A gold rush is a new discovery of gold—sometimes accompanied by other precious metals and rare earth minerals—that brings an onrush of miners seeking their fortune. Major gold rushes took place in the 19th century in Australia, New Zealand, Brazil, Canada, South Africa and the United States, while smaller gold rushes took place elsewhere.
The wealth that resulted was distributed widely because of reduced migration costs and low barriers to entry. While gold mining itself was unprofitable for most diggers and mine owners, some people made large fortunes, and the merchants and transportation facilities made large profits. The resulting increase in the world's gold supply stimulated global trade and investment. Historians have written extensively about the migration, trade, colonization and environmental history associated with gold rushes.[2]
Gold rushes were typically marked by a general buoyant feeling of a "free for all" in income mobility, in which any single individual might become abundantly wealthy almost instantly, as expressed in the California Dream.
Gold rushes helped spur a huge immigration that often led to permanent settlement of new regions. Activities propelled by gold rushes define significant aspects of the culture of the Australian and North American frontiers. At a time when the world's money supply was based on gold, the newly mined gold provided economic stimulus far beyond the gold fields.
Gold rushes extend as far back to the Roman Empire, whose gold mining was described by Diodorus Siculus and Pliny the Elder, and probably further back to Ancient Egypt.

You know it's bad when people at work who are completely computer illiterate want to setup a mining rig. This is how bad it is, everyone knows about it. I will agree with OP about the "Gold Rush" as it really is. But what goes up must come down It's a matter of time before the Government get's it's hands in the cookie jar, and ONCE that happens, we will likely see mining die off very quickly. history always repeats, and it's always when people think things are going great & have nothing to worry about. Hec we are now seeing some serious side effects of how the mining community & PC gaming community have exhausted the GPU market completely. I just cannot see Nvidia or AMD investing too deeply into the issue with how mining had been pretty stagnant up until just the last year or so, and inventing millions of dollars into R&D along with increasing production capacity solely for sake of cryptocurrency would be a huge gamble.

bcavnaugh
What do you think?

 
I think you are confusing 2017 with 2018 - 2017 was a major boom in profitability for miners, 2018 so far has been nothing but pain.
2018 also looks to be the year that Ethereum finally moves to a Proof of Stake model - at which point the profitability will CRASH in a major way.
I anticipate 2018 being the year of the *THIRD* great mining crash + shakeout.

Can u guys not do the mega quotes? For us poor mobile users at the moment trying to read this thread and get smart on all this cryptocurrency ....uh....stuff. [opinion withheld]

QuintLeo

bcavnaugh
What do you think?

I think you are confusing 2017 with 2018 - 2017 was a major boom in profitability for miners, 2018 so far has been nothing but pain.
2018 also looks to be the year that Ethereum finally moves to a Proof of Stake model - at which point the profitability will CRASH in a major way.
I anticipate 2018 being the year of the *THIRD* great mining crash + shakeout.

No, No I am Not. This Thread has nothing to do with Profitability. But thank you for asking.
You are more than welcome to create your own Thread about Profitability as the Subject Matter.

lukeout
How do miners get 90/120 ROI? Is that using happy hash?

Please Ask that question over here Cryptocurrency in your own Thread Maybe.
You would get a better answer from the Miners that Mine in that area of the Forum.

Indeed it is.

 
Moved to Crypto.

Brad_Hawthorne
What do I think? I think someone is pulling the puppet strings on cryptocurrencies. It's gonna crash when they cash in on it. Credibility is non-existent in this stuff. People make up coin types as jokes and people still run to it. The world is eating crazy pills.

 
Ikr? Kodak announced they were starting a new crypto currency and their stock doubled overnight. Just insane. Bag holders are going to get burned very very badly from this one. I would not be surprised to see mass bankruptcies when this crashes and burns, along with related stock crashes, foreclosures, divorces, suicides etc. etc.. Those who survive will then get to look forward to the IRS climbing up their butts and taxing them to hell and back, and with IRS access, the attraction of a once anonymous funding source will be gone and the currency will crash even further. The Wall Streeters starting crypto-based ETFs and other funds are likely looking forward to the shorting more than the initial gains from those new 'investment vehicles'. They will be utterly merciless.
 
 
 

XrayMan
 
Moved to Crypto.

2018 is now known as The Gold Rush of New Mining Era. NOT about Cryptocurrency or Crypto Please Delete Thread or Lock it.
I was meant as a General Discussion moving it will turn it into a Mining Thread and that is not why I created it.
It is a Pointless Thread being under Cryptocurrency as why it was put under General Discussion.