Are some miners quitting already ?

[WanderingPhilospher]

For the ones who have higher electricity costs, do they sell their rigs, even if at a loss?

I'd be willing to take on mining equipment and run it and split profit with rig owner, minus electricity costs.  Is there a service already out there like this?  To house mining rigs (not buy and own them) and split any profits with rig owner?

I know there would be some logistics involved, i.e. getting equipment to new location and getting it set up.

I think you want to offer cloud mining service if I understand you correctly.

Is that what you would consider it?

I remember looking at genesis (I think) years ago and you basically paid a set fee say $5,000 a year for say 1Gh of eth or sha256 or whatever algo, and you kept all the profit minus a maintenance fee, but you never owned the mining equipment.

I guess it's similar except rig owner doesn't have to spend any money nor the person taking on the rigs to run them.  Instead of owner's rig sitting idle or them selling at a loss, they ship it to cheaper electricity place and still make money daily (while the prices support it). Any daily profits are split, minus power costs.

So if 1 Gh of ethash is making $46-$50 a day, then take out power costs and split profit. Or some type of split. Maybe owner/runner split 50/50 and it's on the runner to pay all power costs.

[Didz]

For the ones who have higher electricity costs, do they sell their rigs, even if at a loss?

I'd be willing to take on mining equipment and run it and split profit with rig owner, minus electricity costs.  Is there a service already out there like this?  To house mining rigs (not buy and own them) and split any profits with rig owner?

I know there would be some logistics involved, i.e. getting equipment to new location and getting it set up.

I think you want to offer cloud mining service if I understand you correctly.

Is that what you would consider it?

I remember looking at genesis (I think) years ago and you basically paid a set fee say $5,000 a year for say 1Gh of eth or sha256 or whatever algo, and you kept all the profit minus a maintenance fee, but you never owned the mining equipment.

I guess it's similar except rig owner doesn't have to spend any money nor the person taking on the rigs to run them.  Instead of owner's rig sitting idle or them selling at a loss, they ship it to cheaper electricity place and still make money daily (while the prices support it). Any daily profits are split, minus power costs.

So if 1 Gh of ethash is making $46-$50 a day, then take out power costs and split profit. Or some type of split. Maybe owner/runner split 50/50 and it's on the runner to pay all power costs.

Interesting idea but I don't think it's a good business model.

First, on the short term it's more appealing to sell your gears instead of shipping it to let another operators run them under a cheaper electricity cost. Also, it's pretty similar to cloud mining that idea, and in crypto mining field, cloud mining is probably where you find the most scams!

For instance, you cannot run your mining rigs anymore because of your high electricity cost so you send me your hardwares. When I receive them I switch your GPUs for cheaper one and pretend that the profit is not what we were expected.

Also to control the electricity cost, it would be sooo easy to scam people like that. First to have the correct kW/h unit cost for a specific region is hard and then the real power consumption if even harder to certify.

I see too much trust issues here.

[WanderingPhilospher]

For the ones who have higher electricity costs, do they sell their rigs, even if at a loss?

I'd be willing to take on mining equipment and run it and split profit with rig owner, minus electricity costs.  Is there a service already out there like this?  To house mining rigs (not buy and own them) and split any profits with rig owner?

I know there would be some logistics involved, i.e. getting equipment to new location and getting it set up.

I think you want to offer cloud mining service if I understand you correctly.

Is that what you would consider it?

I remember looking at genesis (I think) years ago and you basically paid a set fee say $5,000 a year for say 1Gh of eth or sha256 or whatever algo, and you kept all the profit minus a maintenance fee, but you never owned the mining equipment.

I guess it's similar except rig owner doesn't have to spend any money nor the person taking on the rigs to run them.  Instead of owner's rig sitting idle or them selling at a loss, they ship it to cheaper electricity place and still make money daily (while the prices support it). Any daily profits are split, minus power costs.

So if 1 Gh of ethash is making $46-$50 a day, then take out power costs and split profit. Or some type of split. Maybe owner/runner split 50/50 and it's on the runner to pay all power costs.

Interesting idea but I don't think it's a good business model.

First, on the short term it's more appealing to sell your gears instead of shipping it to let another operators run them under a cheaper electricity cost. Also, it's pretty similar to cloud mining that idea, and in crypto mining field, cloud mining is probably where you find the most scams!

For instance, you cannot run your mining rigs anymore because of your high electricity cost so you send me your hardwares. When I receive them I switch your GPUs for cheaper one and pretend that the profit is not what we were expected.

