After coming down a bit the average profitability of mining fell slightly. The actual earnings is dependant on transactions etc which do not necessarily happen as frequently as some want.
Chia speculates with hard disks and the problem now is that the chances of a reward is so slim as to be pointless. Chia is only a gamble, it’s not a fixed fee for a calculation like conventional bitcoin etc. Basically speculating on Chia is coming up with snake eyes,
Anyone now that wants to get into mining, do something else. The cost of video cards is stratospheric at present making the payback very undesirable. Many are now turning to specialized mining machines due to the limited ability of video cards and the wrath of gamers. The future seems to be dedicated specialized machines.
Larger scale operations with special hardware are still not out of the woods either, Transactions are the lifeblood but with the prospect of more regulation may slow transactions substantially. Not long ago bitcoin reduced the compensation rates and this hurts income for even the dedicated machines.
Zealots believe bitcoin will reach $100,000 are speculating that more will buy in to the Ponzi scheme. Bitcoin has a way to go to catch up with Madoff. Advertising shows the willfulness of the Ponzi scheme.
Recall the number of brazen ripoffs in bitcoin. There are so many of them that it’s hard to enumerate. The losses cannot be recovered due to the lack of reversal of charges. In stark contrast, reversals on a credit card are not hard to do if there is a problem such as a breakin that steals card numbers etc,
This large Russian mining operation is one of the largest in the world. It has its own power plant to be able to operate the machines. The capital to establish such a vast operation is staggering.
FALSE PRESS RELEASES
False press releases are nothing new but when a derivative bitcoin posts some fake news. The value popped and fell after the news was found to be false. Something tells me a trader did that for profit motivations.