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Author Topic: Why you should NOT get into cryptocurrency mining  (Read 1227 times)
walec51
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November 02, 2017, 01:30:52 PM
#1

There are many articles and videos on the web that advocate for mining.
So I decided to write an opposite argument why you should NOT go for mining:

https://steemit.com/mining/@walczakit/why-you-should-not-get-into-cryptocurrency-mining

I'm a miner and crypto trader my self so its based on my own experience.
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November 02, 2017, 05:04:37 PM
#2

In our country the electricity cost is way too high. So overall buying equipment and paying the cost itself eats away all the profits and the Break even point is also in years. thus better to avoid it and do trading or directly buy and hold your coins and get good returns.
 

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November 03, 2017, 08:42:31 AM
#3

Cryptocurrency mining s becoming popular with the rising value of bitcoin. Still mining is a quiet tedious job. Mining requires  things like Computer,  Graphics Card, Motherboard, uninterrupted internet connection, cooling system to keep machines cool and most important continuous power supply. Mining machines consumes large amount of electricity. Crypotocurrencies  are highly volatile in nature, their rates changes time to time so that of your profit margin. Mining is a continuous process runs 24x7, so miner needs to monitor his system continuously. If proper care is not taken of mining machinery accidents may take place.

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November 03, 2017, 09:19:21 AM
#4

Cryptocurrency mining s becoming popular with the rising value of bitcoin. Still mining is a quiet tedious job. Mining requires  things like Computer,  Graphics Card, Motherboard, uninterrupted internet connection, cooling system to keep machines cool and most important continuous power supply. Mining machines consumes large amount of electricity. Crypotocurrencies  are highly volatile in nature, their rates changes time to time so that of your profit margin. Mining is a continuous process runs 24x7, so miner needs to monitor his system continuously. If proper care is not taken of mining machinery accidents may take place.

Despite those challenges, it's obvious that there are many miners making profit. Otherwise, they wouldn't be in business.

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November 03, 2017, 05:46:02 PM
#5

Cryptocurrency mining s becoming popular with the rising value of bitcoin. Still mining is a quiet tedious job. Mining requires  things like Computer,  Graphics Card, Motherboard, uninterrupted internet connection, cooling system to keep machines cool and most important continuous power supply. Mining machines consumes large amount of electricity. Crypotocurrencies  are highly volatile in nature, their rates changes time to time so that of your profit margin. Mining is a continuous process runs 24x7, so miner needs to monitor his system continuously. If proper care is not taken of mining machinery accidents may take place.

Despite those challenges, it's obvious that there are many miners making profit. Otherwise, they wouldn't be in business.

Ahhh yes correct, if it wasnt profitable, these mining farms would not be popping up on a daily basis.
I too started mining, and it just became addictive.
I hold on my rewards from mining long term, and also buy coins on a daily also.
Everything in crypto always comes out with a positive gain in time. So keep on mining! It is profitable!

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November 03, 2017, 06:57:46 PM
#6

Cryptocurrency mining s becoming popular with the rising value of bitcoin. Still mining is a quiet tedious job. Mining requires  things like Computer,  Graphics Card, Motherboard, uninterrupted internet connection, cooling system to keep machines cool and most important continuous power supply. Mining machines consumes large amount of electricity. Crypotocurrencies  are highly volatile in nature, their rates changes time to time so that of your profit margin. Mining is a continuous process runs 24x7, so miner needs to monitor his system continuously. If proper care is not taken of mining machinery accidents may take place.

Despite those challenges, it's obvious that there are many miners making profit. Otherwise, they wouldn't be in business.

Ahhh yes correct, if it wasnt profitable, these mining farms would not be popping up on a daily basis.
I too started mining, and it just became addictive.
I hold on my rewards from mining long term, and also buy coins on a daily also.
Everything in crypto always comes out with a positive gain in time. So keep on mining! It is profitable!

We can close our eyes and invest mining because mining is the resource to act in the transaction which works for the transaction to be confirmed. Recently Japan invested 10 millions plus us dollars in to set up the biggest mining farm. Without why they were investing in mining.
If you want to start mining intailly go with the GPU mining with the altcoins and then you get will get decent profit than btc in this option.

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November 03, 2017, 07:37:03 PM
#7

The profit for mining on a small level is minimal. With time it would be worth it, but it would take awhile to turn a profit.

Looking for the next great investment
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November 03, 2017, 08:07:06 PM
#8

There are many articles and videos on the web that advocate for mining.
So I decided to write an opposite argument why you should NOT go for mining:

https://steemit.com/mining/@walczakit/why-you-should-not-get-into-cryptocurrency-mining

I'm a miner and crypto trader my self so its based on my own experience.
Thanks for this,  it may save some people including me from wasting their time and money.
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November 04, 2017, 06:58:18 PM
#9

The price for one bitcoin increased for several $ thousands within the past months while the mining costs remained more or less the same! I didn't check if the difficulty also has increased within the past 3 months, but if not then everyone who was already in the process of profitably mining received some $ thousands extra per coin.

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November 05, 2017, 06:54:46 PM
#10

There are many articles and videos on the web that advocate for mining.
So I decided to write an opposite argument why you should NOT go for mining:

https://steemit.com/mining/@walczakit/why-you-should-not-get-into-cryptocurrency-mining

I'm a miner and crypto trader my self so its based on my own experience.

I think there are pros and cons to consider in mining Bitcoins but most importantly, when you have something you are really interested with, you would do everything in your power to accomplish whatever they may be. Also, mining and its results from one miner to another varies because this is purely subjective in nature. What may be profitable to you may not be really profitable with the other.   

