Stopped mining for now due to high electricity cost. Does lower number of miners = easier mining?

jang430jang430 Member Posts: 93
edited April 9 in Mining
Hi! I have another thread here that I started. Electricity costs caught up with mining profits. I want to ask now that price of ETH is so low, and I am sure there are those like me, considered, or shutdown their mining temporarily. Does fewer miners change anything about the ease of mining? Or do we get more shares or anything out of it?

Since no Asic mining yet, theoretically, what will happen if everyone decides to stop mining for now, due to high cost of electricity? Who will process transactions? Will it slow down?

Comments

  • Ericjh801Ericjh801 Utah, USAMember Posts: 350 ✭✭
    Fewer miners would bring down the difficulty making mining easier and rewards going up some. A good example of this is the Monero hard fork. The network difficulty plummeted after they changed it because all the ASICS fell off/etc. I think regardless of electricity cost, people will still mine, maybe not all of them but there will be quite a few sticking it out.
  • CaliciteCalicite Member Posts: 44
    edited April 10
    Yes the number of small GPU miners like us will reduce ,but difficulty will go up anyway because of rich people - centralized entities will control network with ASICs.

    90-98% community was against ASICs ,but looks like devs are not going to do anything about it
    Ask Vitalik if you want know exactly for how much did he sold Ethereum to Bitmain: https://twitter.com/VitalikButerin

    Good luck!
  • Ericjh801Ericjh801 Utah, USAMember Posts: 350 ✭✭
    Can always switch to another algo if you don't like the ETH way anymore. I've switched to Monero for a few just because they forked and the profitability is way higher than ETH. It will go back down and things will even out but a good way to diversify my holdings.
  • CaliciteCalicite Member Posts: 44
    edited April 10
    Problem is that not all GPUs perform well on CryptoNight algo.

    In case if you have Nvidia.
    I heard ZenCash will be ASIC resistant soon and will outperform ZCash and some other coins will have good future for GPU miners also.

    But problem is when GPU miners will leave ETH - network will be controlled by Bitmain ASICs. It is scary, because all top 3 coins BTC LTC BCH are ASIC coins (Bitmain coins) sad if ETH will join

    I'm starting to lose fate in decentralized blockchain future, because basically 70% of Crypto market cap will be controlled and manipulated by wales not regular people community.
  • Ericjh801Ericjh801 Utah, USAMember Posts: 350 ✭✭
    I'm a part time miner and I have a few asics, they are not all controlled by "whales". Just my thoughts.
  • CaliciteCalicite Member Posts: 44
    edited April 10
    Ericjh801 said:

    not all controlled by "whales".

    I'm not so sure about that.

    Can you explain this please?
    Bitmain installs remote KILL-SWITCHES on the ASIC miners.
    https://forum.ethereum.org/discussion/17889/bitmain-installs-remote-kill-switches-on-the-asic-miners#latest

    I case there is instruction how to disbale kill switch encoded in Antminer firmware here: https://www.antbleed.com/

    And yes it is possible to buy GEN 1 ASIC when they already have GEN 2 mining. If you buy ASICs it is very possible that you feed shady monopol controlled by few wales. Centralized entity who use this smart strategy to gain power and eventually take over all crypto network.



  • Ericjh801Ericjh801 Utah, USAMember Posts: 350 ✭✭
    If you want to mine certain coins, it's ASIC's or nothing. You do as you please, they have a pretty big monopoly on providing ASICS, it's not like everyone is just going to boycott them. I mine ETH with GPU's and other stuff with ASICS. May not pay off, but power isn't too badly priced here and i'm getting a warehouse/commercial setting that has even cheaper power. I'll mine until it loses more than i'm willing to accept.
  • asusrigasusrig Member Posts: 99
    Ericjh801 said:

    Can always switch to another algo if you don't like the ETH way anymore. I've switched to Monero for a few just because they forked and the profitability is way higher than ETH. It will go back down and things will even out but a good way to diversify my holdings.

    Are you mining Monero with RX580 cards? Or Nvidia? If profitability is so much higher why bother with ETH? Because it sounds like not all your rigs are on Monero.
  • Ericjh801Ericjh801 Utah, USAMember Posts: 350 ✭✭
    Yes with the RX580's. It's evened out now but it was quite a bit higher for a few days because of the hard fork. Based on today's numbers, they are even when it comes to mining with my rigs. I switched all 6 rigs over right after the fork because the difficulty went down a ton (made asics not work, etc). Will mine a few more days of Monero just to have some different coins around and then switch back to ETH.
  • Ericjh801Ericjh801 Utah, USAMember Posts: 350 ✭✭
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  • Ericjh801Ericjh801 Utah, USAMember Posts: 350 ✭✭
    edited April 12
    :)
    Post edited by Ericjh801 on
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