Quote from: BitFinnese on December 02, 2018, 06:50:39 AM

Quote from: pooya87 on December 02, 2018, 04:18:43 AM

Quote from: DaddyMonsi on December 02, 2018, 04:14:23 AM

Quote from: anushkasachith888 on November 26, 2018, 06:09:28 PM

I heard most of the miners are shutting down their gigs, Is it true? So, Is this the end of Bitcoin? Huh

There was an article about miners in China shutting down their rigs and this has nothing to do with cost of electricity or difficulty, but this is more on the equipment itself reaching the lifespan where it needs to be shut down or replaced or else maintenance of such equipment will be more expensive.

Chinese miners are always going to be the last ones shutting anything down. even if their equipment is outdated they simply upgrade it since they have access to fast shipment of ASICs from Bitmain which is in the same country and easy to access.
besides ASICs don't expire all at the same time! there was new versions released which made it less profitable to run the old ones so some started shutting down or upgrading. that shouldn't cause much of a hashrate drop in my opinion.

Make sense, a transition from an old miner to a newer efficient one. If there is a limited space, one must shut down his old miner first before implementing newer miner for an upgrade. It is possible once this upgrade is done we can see a rise of hash in the next days or week. I also heard that a new and more efficient miner is out so it is normal to see such a scenario. If mining is still profitable today, there is no sense to stop mining.

So your saying its OK to lose money to mine?

This means that miner's are no longer working for a profit, but they're just taking real money to buy more crypto.

Most miners went into mining to make money, not to make crypto.

When as now, when there are NO LONGER profits mining, why would people continue to mine? Unless they were idiots?

...

Last year this time, it cost 20 barrels of oil to mine one bitcoin, worth 50 barrels of oil, a 30 barrel profit.

Today, it costs 20 barrels of oil to find a bitcoin worth 7 barrels of oil, so MORONS would like to think that miners are willing to GO negative in the red to get bitcoins???

Oh, yep that's right they're going to do this because the price is going to go back up? ( no its not )

When gold mines shutdown, its because they don't pay for themselves, today MINING doesn't pay the electricity bill,

Most miners are shutting down, most mining pools work for CASH money, just like real miners, they don't hold the gold, they sell it to pay salary's and get drunk and party, then go back to work.