What do you think is the lowest etn will be able to go before miners are forced to swap to a different coin to make a profit?


#1

I mean let’s be a realistic it does cost money in the form of electricity to mine electroneum.

When I try to mine electroneum on my computer at home it cost me more money in electricity then just buying electroneum.

At the moment I believe Asic miners are the only one making money off of Mining electroneum and selling it.

But when the price goes lower they will eventually have the same problem as me, it will cost more in the form of electricity vs buying it so they’ll be forced to swap in mine in different coin. I wonder how low that price is. Any thoughts?


#2

Nobody is ever going to “Switch” coin.

Now the Network is 100% ASIC Miners this is an Extremely unlikely Scenario.

ASIC Machines cannot switch Coins! They can only mine the Algorithm which they have been built to mine.


#3

I personally have 50 asic miners mining ETN right now and if we drop any lower most will either keep mining at a loss in hopes of price increase then dump or they will just turn them off and wait for the price to come back up. I personally can keep the entire Electroneum network up and running so if all the others want to stop that is fine as I would love to mine close to 9 million coins a day of etn instead of the 25k I am getting now! lol


#4

As asic’s drop off the network it means more coins are shared among the rest of us thus making mining more profitable even if the price drops. So you can be profitable in theory even at if we are at 1 sat in price.


#5

So just to be clear your willing to mine etn even if it reaches $0.001 usd or god forbid $0.0001?


#6

I can’t imagine us dropping to $.0001 but I will continue to mine even at loss but if we drop like 90% more then it would be just better to stop mining, take the money I would not be paying in electricity and just purchase ETN.


#7

But that’s the problem right there you won’t be able to purchase ETN if no one’s mining the blockchain because in this scenario it won’t be profitable.

Also on a side note thank you for contributing so much in the form of mining to this project(50 asic is impressive, i have 0). I tried mining on my home computer and it’s not profitable so that’s why I just purchase it it’s more cost-effective for me.


#8

Don’t worry if there will always be someone mining coins!


#9

what country are you in how much is it per KW, are you using antminer x3 or baikal?


#10

I am in Florida in the United States and I am $.11 cents per KW but I do have 20kW of solar power on my home. With all the miner running they pull right 28kw. They are all X3 miners!


#11

11cents per kw/h not too bad, N.S.W. Australia electricity averages 33cents Kw/h (aussie $) it’s crazy mate we’re shipping a lot of our coal to China in fact so many of our resources are going to China and so many shit low quality imported goods are coming from there Australia is getting so rekt by China, no offence mate but I hope bitmain get so rekt!


#12

I would not worry about miners leaving the coin, some will but it will make it better for those us who remain. The entire network could be run by a couple of asic miners without any issues. I bet the block chain in theory could run smoothly off a laptop if necessary. Lol


#13

I’m with M-Kid on this, I’ll keep mining even if the price drops and be rewarded more coins if others drop. In for the long run! I’m at 0,07$ Kwh here in Quebec :slight_smile:


#14

how do we know your legit you say you own 50 asic miners but I see in other posts you say that you have purchased ETN, when Kyc is fully implemented and lockout date comes you’ll have trouble moving large quantities of ETN


#15

Because if that ever happened, Richard and Team would turn on their ASIC miners and keep the network afloat. (if they aren’t already mining).


#16

Not quite sure what you mean by being locked out. I have already been verified at level 3 for KYC and can move a unlimited number of coins. At level 3 there are zero limits so you can move 1 billion Etn if you wanted.


#17

They are on Cryptonight algo, which includes several other coins except ETN.


#18

Locked out meaning you have to complete certain levels of Kyc to withdraw or transfer certain amounts of ETN by October not sure of the exact date, now there’s no limitations until Kyc is in full effect


#19

ETN uses cryptonight algorithm


#20

I am already passed all KYC and there will zero lock out, that only applies to people who have not started the KYC process. Once you pass it you are done and there is zero chance of you being locked out of your coins, besides 95% off all my coins are kept in paper and cli wallets and KYC has nothing to do with those coins.