Burst Mining is Dead and Here is Why

in #burscoin5 years ago (edited)

Hello Friends!


I was experimenting with the light and my green screen but I think the sound at least was ok

So in this video I express my toughs about burst coin mining and its future mostly...

I said it many times in my videos that 2018 was a hard year...this was a small part of it...
As the months pass by from January to February until now I saw bitcoin in a free fall and with it the other coins as well.
As I was on the sea I had to stop my miner after two months and come with some decisions, like that I stopped it all and now my miner is a beautiful pc used for gaming and rendering, and editing videos.

I enjoyed making my miner and I was so happy making posts and videos about upgrading my miner:

https://steemit.com/tutorial-trail/@cynetyc/3-coins-one-tiny-mining-rig-burstcoin-ether-decred
https://steemit.com/tutorial-trail/@cynetyc/burstcoin-effective-mining-capacity-in-a-pool
https://steemit.com/tutorial-trail/@cynetyc/burstcoin-turbo-plotter-9000-and-unlimited-review-and-test
https://steemit.com/tutorial-trail/@cynetyc/my-burstcoin-mining-rig-upgrade-part-1
https://steemit.com/tutorial-trail/@cynetyc/my-burstcoin-mining-rig-upgrade-part-2
https://steemit.com/tutorial-trail/@cynetyc/burst-mining-rig-upgrade-part-3
https://steemit.com/tutorial-trail/@cynetyc/my-response-video-to-linus-tech-tips-video-about-mining-burstcoin

At first I was thinking that after my long contract I can do some damage control and when I will be home I can take care of the issues.

But in 7 months that I was away the issues with burst grew more and more:

  • burst nation site RIP - doesn't exist anymore
  • burst casino bankrupt
  • burst assets .....what assets?
  • burst block reward 659 (maybe less now)
  • ddos -ed pools
  • fights in the community
  • the value of the coin was damaged severally

I believed and still believe in the idea of this coin but for it to be mined it needs an innovation not a fix or a patch .
I mean the very concept of burst coin was unique proof of capacity mining ( not hoisting like filecoin or gpu mining like siacoin ) but the pure mining of your hard drives.
This concept attracted me a lot because I hate the noise that is made from the ASIC miners and gpu (is less but still noisy). Do not get me wrong I love mining but at the time HDD mining is what pull me into burstcoin.
And so I made my first miner...at the time 4 TB and I was making 100-200 burst per day (more or less) and once every 3rd or 4th day I was hitting a block and it was so much fun...a quiet miner mostly idle that was mining burstcoin.

At that time the block reward was more than 3200 burst

I made my miner in the end of 2017 and beginning of 2018 and per day I was making 70-100 burst and hitting a block almost once per week (not every single time because my experiment lasted about 2 months with full 33 TB miner)

These returns are not acceptable...and this is the truth I had to stop because the reality is that is more simple to buy the coin than to mine it.
But in the same time I am worried that this coin is damaged beyond repair.
The fights within the community really had an impact to the coins price.
But as people appear and disappear ...the coin still exists and it waits to be re-invented or re-imagined

I cannot give you my reader hope or too much despair, the truth is that I don't know for sure what will happen but in the same time I cannot lie to myself in believing that my micro rig of 33 tb is enough to mine it no it is not...
Other users from the community also stopped mining burst such as the user Imineblocks and that also had a decisive impact on my decision to stop burst coin mining. (his miner was 100+ TB)

So that was my thoughts on the matter I hope that it can help you .

Please spend a moment or two to look over these Steemit articles if you want to read more into the subject of burst:

https://steemit.com/cryptocurrency/@lexicon/burst-nation-scam-beware-adam-guerbuez-and-focus
https://steemit.com/cryptocurrency/@iceburst/the-death-of-burst-coin
https://steemit.com/burst/@walczakit/rebirth-of-burst-coin

Read those articles and make your own opinion, good or bad you can express it in the comment section bellow

Cynetyc 2 years on Steemit.jpg

I wish you all a fantastic day!

Sort:  

That sad..

That is wonderful review and Very useful note. thanks for sharing
cynetyc sir.
have a great day

I also dabbled with mining Burst back when Burst Nation was born. I used a 10TB miner and joined a pool. I got involved with the community and shared my experience on Steemit. It seems like a lifetime ago. I thought the idea of mining a coin that uses very little electricity was cool concept that suited my idea of being environmentally friendly. Some called it the green coin.

I didn't trade assets too much, it really felt like gambling and a scam. I mined for a few months and earned the money back that I had invested in the gear. I slowly lost interest and Burst faded into the background of my life. Some time later I started hearing about the community falling falling apart and corruption rumors spread.

I do have a good memory of Burst, it is the only coin I ever mined and I learned a lot about crypto during that time of my life. I doubt Burst will ever be anything again, if there isn't a good alternative now there will be eventually.

Good post you wrote.

If they continue the coding and start to show some progress at least it will be an improvement.
I feel that this coin has so much missed opportunities .
I will continue to watch from a far their progress (if any) and if they come with a product, fix or innovation I will gladly make a new tutorial or post here on steemit.

Excellent review, my friend and now, of course, many projects are experiencing difficulties or have disappeared altogether, but I am sorry that you stopped mining and I hope that everything will be better in the future! Thank you @cynetyc

For sure it will for bitcoin but for burstcoin ...the future is uncertain at this moment.

I have a friend who wants to go into the bussines of mining here in Africa, if I showed him this, am sure he will be depressed because he was doing his research and found out mining doesn't pay that much.

Posted using Partiko Android

Although I am not a financial advisor ...I may suggest for him if he loves a coin to invest in that coin rather then mining it.
Hashflare, genesis mining They do not have contracts anymore...the difficulty is too big so if these 2 big companies struggle now ...let us say that mining in the present moment is not a solution.
Maybe in the future it will be some new technology new ASICS or something completely different than what is currently now on the market.
I wish your friend good luck and I hope he seas my small video... at the very least he can learn from my mistakes.

Yeah @cynetyc it is a bad time for crypto right now.

Hope the situation will improve @cynetyc.

Indeed, I also heard that the mining is absolutely not profitable, and many are forced to stop mining. I hope that everything will work out

I will read more and see what are the news about the subject but at this present moment I found that it was the best action to take.

That is very sad to know about burstcoin , hope it will be some improvement.

Oh yes @cynetyc, the sad news is that you stopped mining and you were right last year was a real test for us all and now is not an easy time, so I also think about it a lot and want to believe in better times!

I still believe in the coin ...but in mining it .. it is not an option ...unless some development of a specific mining technology to mine it ...let say a integrated circuit specific for burst.

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