MINING BITCOIN IS NOT PROFITABLE

New_Cliche
New_Cliche

Seriously, this shit has gotten way out of hand. A few months ago, things were alright, but now we are quickly getting to the point that mining bitcoin does not even break even.

bitcoinwisdom.com/bitcoin/difficulty

What is causing the difficulty to go up so fast? Too many people mining? price of bitcoin too low? help me understand... I'm about to unplug these miners and put them up on ebay if bitcoin doesnt get a bump in the next few weeks.
MY WARNING TO ALL: Do not fall for any of these scam cloud mining solutions like hashflare, genesis mining, hydrominer, dragon coin... none of them even break even anymore. total scams.

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Stark_Naked
Stark_Naked

mining neo

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Lord_Tryzalot
Lord_Tryzalot

mining is a real business now. not something for Veeky Forumstards. you wouldn't expect to be able to compete against amazon, would you?

likme
likme

that wojak reuse was fast

kizzmybutt
kizzmybutt

you goddamned retard, you have an outdated miner and you probably pay at least 10 cents /kwh
the vast majority of hashing power is in mining farms that pay 2-4 cents/kwh and exclusively run S9's

hairygrape
hairygrape

A lot of miners are betting on the future price being alot higher than it is now.

Snarelure
Snarelure

cloud mining is a scam yes, but owning the asic and mining yourself is still plenty profitable unless you overpaid for the asic and have excessively costly electricity

Harmless_Venom
Harmless_Venom

No. I’m running 3 s9s at my office and I’m at 5 cents/kWh. They are still breaking even, like I said above. The margin is quickly closing however. Sorry not everyone is as retarded as you, or as you want them to be to make yourself feel better.

massdebater
massdebater

This is the only thing that keeps me going. That holding this coin will be worth way more in the future to account for all this upfront cost. Btw I picked up the miners for 1200 each about 9 months ago.. They paid for themselves after the first two months. I’m just being greedy at this point, and also don’t want anyone to make the mistake of getting into mining now.

ZeroReborn
ZeroReborn

cloud mining has to be the dumbest thing you could do. You lock up a certain amount of hashrate and if it becomes unprofitable you cant sell the cards to cut your losses.

The people selling cloud mining love it, they get a guaranteed profit and can sell the cards at the end if the whole system falls apart.

Dreamworx
Dreamworx

no, miners are betting it remains profitable to mine. If you think the coin goes up in price dramatically you're better off buying the coin. Difficulty increasing will ruin so many miners.

farquit
farquit

yea, I have 15 S9's and agree the last few months have beed dismal at best and no sign of relief. Although I'm mining BCH I don't think there is to much difference in price at the moment.

WebTool
WebTool

You are probably competing against people in places with low electric prices. And / or , they are willing to take almost 0 net profit just to pay off their miner loans.
I saw this happen in manufacturing in the US years ago. It makes it hard for everyone.

CouchChiller
CouchChiller

it will never be unprofitable long term. its not designed that way pleb. if difficulty just increased and we get a sudden crash with low transaction volume then yes, for many it becomes unprofitable without the right miners and electricity costs.

however that simply makes miners stop, and difficult adjusts dramatically.

TechHater
TechHater

I don’t see it getting any better to be honest. Too many big companies mining now.

Soft_member
Soft_member

Who the fuck r u calling a pleb u no coin no mining rig faggot? No one asked you to be an asshole. Say what you have to say without being a total prick about it.

massdebater
massdebater

what is your cost per kW/h?

BunnyJinx
BunnyJinx

fucking salty af aren't you. how can my post trigger u so much unless you are trying to mine with a fuckign retarded set up?

tip:
If BTC suddenly crashes by 20 fucking percent, and the difficulty just adjusted to be harder on the same day or only days ago, stop fucking mining till it doesn't shit the bed.

If you use old miners and pay more than 5c kwh then jsut dont mine BTC to start with. its simple. Bitmain along with professional mining companies have made this impossible for you. you missed this gravy train.

Sir_Gallonhead
Sir_Gallonhead

The coin prices are so low is part of the problem, but I agree lots of large mining farms are making it more difficult for small miners. I'd think a new replacement for the S9 might be in the works later this year or I heard a asic for eth also. Been making pretty good with a few A3 on Sia coin but 2nd batch comes out this month too.

whereismyname
whereismyname

Its not impossible by any means, my electric bill is 3500 a month but im still making 12k a month its just a few months back I was making 30k a month.

eGremlin
eGremlin

That's why no one mines this shit exclusively. Mine some alt coin and trade for btc

Stark_Naked
Stark_Naked

but now we are quickly getting to the point that mining bitcoin does not even break even.

hint: new asics soon

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Lunatick
Lunatick

My question is when all the bitcoins are mined and all that's left are transactions fees, will it still be profitable to keep the network online?

Sharpcharm
Sharpcharm

this is something CSW acknowledges in interviews freely, and is part of why he's aggressively focusing on ramping up uses in commerce and also trying to eliminate altcoins

Nojokur
Nojokur

to be accurate, "all" bitcoin wont be mined until after 2100 but within the next 7 years BCH needs to actually be used as cash by a good portion of the global population or else it will fail.

viagrandad
viagrandad

Thats why we have to get the transaction higher and more people using it daily. What BCH is trying to do, a store of value isn't going to pay the miner fees we have to have billions of transactions daily

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