^^
I felt that the conversation is not going the right way as asked by OP. Unless you are into mining you won't know how it works. There are ways to counter the electricity issue and use those subsidized government projects like the one promoted by by them which uses Solar energy. Think before you both are replying as it is not that bad the way you guys have described.
Topic: How well people here in india knows about Mining - page 2. (Read 302 times)
Honestly, I think that should be the first thing for anyone coming into the Bitcoin world, to learn about Bitcoin and crypto little bit first and then start his journey into it.
The situation in India is not miner-friendly. I dont think things will change much here, because the natual temp is on higher side and cost of importing miners is also there and so is the cost of electricity.
The situation in India is not at all crypto-friendly, forget about mining cryptocurrency and that to Bitcoin. It is getting worse whenever the parliament session starts, with 30 percent as tax, the high cost of electricity, and regular load shedding it is too costly to start mining. It is better to invest money in coins that a good for staking and enjoy the benefits. Some of my friends are busy staking ETH and BNB and are getting good returns, they invested once with a lump sum amount and they are getting better returns than mutual funds. Although both are different and good depending on the situation, I am only using it as a reference for comparison.
Honestly, I think that should be the first thing for anyone coming into the Bitcoin world, to learn about Bitcoin and crypto little bit first and then start his journey into it.
You cant go into too much depth in mining without actually doing it yourself. Besides, most bitcoin users have a basic understanding of how mining works and that is enough for them to get through with daily necessities of bitcoin. Unless they are willing to start mining themselves, that much is enough.The situation in India is not miner-friendly. I dont think things will change much here, because the natual temp is on higher side and cost of importing miners is also there and so is the cost of electricity.
I'm pretty sure most crypto holders aren't much aware of mining.
Let's see how many know! Hurrah
I think sooner or later anyone involved in Bitcoin and Cryptocurrency in general will know about mining. Let's see how many know! Hurrah
new comers may not know about mining. or those who really don't care about information and where cryptocurrency coming from. because if anyone learns a little bit about Bitcoin, he'll know mining is the key to generating more bitcoins as well as confirming transactions.
Honestly, I think that should be the first thing for anyone coming into the Bitcoin world, to learn about Bitcoin and crypto little bit first and then start his journey into it.
Altcoin mining itself is a gambling race. You mine one coin that pumps and dump that and move to another one. You would lose sleep just to figure out which coin to mine and need to automate that based on data. Too much work for too little profit.
That is true Altcoin mining is a gamble, when you go to https://whattomine.com/ you will find those coins easy to mine that have less liquidity. Whereas those that have large liquidity are not that easy because of competition. I was reading an article about mining of Bitcoin and it said before 2015 Bitcoin mining was not that hard. Now, it is impossible to think about mining Bitcoin using a solo miner. You would require mega infrastructure and pump in lot of money to start Bitcoin mining.
After mining for about six months he stopped because it was not profitable, he kept a few Ethereum in a cold wallet in case the price pumps which it did in December 2017. He sold everything that he had in his wallet then sold all the equipment and moved on with his life.
My opinion is that they did the right thing. In a country were power cuts become common as you move from the Tier 1 to Tier 2 cities and rampant in Tier 3 cities, its better to just have access to internet and be able to read about crypto than ever think about mining it.I would not suggest people here to mine, unless they have prepared such a setup of their own to cover all these hassles. Cooling costs and maintenance costs are going to be huge here.
Altcoin mining itself is a gambling race. You mine one coin that pumps and dump that and move to another one. You would lose sleep just to figure out which coin to mine and need to automate that based on data. Too much work for too little profit.
To be honest, my knowledge on mining is low but I know what stuff is involved, how it works and how one can start mining on their own. Its just that I never wish to do that because in my calculation the cost exceeds the returns at least in this country.
Here electricity costs are big and the average temperature is hot and humid meaning a higher cooling cost too. Plus getting ASICs here means they need to come from foreign - no company makes them here from scratch.
Here electricity costs are big and the average temperature is hot and humid meaning a higher cooling cost too. Plus getting ASICs here means they need to come from foreign - no company makes them here from scratch.
You are correct single mining is costly due to the cost of electricity and you need to be technically sound in case of any issues. One of my friends used to mine Ethereum earlier in 2017 when ETH was not that big, the problem he always faced was continuous load shedding and he had to buy an invertor to keep the mining equipment always running. After mining for about six months he stopped because it was not profitable, he kept a few Ethereum in a cold wallet in case the price pumps which it did in December 2017. He sold everything that he had in his wallet then sold all the equipment and moved on with his life.
To be honest, my knowledge on mining is low but I know what stuff is involved, how it works and how one can start mining on their own. Its just that I never wish to do that because in my calculation the cost exceeds the returns at least in this country.
Here electricity costs are big and the average temperature is hot and humid meaning a higher cooling cost too. Plus getting ASICs here means they need to come from foreign - no company makes them here from scratch.
Here electricity costs are big and the average temperature is hot and humid meaning a higher cooling cost too. Plus getting ASICs here means they need to come from foreign - no company makes them here from scratch.
I'm pretty sure most crypto holders aren't much aware of mining.
Let's see how many know! Hurrah
Let's see how many know! Hurrah
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