• Forum has been upgraded, all links, images, etc are as they were. Please see Official Announcements for more information

Will mining Dash become profitable again?

Status
Not open for further replies.
xoibsurferx

xoibsurferx

New member
Hello everyone,

I'm receiving my antminer D3 tomorrow and from what I've read a lot of people are in the same boat as I am. I purchased it a few months ago when it was extremely profitable - I knew it would drop but not down to nothing like it is now.

I realize the difficulty being as high as it (due to the crazy amount of miners on the network) is has made profitability drop as well as people not holding or using Dash.

Will it turn around and become more profitable to mine again? -> At this rate Dash may not live much longer. I know when Evolution launches that may help but will it?

Just looking for opinions! Thanks!
 
If there is too many miners, then natural selection kick in and weak are going to quit.
Same thing with masternodes, if there are too many of them, natural selection...
 
AjM said:
If there is too many miners, then natural selection kick in and weak are going to quit.
Same thing with masternodes, if there are too many of them, natural selection...
Click to expand...

Hi! Not sure I understand- I know what natural selection is but I don't agree- Not trolling here-I am new :) The weak in your example are the smart in my mind- Who would mine at a loss? Sure you can bank coins and "hope" for a brighter future (I've mined at a loss before- but for a very short time) but for that we may as well just buy coins- Even if there is a die-hard hardcore DASH fan out there that will stay with it until the miners burn out from usage (and no profit) does the community really think this is a sustainable model ? Its not. And if it cost $130/month to run the miner and your only making $15/month ($115 loss) do we really think the larger
miners (people with 10,20,30 miners or more) will stay in the game ? its not about weeding out the weak its about smart mining..those funds going to power mining are better spent elsewhere where returns are presently better (like Scrypt or SHA 256 mining)

The diehards in my mind will most likely come from the little guys with nothing to lose with the 1-3 miners - hope and a prayer- that things will turn around...how sustainable is that ? They are out thousands in mining gear and now hundreds per month in paying for electric.

I don't know enough about the trends so I could be wrong- maybe people leave the mining community- Hash and Difficulty drop- profits return- but there are just SOOOOOO many D3's out there- how long will that take- would it even matter ? if the damage is done can it be reversed ?

Help me understand how you see it playing out :)

Thanks
 
Last edited:
Lots of people get caught if they don't start mining with the new/fast/powerful mining rig early in the difficulty curve rather than later. I sympathize with your difficulty, but there is not much to be done about it.

Even way in the beginning, Evan described the likely progression of mining, from cpu's to gpu's to asic machines. He designed it to be difficult to implement ASIC machines for the first few years. But he knew they would eventually come out. Then mining becomes more of a wholesale/commercial/industrial process.

The community has tried to warn people of the risks of mining. Did you run across any of those warnings?

You could probably sell your mining rig, probably at a loss, and just buy the Dash directly, so there are other options.

I would add this idea though. If you live in a cold climate, you could think of your mining rig as an electric heater that also produces Dash. If you need the heat, your electricity is effectively free, or at least much cheaper. AND, you can write it off as an expense of the business, effectively relieving you of having to pay taxes on your profit. From the tax man's point of view, you don't have profit. The depreciation of your equipment and your electricity costs eat up "all" of the profit, thus no taxes.

If you live in a hot climate, the "free" heat is a liability, not an asset, and will only cost you more money.
 
It should be profitable.
In bitcoin forks Miners are responsible of creating the blocks.
If minjng is not profitable then blocks cannot be created, so the coin collapses.
Unless of course there is a decisikn by the masternode owners to turn dash into a non mined blockchain cryptocurreny (there are some of them already running, like duniter for example)
 
demo said:
It should be profitable.
In bitcoin forks Miners are responsible of creating the blocks.
If minjng is not profitable then blocks cannot be created, so the coin collapses.
Unless of course there is a decisikn by the masternode owners to turn dash into a non mined blockchain cryptocurreny (there are some of them already running, like duniter for example)
Click to expand...

What makes you think there are not miners out there making a profit? That's what you're implying right?
 
solarguy said:
What makes you think there are not miners out there making a profit? That's what you're implying right?
Click to expand...
No I didnt said that.

My quote was an answer to the question of the thread: "Will mining Dash become profitable again?"

This question implies that miners have no profit. As long as I am miner noob, my response was:
They should earn profit, because if they dont earn profit then Dash (having the technology it has nowadays) is unable to create new blocks and thus function normally.
 
Last edited:
demo said:
No I didnt said that.

My quote was an answer to the question of the thread: "Will mining Dash become profitable again?"

