It costs less to mine gold than it does to mine Bitcoin

jake zyrus

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Quote from: sell100 on November 06, 2018, 04:38:51 AM

It costs less to mine gold than it does to mine Bitcoin

The inefficiency of mining Bitcoin laid bare… Over the past few weeks, the criticism aimed at Bitcoin mining has grown. Chiefly for the fact that Bitcoin uses a lot of electricity to mine

Read more:
https://www.trackcoinmarket.com/crypto-news/37781/costs-gold-bitcoin

But mining gold is not as easy as bitcoin. Mining gold needs man power and also equipments. And you cannot just mine gold if you feel like to. There's a lot of process needed to be done in order to mine gold. You have to go through the government sectors. The damage that mining gold can cause in the environment, is much heavier than bitcoin.

You say, it cost 'less', but there are a lot of factors need to be consider also not just the cost.

Schirer

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Right. I would add here only one important thing for all people. This is a simple comfort. You do not have to be a miner in a traditional understanding of the world. Yes, you will have to pay for the equipment, but further, you will earn constantly. It is worth doing, and in a year, it starts bringing your profits as the expenses are already covered.

It is not as easy as you think, the ASICS are very expensive and very small of population can actually afford it.
On a side note, in my country ASICS are banned, i kid you not.. they found that they are emitting unsafe radiation levels and are considered not safe.

Herbet Fry

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Quote from: pixie85 on August 12, 2019, 05:21:46 PM

Try mining gold without harming the environment. You can't even if it will cost you less. Also you can't mine gold just like that. Most places where you can do it already belong to someone.

If you mine bitcoin using renewable energy like it was mentioned by several people in this thread you are doing it cheap and without harming the environment. Sometimes cheap vs expensive is not the only thing that matters.

Yep. Then you still need to pay wages and buy safety equipment then have engineers to maintain and repair everything so you don't get sued. You have to provide medical care as part of the contract for workers as well most likely. You need to buy land and hope there is gold on it. When mining bitcoin you know it is a guarantee that you will mine something but with mining gold there is no guarantee that you will mine even 1 single gram.

pixie85

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Try mining gold without harming the environment. You can't even if it will cost you less. Also you can't mine gold just like that. Most places where you can do it already belong to someone.

If you mine bitcoin using renewable energy like it was mentioned by several people in this thread you are doing it cheap and without harming the environment. Sometimes cheap vs expensive is not the only thing that matters.

Pepz79

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Bitcoin mining's getting more and more expensive

killat

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Even when the gold standard was a thing though, have you ever considered why gold is expensive? Easy one, because it's hard to find. But how we determine the exact price of gold? We don't, we just decide it.

Gold, paper money, bitcoin, oil, stocks, all tradeable assets can be and are manipulated by the big players so that they can profit. Markets are like poker in a way. How much does a pair of eights cost? If you have 10$ worth of chips and 3 people before you raised you are most likely folding. But if you are the chip leader you are definetely playing a pair of 8s, you decide how much they cost and, most likely, profit from them.

HELLOFF

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Of course, today anyone can mine Bitcoin, because this activity is much simpler and more affordable for every inhabitant of our planet, unlike gold mining. You can mine Bitcoin at home, equipped even in the basement with an appropriate farm, but in order to do gold mining you need to not only travel to the appropriate country, but you also need to get certain permissions.

Schirer

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Completely not true.
First of all, it is very very difficult to compute such thing.
Yea, you can take some huge mine and calculate the resources needed, but then you have to include the price swings also the resources needed to move and sell the gold.

Not to mention countless other factors impacting gold mining, the human cost , the deforestation, the mercury poisoning, tribe wars, corruption environmental damage from other chemicals and so on.

antisocial77

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the fact is crypto haters manipulate people with those lies.first off all, how can we mine gold? is it possible? but we can all mine bitcoin if we want with buying not so expensive pc or mining stuffs.

coinbitcoin91

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Quote from: Aptekary on July 01, 2019, 04:47:28 PM

First of all, it is necessary to mention that the opportunities to extract bitcoin are available for every person in the world, but to extract gold, it is difficult not only because of the lack of resources, but also because of the lack of a personal source as such. For bitcoin you only need equipment and knowledge.

