Bitcoin Forum

To begin mining bitcoins, you'll need to acquire bitcoin mining hardware. Bitcoin mining with anything less will consume more in electricity than you are likely to earn. It's essential to mine bitcoins with the best bitcoin mining hardware built specifically for that purpose. So is it really a good idea to start mining?

I am convinced that starting your earnings in mining right now is a bad idea. The complexity of the network has increased, the price for electricity and equipment has increased. And yet you just can not compete with the giant mining companies.

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if in my opinion your opinion is a big mistake, because by mining bitcoin whose price per year goes up it is a big advantage. depending on what mining equipment you use.
maybe you can read more how to save the tool mine so it can be profitable.

Personally I don't think it's worth it nowadays. The competition is too fierce for small miners, mining pools may be more effective but then the fees will reduce your profits. Then of course you need to consider the reward halving. I would be tempted to look at mining other currencies to be honest.

If you have much money to buy mining equipment, I think It is a good idea, But It is very expensive. I personally like to buy and participate in bounty campaign.

Mining is only profitable to undertake if you have the necessary resources to mine. Like having appropriate hardware with the needed electricity to run it an joining a pool to connect to.

mining its good but I think now is not a good time for it because all the coin prices are down if compared to the end of last year. I'm a miner but I'm stopping now because prices are down and income are down, electricity prices keep rising and that's got me confused and the profits are not worth it so I prefer to trade now but if you want to mine now and the coins are hold until the price will come back to the highest price I think it's good

Unless you have experience it is not really recommended to start mining right now, it is not even clear if you can even break even right now since the price of bitcoin is so low, so you will probably have to look for other cryptocurrencies to mine and you will need to have very precise calculations about how much money you are spending in electricity and the amount of money you paid for your mining hardware and what are the expectations of growth of this other coins and that is a very complex thing to do.

There is so many crypts right now is it worth to mine bitcoins? Or all other coins are not mineable? Or its just no profit in it.

You are absolutely right that I also feel that to start bitcoin mining is a very good idea, and we can save our minerals bitcoin to sell when bitcoin prices rise.

If I were you I would try to mine other coins instead rather than Bitcoin since the difficulty is getting harder and harder by every day.

buying mining tools for the moment I think is a useless thing because now is the token era. Unless you do intend to make a large mining company it might still make sense to buy mining tools.

For bitcoin mining, you have to buy bitcoin mining hardware. Mining Bitcoin with anything less will consume more electricity than you might have. It is important to mine bitcoins with the best bitcoin mining hardware made specifically for that purpose. So, is it a good idea to start mining? Buying mining tools for now I think is a useless thing because now is the token era. Unless you intend to create a large mining company, it might still make sense to buy mining equipment.

It may be good and maybe not a good idea at the time because it will cost about $5000 to mine. An investor with this kinda of money may not want to through all the hustling of this kind. But if you can then its a good one.

If it is mined by renewable energy owned by individual or company then it is okay. But the electricity cost and demand is now in pick. Considering this it is not wise i guess.

Huge investment is needed to buy powerful ASIC miners to mine bitcoins and also,availability of cheap electrical charges should be ensured to get good profits.Instead,bitcoins could be bought and held as a long term investment.

It is never a bad idea but just that it is quite expensive to mine just 1 bitcoin and more cost for more. The best way to get more bitcoin maybe to buy or invest it with companies that can hash it and invest on your behalf and get your earn as required.

Mining is one way to earn crypto. It's a good idea, you must prepare all of the device that will be needed when you start mining.

I'm sure that starting a mining session at the moment is a bad idea! Firstly, the price of coins is very small, you will work in negative. In addition, a very long payback period.

your have point and great idea's, mining are profitable ways to earn bitcoin or any altcoins without in risk in your investment because the capital investment which is the machine are in your own custody.

Electricity consumption are depend in the location or country you can stay because some country electricity is too expensive.

Yes ofcourse because mining is other way to earn btc as long as you can afford to buy bitcoin mining rig, can afford to have a high end computer.that can sustain 24/7 online and can afford to pay for you big electicity comsumption if yes then you can start mining.

I dont think start  bitcoin mining is a good idea.First to know to mine the bitcoin u must have a high regulation pc.what is already very expensive.and at the same time u have to spend  a lot of time..bcz after some time u have to.recieve the satoshi..so at the same time u r inveating money and giving a huge time. and also getting a short amount of btc.but if you do others like trading and bounty campaign in a very short time and almoat no monet you can cut a good figure of bitcoin.

your location would  be a good indicator of you should start mining. the cost of living in your area and the temperature would help too. Since the bills you'd have to pay whilst doing mining would be computed for your profit and the temperature would also help your mining rig to not overheat, so it's also preferable you'd be mining in a cold area. If you've computed all the factors and still have a good profit then it's a good idea.

