Topic: Bitcoin mining is costly... (Read 1977 times)
Maybe you can mine different coins like ETH. If i had the capital for this i would venture into it no question. I would invest in solar or wind or kinetic for electricity cost. The only problem Is capital. It takes money to make money.
I think that mining is not the most profitable way to earn money for now. But if everything improves then there would now be a good bride to buy good video cards. Because the demand is now smaller, and with it the price is cheaper.
Yeah setting up or mining crypto requires a good internet connection and aside from that there are specific hardware that could accept and acknowledge to lo learn more since since the gadgets and other player equipment. However, having a bitcoin mining still benefits the one who own the mining equipment. And if you have some time then earn BTC a good time one time profit.
Bitcoin mining is not easy work. It require many things like storing system, electricity, internet connection and a good computer operator who must have a good knowledge and experience about mining. At present bitcoin mining is costly as compare to past 2-3 years.
if you are a miner, then you sell BTC at the current price, of course you will lose
you should HODL for a certain period of time, so you can get a bigger profit,
the money needed to buy mining tools, I think it is more effective to use daily trading with 2% profit per day. I think it's enough
you should HODL for a certain period of time, so you can get a bigger profit,
the money needed to buy mining tools, I think it is more effective to use daily trading with 2% profit per day. I think it's enough
It is true that now bitcoin mining is very costly even it can not fulfill your expenses of electricity etc but if you come for Ether or other coins there is a chance to mine for earning that coins and it is very good way to earn coins through this way and it is the most useful way in that countries where electricity is less expensive.
Price of bitcoin is very high due to the huge demand and popularity in the whole world that's why every body wants to mine the bitcoin. Daily bitcoin mining quantity is fix and every day miners are increasing and demand of bitcoin hardware is increasing the price which is very higher as compare to the last four years. Now bitcoin is mining less and consumption of electricity of is more which effects the cost of bitcoin.
I think bitcoin is like this, the more difficult it is to mine, the more valuable it will be and so they will not be able to manipulate it because they will always see that percentage that will be difficult to control much of the bitcoin whenever they try to mine faster. algorithm will change and its difficulty goes up so it is better to leave it as it follows its natural course
Yes, in my opinion it is also like that, mining is very easy and gets results, but what about capital, such as electricity costs, internet fees and if there is damage to the equipment, it is equally not profitable and even detrimental to me.
Yeah bitcoin mining is very expensive and this is all because of the required equipments that you wil need in order to start mining of bitcoin and also issues of high energy consumption also comes in. This is why most people are getting into running of masternodes.
One thing to say mining bitcoin consumes a large amount of electricity and it would take lots of equipment to manned the mining. There should be a development in making the cost of bitcoin lower; given that lower mining cost could yield a higher profit. However, it matters on trading and exchanges.
If the consumed amount of electricity for mining gets lower, we will see more miners joining the network and increase all the hashrate. Mining is a difficult and costly process..
Yes indeed costly but sure earnings. There are lot of ways to save energy during mining although costly but its a lifetime savings by using the renewable source of energy like the solar energy panel in which you can assemble as many of this just to have an enormous amounts of energy for free.
The Guardian reported during November that the bitcoin network consumes 30.14TWh a year, which not only exceeds the usage of Ireland but also that of 19 other European countries.
Bitcoin mining is costly because its mining consumed a lot of electricity and this time bitcoin price is going down. And some of factors which increase the cost of mining that is price of electricity from the cost and quality of using equipment effect the cost.
One thing to say mining bitcoin consumes a large amount of electricity and it would take lots of equipment to manned the mining. There should be a development in making the cost of bitcoin lower; given that lower mining cost could yield a higher profit. However, it matters on trading and exchanges.
Everyone knows this already. You must spend a lot of money on super mining computers and electricity for you to mine very well.
To be honest, I do not think that Bitcoin mining is still a good business venture nowadays. Yes, I understand that the cost are really high, maintaining the equipment and the over all process. It also takes longer time before you can mine a coin, it is not going to be profitable in the long run.
Currently bitcoin mining uses specialized computers called ASICs which are specifically designed to solve the puzzles requires to mine bitcoin. Due to their specific nature, the machines are custom designed and manufactured. As they are not mass produced, they cost more to buy.
I think the price of cryptocurrency is not affected by this only affects the amount of bitcoin being mined. The price of cryptocurrency depends on other factors. One of them is supply and demand.
Mining is evaluated differently in various countries. It depends on the price of electricity from the cost and quality of the equipment.
Mining can be a lot of effort without the profits you think you’ll see. While there are ways to make it work, you risk putting money into your setup, only to watch the values of cryptocurrencies drop. For example, if the price of a bitcoin is around $11,000—still more than double what it was a few months ago.
As more and more Bitcoin miners join the network, the mining difficulty level also increases. This simply means that the miners/mining pools with more powerful hardware will win.
As more and more Bitcoin miners join the network, the mining difficulty level also increases. This simply means that the miners/mining pools with more powerful hardware will win.
Maybe you are right in this situation. But if the electricity were consumes lower, there would be more people who invest in Bitcoin.. Then this will lose the value of trading Bitcoin and this cryptocurrency market will worse. However, I still hope that someone will invent a way to costs of mining Bitcoin will be the most properly
The price of bitcoin is at least 6000 USD so mining Bitcoin consumes a large amount of electricity which easily understand. Besides, mining Bitcoin also wastes a lot of time and money in official technology computer. For me, the only rich person trades in cryptocurrency, I mean that trading Bitcoin need extremely much money ( billion dolars ) . I think the people who dare to invest in BItcoin will not worry about this problem
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