Why is difficulty still very high

[JangoUnchained]

It's too late to sell some graphic cards now I believe, when are these miners going to leave the game for us that still believe? Lower difficulty should be in play by now but some are just too stubborn it seems    leave the game for us that don't care about profit today, we just want more coins.

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[joniboini]

If you're talking about mining with GPU, then you must be referring to altcoin mining. If that's the case, the altcoin mining board would be more suitable for this topic.

That being said, I do expect the difficulty to drop, but won't be that instant. Some miners probably have access to a good energy source (very cheap, for example), which allows them to continue mining despite losing some dollars every day. Or, they just believe that the condition will get better and speculate that it is better to hoard some sats from now on and sell them later.

[BitMaxz]

Why you are looking for low difficulty? High difficulty gives you more security and is far from a 51% attack on the blockchain and it also helps transactions confirm faster.
If you see the high difficulty it means more people still mining and more units are produced and you know most well-known companies like Bitmain always developed machines that can mine faster and more efficiently. I'm sure they also run them to get benefits while selling them.

[nullama]

Bitcoin mining difficulty has been increasing and will continue to increase:


live chart here: https://www.coinwarz.com/mining/bitcoin/difficulty-chart

I don't see any reason why it would decrease. It's the best money ever invented, so it makes sense that more and more miners are interested in it over time.

You mentioned graphic cards, so I guess you're referring to mining alt coins. In that case this should be moved to the appropriate section of the forum.

[Sledge0001]

Bitcoin mining difficulty has been increasing and will continue to increase:


live chart here: https://www.coinwarz.com/mining/bitcoin/difficulty-chart

I don't see any reason why it would decrease. It's the best money ever invented, so it makes sense that more and more miners are interested in it over time.

You mentioned graphic cards, so I guess you're referring to mining alt coins. In that case this should be moved to the appropriate section of the forum.

I think it's also worth mentioning the ASIC miners on the BTC blockchain continue to get faster and are readily available.

Hell Bitmain is now selling a 100TH miner for $1900 plus 25% customs charge for those in the US.

[Tsub]

Bitcoin mining difficulty has been increasing and will continue to increase:


live chart here: https://www.coinwarz.com/mining/bitcoin/difficulty-chart

I don't see any reason why it would decrease. It's the best money ever invented, so it makes sense that more and more miners are interested in it over time.

You mentioned graphic cards, so I guess you're referring to mining alt coins. In that case this should be moved to the appropriate section of the forum.

I think it's also worth mentioning the ASIC miners on the BTC blockchain continue to get faster and are readily available.

Hell Bitmain is now selling a 100TH miner for $1900 plus 25% customs charge for those in the US.

I saw that too, but unless you have really great per kWh rates, it doesn't seem worth the capital.  The XP's are about 3X more but are about 4X more profitable per day given a normal per kWh price range.  Plus, I think energy prices are going back up a bit so whatever is there will be squeezed a bit more. 

[JayDDee]

GPU mining diffuculty has gone up because all those GPU rigs previously mining Eth are now mining other coins driving
up the hashrate and consequently the difficulty.

[mindrust]

The difficulty is very high because there is big demand. Lots of people want a piece from this action, so the piece everyone gets becomes smaller. I don't think it is too late to sell GPU's though. If you are done with mining then sell. Why wait? GPU's lose their intrinsic value over time regardless of the price anyway. In every 2 years, there will be a better designed GPU which renders obsolete the previous generation. If you ROI'd your investments then there isn't anything to think about. Sell and forget.

[philipma1957]

I have 10gh in gpu hash over 100 cards. The key is I have no debt on them.



my power use is 25kwatts at a nickel (less but it is too complex to explain all the different rates)

25 x 24 =600 x .05 is 30 dollars a day in power

I have it pointed to ETC and I am earning 0.88 etc a day times 29.16 = 25.66 in earnings

so 30-25.66 = 4.34 daily loss.

