a thread just today where he sold his rig all because ETC announced they'd be moving to POS but eventually changed this idea but only forking it to continue the ETHash algo. the guy thought the ETC team tricked him lol

i wouldn't be mining something that will change their mind soon. ETH had also this concept but as far as i know ETH will still have ETHhash and also can be staked.

idena is something interesting, its like mining with just proof of identity. this token must be very unique. I'm more inclined to participate in this project than something that you will have to buy a rig.

[KaratX]

Mining is still profitable if you have the right machines, for example in my country it only costs 0.19$ to mine for 24 hours with a single gtx1660 super and you can make up to 1.24$ with this GPU, how is this not profitable? Get the right miners with less electricity consumption in mind and you will be good to go

[cryptogod322]

I realized for myself long ago that it is better to just buy promising coins such as bitcoin and ethereum than to buy expensive mining equipment. Moreover, given the halving and the transition of Ethereum to POS, this becomes even more relevant.

[Psynthax]

Don't venture into something you aren't completely sure about.

Exactly, moreover only following the hype of something. Whether it is on mining or other ways in the crypto world.
Mining was profitable and many did it very well because they could earn money profitably.
But now? Many friends of mine said that mining is no longer profitable right now, the outcome is bigger than income. Most of them then sold their equipment and jump to trading.

Staking is definitely more viable option than mining. Less stress and kinda more rewarding when you can just lying on your couch while your own money generates you more money.
The condition really different compared back then though. In the past, mining difficulty is not as high as it is right now. Even using old PC could still generates you some dollars but right now if it's not high end GPU you gonna gets rewarded dust.

[jessyj48]

Staking is more viable option than mining but not all POS coin are good, some losses value while you are already staking them, you can't sell until the staking period is over since your coins will be in locked state, the best coin I can stake on binance right now is USDT or BUSD, or maybe even decide to lend them out?

[Lorokan]

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 does apply to all facets of crypto currency and not only mining; be it bounty hunting, trading crypto currencies, investment option; you must ensure that you have thorough knowledge about this before considering any participation. This is why in the blockchain; the first step in the blockchain world is to do your own research diligently; don't add fantasies or guesses.

[Kvalentine]

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.

Actually ETC is not going out of POW business anytime soon, infact they plan to upgrade their Ethash Algorithm that will become profitable and minable with low end graphic cards ( 4gig Variants ), I'm guessing they believe that if all the hash of Ethereum goes straight to ETC there will be more scarcity of ETC and probably affect the price too

[totoy4741]

Completely true, this must a lesson to everyone especially to newbies in crypto that are very much vulnerable to any kind of scam investments scheme like hyip, or any forms of illegal activities in crypto. We should always DYOR,

[Balladtony77]

Whether you like it or not mining will still be around for a very long time, if you go on whattomine.com you will see that there are few coins that are still profitable to mine, as crypto market has its season so is mining has its season too, sometimes mining coins will be more profitable than investing on coins and sometimes vice versa, I'm enjoying every money making parts in crypto space, mining, trading and investing

[Yatsan]

We have different stand or opinion with regards to mining and we surely do have our own accountable reasons why we do like it or not. Certainly there are people who would love to try doing mining while others will not. Honestly, this is something that must not just be applied with mining but also with other crypto related works such as trading and investment that if you do not certainly know or sure about something, do not bother to take into engagement for you are just risk taking everything that you have got. Better took ventures into something that you are completely familiar so that even if risk is there, you can still be able to manage such risk and make it into profitable one which is favorable into your part.