Topic: Are Bitcoin miners still good to go? - page 3. (Read 277 times)
i read several stories about ppl, they involved work station pc at their job lol, and had an illegal mining station for free lol, but then they were cathced
it's really true that bitcoin activity requires a lot of electricity, that's why it has started to regulate the consumption of electricity every home. consideration is also the cost of electricity used when mining if the result is slightly not recommended to not do mining.
coal, oil, gas generation of electric has costs. and the more that is used the more it costs. plus its not environmentally friendly or sustainable
solar generation of electric has cost and time limits. where it can only generate for an average 12 hours a day. but is limited to the amount of panels set up on land. its ok for low use, but when large peaks of usage occur quickly solar cannot cope
wind generation of electric has costs and weather limits, where it can only generate acertain amount at low wind and certain amount at high wind. aswell as the limits of how many turbines are set up on land. its ok for low use, but when large peaks of usage occur quickly wind cannot cope
where as geothermal is more stable 24/7 generation of energy. infact it costs geothermal companies more to switch off some of its gnerators when demand is low. so they prefer to have them all running. and thus offer a constant supply. this is why some miners love iceland. they can calculate how many ASICS they will manage month by month and set a contract to buy electric by the month/year. knowing the electric supply will be constant and stable (unlike solar/wind which can fluctuate) and is environmenally friendly(unlike coal/oil/gas)
solar generation of electric has cost and time limits. where it can only generate for an average 12 hours a day. but is limited to the amount of panels set up on land. its ok for low use, but when large peaks of usage occur quickly solar cannot cope
wind generation of electric has costs and weather limits, where it can only generate acertain amount at low wind and certain amount at high wind. aswell as the limits of how many turbines are set up on land. its ok for low use, but when large peaks of usage occur quickly wind cannot cope
where as geothermal is more stable 24/7 generation of energy. infact it costs geothermal companies more to switch off some of its gnerators when demand is low. so they prefer to have them all running. and thus offer a constant supply. this is why some miners love iceland. they can calculate how many ASICS they will manage month by month and set a contract to buy electric by the month/year. knowing the electric supply will be constant and stable (unlike solar/wind which can fluctuate) and is environmenally friendly(unlike coal/oil/gas)
I was really interested for buying mining rig few month ago , when bitcoin price hitting $18 000. I already had $15 000 ready for buying , then I spoke with my friend and he said that if price stay around $20 000 then I should go for mining rig. But after week price already start dropping. I'm really happy that I didn't invest because, this month my country rise price of electricity and bitcoin drop to $7 000.. So I will need few years to get invested money back.
Because it costs so much electricity, several countries have imposed restriction on mining activity?
Restrictions is needed to address abuses and to maximise the responsibility of a miners for the development of one country.. Cryptocurrency mining in majority of country around the world still hanging in thread for any further policies that still need any more regulation..
In a small miner perspective like me,, everything completely fine even the price of mining coin is decreasing.. As long as I’m HODLing it this concern won’t be a big problem.. Money for those who wait like most holders does in the past..
Minning bitcoin is only good for countries with low electricity prices. The difficulty in minning bitcoins is increasing, bitcoin prices are no longer good for the miner from countries with high electricity prices.
agree, it is only good for countries with low electricity prices. not in my country, it is very high cost.
I had the same doubt in my mind. Bitcoin mining has become so costly these days. It requires a lot of computation power which is why there are ASICs and Antminers specially designed to mine BTC. Despite that it consumes more electricity which is why many countries have regularized mining.
Apart from that the difficulty keeps increasing every few years which makes me wonder why would anybody want to mine BTC if it is so difficult to mine it. Wouldn't it's future be in danger then ?
Apart from that the difficulty keeps increasing every few years which makes me wonder why would anybody want to mine BTC if it is so difficult to mine it. Wouldn't it's future be in danger then ?
Because it costs so much electricity, several countries have imposed restriction on mining activity?
Yes, because mining bitcoin requires a lot of electricity, some people think that mining bitcoin is a waste of energy, so it's against bitcoin. I think it's very, very, very important, so I think it's very important to develop new sources of energy to explore bitcoin. 
Hi,
Actually, I guess that in most countries, governments do not have to impose any regulation... Just because the cost of electricity (and the amount of power consumed for mining) is way higher than what you can expect to earn, at best, when you mine.
