does it worth to start mining now ? | Bitcointalksearch.org

rby

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Mate!
Check the following;

The relationship between bitcoin and government in your country
The costof electricity in your area
The cost of setting up and sheltering your mining equipments
The right mining pool you will join or do you want ba a solo miner?

After checking the above things I listed out, you also consider these other ways of earning in bitcoin;

Mining (your option)
Buying and holding
Trading

You can be successful doing the last two at this time if you ask me.

Coyster

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Quote from: alastantiger on May 20, 2023, 03:50:30 PM

What I want to add is this you, do not need to start big you can start small with what you have and if it goes well for you within the next 3 - 6 months and you think it's something that you can do, then you can go ahead to expand and buy bigger equipment that would serve you well in the long-run.

Saying you can start small with mining almost connotes that you can just start mining with your laptop and if it's profitable, you take it a step further and buy Asics, but that is completely erroneous; you still have to start by buying Asic miners that isn't cheap, you still need shelter for your machines, you need to keep them cool and you also need cheap electricity, mind you that you are also competing with quite a lot of mining rigs that have so much computational power, thus "starting small" is somewhat futile.

Having said that, if you do not have too much computational power, you might want to merge with big mining pools, rather than mining just by yourself, because you definitely wouldn't make any profit.

safar1980

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Quote from: Jawhead999 on May 20, 2023, 09:01:01 AM

Quote from: Assface16678 on May 19, 2023, 07:53:05 AM

I think its still worth to mine bitcoin since you can mine if you buy some cheap materials and also have a good apartment for space of your mining.

One ASIC miner isn't cheap lol and someone need to have many ASIC miners to mine Bitcoin for earn good amount of money. However he have a choice to mine a low cap coin, but of course the survivability and the price in the future is still a big question.

I would say mining Bitcoin isn't profitable anymore if you're a solo miner, only a big company are making money through Bitcoin mining.

Any asic has a daily profit, if the cost of electricity is adequate for mining. So why are you saying that a single miner does not make a profit? If you mine bitcoin in solo mode on one ASIC, then you will not earn, and if you are connected to the pool, then you will receive payments.

alastantiger

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Quote from: ItsaWhale on May 17, 2023, 10:37:43 AM

what do you guys think does it worth to start mining now ?

It is a great question that the OP has asked and I have gone through the responses looking for them to comment but they haven't. I am assuming that they have already gotten the right response and by now they should have been able to make a decision. What I want to add is this you, do not need to start big you can start small with what you have and if it goes well for you within the next 3 - 6 months and you think it's something that you can do, then you can go ahead to expand and buy bigger equipment that would serve you well in the long-run.

ZAINmalik75

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Quote from: ItsaWhale on May 17, 2023, 10:37:43 AM

what do you guys think does it worth to start mining now ?

Yes absolutely it worth but if you are capable to fill all requirements, but the more important things is due to expensive electricity most of people avoid such plan, so if you have source of cheap electricty and also cool environment where need of air-condition is almost nill so then it will worth. But just like everyone know the volatile nature of Bitcoin you should ready for any situation because some time due to dump the value of your Bitcoin will only fill your plant expences. So before entry you should keep such thing in mind because it's look easy money but it reality it's not just like everyone expect...

Jawhead999

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Quote from: Assface16678 on May 19, 2023, 07:53:05 AM

I think its still worth to mine bitcoin since you can mine if you buy some cheap materials and also have a good apartment for space of your mining.

One ASIC miner isn't cheap lol and someone need to have many ASIC miners to mine Bitcoin for earn good amount of money. However he have a choice to mine a low cap coin, but of course the survivability and the price in the future is still a big question.

I would say mining Bitcoin isn't profitable anymore if you're a solo miner, only a big company are making money through Bitcoin mining.

philipma1957

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Quote from: safar1980 on May 19, 2023, 07:20:52 AM

Quote from: drwhobox on May 17, 2023, 06:52:26 PM

This question triggers many things. Bitcoin mining is profitable and really good passive income. Mining depends on your situation, first you need a huge amount of money to buy the rigs and start mining. Secondly you need a continuous supply of electricity and the electricity needs to be cheap. Third and one of the important thing is you need a cool place to set up the mining rigs, because these bitcoin mining rigs heats up real good and can make so much noise.

