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sourc3code

Is anyone here still mining?

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So I've been into mining ever since around 2014 back when ASICS were just starting to emerge, and the majority of hashing power was in graphics cards. During that time the Antminer S1 had just come out, and pushed a whopping 180GH/s in a package that was about the size of a 4u rack server. Fast forward to today, and ASICs are the standard with something like the Antminer S9 pushing approx. 14.5TH/s. Thats a massive increase, which also means there's been a massive increase in difficulty level. With this being said, are there still any miners out there who have been mining since a few years back and see it as still profitable? In most cases, mining BTC is NOT profitable immediately, but people usually do it in hopes that the price of BTC will rise in the future, which would compensate for any diminished gains now. 

Also, I wanted to ask are there any out there who are mining with the new FPGA cards? These are supposed to be the new standard for mining especially with certain coin algorithms that require more memory. I've considered trying one out, but heat is supposed to be a big factor with these cards and poor dissipation of heat will easily cause premature failure with the units. Has anyone had any experience with them?

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I dont consider mining at profitable anymore since 2013. I remember the days you could mine using your CPU and those really helped get loads of rewards which if saved till today would be a huge amount. You can still try mining Ethereum and other altcoins.

There are a lot of discussions regarding the FPGA cards but I dont know much about them. Almost all the mining ICOs from last year which were legit have been unable to deliver good returns based on dividends per token. Currently the S9 is the one they are using and probably looking forward to S11 as well.

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mining, you say?! that is a wonderful hobby!

yes, indeed - you can mine very well: if not for the purpose of immediate profit, or as they say, Lambo to the Moon :p!

when you begin to learn, it opens up a new world of many fun activities, ranging from fixing computer hardware to learning about programming and general setup;

since it is packed with information, every miner will find it's purpose and calling in the world of computers, to meet new friends & open a new view of possibilities!

anything that involves research and learning is worth a while in life, because it brings multiple benefits, maybe not seen for immediate eye...

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Im still doing small mining,nothing serious.

Years ago I bought a pair of USB sticks for mining SCRYPT coins, like LTC or DOGE.

The plus side is that they dont eat a lot of energy, and you can have them plugged into your laptop or PC all day without you noticing you are mining.

The down side is that now they are obsolete, both sticks working 24 hours only generate between 2k and 3K litoshis.

But I keep them running anyway .....

Sometimes I also mine with a video card some Neoscrypt coins like FTC or ORB, but only when I have some "free" electricity...

 

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On 27/11/2018 at 11:29, UltraChief said:

I dont consider mining at profitable anymore since 2013. I remember the days you could mine using your CPU and those really helped get loads of rewards which if saved till today would be a huge amount. You can still try mining Ethereum and other altcoins.

There are a lot of discussions regarding the FPGA cards but I dont know much about them. Almost all the mining ICOs from last year which were legit have been unable to deliver good returns based on dividends per token. Currently the S9 is the one they are using and probably looking forward to S11 as well.

You are correct - I think most of the miners these days are really mining more for potential gains should the price rise in the future from the coin. This is a big risk though, as its been made even more real to us lately with the sudden unexpected plummet in all cryptocurrency prices. I ask this more to get an idea of where the crypto community is at in their stance on mining, as although it may not be necessarily profitable, it is something that someone has to do in order for the blockchain ecosystem to function properly. No miners = no transactions being confirmed, which means cryptocurrency dies.

Given that its clear from everyone's answer above that its well known that mining isn't profitable in the short term, what are some ideas on how can the community provide alternate incentives for miners to continue mining? Especially since the difficulty increases and the amount of coins received per block diminishes, I think its important for everyone to start thinking of how miners will be compensated in the future for their efforts and resources. Personally, I don't feel that the block reward in itself will be enough to incentivize mining after a certain point as it seems that difficulty and technology speed are not linear. Yes, we're hashing more than ever, but its taking SiGNIFICANT amounts of electricity and computer chips to accomplish this. Eventually, there will be fewer and fewer miners as the profit gap closes. This will most likely cause transactions to be very expensive to have confirmed on the blockchain and the amount of time it takes will. Both of which are counterproductive to the growth of cryptocurrency. Yes, we still have time before it gets to that point but I think it is important to start thinking now.

14 hours ago, maverick528 said:

Im still doing small mining,nothing serious.

Years ago I bought a pair of USB sticks for mining SCRYPT coins, like LTC or DOGE.

The plus side is that they dont eat a lot of energy, and you can have them plugged into your laptop or PC all day without you noticing you are mining.