Also to control the electricity cost, it would be sooo easy to scam people like that. First to have the correct kW/h unit cost for a specific region is hard and then the real power consumption if even harder to certify.

I see too much trust issues here.

I agree, trust is involved but some things are what they are. Some things could be mitigated. I give you pool and your rig worker ID.
 I know my rig should get 1 Gh. When I look at the pool and my worker ID, if it's not where it's supposed to be, then you can't lie about that.
and profit is profit, if I know it gets 1 Gh and profit should be $50 a day but you tell me it only made $25, then yeah, we have issues.
You're right, a lot of moving parts...trust being a big thing.

Maybe a better model would be for current rig owner to sell rig to runner. Runner pays half down and spreads the other half down via daily/weekly/monthly earnings of what the rig is making until rig is paid in full.

[adaseb]

Looking at,
https://etherscan.io/chart/hashrate

You can see that the hashrate peaked at May 20th. And it is still heading down. And if you look at the BTC hashrate charts you will see something similar. Its basically all the China mining ban farms which are shutting down. Well they aren't shutting down completely, will just move them elsewhere and the hashrate will jump back up in 2-3 months time.

ETH is proof that the hashrate is more decentralized, because the %'s drop is much much less than BTC where like 50% of the hashrate seems to have disappeared due to the China ban.

[WanderingPhilospher]

Wouldn't make sense for non-China miners to stop.

At 1Gh for ethash, even if you paid 50 cents kwh, you would still profit $34 a day, $1128 a month.

So I think most of you are right, probably has more to do with the ban in China.

[btcshiner]

I'm sure some are quitting as it's summer time but it wouldn't be enough to drop the hash this much.  This is China.  Even Bitmain is stopping spot sales of new miners while they are likely dumping old equipment that they don't want to relocate.

https://finance.yahoo.com/finance/news/bitmain-halts-sales-bitcoin-mining-162000866.html#:~:text=Bitmain%20Technologies%20Ltd.,be%20run%20out%20of%20town.

[Looper_U]

In some countries electricity bill is very high so once ETH mining reward goes lower they have to stop mining, to keep mining electricity bills must be convenient for miners, things will get worsen once EIP1559 takes place in July this year but I have no problem with it because I'm using solar energy

[fmz89]

I see the difficulty of ETC which was 320 T and now is back at 276 T which for me is great as I can produce a lot more ETC daily then I used to with 320 T.I noticed the same pattern in ETH which got from 7.79 P to 6.47 P which again increased my profit daily in crypto not in dollars.I of course am very happy with it as I am a long term player but what caused this to happen,maybe because prices fell some miners cannot afford anymore their mining activities because of high electricity cost or what ?

you will still profitable even at most expensive electric at this current market, because china dump their hardware mostly in asic, in gpu mining only down by 20-35%, while btc mining really hit morethan 35%

some of them only moving to better place, but it tooks months to get back in mining, so as we small miner can breath when market turn red

[Convington]

If only you knew how easy and amazing it is to use HiveOS.
Grafana for staking okay, Grafana for mining, not sure it's useful unless you have a warehouse.

I use HiveOS  But - I can only use it for my GPU Rig.  It doesn't work for my other 2 miners which are both A10's.  Grafana I just use to pull out the information and track where I am at both in a wattage perspective (power) and a monetary perspective (from the APIs of the pools)

[Didz]

For the ones who have higher electricity costs, do they sell their rigs, even if at a loss?

I'd be willing to take on mining equipment and run it and split profit with rig owner, minus electricity costs.  Is there a service already out there like this?  To house mining rigs (not buy and own them) and split any profits with rig owner?

I know there would be some logistics involved, i.e. getting equipment to new location and getting it set up.

I think you want to offer cloud mining service if I understand you correctly.

Is that what you would consider it?

I remember looking at genesis (I think) years ago and you basically paid a set fee say $5,000 a year for say 1Gh of eth or sha256 or whatever algo, and you kept all the profit minus a maintenance fee, but you never owned the mining equipment.

I guess it's similar except rig owner doesn't have to spend any money nor the person taking on the rigs to run them.  Instead of owner's rig sitting idle or them selling at a loss, they ship it to cheaper electricity place and still make money daily (while the prices support it). Any daily profits are split, minus power costs.

So if 1 Gh of ethash is making $46-$50 a day, then take out power costs and split profit. Or some type of split. Maybe owner/runner split 50/50 and it's on the runner to pay all power costs.

