Topic: Bitcoin mining is costly... - page 14. (Read 1977 times)

Yes, now bitcoin mining is costly. The fee in mining bitcoin now became high and not only the fees, the price of electricity now became high and the equipments in starting up a mining machines also high. And in addition theres so many mining sites now. So you will gain income a little nowadays in mining not just like before.

Yes, the bitcoin mining cost is very high now, but the increase in computing power is helpful to the network.

Though mining needs a lot of equipment and needs a lot of maintenance, the yielding profit is worth it and your spent money to buy those equipment and its maintenance are paid with a very big profit.

That's why I've said I agree with you purely mathematically. But people are not mathematical types at large, though the ones who mine tend to be more inclined toward hard numbers rather than emotions, especially if they have been in the business for years.


If I'm not mistaken, what you mean here by fixed costs is correctly called variable costs, that is the costs of actually running your rig. In this case, these would be electricity costs. Fixed costs, or overhead costs, don't change with the output, and they include depreciation which is in essence the cost of the mining rig itself allocated over the period in which you are going to use your miner. Obviously, if you stop mining, your investment will be lost, either fully or partially, unless you have already returned it. Then it is all about variable costs.


You're welcome mate!

For me mining is expensive because it's not worth your money here but mining is being minimized how much you're paying for mining so it's good to have mining cases small income here

For me mining is also a good case for electric power and at the time because it is not as fast as there is also another mining investment need to make your income easier, but I think mining is expensive Invest in other sites like trading and marketing.

Nowadays I think people are not much interested due to such a fallen price of the btc coin and also many countries have still not legalized it and thus they do not want to take chance as if it gets banned they may end up in  a loss.

bitcoin mining is expensive. The equipment required are costly and it consumes a lot of energy. But it is all worth it in the end, because the most desirable coin is bitcoins. The people will go for the investments of this coin no matter what. So, the reward for the miners are huge too.

Yep that's totally true, also people are working on that

And I think that at this moment where the price is low it will take your investment back longer than when the price was higher. Although you don't need to worry about it since having a miner will ensure that you are earning bitcoin.

yes it will happen if hardware manufacturers lower their price also the electricity cost. As difficulty of bitcoin now is very high, so we need a High end hardware with lower power consumption to get a high profit.

Yes, exactly bitcoin mining needs huge investment from mining hardware to software and it takes time to take back that investment or ROI, even using cloud mining is not so effective if we are just a simple miner.

Mining is assessed distinctively in various nations. It relies upon the cost of power from the cost and nature of hardware. In any case, I feel that the cost of the digital money isn't influenced by This exclusive influences the quantity of bitcoins mined. The cost of digital forms of money relies upon different variables. One of which is free market activity.

I still think that bitcoin mining is really worth the shot, however due to its current value Miners are losing right now. But I hope bitcoin will jump rocket its value at the end of 2018 at the very least

Bitcoin mining is quite expensive now and if you are expecting to make a profit from it, then recouping your investment may be a huge challenge. Apart from high cost of electricity consumption, cost of bitcoin mining equipment is high.

Glad we're coming to an understanding.

What I was trying to say is that mining is a fixed game, a game of numbers and efficiency.
If the income is going down (not always because of costs but because of increasing hashrate) you can always just shut it down and you are safe, you don't have to bleed money, you know that at 6xxx you lose money at 6yyy you're making money.

Traders don't have this luxury. For them is gambling, they have to spot the events before they happen.
This is why I stopped trading after just a month, I don't have the time nor can I cope with the stress.

As for the people joining...damn I don't have a clue...
I always underestimate the risks people are willing to take in order to make money.


In my example I've talked about 7000$ fixed costs, the cost of running your equipment, not total costs which include the ROI of the rig or amortization, so If you thought I was talking about that then there is no point debating it.
When it comes to mining equipment, ROI and other stuff you have so many variables (like when you bought the damn miner) that is just too hard to draw a general conclusion.

One thing to add...
I'm so happy that there is still possible to have a discussion in the bitcoin discussion section 

I also think it's a bit costly. The pc rigs and the electric bills are pricey enough and bills these
days are not getting any cheaper. But a friend of mine invested in it, after a sensible and
informative talk, I got the picture why it's worth the risk and money. It's a matter of preference
and belief, some of us believe in campaigns and bounties so we support and get into it,
it's pretty much the same I guess with miners. Risk will always be a determining factor in
any form of business and investments, but payoffs are rewarding and success with it.

It's a fundamental rule apply to start any type of business low to high,  means start only lowercast of material for get profit if we start high cast of material then we loose our profit as like start mining projects so long think it would be costly.

I understand what you are trying to get across here and agree with your point. Well, to a degree, let's call it a mathematical agreement. But as I said, it is pretty much the same when wannabe traders continue to add to a losing position in the hope of making profits in the future. Can it actually work out? Yes, it can. Does it make sense? It all depends. If prices go exponential in a couple of months, mining coins at a loss today may make perfect sense (again, all costs considered). So we are in a sort of gray zone here, when your electricity costs are still below the market price while your overall costs (including the cost of equipment) are higher. Do you think there won't be enough people willing to risk it?

Also, if a mining rig cost you $7k while the current price is at $6k, whom are you going to sell it to and at which price? Only to the ones who are in that gray zone and who are willing to mine at a loss today so that they could probably reap handsome profits tomorrow. Basically, the same people I mentioned above. Further, selling your mining rig under such circumstances is like selling your coins at 6k when you bought them at 20k. It means fixing losses once and for all. Obviously, this is not what most people will happily do even though it may in fact be a right decision if the market outlook is all doom and gloom.

Yes indeed, bitcoin mining is very costly and it requires lot of resources especially time and knowledge about high-spec hardwares. However, it is up to people if they afford to have a setup focusing on mining, it is up to them if they really want to invest on such method despite of there are other methods on how to invest on bitcoin.