I quit alt mining

[Lontor]

I quit alt mining, its official that mining is dead, I sold all my GPUs and use the money to buy some Bitcoin, now I am going back to running a business, something I should have done a very long time ago but instead I choose to be a full time crypto miner and also a content creator on YouTube, I was lucky that I started creating content if not? My situation would be ten times worser right now.

What about you?

[FP91G]

Mining with video cards has long been dead. But there are profitable options, and as always, there are some caveats. You need a modern PC with a 5080-5090 video card, multi-core processors, at least 64 GB of memory, and a good internet speed of at least 500 Mbps. My mobile internet doesn't support that in the countryside, but I have cheap electricity there.

[JeromeTash]

It was a good decision you made. I keep telling people that sometimes opting to buy a coin, especially a top market cap coin like Bitcoin will get you way more returns than mining mostly if costs like power tarrifs are so high.

I personally decided to trade mostly.

[Abiky]

I quit alt mining, its official that mining is dead, I sold all my GPUs and use the money to buy some Bitcoin, now I am going back to running a business, something I should have done a very long time ago but instead I choose to be a full time crypto miner and also a content creator on YouTube, I was lucky that I started creating content if not? My situation would be ten times worser right now.

What about you?

You've made the right decision. Because most altcoins have abandoned PoW in favor of PoS (staking). The only ones left with PoW (mineable) are a very small minority. Profits are not as good as they used to be in the early days. GPUs have increased substantially in price, due to the AI hype. And mining with a CPU is simply not worth it.

Best thing you can do is mine Bitcoin, and stake altcoins. I hope that someday altcoin mining become great again. If demand resurges, PoW altcoins will definitely make a comeback.

[abc89]

I quit alt mining, its official that mining is dead, I sold all my GPUs and use the money to buy some Bitcoin, now I am going back to running a business, something I should have done a very long time ago but instead I choose to be a full time crypto miner and also a content creator on YouTube, I was lucky that I started creating content if not? My situation would be ten times worser right now.

What about you?

You've made the right decision. Because most altcoins have abandoned PoW in favor of PoS (staking). The only ones left with PoW (mineable) are a very small minority. Profits are not as good as they used to be in the early days. GPUs have increased substantially in price, due to the AI hype. And mining with a CPU is simply not worth it.

Best thing you can do is mine Bitcoin, and stake altcoins. I hope that someday altcoin mining become great again. If demand resurges, PoW altcoins will definitely make a comeback.

Absolutely true, but there are still some examples, such as Kaspa.

The real problem is that POW projects are now mostly exploited by Chinese farms, and a normal person would not even be able to mine 100 blocks to make a decent profit. You would need to get involved in a project early on, but I haven't seen a serious PoW project in a long time, apart from Kaspa, as I said before, even if it is now impossible to exploit our hardware on our own. Maybe I'm wrong.

I feel quite defeated. I've missed many opportunities, such as Kusama, Rollbit, and many others. Projects that yield 100x or much more are really hard to find. I find myself in an unsatisfactory situation and if I don't find an excellent multiplier, I can only hope not to fail.

I'd like to find some 'secret' groups to share info on new projects with, but I think it's difficult. Still, I don't want to get depressed... I'm looking for the next x100 coins.

[Abiky]

Absolutely true, but there are still some examples, such as Kaspa.

The real problem is that POW projects are now mostly exploited by Chinese farms, and a normal person would not even be able to mine 100 blocks to make a decent profit. You would need to get involved in a project early on, but I haven't seen a serious PoW project in a long time, apart from Kaspa, as I said before, even if it is now impossible to exploit our hardware on our own. Maybe I'm wrong.

I feel quite defeated. I've missed many opportunities, such as Kusama, Rollbit, and many others. Projects that yield 100x or much more are really hard to find. I find myself in an unsatisfactory situation and if I don't find an excellent multiplier, I can only hope not to fail.

I'd like to find some 'secret' groups to share info on new projects with, but I think it's difficult. Still, I don't want to get depressed... I'm looking for the next x100 coins.

Of course it's hard to make money with PoW coins. When you try to get in early, it's already too late as whales and big miners took advantage of the low difficulty and market price. I'd say mining is nothing but pure luck. But not more so than PoS "shitcoins". Those are even worse. Many countries have high power costs, making mining unaffordable to "home miners" like you and me. Only big companies with a lot of money to spare will be able to join the game.

At least, there are a few gems worth "playing" with. Kaspa, Ethereum Classic, and Monero were my favorite PoW coins to mine. Truly-decentralized and censorship-resistant. Not unreliable, centralized, or driven by pure hype. With governments spreading false propaganda that PoW mining increases carbon footprint (harmful to the environment), we should expect the number of PoW coins to decline over time. It's likely Bitcoin will remain the sole PoW cryptocurrency in the future. Who knows?

