The answer to "Can I make money mining Bitcoin?" is a qualified - yes.
IF:
1. Most important, you have access to very low cost electricity
2. You have a place to run the very hot and very loud miners
3. You can find gear without having to wait several month to get
If all 3 are true then no problem.
Topic: What to answer when asked "Can I make money mining bitcoin?" - page 2. (Read 1181 times)
September 03, 2021, 10:13:49 AM
September 02, 2021, 11:41:15 AM
My answer would probably be, yes you can if you can factor the electricity cost, the rigs and other expenses and see that you still be able to make a profit then probably you're going to make money mining bitcoin but right now, I feel like no individual is mining bitcoin already, most of it are taken over by the farms.
September 02, 2021, 11:35:21 AM
If someone asks me Bitcoin mining can make money, I would say you could make money from mining Bitcoin. But it would be difficult to do it.
Mining takes loads of energy and it relies on your power bills. On the off chance that your electric rates are modest then you can go into mining otherwise no compelling to include on it.
After that, buy mining equipment which is quite expensive and finally
the maintenance costs for mining equipment are not cheap either. So the conclusion is that avoid making money from mining.
the maintenance costs for mining equipment are not cheap either. So the conclusion is that avoid making money from mining.
The fact is you need to turn your PC on for 24 hours which devours your power and GPU energy.
For me, it's a hazardous method to make money since the contentiously running of GPU can make it harm additionally its work on 100%. The cost of the GPU is higher than expected.
If someone asks me Bitcoin mining can make money, I would say you could make money from mining Bitcoin. But it would be difficult to do it.
Then I advise the person to trade Bitcoin, if the goal is only to make money from Bitcoin. Sometimes we really have to tell the truth even though
it's not nice to hear, because the fact is making money from Bitcoin mining is very difficult. It has several provisions that are difficult to achieve,
for example, having to do mining in a country with low electricity costs. After that, buy mining equipment which is quite expensive and finally
the maintenance costs for mining equipment are not cheap either. So the conclusion is that avoid making money from mining.
Then I advise the person to trade Bitcoin, if the goal is only to make money from Bitcoin. Sometimes we really have to tell the truth even though
it's not nice to hear, because the fact is making money from Bitcoin mining is very difficult. It has several provisions that are difficult to achieve,
for example, having to do mining in a country with low electricity costs. After that, buy mining equipment which is quite expensive and finally
the maintenance costs for mining equipment are not cheap either. So the conclusion is that avoid making money from mining.
you should ask yourself: is it supported by your government? do you have enough electricity employed in mining? do you have the patience/confidence in it? do you have a partner with you?
askin government permissions is a must if you are planning to build a large factory so that your operations wont be questioned by anyone else but for small time mining i think its not needed to consult for a government and you can still mine secretly even if its illegal in your country because no one will know anyway .the rest that you ask is needed tho especially patience and electrict cost . dont pressure your self much @op . you dont need to be a miner to answer them and you dont need to give a precise answer either .
I am not a mining expert but the system keeps going on, so yes, it must be profitable. Actually, the system is designed so that mining is always profitable (to some persons at least). If mining stops being profitable, people will stop mining, the difficulty will drop, and mining will become profitable again. It's a dynamic balance.
no. since so many mining pools are there, why do you have to join in? It can be a way of amusement, but I don't think it can play the role of a career.
you should ask yourself: is it supported by your government? do you have enough electricity employed in mining? do you have the patience/confidence in it? do you have a partner with you?
^ First thing first, before you will build a mining factory for BTC mining, it is good if you will calculate first the expenses and the total net gross of monthly incomes. Expenses including electricity cost are very important to consider plus another factor the mining facilities that you will build and how much the cost. The next step is when you will have ROI because that is a form of business that you will manage in a long term. But first, let us consider the electricity cost which is the vast majority of all miner's problem.Nevertheless, here are the good countries for the mining industries.
https://paxful.com/blog/crypto-mining-friendly-countries/
you should ask yourself: is it supported by your government? do you have enough electricity employed in mining? do you have the patience/confidence in it? do you have a partner with you?
To be honest, if you are only person and use your family computer, the answer is no.
That's not the Point because i know Personal computer has Been discourage in mining Bitcoin because of the risk and also not energy efficient .I think Mining rigs will do specially now that the Miners fee is really increasing ? for sure generating profit is nearly to come.
My answer will be different and in the positive. Noticeable thing is I need to be proper at the information I mean we should know the enough details about the thing what are we going to do.I have the knowledge and will then 100% I have the ability to do this.
What ? We are talking about Mining , then post about mining of course , if this is what you can say then better not to speak at all.
To be honest, if you are only person and use your family computer, the answer is no.
What do you even answer when someone asks "can I make money mining bitcoin?" I mean the answer for me is a clear "maybe". There's just too much things to consider imo, electricity costs, initial investment, maintenance (not very much but still has to be factored in), I guess what I want to ask is for some insight from someone that mines bitcoin, is there any bitcoin mining who can shed some light what is needed to make even marginal profit off of bitcoin mining assuming you don't live in places like China or Venezuela where electricity is cheap?
