Bitcoin Mining , Is it worth it? - page 5.

adjudicator

full member

Activity: 281

Merit: 100

Quote from: joms123 on February 21, 2018, 07:49:02 AM

Hello guys, I have a friend who told me about BITCOIN MINING.

What do you think? Is it worth it ? Buying Hardwares / Mining Rigs and plus the TIME to be consume.
I'm not even familiar with it , so I'm probably asking for advice on for those old miners.

Electricity here in PH is so expensive. Do you have some tips and tricks?

Thanks in advance guys ! Wink

You have a point, in Philippines the bill of electricity is very expensive but if you will make a mining site for a bitcoin, you should make a more than 1 computer then I think it will be worth it. But you must be computer literate and you must have a knowledge about bitcoin mining and how it manage before you start it because there are some problems that you can face every single day.

melinda29

member

Activity: 223

Merit: 10

I'm not sure if mining bitcoin is worth it. Which I know, the tools for bitcoin miners are expensive, not to mention the need for high-specification computers, expensive also in the end. The cost of electricity consumption also needs to be considered.

GladiosM

newbie

Activity: 135

Merit: 0

Those people who bought equipment in early-mid-2017, really could get some profit. But now everything is not so clear. Getting a reward becomes more complicated. Although to participate in the mining of new projects and crypto-currency, which has a small price and complexity, it is still possible to try.

oni4an

sr. member

Activity: 658

Merit: 253

Now there is a sense to mine Bitcoin and will be in the future, the price of bitcoin will be even higher than now. Another point is that now not everyone can afford to buy ASIC miner.

Karakyli

full member

Activity: 280

Merit: 100

All this is quite entertaining and interesting, the computer just works, and money drips. Here only it is necessary to find some good computers with a productive video card and a free source of electricity. This is an ugly, but very real opportunity for network administrators of large banks or industrial companies to get a small increase in wages.

venlo

member

Activity: 187

Merit: 10

Yes, actually bitcoin mining is very valuable. If you are willing to wait until you lose your investment in hardware purchases, for a simple investor because you really need a high investment and patience as well.

Marry Finch

full member

Activity: 364

Merit: 101

Experts say, and I so confirm that at the moment simple people, at whose disposal only modest home computers, the production of bitcoins, in fact, is closed. This will require a huge amount of time and resources. After all, the very process of mining is accompanied by some problems, for example, a strong heating of the processor and / or graphics card, the consumption of electricity increases. As a result, at home, the cost of mining will be much higher than the market price of the extracted bitcoins.

Falgorn

full member

Activity: 364

Merit: 100

To unequivocally answer the question of whether it is worthwhile to be engaged in mining of bitcoins, it is necessary to consider two components: the cost of selling the extracted bitcoins on the exchange and the possibility of withdrawing money from them, as well as the complexity of the process of mining bitcoins and requests for equipment.

Dark_raven007

newbie

Activity: 224

Merit: 0

Mining pays off about 10 months. Therefore, I do not consider mining a good investment. There are many other ways to earn money.

crustycrab666

full member

Activity: 560

Merit: 104

terra-credit.com

If mining is not profitable, I'm sure the miners will switch professions. If it is not worth the money, then the miner will probably prefer trading. So, if you already have a passion for mining, will definitely be able to solve various obstacles. So it is very important to adjust the ability in the way you want to take

1NV3ST0NM3

full member

Activity: 420

Merit: 110

Only those with specialized, high power machinery are able to profitably extract Bitcoins nowadays. While mining is still technically possible for anyone, those with underpowered setups will find more money is spent on electricity than is generated through mining. In other words, mining won’t be profitable at a small scale unless you have access to free or really cheap electricity.

thepers0n

newbie

Activity: 224

Merit: 0

Bitcoin mining is very valuable and requires a lot of capital at the beginning.
Also it would be a good idea to mine altcoins. It requires a high investment and patience too.

BTCWise

member

Activity: 267

Merit: 13

Hi, if electricity is very expensive in your country then I don't think it would be profitable to mine Bitcoin. Besides cheap electricity you will also need specialized mining equipment and this my friend is very expensive. These two expenses could result in you losing money instead of profiting from your mining venture. Perhaps you should consider cloud mining if you are serious about mining for Bitcoin. Cloud mining does have its own risks but at least you wont have to worry about high costs. Just do some research and choose the cloud mining company that you think provides the best value. Good luck buddy Grin

juragane

member

Activity: 476

Merit: 10

CAT.EX Exchange

for now I see bitcoin mining is dependent on electricity available in every country, because I see the most important mining is electricity, when electricity is expensive and the income you get from mining is not too much then it is not very profitable.

bitcoinVPSD

full member

Activity: 442

Merit: 101

Actually exploiting bitcoin is a way of destroying the environment quickly. Power consumption for the computer is really too big. In contrast, profits from mining give investors a very small. If you choose bitcoin to exploit, then I think you should choose another virtual currency have new economic potential to exploit. time to dig a bitcoin takes a lot of time and degrees difficult day increase up

cunguks

full member

Activity: 854

Merit: 101

Polkadog - Multi-Chain Defi Meme

It might look good, but I'm not sure mining is worth for now. Doing mining is very complicated sounding, I mean it requires lots of preparation such as equipments and others. On the other hand, if you're roll in riches and you feel the preparation is simple. Of course, you can try it.

Jcabudx

member

Activity: 236

Merit: 39

Of course it is. It is worth the time it is worth the wait. Mine now and earn later. Even mining gives a little points of bitcoin it will always be meaningful to those who is badly need an income. Yes here at PH there are many people who is really in need of money even rich people need also. Mining is not a waste of time mining is spending your waste time from nothing into something worthy.

Akupuniard

sr. member

Activity: 406

Merit: 250

I am sure that if anyone have an opportunity to start mining bitcoin , better to use it! Bitcoin would be very expensive in future believing predictions and looking on tendention.

bitfocus

member

Activity: 532

Merit: 15

of you can invest million, can always upgrade your hardware, get cheap electricity or Renewable energy, get a natural cold place to set up your rigs - yes, Mining still worth.

Agapelove

member

Activity: 425

Merit: 10

I think if you have the money to spare its worth to do mining if you're looking for a long term earnings. In the long run mining eventually's gain huge amounts back in the span of years, just mind your electrical bill/consumption. There are certain locations like provinces or country sides that have low cost on electricity. But right now mining equipment is also very expensive and it would be your choice.

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