Cryptocurrency

Why Crypto Mining SUCKS Now!



Cryptocurrency mining is worse than it’s ever been. Mining profits are lower than they’ve been for years, and there have been huge changes to the mining ecosystem – none of which I think are any good. Is it really worth it to mine Bitcoin and other coins these days? Subscribe! http://voskco.in/Sub

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Despite the worsening state of crypto mining, I am still choosing to build out a cryptocurrency mining farm on a 100 Acre plot. What is my motivation? You used to be able to mine so many more coins, and the market caps were so much lower – this all meant that if you were bullish on mining, whether GPU mining or ASIC mining, there was a lot of upside to make it worth your while. Today, decentralization is a thing of the past, and GPU mining is about to be destroyed once Ethereum moves away from Proof of Work mining. With ASIC miner manufacturers price gouging, coin prices way down, and a global recession, this all leads to huge uncertainty regarding crypto mining and the future of mineable Proof of Work coins.

⏰ Timestamps ⏰
00:00 Is mining crypto still profitable?
02:40 Years ago you were mining a lot of coins!
03:52 The weaponization of gamers vs miners
04:30 Ethereum mining is coming to a end
05:38 GPU mining has become a different game
12:02 Does GPU mining still have a future?
13:07 ASIC mining is also getting worse
14:30 Bitcoin mining a safe option?
15:42 Building future crypto infrastructure
16:34 Mining rigs are way too expensive?
18:40 Electricity is getting really expensive
20:00 Mining sucks now but I love it

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#VoskCoin #crypto #bitcoin #cryptomining #passiveincome #miningfarm #gpu #ethereum

29 Comments

  4. Terry Jackson

    Vosk I said on one of you're videos that the price in the UK is 25p pkwh, well I hear on the grape vine we are looking at 45p pkwh for residential come October where it will be capped but business are looking at 85p as there is no cap for them. The UK is fked and mining BTC is completely out of the question now. I think a similar price will come your way when the greed takes hold.

  7. djlowtek

    not sure how 'big farms having majority' is more of a threat in GPU vs ASIC mining. The largest mining farms in the world are using ASIC. ASIC has a lot more centralization of power to the wealthy that can afford it. GPU mining may not be as good as ASIC mining, but there is no reason to hate on it.

  8. Brad Biondo

    Vosk I was thinking the same thing 2-3 months ago .. my 43,000 of L’s are worth 8,000.. oh well they served a purpose.. adding L7’s … will be running 5 plus an E9 in the next 30 days and adding 3-4 more by year end.. don’t lose focus.. the BTC you mine today is worth 6-8x within 24 months.. keep your eye on the goal

  9. German Lopez

    Dude you are a guru; however, you need to have a strategy. It is basically like investing. Once wherever you make $ where it pays for one of your mining devices then pull that investment and stake it somewhere. Then it's just profits from there. Also, there will always be advances in technology and more efficient miners. You are making the right choices from what I am hearing in this video. Also, filter out the negativity in the marketplace, and just follow the numbers. Do the math and have a plan b. Your equipment will eventually get dated and when it is time to sunset GPU's or whatever ASICS based on the costs associated to run your current and coming farm setups. Also, Solar no matter what has a cost (upfront investment) that must be factored in your assessment to determining when break even occurs. The benefit there is you have the utility companies off your back especially if you have battery backup and a tax writeoff. Again, just keep piling the coins. If they are cheap, buy some instead of mining it to help offset when the market bumps back up as it will. Again, don't get greedy (and I'm not saying you are), but be prudent with your investments and pull out when you break even on original investments. Then the pain won't be as great when things go down, because you were playing with free money anyhow and enjoying the ride into the digital future as cash will eventually be over at least in your childs lifetime. Great job on your videos, I know they take a lot of work editing and I enjoy watching them, even when you are having doubts. Look me up some time, I'm in Marketing Automation, linkedin/in/thesystem and we can connect.

  11. Erik Markos

    So your telling people to stop mining on their own and invest in you. good sales pitch. your going to mine and have us invest in you so you can keep mining. I mean not bad but mining is also fun in its own way building your own set up. watching it work, improving it learning. sorry I still mine and make extra money for retirement. your young and made a fuck ton of money and good for you.

  12. Turtle

    If BTC doesn’t seriously go up by 2024 halving. It will cost more to run than profit. It will need to double at least to make the same profit as we do now which already sucks.

  13. Yvon Nadeau

    I really REALLY hope you reach/wake up Millions of ppl man…! I see you see what's going on, due to RESEACHING, a little bit here and a little bit there and next thing u know !BOOM! u learned things. c'mon ppl! stop slacking off u no hoo u r
    Thx

  17. tomb1968

    It sounds like a vacation or break would be good for you.

    For me, I got into this late and have only managed to break even at best, except I never sold any of my crypto. That actually makes it more that I never really made a profit. I did however manage to heat my house all winter for the same cost I would have had anyway, but I got a bunch of crypto too. I'm planning on doing it again this winter. In the meantime, I'm scaling down a little to not waste so much money on power. When Winter comes, it will cost a lot to heat the house this year no matter what method I use, so it might as well be mining.

    If all this crypto that I have been gathering goes way up at some point, I'll take profits. Until then, I'll give a little to support some of the coins I like.

  25. CppObjectOrientedProgrammer

    I appreciate the content! Why are you focusing on bitcoin for your farm? – can you elaborate on it – b/c in terms of sophistication of the coin and everyday usability of it – I feel it's behind. In my perspective, utility coins will grow, and coins like bitcoin will decline in value, since other coins can provide faster, cheaper, and more functionality than it is made for. I see many people like bitcoin, b/c others do – but once that fades, I feel it may have a hard time keeping up? I don't research it much though, just ponder – what input do you have on this? You mentioned it allows you to sleep sound at night.

  28. Moriarty Dr Watson

    There is a lot of risk reward that comes into play. Pre ETH, these same conversations were happening. No doubt Asic manufacturrers are stealing a lot of the profits but… We should be near all time lows in the greater market. Perhaps a pull back will get you a slightly better bargain but if your ROI is 6 months (and a kd box pro is for example if you use depreciation on your taxes) then the risk is low with high rewards 1-2 years out…. All assuming the coin your mining turns into something. I can risk 20k to make 200-400k in 1-2 years and sit on it. Would waiting help me only risk 10k, sure but picking the bottoms in every market is impossible. There is just as much risk being out of the market as there is being in it. If your ROI is 4 years and you think you know where the coin is going or difficulty will be in that time window well then you're a fool and Goldshell deserves your money.

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