Bitcoin mining is costly... - page 12.

Blackrain13

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Activity: 328

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Quote from: solarisexodus on July 05, 2018, 09:20:03 AM

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,mining is an expensive tool to use to earn bitcoin. It need to consume a higher electricity and use an expensive equipment. But there are place that mining is worth profitable. In our country mining is not advisable much better to do trading to earn profit.

Psychee

newbie

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yes it's hard for you to live with 47 chromosomes if you believe in bitcoin, you must believe in Socratus

mobile04151985

newbie

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for me, the fiat currencies exist in physical form like physical denominations of the currency available in the form of paper notes and coins, While crypto are completely digital and no physical denominations. sooner this digital will used to pay in any store because technology evolved.

cryptohipo

jr. member

Activity: 322

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It’s true. For bitcoin mining, you need high configuration computer. But it’s not affordable for all of us. Because it’s very costly for set up. That’s why so many people are not doing this mining. I think bitcoin needs to remove this problem.

coinminerdotcom

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Activity: 108

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The cost of mining is completely varied on your location. If you are in a major city with little to no renewable energy...then mining may not be for you. However if you happened to be fortunate to live near a solar farm, hydroelectric plant, or wind farm..then mining becomes a profitable venture. Depending on the size of your operation it can wield a high overhead with massive results, or you can just benefit from having a small handful of rigs. This is all varied on the electrical price of your area. If you look into mining and see that it can be profitable for you, dm me or stop by the website and we would be happy to assist you in getting the miner that can mine what you are looking for the most efficiently.

Marlo Stanfield

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Quote from: penetrak on July 09, 2018, 11:33:51 AM

Mining Bitcoin´s requires a high computing power that provides specialized ASIC devices. It is precisely because of these devices that Bitcoin's mining on a normal home computer is almost worthless or mined by a normal mortal. The mininig difficulty, the price of mining equipment and also the price of electricity consumed is too high. So if you do not have a backpack full of money, mininig bitcoin is not worth it.

Even if you have a backpack full of money it's probably not worth it. Since you still have to buy miners from shady monopolies like Bitmain who will burn in your chips my mining with them while they're most profitable before dumping them on everyone else.

royalparade01

newbie

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Quote from: spain cool on July 05, 2018, 01:34:47 PM

Quote from: Futurm on July 05, 2018, 10:20:34 AM

I think the cost of bitcoin mining is the key, it supports the price of bitcoin.
If the cost of mining is lower than the price of bitcoin, people will buy BTC.

The cost of bitcoin mining doesn't support the price of bitcoin in any way, though, both are a different thing and it is not related to. But no, I wouldn't agree if people will buy btc if the cost of btc mining is lower than the price because people can easily buy btc without mining, that's why mining machine is pretty cheap nowadays.
[/quote

Bitcoin mining is sure costly that it’s no longer particularly profitable to mine Bitcoin. Bitcoin currently trades essentially at the break-even cost of mining a bitcoin.

maxamus

sr. member

Activity: 833

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Quote from: player1001101001 on July 09, 2018, 03:02:29 PM

Bitcoin mining is completely depend upon the electricity charges. And according to countries electricity rate the mining rate is totally depend on it. In my country electricity rate is pretty expensive so ultimately mining also becomes expensive.

It's same case everywhere mate as far as the electricity rate is concerned in my country it's affordable and cheaper than most of the countries but mining is time consuming and less profitable and it comes with high maintenance.

Gameroid

hero member

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Quote from: player1001101001 on July 09, 2018, 03:02:29 PM

Bitcoin mining is completely depend upon the electricity charges. And according to countries electricity rate the mining rate is totally depend on it. In my country electricity rate is pretty expensive so ultimately mining also becomes expensive.

I have some mining devices but currently i have estimated that it is getting costly and therefore they are currently useless for me, but still i am not going to sell it because i am waiting for the price to increase and then may be it will become profitable and then i will like to install the system again, but it is right to say that in current time bitcoin mining is costly.

player1001101001

jr. member

Activity: 336

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Bitcoin mining is completely depend upon the electricity charges. And according to countries electricity rate the mining rate is totally depend on it. In my country electricity rate is pretty expensive so ultimately mining also becomes expensive.

