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by lordlimecat
3287 days ago
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My recollection of how Bitcoin turned out indicates that most of those people will not make money. That, in fact, the simple rules of how markets work mean that most cannot make money, on several counts: * Those with resources will have an edge, and will buy an optimal number of GPUs to get return before the price is driven down * Anyone without resources will not be able to mine quickly enough to get a return before the price is driven down * If the market were still lucrative, the GPU makers would not be selling all of their stock, which means it is a near certainty that either the GPU makers or someone with connections has already snapped up a healthy share * Worse, the more lucrative it is, the more quickly ASIC makers will release ASICs which make those GPU investments all but worthless for mining. All of this means that anyone contemplating whether they should get into mining already has their answer: "no". |
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That certainly seems to be the consensus on the mining forums I'm following. /r/EtherMining is now inundated with people who lack the very basic skills needed to assemble a computer and run mining software, but are attracted to the prospect of free money. Many of those people also lack the ability to do basic arithmetic and the sense to realize that the only way they will turn a profit is if the USD value of ETH rises sharply -- and that if that happens they'd be better off in any case just buying ETH now instead of blowing $2000 - 3000 on equipment.