In the past period, I noticed the difficulty of making a good profit from mining some altcoins. If we ignore LTC and Doge, the return from mining a lot of altcoins has become more difficult than in the past. I have about (850MH 690W) *3 , which is about 2550 MH, and I used to get a return of about $6 per day from mining some altcoins. But now it has become difficult to get $2, so what do you think about the future of altcoin mining?
With new altcoin avoiding PoW and there aren't many existing PoW altcoin with strong community or uniqueness, i'd assume altcoin mining would be less attractive in the future. If we look at https://www.coingecko.com/en/categories/proof-of-work-pow (https://www.coingecko.com/en/categories/proof-of-work-pow), there are only 9 PoW coins in top 100 and 37 PoW coins in top 1000.Many of them are bitcoinForks and the rest have low hashrates that make renting nicehash a good amount of money to perform a 51% double spend attack.
The future of POW altcoin miningI have e known PoW for bitcoin while PoS for altcoins. It is a matter of time and every altcoins will migrate to PoS. It was same with BTC where 50BTC was the reward with a lesser energy and what about it today. Solo miners are no longer profitable. Altcoins cannot withstand this but will soon change protocols to PoS.
I have e known PoW for bitcoin while PoS for altcoins. It is a matter of time and every altcoins will migrate to PoS. It was same with BTC where 50BTC was the reward with a lesser energy and what about it today. Solo miners are no longer profitable. Altcoins cannot withstand this but will soon change protocols to PoS.I don't think ALTS will switch to POS anytime soon because we still have ETC/ETHW - blockchains that are thriving based on POW. My friends are still mining ETC/ETHW and making a decent profit. Other POW coins are also very popular like DOGE, LTC, XMR - I believe thay they will not switch to POS.
I have e known PoW for bitcoin while PoS for altcoins. It is a matter of time and every altcoins will migrate to PoS. It was same with BTC where 50BTC was the reward with a lesser energy and what about it today. Solo miners are no longer profitable. Altcoins cannot withstand this but will soon change protocols to PoS.I don't think ALTS will switch to POS anytime soon because we still have ETC/ETHW - blockchains that are thriving based on POW. My friends are still mining ETC/ETHW and making a decent profit. Other POW coins are also very popular like DOGE, LTC, XMR - I believe thay they will not switch to POS.
A new POW project called Kaspa has seen an impressive price increase for the KAS token, confirming the strong presence of POW in the crypto market. POS has an energy advantage, but decentralization is a complex issue, and even the Ethereum Foundation is looking to address this issue as LSD and LRD become more popular.
KAS rocketed to $0.14 few months ago. i hurried to buy some of it but after that it slowly just going down. i learned the coin actually existed since 2020 and there were lots of people mining already that time. not sure how big the community acutally.KAS has experienced impressive growth, indirectly confirming that POW tokens still have the potential to bring profits to investors in this cycle. The POW or POS consensus protocol only changes the way block rewards or transaction fees are distributed, and does not affect the ability to apply smart contracts. Ethereum previously also used POW and was very popular, ETH price also grew strongly in the bullruns 2017 & 2021.
but these days investors are asking the use case of the coin before investing. that's why POW altcoins sometimes are not very attractive to investors. if it were like ETH which has smart contract and can be mined as well. i think there will be demand.
Maybe the value of the altcoins you are mining just had their prices slashed and that is what's causing the profitability decline?the potential impact of declining altcoin prices on mining profitability. When the value of the coins being mined drops, it can drastically reduce the returns from mining, especially if the mining difficulty remains high. This scenario is common during bear markets, where altcoin prices can be heavily slashed, making it less profitable or even unprofitable for miners to continue their operations.
That seems like the most plausible situation for me.
The thing is, people are not really making mineable PoW coins that become big anymore, with the exception of privacy coins, so we'll just have to wait and see if the next BTC bull run brings up the other altcoins.
In the past period, I noticed the difficulty of making a good profit from mining some altcoins. If we ignore LTC and Doge, the return from mining a lot of altcoins has become more difficult than in the past. I have about (850MH 690W) *3 , which is about 2550 MH, and I used to get a return of about $6 per day from mining some altcoins. But now it has become difficult to get $2, so what do you think about the future of altcoin mining?
The future of pow mining altcoin is something else. However there are lots of alternative coin which use different mechanism, such as proof of stake. Most people believe that POW mining will continue to increase in profit in a long term.
I am certain that many miners may switch to POS coins in near future since it does not require long computational power to mine POS coins.
