Topic: Bitcoin mining would bring back excessive profit？ - page 3. (Read 452 times)
I think its all for the profit less the electricity bills, if its worth mining even with the enormous amounts to pay for the electricity mining will still be a lucrative business. Regardless of how much the asic devices cost, halving and the maintenance of it as long as the transaction fees continues and will make them profit.
What make an influence on Bitcoin mining is computing power, difficulty of computing power and electrovalence. Among them, the electrovalence can be seen as a constant value for the reason of smooth fluctuations under the annual mining contract. There are generally two reasons for drastic fluctuation. One is the evolution of mining machines or methods resulting in halving the reward of Bitcoin; the other is the value of Bitcoin mining won’t increase more than the fluctuation of Bitcoin price.
Hence, Bitcoin mining could return to the lucrative business if its price continues to increase (say, above $5,785).
Bitcoin mining will greatly depend on the price of bitcoin. when the price is at the lower limit, of course the miners will leave it, that is because they are much cheaper to buy directly than to do mining. but when the price of bitcoin increases, it is likely that greater profits will be made. so the miners will determine their future while always paying attention to the price movements of bitcoin. Hence, Bitcoin mining could return to the lucrative business if its price continues to increase (say, above $5,785).
Bitcoin mining is very expensive now a days and it was good in china because the electricity cost are more every where and mining was good for those who were good in the crypto and now a days the whole market is not much better so if we work and earn crypto that will be good for me because i have not much funds to use for investment and to trade coins in the market but with time when i get the best coins i ll use it for multiplying my wealth.
Directly quoting from an interesting article I found (https://cryptotradernews.com/cryptocurrency/how-does-bitcoin-mining-work/):
And due to the fact that almost 84% of bitcoins have been mined, unlocking rewards isn’t as easy as it was seven or eight years ago. Especially if you’re mining with only one computer. For this reason, Bitcoin mining is largely restricted to people with access to cheap or renewable energy, as well as enough money to run several mining rigs at once.
In other words, either you have enough money to buy a powerful a** computer or you're better off mining altcoins.
I'm currently mining bpx tokens, the project looks amazing.
And due to the fact that almost 84% of bitcoins have been mined, unlocking rewards isn’t as easy as it was seven or eight years ago. Especially if you’re mining with only one computer. For this reason, Bitcoin mining is largely restricted to people with access to cheap or renewable energy, as well as enough money to run several mining rigs at once.
In other words, either you have enough money to buy a powerful a** computer or you're better off mining altcoins.
I'm currently mining bpx tokens, the project looks amazing.
The problem is the fluctuations of mining difficulty and hash rates and not to mention the price of mining equipment itself and electricity cost.
Majority of the miners are already aware of the risks involved with mining which is why the problems that you mentioned are not a big hindrance as long as they continue earning regular profits over the short term and the long term.The biggest problem here is the advancement in mining tech which makes the old machines useless and the need to upgrade to new ones cuts into the profits.
I think there are still people who are still mining regardless of the price, they are not losing money as long as they are not selling what they have mined. Just keep it till the price goes back up. The problem is the fluctuations of mining difficulty and hash rates and not to mention the price of mining equipment itself and electricity cost.
Hence, Bitcoin mining could return to the lucrative business if its price continues to increase (say, above $5,785).
I can only say the same thing for those who understand the value of bitcoin is quite profitable as a personal asset.That is to say, the profits earned will be additional assets that can be saved, besides your fixed income.
In bitcoin investment will make an alternative asset an additional asset for those who invest, so don't ever hesitate to buy it,
I can suggest that, there are simple strategies that can be developed at this time for all,
buy at the lowest price then sell when the price is soaring, that's for sure.
Well to be fair, there are still a lot of people/groups hashing bitcoin no matter what its value is, even when we drooped down to $3000 levels for a while. I believe that the enthusiasm and interest have died for a short time, especially when the price kept on tanking, but yeah, the more the price rallies the greater the interest of people will be for bitcoin, again, as was always the case for the past 2 bullish runs. Mining is alive, no matter what the price is, though some miners may have switched off for good or for the mean time when the price is not performing well.
Totally agree with you. There are types of miners who are not affected by the price of Bitcoin and are still mining. Because they think if BTC prices go down and no longer benefit many miners from miners who will shut down mining, but for this one miner they will still turn on their mining machines to get more bitcoins when the price of bitcoin falls and does not provide profits. But the advantage of these miners is getting more bitcoin because many of the miners turn off their mining machines when BTC prices drop. It's easy for him to sell and reap future profits when BTC prices rise again. I think we have experienced it before, when the price of bitcoin dropped to $ 200 in 2015 if not mistaken before BTC rose to $ 20k in 2018.
Maybe this is just a matter of daring to risk everything at the beginning or not. If you don't dare, most people or hashing groups will start operating mining machines until the BTC price rises more than $ 6000 Or when mining BTC feels profitable.
Well to be fair, there are still a lot of people/groups hashing bitcoin no matter what its value is, even when we drooped down to $3000 levels for a while. I believe that the enthusiasm and interest have died for a short time, especially when the price kept on tanking, but yeah, the more the price rallies the greater the interest of people will be for bitcoin, again, as was always the case for the past 2 bullish runs. Mining is alive, no matter what the price is, though some miners may have switched off for good or for the mean time when the price is not performing well.
Mining would be alive until Bitcoin exists. There is no sense for someone to run his mining equipment and pay for it without getting any profit. So if you are able to send a transaction then be sure that BTC mining is still profitable.On the other hand, BTC skepticists always had their place and BTC price have no influence on them. No matter how much BTC cost because they are not going to buy it at any price.
Well to be fair, there are still a lot of people/groups hashing bitcoin no matter what its value is, even when we drooped down to $3000 levels for a while. I believe that the enthusiasm and interest have died for a short time, especially when the price kept on tanking, but yeah, the more the price rallies the greater the interest of people will be for bitcoin, again, as was always the case for the past 2 bullish runs. Mining is alive, no matter what the price is, though some miners may have switched off for good or for the mean time when the price is not performing well.
What make an influence on Bitcoin mining is computing power, difficulty of computing power and electrovalence. Among them, the electrovalence can be seen as a constant value for the reason of smooth fluctuations under the annual mining contract. There are generally two reasons for drastic fluctuation. One is the evolution of mining machines or methods resulting in halving the reward of Bitcoin; the other is the value of Bitcoin mining won’t increase more than the fluctuation of Bitcoin price.
Hence, Bitcoin mining could return to the lucrative business if its price continues to increase (say, above $5,785).
Hence, Bitcoin mining could return to the lucrative business if its price continues to increase (say, above $5,785).
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