[FP91G]

Absolutely true, but there are still some examples, such as Kaspa.

The real problem is that POW projects are now mostly exploited by Chinese farms, and a normal person would not even be able to mine 100 blocks to make a decent profit. You would need to get involved in a project early on, but I haven't seen a serious PoW project in a long time, apart from Kaspa, as I said before, even if it is now impossible to exploit our hardware on our own. Maybe I'm wrong.

I feel quite defeated. I've missed many opportunities, such as Kusama, Rollbit, and many others. Projects that yield 100x or much more are really hard to find. I find myself in an unsatisfactory situation and if I don't find an excellent multiplier, I can only hope not to fail.

I'd like to find some 'secret' groups to share info on new projects with, but I think it's difficult. Still, I don't want to get depressed... I'm looking for the next x100 coins.

Of course it's hard to make money with PoW coins. When you try to get in early, it's already too late as whales and big miners took advantage of the low difficulty and market price. I'd say mining is nothing but pure luck. But not more so than PoS "shitcoins". Those are even worse. Many countries have high power costs, making mining unaffordable to "home miners" like you and me. Only big companies with a lot of money to spare will be able to join the game.

At least, there are a few gems worth "playing" with. Kaspa, Ethereum Classic, and Monero were my favorite PoW coins to mine. Truly-decentralized and censorship-resistant. Not unreliable, centralized, or driven by pure hype. With governments spreading false propaganda that PoW mining increases carbon footprint (harmful to the environment), we should expect the number of PoW coins to decline over time. It's likely Bitcoin will remain the sole PoW cryptocurrency in the future. Who knows?

I don't think the government is the problem here. It used to be possible to mine at home using 1-2 kilowatts, but now even 6 kilowatts offers very little profit, so most home mining has simply died. There are always exceptions, but they're very minor ones, and they're mostly a game of cat and mouse with controllers from energy companies. Mining is now an industrial business, not a home one.

[Abiky]

I don't think the government is the problem here. It used to be possible to mine at home using 1-2 kilowatts, but now even 6 kilowatts offers very little profit, so most home mining has simply died. There are always exceptions, but they're very minor ones, and they're mostly a game of cat and mouse with controllers from energy companies. Mining is now an industrial business, not a home one.

Governments have done their part by spreading false propaganda that mining "is harmful to the environment". It's this reason why most coins switched to PoS. The mining industry is mostly alive because of Bitcoin. Most countries have high energy costs, making mining at home practically impossible. While it's much easier to mine altcoins than Bitcoin, the profits are negligible.

I concur with you that mining is now an industrial business. Only big companies are able to afford paying for expensive mining equipment and high energy costs. This is bad for the overall decentralization of crypto. GPU and CPU-based PoW cryptocurrencies are our only hope now. They're may not be as profitable as BTC, but at least, they preserve the real values of decentralization and equitability within a PoW system. And that's what really matters.

[FP91G]

I don't think the government is the problem here. It used to be possible to mine at home using 1-2 kilowatts, but now even 6 kilowatts offers very little profit, so most home mining has simply died. There are always exceptions, but they're very minor ones, and they're mostly a game of cat and mouse with controllers from energy companies. Mining is now an industrial business, not a home one.

Governments have done their part by spreading false propaganda that mining "is harmful to the environment". It's this reason why most coins switched to PoS. The mining industry is mostly alive because of Bitcoin. Most countries have high energy costs, making mining at home practically impossible. While it's much easier to mine altcoins than Bitcoin, the profits are negligible.

I concur with you that mining is now an industrial business. Only big companies are able to afford paying for expensive mining equipment and high energy costs. This is bad for the overall decentralization of crypto. GPU and CPU-based PoW cryptocurrencies are our only hope now. They're may not be as profitable as BTC, but at least, they preserve the real values of decentralization and equitability within a PoW system. And that's what really matters.

In my country, government propaganda is probably believed by people over 65 years old
Mining will develop when it becomes economically viable. My home electricity rate is 4 cents, but I can't consume more than 3,000 kilowatts because the price rises to 10 cents.
Stealing is extremely dangerous, with steep fines, but some people aren't deterred even by the risk of jail time.

[Abiky]

In my country, government propaganda is probably believed by people over 65 years old
Mining will develop when it becomes economically viable. My home electricity rate is 4 cents, but I can't consume more than 3,000 kilowatts because the price rises to 10 cents.
Stealing is extremely dangerous, with steep fines, but some people aren't deterred even by the risk of jail time.

