Bitcoin Forum

Because it costs so much electricity, several countries have imposed restriction on mining activity?

thats why theres a consensus using PoS its much cost effective.. and also other consensus is being used.

Lot of distress you need to battle with when it comes to mining. People, family , friends
These people will eventually contradict your decision in life and it's hard to make which path to take. Not mentioning a good current of electric you might going to need also.

Correct. Mining has been regulated in many countries due to high electricity consumption and there is no other reason for restriction. I think Bitcoin mining will take some more time and consumption of electricity is more compared to Ethereum or other altcoins. If you don't have a cheap electricity then all your earnings will be paid for electricity I suppose.

Renewable energy is the best reply to all electricity related issues.  Why not adopt Solar, wind or thermal sources of electricity generation and use the electricity produced.
Solar energy equipment are now becoming cheaper.  In days to come these will become more cheap.  I think within two three years cost wise solar energy equipment will be available at very low prices and then there will be no problem of electricity. 
Still if it is used, it is not so expensive.
So higher electricity bills is the problem of the past.

there are still many countries where electricity costs are so low, and by the way no one can ban effectively mining.. i mean, ok they could check the ones that mining hard and use a lot of energy, but if me and you put some hardware in our houses, no one will check if we are mining or not :D

bitcoin is one of the world's juiciest prizes for hackers. there must be thousands or tens of thousands who've tried to break it, let alone governments and banks, and they all went away with their heads bowed.

this forum would not still exist if bitcoin had been cracked. if it is we'll sure as hell know about it.

Minning bitcoin is only good for countries with low electricity prices. The difficulty in minning bitcoins is increasing, bitcoin prices are no longer good for the miner from countries with high electricity prices.

Maybe some of users closed their mining but not all miners. Now overall cost is more than profit, but they still working/mining. As a result, they believe one day they will get profit by their bitcoin.

 i think it still good because my friend still doing it. and he still get profit on that. maybe you just pick a bad bitcoin mining. and maybe theres a mining activity that has low cost electricity

we still have many option coin for mining although the price now is not too good and if we can hold it for a long time then I am sure that the price will increase. but before we decide to mine, it is better than we have another job so we can pay the electricity fee and we can fill our daily needs. I considered mining as another way to earn more coins and hold for the future.

no you are mistaken because of a lot of FUD in the media. there were no several countries ever! what happened was that a tiny place in New York State started planning for some restrictions on usage of electricity and that news was exaggerated in less than a day into a big FUD.

you don't have to worry about miners they are making their profit (with or without your worrying!) thanks to the way bitcoin is designed (difficulty and all that) and also not to mention the potential of growth that bitcoin has.

indeed mining machinery requires electricity as a driver. so you are required to buy electricity or tax in every machine operate. so think well and calculate the exact income from mining and maintenance on the mining machine, so you get a profit and not in vain the machine is operating. real miners will survive and continue to mine.

I would say so because a lot of people are still very much into mining, although the amount of power which mining requires might be a problem as a lot of countries are starting to get worried but as long as there is still bitcoins to be mined, there will still be miners.

I think there are still a lot of very active miners who are still working and mining coins because the amount of bitcoins to be mined has not being exhausted yet so there will always be people mining coins.

I would like to know how much of electricity is consumed currently to produce 1 bitcoin, not including extremely cheap electricity, so countries like sweden, canada, island where the biggest miners are. I dont see it as a big problem. A lot of electricity is spent every day but people dont know and dont talk about it.

Yes it is.

Mining using a regular computer or a bunch of computer with gaming graphics is really electricity consuming that is why appropriate software is needed to save energy as much as you can, try to learn about ASIC (Application Specific Integrated Circuit Chips) [Power saving and reducing heat from any technology is also one key in preserving planer earth], this may help you with your plan entering Bitcoin Mining.

