Do you know anyone who's still mining?

Thesre are really tough times. :confused: I have a few friends who used to mine ETH but have not halted their operations. It looks like it’s a common theme among miners though. :confused:

https://money.usnews.com/investing/news/articles/2022-06-27/bitcoin-miners-sell-their-holdings-amid-crypto-winters-chill

Not currently with the price of electricity and services. Surely too expensive in places like the UK or America

Same here. :confused: Crypto prices are going down, while prices for almost everything are going up. :sweat:

Can’t imagine many in the UK are mining right now. Electricity prices have doubled and BTC dropping 75% can’t be profitable at this moment in time.

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Makes sense. :confused: I wonder if there’s any country in the world that hasn’t been increasing prices recently. :thinking:

Yeah, there doesn’t seem to be many people still mining cryptos. Inflation is on the rise and so are the prices for anything and everything.

I wonder if people will regret selling their mining equipment once crypto prices also pick up. :sweat_smile:

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Yeah still a lot of people mine Bitcoins but it is costly. Mining isn’t generally profitable, except in some situations.

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It is hard for a miner to continue due to the rising electricity costs. I also had a friend who was in a mining pool but now he is just focusing on trading more.

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That’s interesting! :open_mouth: I actually used to think that mining would be more profitable than just buying. :sweat_smile: Obviously, I was wrong.

Ohh. :open_mouth: Did they also sell their mining equipment or are they waiting out the crypto winter before getting into mining again? :thinking:

Well, I can’t disagree with the fact that mining used to be a great way to gain crypto. It was especially popular among bitcoin lovers. But as bitcoin becomes scarce, the power needed to mine has increased tremendously. I guess now, only the big whales of the crypto market and energy firms have the capacity and ability to mine bitcoin.

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I’m not even sure they think it’s worth it at this point. :sweat_smile:

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