True. My guess is that the only way mining will become economically viable is if countries start making use of nuclear energy in-mass. In the US and Germany, there are nuclear reactors. But they aren't used at a large scale (yet). Eliminating carbon-based energy sources would be the first step towards a clean and sustainable future. It's no secret that nuclear energy is cheap. El Salvador had a plan to mine BTC using Geothermal energy, but it never came into fruition. Maybe other countries will do this and make altcoin mining more affordable?

For now, centralized PoS "shitcoins" remain the only way to make profits in countries with high-energy costs. I hope the mining industry evolves in the future. There's a lot of potential in it.

[FP91G]

In my country, government propaganda is probably believed by people over 65 years old
Mining will develop when it becomes economically viable. My home electricity rate is 4 cents, but I can't consume more than 3,000 kilowatts because the price rises to 10 cents.
Stealing is extremely dangerous, with steep fines, but some people aren't deterred even by the risk of jail time.

True. My guess is that the only way mining will become economically viable is if countries start making use of nuclear energy in-mass. In the US and Germany, there are nuclear reactors. But they aren't used at a large scale (yet). Eliminating carbon-based energy sources would be the first step towards a clean and sustainable future. It's no secret that nuclear energy is cheap. El Salvador had a plan to mine BTC using Geothermal energy, but it never came into fruition. Maybe other countries will do this and make altcoin mining more affordable?

For now, centralized PoS "shitcoins" remain the only way to make profits in countries with high-energy costs. I hope the mining industry evolves in the future. There's a lot of potential in it.

I read the news that Germany is abandoning nuclear energy:
German Nuclear Phase-Out Enters the Next Stage: Electricity Supply Remains Secure - Major Challenges and High Costs for Dismantling and Final Waste Disposal
https://www.diw.de/sixcms/detail.php?id=diw_01.c.506847.de

Check out this post
https://bitcointalk.org/index.php?topic=5450117.msg66109981#msg66109981
There are three leaders in mining in the world. The United States is in first place, Russia is in second place, and China is in third place, although mining is prohibited in China.
Three countries account for over 80% of the global hashrate.

[GhostRider25]

There are plenty of coins still worth mining, sounds like you are upset that the gravy train pulled out and you have to actually do a little work and research now.
tbh, pow is a horrible waste of energy anyways.  look at all the giga if not tera watts of energy wasted just flipping bits for an imaginary coin?

all these people crying about mother earth and wanting co2 credits and all that green scam garbage, throwing tons into the air with their crypto mining, talk about hypocrisy.

you seem to have forgotten the one main rule,  what goes up must come down.  when one makes a gain, something else takes a loss.  money doesn't just magically appear, at not least money that's truly worth something.  the market is taking a down swing now, things are correcting and now everyone is wailing because of it.  welcome to reality.

Aaron

[OgNasty]

I quit alt mining, its official that mining is dead, I sold all my GPUs and use the money to buy some Bitcoin, now I am going back to running a business, something I should have done a very long time ago but instead I choose to be a full time crypto miner and also a content creator on YouTube, I was lucky that I started creating content if not? My situation would be ten times worser right now.

What about you?

I started altcoin mining again around the time you quit it seems.  For me it is less about making money and more about being smart with resources.  I can heat my home using cheap electricity during the off-peak period with my miners and even manage to snag some solo blocks.  I need the heat during the periods where electricity is cheapest and I won't have to worry about heating repairs or spending money just to stay warm.  The miners turn off during the peak periods when the sun is out and electricity is expensive.  Winter is the golden time of year for altcoin mining.

[malekbaba]

I hear you. Mining was a wild ride, especially ETH. I mostly mined ETH too and ended up around 40 ETH with GPUs. Looking back, it was a great run and I’m grateful for it. Made solid profits, lots of lessons. I stopped mining a long time ago as well, once it was clear the game was changing. Selling the GPUs and pivoting makes sense. Honestly, starting a business beats chasing diminishing returns any day. And content creation was a smart move, having multiple income streams is huge. Mining taught us discipline and risk management, even if that chapter is closed now.

[FP91G]

There are plenty of coins still worth mining, sounds like you are upset that the gravy train pulled out and you have to actually do a little work and research now.
tbh, pow is a horrible waste of energy anyways.  look at all the giga if not tera watts of energy wasted just flipping bits for an imaginary coin?

all these people crying about mother earth and wanting co2 credits and all that green scam garbage, throwing tons into the air with their crypto mining, talk about hypocrisy.

you seem to have forgotten the one main rule,  what goes up must come down.  when one makes a gain, something else takes a loss.  money doesn't just magically appear, at not least money that's truly worth something.  the market is taking a down swing now, things are correcting and now everyone is wailing because of it.  welcome to reality.