I begin to doubt that we can have gatherings. Therefore, I propose to recall the proven for years, the exchanger Indacoi. I think you will like the convenience of the application.

Bitcoinqubit

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Quote from: sell100 on November 06, 2018, 04:38:51 AM

It costs less to mine gold than it does to mine Bitcoin

The inefficiency of mining Bitcoin laid bare… Over the past few weeks, the criticism aimed at Bitcoin mining has grown. Chiefly for the fact that Bitcoin uses a lot of electricity to mine

Read more:
https://www.trackcoinmarket.com/crypto-news/37781/costs-gold-bitcoin

its done to make it more decentralized rather centerlized which mean if it was easy to generate bitcoin it wass contolred by big boys only...

alot of them move to solar power

Bitcoinqubit

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Quote from: sell100 on November 06, 2018, 04:38:51 AM

It costs less to mine gold than it does to mine Bitcoin

The inefficiency of mining Bitcoin laid bare… Over the past few weeks, the criticism aimed at Bitcoin mining has grown. Chiefly for the fact that Bitcoin uses a lot of electricity to mine

Read more:
https://www.trackcoinmarket.com/crypto-news/37781/costs-gold-bitcoin

its done to make it more decentralized rather centerlized which mean if it was easy to generate bitcoin it wass contolred by big boys only...

alot of the move to solar power

worldofcoins

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Quote from: Irvinn on April 28, 2019, 01:31:04 AM

I don't think this is a problem. Just bitcoin mining will continue to engage those to whom it will be cost effective. If you use solar panels or modern windmills, that is, renewable energy sources, the high energy costs will not be a problem and at the cost of production, gold mining will again be much more expensive than mining Bitcoin.

Renewable energy actually does make it much better compared to mining with paid electricity. Coming to the gold mine, In future, it will be done by machines.
So yes you can say for now you can say.
Mining Gold < Mining Bitcoin (With electricity) && Mining Gold > Mining Bitcoin (With Solar Panel)

cramcram21

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Quote from: sell100 on November 06, 2018, 04:38:51 AM

It costs less to mine gold than it does to mine Bitcoin

The inefficiency of mining Bitcoin laid bare… Over the past few weeks, the criticism aimed at Bitcoin mining has grown. Chiefly for the fact that Bitcoin uses a lot of electricity to mine

Read more:
https://www.trackcoinmarket.com/crypto-news/37781/costs-gold-bitcoin

Yeah sure but it cost more work to mine gold than to mine Bitcoin.
And not to mention that it would take sometime and a lot of worker just to mine gold than to mine a crypto.
And you could mine crypto anywhere you just have to set up your mining rigs and have an internet unlike gold you need to find some spot to work efficiently.

prehisto

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Quote from: sell100 on November 06, 2018, 04:38:51 AM

It costs less to mine gold than it does to mine Bitcoin

The inefficiency of mining Bitcoin laid bare… Over the past few weeks, the criticism aimed at Bitcoin mining has grown. Chiefly for the fact that Bitcoin uses a lot of electricity to mine

Read more:
https://www.trackcoinmarket.com/crypto-news/37781/costs-gold-bitcoin

Would love to read more about this topic but the paper on this matter is not cheap.
The main question here how they calculated the cost per dollar of gold because there are many different gold mines out there with different yields.

MonsterV

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Either of the two, both of them has a negative impact on the environment. Mining gold can affect the loss of biodiversity, erosion, and it's just destroying the land. Addition to that are the limited gold. In mining bitcoin, it consumes a lot of energy and create tons of co2 that is obviously bad for the environment. But think objectively, when you mine gold, there are laws regulated by the government regarding it. It's much harder compare to mining bitcoin. There are already a lot of problems in mining because of illegal mining, and it's basically destroying the environment big time. Will you still add to that?