This question implies that miners have no profit. As long as I am miner noob, my response was:
They should earn profit, because if they dont earn profit then Dash (having the technology it has nowadays) is unable to create new blocks and thus function normally.
Click to expand...

I didn't say, you said it. I said, you implied it.

Do you think mining Dash right now is not profitable?
 
As a former miner, I am sorry but you make me laugh how naive you have been. Mining is a competition, and you compete to have the highest hash-rate and the lowest electricity bill. If your not making any money your losing the competition, it's as simple as that, another one will take your place. Dash will surely not die at all. The difficulty readjustment algorithm works just fine.

*I stopped minning myself because I could not mine anymore due to the high price of electrify, and the VAT tax on buying the hardware it was quite lot of fun picking the best hardware, and tweaking it to maximum efficiency, but in the end I lost the competition as well.
 
solarguy said:
I didn't say, you said it. I said, you implied it.

Do you think mining Dash right now is not profitable?
Click to expand...

As I already told you, I am a noob in the mining ecosystem and I do not completely understand how it works. So I cannot estimate whether Dash mining is right now profitable, or not.
 
Last edited:
demo said:
As I already told you, I am a noob in the mining ecosystem and I do not completely understand how it works. So I cannot estimate whether Dash mining is right now profitable, or not.
Click to expand...

Then why are you even responding to this thread?

I am mystified yet again.
 
xoibsurferx said:
I realize the difficulty being as high as it (due to the crazy amount of miners on the network) is has made profitability drop as well as people not holding or using Dash.
Will it turn around and become more profitable to mine again? -> At this rate Dash may not live much longer. I know when Evolution launches that may help but will it?
Just looking for opinions! Thanks!
Click to expand...

The solution is simple. Miners, along with the Masternode owners, should be allowed to vote for the difficulty. Everyone should be allowed to cast a vote in between max and min difficulty. And the average of all votes should be the decided difficulty. Also, this voted difficulty should be allowed to change not every 2016 blocks, but in every block.

Keep It Simple Stupid! ---> Vote the numbers!
 
Last edited:
The philosofers coin said:
As a former miner, I am sorry but you make me laugh how naive you have been. Mining is a competition, and you compete to have the highest hash-rate and the lowest electricity bill. If your not making any money your losing the competition, it's as simple as that, another one will take your place. Dash will surely not die at all. The difficulty readjustment algorithm works just fine.

*I stopped minning myself because I could not mine anymore due to the high price of electrify, and the VAT tax on buying the hardware it was quite lot of fun picking the best hardware, and tweaking it to maximum efficiency, but in the end I lost the competition as well.
Click to expand...


Actually its been proven that there are currently no miners, unless they have some top secret, super efficient miner theyre using, regardless of electricity cost, making any meaningful profits out of these miners. It's only been a few months for fuck sake - bitmain has been selling bitcoin miners for years and their hashrate is in the millions of TH/s, DASH JUST broke out of the thousand TH/s mark, this is not normal, and not sustainable.
 
AjM said:
If there is too many miners, then natural selection kick in and weak are going to quit.
Same thing with masternodes, if there are too many of them, natural selection...
Click to expand...

And you're telling me bitcoin has this problem too? LOL - theres a fuckton of bitcoin miners who arent losing all of their profits so quickly. The miners JUST came out a few months ago, and now you're talking about natural selection between the months of August to November? Not even a year? Get real.
 
Checkerama said:
And you're telling me bitcoin has this problem too? LOL - theres a fuckton of bitcoin miners who arent losing all of their profits so quickly. The miners JUST came out a few months ago, and now you're talking about natural selection between the months of August to November? Not even a year? Get real.
Click to expand...

Yes. You said it yourself, the miners just came out a few months ago, and these miners are capable of way more hashing than was previously available. Naturally there would be a rush and a dramatic increase in the hashrate. What did you think would happen after a ton of new miners fly off the shelves, the buyers are not going to use them?
 
Vedran Yoweri said:
ok. don't play the game and complain when you loose with arguments witch show you don't understand the game.
Click to expand...

I've been playing the game far longer than you have matey. I switched from bitcoin to DASH because I thought this had a promise of global presence on it when it came to its technology. Right now, it just reeks of disappointment and a handful of community members that think they're the adults in the room who avoid "speculation".

What a waste of technology.
 
Checkerama said:
I've been playing the game far longer than you have matey. I switched from bitcoin to DASH because I thought this had a promise of global presence on it when it came to its technology. Right now, it just reeks of disappointment and a handful of community members that think they're the adults in the room who avoid "speculation".

What a waste of technology.
Click to expand...

@Vedran Yoweri is a well known retarded member of this community.
Dont take him seriously. Nobody does. He is the retarded of the village.
 
Status
Not open for further replies.
Back
Top