Would you continue running a witness node even though it is not profitable?
Would you continue running a witness node even though it is not profitable?
With the prices decline, I have seen this kind of calculations from witnesses. Some of them drop running a witness node, some of them posting simple math about when they could think about abandoning running a node.
As a citizen of this blockchain, I expect witnesses to produce blocks even with a net loss on their pocket. From an objective standpoint, this might sound weird. However, I see STEEM as a disruptive experiment and a useful, functional open source project, and I believe it will be a successful project in the long run. It might fail, it may shape into a weird thing, but this is my belief at the current state.
On open source/free software culture, you support the growth, project without expecting anything, voluntarily. And I expect the same thing from the witnesses, like they are open-source contributors and they contribute to an open-source project.
I know, we still have financial difficulties as a reality. So the question has a condition, think about you run a witness and you have financial power to support the network even if you run the node with a net loss.
- Yes
- No
Answer the question at dpoll.xyz.
I did it when I first started. I'd continue running it. Mira kills the question though.
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A year ago today I became a witness, it has been unprofitable that whole time. I haven't even made 1 cent, only lost from doing it. So why would I stop now. 😂
I can't vote on dPoll from mobile, but yes, I've been running my witness node at a loss since I started in December. I haven't done any math to support this, since I know it wouldn't be profitable at my current rank unless Steem goes over $10 (probably more). I do it to support the block chain, and have been looking at setting up a seed node if I can find a cheap hosting solution, or even better, repurpose one of my SMBCs that I don't use. I'd love it if it was profitable, but I'm happy with where I'm at, getting votes from people who interact with and like me, slowly moving up the rankings until I knock someone out of the coveted top 20 :P
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I am one of the few ones running a non profitable witness node
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For many months, I am running the nodes under loss (since I have primary - secondary, monitoring nodes etc) & like I have always maintained, I am prepared to support the network for the foreseeable future.
We’re lucky to have you 🤘
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I have no experience being a witness, but i think it's a bit similar to mining in general.
Bitcoin mining is also not that profitable if you take everything into account, it's still a commodity business. The reason miners made a lot of money the last 5-10 years is because of rising prices. Let's say prices would stay always the same, the margins only would be very small. But if it's only about making money, then you could also just trade crypto.
In general mining is a very leveraged business, you can make a fortune in rising markets and lose everything in a crash. You see this also with gold miners for example. Let say that it cost 50 dollar to mine a gram of gold. If prices are 55 dollar they make 10% profit. But if the price is 60 dollar they make double the profit like before. While the price didn't increase that much.
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Honestly, when the prices are great, then the profitability of running a witness node is pretty amazing. It's not effort-intensive. So, basically we want witnesses that are around for bull and bear markets, you can't expect to make a lot of profit during the bull market if you didn't stick around for the bear market.
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