Topic: Bitcoin mining is costly... - page 18. (Read 1977 times)
Bitcoin mining price will decrease, what will be with price? I think that PoW and current conditions are good for everyone. I live in county with cheap electricity, so I can mine it with 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.
I think what makes it very costly apart from the electricity it consumes is the amount that you can mine or harvest these days. Before, when the market cap of many coins are not that filled because only a few coins have been mined yet, mining is profitable because you can still get a lot of coins using one or two rigs. However now, it's so difficult because all of the market caps have been mostly reached or near its limit, and so, it has become more and more difficult to mine, and even though you set up multiple rights, the amount of coins you can mine is now way lesser than the running cost you paid to keep the rigs running.
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 it is costly and main expense of mining is it's equipment. Other thing that largely influence the budget is the electricity which is being used to run this machine as these machines consume a lot of electricity and need good maintenance which increases the overall cost of 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.
The problem with doing that is that it will make bitcoin mining a very accessible thing, i mean it costs a lot because of the high mining bitcoin difficulty and if we want to lower the cost of mining we need to lower the difficulty and that will cause bitcoin's supply to ware of faster and that is sure to cause some problems, you see that having a high coast has a purpose. but the only bad thging is that it causes places where power costs less to have more mining machines which can lead to centralization. 
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 less it is, the more computing power is needed to extract. This can not be improved. There is a reason why farms are being moved to countries that are active on green energy.
Bitcoin mining difficulty is constatly increasing despite low price. It is because people understand that the current price is only temporary. It is good for Bitcoin to stop for a moment, now it's a good time to buy and wait for what will happen in the next few months. Bitmain might release a new ASIC, it would cause a lot of mess and mining would be even more costly.
That's why I'm not even mining until now since it cost too much and also we need to take care properly of the machine in each an hour to make it run with full power (no damage). I'd have to pay the electricity cost with my profit from the mining machine for about 30-40% of my total profit too (I know this from genesismining company).
I do not think it's expensive !!!, on the contrary it must be active, dedicate time to mine
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.
Somebody had to mine the coins that you're being paid by your campaign managers and such, so for some people it had to be worth it. Mining ended up being a hobby for bored nerds long ago. I guess somewhere in 2014 when you had to hire an electrician to upgrade your connection, because your typical household could no longer handle the load.
the small miner is almost gone... only altcoins are semi profitable to a small miner
As long as they don't die and allow you to convert at decent rates. 
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.
It's about security. There's a real cost involved so that if someone wants to attack the network, they have to have massive resources. This is one of the fundamental pillars of what makes Bitcoin work. Along with the cryptography it forms the basis of Bitcoin's security model.
Yes, it's true. I studied and learned more about Mining. it will cost you a lot of money to build a good mining rig. not only that, you need to have a place. a Big empty place for you Mining Rig because it needs to have a proper ventilation. you also have to consider your electric consumption and your Internet Connection.
If you are a miner you should know something like this before. Mining bitcoin should have a lot of capital besides the cost of electricity should be considered, so you will know the profit you get when you start. And the risk that is always an important concern is from the bitcoin price movement, a miner will complain when the bitcoin price decreases as it is today.
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, it is surely costly in most of the areas in the world as the cost of electricity is very high in many places, But you can earn huge profits from it if you build a mining plant in the places where electricity is cheap and doing bitcoin mining on large scale can give anyone a huge profit from it.
Mining today is not recommended to do bt this time where bitcoin is falling because even though yoy mined about 1 bitcoin it is not enough to pay all the bills and equipment you bought. Bitcoin mining is not a good move now, it is better to invest in an ICO that will surely give you a good future.
the small miner is almost gone... only altcoins are semi profitable to a small miner
Incredibly and unless you are doing it on a large scale, not even 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.
If you live in a country were electricity is very expensive then of course it is not cost efficient, but if the electricity cost is extremely low then it is a good opportunity, and if you feel you are not getting the profit you want, you can always mine other coins and then re-invest them to purchase BTC.
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.
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.
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.
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.
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