Topic: Is Mining still worth it? (Read 487 times)
DeFi is the evolution of commerce. They prefer to follow DeFi with the farming or staking feature because it is easier and cheaper to invest. In addition, mining generates great electricity in the midst of a difficult economy mining machinery is not a good option for the time being.
I've recently gotten a graphic card for mining but i heard that currently mining is not worth it as all cryptos are currently in the downfall so its not worth mining. Can anybody give me an advice on it. Your insight is very much appreciated. 
Mining has been less profitable because we're in a bear market. If you're mining coins like Bitcoin, chances are you'll be profitable when the market returns but for altcoins, your mined tokens could be worthless in the coming years as the bear market usually last for years. We have one to two years left of bear market and during this time, the tokens been mined mightn't have liquidity or have less attraction from investors as there are better options with the right marketing been listed on exchanges.
How long will the graphics card last, if it's something you'll need to make use of immediately before it expires then consider selling it out because you'll be in loss when you consider all the expenses to step up a miner to mine some token that the future isn't certain.
For starters we have a few coins out there that you can mine and take some profits, but the downside to realizing some profit is one needs to invest heavily in the equipment itself which is costly for the best rigs and running costs such as electricity, cooling etc need to be considered as these can eat up your profits. So technically speaking in the short term it's not, but long terms it could be profitable.
I've recently gotten a graphic card for mining but i heard that currently mining is not worth it as all cryptos are currently in the downfall so its not worth mining. Can anybody give me an advice on it. Your insight is very much appreciated.
The question is what coin are you looking to mine, if mining is no longer generating value or profit then I think the companies will shut down the whole thing but for now mining is still going on as usual. Don't listen to anyone but find out for yourself and if you want to mine, only mine valuable coins like BTC. Do not mine junk coins because the risk will be very likely. For active coins, mining is still active on them. You recommended him to mine a btc but I don't think he can do it with using a graphics card alone. The difficulty in mining for btc have increased a lot so to be able to mine it successfully, a real mining machine is now required and it wasn't friendly in terms of electrical cost. That is why it isn't really advisable. He can mine other altcoins instead.
Its true that there are miners who dont really care out about profitability but instead they do mine just to make had that support into the network even though it would cost them instead of earning
on pushing or confirming transactions and thats the relevance or importance of their existence.People do just mind off about mainly on being profitable.Yes, its not profitable due to
mining difficult but doesnt mean that all of them had stopped.
I'm not sarcastic but I have a question, who is a miner who doesn't care about profit? this is the first time I heard someone entered the market just to help promote the growth of bitcoin without profit. According to what I see, Mining companies or bitcoin holders, they all enter the market with the common goal of profit, even we are here for profit.
OP, mining has become a lot harder than it used to be because electricity costs are an issue for all miners, you should look at your local electricity prices to get started. For bear markets are normal as they won't last forever, we will soon rise again.
really be that impossible that you would be wasting off these things for the sake on showing up some support into the market or on Bitcoin itself.
Its really hard to believe that you wont really be that profitable on the current things that you've been dealing with.
Mining is worth if if you do see that you are still making profits even though its less but at least you are in greens.
hero member
Activity: 2912
Merit: 541
Leading Crypto Sports Betting & Casino Platform
I've recently gotten a graphic card for mining but i heard that currently mining is not worth it as all cryptos are currently in the downfall so its not worth mining. Can anybody give me an advice on it. Your insight is very much appreciated.
If you're still paying for electricity and it's very expensive, forget if you want to mine crypto because it's not worth it. You can visit this website to see what type of graphics card you are suitable for mining coins. WhatToMine
When the crypto is falling, you are better off buying the coins directly because that way, you can get a large amount for one coin and don't have to wait a while until you can get the reward from the mining process. Also, if you are mining coins, you need to find out what coins might improve in the future and if you choose the wrong coins to mine, you will not be able to profit later.
They seem to be more likely to stake and farm than to have to do old-fashioned mining plus the difficulty of mining to get rewarded with inhospitable electricity costs makes mining machines difficult for everyone to adapt to. if you get a graphics card for mining, I think you can try it to mine coins that are still new but finding one is quite difficult.
Energy consumption has been a struggle for crypto miners. Energy groups as well as the government also want to stop them from mining for energy conservation. The return on investment also takes time and they're spending more than they're earning so I guess it isn't worth it especially during the situation of the market right now. The cost of energy consumption is too high which is really a burden when mining and it's even getting more expensive because of the inflation crisis.
Crypto miners can choose alternative energy solutions in order to make their operations a lot more profitable. Just because it's PoW (Proof of Work), doesn't mean it's all about harming the environment. PoW can be as green as PoS if miners put their will to make their equipment "carbon-neutral". Using solar energy, wind, hydroelectric, or even geothermal energy could make PoW greener. It's just that governments are using the rhetoric of "high energy consumption" to go along with their agenda of banning crypto/Blockchain tech for good. They want to specifically attack Bitcoin, since it's the one cryptocurrency that started it all.
