Mining then vs Mining now.

[Kate]

The Transactions made in different coins are only possible through something called Mining and there are people who mine for incomes and for these miners their income is the fee we send along with the transaction. The fee can differ from 5000 Satoshi's ( 0.00005 BTC ) to well around 30,000 Satoshi's ( 0.0003 BTC ) or maybe even more or less. When Bitcoin was at 19,000 USD mining was very profitable because those 5000 Satoshi's ( 0.00005 BTC ) was like half a dollar and if you mined more than 1 transaction like maybe 2 then you made a whole dollar. Well its very sad to see the huge drop of Bitcoin from 20,000 USD to 4,500 USD this year and also the drops of other altcoins along with it.

And due to the price decrease will mining be profitable anymore since now 5000 Satoshi's is around 10 cents or less :(.

Well i think so yes ! Since miner to run the equipment needs two main things electricity and hardware and to get those they need money but what would be the use if they are only rewarded around 5000 Satoshi's ( 0.00005 BTC ) that is around 10 cents ? They wouldn't be able to buy or pay anything for sure. 

[irawk0]

This'll be true only in developed countries I think. For developing/third-world countries the cost of electricity is still quite low (I believe I read on this forum actually a mining company planning to open a mine in Argentina or something).

Also since 80%+ of all the bitcoins in the world have been mined, the rest will only take longer/become harder to mine so mining operations will decrease even more because of that.

[williamshennie9]

Mining now is almost completely unprofitable, unless you get free hardware and electricity, which most of us don't get. I think those who mined then got lucky, but those who missed the the mining phase back then, lost out.

[Kate]

9 minutes ago, williamshennie9 said:

unless you get free hardware and electricity, which most of us don't get. 

Well that would be a dream come true for miners and people like us !!  It's hard to get good mining hardware for free but if people are rich they might donate some  

 

[ekzxc]

Mining now is dead due to high electric bills. Unless you get a jumper wire to your neighbor for free electricity. lol

[kuleeeet]

im using mining strat on stake haha just kidding ❤️

[0treb69]

hope to get a mining rig too  thats my dreams since before i was on crypto world

[Xantys]

With these low prices we will probably see some consolidation in the mining industry with retail and small scale miners loosing their market share to large-scale and electricity cost-efficient miners. Big miners have resources to easily relocate their businesses to best locations and their might even equip themselves with renewable energy sources like sun or wind stations. So I guess individual mining might soon disappear. 

[wry]

Mining is just another way to buy crypto coins that use a proof of work system.  You can either just buy the coins or buy mining rigs and mine the coins.  People have ALWAYS said mining is unprofitable.  They were saying it in 2013, which is why it's just another way to speculate on crypto.  

Note that some coins are moving to a proof of stake system that does not use mining like bitcoin does.

[Etude]

It may no longer be lucrative for newcomers who do not have the appropriate mining rigs/ equipments and also the ability to sustain the incurred electricity bill of the equipments/ mining rigs in the present day in an attempt to earn for just a measly profit which at that stage is more true to word in being called losses.