Topic: Is the risk of mining high? (Read 442 times)
There is a risk in everything but it shouldn't stop us from doing what we should do. It's worth taking risks sometimes. The risk of mining is not as big as the one in trading so we shouldn't be scared about it
Before starting work, it is recommended to test the system. Theoretically, cloud mining will bring a constant income and requires significantly less investment than the production of crypto currency on ASIC devices at home.
What kind of risk?
I don't know the risk in mining because I'm not miner. But my friends say's you must have the knowledge in how to use it. You should know how much the electricity cost and the amount you mined. So that you'll know if it's profitable.
MINING IS THE HIGHEST RISK
What kind of risk?
As long you already calculated your power consumption the risk in mining is almost negligible. The only risk could be possible you have almost no profit is the first few months because of huge investment. But after the ROI everything is a profit.
You have to buy the mining equipment, you must have the knowledge how to use it and then there is the electricity to pay as well.
Keep in mind that the mining equipment gets old very fast, malfunctions happen as well.
And then you still depend on the price you get for your coins on the market, which is highly volatile.
All those factors represent the risk you take when you start mining.
Keep in mind that the mining equipment gets old very fast, malfunctions happen as well.
And then you still depend on the price you get for your coins on the market, which is highly volatile.
All those factors represent the risk you take when you start mining.
I don't know about the risks in mining but i know that its not that worth it in my country. because the cost of mining is more than what i will earn from mining.
What kind of risk?
mining is not a risky platform but electricity is the major problem of mining rig. In current market mining is the best profitable platform so you should invest in good graphic cards you are getting profit else many complex are possible in future. Because many rush are occur in the market. So most of miners are exchange the graphic cards in every two years.
Simply put if you are a lone individual just thinking about getting into Bitcoin mining now then DON'T bother, your initial outlay investment and power usage will far out outweigh your potential mining fees. You are better off to try Proof Of Stake or mining some new altcoins instead.
What kind of risk?
I do not know if there are risks, but overall I think it is no longer worth the money and effort involved in digging. This is my personal opinion.
What kind of risk?
I don't really know about mining, maybe you should ask in the board of mining in this forum section. try it, you can search a lot of various knowledge in this forum.
Think of buying a mining rig as buying a business.
Now think of buying coins directly as investing in a business (stock market).
If you have a business it really doesn't matter if your sales fall a little, if you are still generating a profit then you are making money.
If you invest in the stock market and the price of your stocks fall then you have lost money, no if's buts or maybe's.
The only way to make money through investing is if coins go up, if you invest in hardware then you can mine until you feel you have enough profit and then sell the harware. By buying hardware you are not gambling on price volotility of coins, you have invested in a physical ASSET that will retain value no matter what crypto does.
You can certainly grow your investment heavily through direct investment but you can just as easily lose a LOT. Invest 50k into coins, the price drops 10% (which is does a lot!) and you just threw away 5k.
Investing directly gives you no safety net - prices go down and you lose. It works EXACTLY the same as stock market investing, most wealthy investors buy businesses as their main income and have the stock market as a smaller piece of their portfolio (for good reason).
Now think of buying coins directly as investing in a business (stock market).
If you have a business it really doesn't matter if your sales fall a little, if you are still generating a profit then you are making money.
If you invest in the stock market and the price of your stocks fall then you have lost money, no if's buts or maybe's.
The only way to make money through investing is if coins go up, if you invest in hardware then you can mine until you feel you have enough profit and then sell the harware. By buying hardware you are not gambling on price volotility of coins, you have invested in a physical ASSET that will retain value no matter what crypto does.
You can certainly grow your investment heavily through direct investment but you can just as easily lose a LOT. Invest 50k into coins, the price drops 10% (which is does a lot!) and you just threw away 5k.
Investing directly gives you no safety net - prices go down and you lose. It works EXACTLY the same as stock market investing, most wealthy investors buy businesses as their main income and have the stock market as a smaller piece of their portfolio (for good reason).
