Are some miners quitting already ?

[swogerino]

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 ?

[Didz]

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 ?

I think I have a good insight concerning the latest ETH mining profit increase.
Few major Chinese regions are now banning miners to operate so they had to unplug their hardwares (GPUs or ASICs) consequently the Ethereum Network Hash Rate has plunged from 643.81 TH/s to 524.81 TH/s, a -17% drop.

In other words, the piece of the cake is now bigger for us or the pool operators and then for us!
Add to that the GWEI is getting crazy.  

[Didz]

Ho yea I forgot to write, if we follow the Ethash Design Rational, there's less miners on the network so the time it takes now to find a block is longer so the difficulty level is lowering down to come back at what 13 seconds something per block. Pretty neat!

Have you read the Ethash Design Rational? Check this out:
https://eth.wiki/concepts/ethash/design-rationale

[batsonxl]

Answer is China.Huge Asic miners shut down recently. BTC LTC ETH ETC major coins lowered hashrate we can see now how much percentage were in China.Now there someone can make calculation how many asics were in eth network.
Miners will quit when profit gets very low who has high electricity prices.

[Metroid]

Yeah, this is a pyramid economics, the ones that have high electricity costs will leave first and so on until we see negative profit again then only the brave ones will mine for nothing, just to protect their bags and the network for nothing ehhe until another bull phase, so they can brag their bags hehe once again ehhe

[rdluffy]

People already said, but I have something to add

Most of this decrease in hashrate is because China are banning mining operations, and now this time is real.
If you search for China bans BTC mining, you can see some miners shutting down Asics

And not only BTC, but a lot of GPUs farms are off right now, miners are moving to another locations, like Kazakhstan.
In a few weeks the hashrate will return to previous levels, for BTC and ETH for example

And I see a lot of gamers are stop mining at this price of ETH, people who mined with 1 GPU or a couple and pay high electricity rate, is selling GPUs and gaming again, this is a trend in my country right now
I know farms are the big deal here, but there are thousands of gamers that mined some ETH

All this above are reflecting on price, now is the perfect time to hold, mine as much as possible to the next cycle

[swogerino]

Yeah, this is a pyramid economics, the ones that have high electricity costs will leave first and so on until we see negative profit again then only the brave ones will mine for nothing, just to protect their bags and the network for nothing ehhe until another bull phase, so they can brag their bags hehe once again ehhe

That is what I did during 2018,mined at a loss with Nicehash back then and was getting criticized by my best friend as we built the mining rigs with RX 480 4 GB together and had some 8GB cards also,we were mining when the Bitcoin price was 3000 dollars and with Nicehash we made like 0.001 Btc daily which was 3 dollars and the electricity to reach this was 200 dollars a month.In the later time in January 2021 I was congratulated from my friend and we build 1 mining rig with powerful cards which we are mining eth right now.In the end this was a winning strategy.

[FP91G]

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 ?

Now a good profit. I mine Ethereum Classic only on Rx 470 4GB video cards. I think that more profitable algorithms can be found on more modern video cards.
But I think that mining Ethereum classic is a more risky business than mining Ethereum, so all my video cards that have more than 4 GB of memory are mining Ethereum.

[Convington]

Not sure what I'm doing wrong then  I don't really see an uptick in my mining rewards over my small setup (only 1.2G) for ETH.  I calculate it daily (manually) and have some of the data running into Grafana.  In calculating the rewards over 24 hours in the pools I'm in there is there maybe too much luck (I think) to see a real trend - big pools, so wouldn't think so?  Maybe because it is too small a setup to see the difference?  Slope of the line is pretty much the same over the last month as it is the last few days.

[FP91G]

My farm consists of 5 Rx 470 4GB graphics cards. 1 month ago, the profit per day was 0.1 ETC per day, and now my profit is 0.15 ETC per day.
ethermine.org pool
Maybe the miners found another coin and the hash rate has greatly decreased
https://bitinfocharts.com/comparison/ethereum%20classic-hashrate.html

[swogerino]

Not sure what I'm doing wrong then  I don't really see an uptick in my mining rewards over my small setup (only 1.2G) for ETH.  I calculate it daily (manually) and have some of the data running into Grafana.  In calculating the rewards over 24 hours in the pools I'm in there is there maybe too much luck (I think) to see a real trend - big pools, so wouldn't think so?  Maybe because it is too small a setup to see the difference?  Slope of the line is pretty much the same over the last month as it is the last few days.