Right now you cannot imagine to mine bitcoin without a huge capital investment, we need to break the monopoly of bitmain and i hope we will see some big manufacturing firms developing more energy efficient and power machines in the future and that too at an affordable rate, which is highly unlikely  :D but which will allow users to mine at the comfort of their home .

Hi,

Actually, I guess that in most countries, governments do not have to impose any regulation... Just because the cost of electricity (and the amount of power consumed for mining) is way higher than what you can expect to earn, at best, when you mine.

So the calculus is quite simple: in most (western) countries, mining costs money. You pay more in electricity charges than what you earn. So... well, no one wants to mine!

That may become a problem, though, if governments implement regulation to prevent companies from mining (because for them, mining can still be profitable)...

Yes, because mining bitcoin requires a lot of electricity, some people think that mining bitcoin is a waste of energy, so it's against bitcoin. I think it's very, very, very important, so I think it's very important to develop new sources of energy to explore bitcoin.

I had the same doubt in my mind. Bitcoin mining has become so costly these days. It requires a lot of computation power which is why there are ASICs and Antminers specially designed to mine BTC. Despite that it consumes more electricity which is why many countries have regularized mining.
Apart from that the difficulty keeps increasing every few years which makes me wonder why would anybody want  to mine BTC if it is so difficult to mine it. Wouldn't it's future be in danger then ?

agree, it is only good for countries with low electricity prices. not in my country, it is very high cost.

Restrictions is needed to address abuses and to maximise the responsibility of a miners for the development of one country.. Cryptocurrency mining in majority of country around the world still hanging in thread for any further policies that still need any more regulation..

In a small miner perspective like me,, everything completely fine even the price of mining coin is decreasing.. As long as I’m HODLing it this concern won’t be a big problem.. Money for those who wait like most holders does in the past..

I was really interested for buying mining rig few month ago , when bitcoin price hitting $18 000. I already had $15 000 ready for buying , then I spoke with my friend and he said that if price stay around $20 000 then I should go for mining rig. But after week price already start dropping. I'm really happy that I didn't invest because, this month my country rise price of electricity and bitcoin drop to $7 000.. So I will need few years to get invested money back.

coal, oil, gas generation of electric has costs. and the more that is used the more it costs. plus its not environmentally friendly or sustainable

solar generation of electric has cost and time limits. where it can only generate for an average 12 hours a day. but is limited to the amount of panels set up on land. its ok for low use, but when large peaks of usage occur quickly solar cannot cope

wind generation of electric has costs and weather limits, where it can only generate acertain amount at low wind and certain amount at high wind. aswell as the limits of how many turbines are set up on land. its ok for low use, but when large peaks of usage occur quickly wind cannot cope


where as geothermal is more stable 24/7 generation of energy. infact it costs geothermal companies more to switch off some of its gnerators when demand is low. so they prefer to have them all running. and thus offer a constant supply. this is why some miners love iceland. they can calculate how many ASICS they will manage month by month and set a contract to buy electric by the month/year. knowing the electric supply will be constant and stable (unlike solar/wind which can fluctuate) and is environmenally friendly(unlike coal/oil/gas)

it's really true that bitcoin activity requires a lot of electricity, that's why it has started to regulate the consumption of electricity every home. consideration is also the cost of electricity used when mining if the result is slightly not recommended to not do mining.

 i read several stories about ppl, they involved work station pc at their job lol, and had an illegal mining station for free lol, but then they were cathced ;D

As long as the miners can pay his bills. Those power producers should not complain how will the consumers use their electricity. Instead, they should make more researches on how to produce efficient energy.

who told you that?countries dont care about how much electricity has been spended thru mining,whats important is they pay for what they used,isnt it favorable to any countries in which the volume of elevtricy ed is rising this means the country is more developing..and besides its the miners problem who, he spends more costly electricity .eithr if he can gain or loss its hes prerogative

