Crypto mining is going through a troublesome process.
In the last quarter of 2017, many people started to invest in crypto mining as a result of the continuous appreciation of currencies such as Ethereum, Bitcoin, Litecoin and Ripple.. While graphics cards with a market value of 1500 TL currently find buyers at astronomical prices of 3000 TL, many people do not realize how difficult crypto mining, especially crypto mining with video cards, goes through.
Coin prices are high.
As we have repeatedly reported, this is a situation that everyone knows.. Of course, we can say that the extreme fall in coin prices hit the crypto miners first.. Many people do not realize how risky an investment crypto mining is because they do not do the necessary research before starting crypto mining.. The main purpose of writing this article is actually I don’t think that the crypto mining craze should stop for a bit.
Difficulty levels are getting higher and higher!
The concept of “difficulty” is a bit confusing for you if you are not familiar with mining and mining terms. it could be. For your convenience, let me briefly tell you what the difficulty is.. For example, you can think of a neighborhood, let’s say that 100 people live in this neighborhood and 200 breads are consumed per day.. While you are the only grocery store in this neighborhood, the neighborhood who buys all the bread from you may be leaving you a good income.. However, when another grocery store opens in the neighborhood, you will be able to sell only 100 breads in your business, where you do not change your working hours and pay the same electricity/water bill.. Your income from selling 200 loaves of bread will now be halved. You will earn less and less money because there is no change in your job and your income decreases even though your expenses remain the same.. Here, the difficulty in crypto mining can be summarized as “opening a new grocery store in the neighborhood.”. If a single miner is mining alone, that miner will produce all the coins and have all the profits.. However, the more people start mining, the higher the number of coins per capita will be.. For example, if a graphics card was producing 1 ETH per day in September 2017, its production has now decreased to 0.4 ETH.. The only reason for this is that more and more people start mining, as we have explained at length above, and the maximum number of Ethereum to be produced per day remains constant.
Mining cannot make investment.
Because the difficulty level in crypto mining increases and the coin We mentioned above that the prices have dropped.. Of course, it is out of the question for people who currently have a device to pull the plug.. When you do not count the main investment and roughly calculate with the current coin prices and difficulty level, we can say that a miner earns about 3 times the amount of electricity he consumes.. However, it is worth mentioning one thing here, that many miners who have made a profit have bought the devices before the miner craze, that is, for half of the current device prices.
To summarize and summarize all we have written briefly;
- A device that produced 1 ETH in the last quarter of 2017 is currently producing 0.4 ETH (I can say the situation is almost the same for all other coins)
- Ethereum, which was $ 300 in the last quarter of 2017, is currently at $ 800.
- The current cost of a system that can be collected for 15,000 TL in the last quarter of 2017 is approximately 30,000TL
A miner earning an average of 300 dollars per month in the last quarter of 2017 is currently 320 TL on average. making dollars. So in about 5 months, earnings have only increased by 7%.. On the contrary, while product costs have almost doubled, the increase in electricity is around 8%. Considering that, I want to point out that crypto mining is no longer as lucrative as it was in the first “crazy” period.. Considering that especially the video cards used in mining have a lifespan of about 2 years, I can say that the devices purchased now hardly make their own investment.. Never forget that you should do your own research and act on your own ideas before investing.. Also, keep in mind that crypto mining is a risky business, and coin prices, difficulty levels and electricity costs should also be included in this equation.. After your research, it is entirely your personal decision whether to invest your money in such a business and I hope your investments will make you smile in the future.. Enjoyable earnings already.