XMR Mining Hashrate Exploding
I have been mining cryptonite coins for the past six months. Yet I consider myself a novice in cryptocurrency and mining. Though what I have experienced and info gathered in recent weeks is that cryptonite coins are harder to mine on cpu and gpu. So hard that I am getting less than 1/5 of what I got when I first started mining xmr with cpu. At first I thought it was a good thing to have rising hashrate, but now I conclude it is destroying the value of the coin because most of the distribution is going to fewer coin holders.
The rise in cryptonite hashrates is due to the ASIC miners that are compatible of mining cryptonite. This has been happening for weeks and maybe months as I have first hand experienced the drop of my xmr mining earnings. Look at the current global pools' hashrate distribution from https://Moneropools.com.
The sum of the hashrates although are not all pools it makes up for most net below ~150 MH/s. Yet the worldwide rate from whattomine:
Read that correctly? 1,000MH/s is overall rate. A graph from bitinfocharts helps looking at the history to the hashrate.
VoskCoin has come out with a very informative video regarding the recent hashrate boost.
The xmr developers have stated that any they will be reactive on ASIC mining but I wonder how much of it has flown under the radar. With little discussion if any regarding ASIC mining XMR there seems to a lot of hashrate coming online than ever before.
If indeed there are ASIC miners running to mine XMR then there are fewer users hoarding and earning the cryptonites coins. I am personally looking to find new algos to mine now with what little earnings I am getting with cryptonite and hope others are doing the same.
Thanks for reading.
GPU miners are going to have to be so agile in the future to stay ahead of the ASIC miners. I think there will be value in GPU mining, but the value will be in the ability to stay mobile and flexible with the users rig. It is going to be like investing, GPU miners are going to have to move to where they see future value before the ASIC miners get there.
But I am a mining idiot. So I have no idea what the heck I am even talking about.
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I looked into mining a while back and came to the conclusion it just wasn't worth it. It was a while ago, maybe things have improved, dunno.
I know a lot of people were playing down the electricity cost or not mentioning it at all, it was all sold on 'free crypto while you sleep' kind of stuff.
In most cases it was just a financial loser when you factored in PC running costs.
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It is worth it if you can stay ahead of the curve and know when a coin is under valued. The problem is that a coin might not be valuable now to mine but the future value of that coin might tell a different story. Bitcoin mining might not be worth it now, but what if I told you the coin would be worth $100k in a year, it would be profitable to expend that energy and work now and take the lose for future gain. It is all about finding this coins at value points for mining.
Saying that, I know very little about mining. I do a little, but only on an educational level to learn more about the processes behind it.
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Good point, I never thought about the eventual value of the coin making it worthwhile. This was a long time ago, it was only Bitcoin and Ethereum around at the time before the explosion of copycats lol.
I think if I could rig up something to run on solar power so it was free to run I'd be happier though, then it really would be free coin :-)
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That is kind of what I want to do. Using solar and maybe wind to power a small farm would be nice. I want to do it more to just know how to do it. The knowledge is what is exciting to me. The accomplishment of building something like that would be cool. If I made a couple buck along they way, that would be cool too.
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That would be sweet. I saw there's been a bit of a downer in the news recently about mining and the cost of electricity, global warming and how crypto is killing the planet... blah blah :-)
Solar seems the way to go anyway to make it as profitable as possible, or at least when solar becomes more realistically priced. That's another scam, buy solar panels that take 15 years to recover the cost from, that need replacing every 10 years. People can't work that one out either lol.
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