More or less so, in my country there are many mines, especially coal mining. Coal is not much different from gold, where the land must be dredged deep to get what is sought. In fact, I compared the conditions before the existence of gold mining or other mining conditions when the mining had been built, enough to make me sad to see it. Nature that was once green, is now arid and has large holes filled with project trucks that carry mining products.

Mining does not always operate, when the search is started, the mining will be closed. And stupidly, the big holes they dredged up were not closed again which eventually became quite dangerous puddles.

Here I start thinking, why does everyone criticize bitcoin miners, even though bitcoin mining in my opinion is more appreciative of nature. There is no natural damage, I'm sure if the problem is about electricity, in the future there will be new innovations in electricity efficiency. Mining bitcoin is also universal, where everyone can mine without regulation, without the word illegal. I hope that in the future people can realize this and start mining bitcoin.

bitbunnny

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It's not surprising that it can cost less to mine gold but the environmental effect of mining gold is just too much handle. Plus, these huge companies who mines gold does not even restore the places that they've mined on. I would still mine bitcoin since it is more valuable and more environmental friendly.

Unfortunately both, Bitcoin mining and gold mining have negative effect on environment. Regarding Bitcoin some alternative energy sources could be the solution but I'm not sure there is some sustainable method when it comes to gold mining.
If I have to choose I would pick Bitcoin mining, new technologies are always looking for new solutions and long term are more profitable and acceptable.

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Quote from: Kakmakr on July 06, 2019, 07:38:44 AM

Quote from: Lauren Smith on July 06, 2019, 06:48:58 AM

Quote from: Kakmakr on July 02, 2019, 12:52:24 AM

Ok, if we are going to cherry pick statistics, then why not measure something that money cannot pay for.... "A total of 40 workers were killed in accidents in gold mines last year...." South Africa. - Source : https://city-press.news24.com/Business/gold-sector-still-leads-in-mine-deaths-20190301

People are worried about rubbish like this, but they forget how many lives has been lost in mining for precious metals and these lives cannot be replaced with any amount of money!

The waste water of these mines are killing loads of animals and plants and some people too, but that is nothing... right? So, is the electricity used for Bitcoin mining really that destructive or are they just looking for a stick to bash Bitcoin? Angry

Exactly. They only talk about how much energy is used but they don't talk about how it is produced. The energy produced for bitcoin mining us nowhere near as damaging as cutting down forests and destroying nature to make space for huge machines to excavate a dig up all the land leaving a huge landfill and destruction in their wake. It is dangerous as hell to mine and it must be scary too. People die all the time mining it's not even big thing it is to be expected.

They do not mention it, because it does not suit their hidden agenda. The Goldbug forum is a very good example of this, because those people hate Bitcoin

I used to visit those sites too in the past (Kitco, etc)

Though, honestly, I don't understand their hatred. Does Bitcoin steal value from gold? Unlikely, because these are two very different investment assets (in fact, sitting on the opposite ends of the investment yardstick). Gold is more for those who want to preserve the value of their wealth (gold bugs), while Bitcoin is for those who want to multiply it (via speculation or otherwise). It would be just plain stupid for a gold bug to hate Bitcoin other than for personal reasons (e.g., losing on a Bitcoin investment). If anything, they should be interested in Bitcoin as well as other cryptocurrencies simply because most gold bugs hate fiat. Personally, I like gold but it doesn't have to mean that I hate crypto

fiulpro

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Well ;
* You cannot find gold mines everywhere
* You need to buy the land and get the rights to actually go and mine some gold
* You need to then pay for the processing of that mined gold .
* Then comes the fact if that mining was profitable or not , since someplace might just have a small amount
* It also emmits a lot of pollution

Contrary ;
* You can just mine Bitcoins sitting at home by buying some mining machine and that would certainly cost less that buying a land

* You can use renewable sources of energy to equate with that electricity demand

spacehopper

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But if the bitcoin prize rises you will have great profit.If the bitcoin prize fall below 5K,then the situation coming to when you have to pay more than you can earn. Electricity bills and other bills surely will force you to quit with no profit situation.

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