The down side is that now they are obsolete, both sticks working 24 hours only generate between 2k and 3K litoshis.

But I keep them running anyway .....

Sometimes I also mine with a video card some Neoscrypt coins like FTC or ORB, but only when I have some "free" electricity...

 

Nice - I have heard of this and I've considered doing it as well. Essentially having a "lottery ticket" running where you try and mine a block solo. The chances would be slim, but hey it is theoretically possible and there have been a few who have managed to pull it off. It sounds like you're currently having yours pointed to a mining pool - I would personally suggest pointing them to a "solo pool" where you can attempt to solve blocks with your own device. This way if you ever do find one you'll receive the full reward for the block :) Now wouldn't that be awesome!

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4 hours ago, sourc3code said:

Given that its clear from everyone's answer above that its well known that mining isn't profitable in the short term, what are some ideas on how can the community provide alternate incentives for miners to continue mining?

Nothing else other than the mental satisfaction that you are helping the network mine blocks. 

4 hours ago, sourc3code said:

Especially since the difficulty increases and the amount of coins received per block diminishes, I think its important for everyone to start thinking of how miners will be compensated in the future for their efforts and resources.

If some miners decide to shut down the other miners will get increased mining rewards. So its like a chill effect where nobody would want to stop mining.

4 hours ago, sourc3code said:

No miners = no transactions being confirmed, which means cryptocurrency dies.

This is false. You can know why by looking it up on the internet.

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8 hours ago, sourc3code said:

 

Nice - I have heard of this and I've considered doing it as well. Essentially having a "lottery ticket" running where you try and mine a block solo. The chances would be slim, but hey it is theoretically possible and there have been a few who have managed to pull it off. It sounds like you're currently having yours pointed to a mining pool - I would personally suggest pointing them to a "solo pool" where you can attempt to solve blocks with your own device. This way if you ever do find one you'll receive the full reward for the block :) Now wouldn't that be awesome!

Yeah, Im using a mining pool, so instead of trying to get a whole block reward (but with a very small chance) Im just getting steady small rewards.

LTC is down lately in price as all the other coins, so some miners turn off their equipment, and that means more rewards for the ones that still are mining.

Now Im getting 3.7K litoshis every day !!!!

 

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On 29/11/2018 at 02:55, UltraChief said:

Nothing else other than the mental satisfaction that you are helping the network mine blocks. 

If some miners decide to shut down the other miners will get increased mining rewards. So its like a chill effect where nobody would want to stop mining.

This is false. You can know why by looking it up on the internet.

How is this false? Miners are set up to approve transactions in the memory pool, hence the reason why if you don't add enough fees to it the time it takes increases. Mining accomplishes two things:

1) Creating new coins in each block found

2) Confirming transactions in a trustful manner

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I do not think it is still worth anymore since 2013 as well from what i have read and seen. Also do you still think home mining is still a thing? Are you willing to sacrifice your own hardware for mere small backs in profit? Even if you use these new hardwares (appropriate mining graphic cards and processors) do you still think they are worth sacrificing? Or will they not lose their potential in the long run, even break pherhaps?

Still i think mining is worth for bigger companies where they focus into mining ONLY and nothing else. Concerning that there are less and less adresses to be found and such. But due to halfs and forks who knows as well for the technology advances.

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On 15/01/2019 at 05:10, DreamStage said:

Still i think mining is worth for bigger companies where they focus into mining ONLY and nothing else.

Different opinions here. If someone is mining bitcoin then obviously yes. But some individuals are mining altcoins with smaller setups as well. Those altcoins which they are bullish on and they hope to see them grow in price in future. 

On 15/01/2019 at 05:10, DreamStage said:

Concerning that there are less and less adresses to be found and such.

A transient consideration of mining being less profitable is also due to the decreased price of bitcoin below the 6k USD level. Several mining companies took losses but that does not mean mining will stop. As soon as a big miner exits the network, proportional mining profit share of the rest of miners will increase. Thus those who are mining to collect more and more crypto will become happy and will continue mining >> This in turn leads makes mining a more "small cap business" than the large companies monopolizing it.

On 15/01/2019 at 05:10, DreamStage said:

But due to halfs and forks who knows as well for the technology advances.

Halving is not an issue for miners - just halved subsidy per block. Forking is a problem though. Some of the biggest debacles of forking have been the creation of worthless coins when miners didnt agree on a single coin, for example ethereum classic fork from the main ethereum chain back in 2016.

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