The State of Mining Today are ASIC Miners killing the coins?
These have killed mining markets for many currencies and for others (I think bitcoin is the only example of this) they have guaranteed the long term viability and success. What is an ASIC? They are cards that can mine a specific algorithm or sets of algorithms far faster than anything else. They’re purpose built but they cannot be reconfigured. A Bitcoin ASIC can only mine coins that use that algorithm. They are completely useless for mining say, Ethereum.
ASIC’s are very very powerful but also, the market is quite saturated. You need to have absolutely amazing power costs and low rent to significantly profit from them in most cases.
Mining in general has been on the decline of late but the market is still going strong and is very profitable. There are numerous hardware setups that you can buy that still pay for themselves in less than 6 months. Feel free to reply with any questions or tell me how wrong I am. Sorry if this is incredibly general
I also bought an asic miner at BITMAIN when i made the purchase the ROI was 2 months after i waited for my ASIC MINER for 2 Months when it arrived now its 6 months and every month it go's up when more ASIC MINERS get on the market...
I agree with you on it, it’s part of the game of mining.
It’s not a get rich quick business....so long you making a profit you winning :)
We as a mining community needs to think of ways to cut the cost of mining to maximizing the profits...
Like we can install solar to cut the electricity cost, but on the other hand some countries to install solar systems it's expensive and the expected ROI will take some years when you think of the mining difficulty going up and up.
Nice Information
Thank you :)
Do they still pay for themselves in six months if you factor in power costs?
Nice post