Expense of electricity is a great obstacle in bitcoin mining. Many of us cannot afford this cost and thus cannot do mining. If anyone have free access to electricity then he surely should go for mining.
Topic: Will You Advice someone who has Access to FREE Electricity - almost 60% elect. - page 2. (Read 388 times)
August 10, 2018, 05:55:00 AM
August 10, 2018, 04:57:38 AM
Off course it is a very good opportunity and if I got a chance like this I will definitely grab it. Many of the miners stopped their work only for high electric bills that they cannot afford. So obviously it is a attractive opportunity.
August 10, 2018, 04:48:58 AM
Hello guyz, just need opinion of people who have been in the bitcoin mining circle.
Would you advice someone who has access to free electricity to go into mining. About 60%-70% of power supply will be free.
*Also, what are some of the other challenging factor's one must put into considering before going into bitcoin mining.
Thanks for you advice & suggestion
Would you advice someone who has access to free electricity to go into mining. About 60%-70% of power supply will be free.
*Also, what are some of the other challenging factor's one must put into considering before going into bitcoin mining.
Thanks for you advice & suggestion
Well, for me its better to mine altcoins rather than bitcoin since bitcoin uses proof of work. I believe that 60-70% of power supply you are mentioning will come from solar and wind energy. Choose an altcoin that uses proof of stake rather than proof of work in mining because it doesn't require that a high specs device to start with, a medium, one is enough. Researches also suggest that proof of stake is cost efficient compared to proof of stake.
August 10, 2018, 04:37:26 AM
Hello guyz, just need opinion of people who have been in the bitcoin mining circle.
Would you advice someone who has access to free electricity to go into mining. About 60%-70% of power supply will be free.
*Also, what are some of the other challenging factor's one must put into considering before going into bitcoin mining.
Thanks for you advice & suggestion
The situation might have changed now, but I remember what happened a couple of years ago with my friend who tried mining btc. He bought a couple of good Ant miners, about $500 each. He had access to free electricity and of course miners were not located in his flat, because they are extremely loud. They broke about half a year after he started and the only thing he managed to do is recover the money he spent on miners. Of course, if he kept mined btc up till the ath time, he would be very rich now, but the same would happen if he simply bought btc back then, so it's not about successful mining. Would you advice someone who has access to free electricity to go into mining. About 60%-70% of power supply will be free.
*Also, what are some of the other challenging factor's one must put into considering before going into bitcoin mining.
Thanks for you advice & suggestion
August 10, 2018, 03:17:22 AM
A big YES from me because in mining electricity is the main problem and the main cost. If you can get that for free than why not! You should definitely start from now.
August 09, 2018, 11:15:26 PM
Hello guyz, just need opinion of people who have been in the bitcoin mining circle.
Would you advice someone who has access to free electricity to go into mining. About 60%-70% of power supply will be free.
*Also, what are some of the other challenging factor's one must put into considering before going into bitcoin mining.
Thanks for you advice & suggestion
Nobody has an access to free power supply unless you own it anyway there is a lot of renewable energy out there you can choose what you want but setting up a new one is very expensive. Would you advice someone who has access to free electricity to go into mining. About 60%-70% of power supply will be free.
*Also, what are some of the other challenging factor's one must put into considering before going into bitcoin mining.
Thanks for you advice & suggestion
August 09, 2018, 10:11:58 PM
you still have to make a big investment in equipment and cooling system, have a dedicated space and endure the sound and heat of the operation unless you have a storage space and it is separated from where you are (home, work or wherever you are that have that "free electricity").
also make sure that there is no legal problems. not just about bitcoin and mining it, but also about usage of that electricity for mining. for example i have seen people mine bitcoin at work with "free electricity" who got caught!
also check out altcoin mining before starting anything. you can visit calculation sites like https://www.coinwarz.com/calculators and see how much you can earn mining bitcoin and how much you can earn mining altcoins then selling them for bitcoin.
one good thing about mining altcoins is that there is a lot of them and you can rather simply switch between them but there is the risk of its price dumping hard. but the good thing about mining bitcoin is that you know you are making profit even if price went down.
also make sure that there is no legal problems. not just about bitcoin and mining it, but also about usage of that electricity for mining. for example i have seen people mine bitcoin at work with "free electricity" who got caught!
also check out altcoin mining before starting anything. you can visit calculation sites like https://www.coinwarz.com/calculators and see how much you can earn mining bitcoin and how much you can earn mining altcoins then selling them for bitcoin.
one good thing about mining altcoins is that there is a lot of them and you can rather simply switch between them but there is the risk of its price dumping hard. but the good thing about mining bitcoin is that you know you are making profit even if price went down.
August 09, 2018, 07:59:29 PM
Glad I just saw this post. I just put up a 18,000KW/year system and have extra energy I need to use or the electric company steals it at the end of the year. The mining section scared me off. I may buy a few cards and see what I can do. ITs better than giving the credits back to the power company.
August 09, 2018, 06:04:39 PM
Coin mining and blockchain consumes huge electricity. It is very expensive for the users. So if anyone has the access of electricity then he or she should use it and safe almost 60%-70% electricity expenses. If I had this kind of opportunity then I would definitely take that.
August 09, 2018, 05:51:50 PM
I think you should start your mining straight away if you have electricity that cheap. This will give you an edge. Cost of electricity is a major factor which is affecting the profitability of cryptocurrency mining. I can be very sure that you will recover your invest and start making profit.
August 09, 2018, 05:44:30 PM
You shouldn't even give it a second thought; just go and start mining as soon as possible. Most of the cost behind mining is caused by the electricity that is required to mine the coins. So; if somehow we can actually reduced this cost; then we can make a huge profit. So; you should definitely grab the opportunity.
Absolutely, as long as the mining produce supersedes the cost of production which in this case this is minimal since most of the electricity its free then just go ahead.
August 09, 2018, 05:36:11 PM
Everybody would like to mine bitcoin but for electricity charges. Nobody would say no to bitcoin mining when electricity is free. Some miners even change geographical location to have a reduced cost of electricity for their bitcoin mining activities.
August 09, 2018, 05:16:33 PM
It is a yes only if you have enough initial investment funds (i.e., money for mining equipment). Due to large interest in mining (which leads to an even larger rise in difficulty and smaller gains) and low value of cryptocurrencies, mining is not a no-brainer activity, even with free electricity. You still should think about this matter thoroughly before investing.
August 09, 2018, 05:00:58 PM
Yes off course! If you are getting this opportunity then undoubtedly you should go for this. Electricity is one of the biggest expenses for mining companies and thus they are unable to pay bills and stop mining. So; if your country has this type of reasonable subsidy for the electricity then go for it; you will earn more ROI than other miners whose electricity cost is high.
August 09, 2018, 03:50:51 PM
Completely yes. Free power or just 40% of the cash you have to end up rich. It's no about the pieces of gear that you will use in mining. Power is the principle issue why a large portion of the mineworkers ceased in light of the fact that they got too high bills that they can't pay with the mining.
August 09, 2018, 02:23:50 PM
You shouldn't even give it a second thought; just go and start mining as soon as possible. Most of the cost behind mining is caused by the electricity that is required to mine the coins. So; if somehow we can actually reduced this cost; then we can make a huge profit. So; you should definitely grab the opportunity.
August 08, 2018, 05:42:56 AM
Ok, thanks for your contribution(s)
August 07, 2018, 10:56:59 AM
Absolutely yes. Free electricity or only 40% money you need to became rich. I will grab that opportunity until i gain a lot from it. Don't mind the equipments that you will use in mining. Electricity is the main problem why most of the miners stopped because they got too high bills that they cant pay with the mining.
August 07, 2018, 10:49:35 AM
Cost of electricity is major expenditure while mining. Coal; thermal; atomic; energy are the major sources of electricity. In my country these are all government controlled because of huge investments in the plants; but it (electricity) is really costly.
Why not we switch over to solar / wind energy which is very cheap and nature friendly too. In my country India Government is subsiding solar equipment. People are getting installed solar panels on their roof tops. They are not only fulfilling their own consumption needs even they are free to sell the surplus energy to Government. I am of the view if the present government again wins 2019 elections then there will be a big revolution in the field of solar power.
We will see a big revolution in the years to come. So very much bright chances.
Why not we switch over to solar / wind energy which is very cheap and nature friendly too. In my country India Government is subsiding solar equipment. People are getting installed solar panels on their roof tops. They are not only fulfilling their own consumption needs even they are free to sell the surplus energy to Government. I am of the view if the present government again wins 2019 elections then there will be a big revolution in the field of solar power.
We will see a big revolution in the years to come. So very much bright chances.
August 07, 2018, 10:40:27 AM
This is a no brainer question of course, it is a big yes for me. Electricity is one of the biggest expense a miner is facing that some of the mining companies out here are venturing out to countries with cheaper electricity cost. If your country has somewhat a reasonable subsidy for electricity cost then it is a go for me. You might actually have a higher ROI compared to other miners with high electricity cost. Other things you need to consider is if mining is legal in your country as well as the maintenance cost for your miners.
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