As mining is no longer profitable...

[Coronofud]

As mining is no longer profitable won't the POW algorithms go to shit? They'd be at a real risk of 51% attacks for some coins.

The whole POW Model needs the network to be very busy just for security and to function


It reminds me of when NXT got released and BTC miners worked out it was more profitable cracking NXT loggings then mining coins themselves lol

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[Apocollapse]

Right now mining is still profitable as long as you live in country have cheap electric cost and you have a good mining rigs. Many new coins created using POW algorithm doesn't really have any utility and usefulness, when the coin lost it's adoption, the developer either change it to POS algorithm or abandon it. At least other coins beside Bitcoin e.g. Doge, Litecoin and Monero will still exist since they have a lot holders.

[Pierre 2]

Mining is profitable for many people than can produce cheap electricity through their solar panel systems. Its also profitable in some Asian countries because energy sources are rich so its cheap to produce electricity in overall. I think pow mechanism won't easily die because investors (or buyers) think pow concept makes value of currency stronger mentally. Its like physical proof. So there will always be some pow coins. Including Bitcoin.

[Yaunfitda]

As mining is no longer profitable won't the POW algorithms go to shit? They'd be at a real risk of 51% attacks for some coins.

The whole POW Model needs the network to be very busy just for security and to function


It reminds me of when NXT got released and BTC miners worked out it was more profitable cracking NXT loggings then mining coins themselves lol

It might be as profitable when crypto mining started, but I'm sure there are still miners around the globe, otherwise most of the small altcoins are going to be dead by now. And with that, profits are still going to be made, no matter what.

So I try to look at which altcoins are still making money for miners, and surprisingly, there are still some,

https://whattomine.com/

There are some making 100%++ in 7 days or so. Of course, this might not be accurate, but at least you can gauge it.

[avikz]

As mining is no longer profitable won't the POW algorithms go to shit? They'd be at a real risk of 51% attacks for some coins.

The whole POW Model needs the network to be very busy just for security and to function


It reminds me of when NXT got released and BTC miners worked out it was more profitable cracking NXT loggings then mining coins themselves lol

Mining is still profitable if you can get the right gear and the electricity price is reasonable. There are many miners still operational and making big amounts in profit. So I am not sure from where did you get that info that mining is not profitable!

But there is one concern though. Individual miners are already out of the game. Now only big scale miners are making money. Unless the mining companies are able to find an alternative source of free energy like wind or solar, there will be a time when mining will become unprofitable. We may need to find a solution then.

[uneng]

But there is one concern though. Individual miners are already out of the game. Now only big scale miners are making money. Unless the mining companies are able to find an alternative source of free energy like wind or solar, there will be a time when mining will become unprofitable. We may need to find a solution then.

It's said mining won't become unprofitable, because miners only sell their bitcoins for a price that can pay for the mining costs, plus some liquid profit for themselves. Theoretically they would never accept mining at loss. So the market has to adjust itself to the currently costs of mining operations.

Less bitcoins mined per block = more expensive bitcoins. And mining profits remain stable...

[JANUS23]

It depends on the profit margin. If you can make 10% of your investment in 1 month, then some people can accept it, and build on it. Also relatively cheaper sources of electricity are coming up these days

[livingfree]

We don't have the same situation as per our countries. There are countries that produces cheap electricity and that's beneficial to the miners there and won't be thinking about the cost a lot.

Whilst some miners sees that it's no longer profitable, they've got faith in what they do so this is what they do. They keep their operations and running their miners, collects the coins that they've been mining, hold it and then will be eventually sold to the market when the price increases.

And that takes a lot of patience to happen because they have to sustain the cost through their other means but, not all miners has the capacity to do that strategy.

[abel1337]

There are really a lot of factors to be able to be profitable in mining. Cheap electricity is one of the biggest factor on determining how much profit you can get from mining, Weather is also a factor in it given that it is much suitable to mine on a cold weather country. If you only want profit, There are still active POW coins that can be mined and if you have the certain qualifications like cheap electricity, cold weather, good space for mining rigs , etc. you can still be profitable on it. Miners unload their mining rigs and the mining cards have surge the market for a really cheap price as ethereum transitions to POS. You can possibly get a cheap mining rig today with way more less starting capital.

[o48o]

As mining is no longer profitable won't the POW algorithms go to shit? They'd be at a real risk of 51% attacks for some coins.

The whole POW Model needs the network to be very busy just for security and to function

It reminds me of when NXT got released and BTC miners worked out it was more profitable cracking NXT loggings then mining coins themselves lol

1 hour of attack on bitcoin costs $1,038,703 at the moment. And from what i have understood others can kick you out of the network after just one double spend so i am not sure if that would be worth it. Maybe with altcoins or if you were planning to short bitcoin at the same time with 100x leverage and people would sell in panic. That would be illegal as hell but i guess it would be hard to prove as trading with inside information.

[HmmMAA]

If mining becomes unprofitable, some miners may choose to switch to a different cryptocurrency or move to a different type of consensus algorithm, such as proof-of-stake (PoS).

Well , that's something new it seems . Can you point a PoS coin that is mineable As far as i know ( by definition ) there is no such coin .

[HmmMAA]

1 hour of attack on bitcoin costs $1,038,703 at the moment. And from what i have understood others can kick you out of the network after just one double spend so i am not sure if that would be worth it. Maybe with altcoins or if you were planning to short bitcoin at the same time with 100x leverage and people would sell in panic. That would be illegal as hell but i guess it would be hard to prove as trading with inside information.