For me mining is a not good idea for earning bit coin. You can try to read how to earn bit coin in many ways. Investment is the best way to earn bitcoin. But if you don't want to invest, the best way is by joining signature campaign.

Bitcoin mining would be much profitable but the risk that it entails because of expensive capital needed should be considered beforehand.

From my personal experience, mining is profitable but risky since which coin to mine is difficult in the 'long term play'... I started mining REP / ETH on genesis mining platform, invested around 1k and 1 year later (now) have made 1 k only in total... If I had invested in Bitcoin a year ago, I would have made 8x easily by now...

So, is mining good ? Depends on what you mine

Start mining now is not a good idea because the bitcoin price is high so the profit income from it will be very low because of the high price of mining maintenance

It's always a good idea to start mining.

I would not suggest Mining Bitcoin is something you invest into now. Maybe Altcoins will be worthwhile but otherwise its going to be risky. You will not make a decent profit. Estimated global mining costs is at $3,504,984,284 annually. 34.19 US households can be powered for 1 day by the electricity consumed for a single transaction. 495.77KG of CO2 per transaction.https://digiconomist.net/bitcoin-energy-consumption (https://digiconomist.net/bitcoin-energy-consumption)
 Its not environmentally friendly. PoW is just not a sustainable consensus. We need to look to other alternative like Bitcoin Origin for example. I read about their Eco friendly approach to a new consensus algorithem (Proof of Ambassador). This is an Project worth looking at in my opinion.

Now, mining is beneficial only to those who have a large number of good equipment and low-cost method of extracting energy. If you want to earn money, you need to invest 100 thousand dollars, special conditions for mining and a license and wait another year until you pay off

I think that mining right now is not as good idea as it was some time ago, for me nowadays it is better to invest or to trade cause solo you are not able to make that big profits from mining that you were able in past.

Unfortunately, mining is very difficult nowadays. It is only profitable if you have your own power station, or you are a resident of a cheap energy country (like Kazakhstan for example). I've heard a story about a guy who hooked up a farm in a truck in a hydroelectric power plant in Georgia. This is a good option if you are a corrupt official in the third world countries... Sadly, even specialized hardware for mining, pays off only on a large scale. Why it's not 2012 any more  :(

In my county, bitcoin mining power cost is greater than profitability. My country has huge electricity cost when compared to other countries.

Mining bitcoin is not an easy thing to do. There are so many things and factors that you need to consider like electricity cost, mining rig cost, ROI, mining knowledge, mining difficulty, and etc. If you are mining merely for profit you better not do it. You need to have passion to mining if your gonna involve yourself with it. It takes a lot of patience and determination to become a successful bitcoin miner. There are lot of frustrations along the way aside from mining difficulty and hardware problems in the future, bitcoin value is very volatile and as of today bloodbath is really killing the crypto market.

It really depends on you, if your in it for short term profit don't pursue mining. If you find mining as passion and you do believe in the technology then do it! It really depends on how much you are willing to invest financially and emotionally.

Considering the electricity charges, is it profitable to mine in India?

BTC is not the best crypto at home now, due to complexity.
If you really want to get a mining rig, try GPU mining of altcoins, like ETH or ETC
Also you will be able to sell your GPUs in case if mining wont be profitable anymore
And with ASICs you can only through them away

Considering the sideways market movement and the centralized mining pools I would say it is a bad idea to get started. I would rather invest that money into good projects and wait.

It depends on how much you’re willing to spend like  the cost of your hardware. and electricity cost also profitability depends on many factor like hash rate ,block difficulty and pool fees. if your budget is tight and you want to stick in mining then you can choose altcoins to mine then convert it to BTC.

I don't know how much cost to mining 1 BTC. But I think in the downtrend market as it is now, mining BTC is not a wise investment option.

I dont think mining is a good idea now. With the difficulty getting higher and the initial investment you have to do. Especially for bitcoin.

Maybe you can take a risk and mine a new coin, but yeah.. thats a risk

You did a very good analysis. So I'd say if you don't have the appropriate equipments that can make you earn better then i think you should halt.

It is a good idea if you have the right hardware to start mining activity. If cost of electricity in your country is cheap, then it will be also a plus factor in your mining activity.

To be honest, mining is a serious business now and we should leave it for those who treat it professionally. One might lose his money if someone is doing it in a wrong way. One should always get the deep understanding about mining activity before actually starting mining. Stay away from the cloud mining and web mining contracts if you want to avoid scams.

Every year bitcoin mining becomes more and more labor-intensive, because the complexity of mining changes periodically and the reward decreases every year. So i would prefer to not even start.

Start mining ETH or another altcoins. Bitcoin mining needs  bitcoin mining hardware, that means to use too much financial resourses.  In addition, the complexity of mining increases more and more.