Bitcoin mining is costly... - page 8.

Bitcotalk

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Quote from: amacar2 on July 05, 2018, 08:44:49 AM

If you will start mining at current difficulty and price of bitcoin you will only loss unless you have free or very cheap electricity. Mining with cloud contracts these days is just like doing suicide your contract will end after being unprofitable like most of the viabtc contracts will be.

So in both way yes mining is costly and not profitable right now but if you will keep all bitcoin you will mine now for next few months you might make huge profit so its like gambling.

Yeah as of now mining is not suitable as it is either loss or very little profit and in both the case the investment of time and money put in is never returned back, although for large scale mining rigs which are operated by companies it can still work out to give a good amount of profit.

But yeah everything matters on how you work and how much effort and time you put in and also what facilities are available to you and also a bit of luck is necessary in every form of investment be it mining or hodling.

skibikipapa69

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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.

berfanaf

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Quote from: wilburwilbur on July 05, 2018, 08:35:19 AM

Surely mining is costly but worth a shot, if you ever plan on mining a bitcoin then better do a bsckground check and feasibility study of your proposed project
For sure that if the electricity fees and rigs are cheaper than other nearby countries then it is really worth a shot and you might get back your capital/investment as soon as possible. Mining is not for everybody but for those who want to do it then better start doing your own research now

Bitcoin mining as everyone thought they could do in part time is totally wrong it requires a lot of patience and maintainence and also funds to and a good setup to earn some good amount of bitcoins. Also if after investing a lot of time one is earning a few dollars then it is not really feasible, also the cost of electricity equipments and a proper mining place decides the amount of total profit, if done properly with patience and proper maintenance one can earn huge.

coinfinger

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Quote from: da7a1oad3r on July 05, 2018, 08:36:46 AM

I don't think it's any point of starting BTC mining nowadays unless you doesn't have a billions of $$ and a cryptofarm

Well if someone is thinking that they will setup a bitcoin mining rig in their free time then he or she is totally fool to do this cause the investment of time and money they will put in will yield only few dollars which won’t be beneficial, where as someone with a lot of money is thinking to setup a large scale mining rig possibly near some power station so that no electricity problem is faced then he or she can still earn huge even now.

crypto-bit

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Mining of bitcoin is good if you have a long term investment.mining now is so much costly and higher difficulty in the blockchain network is the hindrance. Better you just enter into a trading site and start trading rather than to mined bitcoin but if you have money then go to bitcoin mining.

elwiswoodie

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Long-term investment is great for bitcoin mining tools
one can get small profit, but stable with mining tool
its price is expensive, but the risks to be faced are small and with small profits too
a miner might get ROI in the 10th month, that means after 10 months of being a miner, chances are they will be easier in collecting BTC pieces in their wallet

Kotone

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Quote from: tobreak007 on July 15, 2018, 11:08:55 PM

Exploitation is not for everyone but for those who want to do it it is better to start doing your own research now, the difficulty will increase with it and the profits will be the same as every other

yeah! I agree im that. before you mine bitcoin you need an hig specification hardware computer and we know that the high specification hardware is very costly.so it islike you invest bitcoin but in other way because you use money to obtain bitcoin. ctually it is more costly than the investing .and I am not sure if the earnings in this is worth it.

tobreak007

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Exploitation is not for everyone but for those who want to do it it is better to start doing your own research now, the difficulty will increase with it and the profits will be the same as every other

cryptowaltz

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bitcoin mining is costly because need more power supply and expensive equipment's like GPU and also need Software. but many people are doing this because mining is costly but give guaranteed income compare to trading bitcoins and other currencies on exchanges also mining is not for everyone. if u are ready for high costly equipment's then u can otherwise not.

Mat_Myers9844

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Bitcoin mining hardware is very costly

wireless1889

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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.

The thing is, it differs on what type of mining you will be inclined to. There are minings which is indeed needed to use electricity as well as internet connection, some are you just need to set it up then it can mine automatically. But the thing is as of this moment more mining sites took slowly to mine, so the cost you have invested will not be equal to what you can earn. But tyere are other ways of earning bitcoin.

Fasdartin

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Quote from: qiman on July 13, 2018, 02:13:20 AM

Nowadays unless you have very cheap electricity and all the most modern equipment and a huge mining farm you are no longer going to be able to mine Bitcoin profitably at these prices. Now mining has become an industry for the rich only and small people are ousted out of the game and now can only mine other much cheaper and much smaller crypto currencies. I hope soon Bitcoin can go up in value dramatically so mining can become more profitable for the smaller mining farms once again.

Yes it is because those people who do mining they need to do it in 24 hour open of their computer that is the reason why do mining is costly because of high electric bill they need to pay. And also 24 hours open of your computer is not good especially when your place has no proper ventilation because it possible to your computer to cause overheat. So i think better to have proper place when you do mining, also when you do mining expect a high electric bill.

qiman

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Nowadays unless you have very cheap electricity and all the most modern equipment and a huge mining farm you are no longer going to be able to mine Bitcoin profitably at these prices. Now mining has become an industry for the rich only and small people are ousted out of the game and now can only mine other much cheaper and much smaller crypto currencies. I hope soon Bitcoin can go up in value dramatically so mining can become more profitable for the smaller mining farms once again.

longwintershere

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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.

that wouldn't make any difference as it always depends on the amount of miners and their hashing powers. If the costs were lower, than more people would have mined and the result would be the same

iotarocket

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Yeah, bitcoin mining is very expensive, largely because there is so much competition for newly minted bitcoins. There are huge facilities filled with powerful computers dedicated solely to mine bitcoin. What I'd like to see is a shift to using renewable energy for bitcoin mining.

Budugbass

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Basically, it doesn't harm if it really has high funds for it, it will pay off with satisfactory results as well. But well... if it were forcing it, it wouldn't be good and better look for other efforts to gain profit besides mining, moreover now more ways to earn profits from crypto.

O9NpJ9ld1opS

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Yes, bitcoin mining is costly indeed. It is estimated that average Global mining cost per btc is around $4K. So people are speculating that btc won't go below 4K ever again. PoW mining systems consumes a lot of electricity, that is why newer projects are aiming for better models like POS. But the difficulty to mine coins like BTC will indeed make it valuable in the future.
Lesser supply, greater demand, that's it.

eaLiTy

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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.

Is there any solution for that, there is no concrete study on how much electricity it consumes globally to mine bitcoin or is it even possible to compare the amount of electricity used by all the financial institutions around the globe, i can bet it will be much larger than anything else, so stop comparing the amount of electricity being used as it makes no sense, i really hope we could see renewable energy sources being used to mine bitcoin in the future, but it is just a opinion.

kl8847

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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.

I have heard that sooner or later mining, as it is right now will stop and we will continue to mine only those things that are required in order to make all the transactions between wallets. This will be the only.

ParveZ219

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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 the main thing for mining is the electricity... Investment is one time investment...Now depending on your region that whats the cost of electricity...or you can also use solar power...or any other type of energy source depending on your place.

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