Most developers are afraid their projects will be "outlawed" by the government, so they've quickly turned to PoS even if that means sacrificing the decentralization of the Blockchain network. Ethereum, Cardano, BNB, and most other popular coins have adopted PoS as their consensus mechanism, leaving miners with very limited options. Whenever it's still worth mining or not, that will depend on energy costs, among several other factors. Everything's "gone to the roof" these days (as a result of inflation), so it's likely mining will become highly unprofitable by 2023. Just my opinion
I've recently gotten a graphic card for mining but i heard that currently mining is not worth it as all cryptos are currently in the downfall so its not worth mining. Can anybody give me an advice on it. Your insight is very much appreciated.
The question is what coin are you looking to mine, if mining is no longer generating value or profit then I think the companies will shut down the whole thing but for now mining is still going on as usual. Don't listen to anyone but find out for yourself and if you want to mine, only mine valuable coins like BTC. Do not mine junk coins because the risk will be very likely. For active coins, mining is still active on them. You recommended him to mine a btc but I don't think he can do it with using a graphics card alone. The difficulty in mining for btc have increased a lot so to be able to mine it successfully, a real mining machine is now required and it wasn't friendly in terms of electrical cost. That is why it isn't really advisable. He can mine other altcoins instead.
Its true that there are miners who dont really care out about profitability but instead they do mine just to make had that support into the network even though it would cost them instead of earning
on pushing or confirming transactions and thats the relevance or importance of their existence.People do just mind off about mainly on being profitable.Yes, its not profitable due to
mining difficult but doesnt mean that all of them had stopped.
I'm not sarcastic but I have a question, who is a miner who doesn't care about profit? this is the first time I heard someone entered the market just to help promote the growth of bitcoin without profit. According to what I see, Mining companies or bitcoin holders, they all enter the market with the common goal of profit, even we are here for profit.
OP, mining has become a lot harder than it used to be because electricity costs are an issue for all miners, you should look at your local electricity prices to get started. For bear markets are normal as they won't last forever, we will soon rise again.
I've recently gotten a graphic card for mining but i heard that currently mining is not worth it as all cryptos are currently in the downfall so its not worth mining. Can anybody give me an advice on it. Your insight is very much appreciated.
The question is what coin are you looking to mine, if mining is no longer generating value or profit then I think the companies will shut down the whole thing but for now mining is still going on as usual. Don't listen to anyone but find out for yourself and if you want to mine, only mine valuable coins like BTC. Do not mine junk coins because the risk will be very likely. For active coins, mining is still active on them. You recommended him to mine a btc but I don't think he can do it with using a graphics card alone. The difficulty in mining for btc have increased a lot so to be able to mine it successfully, a real mining machine is now required and it wasn't friendly in terms of electrical cost. That is why it isn't really advisable. He can mine other altcoins instead.
Its true that there are miners who dont really care out about profitability but instead they do mine just to make had that support into the network even though it would cost them instead of earning
on pushing or confirming transactions and thats the relevance or importance of their existence.People do just mind off about mainly on being profitable.Yes, its not profitable due to
mining difficult but doesnt mean that all of them had stopped.
I've recently gotten a graphic card for mining but i heard that currently mining is not worth it as all cryptos are currently in the downfall so its not worth mining. Can anybody give me an advice on it. Your insight is very much appreciated.
The question is what coin are you looking to mine, if mining is no longer generating value or profit then I think the companies will shut down the whole thing but for now mining is still going on as usual. Don't listen to anyone but find out for yourself and if you want to mine, only mine valuable coins like BTC. Do not mine junk coins because the risk will be very likely. For active coins, mining is still active on them. You recommended him to mine a btc but I don't think he can do it with using a graphics card alone. The difficulty in mining for btc have increased a lot so to be able to mine it successfully, a real mining machine is now required and it wasn't friendly in terms of electrical cost. That is why it isn't really advisable. He can mine other altcoins instead.
As everyone said above, the most important factor is energy. If you live in a country with low electricity prices or use renewable energy then mining will be profitable for you. But if energy costs are the same as the European regions are now, then you should shut down all your miners and find yourself a coin to hold.
Yes, energy is a determining factor in whether it will profit or not because almost all countries say that the cost of energy is very expensive, so mining is also like speculation, maybe with the current price calculation takes a long time for ROI, but if the market rising will certainly make more profitable.
Energy consumption has been a struggle for crypto miners. Energy groups as well as the government also want to stop them from mining for energy conservation. The return on investment also takes time and they're spending more than they're earning so I guess it isn't worth it especially during the situation of the market right now. The cost of energy consumption is too high which is really a burden when mining and it's even getting more expensive because of the inflation crisis.
Many factors that we must master to be able to profit if mining, I once mining ETH and I stop because almost 3 months lost, of course if we master a lot of fields and electricity costs can be cheap then it can profit, but to answer curious then I suggest to try.