Do not believe everything you read in the media. They will blow the smallest thing out of proportion to get some views or

clicks on their site or to sell more newspapers. Most of the electricity that are used for mining is, renewable energy. They

will conveniently leave that little factoid out of their calculations to make things worst than it is. The electricity wasted on

people playing games and watching TV is much worst. At least Bitcoin is creating new jobs and generating income and also

stimulating the global economy.  ::)

Yep, there are still bitcoin miners, cause if there ain’t any miners there would be no way for your transactions to be confirmed. If you’re a single bitcoin miner I don’t know if you’re really going to make anything out of it as of now, cause it consumes a lot of power, so by the end of every month you might end up using everything you mined from bitcoin to pay your electricity bills. Best is to just to have a mining farm, but an individual can’t do that, it’s only companies I know that does such. But as for whether there are still miners? Yes there are lots of them.

It's one of the reason electricity but also it's become more harder nowdays to mining bitcoin and also the price of bitcoin that not big anymore. It seems bitcoin mining still profit but not that big again, only a little profit but i think you can still earn big profits by mining altcoins.

I prefer to buy bitcoin than minner, because in my country electricity is very expensive. I have to pay alot cost.

I do not really understand about mining, but there are many people who still do mining.
the possibility is still profitable, it's just that you have to find a method to get around the cost of using a large electric power

mining for now is really profitable they continuous mining bitcoin until now.   yeah your right mining  cause to much electricity but they had a equipment and the price of it is too high to stop  mine. so they continue mining.

While mining bitcoin still profitable, dead end price 5-6k usd and i think bitcoin never dump lower this price

Even if your country has banned mining, you can carry put this in another country. Choose a country where mining is economical because of cheap electricity.

Mining of Bitcoin needs electricity and some countries like China first made restrictions in the electricity field that we only use enough electricity and not more because it consumes a lot of electricity as in this way it takes huge costs.

However China is also known by its solar energy system so they are not using that electricity in order to provide for mining but they did not handle that and failed. Many other countries are taking benefit from it and boosted their economies.

I think until now bitcoin mining still exists. and on the ground there are many who do bitcoin mining. of course if we do not have certain methods and techniques are always constrained by the cost of electric power. but for some people still can find a solution. I think mining is still good to get bitcoin without investment

I've heard about that. Exaggerated indeed. Mining would always ptofitable as long as you do a right calculation , a great skill to see an opportunity like when you've mined Bitcoin usually miner sell it all due the cost that need to be cover up soon to restart the business and instead you sell it all , hold some whenever you see a great potential ahead.
Normal thing indeed when you sell you mined coin all at once , think about how if you put it as an investment for longer time , your electricity cost would get covered sooner or later , that is why you better start mining with extra money in your pocket.

thats why theres a consensus using PoS its much cost effective.. and also other consensus is being used.

The big miners have still plenty of room to mine BTC profitably.
The price would need to drop to 3k-4k to reach a critical level in terms of generating profits for them.
That's why I believe we haven't seen the bottom yet. I could imagine more blood slowly grinding down which will make many more people give up and sell their coins.
The big miners have patience and deep pockets. They are in no rush. They sell BTC on spot, and hedge via shorting futures and accumulate more BTC while price is low.

yes still good, seeing from the trip bitcoin more and more users

Bitcoin mining is still good to go if you have the resources, technological know how and the time and patience to see the results which will not be big as trading or investing in bitcoins.

I guess it's pretty good when you do not have a family or live alone because you do not have to pay excessive electricity. I guess if you already have a family it might be a bit of a hassle because a lot of fees will come out.

At present, there is no country limited in mining. The government imposes high taxes on the income of the business. That's a pretty high tax rate and those who are subjected to tax are very angry.
But it only happens in a few countries. so mining can still be a good profession with the conditions the investor must find a place to sell cheap electricity.

up to today still so many people doing mining in bitcoin in addition to getting so big advantage bitcoin is also still good at doing in pernambangan karna bitcoin suplay is still a lot.

