Topic: What to answer when asked "Can I make money mining bitcoin?" - page 3. (Read 1181 times)

It depends on who's asking if he is a newbie coming in then I will be honest to answer no not anymore, you must be brutally honest and discourage newbies because there are a lot of trap and a lot of studies that need to undergo before someone can make a profit from mining the first time, it's better to just buy Bitcoin and do trading it saves you a lot of fo time and costing as mining now is not profitable anymore.

Some of them did make money. Gold mining was not just a cool story. It's just that most miners barely made enough to sustain themselves. They'd sell whatever gold they got, buy supplies and go back to work. For some of them the thought of finding the gold was as thrilling as any hobby for other people. Let's face it, most people don't make a lot of money doing simple jobs.

You can make money mining but you need very cheap power for it to make sense or be able to use the heat somehow. One guy in Russia who had greenhouses in cold climate and cheap power used miners as a source of heat. He was heating the greenhouses anyway and already had high power electric connection. This gave him a high profit compared to an average person who wastes all the heat from miners and doesn't have to use electricity as a source of heat every day.

The explanation is correct, but you need to tell me that mining Bitcoin is not as easy as hoeing in the fields. many things to consider such as internet fees, withdrawal fees, block that continue to increase, and the price of building a mining engine is very expensive. and the most important consideration is not to depend on income from mining, many unexpected things can happen, and try to have another income.

They can actually make money mining bitcoin but it depends on your site because there is some site that is paying electricity bills which is not good when you are mining since the mining site is running 24/7, so you are consuming electricity every day. If you have some solar panel that might help you to decrease or not to pay for the electricity bills. It actually depends on the equipment that you are using especially the video card which mines bitcoin.

I think that its note anymore a possible think but people who mine
and hold bitcoin in its begennings are the lucky people
In the curent situation its very hard to get some money using mining

You can answer smth like "Yeah you can! Just like gold miners could!"

regardless of where you mine, for what amount of money, and using what kind of heavy equipment. mining also depends on the quality and quantity produced. if the tools are good you'll know how much you're getting in a day, then count up all your expenses. requires an objective calculation. many points that must be considered. whether you will open your own mine, or join other miners who are already running.
everything should be detailed in its entirety. if it's what you expect, then you invest there.

The answer will definitely "Yes" because a lot of people is mining bitcoin and you can see a lot of people in the mainstream that is mining it, the thing is that you need a proper equipment in order to mine a bitcoin or if you will just mine it through your normal computer then probably you can but the thing is so very slow when you do this. This is probably the main questions of many people out there if they can earn bitcoin through mining.

Really? "NO"? Just like what you have been said, you can earn bitcoin by mining but you need to start with a high capital, which means it is possible, although it is complicated it is still possible to make money on mining bitcoin.

It should be consider since cheap hardware's are not profitable anymore so investors really need to invest a huge amount of money and expect some headaches for running the operation. But I don't know if I'm future it's still worth it but since there's still an little Income then maybe it's still good for people who settled for less.

Whenever I got asked about that question I always answer them Yes but they should also consider the cost of mining.
Mining equipments,electricity bill and internet bill so they should also have a great patience to endure it because it wouldn't always give you a great result and know that the price could fluctuate and it could affect their earnings.

Then How?OP is asking for details and not just for a simple YES or NO.

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Best answer is if they have Low cost in Electricity or much better if they are living in places that has Total sun supply so they can just use Solar power
to sustain the mining business and surely this will be profitable.

What if you are living in countries or cities that has no that much Sun supply?like in coldest places?
but Mining will be profitable if used a Farming and not only few rigs to operate .

So even though you have a VPN ?  You cant earn BTC?
What to feel if your country has banned crypto currency?
Most politician doesnt bother much on crypto even tho it os banned so still theres a way on how to use them .

The answer would depend on the electricity price and location.  If a person who wanted to mine Bitcoin lives in a country where electricity is very cheap then the answer would be possible, and if he is living in an area where the temperature is below zero degrees then the answer would be highly possible/yes.  With the surrounding temperature being low, the miner doesn't need to have cooler or aircon to prevent the machine from overheating coupled with low electricity price, which is a huge operational/maintenance discount.

Some of my friends have came to me and ask with the same question as what happens to you.