I think you should see it.I have a 300Mhsh rig and I saw before yesterday reward was about 0.006 ETH daily in mining, now is 0.0105 ETH and I think it is because of the difficulty of the network going down.We should be happy for as long as the hashrate of China is still not powered on which will give all of us now a bigger piece of the pie.I am sure that hashrate will be powered up soon as soon as they find a new place to resume their mining activities but until then let's enjoy our bigger daily rewards.

[philipma1957]

People already said, but I have something to add

Most of this decrease in hashrate is because China are banning mining operations, and now this time is real.
If you search for China bans BTC mining, you can see some miners shutting down Asics

And not only BTC, but a lot of GPUs farms are off right now, miners are moving to another locations, like Kazakhstan.
In a few weeks the hashrate will return to previous levels, for BTC and ETH for example

And I see a lot of gamers are stop mining at this price of ETH, people who mined with 1 GPU or a couple and pay high electricity rate, is selling GPUs and gaming again, this is a trend in my country right now
I know farms are the big deal here, but there are thousands of gamers that mined some ETH

All this above are reflecting on price, now is the perfect time to hold, mine as much as possible to the next cycle

this is very true.

I have sold 1 and 2 rigs since 2012.

designed to mine and to game.

so let say I sell a rig to a guy in New Jersey.

I set it up with usb stick as first boot choice and it goes right to simplemining os and mines.

if the guy wants to game just shut the rig off pull the stick and and it boots to the windows ssd.

many guys mine 12 hours a day.

and game 12 hours a day.

new jersey is now on summer power rates say 20 cents.

so a 300 watt rig burns 4 kwatts or 80 cents

it earns 6 cents x 60 = 3.60/2 = 1.80-.80 that is 1 dollar profit.

and it make the room hot

the nj guy may turn the rig off.

the cali guy at 40 cents is at

1.80-1.60 = 20 cents

he is out.

I sold a lot of rigs over the years.
I know a lot of guys mine and game and I know almost all the guys with 40 cent power are not bothering to mine

[Convington]

Not sure what I'm doing wrong then  I don't really see an uptick in my mining rewards over my small setup (only 1.2G) for ETH.  I calculate it daily (manually) and have some of the data running into Grafana.  In calculating the rewards over 24 hours in the pools I'm in there is there maybe too much luck (I think) to see a real trend - big pools, so wouldn't think so?  Maybe because it is too small a setup to see the difference?  Slope of the line is pretty much the same over the last month as it is the last few days.

I think you should see it.I have a 300Mhsh rig and I saw before yesterday reward was about 0.006 ETH daily in mining, now is 0.0105 ETH and I think it is because of the difficulty of the network going down.We should be happy for as long as the hashrate of China is still not powered on which will give all of us now a bigger piece of the pie.I am sure that hashrate will be powered up soon as soon as they find a new place to resume their mining activities but until then let's enjoy our bigger daily rewards.

I would expect to see it, but definitely not seeing it here:

https://imgur.com/jwD7ybl

The Flexpool miners have an average closer to 850-900 MH/s where Ethermine at 175-185 MH/s.  I've been tracking them  since 6/1.  Just got the larger miners online then, but have had the other rig up for years.   That graph is taking the data every 15 seconds from the APIs of the pools - I would expect a slope increase with a rewards increase.

[Didz]

Yeah, this is a pyramid economics, the ones that have high electricity costs will leave first and so on until we see negative profit again then only the brave ones will mine for nothing, just to protect their bags and the network for nothing ehhe until another bull phase, so they can brag their bags hehe once again ehhe

This is the way!

Or you can switch from mining to staking.