Mining profitability is very interesting to me. Do most miners turn them off if it dips below profitability or just keep it going in hopes that price raises?

Mining is one of the best way to earn extra bitcoin into your portfolio but electricity consumption is another challenge. It will be profitable if there is a stability in the electrical power.

With the current price of crypto right now? I'd say, MINING is dead. Just gonna wait for the price of Crypto to be great again. Electricity bill is killing the miners. LOL

can still for now, for the results obtained depends on our business in mine, only for the price is now down, but there is no problem if we mine at this time, yet the price will surely rise

It depends on your country, if you live in a very low cost per killowatt country, then bitcoin mining can still be profitable, assuming you don't overspend on your hardware.

Ideally you would get your GPU's/ASIC below market price in order to generate a full return on your investment quickly, but it can still be possible even paying scalper prices on Ebay.

It might be a good idea to wait until the next gen ASICs come out, I think Antminer are released a 10nm variant of their ASIC this year, so that would likely be profitable if you buy at the presale price.

As we know that the price of bitcoin is very less now so i don't think that its still good to go for mining bitcoin. Because the cost of resources used for mining will be more costly then what you will get through mining.

Mining is a pretty good way to make money on cryptocurrency and passive.The main thing is to pay off all this equipment in time and that's the secret of success

Yes, now many countries because of mining the currency needs to consume large amounts of electricity, they banned in domestic currency, so under the miners equipment professional them into some recognition COINS, and they received support from the local government, low power resources

The short answer is it depends on how much you are going to spend on the mining equipment first. Bitcoin Mining profitability depends on many different factors like how much Hash Rate your equipment producing. So higher the hash rate and lower power consumption means higher profit.

But whatever you do i'm sure you will have a limited budget so no one going to get rich by mining Bitcoins at home, can't just compete with these Chinese mining industry https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iRcJ9JZnDQc8/v0/800x-1.jpg
So if you planning like that with million dollar of investment (to produce your own first) then yes you are good to go...

yes because of shortinning in electricity,and much of these was warm country like my country which is the philippines,but mining is indemand in many country because of big income of bitcoin so for me bitcoin mining is still good but not all.

Mining bitcoin with bitcoin price right now, not much profits we earn. Better buying bitcoin in market because bitcoin price more than 50% lower than peak. Bitcoin miner better holding their coin I think, because electricity cost is high

whether this will cause the price of the coin to rise

The trend is when demand exceeds supply. bitcoin operators are really needed. This will rebalance the market. And then the bitcoin price goes up at a high price, then the exploit is still profitable.

If you are not going to run a huge mining farm then it is not really profitable these days. You could profit by holding the coins you would mine, but you would have to think of the way of paying electricity bill without cashing out. ASIC miners are expensive and you have to wait quite a long time for them. GPU mining is not as profitable as it used to be some time ago. If I were you I would go for buying crypto directly on the exchange. It is way easier and the risk factor is much lower because the mining difficulty might vastly increase any time.

Mining using a regular computer or a bunch of computer with gaming graphics is really electricity consuming that is why appropriate software is needed to save energy as much as you can, try to learn about ASIC (Application Specific Integrated Circuit Chips) [Power saving and reducing heat from any technology is also one key in preserving planer earth], this may help you with your plan entering Bitcoin Mining.

Hight prices for electricity and very expensive equipment for mining are not the only one reasons to suppose that now it is better not to mine, but to trade. The number of Bitcoins is limited, and the award of miners is constantly becoming lower and lower.

Because mining bitcoin requires a lot of electricity, some people think that mining bitcoin is a waste of energy, so it's against bitcoin.

I think Bitcoin mining will take some more time and consumption of electricity is more compared to Ethereum or other altcoins.

I'd say it is more worthwhile to look at alternative virtual currencies (for example, Ethereum (although it already needs a powerful enough graphics card),  Monero, etc.) but not Bitcoin. Mining altcoins  can easily be converted to BTC or even to FIAT currency.