They are interested in bitcoin and they are ready to spend money to buy some tools to mine, but they are still a newbie and don't know much the ins and out of bitcoin.

Just find on the internet that bitcoin is a promising place to make money moreover with the current situation and don't know what should they do during lockdown.

But, I just tell them mining bitcoin need a lot of capital or need a lot of money, I told them they must spend a lot of money to buy some tool and also with the electricity that must be spent.

Yeah, I just told it. Two things that must be preferred/considered when someone asks me to mine bitcoin. I didn't tell that mining bitcoin is not worth it anymore, because mining bitcoin is still worth to do.

See even I have not personally mined Bitcoins but I would like to help you with it .

Certain things you need to consider before mining :-

1. Would you be able to invest in a minimum 2000$ mining machine ?
2. Do you have enough space in your house? A place which is secure and out of the reach of small kids and pets. It does contain a lot of wires and it won't be a good idea putting unattended kids in the room .
3. What is the electricity cost of your country? Note that a single miner generally has to struggle a lot to actually earn Bitcoins , even with a good machine , your chances of solving the reward is very very very low.
4. You can still earn through confirming the blocks therefore remember to take into account the electricity bill and at the same time see if you are going to make profit.
5. You have to check with the local authorities if it's indeed safe and legal to continue it.
6. You have to consider ordering the ASIC from a reputed company and as I know even Amazon is selling some of them now.
7. Consider evaluating the machine's specs before you do anything , on most machines it's written how much power they need and what would you need to set it up and all therefore you have to order one which does actually suits your interests.
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You can undoubtedly earn money be mining cryptocurrencies such as Bitcoins but it is a complicated thing and you should understand that you have to be well prepared in advance for anything.

Ask them to answer these questions first , if they feel like they know what they are doing then ofcourse they should go for it .

____________________________hope that answers your question_________________

If you ask me I would say since it's just a few weeks after third halving and the new generation of the miner devices after third halving are not released yet, we need to wait for the new release of miners providing more hashpower and consuming less energy.
However if you have some sort of free uncharged energy like solar panels, this can be profitable for you. But still, after all I said you should calculate how long it takes for you to recover the money you spent for buying the devices. Also, usually after few months your devices will need some maintenance/repair and this won't be free. That's why in my own idea this is not profitable enough right now if you have to pay for the energy.

If you are not Miner then you will surely have  a hard time to explain that part to the one who's asking you because this case is very sensitive and so broad answer requires to understand.

try watching this video to at least have the idea about how Mining works this 2020

https://www.youtube.com/watch?v=yHnQzczY4xM

Personally?having a High expenses in Electricity in my Country?and with the high prices of solar panels?

i would suggest Mining Altcoins than Bitcoin because the rig is not that expensive and the chance to make profit when Bull run starts is there.

Specially if we will Mine cheapest altcoin that has potential in future.

waiting for at least 1 year or more before selling is not that bad for miners.

It's hard if he just think about to buy a cheap cost miners since theirs nothing gonna happen and he might lose his money for the low profit he got from his rig, but if he invest on the latest units and expensive ones then provably he can earn with that.

But he should consider first on how much we will spend on the operations so that he can determine if it's really worth to build a business on his place since if the electricity cost is so high then he make get slow progress on profit accumulating.

    Capital and other conditions, mentioned in this thread, like cost of electricity, and the place where you
plan to put all the miners. There are calculators for that, who plan to start with mining Bitcoin should check
them. Miners for Bitcoin are expensive, that can be a reason why some people choosing other coins to mine.
    And people like I am, without technical experience with mining, we wouldn't know what to do and how to
set up miners for mining, we would need a help with that too! It's not just capital, miners and cheap electricity,
you need to know how to put together all that.

The answer is you can. But it depends on the capital owned to do mining. Mining tools such as VGA, CPU and other tools are also needed. Using VGA with high specs makes mining faster but requires a lot of VGA sequences that will make mining faster. The price will certainly be very expensive, especially if calculated with the cost of electricity which is certainly greater for mining equipment owned. Mining bitcoinj can also use ready-made mining tools such as Antminer, but the price is very expensive. Creating RIG mining with a large amount will spend a lot of capital but can produce, if you have capital that is not comparable with the cost of electricity and others that must be borne.