Is mining dead?

[Steve5]

17 hours ago, Martinsx said:

 

The main frustration comes with having to waste your time for so long trying to see if you are going to be able to reach the threshold for withdrawal but still unable to do so and end up quitting it. It's all wasted time and energy. 

Yes, that's really disappointing. A lot of people burn out from eventual failures. It's like they tried so hard but didn't get anything worthwhile out of it. It's better to study more about it first before doing a bunch of stuff. Cryptocurrency is a very complex topic. 😃

[menchuuy58]

8 hours ago, Steve5 said:

That's terrifying. I'd have to agree. It seems that a cashless society is inevitable. Especially, given the emphasis made on cryptocurrency. I hope by then we won't experience these end time predictions. It chills me to the bone thinking about it. 😱

Thanks for agreeing with me. I perfectly agree with your comment. It's terrifying to enter into the cashless society.

[Martinsx]

10 hours ago, Steve5 said:

Yes, that's really disappointing. A lot of people burn out from eventual failures. It's like they tried so hard but didn't get anything worthwhile out of it. It's better to study more about it first before doing a bunch of stuff. Cryptocurrency is a very complex topic. 😃

Exactly! Most of the times people venture into a lot of business prospects with so much optimism but eventually on the long run, they find it very difficult  achieving their goals. This has been the case of most people who try to mine cryptocurrencies. 

[menchuuy58]

On 7/8/2018 at 5:39 PM, EfficientNinja said:

I also think that the mining industry is really quiet nowadays. I don't see that much news about it. But they will soon get attention once it is more profitable to mine cryptocurrencies. An old relative of mine was planning to make his crypto mining business with his friends. I hope he's still in the business.

I agree with you. Bitcoin mining is just quiet. It doesn't mean it is dead. I still have my bitcoin wallet from coins.ph. I am waiting for the price to go up. 

[anyone01]

On 5/27/2018 at 11:45 PM, Henrywrites said:

The challenges of mining Bitcoin is one that is making the reduction in prices, but that doesn't mean that it is going to continue that way since some of the top traders are doing all they could to ensure that mining of coins continue. So, I'm hopeful that there will be improvement in a matter of time.

 

[cks003]

If the price of Bitcoin, Ripple, Etherium drop to unprofitable level, mining which requires substantial resources from outside the network (i.e. electricity), will not garner as much followings as before.  But to upkeep the overall performance and functioning of the network, mining has to be continued.   Lower mining activities mean higher compensation to the miners as less number of miners are sharing the reward and will again attract new miners to the network.  In other words, the mining activity will find its equilibrium or stable level.  

[menchuuy58]

On 5/27/2018 at 10:06 PM, MittensFX said:

Hi there!What do you think?Is mining dead and are cryptocurrencies going to drop in USD/EUR.In my opinion,mining is slowly getting more less and less popular as the price for bitcoin has dropped down significantly in USD value.This is kinda sad to be honest but it does not mean that cryptocurrencies in general wont be used at all.A lot of sites still operate based on cryptocurrencies and crypto mining.Leave a comment below on your thoughts.Would love to hear them!

Hello to you also. I don't think it is dead. It is still existing as of today.

[menchuuy58]

On 11/7/2018 at 12:19 PM, Steve5 said:

Yes, that's really disappointing. A lot of people burn out from eventual failures. It's like they tried so hard but didn't get anything worthwhile out of it. It's better to study more about it first before doing a bunch of stuff. Cryptocurrency is a very complex topic. 😃

I agree with you. It is a very complex topic. It is better to study and observe it first.

[menchuuy58]

4 hours ago, cks003 said:

If the price of Bitcoin, Ripple, Etherium drop to unprofitable level, mining which requires substantial resources from outside the network (i.e. electricity), will not garner as much followings as before.  But to upkeep the overall performance and functioning of the network, mining has to be continued.   Lower mining activities mean higher compensation to the miners as less number of miners are sharing the reward and will again attract new miners to the network.  In other words, the mining activity will find its equilibrium or stable level.  

I hope that the prices can go up. I also pray that mining will continue and help many people gain financial freedom.

[Martinsx]

On 11/7/2018 at 5:13 AM, Steve5 said:

That's terrifying. I'd have to agree. It seems that a cashless society is inevitable. Especially, given the emphasis made on cryptocurrency. I hope by then we won't experience these end time predictions. It chills me to the bone thinking about it. 😱

Actually, I'm in support of cashless policy because it helps to stop money laundry and stop these bad politicians in my country to stop stealing the nation's money for themselves alone. 

[Steve5]

On 11/8/2018 at 5:01 PM, Martinsx said:

Actually, I'm in support of cashless policy because it helps to stop money laundry and stop these bad politicians in my country to stop stealing the nation's money for themselves alone. 

That's okay. I'm just worried about the potential control of the government over everything. If they do get their hands on cryptocurrency, it might restrict everyone to the point of a totalitarian society. It's a scary future indeed.

[Steve5]

On 11/8/2018 at 3:59 PM, menchuuy58 said:

I agree with you. It is a very complex topic. It is better to study and observe it first.