JennetCK

full member

Activity: 305

Merit: 100

[PROFISH.IO]

Quote from: b1marlin on July 05, 2018, 01:36:58 PM

COST OF MINING BITCOIN or any other coins/tokens

1 ELECTRICITY - there are countries that has cheap electricity but mostly it is expensive.
2. maintenance - mining is very maintaining deed in, you also need to keep the miner in a cool place.
3. noise - you need to be in a very private place to keep the noise out of the public.
4. PRICE - bitcoin price is not good to mine now.

Great perception. But, I have a new version of it.

1. Electricity - my county electricity supply run from a private company, that's why it is more expensive. So, we have to find alternative electricity supply like solar power.
2. Maintenance - Yes, keep your units in a cool place but it is hard to find in my country. So, we take the advantage of planting more solar panels near the are with more power supply and created a ventilation in our place. By that way, we keep the place cool.
3. Noise - Why would we keep it in private? What's the point in keeping it private? My place is in public and everyone knows it. And for the record, no one has tried to disturb me.
4. Price - You think it is not good? Well, you're wrong. It ks better to mine bitcoin as of now. You are like preparing for the big comeback. The more you mine today, the more profit you will have tomorrow.

jmvzlfyg

newbie

Activity: 174

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Yes, the bitcoin miners' group is already a difficult world to access. It's hard for others to communicate with them, and they do not want to communicate with us. I think it is necessary to reduce the energy consumption of mining.

rindayle

jr. member

Activity: 140

Merit: 1

Yes, today mining has become very expensive. The cost of powerful equipment and electricity and the competition among miners make mining impossible for ordinary people.

syberwolfen

sr. member

Activity: 790

Merit: 261

Quote from: gbccoin on July 09, 2018, 12:36:53 PM

Yea, its a costly and hard too. As bitcoin is valuable it has right to be mined costly. But also I wish it will be low cost and I hope for this.

Yeah it's really costly to mine bitcoin nowadays as electricity cost is overtaking the profit of mining nowadays and if a person earns $8 per day through mining he/she will end up paying $6 for electricity.

buternasek

member

Activity: 336

Merit: 12

Quote from: mk4 on July 05, 2018, 09:57:44 AM

It can definitely be costly depending on what your country's electricity rates are, but if you know what you're doing(doing all the research and the calculations and all that), you can definitely make good profit off mining(though mining other coins are more profitable).

if I personally prefer not to do mining, because in my country the cost of electricity is very expensive, besides not everyone can do mining. requires expertise and also adequate tools...

mdzahed134

sr. member

Activity: 2128

Merit: 259

SOL.BIOKRIPT.COM

Quote from: solarisexodus on July 05, 2018, 09:20:03 AM

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.

Something i know Bitcoin mining cost is pretty high.Fist of all i think Bitcoin mining rig is more important & obviously need high power rig.Electricity cost basically depend on high or low power rig.I used AntMiner S9 it's reliable power efficiency.Also AntMiner U2 is the best.

gbccoin

newbie

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Yea, its a costly and hard too. As bitcoin is valuable it has right to be mined costly. But also I wish it will be low cost and I hope for this.

penetrak

full member

Activity: 171

Merit: 100

Mining Bitcoin´s requires a high computing power that provides specialized ASIC devices. It is precisely because of these devices that Bitcoin's mining on a normal home computer is almost worthless or mined by a normal mortal. The mininig difficulty, the price of mining equipment and also the price of electricity consumed is too high. So if you do not have a backpack full of money, mininig bitcoin is not worth it.

P_percy

newbie

Activity: 95

Merit: 0

If someone is still thinking about starting bitcoin mining then the person surely has a great amount of black money,
Now with huge block difficulty, expensive hardwares, insane usage of electricity bitcoin mining is really a cumbersome process.

sinta23

full member

Activity: 668

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DogData

Quote from: Chanock on July 09, 2018, 09:47:21 AM

Doing bitcoin mining is to expensive especially the mining equipment and other necessary tool that you need. Also mining fee nowadays and even before is to high. But rhe good thing in bitcoin mining is too worthcit and surely giving a great return from all ylur expenses used builting mining tools and equipment.

the current mining costs are so expensive. because the results obtained from the mining are also quite a lot. so it is not surprising that the current cost of mining is quite expensive. so we look first for future mining costs. because the mining also requires high voltage

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