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Author Topic: Is bitcoin mining dangerous?  (Read 11429 times)
Raffy11
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September 18, 2017, 03:40:55 AM
 #1

Because i am new at bitcoin i'm wondering what is bitcoin mining and how it is done.
Is it dangerous for us people?? I want to know more about bitcoin mining.
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eth888
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September 18, 2017, 05:01:30 AM
 #2

Because i am new at bitcoin i'm wondering what is bitcoin mining and how it is done.
Is it dangerous for us people?? I want to know more about bitcoin mining.

What kind of "hazard" you mean? Harmful to environment or health, or ROI?
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September 18, 2017, 07:38:18 AM
 #3

Because i am new at bitcoin i'm wondering what is bitcoin mining and how it is done.
Is it dangerous for us people?? I want to know more about bitcoin mining.

Bitcoin mining is done using specialized mining hardware. Think of them as high-powered, industrial PCs which can only be used for Bitcoin mining and nothing else.

So what is there to look out for if you're a miner?

1) Financial risk, ie. the Bitcoin network grows faster than you expected, so you don't mine enough to get the money back you paid for the machine.

2) Physical risk, ie. if the mining hardware doesn't get properly cooled or the location where you mine at has bad wiring there's a certain fire hazard.


What is there to know for the general populace?

3) Impact on the environment, ie. the whole of the Bitcoin network uses a lot of electrical energy.


Does this answer your question?

eth888
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September 18, 2017, 08:35:42 AM
 #4

It also speeds up the creation of electronic messes to the earth, far from Moore's law.
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September 18, 2017, 10:29:29 AM
 #5

It also speeds up the creation of electronic messes to the earth, far from Moore's law.

Moore's law says nothing about how many electronic devices are used on earth Smiley Also while the electricity consumption of the Bitcoin network is non-negligible I'm fairly confident that the amount of created mining hardware is still dwarfed by consumer devices.

LenyaPoker
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September 18, 2017, 10:49:06 AM
 #6

Yes it can be dangerous if u use old equipment
sikkan
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September 18, 2017, 03:01:31 PM
 #7

Yes it can be dangerous if u use old equipment

Uh..please elaborate? Due to what?

Electronic devices tends to work for years before they get faulty, and If they get faulty its often just mechanical parts that break and can be replaced (fans).
slate_main
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September 18, 2017, 03:05:13 PM
 #8

Maybe OP is referring to Electrical radiation, which, of course comes from most electrical items if unshielded, I suppose with a huge mining farm, there would be some heightened radiation, this could affent those who suffer from EHS (not that this bothers or affects the outlay of 'smart' electrical meters..)

https://en.wikipedia.org/wiki/Electromagnetic_hypersensitivity

So yes, mining CAN be dangerous.
Idrisu
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September 18, 2017, 03:46:31 PM
 #9

Mining bitcoin is not dangerous and you just need to have large capital to go into it. I lean everything about bitcoin including mining from https://www.coindesk.com/information/ from this link all you need to know about bitcoin and cryptocurrency related issues are published hear.

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September 18, 2017, 04:19:37 PM
 #10

Bitcoin mining is absolutely safe.
waru96
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September 18, 2017, 04:46:53 PM
 #11

i think mining is safe..it will be difficult but its safe
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September 18, 2017, 06:34:22 PM
 #12

Mining bitcoin is not dangerous and you just need to have large capital to go into it. I lean everything about bitcoin including mining from https://www.coindesk.com/information/ from this link all you need to know about bitcoin and cryptocurrency related issues are published hear.
.

Bitcoin mining the safest and profitable one .I had ever see.If you start to do the mining with solar panels means,you no need to worry about the Electricity need for Mining. Many people worry about the cost for Electricity which thinking about mining. It's the best business.If you had a doubt means,you can see coin disc.

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NotFuzzyWarm
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September 18, 2017, 06:48:30 PM
 #13

Don'tcha just love it when a newb posts an off-the-wall question apparently just start a convo and then they disappear?
Yes it is dangerous. The OP should definitely stay away from it or at least beware of cave-ins and market crashes... Tongue

-Joshua Zipkin aka Joshua Alexander leaked AMT A1 miner skype chats http://bit.ly/1Qjt6lj
-For bitcoin to succeed the community must police itself.
-Support Sidehacks miner development. Donations to:   1BURGERAXHH6Yi6LRybRJK7ybEm5m5HwTr
cryptoking710
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September 18, 2017, 08:44:31 PM
 #14

Only as dangerous as using any electrical appliance really!! (actually probably safer than a kettle or a microwave lol)

If you can't be trusted with electric then stay away from mining!!

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edmond_dantes
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September 18, 2017, 11:19:35 PM
 #15

the heat can be dangerous if you don't take the proper safety precautions

Like venting the heat and maybe sure noting can catch on fire cooling is important

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jerowacik
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September 19, 2017, 05:41:52 AM
 #16

Because i am new at bitcoin i'm wondering what is bitcoin mining and how it is done.
Is it dangerous for us people?? I want to know more about bitcoin mining.
do bitcoin mining is solve every bitcoin block computerized and everytime we can do it then we can get bitcoin. doing mining is currently not profitable because of the higher difficulty makes the block more difficult to solve and operational costs in mining is also not cheap. but if bitcoin prices can increase this certainly will not be a problem, so if our range is the future then I think this is quite profitable. but if you want a profit, at this time I think doing mining is quite dangerous because we could lose.

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hyet24
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September 19, 2017, 09:26:08 AM
 #17

lol Sometimes you have to think like the common person.  Mining is dangerous without electrical knowledge.   You don't just buy equipment and plug even if you know max is 1800 watts or 2400 watts.   There are a few things we learn before we got into mining.  

I hope people research into basic electrical before going with the mining path.  One rule is 80% load on the wires.  Thickness of the in-wall cables.  You don't just replace 120v 15a circuit breaker and outlets with a 240v 15a.   Cables may go overheat if your not careful.
hasmukh_rawal
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September 19, 2017, 09:46:56 AM
 #18

Because i am new at bitcoin i'm wondering what is bitcoin mining and how it is done.
Is it dangerous for us people?? I want to know more about bitcoin mining.

Bitcoin mining is nothing but it is the process by which transactions are checked and verified and then they are carried to the public ledger, which is known as Block Chain and you can say it is the mode of transfer through which new bitcoins are released. If you have access to the internet and good piece of hardware then you can participate in mining.Mining Need high amount of Electricity and for that You need to invest in renewable energy as consumption of electricity which is very high. You’re taking a huge risk and You need huge Intial investment for that. And by the way here no matter what isto be done, but you need to secure your coins at any cost. It is done around a safe environment and therefore Mining bitcoins will be harmful in future If Bitcoin mining Gets high importance from the people.

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September 19, 2017, 09:47:48 AM
 #19

Is as dangerous, as working PC. But imagine if there is more than one. Thats it
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September 19, 2017, 12:31:03 PM
 #20

Because i am new at bitcoin i'm wondering what is bitcoin mining and how it is done.
Is it dangerous for us people?? I want to know more about bitcoin mining.

What kind of "hazard" you mean? Harmful to environment or health, or ROI?
I do like to ask to on what he mean since there are lots of thing which can be considered as hazard on bitcoin mining.Choices are either on government issues,Roi issues and more. Please do elaborate even more so that we can able to answer you correctly.If you do mean about on operating mining on your country then it would depend if bitcoin mining is prohibited on your place but most likely theres no regulation behind this which means i can say its safe to ming as you wanted as long you do have the funds on buying miners.Another dangerous thing on which you wont able to make profit depending on the electricity cost and the rising difficulty.

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