Bitcoin mining is costly... - page 2.

JakenBake

member

Activity: 150

Merit: 11

Quote from: solarisexodus on July 05, 2018, 08:20:03 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.

I have recently fallen into a situation where I get a free 30,000kwh for free each year and I still cant figure out how to make money mining. Really irritates me as I would love to do the project.

Kunal666456

newbie

Activity: 104

Merit: 0

You are bitcoin mining a bit expensive,Its equipment also costs a lot.And anyway, mining bitcoin is not just about everyone.

AllCryptoplus

newbie

Activity: 54

Merit: 0

Quote from: solarisexodus on July 05, 2018, 08:20:03 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.

Everyone knows this already. You must spend a lot of money on super mining computers and electricity for you to mine very well.

kittybabe@06

newbie

Activity: 112

Merit: 0

yeah youre right it consumes high electricity and expensive in monthly internet connections and you need fastest internet for this it consumes a big amount of bandwidth, the secret for a faster mining is a high specification of computer the best processor is.I7

Successmaniac4

member

Activity: 196

Merit: 10

Bitcoin mining is very expensive because it demands the use of electricity and it consumes a lot of electricity too. There are new projects coming up which will make Bitcoin mining much cheaper and use lower electricity in the process.

bitfocus

member

Activity: 532

Merit: 15

yes, and that is another issue that pushes Bitcoin price higher.

mrphilippine

newbie

Activity: 140

Merit: 0

This statement is true in which bitcoin mining can be really really costly. Like in our countries that we have slow connection and the bill of electricity is high. I think it is now advisable to mined in my current situation.

dutchkay

full member

Activity: 434

Merit: 100

Bitcoin mining is very costly. The equipment used are on the high sides, then add power consumption to it which is quite huge. I won't advice anyone to go into bitcoin mining currently because it is now competitive. Investing huge funds in hardware won't even guarantee you breaker even soon enough. Other better altcoins are are there to mine. Rather than going for bitcoin ethereum is not that bad so far you have the resources to pursue it. But it is always better to join a mining pool for better results.

Alns

sr. member

Activity: 602

Merit: 250

if you want to earn big money you really need to invest big money in it too. First of all if you want to mind you need to sell some numbers how it works and what you really need to do and I agree with you that it is very expensive.

elisabetheva

full member

Activity: 1708

Merit: 105

Quote from: rajkr on August 03, 2018, 12:58:46 AM

Now mining cost is high because it is calculated in terms of USD and the value of mined BTC is less now. so when the price of BTC will increase it will be more profitable

Bitcoin is still in a state still difficult to return with a very good price like last year, though high costs if stable bitcoin will surely be covered.

iwuwi12ueiei212

newbie

Activity: 27

Merit: 0

I think Bitcoin digging is difficult. Therefore, it is necessary to have a large number of machines that require a high cost. So your ability to speak is just the basic estimate, the desired effort, the present is the problem dilemma.

billbear

member

Activity: 294

Merit: 10

Quote from: solarisexodus on July 05, 2018, 08:20:03 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.

It came to the point when regular mining, one person involved is really not prospective anymore. You can not anymore take a profit having only one personal computer or something like that, you need to have a performant farms to earn at least something.

wqiwi212jsjs@jj

newbie

Activity: 31

Merit: 0

Low exploitation costs but high profitability. I think it will take time to research, mining will also affect the resources, hope the government is more concerned about the environment, mining along with the improvement. The process of exchanging and exchanging incessantly will create new points in the mining tool.

MUSFIKAR

full member

Activity: 392

Merit: 100

In my opinion, if we are miners, we must know things like this before. Bitcoin mining definitely has a lot of capital besides the cost of electricity to watch out for, so we'll know the benefits we get when we start. That's because people understand that the current price is only temporary. It's good for Bitcoin to stop, now. It's a good time to buy and wait for what will happen in the next few months.

Christinebeauty

copper member

Activity: 420

Merit: 2

Quote from: solarisexodus on July 05, 2018, 08:20:03 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.

I think one of the factors which increases the cost of bitcoin mining is the high amount of electricity usage and I once saw an ICO(4new) who is planning to convert waste into electricity to support crypto mining and minimize the cost. I think it is a good project

haruharu732

newbie

Activity: 40

Merit: 0

Electronic money is a form of using the power of computers to decipher transactions. An electronic currency will appear and exist for a certain period of time. Since the same amount of code appears over a period of time, the higher the number of machines, the lower the profit, but the more important is the power consumption. New machines produce too massively, sometimes resulting in too much profit. I went bankrupt when the excavator.

erikoy

full member

Activity: 686

Merit: 125

Quote from: solarisexodus on July 05, 2018, 08:20:03 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.

Yeah for now bitcoin mining would not be that good because of the current market price for bitcoin which is down. So probably bitcoin mining establishment for now would take lesser bitcoins in the process because of the market current situation. Anyway if bitcoin will go strong again then it would be good for mining bitcoin also.

Meysa_richa

member

Activity: 458

Merit: 10

indeed it is true that in mining we really need a lot of equipment and also high costs, and if in trading we buy cheap prices and then we hold back until prices rise high we can certainly make a big profit.

NinjaCryp

newbie

Activity: 171

Merit: 0

That is true, bitcoin extraction consumes a lot of power from dedicated devices such as graphics cards. You need to analyze the energy consumption process and a well-planned plan to ensure efficient operation. It needs experience, time, great financial resources. Even cloud mining includes these.

tutorroma

member

Activity: 255

Merit: 10

With the increase in the cost of mining in the network, I don't think the mining of bitcoin needs to reduce costs. It may be more advantageous to change mining methods. Can we use a resource like solar energy to mining?

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