I've recently gotten a graphic card for mining but i heard that currently mining is not worth it as all cryptos are currently in the downfall so its not worth mining. Can anybody give me an advice on it. Your insight is very much appreciated.
mining is not as simple as holding, it involves a lot of factors and you need to have a thorough calculation before mining. the drop in prices is not a big deal causing miners to close down, the reason is said that electricity price is a painful problem today. electricity prices are high and we are in bear season so mining now is almost not profitable but also losses but if you live in an area with cheap electricity then you can mine
it is also important which coins should be mined in order to make a profit because currently mining ETH is not possible, below is a list of coins you can mine except bitcoin you can see the rest
https://coinmarketcap.com/view/pow/
As everyone said above, the most important factor is energy. If you live in a country with low electricity prices or use renewable energy then mining will be profitable for you. But if energy costs are the same as the European regions are now, then you should shut down all your miners and find yourself a coin to hold.
Yes, energy is a determining factor whether it will profit or not because almost all countries say that the cost of energy is very expensive, so mining is also like speculation, maybe with the current price calculation takes a long time for ROI, but if the market rising will certainly make more profitable.
You are not just profiting, you are competing with others in this as well. People who live in a cold enviroment and do not need air conditioning, and do not pay a big sum of money to electrcity will be able to survive longer than you. While you may profit today, tomorrow when hash rate goes up or difficulty basically goes up (quite the same thing if you look at it) or the price goes down, tha tperson could still profit, while you may not because you have bigger costs. This is why its easier to see how you could only do mining at the peak performance if you are in a place with cheap electiricity rates, and if possible cold weather as well.
And from those countries, they've got renewable source of energy so they're not really going to think of the cost of electricity. Because they've got no problems by having a cooling system and as well as with the source of energy.
This is why those huge mining facilities are staying on those considered areas with such factors, while the smaller ones are the ones being kicked out because it's not profitable if you're just a solo miner or had a small farm.
Mining depends on many factors and to be profitable we are not only concerned with price but I think the most important factor is the cost of energy. If you live in an area with cheap energy or use renewable energy you hardly care about the cost of energy and no matter how much the coin price falls I think it is still profitable. You won't even need to sell them to cover the cost, just hold on until the bullish returns. But the problem of choosing which coin to make a big profit is a dilemma today because eth can no longer be mined, the rest is mostly useless.
I've recently gotten a graphic card for mining but i heard that currently mining is not worth it as all cryptos are currently in the downfall so its not worth mining. Can anybody give me an advice on it. Your insight is very much appreciated.
There’s a lot of factors to consider before you can say that it’s worth it, and the main concern of every miner is the cost of electricity. Big mining companies are still in operation simply because they are still making money. With small miner, they tend to struggle more because of not enough capital to cover the expenses. Again, you have to do more research about mining and consider everything before you invest especially with your allocated capital. 
You are not just profiting, you are competing with others in this as well. People who live in a cold enviroment and do not need air conditioning, and do not pay a big sum of money to electrcity will be able to survive longer than you. While you may profit today, tomorrow when hash rate goes up or difficulty basically goes up (quite the same thing if you look at it) or the price goes down, tha tperson could still profit, while you may not because you have bigger costs. This is why its easier to see how you could only do mining at the peak performance if you are in a place with cheap electiricity rates, and if possible cold weather as well.
Mining certainly depends on many factors, and the biggest factor is of course the cost of electricity, many people cancel mining because the cost of electricity is very expensive so it is difficult to reach ROI, if we can use solar power then mining is a very profitable thing
The recent change ETH went through in which it transformed from a POW coin to a POS one also has a lot to do with this, miners which were mining the coin now need to find other coins to mine and until a good amount of them give up it will remain unprofitable to do so, if you are only looking to make some quick money then this is not something I will recommend to you, but if you were willing to operate for a loss and your electricity costs are low you could mine some coins, hold them and then sell them during the next bull run.
Mining is only worth it if electricity costs are cheap in your country. Otherwise, not. Many cryptocurrencies are turning to PoS because of "high-energy concerns". After all, governments are pushing their new climate agenda (especially the US). If this keeps up, there may be no coins left to mine except Bitcoin. That means less decentralization in the industry within the not-so-distant future.
I'd say if you're able to afford energy costs, buying and upgrading mining equipment, and doing regular maintenance on your equipment, then go for mining without thinking it twice. The most important thing is that you make a return on your investment no matter if you're mining or staking cryptocurrencies. As long as you don't invest more than what you can't afford to lose, there should be nothing to worry about. Just my thoughts
I've recently gotten a graphic card for mining but i heard that currently mining is not worth it as all cryptos are currently in the downfall so its not worth mining. Can anybody give me an advice on it. Your insight is very much appreciated.
Why would you stop mining because the market is down, on the contrary, this is the right time for you to mine any coins you think has potential against when the market will recover, right now, many alts miners probably are thinking the same as you, remember that both bear and bull season are not permanent.
It is the same thing as buying a reputable project during the bear period because the price is very low due to the bear period. There is a saying that it is in bear market you build a healthy portfolio, this can also applies to mining.
Jump to: