Dear Members :
Our chatter bot alerts and data has picked up a great deal, but this week seemed to pick up the language and data around MINING CRYPTO, and so we need to urge caution here. The data suggested words to the effect that “mining Troubles” will arrive soon, and “miners will be angry” in awe that some event could hurt them financially.
CRYPTO MINING - PROFITABLE OR NOT! ???
Lets face it, Cryptocurrency mining isn't what it used to be. One of our members actually makes about 22,000 USD per month doing this. But its sure not what it use to be. We still recommend buying crypto outright… but lets look to what our data is picking up….
Last year, the "mining" process of earning new cryptocurrencies using high-powered computers, then selling those digital assets, became a profitable side business for savvy entrepreneurs who set up the mining rigs in their basements and dorm rooms.
But that side-hustle is no longer profitable if you're mining for the cryptocurrency ethereum using kits containing GPUs (graphics processing units). The profit per month is down for mining from about $150 last summer, to an estimated $0 for November of this year, according to analysis by Susquehanna.
In mining, machines run 24 hours a day, competing against other computers around the world to solve complex math problems. The first computer, or multiple computers, to solve the problem earns a fixed amount of bitcoin or ethereum.
The "hashrate," or speed at which a computer can complete that operation fell drastically for ethereum this year. A higher hashrate is better for miners and adds to the opportunity of finding the next "block" and therefore getting the reward of new cryptocurrency. These problems led us to do some digging around on the blockchain to see what chatter we could pick up, to forewarn you about what could be coming in the future….
Main data compiled suggest words to the effect of :-
“crypto mining problems”
mining, ethereum mining
Erratic tech, erratic prices
Miners walking away
price of crypto stable - mining not
mining communities not happy
Tough decisions made
The value of ethereum meanwhile has dropped more than 70 percent this year, trading near $205 Tuesday, according to data from CoinDesk.
The combination of those factors means that mining ethereum using a GPU, Nvidia's flagship graphics card, is "no longer profitable," when we talked to a mining expert today. This is the first time we have seen this occur in the crypto space. Wow!
Chipmaker Nvidia is losing sales as a result. The company's crypto-related revenue is down roughly $100 million quarter over quarter, Rolland said. He predicted that the company's cryptocurrency-related revenue will be "likely close to zero" in its third-quarter report out Thursday.
we have to remember that Nvidia was a major beneficiary of the cryptocurrency boom late last year as miners relied on Nvidia's graphics cards. That process was a money-maker when bitcoin rose to nearly $20,000 last year, and ethereum rose more than 8,000 percent. But as prices have fallen drastically in 2018, so has the chip-maker's ability to profit off of digital assets.
It seems that at the end of 2018 miners are crying, and talking in smaller groups about if this is even worth it any more. While some wish to stay the course, there are some thinking about calling it a day, packing up their gear never to return. But our bot data suggests more are going to pack up and leave in the future anyway, due to quantum computers that will eventually put them out of a job anyway. Kind of like going to MacDonalds, and a robot serving you, instead of a real person! That is how we compare this, as soon as quantum computers are powerful enough to run 24-7 and do all the mining for crypto, there will be no need for humans running machines early into the morning at 2am to help support the processes need to back up and help the coins transactions process each day.
Things are moving fast in this world, and Im sure you find it difficult to keep up. We do too!!!
There is a whole new world coming, and perhaps this draw down on crypto needed to happen before the next wave comes, and yes, we are already looking at our data to see when that wave arrives.
Have a great day.