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Comments
Net hash went from 64,000 to 65,000 which is a normal daily increase lately.
https://themerkle.com/what-is-the-ethereum-difficulty-bomb/
The solution would be a blockchain difficulty split or a major bump in the value of ETH. Since the value is not really something that can be fixed unless some rich guy decides to buy a few mil worth of ETH, hopefully the difficulty drops soon. Of course if the POS is going to be implemented soon it really won't matter and we won't see a drop in difficulty.
Or I could just be full of shit.
noobpool.com A mining pool for everyone, even those who don't have a house full of mining rigs.
Difficulty increased by 128TH/s (12%)
ETH price down by 25%
Litecoin slightly more profitable but can't compete against ASIC miners
We all know what comes after down..
in the next months everyone will be selling their cards and will be a glut of hardware out there.
Just hold your mined coins...
The people who got rich on mining were mining Eth when the network hashrate was so low they could mine multiple Eth per day. Then they held onto those mining rewards as the price went up.
That doesn't mean it's not profitable, unless you fail to know the definition of profitable or purchase bad equipment due to FOMO.
Buying the standard recommended mining equipment breaks even, with today's prices and difficulties, within ~5-6 months depending on a few variables. That means the day after you have theoretically made a profit, which means it is still profitable.
Do not get into mining thinking it's get rich quick...
Less than .10% (That is a tenth of one percent) of miners "got rich", if you define rich as not needing to work anymore and being able to afford just about anything (Lamborghini included) The average Joe uses mining to SUPPLEMENT their income, not replace it.
I recommend to continue mining if you already have done so. Lastly, It is my belief that Eth will stagnate, the ICO's of recent have proved the Eth network is not reliable for a lot of real world use because it goes down when a small ICO (compared to real world application) occurs.
1) It takes literally 45 minutes to verify a transaction, try to go to buy food and tell the guy to wait 45 minutes to prove you paid.
2) It takes more processing power to verify ONE transaction than to power a home in the US for 1.5 days, this power has more value than verifying the transaction and therefore will limit the usage of Bitcoin
We will see how it goes though, I for one definitely do not see Eth being over the $400 mark by the end of the year. One big hit to Eth is that all the people who got it after it shot from like $10-200 got burned or failed to see the crazy gains they expected and are probably going to exit. This will hamper down the value some. One thing I am certain of is the explosive growth it has this year (2000%) will without a doubt not continue.