I ask just so that I can be prepared when I get asked this again, I keep hearing it and I hate it that I'm not prepared enough in this side of bitcoin as I've never personally mined crypto.
I ask just so that I can be prepared when I get asked this again, I keep hearing it and I hate it that I'm not prepared enough in this side of bitcoin as I've never personally mined crypto.
The answer is NO!
You can't make money mining bitcoin.
Bitcoin mining is essential in the bitcoin system. Actually, it's the backbone of the bitcoin network. Bitcoin mining is the processing of transactions in the digital currency system. These transactions provide security for the bitcoin network.
But it's unfortunate that recently bitcoin mining profits have been at the lowest possible level. In recent years, the cryptocurrency has been less profitable to mine than ever. If you don't live in a place where electricity is cheap, then it will be difficult for you to make profits mining bitcoin. And also you have to put a decent amount of investment to buy mining hardware. They are also not that cheap.
But it's unfortunate that recently bitcoin mining profits have been at the lowest possible level. In recent years, the cryptocurrency has been less profitable to mine than ever. If you don't live in a place where electricity is cheap, then it will be difficult for you to make profits mining bitcoin. And also you have to put a decent amount of investment to buy mining hardware. They are also not that cheap.
Bitcoin mining is monopolized by a few large mining farms and it is out of reach for the vast majority of users. This was one of the reasons why Bitcoin Gold (BTG) forked out of the main chain, but that coin failed to survive in the market. IMO, for normal users it is always better to mine altcoins which are having a lower hash rate, and then they can convert these alts to BTC or ETH.
I have been in this field for more than 8 years. I would say that Bitcoin mining is economical only for large-players. For small and medium sized players, it is more profitable to purchase Bitcoins from the open market and keep invested. Hash power is going up with every passing day and you constantly need to upgrade your hardware. I don't think this is possible unless you are having huge capital.
Instead of having to wait for large capital, it is better to execute trades when the capital is large or small, the most important thing is from now on. because there is no deadlock when waiting for a long time to mine, it is not clear when, and the preparation is not necessarily with adequate tools, special places, members, large electricity. will take a very long time. 
I have been in this field for more than 8 years. I would say that Bitcoin mining is economical only for large-players. For small and medium sized players, it is more profitable to purchase Bitcoins from the open market and keep invested. Hash power is going up with every passing day and you constantly need to upgrade your hardware. I don't think this is possible unless you are having huge capital.
You can make it simple as it is, you should always provide information and the possibilities. This statement is more simple but yet
clear enough to understand.
Back then when bitcoin still can be mine inside your personal laptop or personal computer, but nowadays it's been conquered by
big established businesses.
And competing with them needs a huge amount of capital, before you can accumulate and
gain back the amount of your spend money from mining rig to your electricity bills, better
to use that money to start your trade.
What do you even answer when someone asks "can I make money mining bitcoin?" I mean the answer for me is a clear "maybe". There's just too much things to consider imo, electricity costs, initial investment, maintenance (not very much but still has to be factored in), I guess what I want to ask is for some insight from someone that mines bitcoin, is there any bitcoin mining who can shed some light what is needed to make even marginal profit off of bitcoin mining assuming you don't live in places like China or Venezuela where electricity is cheap?
I ask just so that I can be prepared when I get asked this again, I keep hearing it and I hate it that I'm not prepared enough in this side of bitcoin as I've never personally mined crypto.
I ask just so that I can be prepared when I get asked this again, I keep hearing it and I hate it that I'm not prepared enough in this side of bitcoin as I've never personally mined crypto.
I am afraid that this question is a bit late, because mining was profitable, but it was not so profitable just for everyone. Nowadays even in case you find such places in the countries you mentioned like China or Venezuela where you will be able to use cheap electricity, it will be hard to use them, because it may be hard to find free spaces, too many are occupied by different mining BTC' monsters. Comparing with early years nowadays it is not so profitable to mine BTC, too many nuances may become problematic.
I have been in this field for more than 8 years. I would say that Bitcoin mining is economical only for large-players. For small and medium sized players, it is more profitable to purchase Bitcoins from the open market and keep invested. Hash power is going up with every passing day and you constantly need to upgrade your hardware. I don't think this is possible unless you are having huge capital.
You need give correct answer and tell them all do you know what advantage and disadvantage when mining bitcoin to earn money, I think many people imagine is easy when mining could earn bitcoin every day without think risk and how much budget needed for mining. Many people only care with mining earn but never think how much out come when mining, how much mining tool have to buy and how much electric have to pay every month, if have an option I think better to buy coin than have to mining, because mining is very hard and always stand bye and ready to check our mining tool is working or not, in my country have any time for electric is not working and our mining reward will be reduce if not enough electric.
Bitcoin mining is not just what I can advise anyone to run into, a lot of people believe that's probably there they can make hit big, ofcourse you can also also loose it big in mining especially when it's not a corporate body, you need some devices that will be needed to run the mining steadily and this will also require steady power supply. Using just your personal computer in your room cannot handle it.
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