Facts about mining Coins

[romero121]

Mining is profitable for users who can get free electricity through some schemes that are provided by the government for agriculture and for other industrial growth. Apart from this one needs good technical knowledge to make changes and change the coin to be mined according to the market conditions. Myself a sufferer investing on mining, I wasn't able to pay the electricity bill with what's been mined throughout the month.

Rather than investing into mining it is good to wait with patience and make use of the opportunity when the market drops low. Buying and holding at the lowest price will assure with bigger profit than profit made out of mining in small scale.

[OasisDre]

Facts about mining Coins

You can mine Monero with your CPU. Learn and ask more on moneromining subreddit https://old.reddit.com/r/MoneroMining/

Problem with ASIC mining is that when your miner gets obsolete is worthless. CPU and GPU can always be used to mine something else or to use for something else.

No its same thing with Asic miners, old Asic miners can still be used to mine new sha256 algorithm based coins and some Asic miners support other algorithm like cryptonight and Equihash based coins too and Asics always have higher hashrates than Graphics cards

[VDraci]

If one has access to free electricity mining with old or new miners will make sense, most profits from mining this days got eaten up by electricity fees so if this can be avoided they mining will make sense,  just make sure you mine top coins or popular coins with good trading volume

[nennanem]

One more fact. According to Jihan Wu (one of the Bitmain creators), these days investing in mining is more profitable than buying cryptocurrencies. Of course, he was talking about it to promote Bitmain products but still, there's a grain of sense in his words. He's not talking of mining as of using GPUs in a loss but as of serious investment, a business, not a hobby.

[shoreno]

nice facts we have here  op  . i have heard the term obsolete for mining before but i forgot the idea that we can sell our gpu's which is cool because we can buy again a new model just to keep up to date on mining  . the electric cost is common and almost all newbies know that  . electric cost the one main reason why many people refrain from mining a coin  . the third one is the worst one because once your gpu died , that is literally called obsolete and you cant sell them for a good price

[ethereumhunter]

If someone decides to mine, he needs to calculate the electricity fee that he should pay every month, and he should know how much profit he can get from the mining. If many people mining the same coin, the difficulty can increase, and that makes the small hashrate power cannot get a nice profit than the big hashrate. The hardware itself will always come out with better technology that will support the mining process so people can still get a nice profit. So maybe that person needs to upgrade his hardware with the latest equipment, which has better technology so he can earn a bigger reward from the mining. But that will not be a good idea if he cannot make the profit from the mining.

[gwaposakon]

Cryptocurrency mining, especially bitcoin, is one of the most rewarding way to acquire crypto before since the market was not yet saturated by many miners. But now it is a different story. With so many mining farms right now with powerful setup, it is impractical to compete with them. The cost of the setup, electricity, and the scarcity of the available bitcoins, makes mining less rewarding. Since then I have abandoned my mining setup and concentrated to day trading instead.