If you call mining passive income, then you do not understand what mining is. An example of passive income is investing in stocks or renting out real estate for a long time, and you do not need to work daily.
Mining needs to be constantly monitored, and containers with ASICs need to be guarded and ASICs should be monitored so that they work correctly.

Thank you I was going to mention this as I get so fucking angry when someone calls it passive.

Friday I drove to the mine with my partner buysolar. Car ride is 1 hour 5 minutes.

We tore down the racks and redisgned the room for cooling in the summer.

We worked at that from 2pm to 10 pm and then drove back home getting home at 1120 pm. So just about 10 hours if you count the driving.

The room is hot and loud. Plus it is dirty even with filters it gets dirty.

We finally came up with a few good cooling ideas as the room is very difficult to cool. We will be driving up next week and spend another 8 hours to fully fix it.

Plus I check all the gear in the morning remotely and at bedtime remotely. time spent on that is about 30+30 = 1 hour a day.

So passive it is not.

BITCOIN4X

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Quote from: pooya87 on May 19, 2023, 11:31:09 AM

Bitcoin mining is both a business and an investment. Just like a business you have to know how to run it and how to remain competitive so that you can keep that business alive. Also just like an investment you may see profit and losses with the ups and downs of the market and the total hashrate.

Don't think of mining as some easy money making method. It is a serious business. Plan ahead and do some research. As others said you need to see if you have access to electricity at a competitive rate (I'd say anything less than 5 cents per KWH is good).
You should also plan for market volatility. For example are you going to sell every coin you get from mining right away or can you afford to hold for a better sell opportunity? This may require additional investment to cover the electricity and other costs without selling your coins to maximize profitability.

The cost of electricity seems to be the main point that determines whether a plan to start a mining business is good or not. Mining is a competitive business that actually tends to be more risky to lose if the actual income and expenses are not comparable, I mean inflation has rocked the whole world and all the mining equipment and costs seem to have gone up significantly.

I'm not sure if my country is still feasible to build a mining business, the cost of electricity and mining equipment is expensive. Earnings become disproportionate to expenses, perhaps go out quickly had bitcoin not gone higher after the halving.

pooya87

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Bitcoin mining is both a business and an investment. Just like a business you have to know how to run it and how to remain competitive so that you can keep that business alive. Also just like an investment you may see profit and losses with the ups and downs of the market and the total hashrate.

Don't think of mining as some easy money making method. It is a serious business. Plan ahead and do some research. As others said you need to see if you have access to electricity at a competitive rate (I'd say anything less than 5 cents per KWH is good).
You should also plan for market volatility. For example are you going to sell every coin you get from mining right away or can you afford to hold for a better sell opportunity? This may require additional investment to cover the electricity and other costs without selling your coins to maximize profitability.

sunsilk

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It's worth it, if you're able then why not go for it? Not everyone is in good problem to think of something like this if it's an opportunity that shouldn't be missed.

Aside from the factors of having cheap electricity. You should also be prepared for the volatility of the market because if you happen to use the mined BTCs for paying bills then that's it.

If electricity ain't cheap in your area, you can have some alternative of using renewable energies like solar energy but, you'll treat that as another investment unless you already have it.

Z390

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With cheap electricity and a cool air flow location, yes, Bitcoin mining is doable, mind you, I will like to advice you to go for the best components, especially wiring your mining farm or location.

1. Do not go cheap on wall sockets and electric wires, unless you are spyro the dragon that prefers breathing fire here and there, go for the best strong components to avoid burning down your house.

2. Bitcoin mining is better for homie guy or person, not someone who likes going around, traveling or visiting friends in the next state, safety precautions as always.

Monitor your Bitcoin miners using a monitoring tool, watch out for high temp or abnormal activities.

Hamza2424

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Quote from: ItsaWhale on May 17, 2023, 10:37:43 AM

what do you guys think does it worth to start mining now ?

Do you have enough resources?
If yes. then bro do it.

First, make a decision about it (Plan), and Plan your cost-to-earning ratio, Most importantly you need to figure out your cost and Mining Difficulty because time to time for solo traders mining new blocks become harder and harder as of after around every two weeks or 2016 blocks Bitcoin network adjust the Difficulty level to stabilize the production of the blocks mining average time in 10 minutes.

