Is the Etherium Crypto Mining No Longer Profitable for the miners?
Is the Etherium Crypto Mining No Longer Profitable for the miners?

Some reports from the cryptocurrency miners revealed that mining etherium cryptocurrency (ETH) using high-power computer systems was no longer profitable. Reporting from BTCManager, if the latest CNBC report can be trusted, the days of cryptocurrency "gold" mining will be a story of the past, because this activity is no longer profitable. Crypto fans will remember the euphoria during last year's crypto (bull run), which shows that almost all cryptocurrency reaches its highest value or ATH and attracts a lot of world attention. Crypto crystals also changed a lot of thinking towards the cryptocurrency business, which everyone can install mining in their dungeons or dormitories and get digital currency online.

However, a recent analysis by Susquehann revealed that ether mining is no longer profitable because profits fell far from around US $ 150 per month last summer (June-August) to almost zero in November 2018. Crypto mining suppresses the process of continuously running a computer, because all systems on a network compete with each other to solve complicated numerical problems. The first system for solving problems produces a number of etherium or bitcoin. Unfortunately, mining giants like Bitmain have created a monopoly in the cryptocurrency mining business. A recent report states that Bitmain hashrate has reached 42 percent on the Bitcoin network, and is on its way to reaching a fatal point of 51 percent.

In addition to the problem of high mining costs, the value of ethereum has decreased by more than 70 percent this year. Ether is currently trading around US $ 177 according to the data. Factors as mentioned above have caused a domino effect in the ether mining business so that it becomes an unattractive market for small-scale individual miners. Rolland said, "We estimate very little revenue from crypto-related GPU sales in the quarter, consistent with previous comments from QoQ management that did not include crypto contributions in their C3Q18 prospects." This sentiment is in sharp contrast to NVIDIA sales results in Q1 2018, with crypto sales accounts for almost nine percent of Nvidia's revenue. It should be noted that not only did Nvidia experience a decline in the cryptocurrency mining business.