The future of POW altcoin mining

[BitMaxz]

I've mined ETH before and ravencoin I can mine daily and earn around $30 in a single rig with 8 to 10 GPUs sometimes more than that if I remember correctly the time that I started mining is when after block halving I don't know the exact date until I decided to buy ASICs s9 and including D3 but the problem at that time BTC slowly drops I thought that I could ROI in 3 months but s9 takes 1-2 years after it arrive and the D3 makes me negative profit I just sold s9 after a year and I tried to sell D3 but no one wants to buy it.

It's not altcoin season yet so don't lose hope today is not profitable but after altcoin season I believe we will see improvement in profitability.

[Bobcrypto]

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 also think that Proof of stake (POS) mining has almost overtaken Proof of Work(POW) mining this days, and I am still wondering whether mining rewards for Pow coins will ever increase in future because if rewards continues to decrease, miners may become uninterested since mining POW coins becomes unprofitable.
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.

[Stompix]

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.

This is like saying coal miners will turn to forex trading in search of new revenue opportunities.

Anyhhow, mining altcoins and getting a profit with it is at this point daydreaming, the amount of computational power on the side that can be powered at any time to mine a profitable coin would turn every major profit into pennies in a matter of days, the coin would need to bring back tens of millions from miner revenues, where is that insane cashflow going to come from?
The more people you have knowing about mining, the more GPUs available for mining the less revenue per unit you will get, and that's why we're here counting cents in income per day.

[Findingnemo]

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.

[Rami]

It sounds like you’re facing some tough times with mining! The profitability of mining can definitely fluctuate based on a lot of factors, like network difficulty and coin value. As more miners join the game, it can get tougher to see those returns.

Looking ahead, I think the future of altcoin mining will depend on a few things: the overall market trends, the development of new technologies, and how different coins adapt to the changing landscape. Some altcoins might find ways to improve their mining efficiency or offer better rewards, so it could be worth keeping an eye on emerging projects.

In the meantime, you might want to consider diversifying your mining efforts or even exploring other ways to earn from crypto, like staking or yield farming. Just keep experimenting and stay informed!

[MrSpasybo]

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.

[Findingnemo]

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.

But the market has shifted from PoW to PoS for years now and there are very few PoW based coins are there now means more miners came into the picture then it's definitely going to hit the potential revenue generation that's why it's not really smart choice to invest on miners in 2024 even for ASICs to mine Bitcoin, it's better if they simply invest and follow buy low and sell high repeatedly.

[ABCbits]

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.

Unless you refer to NiceHash or similar software which pay you in fiat/major coin, it's not as good as you may expect. There's risk price of the coin going down between when you mine and sell it. In addition, unpopular PoW coin may only listed on exchange website you don't use.

[Stompix]

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.

No, they can't and that's why you had millions of GPU cards flooding the market when ETF went to PoS.
Miners can make all the improvements they want if the reward for mining Pow Coins is $1000 a day that's what they will get and nobody is going to make any further investments over pennies, mining altcoins is a dead business, the only tiny sparkle left is doge, but that's already ASIC dominated.

From 30-40 million in rewards a day with ETH I went now to barely 2 million, and excluding LTC-DOGE merge mining you can count those in the hundreds, altcoin mining is dead, and nobody is keen on reviving it.

[bitcoin-shark]

Unfortunately, given the trend of the new altcoins towards the POS, only those with low-cost or zero-cost energy will continue to benefit from the POW which will increasingly decrease

[CoinHolder]

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.

[philipma1957]

Right now sha-256 and scrypt are the only good pows  you can turn profits with 10 cent power.

My gpu mining is shrinking more and more as I focus on BTC ,LTC,Doge

[God Of Thunder]

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.

[BitMaxz]

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.

Those units from goldshel are actually profitable, but once people receive their units, the profitability gradually decreases, which is not good for the long term. The coin you can mine with this unit is ALEO, which is not yet listed on any well-known exchange. So investing in this unit is risky because the coin could die later. If you have cheap electricity, I recommend purchasing a scrypt or sha256 unit, which are much safer and more reliable in the long run.
 

[God Of Thunder]

If you have cheap electricity, I recommend purchasing a scrypt or sha256 unit, which are much safer and more reliable in the long run.

The problem is that the electricity cost is high here. This is not the main problem. Any kind of crypto mining is banned in my country. So, I cannot really import any ASIC miners. But I saw some people imported some ASIC miners here. I don't really know how they did it. Probably they mentioned it as a room heater or something else. I don't understand how else they can import any ASIC's here. Or there is a possibility they imported those miners in a illegal way.