Topic: Bitcoin mining is costly... - page 3. (Read 1977 times)
Yes and as I knew, you will need the right and expensive gadgets to mine coins and so thus the electricity rate in the country you live, mining will cost a lot of capital to be able to mine bitcoins but you need to have a big amount for a proper and productive miner.
An assessment of last month states that mining costs of bitcoin are still lower that bank costs of manage and print coins, so I think that is a simple FUD.
Bitcoin mining is costly not cheap because Bitcoin mining has grown from a handful of early enthusiasts into a cottage industry, into a specialized industrial level venture. Therefore mining cannot be profitable at a small scale unless you have access to free or really cheap electricity.
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
Mining could be costly when you the price of bitcoin is continue to drop and could be worst beside on electricity bill but if bitcoin is continue to pump to the moon it will be profitable and it will become you rich.
Yeah bitcoin is very costly because of the fact it uses special gadgets such as anti-miners which consumes high amount of electricity. I think this is what makes the reward in bitcoin quite huge because it is very difficult to identify the next block unto the blockchain.
Yeah, Mining Bitcoin is High costly, And also we should have best performed utilities for mining Bitcoin as well.
It's been well known for a while now that if you're not a mining farm OR in specific countries w/ low power cost (or both), mining is going to be unprofitable.
That's the nature of Bitcoin & demand.
I'm in Canada, power here is insane, so I pretty much know I'll never be able to mine for a profit (maybe for hobby w. losses)
Honest about mining, I never even knew, especially to be able to do that must have huge capital, but for example, bitcoin mining costs are expensive and cannot make a profit, why do people do it, and is there no other way to mine bitcoin at low cost, or just people in hobbies to do it ,? That's the nature of Bitcoin & demand.
I'm in Canada, power here is insane, so I pretty much know I'll never be able to mine for a profit (maybe for hobby w. losses)
Bitcoin mining is expensive because of the algorithm which it uses in adding newly identified blocks unto its blockchain. Bitcoin network uses the Proof-of-Work to add new blocks unto its chain and that makes it difficult and expensive.
Yes, now it is not beneficial to mine bitcoin as its difficulty is growing significantly and rewards are very low now so ROI takes a long time to recover your investment.
I think mining is no longer profitable in the future, you can see fewer mining sites than a few years ago, because nowadays people are more interested in investing in altcoin, ico, and trading.
If mining popularity goes down, difficulty goes down and mining becomes once again profitable.
That's the only benefit of loss of popularity.
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.
Clearly mining is expensive however justified regardless of a shot, in the event that you ever anticipate mining a bitcoin at that point better complete a bsckground check and practicality investigation of your proposed venture For beyond any doubt that if the power expenses and apparatuses are less expensive than other adjacent nations then it is extremely justified regardless of a shot and you may get back your capital/venture as quickly as time permits. Digging isn't for everyone except for the individuals who need to improve begin doing your own examination now
It's been well known for a while now that if you're not a mining farm OR in specific countries w/ low power cost (or both), mining is going to be unprofitable.
That's the nature of Bitcoin & demand.
I'm in Canada, power here is insane, so I pretty much know I'll never be able to mine for a profit (maybe for hobby w. losses)
That's the nature of Bitcoin & demand.
I'm in Canada, power here is insane, so I pretty much know I'll never be able to mine for a profit (maybe for hobby w. losses)
unless you are doing it on a large scale, not even profitable.This is why I have chosen ICO investment over bitcoin mining. The difficulty level is now very high, and it greatly consumes electricity.
I think it totally depends upon countries electricity rate. If the electricity rate is cheap in the country then the mining of bitcoin will become cheaper and similarly, if the price of electricity is higher then the mining of bitcoin will become expensive.
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.
Indeed, it is costly especially when your country billed higher amount of electric cost (considering other cost factors); most probably it will not be effective mining bitcoin on such scenario. Given that the amount of bitcoin may vary its price from time to time, then the cost would sustain a fixed expenditure; then it would be a great disaster and a poor headed plan - on entering battlefield without guns. Thus, it is necessary to conduct a feasibility study to determine the impact of cost on the total operation before investing for rigs and equipment.
Yes bitcoin mining is definitely expensive and requires a lot of maintenance. I was planning to start mining but when I researched about it I realized that it's out of my league. The mining rig is expensive and way out of my budget plus the maintenance is too much for me.
I agree with you because really we must spend more time than we can earn. Maybe if you will be working day and night you will faster earn your money.
Hey guys! Pay attention to Median Transaction Fees @bitinfocharts for 2018/07/16
@Dashpay is king of digital cash! 💪👑🚀
1. DASH = 0.0005 🏆 👏
2. EOS = 0.0015
3. BitcoinCash = 0.002
4. Dogecoin = 0.0025
5. Litecoin = 0.0303
6. Bitcoin = 0.141
7. Ethereum = 0.146
https://twitter.com/StayDashy/status/1019219495196512256
THE TRUTH!
The 3 Amigos Podcast Episode 14 - Dash Proposals, Transaction Fees & More!
YOUTUBE: https://www.youtube.com/watch?v=yZD9jqEyVbs
DashForceNews:
https://www.dashforcenews.com/3-amigos-podcast-episode-14/
@Dashpay is king of digital cash! 💪👑🚀
1. DASH = 0.0005 🏆 👏
2. EOS = 0.0015
3. BitcoinCash = 0.002
4. Dogecoin = 0.0025
5. Litecoin = 0.0303
6. Bitcoin = 0.141
7. Ethereum = 0.146
https://twitter.com/StayDashy/status/1019219495196512256
THE TRUTH!
The 3 Amigos Podcast Episode 14 - Dash Proposals, Transaction Fees & More!
YOUTUBE: https://www.youtube.com/watch?v=yZD9jqEyVbs
DashForceNews:
https://www.dashforcenews.com/3-amigos-podcast-episode-14/
If bitcoin is being exploited at this point in time, you will be at a loss because the bitcoin price is dropping unless you use it for free. Excessive exploitation will cause environmental pollution and power shortages.
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.
Indeed, it is costly especially when your country billed higher amount of electric cost (considering other cost factors); most probably it will not be effective mining bitcoin on such scenario. Given that the amount of bitcoin may vary its price from time to time, then the cost would sustain a fixed expenditure; then it would be a great disaster and a poor headed plan - on entering battlefield without guns. Thus, it is necessary to conduct a feasibility study to determine the impact of cost on the total operation before investing for rigs and equipment.
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