Bitcoin mining is costly... - page 7.

JASON@BTC

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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.

Yes, one of the factor that makes bitcoin`s price so mad is because of its high cost in the electricity. Other factors may be specified such as equipment, computing power and etc; not mentioning the manpower used to operate this rigs. However, it is not advisable to engage mining of bitcoin right now, it would potentially result to loss due to fixed amount of mined coins. Thus, ICO will be better than mining.

Funeral Wreaths

full member

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Quote from: Afnan_faizah on July 18, 2018, 03:38:46 AM

The minning tools it self is very expensive and the infrastructures that must be prepared also expensive. I give up with bitcoin minning at this time, now I more focus on masternode coin like CAZ and etc. I heard that mine altcoin like ETH or etc is more profitable.

indeed it is really costy and if you don't have enough money to support or sustain that business you cannot really keep on going. that also depends if you have your resources available already for work so you can use that up and try to make money for it.

Afnan_faizah

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The minning tools it self is very expensive and the infrastructures that must be prepared also expensive. I give up with bitcoin minning at this time, now I more focus on masternode coin like CAZ and etc. I heard that mine altcoin like ETH or etc is more profitable.

Peter Bailey

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Currently bitcoin mining uses specialized computers called ASICs which are specifically designed to solve the puzzles requires to mine bitcoin. Due to their specific nature, the machines are custom designed and manufactured. As they are not mass produced, they cost more to buy.

almaroof

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Mining is too cost most especially for those of us in less developed countries facing poor economy and lack of eley

pocketfullofpoke

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www.daxico.com

Making mining rig is really costly as it requires a very good specifications of your hardware and a heavy duty piece of machine be it an ASIC miner or GPU miner. Although it is costly, but it can give you profit while you're just sitting back and doing nothing.

iamike

jr. member

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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.

Bitcoin mining is indeed very expensive especially the cost of electricity consumption. The machines require a high voltage and constant electricity supply. I really like the idea behind the 4NEW project. It aims at cutting the cost of electricity used in mining.

You can read more about their project at https://4new.io

nydiacaskey01

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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.

Bitcoin mining is costly specially if you live in a country where electricity don't come cheap. Add the weather condition, if you live in a tropical country, that's another extra cost for you since you need to have a good ventilation to keep the rigs cool and that's another cost to add to your electricity cost. Plus man power, you can't man your rigs alone, you need someone to look after your rigs 24/7 and that's not free as well.

cammie16

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BitHostCoin.io

Quote from: JeramiParan on July 18, 2018, 01:40:25 AM

If you really want to engage mining you really have to prepare real amount of money just to set-up a mining rig for better performance you have to use the most sophisticated and advance mining tech for high chance of mining success, getting up mining tools really expensive and it really cost electricity.

Yes, it is really difficult to get good profit in bitcoin mining so it really need a very high specs of mining rigs. For me it is better to mine altcoins compared to bitcoin but this is still depends how you will build the mining rigs.

JeramiParan

jr. member

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If you really want to engage mining you really have to prepare real amount of money just to set-up a mining rig for better performance you have to use the most sophisticated and advance mining tech for high chance of mining success, getting up mining tools really expensive and it really cost electricity.

AlexAtom

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YOUC - www.youengine.io

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 is costly because to mining bitcoin now, you need the latest asic miners to earn max profit. The latest = the most advanced and most expensive.
The electricity cost of asic is more than GPU mining i think. So, no wonder that bitcoin price is very expensive than any other altcoins.

banoi

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If there is no charge what does not dig. However, it may be difficult to invest in equipment and costs

CryptoSmile

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Bitcoin mining does require a very high cost, so that only certain people who can do the mining. But indeed the results obtained are also very high so that although the mining costs are large but still done some people to produce far greater profits. But I think investment will also be able to generate huge profits and we can do with the cost adjusted to our ability, for that if not yet able to do the mining because it collided with the cost, then the best way is to invest, and I have bought some bitcoin and already feel the benefits that I think big enough through bitcoin investment.

DoublerHunter

hero member

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It is true that if you want to mine bitcoin then you need a lot of money because the equipments or the mining rigs for bitcoin is not that cheap and you need to invest a lot of money and you need to wait for a medium to long term if you want a good return because it is not like the other investment that you will be gaining a lot of money in your first month.

Chaelbrin

newbie

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Mining is assessed distinctively in various nations. It relies upon the cost of power from the cost and nature of hardware. In any case, I believe that the cost of the digital money isn't influenced by This exclusive influences the quantity of bitcoins mined. The cost of digital currencies relies upon different elements. One of which is free market activity.

Bitcoinnumberone

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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.

Yes, it's true that if you mine bitcoin it consumes a lot of electricity and if you have not a high a large processors you mine a little so you need a lot of effort to mine bitcoin, High technology laptops, computet upgrades so a lot of money but if you mine it your investment to buy equipments will return.

InvestICO2L

full member

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Quote from: sp01_cardo on July 09, 2018, 03:05:18 AM

Yes, now bitcoin mining is costly. The fee in mining bitcoin now became high and not only the fees, the price of electricity now became high and the equipments in starting up a mining machines also high. And in addition theres so many mining sites now. So you will gain income a little nowadays in mining not just like before.

Mining consumes a large amount of energy, electricity, so it goes without saying that it costs a big amount of money too. In my country, from the beginning of 2018, the government claims that the price of electricity would increase to those who use tools, machines for mining. Indeed, mining is pretty hard and tough job, but if you’re a profession, you are able to get significant profitable. I prefer trading and investing to mining, because I reckon that I’m more interested in trading than mining.

cryptoaro

newbie

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Fundstrat’s model for calculating mining costs takes a few factors into account. The first is the cost of the computers themselves as the mathematical problems get progressively harder over time, miners need to keep upgrading their rigs. The second issue is energy. Making loads of incorrect guesses uses a lot of it. And then there’s cooling; all that energy use throws off a lot of heat. Embarrassed

johnmartinda

newbie

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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.

aladlanie04

newbie

Activity: 114

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mining bitcoin so expensive because of equipment price rise drastically because of orders and out of stock reasons especially the graphic cards and processors and mainly other reason is electricity also due to electricity price some countries so high the rates bitcoin mining is hard ROI to get because of the investment cost is so expensive but sometimes equipment may damage due to power loss , due to over heating also .

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