Aaron

If we recall the golden age of mining, the main profit was for several reasons: there was no industrial mining of altcoins, and there weren't many miners. ASICs for Ethereum mining only appeared en masse in the last year of mining, and GPUs still offered excellent profits.
Times are different now, and you can build an ASIC for any coin. Home mining is dying.

[Somegory]

I don't think the government is the problem here. It used to be possible to mine at home using 1-2 kilowatts, but now even 6 kilowatts offers very little profit, so most home mining has simply died. There are always exceptions, but they're very minor ones, and they're mostly a game of cat and mouse with controllers from energy companies. Mining is now an industrial business, not a home one.

Governments have done their part by spreading false propaganda that mining "is harmful to the environment". It's this reason why most coins switched to PoS. The mining industry is mostly alive because of Bitcoin. Most countries have high energy costs, making mining at home practically impossible. While it's much easier to mine altcoins than Bitcoin, the profits are negligible.

I concur with you that mining is now an industrial business. Only big companies are able to afford paying for expensive mining equipment and high energy costs. This is bad for the overall decentralization of crypto. GPU and CPU-based PoW cryptocurrencies are our only hope now. They're may not be as profitable as BTC, but at least, they preserve the real values of decentralization and equitability within a PoW system. And that's what really matters.

Normally small projects that aren't Bitcoin are suppose to be looking up to Bitcoin, if bitcoin is still running on PoW why would they change to PoS for their coins? If their government is spreading fake news that mining is causing harms to the environment how about Bitcoin mining? They are stupid people who don't have the right to being up a PoW project in the first place so their project deserves to die, not because of unsafe mining that's build on lies but because they chose to believe the lie.

[FP91G]

I don't think the government is the problem here. It used to be possible to mine at home using 1-2 kilowatts, but now even 6 kilowatts offers very little profit, so most home mining has simply died. There are always exceptions, but they're very minor ones, and they're mostly a game of cat and mouse with controllers from energy companies. Mining is now an industrial business, not a home one.

Governments have done their part by spreading false propaganda that mining "is harmful to the environment". It's this reason why most coins switched to PoS. The mining industry is mostly alive because of Bitcoin. Most countries have high energy costs, making mining at home practically impossible. While it's much easier to mine altcoins than Bitcoin, the profits are negligible.

I concur with you that mining is now an industrial business. Only big companies are able to afford paying for expensive mining equipment and high energy costs. This is bad for the overall decentralization of crypto. GPU and CPU-based PoW cryptocurrencies are our only hope now. They're may not be as profitable as BTC, but at least, they preserve the real values of decentralization and equitability within a PoW system. And that's what really matters.

Normally small projects that aren't Bitcoin are suppose to be looking up to Bitcoin, if bitcoin is still running on PoW why would they change to PoS for their coins? If their government is spreading fake news that mining is causing harms to the environment how about Bitcoin mining? They are stupid people who don't have the right to being up a PoW project in the first place so their project deserves to die, not because of unsafe mining that's build on lies but because they chose to believe the lie.

Miners want to make a profit; they don't work for the sake of an idea. If a coin doesn't generate profits for miners, they will stop mining it. It's very difficult to create a project that will be in demand and attract many miners; there are no more than 10 such projects in the world.

[OgNasty]

I’ve long said that the most profitable coins I ever mined were the coins I mined when it was unprofitable to do so.

Mining to sell immediately and make a few cents is a fool’s errand. Big money is made from mining when nobody else wants to and then holding until you have been compensated adequately for your effort.

[FP91G]

I’ve long said that the most profitable coins I ever mined were the coins I mined when it was unprofitable to do so.

Mining to sell immediately and make a few cents is a fool’s errand. Big money is made from mining when nobody else wants to and then holding until you have been compensated adequately for your effort.

I did the same thing. I've even forgotten about those coins; if I'd sold them back then, I probably could have made a few thousand dollars. Now those coins are probably worth a few hundred dollars.
So you need to be lucky or a good analyst to make a profit.

[OgNasty]

I’ve long said that the most profitable coins I ever mined were the coins I mined when it was unprofitable to do so.

Mining to sell immediately and make a few cents is a fool’s errand. Big money is made from mining when nobody else wants to and then holding until you have been compensated adequately for your effort.

I did the same thing. I've even forgotten about those coins; if I'd sold them back then, I probably could have made a few thousand dollars. Now those coins are probably worth a few hundred dollars.
So you need to be lucky or a good analyst to make a profit.

Well, I was talking about Bitcoin and typically any coins I mine are exchanged and held in Bitcoin.  Altcoins aren't something you should ever be holding long term, especially if they aren't earning interest from being staked or providing liquidity.  They are playthings that let you mine from home and get some free heat.  There is only one Bitcoin.  Don't get caught up thinking you are mining the next BTC and the risk is pretty minimal, especially if you need the heat.