Topic: Bitcoin mining is costly... - page 10. (Read 1977 times)
Mining is expensive as mining equipment is sold at a price so that expected mining rewards are cash-negative when compared to outright buying BTC - otherwise companies like Bitmain would just mine themselves; I see BTC mining as a hobby personally.
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.
The high price of mining I think depends on the area of residence because the electricity tariff of each country is different and the equipment used is also different, depending on the chosen for mining. But the price of cryptocurrency not affected by this only affects the amount of bitcoin being mined. The price of cryptocurrency depends on other factors. One is supply and demand.
I know Bitcoin is a very expensive coin, which is no more expensive than this world. Bitcoin is a digital currency that can not be directly hand-held because it is a software and it is currently using Bitcoin for various purposes.
As you stated, it relies upon on the trading and exchanges. Mining bitcoin might be luxurious supplied with plenty of equipments however it is well worth it. but on the other hand, if the charge become a little lower, then more human beings could make investment.
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.
Mining will take more intensity of power and also dinner state of machines. By today mining is more prominent in light of the fact that pice of bitcoins which are earned by mining is higher than mining cost. Electricity bills are the biggest expense for miners, and mining has become increasingly difficult as the price of bitcoin has fallen recently. The cost is already too high.
That's really killing miners right now, the mining expenses is far more than the mined coins, I guess those who are still in this field are people who still hoping and believing that somehow mine coins can be save and hold inside their wallet and wait till the value increases again. 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.
Yes. Not costly of your money but costly of your time. But its profitable so why not?
The price for the extraction of bitcoin can not so rapidly increase as its market price. Therefore, it is much more important to accompany the rise of its price in the economic arena.
Of course, Bitcoin mining costs a lot, but it's worth the profit. And when viewed from the equipment needed for Bitcoin mining, this is not cheap equipment. And when the mining process requires continuous electricity. A piece of equipment, knowledge, and capital are things to really pay attention to if you want to do mining.
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.
True, bitcoin mining certainly takes a lot of electrical energy assumptions and spends a lot of money. In addition, the equipment used must be adequate and of course requires a large capital to equip mining equipment to generate profits. Bitcoin mining is difficult to simplify its function, since most mining factors require a large power source, unless electricity costs in the country have a very low cost.
of course, very inefficient if electricity is more expensive in comparison with the proceeds from bitcoin sales, especially now the value of bitcoin falls
country like Philippines is not required to do mining bitcoin because of the high electricity cost.mining is fit only to the country that low electricity 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.
Bitcoin mining is costly. But 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.
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 you compare the electricity cost of bitcoin with paper money, i think producing paper money is require more resources to consume.
At first, mining bitcoin was very profitable, but now everyone seems want to mining bitcoin. The difficulty is very high now, makes it hard to mine.
Bitcoin mining is not costly actually because it is unlimited. Cost of mining is high? Of course cost of profit is high too.
If there could be some accounting way which indeed miners have; if the cost to mine a single coin would equal to the profit that I could gain, then probably there`s no point of achieving a higher profit because it is still break even. The cost of profit might not be inline with the source of profit in selling bitcoin (since income is based on trading exchanges); however, miners accounted their total income over their cost of getting a coin based on the value in the exchange (per coin). So, if the cost of mining is high = high profit; then it would be the same as with luxurious commodities out there. Though it cannot be compared to high-end commodities because bitcoin is not a product - it is an investment.
So my point, if the income is adjacent to its cost and cannot be monitored; and if we cannot control over it then mining nowadays is not advisable at all.
i think that mining is too expensive and it becomes more and more expensive day after day! how to deal with this? I have read that in Russia there is a city devoted to mining crypto, I don't know whether it is a good idea to mine or not
sure, mining is needed high cost like the electricity and the maintenance, from the price right now and the difficulty of any coin right now there are many miners that stop mining because they don't get any profit. maybe if someday there are good hardware to mining in effeicency i think will makes high profit
The most important thing is not to despair and not to take hasty conclusions. It's good to think about what you can do without losing self-control, and start learning new knowledge)
It is costly. Dozens of computers operate 24 hours a day. A huge amount of energy. Moreover, the money to invest in those computers is not cheap at all
To get a bitcoin you should have a good machine as well as you will have a lot of costs such as electricity as well as other costs so that you can get it in different countries so there will be a price for waterfall. different
Jump to: