Miners are closing... (video)

[Nellayar]

Take a look : https://youtu.be/kxbCHlXZ-0U

I do not want to watch the video because I am scare to see that bitcoin will destroy due to the miners who will quit to mine. However, it may be the cause for the bitcoin crash so I will watch it for a while. The recent crash is because of the miners, they tend to resist in bitcoin mining because its not anymore a profitable way for them. The consumption of electricity is too much high yet the fees for them is still low.

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[mayax]

mining is not profitable now because of the present value of bitcoin. It is cheaper to invest in the coin that to mine it.

Miners have better stop and invest directly in bitcoin than mining that the cost is expensive. But selling their equipment is not a good idea to have something to invest because that will worth and need again when the price pump up. Cloud mining sites should not shutdown but wait also, it will not going to stay in this situation.

waiting for what? there are rents to be paid, salaries and so on

[franky1]

waiting for what? there are rents to be paid, salaries and so on

video said the rents are paid. the leaseholder kept the deposit.
as for salaries.. one man and his caravan(RV) .. well he is out of work. so no salary.
the guy in video is trying to throw a pity party. but calculating everything up. he aint at a loss.. he just didnt achieve his millionaire dream

[SistaFista]

Take a look : https://youtu.be/kxbCHlXZ-0U

Unfortunately that is what happening currently due the crashing value of crypto.
Miners income is coming from profit of selling the coin they mined with a good price
If they cannot sell with a good value and keep continue mining, they won't be able to get the profit, even they won't be able to pay the electricity bill.

[MartinAK]

Very sad to see that, the die hard spirit of btc is rolling down.

[mayax]

another one:  https://www.youtube.com/watch?v=lhg87v7kQvw     

[franky1]

another one:  https://www.youtube.com/watch?v=lhg87v7kQvw    

i am laughing
do you think bitmain is selling that guy rigs CHEAPER that bitmain themselves get them for......
LOL
hey dude bitmain have NO hardware cost.
every rig sold atleast 2 are built. one goes to customer, another bitcoin keep.
all bitmain need to do is cover electric.
which because they contract the electric they will get better deals than a guy renting some storage locker

what the guy in the video doesnt realise is that a S15 uses 1.6kwh for 28thash
the guy himself is using s9 which is 1.3kwh for 14thash
simple math
1.6/28=0.057
1.3/14=0.093

the guy is using 93watt per thash
bitmain is using 57watt per thash

bitmain uses less electric. =less cost
as i said earlier bitmain get free asics(they make them)
the guy however had to buy them AND had to wait weeks to even receive what he bought=less profit

what they guy does not realise is these 5 things.
1. bitmain are cash rich from selling old asics. selling new asics and contracts of handing mined coins OTC
2. bitmain dont want to ramp up hashrate as thats just shooting themselves in the foot.
3. to add onto point 2. bitmain dont want to ramp up to avoid drama of "bitmain has too much %
4. although bitmain could swap 80 old s9 for 40 s15 and stay at same hashrate. they know they can go down to 30 and still mine a healthy amount of blocks.
5. so the facility(one of many) that would normally handle 10 of 80 capacity is now being used as the QA test facility while the other facilities are running 30 s15 instead of 70 s9

right now their priority is not mining blocks. as i said they are cash rich. they just want to turn some S15 on for long enough to QA test them and then swap them out ready to shipnext week. so thats why the hashrate is not super high

[Msworld83]

Every miner makes their money during last year when the going was good and now is a kind of pay little hard time for them and those who sold at profit then shouldn't complain about the market as there were big opportunity for them in the making of the ath , and looking at this is why am so much concern about what bitcoin tx fee could become when miner reward get less and no more block to mine.

[Kolikalex55]

Of course it's a shame to watch such a spectacle but at the moment bitcoin transactions are working. Difficult times-Yes, but you need to look at the perspective that will be in the future. Don't give up !

