Topic: Bitcoin mining is costly... - page 5. (Read 1979 times)
Yes, mining is very costly and hard to get. You have to get yourself a very high-speed internet connection and buy other expensive hardware and software to enable you mine bitcoin. Aside these you need to have an in-depth knowledge on how the mining is like. I think it difficult to mine than to buy.
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 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 in the future you can get when you start.
Yeah, that's why you'd rather invest nowadays instead since it's a bit tad late for mining.
It must cost a lot because of the electricity that it use. That is a large amount of energy
Of course it will be very expensive in bitcoin mining process, because of the many costs that must be spent to do the mining. And I think it's too late if today we just started mining, because maybe the results obtained are not in line with expectations, given the current movement of bitcoin prices and the amount of bitcoin. So in my opinion it is more effective to be able to earn big income if we buy or invest bitcoin, in the current situation and conditions.
Well, the mining is not a one-time activity. It is a continuous process and one should expect the profit on a larger timescale. When someone is involved in mining activity, he should aim for break-even point where he will be able to recover his expenses occurred in setting up a mining plant. Then after recovering those expenses (capital expenditure), he will see positive cash flow as he will be left only with the revenue expenses which is comparatively lower than capital expenditure. Bitcoin mining is not costly but it is a time-consuming business and not a casual part-time activity anymore.
Right now, mining bitcoin are only for those who create large mining farms. These mining farms then lease their hashing power for more profits. ASIC machines are very pricey. And locations should be taken into account where electricity is the cheapest.
You also have to consider the market price, we know the price of bitcoin can change, this will affect the exchange rate to get money. if you sell when the price is down then the profit can get a little because it is used to pay the electricity bill. so you have to be smart in managing mining machinery. 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 ofcourse the tools used for the bitcoin mining is too much costly...as for making much profit you have to invest...Not only that if the electricity cost is more in your area then you cant do mining....Or you can use solar powers for mining which will reduce electricity cost to zero and you can have your whole profit...Just meet the conditions.
Yeah i'm agree with your opinion, there are many people said that doing mining now is not legit more. Maybe you can only get small margin because of the condition of market right now. If you use antminer for mining it will be cost more, high electric consumption and noisy. You must doing maintenance and keep the temperature for this tools.
Fact is that at the current price levels, we may consider bitcoin mining expensive especially if one is just acquiring the hardware (even aside from the high electricity cost required in most countries). However, at higher price levels of 20k and above, even in spite of the level of difficulty and all that, profitability in mining will not be much of a hard task to attain.
Yes it is costly and consumes a big amount of electricity rate thats why lots of mining nowadays happens in cooled cave or mountain and also finding places that has low price of electricity rate
Before you say i want to start miming bitcoin have you figured out the cost and how much worth of electricity it will consume. There are some things meant for the
made people who have the power to push. Bitcoin miming for an average man is like sending him back to were he
made people who have the power to push. Bitcoin miming for an average man is like sending him back to were he
Bitcoin mining is costly yet one of the most lucrative avenues in crypto. To set up a Bitcoin mining office requires quite a large amount of capital to purchase the ASICs and computers. Also, electricity bills must be catered for.
of course, it's like mining a gold that requires a lot of heavy and sophisticated equipment to be more effective. But I think it is worth the amount that can be obtained, I will do it if my financial support.
it is true that mining is in desperate need of equipment, and with. cheap costs will indeed generate cheap opinions and that is what many people especially expect miners expect.
Mining bitcoins in 2018 is not the same as mining bitcoin in 2012, the complexity has increased and the profits are not worth as much depending on the hardware you use, that is, it was once possible to mine bitcoins with an ordinary desktop computer nowadays you need your own hardware for this purpose.
The actual profit you will make depends on several factors. The first is your hash rate - in other words, the actual processing power of your machine. Computers designed for mining, or "platforms" as they are commonly known, require large amounts of electricity consumption, which will increase operating costs. The complexity of mining also increases with time.
The actual profit you will make depends on several factors. The first is your hash rate - in other words, the actual processing power of your machine. Computers designed for mining, or "platforms" as they are commonly known, require large amounts of electricity consumption, which will increase operating costs. The complexity of mining also increases with time.
Yes, now it is very expensive to extract bitcoin. Due to the fact that a lot of competition among the mining people and the development of technology, it's impossible to get to ordinary users.
bitcoin mining is costly....If you actually hook the 1080ti's up to a PC you can control the power draw in a major way, it would probably save you hundreds of dollars a month on electricity for mining.
Now Bitcoin mining is very costly because you can buy good product for mining buy you can't get profit from Bitcoin mining. now out put service will not to be better for Bitcoin mining.
Bitcoin mining is actually very expensive. For you to really mine something tangible you need to be able to buy the expensive machines and be able to afford steady electricity.
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