Cryptocurrency

Low fees! Altcoin-Miner fled from the networks

The Mining fees of many of the leading Altcoins are currently at a dangerously low level: the data show that the combined sales of the Miner has in the last 24 hours, only hundreds of dollars – and in some cases even less.
The Situation was first highlighted by Twitter User white rabbit (@WhiteRabbitBTC). He shows The fees that were generated by the miners of the Coins Bitcoin SV (BSV), Litecoin (LTC), Bitcoin, Cash (BCH) and XRP, amounted in the last 24 hours for less than $500.

Particularly poor Performance of BCH and BSV

Particularly low are the fees for the Miner from Bitcoin to Cash and Bitcoin SV were. With only 103,91 $ or 79,94 $ white rabbit provides to the legitimate question:

“When will power off the Miner of BCH/LTC/fsio your Equipment?”

Of course, the fees will not give the full picture. The Miner of Bitcoin Cash, Bitcoin, SV and Litecoin, in addition to the fees of each transaction are also block rewards. This from the same, the current low level of fees, although the affected networks to reduce the compensation, however, systematically by the so-called Halving Events.
A User commented on the above Tweet, and wrote: There is already evidence for such a Miner Exodus in the Litecoin network. Both the Mining issue, as well as the Hash Rate has decreased since the LTC Halving Event at the beginning of the summer.
Of more than 480 TH/s at the beginning of August, the network now produces only 252,5 TH/s. The fees are struggling to subsidize the sudden decline of the Miner’s revenue – and the facts seem to indicate that many of the miners have left the network.

Extremely high energy costs

White rabbit adds: The use of the popular Antminer L3++ requires for the production of Litecoin with an energy price of 0,0232 $ per kWh. According to GlobalPetrolPrices.com the Mining makes it with this special unit in the world is unprofitable, except in Burma.
The Mining calculator WhatToMine.com according to, for example, the Mining of Bitcoin, SV stops, then to be profitable if electricity prices rise to more than 11 cents per kWh. This allows to mine the crypto-currency in a lot more countries around the world in a profitable way – the calculator takes into account neither the cost of the Hardware itself, or to the Property or the cooling, which is likely to be due to the operation of a powerful system of day and night is required.
And the 80 dollars in fee income, which are distributed over the network, will also contribute little to these necessary to offset the costs.
Text Evidence: BeInCrypto.com Rick D.

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.