Topic: Start mining.. Is it a good idea?? (Read 355 times)
Start mining ETH or another altcoins. Bitcoin mining needs bitcoin mining hardware, that means to use too much financial resourses. In addition, the complexity of mining increases more and more.
Every year bitcoin mining becomes more and more labor-intensive, because the complexity of mining changes periodically and the reward decreases every year. So i would prefer to not even start.
To be honest, mining is a serious business now and we should leave it for those who treat it professionally. One might lose his money if someone is doing it in a wrong way. One should always get the deep understanding about mining activity before actually starting mining. Stay away from the cloud mining and web mining contracts if you want to avoid scams.
It is a good idea if you have the right hardware to start mining activity. If cost of electricity in your country is cheap, then it will be also a plus factor in your mining activity.
You did a very good analysis. So I'd say if you don't have the appropriate equipments that can make you earn better then i think you should halt.
I dont think mining is a good idea now. With the difficulty getting higher and the initial investment you have to do. Especially for bitcoin.
Maybe you can take a risk and mine a new coin, but yeah.. thats a risk
Maybe you can take a risk and mine a new coin, but yeah.. thats a risk
I don't know how much cost to mining 1 BTC. But I think in the downtrend market as it is now, mining BTC is not a wise investment option.
To begin mining bitcoins, you'll need to acquire bitcoin mining hardware. Bitcoin mining with anything less will consume more in electricity than you are likely to earn. It's essential to mine bitcoins with the best bitcoin mining hardware built specifically for that purpose. So is it really a good idea to start mining?
It depends on how much you’re willing to spend like the cost of your hardware. and electricity cost also profitability depends on many factor like hash rate ,block difficulty and pool fees. if your budget is tight and you want to stick in mining then you can choose altcoins to mine then convert it to BTC.
Considering the sideways market movement and the centralized mining pools I would say it is a bad idea to get started. I would rather invest that money into good projects and wait.
BTC is not the best crypto at home now, due to complexity.
If you really want to get a mining rig, try GPU mining of altcoins, like ETH or ETC
Also you will be able to sell your GPUs in case if mining wont be profitable anymore
And with ASICs you can only through them away
If you really want to get a mining rig, try GPU mining of altcoins, like ETH or ETC
Also you will be able to sell your GPUs in case if mining wont be profitable anymore
And with ASICs you can only through them away
Considering the electricity charges, is it profitable to mine in India?
Mining bitcoin is not an easy thing to do. There are so many things and factors that you need to consider like electricity cost, mining rig cost, ROI, mining knowledge, mining difficulty, and etc. If you are mining merely for profit you better not do it. You need to have passion to mining if your gonna involve yourself with it. It takes a lot of patience and determination to become a successful bitcoin miner. There are lot of frustrations along the way aside from mining difficulty and hardware problems in the future, bitcoin value is very volatile and as of today bloodbath is really killing the crypto market.
It really depends on you, if your in it for short term profit don't pursue mining. If you find mining as passion and you do believe in the technology then do it! It really depends on how much you are willing to invest financially and emotionally.
It really depends on you, if your in it for short term profit don't pursue mining. If you find mining as passion and you do believe in the technology then do it! It really depends on how much you are willing to invest financially and emotionally.
In my county, bitcoin mining power cost is greater than profitability. My country has huge electricity cost when compared to other countries.
Unfortunately, mining is very difficult nowadays. It is only profitable if you have your own power station, or you are a resident of a cheap energy country (like Kazakhstan for example). I've heard a story about a guy who hooked up a farm in a truck in a hydroelectric power plant in Georgia. This is a good option if you are a corrupt official in the third world countries... Sadly, even specialized hardware for mining, pays off only on a large scale. Why it's not 2012 any more 
To begin mining bitcoins, you'll need to acquire bitcoin mining hardware. Bitcoin mining with anything less will consume more in electricity than you are likely to earn. It's essential to mine bitcoins with the best bitcoin mining hardware built specifically for that purpose. So is it really a good idea to start mining?
I think that mining right now is not as good idea as it was some time ago, for me nowadays it is better to invest or to trade cause solo you are not able to make that big profits from mining that you were able in past. 
Now, mining is beneficial only to those who have a large number of good equipment and low-cost method of extracting energy. If you want to earn money, you need to invest 100 thousand dollars, special conditions for mining and a license and wait another year until you pay off
I would not suggest Mining Bitcoin is something you invest into now. Maybe Altcoins will be worthwhile but otherwise its going to be risky. You will not make a decent profit. Estimated global mining costs is at $3,504,984,284 annually. 34.19 US households can be powered for 1 day by the electricity consumed for a single transaction. 495.77KG of CO2 per transaction.https://digiconomist.net/bitcoin-energy-consumption
Its not environmentally friendly. PoW is just not a sustainable consensus. We need to look to other alternative like Bitcoin Origin for example. I read about their Eco friendly approach to a new consensus algorithem (Proof of Ambassador). This is an Project worth looking at in my opinion.
Its not environmentally friendly. PoW is just not a sustainable consensus. We need to look to other alternative like Bitcoin Origin for example. I read about their Eco friendly approach to a new consensus algorithem (Proof of Ambassador). This is an Project worth looking at in my opinion.
It's always a good idea to start mining.
Start mining now is not a good idea because the bitcoin price is high so the profit income from it will be very low because of the high price of mining maintenance
From my personal experience, mining is profitable but risky since which coin to mine is difficult in the 'long term play'... I started mining REP / ETH on genesis mining platform, invested around 1k and 1 year later (now) have made 1 k only in total... If I had invested in Bitcoin a year ago, I would have made 8x easily by now...
So, is mining good ? Depends on what you mine
So, is mining good ? Depends on what you mine
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