So I sell 3 3090 for 700 each 2100

and 2100/4.34 = 483 days.

now the flaw in that math is I would need to sell all the coins mined and use the sale of the 3 cards to break even after 483 days.



but  figure things like this method:

 it is  30 a day  in power so 900 a month

Just sell 2 3090's for 1400 and a 3070 for 400 you have 1800 bucks you lose 280mh of your 10000mh in hash


That means you have 2 full months  power  paid off and you are earning 0.88 coins a day so .88 x 60 = 52.8 coins

So it is easy to mine for 2 months. you spend nothing (other than 3 the cards you sold) and you have 52.8 etc

So bigger miners with 100 plus cards are doing this.

I can do this for 6 months and have 156 ETC and my hash drops from 10000 to 9240 no out of pocket money.

Why panic.

[grendel25]

I have 10gh in gpu hash over 100 cards. The key is I have no debt on them.



my power use is 25kwatts at a nickel (less but it is too complex to explain all the different rates)

25 x 24 =600 x .05 is 30 dollars a day in power

I have it pointed to ETC and I am earning 0.88 etc a day times 29.16 = 25.66 in earnings

so 30-25.66 = 4.34 daily loss.

So I sell 3 3090 for 700 each 2100

and 2100/4.34 = 483 days.

now the flaw in that math is I would need to sell all the coins mined and use the sale of the 3 cards to break even after 483 days.



but  figure things like this method:

 it is  30 a day  in power so 900 a month

Just sell 2 3090's for 1400 and a 3070 for 400 you have 1800 bucks you lose 280mh of your 10000mh in hash


That means you have 2 full months  power  paid off and you are earning 0.88 coins a day so .88 x 60 = 52.8 coins

So it is easy to mine for 2 months. you spend nothing (other than 3 the cards you sold) and you have 52.8 etc

So bigger miners with 100 plus cards are doing this.

I can do this for 6 months and have 156 ETC and my hash drops from 10000 to 9240 no out of pocket money.

Why panic.

You could mine EPIC, earn over $70 mining just 48% of the time (how the protocol works 48/48/4 CPU/GPU/ASIC) and liquidate half what you mined to be converted to ETC while also adding a holding of EPIC to hedge/diversify. Idle/savings of 52% energy cost OR could use software that enables switching to ETC mining for cycles when EPIC is on CPU mining.

[OgNasty]

It's too late to sell some graphic cards now I believe, when are these miners going to leave the game for us that still believe? Lower difficulty should be in play by now but some are just too stubborn it seems    leave the game for us that don't care about profit today, we just want more coins.

A lot of people do really dumb things because of profitability calculators.  I'm sure there are people who purchased warehouses and setup hundreds of thousands of dollars worth of gear to take advantage of the massive profitability while things were going good.  Now they're stuck with bills that aren't going away, and they've invested a fortune in trying to get low electricity rates and good gear.  They have no choice but to mine no matter what the profitability it.  Worse, they are forced to sell at any price to make ends meet.  This is how bankruptcies happen to miners and mining companies.  We've started to see it a little bit, but I suspect it's going to get much worse before it gets better.

[Z390]

I have 10gh in gpu hash over 100 cards. The key is I have no debt on them.



my power use is 25kwatts at a nickel (less but it is too complex to explain all the different rates)

25 x 24 =600 x .05 is 30 dollars a day in power

I have it pointed to ETC and I am earning 0.88 etc a day times 29.16 = 25.66 in earnings

so 30-25.66 = 4.34 daily loss.

So I sell 3 3090 for 700 each 2100

and 2100/4.34 = 483 days.

now the flaw in that math is I would need to sell all the coins mined and use the sale of the 3 cards to break even after 483 days.



but  figure things like this method:

 it is  30 a day  in power so 900 a month

Just sell 2 3090's for 1400 and a 3070 for 400 you have 1800 bucks you lose 280mh of your 10000mh in hash


That means you have 2 full months  power  paid off and you are earning 0.88 coins a day so .88 x 60 = 52.8 coins

So it is easy to mine for 2 months. you spend nothing (other than 3 the cards you sold) and you have 52.8 etc

So bigger miners with 100 plus cards are doing this.

I can do this for 6 months and have 156 ETC and my hash drops from 10000 to 9240 no out of pocket money.