1 hour of attack would cost that much in case you could rent half of the hashrate , which is pretty hard with rented hashpower . One other case is you own the miners with half of total hashrate , that means that you have made a tremendous investment and you want to depreciate it . Third case is to bring new miners and gain the control of network , which means that the investment should be double than in the previous case . So , i think no one would try to double spend by attacking the network ( remember that you can double spend only your transaction ) as he should find someone to take a load of money without any confirmation . Not to mention that if he acts honestly , probably will earn more .

[bittick]

As mining is no longer profitable won't the POW algorithms go to shit? They'd be at a real risk of 51% attacks for some coins.

Yeah it's shit. So many collusions happened with miners in any of POW blockchain. ETC has proven that if 51% one of disadvantage from POW. There's also another point that can be discussed and what will you get as a buyer from POW coin other than bitcoin? You were just giving miners your money. You get nothing from what you have bought. 

The whole POW Model needs the network to be very busy just for security and to function

More nodes = more decentralized. what's who POW is working but POS is almost the same. More validators = more decentralized.

It reminds me of when NXT got released and BTC miners worked out it was more profitable cracking NXT loggings then mining coins themselves lol

There are so many bad stories that happened with POW coins. The worst thing is the collusion between miners. They act like they were parties who have been owning the coins. The buyers and holders have no power and miners decide everything. lol.

[fuguebtc]

If mining is no longer profitable, then I think people have stopped mining, and the market will soon collapse rather than develop as it is now. It is true that when the market is in a bear season, many people have to stop mining and sell their machines, but if you live in a country with cheap energy costs, mining can still generate some profit for you. I also like mining, but because the conditions do not allow it, I can only invest a small amount, if you have a large capital, you should mine, I believe that mining will bring better returns than investment.

[Silberman]

As mining is no longer profitable won't the POW algorithms go to shit? They'd be at a real risk of 51% attacks for some coins.

The whole POW Model needs the network to be very busy just for security and to function


It reminds me of when NXT got released and BTC miners worked out it was more profitable cracking NXT loggings then mining coins themselves lol

Mining is still profitable at least when it comes to bitcoin, now if you are talking about altcoins specifically then I will admit I have no idea if this is the case, however if miners remain unprofitable then this only means they need to get better at their job like any other business or employee has to, and even if they remained unprofitable at some point miners will begin to go bankrupt and the ones that remain will become profitable again now that there is less competition, this is a process which takes place everywhere and I do not see why it should not happen to miners as well.

[ethereumhunter]

If you have unlimited capital, maybe mining is still profitable. Most people don't have it but they still want to mine. Let's just imagine if to do mining, we need good hardware, at least new releases, which are very expensive. If we don't have much money, we won't be able to afford it. Maybe we can buy mid-range hardware, but can we get a commensurate reward covering monthly costs, including electricity? If the cost of electricity in your country is cheap, the rewards you get by mining using medium-type hardware won't be much. So please calculate how much the total cost you will need before you start.

[btc_angela]

If you have unlimited capital, maybe mining is still profitable. Most people don't have it but they still want to mine. Let's just imagine if to do mining, we need good hardware, at least new releases, which are very expensive. If we don't have much money, we won't be able to afford it. Maybe we can buy mid-range hardware, but can we get a commensurate reward covering monthly costs, including electricity? If the cost of electricity in your country is cheap, the rewards you get by mining using medium-type hardware won't be much. So please calculate how much the total cost you will need before you start.

For altcoin, I don't think you need to have new mining hardware, of course, it will be advantageous, but there are still I believed that you can mine even with some old mining hardware. However, we will all agree that it will take a lot of electricity, so mining is strictly for countries with abundant supply of it and probably the weather as well, like it should be cold or something to minimized the heat being produce by this mining gear. So most likely, they are in Europe. Just Bitcoin mining, most of the biggest farm are located in West Europe.

[poodle63]

I think PoW is only effective with coins that's already big enough in term of capitalization, also it's always come back again with how much profits you could generate by mining, after all the lesser the miners the more reward you can get so I doubt that the miners will just gone.
the fact that bitcoin miners are still existing till today only means that mining bitcoin is still somewhat give you quite the margin of profits, but yes majority of new coins are using PoS because it's just more easy.

[ethereumhunter]

If you have unlimited capital, maybe mining is still profitable. Most people don't have it but they still want to mine. Let's just imagine if to do mining, we need good hardware, at least new releases, which are very expensive. If we don't have much money, we won't be able to afford it. Maybe we can buy mid-range hardware, but can we get a commensurate reward covering monthly costs, including electricity? If the cost of electricity in your country is cheap, the rewards you get by mining using medium-type hardware won't be much. So please calculate how much the total cost you will need before you start.

For altcoin, I don't think you need to have new mining hardware, of course, it will be advantageous, but there are still I believed that you can mine even with some old mining hardware. However, we will all agree that it will take a lot of electricity, so mining is strictly for countries with abundant supply of it and probably the weather as well, like it should be cold or something to minimized the heat being produce by this mining gear. So most likely, they are in Europe. Just Bitcoin mining, most of the biggest farm are located in West Europe.

Even though you can mine altcoins using used hardware, it doesn't guarantee that you will get a lot of rewards because there are bound to be lots of people who will have the same goals as you. After all, the price of the altcoin is still low and you have to hold it in until it goes up to a high price and you never know when it will start increasing. So it all depends on choosing the coin so you can get lots of rewards and you also have to think about electricity costs in your place. It will be a big expense if you can't calculate monthly costs.

[mich]

Yes in my opinion those days of mining for profit are long gone now. If you add up costs of your electricity bill and hardware and your time it just does not seem to be worth it. And there might be other conflicts that prevent you from making profit.

If you want to make profits just buy and hodl. It is as easy as that and less work for you to do so you can spend your time doing other things. Just give it some more time to end this 'bear market' and will be worth your wait.