Interesting idea but I don't think it's a good business model.

First, on the short term it's more appealing to sell your gears instead of shipping it to let another operators run them under a cheaper electricity cost. Also, it's pretty similar to cloud mining that idea, and in crypto mining field, cloud mining is probably where you find the most scams!

For instance, you cannot run your mining rigs anymore because of your high electricity cost so you send me your hardwares. When I receive them I switch your GPUs for cheaper one and pretend that the profit is not what we were expected.

Also to control the electricity cost, it would be sooo easy to scam people like that. First to have the correct kW/h unit cost for a specific region is hard and then the real power consumption if even harder to certify.

I see too much trust issues here.

I agree, trust is involved but some things are what they are. Some things could be mitigated. I give you pool and your rig worker ID.
 I know my rig should get 1 Gh. When I look at the pool and my worker ID, if it's not where it's supposed to be, then you can't lie about that.
and profit is profit, if I know it gets 1 Gh and profit should be $50 a day but you tell me it only made $25, then yeah, we have issues.
You're right, a lot of moving parts...trust being a big thing.

Maybe a better model would be for current rig owner to sell rig to runner. Runner pays half down and spreads the other half down via daily/weekly/monthly earnings of what the rig is making until rig is paid in full.

On the hash rate side yea I agree with you but for the electricity costs it remains very hard to control that.

[Didz]

Looking at,
https://etherscan.io/chart/hashrate

You can see that the hashrate peaked at May 20th. And it is still heading down. And if you look at the BTC hashrate charts you will see something similar. Its basically all the China mining ban farms which are shutting down. Well they aren't shutting down completely, will just move them elsewhere and the hashrate will jump back up in 2-3 months time.

ETH is proof that the hashrate is more decentralized, because the %'s drop is much much less than BTC where like 50% of the hashrate seems to have disappeared due to the China ban.

I think 2-3 months it's pretty optimistic.
I would say more 6 months or a year. Chinese miners who were forced to shutdown don't have all new locations to move on.

[adaseb]

Looking at,
https://etherscan.io/chart/hashrate

You can see that the hashrate peaked at May 20th. And it is still heading down. And if you look at the BTC hashrate charts you will see something similar. Its basically all the China mining ban farms which are shutting down. Well they aren't shutting down completely, will just move them elsewhere and the hashrate will jump back up in 2-3 months time.

ETH is proof that the hashrate is more decentralized, because the %'s drop is much much less than BTC where like 50% of the hashrate seems to have disappeared due to the China ban.

I think 2-3 months it's pretty optimistic.
I would say more 6 months or a year. Chinese miners who were forced to shutdown don't have all new locations to move on.

No they are moving their inventory very quick. Already there are reports that tons and tons of ASICs have already entered the USA by air. Most likely they are already up and running since there is an uptick in the average hashpower.

https://fork.lol/pow/hashrate

There are photos from China farms how they are cleaning their ASICs, putting them back in their original boxes and having the entire pallets shipped to other countries. Time is of the essence here and they need to move quick.

[mak013]

Someone powering off, anothers - moving from china to other countries, someone selling their equipment. 1-2 months later we can see full changes.

[Didz]

Looking at,
https://etherscan.io/chart/hashrate

You can see that the hashrate peaked at May 20th. And it is still heading down. And if you look at the BTC hashrate charts you will see something similar. Its basically all the China mining ban farms which are shutting down. Well they aren't shutting down completely, will just move them elsewhere and the hashrate will jump back up in 2-3 months time.

ETH is proof that the hashrate is more decentralized, because the %'s drop is much much less than BTC where like 50% of the hashrate seems to have disappeared due to the China ban.

I think 2-3 months it's pretty optimistic.
I would say more 6 months or a year. Chinese miners who were forced to shutdown don't have all new locations to move on.

No they are moving their inventory very quick. Already there are reports that tons and tons of ASICs have already entered the USA by air. Most likely they are already up and running since there is an uptick in the average hashpower.

https://fork.lol/pow/hashrate

There are photos from China farms how they are cleaning their ASICs, putting them back in their original boxes and having the entire pallets shipped to other countries. Time is of the essence here and they need to move quick.

Impressive operation!

Moving the hardwares is one thing but getting the electric power they need is something else.
No doubt some have already completed their transitions.

I read an article (don't remember which one) about some Chineses asking for hundreds of MW/h of electricity and the grid operators answering that they don't have that available.

Damn 105 Exahashes per second for BTC and BCH. 1 Exa = 10^18 or one quintillion !!!!!!!!