Keeping it simple you can join if you have cheap electricity and good Equipments and Location. You can join mining pools but you should prefer solo mining if you have good resources. to energy consumption idea on Bitcoin network you can follow these stats

26000TWH Energy was consumed
365 Days
52560 Blocks
Total Bitcoins = 328500

Per Block energy consuption= 494 KWH and with that 79 KHW per Bitcoin power was used in total.

Natalim

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Quote from: ItsaWhale on May 17, 2023, 10:37:43 AM

what do you guys think does it worth to start mining now ?

It is worth starting mining if you will think that electricity cost is not a problem in your place. But if does, I would say that to take a look for another option where to put your money.

Mining is not an easy game,
- huge expenses (electricity)
- needs a high level of mining machine to become competitive
Everything is expensive and with the huge competition, I don't think it was worth it to start with.
Many people had stop because of those things but of course, I was not good enough to judge you. Why not if you think you can do it.

Jimmycrooks

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Quote from: ItsaWhale on May 17, 2023, 10:37:43 AM

what do you guys think does it worth to start mining now ?

Yes!, it's always worth to start bitcoin mining, as long as you have the right resources. And what are the right resources?

1) Enough capital

2) A stable power supply. I think this is the most important of them all.

3) The right hardware and technical expertise to handle them.

If you don't have any of these mentioned above, or have two out of the three......then do not engage in bitcoin mining for its most likely that you'll regret it .

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Quote from: ItsaWhale on May 17, 2023, 10:37:43 AM

what do you guys think does it worth to start mining now ?

I think its still worth to mine bitcoin since you can mine if you buy some cheap materials and also have a good apartment for space of your mining.

safar1980

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Quote from: drwhobox on May 17, 2023, 06:52:26 PM

This question triggers many things. Bitcoin mining is profitable and really good passive income. Mining depends on your situation, first you need a huge amount of money to buy the rigs and start mining. Secondly you need a continuous supply of electricity and the electricity needs to be cheap. Third and one of the important thing is you need a cool place to set up the mining rigs, because these bitcoin mining rigs heats up real good and can make so much noise.

If you call mining passive income, then you do not understand what mining is. An example of passive income is investing in stocks or renting out real estate for a long time, and you do not need to work daily.
Mining needs to be constantly monitored, and containers with ASICs need to be guarded and ASICs should be monitored so that they work correctly.

Luffygroove

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Hmm, let me ensure this: are we talking about Bitcoin mining here? Well, if we do, then there are some things to consider to see if it's worth it or not. The first question will be, "Can you afford the sources?" like the equipment and electricity, and second, does it comply with your government's rules? Don't risk your existence by going against the law. Third, how knowledgeable are you? Do you know that Bitcoin occasionally halves the block reward that miners receive? Reward halvings can impact mining profitability as miners receive fewer coins for their efforts. As more miners join the network, the difficulty increases, potentially affecting mining profitability too. Fourth, related to the volatility, you may see price movements that could be so rapid once in a while but sometimes also show no movement at all. Are you a short-term or long-term kind of investor? If you believe that Bitcoin will soar in the long term, then it's worth it. After considering these points, I hope you can decide for yourself whether it's worth it or not.

drwhobox

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This question triggers many things. Bitcoin mining is profitable and really good passive income. Mining depends on your situation, first you need a huge amount of money to buy the rigs and start mining. Secondly you need a continuous supply of electricity and the electricity needs to be cheap. Third and one of the important thing is you need a cool place to set up the mining rigs, because these bitcoin mining rigs heats up real good and can make so much noise.

Wiwo

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Quote from: ItsaWhale on May 17, 2023, 10:37:43 AM

what do you guys think does it worth to start mining now?

Aside from the power need and technicality mining is highly profitable but the above listed are the basic limitations that confront newbie miners, at this time mining reward is still high unlike when and after the halving when the block rewards will either get reduced.

But basically, if you can spend the time and money to get the best ASIC mining equipment, you will like it and now is definitely the right time to start mining.

safar1980

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Quote from: ItsaWhale on May 17, 2023, 10:37:43 AM

what do you guys think does it worth to start mining now ?

If I were buying an ASIC, it would probably not be for bitcoin mining, because a few ASICs will give few coins.
If you have little power, but I would choose 1-2 asics for altcoins, and I liked the idea of Swogerino for home mining.
But the most important thing for a miner is inexpensive electricity, as philipma1957 told you

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