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How to Get DASH Profitable to Mine again!

Discussion in 'Mining' started by L4H Limited, Nov 20, 2017.

  1. L4H Limited

    L4H Limited New Member

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    This thread is meant to be a call to those of us that are mining and face the same problem of it becoming unprofitable. First, we can choose to complain and blame others for the situation we are in (and there might be some merit to the responsibility being on Bitmain and other ASIC companies releasing machines in irresponsible quantity sizes... it is what it is), or we can look at solutions. I believe there are.

    There is a way that we the mining community can get involved and be part of the solution. If we mine Dash exclusively (not other Altcoins) and when we receive our portion of the block rewards, we hold them (don't sell for Bitcoin or cash them in). This will cause the value of the coin to increase and as the price of Dash increases, so will the profitability.

    When we are doing our part in ensuring the health and long term strength of the network, then we can look to asking other components of the network to consider their part in the solution.

    If Miners stop mining what will happen to the network?

    I believe that Dash has the potential to go well over $1000, but let's get involved in making this happen.
     
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  2. Ftoole

    Ftoole Member

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    I like your post.
    If miner stop Ming dash well the difficulty would start to decrease. Dash’s difficultly is controlled by DGW V3.0
    Every block it takes the running average of the last 24 blocks and adjusts the difficulty so blocks should happen every 2.5 mins.
    Miners stop mining block time will stretch out some but the algorithm will adjust to get the block times back to 2.5 mins.
     
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  3. L4H Limited

    L4H Limited New Member

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    So, in effect, if those with large mining farms (50 D3's and above) turned off half there machines off and allowed the algo to correct the difficulty the remaining half could end up as profitable as running all the machines at once?
     
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  4. L4H Limited

    L4H Limited New Member

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    That couples with staking the currency so the price increases would make the other half profitable quicker? It would require the majority of players to agree to to do this. At the moment what do we have to lose?
     
  5. Ftoole

    Ftoole Member

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    Yes in theory. You take half the hashrate away block should in theory take longer which would cause the diff to decrease until it found its new happy spot.
    But then you know how to get everyone to agree on that. Look at bitcoin and the fight they had on block sizes.
    May want to see the f you can get every d3 owner just to disconnect 1of the 3 cards in their miner. Which most wont because they want to push forth with roi.
    What in the end will make the d3 profitable to usd is a spike in price of dash or miners just shutting off thier d3’s and making them paperweights.
     
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  6. Ftoole

    Ftoole Member

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    Now one thing miners are great for. Do you need a space heater it is winter time they work great and pay some of the power.
     
  7. Ftoole

    Ftoole Member

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    Depending what happens with Heliumcoin rebrand of spread coin it could help miner profits.
     
  8. L4H Limited

    L4H Limited New Member

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    That is actually a great idea!! For the Northern Hemisphere crew... Just need to get used to the soothing sound of a jet engine in your living room!
     
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  9. L4H Limited

    L4H Limited New Member

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    Do you know how far this is from launching and whether there will be any premining that people can get in on?
     
  10. Ftoole

    Ftoole Member

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  11. Checkerama

    Checkerama Member

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    Reducing or getting rid of MNO payout would get us to a result much quicker. Liquidity in DASH would increase and so would people buying up the DASH. Right now its only inflated because of 4,000,000 DASH being held up on MN while miners use their own expenses to generate DASH for them. Would 4,000,000 DASH crash the current price? Sure, but at least people would buy the dip in DASH afterwards and miners would be incentivized to join the network to be able to mine more DASH. More network hashrate means more dedicated DASH participants, which means more people buying DASH.

    MN payout IS the increase in DASH (a dollar increase is literally a $1000 difference on their 1000 DASH lock). This would also get rid of the MNO who have ill intentions at keeping it at the high artificial price its currently at and replace them with honest ones that want to invest into the network rather than sit on a shit ton of cash and get a monthly payout that isn't even remotely equivalent to the effect more DASH miners would have.

    But don't count on MNO's to vote on this - they would literally rather have DASH increase transaction costs and slow up speeds of tx confirmations before giving up their own fat profits.
     
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  12. L4H Limited

    L4H Limited New Member

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    I understand what you are saying totally. The Masternodes definitely have a major role to play in Dash's future. I have faith that they will come together to bring the best possible outcome long term. This massive increase in mining power can be a huge advantage if we can just get the miners to stay profitable. It is a great problem to have too much power in the network and have that capacity to expand. It is the opposite problem Bitcoin is having actually (right?).

    The point I'm trying to get to is that every part of this network has a role it can play in the overall success... Long term for every player. You lose one you lose everything.

    I trust that Masternodes will do what needs to be done and that the miners will show some loyalty to the currency and network they are mining in. We all need to know our roles in this network and coordinate together. What are the leaders saying? Where is the strategy? Is there one? We need one if there isn't one... there needs to be some leadership.
     
  13. Checkerama

    Checkerama Member

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    We understand each other perfectly, but if you think MNOs are doing this for the sake of DASH future, you should read my thread and see some of these ridiculous assumptions they're making about mining profitability.

    They're willing to sacrifice miners as long as you don't touch their short term investments.
     
  14. Dandy

    Dandy Member

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    I'm sorry, but I just don't see the problem.
    The miners produced the problem by overbuying the mining rigs at the current level of Dash price.

    I agree that it was hard to predict this kind of difficulty spike, but it wasn't completely unexpected.

    Also, there is no link between aggregate mining power and price and speed of the transaction. If the hashrate drops, so will the difficulty and the transaction confirmation speed will stay the same.
     
  15. Checkerama

    Checkerama Member

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    There is, however, in buyer and investor confidence into the network. The two things investors that actually know what they're doing in the cryptocurrency space care about are listed here:

    http://organofcorti.blogspot.com/2014/12/measures-of-network-hashrate.html

    Specifically, their concerns follow:
    • 50% of the network or more: a 51% attack becomes a real possibility. This can be performed by one entity, or a colluding group.
     
  16. Dandy

    Dandy Member

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    You can always use Instant send and there is no possibility of double spending because MNs confirm the transaction before it gets to miners.
    Also, MNs reject improperly formed blocks from miners.
     
  17. Checkerama

    Checkerama Member

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    This would be somewhere I would attack, if I were, say... bitcoin, and I was trying to get people to move their transactions into my network. Attack miners, MNs reject the improperly formed blocks, and now the system is in a deadlock.
     
  18. Dandy

    Dandy Member

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    There is no deadlock. While there is still at least one honest miner on the network, blocks will flow.
     
  19. Checkerama

    Checkerama Member

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    I'd give it to you if we could run DASH on purely MNs, but I dont think that'll ever be the case.
    Unless they experience a 51% attack (rather expensive on a current 1.5PH/s network, but still completely possible), which is where I was getting at.
     
  20. FlikkyNipps

    FlikkyNipps New Member

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    I am running a small 15 D3 farm and I am going to do just this. Pay my electricity out of pocket and hold my Dashcoin as long as I can hoping on deflation to pay the cost of the machines.
     
  21. FlikkyNipps

    FlikkyNipps New Member

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    DASH Supporters need to take some Market cap From BTC. So start submitting those good ideas as proposals guys.
     
  22. CryptoVokain

    CryptoVokain New Member

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    I so wanted to mine dash with the new miner but I was to slow and lazy to get it. Could have been cool to get those amazing profits.. Maybe it is still worth it?
     
  23. Checkerama

    Checkerama Member

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    Not even close. Get another miner in another algorithm.