Price of Eth crashing while network difficulty near all time high

[swogerino]

Strange enough although the price of Ethereum crashed really big being now near 2400 USD from like 3300 just a few days ago which in theory should put some miners on a sad mode and especially those with really high electricity cost like in Germany where prices of energy are really high should at least in theory shut down their miners by being not profitable.This would bring the network difficulty down,yet the network difficulty is near the all time high being near 13 P for Ethereum,specifically at 12.75 P right now.Why so?Do miners believe that the price will recover and go even bigger than the previous all time high that no one is quitting yet although the price crash?Usually with other price crashes the network difficulty was down big time.

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[Crypt0Gore]

ETH 2.0 is coming and many still want to stake their ETH there is no reason to quit mining even if profit isn't good anymore, just gather more ETH and wait for POS, not certain about this but I'm sure this is why many people don't want to quit mining for now especially if they are big farm owners

[swogerino]

ETH 2.0 is coming and many still want to stake their ETH there is no reason to quit mining even if profit isn't good anymore, just gather more ETH and wait for POS, not certain about this but I'm sure this is why many people don't want to quit mining for now especially if they are big farm owners

That is a great argument here,I didn't think about this.I was only looking from small to medium miners perspective and I was not taking into account the big players.Now comes a new question based on this argument,which is Eth 2.0 was coming since 2016 and it still haven't arrived to this day,I doubt it will arrive in 2022 or the very best it can happen is at October to December 2022 but my idea is somewhat at 2023 to 2024 if at all.So I still think that the difficulty of the network should go down especially if the price crashes more,small miners should be out of the way in places where electricity is extremely expensive,a thing though which is not happening yet and this is why I wonder why it is not doing so.

[batang_bitcoin]

These are dedicated miners that no matter what the price of ETH, they'll mine. That's their main purpose and have planned to mine eth no matter what the price, they have some backup plans and they can sustain their mining operations despite the falling price of ETH.
Honestly, I've sold a handful of eth even below the price right now and this price to me is still higher than my sold price. I've regret my decision for doing so but that has already happened.

[Crypt0Gore]

ETH 2.0 is coming and many still want to stake their ETH there is no reason to quit mining even if profit isn't good anymore, just gather more ETH and wait for POS, not certain about this but I'm sure this is why many people don't want to quit mining for now especially if they are big farm owners

That is a great argument here,I didn't think about this.I was only looking from small to medium miners perspective and I was not taking into account the big players.Now comes a new question based on this argument,which is Eth 2.0 was coming since 2016 and it still haven't arrived to this day,I doubt it will arrive in 2022 or the very best it can happen is at October to December 2022 but my idea is somewhat at 2023 to 2024 if at all.So I still think that the difficulty of the network should go down especially if the price crashes more,small miners should be out of the way in places where electricity is extremely expensive,a thing though which is not happening yet and this is why I wonder why it is not doing so.

ETH Devs have failed to keep their promises so many times already but if it's going to become a reality this time around no one will saw it coming just because we've all gotten used to their fake promises

For me mining ETH isn't about the USD worth, I'd rather have this coin in my portfolio for long term than any other altcoins and I don't need to explain why it's just one of the freaking best out there, this....this is why I won't quit mining this precious stone even if my hash power brings me worthless USD value per ETH

[kaya11]

Strange enough although the price of Ethereum crashed really big being now near 2400 USD from like 3300 just a few days ago which in theory should put some miners on a sad mode and especially those with really high electricity cost like in Germany where prices of energy are really high should at least in theory shut down their miners by being not profitable.This would bring the network difficulty down,yet the network difficulty is near the all time high being near 13 P for Ethereum,specifically at 12.75 P right now.Why so?Do miners believe that the price will recover and go even bigger than the previous all time high that no one is quitting yet although the price crash?Usually with other price crashes the network difficulty was down big time.

It is bad news for me, I am solely relying my house and lot mortgage on my rig. Even though I have access to free electricity still this would hurt me. It is time for me I guess to double up my time and work harder this coming days to cover it up. For all those small time miners out there just get a hold of yourself and have faith that it will be back on track, 4k USD eth price was the time I made a lot and we should hope it would rise up again or even higher. Do not lose hope guys and just hold, cover up your electricity bills if you could. God Bless us, and hold your horses for more incoming dips.

[IadixDev]

I know many "small" eth miners with custum rigs they stopped mining eth in the past months because of the profitability is not there anymore they switched either to raptoreum, chia/ chives or looking for alternative or switched to pos / masternodes coins.

[Crypt0Gore]

I know many "small" eth miners with custum rigs they stopped mining eth in the past months because of the profitability is not there anymore they switched either to raptoreum, chia/ chives or looking for alternative or switched to pos / masternodes coins.

Already? That's lame, right now ETH mining is still profitable, a 30MH will earn you 1.27$ today I don't see reasons to shut down your rigs right now, not until 30MH earns 0.50$ per day, raptoreum is CPU mining coin and it sucks, chia is even worst the cost of Terabyte space is too high for mining, a 100TB will earn you 3$ per day do you know how much 100TB costs?

[IadixDev]

I know many "small" eth miners with custum rigs they stopped mining eth in the past months because of the profitability is not there anymore they switched either to raptoreum, chia/ chives or looking for alternative or switched to pos / masternodes coins.

Already? That's lame, right now ETH mining is still profitable, a 30MH will earn you 1.27$ today I don't see reasons to shut down your rigs right now, not until 30MH earns 0.50$ per day, raptoreum is CPU mining coin and it sucks, chia is even worst the cost of Terabyte space is too high for mining, a 100TB will earn you 3$ per day do you know how much 100TB costs?

The Guy i know into chia / chives got a bunch of entreprise grade drives 200tb for cheap on the blackmarket

Same for cpu he gathered cpus and motherboards there and there and has spare cpus.

And can always use the drive for something else.

1$ a day mean 30$ a month doesnt worth the hassle of mannaging a rig with all the heat and noise i guess.

At least hard drive is more quiet and easier to mannage he also target maybe filecoin or other.