Less PoW altcoins resulted into GPU miners switching to mine these coins cause they have no other choice lead to increased difficulty so less rewards and if the trend follows there is no potential for revenue generation for a miner or it can even become less profitable than your electricity consumption so it's better find alternatives or there should be breakthrough in altcoins that send the prices of the specific coins to the moon will results into the compesation.POW miners commonly employ software that optimizes returns by autonomously pinpointing POW coins offering the most lucrative mining rewards. Should mining operations become unprofitable due to expenses related to hardware, labor, facilities, and electricity, mining rigs are programmed to automatically suspend operations until conditions improve.
I am confident that through innovative tools, miners can remain proactive in their endeavors. Given their significant investments in mining equipment, these individuals possess ample resources to sustain themselves and maintain a comfortable lifestyle, even if the specific POW tokens they're mining fail to achieve substantial gains within this cycle.
POW miners commonly employ software that optimizes returns by autonomously pinpointing POW coins offering the most lucrative mining rewards. Should mining operations become unprofitable due to expenses related to hardware, labor, facilities, and electricity, mining rigs are programmed to automatically suspend operations until conditions improve.
I am confident that through innovative tools, miners can remain proactive in their endeavors. Given their significant investments in mining equipment, these individuals possess ample resources to sustain themselves and maintain a comfortable lifestyle, even if the specific POW tokens they're mining fail to achieve substantial gains within this cycle.
future of altcoin mining?The mining system that underpins many older cryptocurrencies, including Bitcoin, may face some challenges in the future, but it is unlikely to be completely eliminated. While the future of PoW altcoin mining may face some challenges, it is not a complete disappearance. New technologies, energy-efficient methods, and increased decentralization of mining could make PoW mining operations more sustainable and secure. However, how popular and sustainable this system becomes will largely depend on how supportive government regulations and market conditions are.
As of today, it seems Aleo mining will be a thing for a year or so. Goldshel is about to release a new ASIC miner in June this year, and the profitability is about $19 today, according to asicminervalue https://www.asicminervalue.com/miners/goldshell/e-ae1m
However, as we know, these are estimated, and the real value could change when the miner is on the market. The mining difficulty will increase significantly, and profitability will drop significantly. Yet, I think it won't take more than a year to give you ROI. Also, if you have access to cheap electricity, you will be able to get a fast return.
If you have cheap electricity, I recommend purchasing a scrypt or sha256 unit, which are much safer and more reliable in the long run.
As of today, it seems Aleo mining will be a thing for a year or so. Goldshel is about to release a new ASIC miner in June this year, and the profitability is about $19 today, according to asicminervalue https://www.asicminervalue.com/miners/goldshell/e-ae1m
It was over $75 a few months ago, and the coin is not performing at all after the fomo of being the new Kaspa, it's down about -97% ;D
Probably the same tactic, launch a pow coin, pump it to the sky, have an already built asic standing by, sell that also, repeat.
Only scrypt is viable and been viable for a l I no longer long time.I did not understand this line. You probably wrote from your mobile, which is why it's messed up.
Only scrypt is viable and been viable for a l I no longer long time.I did not understand this line. You probably wrote from your mobile, which is why it's messed up.
I just checked that at least 11 coins can be mined through ASIC miners that can mine the Scrypt algorithm. I don't know which coin gives the most profit, but it seems Doge and Litecoin are the most popular coins that miners mine with their ASICS. It seems like DOGE is the most profitable among the other Scrypt algo minable coins.
To be exact, you can mine LTC and DOGE at same time with Scrypt ASIC. It's possible due to merged mining mechanics, which is reason some website says LTC+DOGE mining.
Hiya guys!
I have an opportunity to get two Bitmain Antminer L7 for "pennies on the dollar." I know that's 2021-2022 mining equipment in question, but does it make sense to give it a go in relation to Scrypt ASIC mining, more so since I have solar panels and energy stored in batteries as a buffer?
I feel like the math is mathing, but still, I feel like that's not a good reason to take them.
As I can see, Doge is the most profitable coin to mine with Scrypt ASIC's and I think the merged mining won't drop the profitability. I checked a specific model yesterday that is able to mine 66 Doge a day, and when it comes to LTC, it can mine only 0.017 LTC, which is too low. I assume the Miners prefer Doge first and then LTC.
You don't mine Doge or LTC, you mine DOGE+LTC.
That's why LTC hashrate is 2.36 Phash/s and Doge is 2.44 Phash/s despite LTC's daily reward being 300k compared to 2.4 million for Doge.
So even if LTC is not profitable, people still mine it because they don't need an extra machine to do so. They do merge mining, and all the LTC reward comes as a bonus with Dogecoin mining.