[Didz]

Not sure what I'm doing wrong then  I don't really see an uptick in my mining rewards over my small setup (only 1.2G) for ETH.  I calculate it daily (manually) and have some of the data running into Grafana.  In calculating the rewards over 24 hours in the pools I'm in there is there maybe too much luck (I think) to see a real trend - big pools, so wouldn't think so?  Maybe because it is too small a setup to see the difference?  Slope of the line is pretty much the same over the last month as it is the last few days.

Convington, I have like you 1.2 GH/s on ETH and in the last days I saw approximately +20% in my profit. From approx. 0.029 ETH/pay to 0.035 ETH/day. You should also see a good increase lately. I use HiveOS for the OS, HiveON for the pool and Gminer for the mining software.

[Convington]

Not sure what I'm doing wrong then  I don't really see an uptick in my mining rewards over my small setup (only 1.2G) for ETH.  I calculate it daily (manually) and have some of the data running into Grafana.  In calculating the rewards over 24 hours in the pools I'm in there is there maybe too much luck (I think) to see a real trend - big pools, so wouldn't think so?  Maybe because it is too small a setup to see the difference?  Slope of the line is pretty much the same over the last month as it is the last few days.

Convington, I have like you 1.2 GH/s on ETH and in the last days I saw approximately +20% in my profit. You should also see a good increase lately. I use HiveOS for the OS, HiveON for the pool and Gminer for the mining software.

I think maybe I am and I wasn't doing good calculations.  I also realized that I did have to take my miners down yesterday for a bit to work on them.  So - I think that was the difference.  I created a new trend with Grafana (pulling my stats into InfluxDB via the APIs) and I believe it is actually increasing a bit.  Not quite 20% (I don't think), but up around 11-13% based upon my fuzzy-math of looking at a chart. I feel better now

[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.

[Didz]

Not sure what I'm doing wrong then  I don't really see an uptick in my mining rewards over my small setup (only 1.2G) for ETH.  I calculate it daily (manually) and have some of the data running into Grafana.  In calculating the rewards over 24 hours in the pools I'm in there is there maybe too much luck (I think) to see a real trend - big pools, so wouldn't think so?  Maybe because it is too small a setup to see the difference?  Slope of the line is pretty much the same over the last month as it is the last few days.

I think you should see it.I have a 300Mhsh rig and I saw before yesterday reward was about 0.006 ETH daily in mining, now is 0.0105 ETH and I think it is because of the difficulty of the network going down.We should be happy for as long as the hashrate of China is still not powered on which will give all of us now a bigger piece of the pie.I am sure that hashrate will be powered up soon as soon as they find a new place to resume their mining activities but until then let's enjoy our bigger daily rewards.

Yea and also from what I read, some big miners are looking for many MW/h of electricity and they have difficulties to find it. In some situations they might need to build the energy infrastructures and that can take some times (few months or even years). Meanwhile small GPU home miners like us are happy. Also I expect a big rebound soon on the crypto market.

Finally the EIP 1559 won't affect our profitability much because of the new technologies already taken from us the transactions fees (side chains, layer 2). Cool, cool cool, meanwhile I am wondering if I should buy ETH or mine ETH for staking.

[Didz]

Not sure what I'm doing wrong then  I don't really see an uptick in my mining rewards over my small setup (only 1.2G) for ETH.  I calculate it daily (manually) and have some of the data running into Grafana.  In calculating the rewards over 24 hours in the pools I'm in there is there maybe too much luck (I think) to see a real trend - big pools, so wouldn't think so?  Maybe because it is too small a setup to see the difference?  Slope of the line is pretty much the same over the last month as it is the last few days.

Convington, I have like you 1.2 GH/s on ETH and in the last days I saw approximately +20% in my profit. You should also see a good increase lately. I use HiveOS for the OS, HiveON for the pool and Gminer for the mining software.

I think maybe I am and I wasn't doing good calculations.  I also realized that I did have to take my miners down yesterday for a bit to work on them.  So - I think that was the difference.  I created a new trend with Grafana (pulling my stats into InfluxDB via the APIs) and I believe it is actually increasing a bit.  Not quite 20% (I don't think), but up around 11-13% based upon my fuzzy-math of looking at a chart. I feel better now

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.

[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.