Bitmain slows down

Status
Not open for further replies.
FelixFelicis

FelixFelicis

New member
Bitmain now ready to close their branch in Amsterdam and Israel. Mining now is not cost-effective. Well, if this world giant now almost gave up, could we say that mining is really dead now? Company commented the situation with the example: "If our income is 5000, minus electricity bill from it and we'll get only 500$ profit." Sounds pretty sad, because mining for ordinary user now seems totally useful. Is any alive miners here? Can you share your opinion about it?
 
Mining is not the best decision right now. As we all can see the crypto rates are still too low to earn something on it and the electricity bills become more and more expensive. I'm sure that all miners who continue to do that are only losing now. It will be more profitable when the rates will grow enough in order to continue earning real money.
 
Benji77 said:
I never believed that mining can bring more profit than sell and buy strategy.
There should be many conditions to be considered for miners.
Trading is more beneficial crypto income.
Click to expand...
You are right in this, but this can not be said about cloud mining for example. You can issue cryptocurrency yourself.
 
Robinst said:
Mining is not the best decision right now. As we all can see the crypto rates are still too low to earn something on it and the electricity bills become more and more expensive. I'm sure that all miners who continue to do that are only losing now. It will be more profitable when the rates will grow enough in order to continue earning real money.
Click to expand...
But what about cloud mining? I hear that this is very good solution for economy
 
FelixFelicis said:
Bitmain now ready to close their branch in Amsterdam and Israel. Mining now is not cost-effective. Well, if this world giant now almost gave up, could we say that mining is really dead now? Company commented the situation with the example: "If our income is 5000, minus electricity bill from it and we'll get only 500$ profit." Sounds pretty sad, because mining for ordinary user now seems totally useful. Is any alive miners here? Can you share your opinion about it?
Click to expand...

To me, at least here in central Europe it seems to be dead. Most people I know did GPU Mining at home with a few rigs (50-100 GPUs) back in the days - they mined the most profitable coin and did some trading. That was years ago. But there are still some people mining with ASICs - and they are for example renting small warehouses and generating their own power (water turbines,...). Within developed countries those people are struggling with vague tax laws (when doing it "legally"), fire regulations (Imagine buying a mining location for 500.000 USD and finding out that proper adaptions such as specialized fire extinguising systems, ventilation and so on cost another million USD).

For private individuals it's imho not worth it anymore (At least in the US/Canada/Europe). Except for crazy ones going big.
 
I also want to add that it all depends on the price of electricity. My friend from Eastern Europe told me that the priests staged a mining center in the church, and paid for the electricity for benefits
 
Status
Not open for further replies.
Back
Top