Topic: Bitcoin mining is costly... - page 17. (Read 1977 times)
Bitcoin mining is getting costly, but still profitable. One just need to do the math meticulously before venturing into this unique business venture.
Yes btc mining can be costly because huge amount of electricity is required for such works. But it will be worth the cost if you can manage all the required equipments and start mining somehow.
Of course, when you exploit bitcoin, most of you turn on the computer almost 24/24 for a long time to get the btc, I think it will not affect the market.
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.
I think right now bitcoin mining is not profitable just like last year, VGA prices is already down since many miner sold his.
And also if you joined in a cloud mining site, right now the profit is minus
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 isn't for someone that only sees it as something profitable out of nothing. Cost of mining is high? their profit is high too, huge farms know this already and they'll stop if they are gaining nothing.Also they are playing an important role if they're gonna shift mining altcoins.
You find bitcoin mining costly? very simple, don't do it.
a lot!!
This is the exact reason why we have altcoins. What bitcoin can not do, these altcoins are expected to do.
Some altcoins are very cheap to mine and accumulate swiftly. The trick is, spot a good altcoin with awesome potentials, should be a mineable coin. Check on how the mining is done and you follow accordingly. You might be in for a lucrative source of income with time.
Some altcoin mining requires just your PC And this is very good. Think Mining Bitcoin is too expensive? look for an alternative, Mine Altcoins.
Some altcoins are very cheap to mine and accumulate swiftly. The trick is, spot a good altcoin with awesome potentials, should be a mineable coin. Check on how the mining is done and you follow accordingly. You might be in for a lucrative source of income with time.
Some altcoin mining requires just your PC And this is very good. Think Mining Bitcoin is too expensive? look for an alternative, Mine Altcoins.
Wow, genius!!!
So it is hard to make a profit by mining bitcoin.
Solution:
Let's find an altcoin so we can print more money.
What does this solve, other than creating tons on shitcoins in an already oversaturated market?
I think water is an abundant source of energy, so hydro power or hydro power is one of the most effective and cheapest sources of energy.
hydro project miner offers electricity needs with water sources to save electricity consumption. and hydro miner is already working in europe.
i think ,you can try it.
hydro project miner offers electricity needs with water sources to save electricity consumption. and hydro miner is already working in europe.
i think ,you can try it.
You who?
Alright, we should all build some hydroelectric power station in our gardens..
As I said, cheap energy will only lead to more energy being consumed.
And hydro might be cheap, but building a dam costs billions. And we're running out of places to build them.
Yes, the bitcoin mining cost is very high now, but the increase in computing power is helpful to the network.
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.
That cannot be helped, everyone wants to mine bitcoin, network difficulty will increase far. And the mining equipments are expensive too because many peoples want to buy. The more demands, the more expensive the mining tools.
This is the exact reason why we have altcoins. What bitcoin can not do, these altcoins are expected to do.
Some altcoins are very cheap to mine and accumulate swiftly. The trick is, spot a good altcoin with awesome potentials, should be a mineable coin. Check on how the mining is done and you follow accordingly. You might be in for a lucrative source of income with time.
Some altcoin mining requires just your PC And this is very good. Think Mining Bitcoin is too expensive? look for an alternative, Mine Altcoins.
Some altcoins are very cheap to mine and accumulate swiftly. The trick is, spot a good altcoin with awesome potentials, should be a mineable coin. Check on how the mining is done and you follow accordingly. You might be in for a lucrative source of income with time.
Some altcoin mining requires just your PC And this is very good. Think Mining Bitcoin is too expensive? look for an alternative, Mine Altcoins.
Well, that is why altcoin having potential and futuristic projects swiftly dominate over bitcoin but to what extent. If we would try to think, bitcoin could again yield high value over other altcoins because bitcoin`s supply is fixed; other coins could be millions and billions of supply (at the discretion of an ICO team). IF we try to look, the factor that affects bitcoin`s price would only be two - demand and supply. Given that its supply is fixed, then what we only need is to market bitcoin for increasing demand. Compare to altcoins, different considerations and many factors are to be considered. So, logically if we can mine with lower cost with the higher price on bitcoin, then immediately it could raise sense on investments -Profit.
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.
There is no such thing as the cost of Bitcoin.
There is a fixed number of coins that can be mined each day (with slight variations), no matter how efficient your mining gets the reward is the same, if mining gets more efficient and you earn more in $ terms per kwh, then more miners will add more equipment and in the end, the power usage will be the same
Mining is limited only by the price of a kWh, in the end, no matter what equipment will be used, the daily reward can't be smaller than the price of energy consumed in mining those coins.
With a price of 2 cents per kwh, and BTC at 100 000$ the miners could end up burning 1800Twh a year.
I agree that the cost of Bitcoin won`t matter; however, if only to minimize the cost of mining at a fixed number of coins to be mined (considering the price of bitcoin would increase) could create a better profit on the investments of bitcoin miners. Right!
one of the main obstacles faced by miners is the using of large electricity, so the cost will be more expensive.
I think water is an abundant source of energy, so hydro power or hydro power is one of the most effective and cheapest sources of energy.
hydro project miner offers electricity needs with water sources to save electricity consumption. and hydro miner is already working in europe.
i think ,you can try it.
I think water is an abundant source of energy, so hydro power or hydro power is one of the most effective and cheapest sources of energy.
hydro project miner offers electricity needs with water sources to save electricity consumption. and hydro miner is already working in europe.
i think ,you can try it.
If you want to mine Bitcoin, you need to understand the costs and benefits of it.
There is only one way you can mine it and still be in a great amount of profit, and that is to have a small farm ( meaning you have 10 rigs that will do the job for you )
But also you need to have a steady supply of electricity which is cheap or at the very least moderate when it comes to the cost.
There is only one way you can mine it and still be in a great amount of profit, and that is to have a small farm ( meaning you have 10 rigs that will do the job for you )
But also you need to have a steady supply of electricity which is cheap or at the very least moderate when it comes to the cost.
Bitcoins mining is not all that profitable as the hype in the media. Electricity cost, hardware cost and maintenance cost are the main reason why mining seems costly. Those same money in setting up a mining can be use to trade or buy and hold which in turn can also be profitable.
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.
I think mining is quite profitable but depends on your location. If your ares is cold then it is better because mining consumes a lot of electricity and if you mine in a place where the heat temperature is too high i think it you will not earn because mining tools are expensive and then the electricity consumption. I think much better to do trading if you have enough knowledge and experience about it i am sure you will earn and can manage to avoid loses.
This is the exact reason why we have altcoins. What bitcoin can not do, these altcoins are expected to do.
Some altcoins are very cheap to mine and accumulate swiftly. The trick is, spot a good altcoin with awesome potentials, should be a mineable coin. Check on how the mining is done and you follow accordingly. You might be in for a lucrative source of income with time.
Some altcoin mining requires just your PC And this is very good. Think Mining Bitcoin is too expensive? look for an alternative, Mine Altcoins.
Some altcoins are very cheap to mine and accumulate swiftly. The trick is, spot a good altcoin with awesome potentials, should be a mineable coin. Check on how the mining is done and you follow accordingly. You might be in for a lucrative source of income with time.
Some altcoin mining requires just your PC And this is very good. Think Mining Bitcoin is too expensive? look for an alternative, Mine Altcoins.
This is why I have chosen bounty campains and ICO investment over bitcoin mining. The difficulty level is now very high, and it greatly consumes electricity.
Well there are risks also in bounty campaigns and ICO investments. It is just the intensity of the risk, but i think bitcoin mining is still quite profitable in some countries,probably because of the low electricity cost. What you said about ICO investment is quite risky also. There is always this question. "what if he project will fail, my investment will surely be gone too"
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.
There are many ways that operators can save money on electricity. In my place, there is a company that installs solar cells to help people exploit bitcoin at the cheapest cost
To run a well and effective bitcoin mining farm is very costly because the kind of equipment you use determine the amount of bitcoin that you can harsh within a given period and as you have said we need more advance equipment in other to cut the cost of mining bitcoin. Because at the present level bitcoin mining requires a lot of electricity supply and other mining material.
I do not think it's expensive !!!, on the contrary it must be active, dedicate time to mine
Are you comparing fishing with your bare hands in a river with fishing using a big boat in the ocean?Mining Bitcoin requires a decent and expensive equipments, if you seek profitability you need to have a mining farm with free or very low electricity price. Mining using cpu or gpu is still profitable for some altcoins only
Jump to: