Bitcoin Forum

am sure someone somehwere asked this before, but am considering to continue mining during this next BEAR MARKET USING (((NICEHASH))) i currently have 5x 3070s and 2x 3080s and considering adding 10x more, I AM STRICTLY MINING WITH NICEHASH, my electric cost is approx 0.1$ kWh here in Turkey, do you guys think that NICEHASH is profitable to mine using in a Bear Market, i did that in the past with my 1080 Ti, just cant remember how much it got me between 1-3$/day, can someone comment on this ?...

thanks,

Yes, here's my comment.

Why do you want to mine in the bear market and not right now? What's the difference? If the price rises, so does the difficulty. If the bears come, the difficulty drops. You're incentivized to mine based on the profit you can have, but long-term, it's the same translated into a fiat currency, whether you're in a bull or bear market.

Short-term, you should prefer mining in a bull market.

I don't understand what NICEHASH has to do with it?
NICEHASH pays you bitcoin rewards so you don't need a lot of wallets for different coins.
I also plan to expand, but only after Ethereum mining ends and the prices of video cards fall.
I plan to buy ready-made farms from miners who do not want to continue mining.
But now I'm just waiting.

we are far from being in a bear phase i would say indeed that the bull phase continues in a great way the value of bitcoin continues to grow slowly, your cost of electricity is average so in my opinion you can safely continue to mine with nicehash you will surely be in profit

I said am going to CONTINUE mining in the upcoming bear and mentioned I got several cards so it makes sense AM ALREADY MINING DURING THIS BULL RUN !… :)

Thank you,,

It doesn't matter, I even prefer mining in bear market because the quantity of satoshis you will get will be greater than whatever you are getting right now, when bear market starts there will be less miners which will reduce the mining difficulty

Always keep mining,even in the bear market as long as you can afford to pay electricity and keep the coins in your wallet,through Nicehash you only need to have a Bitcoin wallet so not much work from your side,you can use Bitcoincore (if you have a lot of disk space) or Electrum which are the best desktop wallets out there,a hardware wallet is the best.

I have done this in 2018 when the Bitcoin price plummeted and I am very happy that I did so,now I have some near 35.000 dollars in my Bitcoin wallet which I wait for the price to grow even more and to withdrew more.Of course I keep reinvesting in mining most of my withdraws.

My suggestion is you should continue mining, no matter what the trend is, to get the reward day by day and when the big bull run comes, you will make a lot of money from the reward that you collected before. You have a good graphic card for mining and with that cheap electricity fee, I think you can profit in this bull run.

Make your mining process your long-term investment because you collect every reward you get from the mining and if you are mining bitcoin, make sure you save some amount to be sold at the very highest price that will come in the future.

yup the safest mining methode during bearmarket is using nicehash, auto convert to fiat, when bullrun dont use nicehash,

better mining on normal pool and cashing the earning when peak happen

Yeah if you dont want to worry about mining a certain coin and accumulating things then Nicehash is the way to go to accumulate BTC during the bear market. While it wont make you rich it its a safe way to pay the bills and prepare for either the next bull run or makes it easy to sell on a pop.