[FP91G]

Looking at,
https://etherscan.io/chart/hashrate

You can see that the hashrate peaked at May 20th. And it is still heading down. And if you look at the BTC hashrate charts you will see something similar. Its basically all the China mining ban farms which are shutting down. Well they aren't shutting down completely, will just move them elsewhere and the hashrate will jump back up in 2-3 months time.

ETH is proof that the hashrate is more decentralized, because the %'s drop is much much less than BTC where like 50% of the hashrate seems to have disappeared due to the China ban.

There are a lot of video cards in China, I think they are easier to hide because they do not make much noise and do not consume a lot of electricity. And they give more profit per 1 kilowatt of consumed electricity.
So far, only large mining farms are being closed in China, and when they start looking for small farms with 500-1000 video cards, the hashrate will decrease even more.

[adaseb]

There are a lot of video cards in China, I think they are easier to hide because they do not make much noise and do not consume a lot of electricity. And they give more profit per 1 kilowatt of consumed electricity.
So far, only large mining farms are being closed in China, and when they start looking for small farms with 500-1000 video cards, the hashrate will decrease even more.

I don't think noise is what is going to get people busted for mining in China. I think the larger issue is mostly heat which is difficult to hide. These days there are sophisicated thermal imaging cameras and they can easily scan different areas of the country and determine who is mining and who is not.

In the USA they do this to actually catch people who are growing (or did when illegal) marijuana. Basically some chopper would fly around high risk areas and try and find someone with an operation. Some miners actually got visited by police because they were suspicious what they were doing which generated all that heat.

[arielbit]

There are a lot of video cards in China, I think they are easier to hide because they do not make much noise and do not consume a lot of electricity. And they give more profit per 1 kilowatt of consumed electricity.
So far, only large mining farms are being closed in China, and when they start looking for small farms with 500-1000 video cards, the hashrate will decrease even more.

I don't think noise is what is going to get people busted for mining in China. I think the larger issue is mostly heat which is difficult to hide. These days there are sophisicated thermal imaging cameras and they can easily scan different areas of the country and determine who is mining and who is not.

In the USA they do this to actually catch people who are growing (or did when illegal) marijuana. Basically some chopper would fly around high risk areas and try and find someone with an operation. Some miners actually got visited by police because they were suspicious what they were doing which generated all that heat.

this is going to get ugly, crypto miners going to look like/hunted like meth makers? haha, maybe insulate and blow the hot air to the sewers? no..use radiator and flow hot water to the sewers LOL.

[swogerino]

If that happens that miners are hunted down like people who grew Marijuana before in the US,I think all the miners before starting their mining operation will plan how they will deploy cooling,and this will be an extra cost for them,for example keeping air conditioners all the time on to evade the hot sensor cameras.It will be fun to see how it will unfold.

[mak013]

If that happens that miners are hunted down like people who grew Marijuana before in the US,I think all the miners before starting their mining operation will plan how they will deploy cooling,and this will be an extra cost for them,for example keeping air conditioners all the time on to evade the hot sensor cameras.It will be fun to see how it will unfold.

As for me, even without hunting miner have to think about deploy, electricity and cooling before he start mining.
And even if air conditioners will cool mining location, the removing hot air will be at hot sensor cameras.

[SophiaZ]

There are a lot of video cards in China, I think they are easier to hide because they do not make much noise and do not consume a lot of electricity. And they give more profit per 1 kilowatt of consumed electricity.
So far, only large mining farms are being closed in China, and when they start looking for small farms with 500-1000 video cards, the hashrate will decrease even more.

I don't think noise is what is going to get people busted for mining in China. I think the larger issue is mostly heat which is difficult to hide. These days there are sophisicated thermal imaging cameras and they can easily scan different areas of the country and determine who is mining and who is not.

In the USA they do this to actually catch people who are growing (or did when illegal) marijuana. Basically some chopper would fly around high risk areas and try and find someone with an operation. Some miners actually got visited by police because they were suspicious what they were doing which generated all that heat.

Chinese authorities do not need to check about heat or electricity cost, they just have to check which place (house, office or warehouse) in China connect to mining pools such as asia.ethermine.org, btc-na.f2pool.com, they can get a list of each internet user connecting to these pools easily. They have some kind of software, they just have to type a website link to get all the Chinese internet users connecting to these websites. Then it's just a matter of sending cops to the house. Right now, they are not doing it, I think Chinese authorities will tolerate small miners mining at home.