Yes, you might end up regretting your decision in the future. It's not nice to lose a lot of money over bad decisions. So make sure you understand it well enough first before trying it out.

[Steve5]

On 11/7/2018 at 10:50 PM, Martinsx said:

Exactly! Most of the times people venture into a lot of business prospects with so much optimism but eventually on the long run, they find it very difficult  achieving their goals. This has been the case of most people who try to mine cryptocurrencies. 

It's really sad. This is why we should avoid making decisions during emotional moments. Because we tend to lose sight of common sense. Logic must be applied in order to gain a better chance at earning money.

[cks003]

Mining activities have garnered less and less interest given the large drop of price for most of the virtual coins.  The huge initial layout and the monthly high electricity bill have made the mining not profitable compared to one year ago when the Bitcoin was at its peak and Ether was at $400.  Many miners have started to sell their mining tools and I observed lots of investors have started shifting to other investment markets such as share market.

[Bravosi]

The biggest problem with mining is that you need a decent budget to build a farm, and those expenses must be recovered in the hope that Bitcoin or any other cryptocurrency won't drop. So it's a double risk. I'd say mining is still popular, but not as much. Many people got disappointed by Bitcoin, however, I'm sure that Bitcoin dropped only for a short period of time and that it will rise again soon.

[Martinsx]

It's very obvious that people are actually losing their interest in trying to mine cryptocurrency lately because the constant drop in the digital currency is making it look worrying. 

[Martinsx]

20 hours ago, Steve5 said:

That's okay. I'm just worried about the potential control of the government over everything. If they do get their hands on cryptocurrency, it might restrict everyone to the point of a totalitarian society. It's a scary future indeed.

Cryptocurrency is getting so unstable lately and I'm sure that the government and other trends going on all over the world have something to do with the phasing of the price of Bitcoin especially. 

[Martinsx]

20 hours ago, Steve5 said:

It's really sad. This is why we should avoid making decisions during emotional moments. Because we tend to lose sight of common sense. Logic must be applied in order to gain a better chance at earning money.

Investment aren't the best made with emotions because on the long run, our emotions would make us to make the wrong decision based on the wrong impulse. 

It's better to make any business investment decisions based on facts. 

[Steve5]

1 hour ago, Martinsx said:

Cryptocurrency is getting so unstable lately and I'm sure that the government and other trends going on all over the world have something to do with the phasing of the price of Bitcoin especially. 

That's really unsettling. Does that mean that the government has somehow already infiltrated bitcoin? It seems an inevitable thing. With all their manpower and resources, anything can happen. 😲

[Steve5]

1 hour ago, Martinsx said:

Investment aren't the best made with emotions because on the long run, our emotions would make us to make the wrong decision based on the wrong impulse. 

It's better to make any business investment decisions based on facts. 

I agree. So many people jump in the bandwagon the moment something takes off. Like with blogging in the previous years. And now we have aspiring YouTubers. Pretty much anything that's monetized is a sure thing to catch people's attention. 😂

[Martinsx]

9 hours ago, Steve5 said:

That's really unsettling. Does that mean that the government has somehow already infiltrated bitcoin? It seems an inevitable thing. With all their manpower and resources, anything can happen. 😲

The government might not be directly involved with Bitcoin situation but it's very possible that they are indirectly involved and responsible for what it happening at this moment. 

[Martinsx]

9 hours ago, Steve5 said:

I agree. So many people jump in the bandwagon the moment something takes off. Like with blogging in the previous years. And now we have aspiring YouTubers. Pretty much anything that's monetized is a sure thing to catch people's attention. 😂

Exactly! Who doesn't want to make money on both short term and long term basis? I'm among such persons as well but the difference between them and myself is that I'm very sure and careful before I invest my money on anything. 

[Bravosi]

On 11/7/2018 at 6:13 AM, Steve5 said:

That's terrifying. I'd have to agree. It seems that a cashless society is inevitable. Especially, given the emphasis made on cryptocurrency. I hope by then we won't experience these end time predictions. It chills me to the bone thinking about it. 😱

Being a cashless society is scary for those, who don't have their own barter items. I sold my apartment in the city and moved to the rural area. We grow our own food, have our own water and electricity. So hehe...

[janie1984]

Vitural currency is here to stay. As more countries make the switch to a cashless society, expect to see cryptocoins play a bigger role in how we pay for things and the preferred currency of people. One of the problems with coin mining is that they require immense amounts of energy. Quite frankly, if you wanted it to still be profitable to mine and not destroy the planet at the same time, miners should switch to renewable energy which would also help lower the cost of mining. However, it would still require a lot of capital and that's a major part of the downtrend in mining- the huge amounts of capital - physical, monetary, and labor - required to maintain these mining operations is more than the coin is currently worth.

[Steve5]

On 11/27/2018 at 6:13 PM, Bravosi said:

Being a cashless society is scary for those, who don't have their own barter items. I sold my apartment in the city and moved to the rural area. We grow our own food, have our own water and electricity. So hehe...

Well, you certainly are steps ahead of most of us. I hope your investment pays off in the future. But I also would not like to be in the cashless future of society. I'm still scared by it.