So the calculus is quite simple: in most (western) countries, mining costs money. You pay more in electricity charges than what you earn. So... well, no one wants to mine!
That may become a problem, though, if governments implement regulation to prevent companies from mining (because for them, mining can still be profitable)...
Actually, I guess that in most countries, governments do not have to impose any regulation... Just because the cost of electricity (and the amount of power consumed for mining) is way higher than what you can expect to earn, at best, when you mine.
So the calculus is quite simple: in most (western) countries, mining costs money. You pay more in electricity charges than what you earn. So... well, no one wants to mine!
That may become a problem, though, if governments implement regulation to prevent companies from mining (because for them, mining can still be profitable)...
Because it costs so much electricity, several countries have imposed restriction on mining activity?
Right now you cannot imagine to mine bitcoin without a huge capital investment, we need to break the monopoly of bitmain and i hope we will see some big manufacturing firms developing more energy efficient and power machines in the future and that too at an affordable rate, which is highly unlikely 
but which will allow users to mine at the comfort of their home .
Yes it is.
Mining using a regular computer or a bunch of computer with gaming graphics is really electricity consuming that is why appropriate software is needed to save energy as much as you can, try to learn about ASIC (Application Specific Integrated Circuit Chips) [Power saving and reducing heat from any technology is also one key in preserving planer earth], this may help you with your plan entering Bitcoin Mining.
Mining using a regular computer or a bunch of computer with gaming graphics is really electricity consuming that is why appropriate software is needed to save energy as much as you can, try to learn about ASIC (Application Specific Integrated Circuit Chips) [Power saving and reducing heat from any technology is also one key in preserving planer earth], this may help you with your plan entering Bitcoin Mining.
I would like to know how much of electricity is consumed currently to produce 1 bitcoin, not including extremely cheap electricity, so countries like sweden, canada, island where the biggest miners are. I dont see it as a big problem. A lot of electricity is spent every day but people dont know and dont talk about it.
I think there are still a lot of very active miners who are still working and mining coins because the amount of bitcoins to be mined has not being exhausted yet so there will always be people mining coins.
I would say so because a lot of people are still very much into mining, although the amount of power which mining requires might be a problem as a lot of countries are starting to get worried but as long as there is still bitcoins to be mined, there will still be miners.
Because it costs so much electricity, several countries have imposed restriction on mining activity?
indeed mining machinery requires electricity as a driver. so you are required to buy electricity or tax in every machine operate. so think well and calculate the exact income from mining and maintenance on the mining machine, so you get a profit and not in vain the machine is operating. real miners will survive and continue to mine. 
Because it costs so much electricity, several countries have imposed restriction on mining activity?
no you are mistaken because of a lot of FUD in the media. there were no several countries ever! what happened was that a tiny place in New York State started planning for some restrictions on usage of electricity and that news was exaggerated in less than a day into a big FUD.
you don't have to worry about miners they are making their profit (with or without your worrying!) thanks to the way bitcoin is designed (difficulty and all that) and also not to mention the potential of growth that bitcoin has.
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Because it costs so much electricity, several countries have imposed restriction on mining activity?
Correct. Mining has been regulated in many countries due to high electricity consumption and there is no other reason for restriction. I think Bitcoin mining will take some more time and consumption of electricity is more compared to Ethereum or other altcoins. If you don't have a cheap electricity then all your earnings will be paid for electricity I suppose.
we still have many option coin for mining although the price now is not too good and if we can hold it for a long time then I am sure that the price will increase. but before we decide to mine, it is better than we have another job so we can pay the electricity fee and we can fill our daily needs. I considered mining as another way to earn more coins and hold for the future.
Because it costs so much electricity, several countries have imposed restriction on mining activity?
i think it still good because my friend still doing it. and he still get profit on that. maybe you just pick a bad bitcoin mining. and maybe theres a mining activity that has low cost electricity
Because it costs so much electricity, several countries have imposed restriction on mining activity?
Maybe some of users closed their mining but not all miners. Now overall cost is more than profit, but they still working/mining. As a result, they believe one day they will get profit by their bitcoin.
Minning bitcoin is only good for countries with low electricity prices. The difficulty in minning bitcoins is increasing, bitcoin prices are no longer good for the miner from countries with high electricity prices.
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