Topic: Why do people mine Crypto? - page 6. (Read 837 times)
The thing about mining that make it advantageous over buying is that with mining you just keep getting coins as long as you keep mining while with buying, once you run out of money, you cannot get any more coins. So I think that the idea of continously getting coins is what the most attractive part about it is. Also there is also the fact that miners help to keep the network running.
Other than the possible profits that can be accrual from mining, I don't think there's another reason why people mine cryptocurrency.
people mine if it is profitable for them we know that mining comes at great cost there is electricity hardware and maintenance and if someone is able to cope up with all of it then it a profitable miners are a very important part of this community we cannot imagine this whole system without them
Yeah, a really great cost but for those who can have it easy most especially when it comes to electricity cost which is more like the main thing to contend with asides from temperature, then I would say it is something worth it. The main reason people mine is to make profit and have a lot of stake in some coins for the long term since most of the time, you may not actually be breaking even in a short term in any coin you are mining except if you are not paying electricity bills and you have a cold climate condition to compensate for the cooling appliances you would not have to purchase.
People mine crypto because mining is more like a free way to get some coins. A lot of people who have such a large stash of coins actually made the coins from mining and back then a lot of bitcoins could be mined using just a laptop or a desktop with a GPU but now that is not the case. They mine because it is a good way to get a lot of coins without having to buy the coins yourself.
Yes, it is more like you are solving some complex algorithm problem with your miners to verify transactions which is the main purpose that they serve for a long term and short term benefit as the case may be. It is normal to understand the essence of mining anyway to be able to understand the reason why people mine.Asking for the reason why people mine is more like asking for the reason why people invest which is basically to make profit and a way to put their money to work. Cryptos have invented a new way of earning in the name of mining. Making use of new earning method is always being preferred by all human.
you have money - you have miner, you have miner - you have extra money doing nothing. It's a dream all of new rich peoples - have money doing nothing to have free time for fun. Of course in practice you must do something...
More like the short summary of the miner's life. However, to have that initial capital to set up miners is still some work you have been able to do to achieve that in the first place and since you are tying that your capital anyway, it is still some risk to take. Nevertheless, the essence of mining is for proof of work and for the miners to get rewarded in the process which is basically more like an investment as well and the reason why transaction keeps going on in the crypto space. 
As long as it is profitable then people mine crypto. Trading, holding or any other ways to make money has some risks just like mining has so I don't think mining is so much complicated than the money miners make.
I don't know about the usa, but in Russia there is a certain hatred for miners, because they raise the price of graphics cards. There are also many problems associated with mining. One of them is a huge cost of hardware and a lot of competition in this area. Also, do not forget about the large power consumption of farms, that is, in addition to large fees for hardware, you also need to pay for large energy consumption. Eventually. If you have no money for the maintenance of the farm's best bounty of the company.
A few years back mining crypto gives huge income to miners. Many have become wealthy. In the present there are still income which can be achieve through mining but it's not as higher as before. But even if the income is lower it's still income so I would continue supporting miners to do it.
Mining in crypto is a very perfect way of earning income in cryptocurrency business, although it is much expensive, but it makes also good returns of income. Miners also develops the total balancing system of cryptocurrency business.
In a long-time perspective mining is much more profitable than simple holding the coins but it's also really expensive right at the beginning, not everyone can afford that
The whole problem is that the equipment for mining is incredibly expensive. I think that many people can not even wind up the money they invested in the farm's mining.
Mining is also an important part in crypto currency as without these miners, some coin cannot function well. I think reason why people prefer to mine is because it is an easy way to get coin without investing in the coin. Mining process might be expensive because you need to buy the required equipment before you can mine.
I would not start mining now from scratch, because now investing in this equipment does not pay off. Mining farm are too expensive so I would not do so.
You can say this and I'll agree on it because we can't really mine and it's not applicable to our local because of high electricity.But there are some countries that has cheaper electricity so those miners does really pay off for the cost of mining. Reducing the consumption of energy is just a portion of your total profit if you are on the right location.
If in my opinion, many People mine crypto because it was a source of income for some people who have devices. Many people mine as a hobby while many mine as that way they will be able to accumulate that crypto for cheaper rates than for how much they would buy if bought from the markets or an exchange.Some people also mine as they have the required hardware lying around thats needed for mining and put them to some use.
Everybody mining to invest, earning daily income and keeping the network stable!
no miner has ever cared about stability of the network. even bitcoin miners don't care that much (they care a little because they also have investment in it) but altcoin miners don't give a damn about it because they can always switch to another altcoin and continue mining that
It's true Mining for some people are more preferred than buying, because it looks its work with its own hardware. But the problem here to be able to start mining the crypto capital issued is not small and should consider the following
- Hardware Care / week,
- Replacement of parts (in case of damage),
- Electricity Payment (subject to use), etc.
Well to me, huge amount of investments for hardware is really needed since GPU's price these days increased because of mining. But in some cases, college students in USA just dorm without paying the bills and it's worth a try for students there because it's legal to mine while studying on their own dorms. So basically, they don't need to pay for the electricity bills and got a huge amount of profits.
Everybody mining to invest, earning daily income and keeping the network stable! Every time an altcoin is mining, it does not depend on the developer but the community! This adds value and secures the value for digital money!
I would not start mining now from scratch, because now investing in this equipment does not pay off. Mining farm are too expensive so I would not do so.
Mining is becoming less popular because in the crypt you can find other ways of earning that do not need such investments.
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