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walec51
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November 06, 2017, 07:11:03 AM
#11

The price for one bitcoin increased for several $ thousands within the past months while the mining costs remained more or less the same! I didn't check if the difficulty also has increased within the past 3 months, but if not then everyone who was already in the process of profitably mining received some $ thousands extra per coin.

Did you even try to read the linked article? The difficulty rose exponentially...

In shot for ppl that don't care to read the article but like to comment on articles that they didn't read:
- mining profits always drop in time to a minimal level
- its not worth the effort if you do it in small scale and you don't have access to cheap hardware or electricity
- if your counting on the price of the coin to rise then its cheaper to just buy the coin
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November 06, 2017, 11:19:38 AM
#12

The price for one bitcoin increased for several $ thousands within the past months while the mining costs remained more or less the same! I didn't check if the difficulty also has increased within the past 3 months, but if not then everyone who was already in the process of profitably mining received some $ thousands extra per coin.

Did you even try to read the linked article? The difficulty rose exponentially...

In shot for ppl that don't care to read the article but like to comment on articles that they didn't read:
- mining profits always drop in time to a minimal level
- its not worth the effort if you do it in small scale and you don't have access to cheap hardware or electricity
- if your counting on the price of the coin to rise then its cheaper to just buy the coin
That's also a good way on promoting your course you do offer but on some points I do really convinced on some factors why mining wont really be profitable on most cases. The main factor on here is the electricity cost.This is one of the things which do affect profitability if its expensive in your country then its pointless to set up mining farms unless if you are willing to risk and don't mind on profits just to fulfill your habit or passion to mine crypto then it should be fine but for most miners we do normally seek out on being profitable.


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November 06, 2017, 10:23:05 PM
#13

i've been into cryptocurrencies for more than three years. even when i first looked into it mining never crossed my mind once. i'm still amazed that people consider it but there must be enough people out there who can make it work for a little while, or there are thousands of people out there throwing their money away. i guess they'll never admit that.

white papers these days should maybe downplay the mining side of things because it always seems to put stars in noob eyes.

i had no idea dash had an asic. the only time i would mine is if i invented a way to do it better than anyone else at a fraction of the outlay.

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November 06, 2017, 11:25:25 PM
#14

There are many articles and videos on the web that advocate for mining.
So I decided to write an opposite argument why you should NOT go for mining:

https://steemit.com/mining/@walczakit/why-you-should-not-get-into-cryptocurrency-mining

I'm a miner and crypto trader my self so its based on my own experience.


Apparently, it is worth mining if you are a large company with an access to a large capital and cheap electricity and not profitable if you are a small scale miner. What if we cooperate? I have $0.055 electricity and 0% custom duties  +large mining facilities will be finished in two weeks. I have around 30 Antminers and 50 GPU miners, but I still have over 2 megawatts of electricity and like 1000 sq/m of floor space. Obviously, I would love to make some extra cash on the side and recoup my capital expenditure much faster.

I am not providing this service yet. After reading this and a few other threads, I just  thought such a service could be beneficial to all parties.

What do you reckon could be a problem with such a service? Obviously, full verification will be required, which I am happy to do (whatever is required including site visits, personal financial guarantees from the mining company or a UK based property development company, etc)

This should make mining profitable even for a small scale miners.

Let me know your thoughts. If you reckon it is a good idea and I get positive responses, I will open a new thread with full details.

Hopefully this post doesn't violate any Ts&Cs of Bitcointalk. org
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November 07, 2017, 03:20:06 AM
#15

i would say that if we can pay electricity fee with cheap and we have big capital, we can trying to build our own rig so we can start to mining cryptocurrency. but of course, we need to build more than 6 vga card if we use that hardware and at least we should build 3 racks of each 6 vga cards inside so we can expecting to earn big amount coins. if we decide to buy the hardware beside of vga cards, then we need to buy more than 1 or 2 hardware that will help us to mining a lot of coins in a day.

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November 07, 2017, 10:14:04 AM
#16

There are many articles and videos on the web that advocate for mining.
So I decided to write an opposite argument why you should NOT go for mining:

https://steemit.com/mining/@walczakit/why-you-should-not-get-into-cryptocurrency-mining

I'm a miner and crypto trader my self so its based on my own experience.
I think what you said is rights and you have to actually focus on trade for now. Many miners are selling of there mining tools and focusing on buying and holding bitcoin because it is more profitable now than mining. I have been trading for quite some time now and I will said trading is the best way to make bitcoin now. However, some people are saying alternative coins mining is also good now.
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November 07, 2017, 10:36:56 AM
#17

Mining is profitable for those with cheap electricity. But if that is not the case, it's much more better to start learning trading. In combination with investing, holding and some rigs that may lead to really high profits.
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November 07, 2017, 10:54:10 AM
#18

Trading might be an even worse suggestion than mining.

Almost all human beings don't have what it takes to trade successfully.

All they're doing is being victims for the professionals.

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November 08, 2017, 05:39:39 AM
#19

Mining is profitable for those with cheap electricity. But if that is not the case, it's much more better to start learning trading. In combination with investing, holding and some rigs that may lead to really high profits.

I think trading is the best option now. There can be a 5-10% difference in a day. The price is also different in other countries (I heard in Zimbabwe, the price is 12K for a bitcoin) so there are ways to make money there as well. I got stuck with a D3+ and I am going to sell it. There are people that still want to mine.

Let them.

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