[franky1]

Every miner makes their money during last year when the going was good and now is a kind of pay little hard time for them and those who sold at profit then shouldn't complain about the market as there were big opportunity for them in the making of the ath , and looking at this is why am so much concern about what bitcoin tx fee could become when miner reward get less and no more block to mine.

those that bought s9's this time last year.($2000 an asic) got enough coin to cover electric and hardware by easter and
from easter onwards they were then only having to cover electric. thus even now they are in profit

those that bought s9's around easter time($850 an asic) got enough coin to cover electric and hardware by august.
from august onwards they were then only having to cover electric. thus even now they are in profit

those that bought s9's around august time ($450 an asic) have not yet got enough to get returns on the hardware
and are crying right now

but. thats because the average ROI is 5 months(now extended to 7 months) so them august crybabies would not have broken even until february even without the downturn in hash/price

alot of people are also crying because they didnt get ROI to cover the new S15 which are $1450 an asic

...
but anyways wait for the end of december delivery and watch the hashrate and then the price rise

[prasad87]

Of course it's a shame to watch such a spectacle but at the moment bitcoin transactions are working. Difficult times-Yes, but you need to look at the perspective that will be in the future. Don't give up !

For users bitcoin just as good.
But miners lose ton of money.
Samsung probably not going to build asics now.
Network security will only suffer now.

[MappleJack]

at the uptrend. miner will get alot of money . but i think at this time. the cost they pay for this job really high, more than the money they get every month

[Malam90]

It is a shocking news that miners are closing Bitcoin mining for the increase of mining fees. Bitcoin mining fees are very high but bitcoin price is almost 2 times less. In such a situation, most of the mining companies are leaving from mining Bitcoin. If such situation exists, it will affect badly on Bitcoin price.

[Malam90]

at the uptrend. miner will get alot of money . but i think at this time. the cost they pay for this job really high, more than the money they get every month

It is the future potential but the present situation is very worse than past few months. How they will continue mining, if they face huge losses instead of profits. No employee will come in the office if he doesn't get his monthly salary.

[MMS2017]

Bitcoin is down right now so the miners are closing all operations and now a days due to high electricity costs it is very painful for all the crypto users and large number of miners were in China so now they will move to other locations for a good income from mining but now the cost is more than benefits.

[thankyoulord]

yes miners are closing. i saw a similar thing online and it is really sad. the cost of mining currently is high and as such they are forced to close in other not to run at loss. but then when things bounce back to normal we will see them return to mine.

[chenille]

It is a shocking news that miners are closing Bitcoin mining for the increase of mining fees. Bitcoin mining fees are very high but bitcoin price is almost 2 times less. In such a situation, most of the mining companies are leaving from mining Bitcoin. If such situation exists, it will affect badly on Bitcoin price.

Switching off miners is indeed not good for the people who are doing this because it means they are generating no more profits for the hardware they paid for. In the meantime, better technology gets launched and if BTC price will rise, it's possible that the miners are outdated.
But in addition, it's also a sign for bad business planning. Everyone knows the risk in mining and if you don't have super cheap electricity, BTC mining can become unprofitable soon.

Regarding the BTC price it's always other way round. Mining (Hashrate) is not determining BTC price, but BTC price is determining mining (Hashrate).

[1Referee]

at the uptrend. miner will get alot of money . but i think at this time. the cost they pay for this job really high, more than the money they get every month

Miners haven been grossly rewarded on the way up last year, because there by far wasn't enough available mining gear to add to the network. I think that with better planning and forward thinking most miners could have gotten a better position in the space by now, but their greed got the better of them. Rookie investors thinking that Bitcoin would continue to boom have been taught a hard lesson.

Right now if the price spikes up, there is like 20-30EH waiting to enter, which will make sure that every miner considering to buy more gear to think it through twice before actually doing it.

[tmpwhore]

Very sad but when the market will start recovering, new asic miners will cost a lot of money. I think that huge mining pools will continue their working, their dominance will increase.

[franky1]

thouands of orders of next gen asics are alrady inplace bitmain have said.
delivery is not until the final week of december.
so ofcourse we are in the 'lag' stage between users turning off old miners and receiving their new rigs.

just wait until the deliveries begin late december and you will see the change occur