Bitcoin Cloud Mining Report 2018.05.01
In this Chart I have Combined Daily Profits from Genesis Bitcoin Cloud Mining (top) with the Daily Hashpower of the Total Bitcoin Blockchain (bottom).
The chart starts at 10 June 2017 and ends on 30 April 2018.
In the period from Early June to early April, cloudming profitability dropped by 90%. It takes now 10 times longer to mine a Bitcoin than 11 months ago.
In the same period the Total Hash Power of the Bitcoin Blockchain has increased from 5 million TeraHash/second to 30 million TeraHash/second.
We saw the Total Hashrate Double from June to November.
But in the period December 2017-March 2018, Total Hashrate Tripled from 10M TH/s to 30M TH/s.
The Total Computing Power has grown so spectacular a few mounts ago, that many cloudminers saw their profits dwindling day after day.
In recent days things have been somewhat stabilized.
Question remains though, if mining profits will manage to break out of the "Channel of Doom" before August. If not, cloudmining will become unprofitable and one cloudmining account after another will be ended.
can we expect a breakout in this too ;p
I do hope so, but I'm caught in some kindof catch 22 situation.
If Bitcoin goes up and profitability breaks out the "Channel of Doom", my cloudming will secure me of a steady flow of bitcoin profits.
On the other hand if Bitcoin goes down to 3K-4K in 6-8 months, it's Bitcoin bottom fishing time. But then again I will have received an e-mail from Genesis Mining that according to the agreements my cloudmining contract has been terminated :-/
All the more reason why DPOS is superior to DPOW...it’s such a waste of resources and the market is going to bear that out
Not completely true though for the superiotity part. But about the bearing out... possibly so. The same amount of Bitcoins are mined each day, no matter how many hashpower there is. If more GPU's or ASIC's are installed to mine, the Bitcoin mining algorithm simply adapts the return/hashpower by making calculations more difficult. If Mining farms would shut down to 1% of what is installed now, mining difficulty would drop to 1% accordingly. At the moment with 30 million TH/s, bitcoinmining is only profitable with Bitcoin being at least 5000usd or so. Meaning that if mining capacity is doubled in the coming months, Bitcoinmining will effectively become unprofitable and the least profitable miningfarms will close one after the other :-) Will be interesting to watch. I think Bitclub will go first.
Interesting...I didn't realize that number had climbed all the way up to $5,000...Still, DPOW is the electronic equivalent of digging holes and filling them back up again and repeating the process. Lots of work is getting done, but its really not adding a whole lot of additional value while consuming a ton of electricity. The market is always smarter than 'the experts', its going to be fun to watch. Great info all around, thanks.
only few more years for mining left i guess the total supply is already in circulations
Nope, there are 21 million bitcoins to be mined in total. Now about 17 million Bitcoins have already been mined and are sitting in wallets or on exchanges or are just lost... Which means there are still 4 million Bitcoins left to mine. But the the mining algorithm is designed in such a way that mining becomes ever more difficult. So the last Bitcoin is expected to be mined somewhere 120 years from now. This means price of Bitcoin can only go up up up in the long run as more and more people want to have it and it gets more and more scarce :-) My expectation is Bitcoin will end between 1 - 10 million in the next 10 years.
If u dnt share this types of bitcoin chart list post it would difficult fr us is the bitcoin rate increases or decreases???..☺
Thnxxx sir fr sharing an infrmative thing with us.👌
great bitcoin chart post. thanks for @pagandance
I Have a lot of trouble telling how i can bring myself to a good position from the steemit side
It's a good post,,Btc is the virtual money which keep awesome effect on economy,,the mining report is turning as down,,It is so helpful,,Thanks for sharing,@pagandance
It's quite interesting... Thanks for the report man.👍
so what's your experience on overall how it will go in the upcoming time
I have shown it in the purple line in this post:
https://steemit.com/bitcoin/@pagandance/it-s-bitcoin-break-out-time
up to 12K, then back to 3k-4K early next year and then up again towards 50K-100K and so on.
Good informative post share