Yes actually you were right to the point my friend, but as for me, it depends on the situation, because sometimes when we say buying hardware in order to begin mining, there are still a lot of stuffs to do, as for example some countries have really high cost of electricity, which is also why some of them just surrendered there mining rigs and just go to trading or investing, aside from that if you don't have enough resources to begin with mining or hardware it could also be hard for you when you're still beginning, while on the other hand investing into stock market that could also lead you to lose instantly can be used as an initial move to start positioning yourself and build your own business when the time comes, but this doesn't mean that investing into stock market and crypto has the upper hand compared to building rigs or businesses.
I would definitely say that mining is risky. First of all demand is high so the difficulty to mine is becoming more difficult. Also you need to consider the cost of electricity in your area which has a big effect on your mining profit. And lastly the price flactuation of bitcoin would definitely affect your profit i would say. As to conclude you need to understand and study every angle of mining for you to decrease its risks.
the risk is bad for the environment, because bitcoin mining consumes too much electricity with fossil power
As a result, the electricity supply will decrease faster, while our natural resources will decrease, such as natural gas, petroleum, and coal, if the natural resources continue to dig will cause damage to nature
As a result, the electricity supply will decrease faster, while our natural resources will decrease, such as natural gas, petroleum, and coal, if the natural resources continue to dig will cause damage to nature
Hey i am Bkjones ! To mine high cost value is the biggest risk
THE HIGH COST MINING IS THE BIGGEST RISK
Think of buying a mining rig as buying a business.
Now think of buying coins directly as investing in a business (stock market).
If you have a business it really doesn't matter if your sales fall a little, if you are still generating a profit then you are making money.
If you invest in the stock market and the price of your stocks fall then you have lost money, no if's buts or maybe's.
The only way to make money through investing is if coins go up, if you invest in hardware then you can mine until you feel you have enough profit and then sell the harware. By buying hardware you are not gambling on price volotility of coins, you have invested in a physical ASSET that will retain value no matter what crypto does.
You can certainly grow your investment heavily through direct investment but you can just as easily lose a LOT. Invest 50k into coins, the price drops 10% (which is does a lot!) and you just threw away 5k.
Investing directly gives you no safety net - prices go down and you lose. It works EXACTLY the same as stock market investing, most wealthy investors buy businesses as their main income and have the stock market as a smaller piece of their portfolio (for good reason).
Now think of buying coins directly as investing in a business (stock market).
If you have a business it really doesn't matter if your sales fall a little, if you are still generating a profit then you are making money.
If you invest in the stock market and the price of your stocks fall then you have lost money, no if's buts or maybe's.
The only way to make money through investing is if coins go up, if you invest in hardware then you can mine until you feel you have enough profit and then sell the harware. By buying hardware you are not gambling on price volotility of coins, you have invested in a physical ASSET that will retain value no matter what crypto does.
You can certainly grow your investment heavily through direct investment but you can just as easily lose a LOT. Invest 50k into coins, the price drops 10% (which is does a lot!) and you just threw away 5k.
Investing directly gives you no safety net - prices go down and you lose. It works EXACTLY the same as stock market investing, most wealthy investors buy businesses as their main income and have the stock market as a smaller piece of their portfolio (for good reason).
Unless you command a tremendous hashrate, your odds of solving a block by yourself (i.e. “solo-mining”) are extremely low.
By banding together with other miners in a so-called pool, your combined odds of solving a block rise proportional to the pool’s total hashrate.
Whenever they solve blocks, pools reward individual miners according to their contributed hashrate (minus commissions and the like).
By banding together with other miners in a so-called pool, your combined odds of solving a block rise proportional to the pool’s total hashrate.
Whenever they solve blocks, pools reward individual miners according to their contributed hashrate (minus commissions and the like).
Only those with specialised, high-powered 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.
What kind of risk?
Mining is definitely safer as compared to buying bitcoins since you always get a constant trickle of bitcoins as you go along. But the thing is, hardware failures are sometimes a pain in the ass specially if you have a multi-GPU set up and it consumes most of your electricity bill.
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