Why panic.

You could mine EPIC, earn over $70 mining just 48% of the time (how the protocol works 48/48/4 CPU/GPU/ASIC) and liquidate half what you mined to be converted to ETC while also adding a holding of EPIC to hedge/diversify. Idle/savings of 52% energy cost OR could use software that enables switching to ETC mining for cycles when EPIC is on CPU mining.

You and Epic Cash, I think you are one of the dev or team, its listed only on Vitex exchange for now since the Pancakeswap has no volume at all, the problem is 1200$ volume that this project has, how do you think this is a good idea? If I have to mine any PoW coin right now it will be ETH PoW, I believe this coin will survive.

[swogerino]

It's too late to sell some graphic cards now I believe, when are these miners going to leave the game for us that still believe? Lower difficulty should be in play by now but some are just too stubborn it seems    leave the game for us that don't care about profit today, we just want more coins.

A lot of people do really dumb things because of profitability calculators.  I'm sure there are people who purchased warehouses and setup hundreds of thousands of dollars worth of gear to take advantage of the massive profitability while things were going good.  Now they're stuck with bills that aren't going away, and they've invested a fortune in trying to get low electricity rates and good gear.  They have no choice but to mine no matter what the profitability it.  Worse, they are forced to sell at any price to make ends meet.  This is how bankruptcies happen to miners and mining companies.  We've started to see it a little bit, but I suspect it's going to get much worse before it gets better.

The difficulty does not suggest so though.People are still mining and most of these warehouses you mention probably don't know nothing yet if they were mining in Ethermine they were automatically redirected to mine ETC from ETH,when they will realize this and seeing how small the profit is,turning down the rigs can be a viable option for them.I believe when these huge warehouses and farms go away from mining by liquidating their gear,only then the difficulty will come down to normal levels again and no matter if the bear market is still here,it is a sure thing that miners who will still be in the game will make more of the coin they are mining and that should be their end goal for the long run.

[FP91G]

It's too late to sell some graphic cards now I believe, when are these miners going to leave the game for us that still believe? Lower difficulty should be in play by now but some are just too stubborn it seems    leave the game for us that don't care about profit today, we just want more coins.

If we recall 2018, then the main sales of video cards and the capitulation of miners began en masse in 4-6 months. So far, little time has passed and many miners turn off video cards, but do not sell them, and hope for a new season. I also disabled 80% of my mining farms, but I will not sell video cards.

[grendel25]

Vitex is a liquid market. Plenty of buy orders for miners and EPIC maintains first place for mining profits as it has been for years.

Yep, you got it right. I'm the community lead out here spitting facts.

Mine EPIC and sell to get more than twice the amount of ETHW if you choose. 

go here:

t.me/epicminers

and enter:

@epicradarbot mining pp 50 mhs

To see calcs for a 3080 GPU

I have 10gh in gpu hash over 100 cards. The key is I have no debt on them.



my power use is 25kwatts at a nickel (less but it is too complex to explain all the different rates)

25 x 24 =600 x .05 is 30 dollars a day in power

I have it pointed to ETC and I am earning 0.88 etc a day times 29.16 = 25.66 in earnings

so 30-25.66 = 4.34 daily loss.

So I sell 3 3090 for 700 each 2100

and 2100/4.34 = 483 days.

now the flaw in that math is I would need to sell all the coins mined and use the sale of the 3 cards to break even after 483 days.



but  figure things like this method:

 it is  30 a day  in power so 900 a month

Just sell 2 3090's for 1400 and a 3070 for 400 you have 1800 bucks you lose 280mh of your 10000mh in hash


That means you have 2 full months  power  paid off and you are earning 0.88 coins a day so .88 x 60 = 52.8 coins

So it is easy to mine for 2 months. you spend nothing (other than 3 the cards you sold) and you have 52.8 etc

So bigger miners with 100 plus cards are doing this.

I can do this for 6 months and have 156 ETC and my hash drops from 10000 to 9240 no out of pocket money.

Why panic.

You could mine EPIC, earn over $70 mining just 48% of the time (how the protocol works 48/48/4 CPU/GPU/ASIC) and liquidate half what you mined to be converted to ETC while also adding a holding of EPIC to hedge/diversify. Idle/savings of 52% energy cost OR could use software that enables switching to ETC mining for cycles when EPIC is on CPU mining.

You and Epic Cash, I think you are one of the dev or team, its listed only on Vitex exchange for now since the Pancakeswap has no volume at all, the problem is 1200$ volume that this project has, how do you think this is a good idea? If I have to mine any PoW coin right now it will be ETH PoW, I believe this coin will survive.

[grendel25]

Stubborn or already had cheap electricity.  We may see the difficulty dip depending on how long crypto winter lasts but some TA are already saying the bottom is in for bitcoin. If that's so and we see a steady march up for crypto prices then difficulty won't get any lower and profits might actually get better and make even more miners come back.

It's too late to sell some graphic cards now I believe, when are these miners going to leave the game for us that still believe? Lower difficulty should be in play by now but some are just too stubborn it seems    leave the game for us that don't care about profit today, we just want more coins.

[swogerino]

Stubborn or already had cheap electricity.  We may see the difficulty dip depending on how long crypto winter lasts but some TA are already saying the bottom is in for bitcoin. If that's so and we see a steady march up for crypto prices then difficulty won't get any lower and profits might actually get better and make even more miners come back.

That looks like the miners are not giving up and that is why we have this high difficulty.They learned their lesson in 2018,those miners who liquidated their gear by then and after seeing what happened in late 2020 and early 2021 they saw that they did a huge mistake by doing so but that was also a lesson that even more miners that come here after 2018 learned and thus that is the reason why the difficulty is staying high and it won't look like it is going down anytime soon because the miners are still active mining despite at a loss.

In order for difficulty to come down we need a price of Bitcoin of less than 10.000 and all other cryptos to come down significantly and that is the only time I believe many miners will quit or shut down their rigs.

[ccplz]

Some miners won't capitulate yet. Although more and more will do so the longer bear market lasts. If I'm speaking for myself, I think POW coins will skyrocket eventually, so I'm stocking up on them now that difficulty is relatively low. Yes shutting off the machinery and just buying them directly would be more profitable at this point but I feel bad letting my GPUs be inactive for prolonged periods of time. In other words sunk cost fallacy

[rdluffy]

That looks like the miners are not giving up and that is why we have this high difficulty.They learned their lesson in 2018,those miners who liquidated their gear by then and after seeing what happened in late 2020 and early 2021 they saw that they did a huge mistake by doing so...

Hehe, I'm of of those miners, it was my mistake to stop mining at a loss in 2018, but in my case electricity rates were high, and unfortunately I did not sold coins at the top.
All I had was ETH and BTC but no cash to afford some months at a loss.

It's not easy to make a decision in the heat of the moment, I only know this after the ATH in 2021, talking about the past is easy, but in general, if we believe in another ATH, we can continue mining even at loss and we can wait the next bull run

[adaseb]

That looks like the miners are not giving up and that is why we have this high difficulty.They learned their lesson in 2018,those miners who liquidated their gear by then and after seeing what happened in late 2020 and early 2021 they saw that they did a huge mistake by doing so...

Hehe, I'm of of those miners, it was my mistake to stop mining at a loss in 2018, but in my case electricity rates were high, and unfortunately I did not sold coins at the top.
All I had was ETH and BTC but no cash to afford some months at a loss.

It's not easy to make a decision in the heat of the moment, I only know this after the ATH in 2021, talking about the past is easy, but in general, if we believe in another ATH, we can continue mining even at loss and we can wait the next bull run

It doesn't make sense to mine at a loss. If you want to accumulate coins you can just buy them directly without mining. If you are mining at break-even you are pretty much losing money since you are wearing out your gear.

Every hour your gear runs it increases the chances of something getting burn't out such as a fan bearing going back. If you want to invest in crypto, just buy it directly. Only people who mine at a loss are maybe those that have difficulites buying crypto due to regulations, in that case its worth mining at a loss. However that doesn't apply to most.