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Author Topic: Bitcoin Mining , Is it worth it?  (Read 1771 times)
joms123
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February 21, 2018, 12:49:02 PM
 #1

Hello guys, I have a friend who told me about BITCOIN MINING.

What do you think? Is it worth it ? Buying Hardwares / Mining Rigs and plus the TIME to be consume.
I'm not even familiar with it , so I'm probably asking for advice on for those old miners.

Electricity here in PH is so expensive. Do you have some tips and tricks?

Thanks in advance guys !  Wink
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February 21, 2018, 01:03:59 PM
 #2

First of all, it should be noted that all methods of extracting crypto currency using home computers, and even more so mobile devices, have long lost their meaning.

For several years, the miners have been using specialized high-power ASIC equipment. Modern models of these devices several times exceed the performance of video cards. When buying, you need to focus on powerful devices, the cost of which is thousands of dollars. Of course, getting 1 Bitcoin right now is impossible in this way. As evidenced by the reviews of the miners, the equipment pays for itself and brings a tangible income over time.
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February 21, 2018, 01:10:37 PM
 #3

It is not a good idea to do it now. There is a lot of competition happening and the difficulty gets higher.

If you really are into mining then better look for another coin. But I bet there will be more out there considering popularity are in the hands of the ICO's now.
They have their own number of coins and there is no mining needed.
You will need a lot of capital for this to be successful.

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February 21, 2018, 01:22:35 PM
 #4

Yes, Mining bitcoin is worth it. If you're willing to wait until you recover your investment in buying hardwares, maintenance and electricity. Actually building mining rig is not for a simple investor because you really need a high amount of investment and patience as well.

I also live in PH and just like what you've said the electricity bill here is a little bit high, If you're going to invest money why don't you try trading or investing to ICO's? since you can easily earn once the token increase price or the coins you bought increase it's price sometimes you can instantly earn profit in just a matter of time unlike the mining you need to recover the electricity bills you paid, investment to hardwares and maintenance. But to answer your question yes it's worth it if you have a lot of investment.

Remember to invest only what you can afford to lose and don't take risks if you're afraid to lose your money/investments.

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February 21, 2018, 01:23:12 PM
 #5

Everyone has his own experience and his point of view, but it really does not look profitable and effective. Mining really needs a lot of capital to buy powerful equipment, and you will not get a quick profit. But if you have extra money, then why not try it.

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February 21, 2018, 01:27:19 PM
 #6

Yes, Mining bitcoin is worth it. If you're willing to wait until you recover your investment in buying hardwares, maintenance and electricity. Actually building mining rig is not for a simple investor because you really need a high amount of investment and patience as well.

I also live in PH and just like what you've said the electricity bill here is a little bit high, If you're going to invest money why don't you try trading or investing to ICO's? since you can easily earn once the token increase price or the coins you bought increase it's price sometimes you can instantly earn profit in just a matter of time unlike the mining you need to recover the electricity bills you paid, investment to hardwares and maintenance. But to answer your question yes it's worth it if you have a lot of investment.

Remember to invest only what you can afford to lose and don't take risks if you're afraid to lose your money/investments.



Agree! Crypto mining is a long term thing. At first you won't make anything. But after the first year, if yourequipment isn't broken, the price of each coin is equivalent to the electricity you usedto mine it.

If you don't have a huge bankroll, then you should just trade.
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February 21, 2018, 01:33:24 PM
 #7

Hello guys, I have a friend who told me about BITCOIN MINING.

What do you think? Is it worth it ? Buying Hardwares / Mining Rigs and plus the TIME to be consume.
I'm not even familiar with it , so I'm probably asking for advice on for those old miners.

Electricity here in PH is so expensive. Do you have some tips and tricks?

Thanks in advance guys !  Wink
Are you a Filipino?
Well, bitcoin is not anymore profitable in Philippines since there is a high cost of electricity and we all know that mining uses current so much.
I want also to try mining of bitcoins but I am doubting if I will gain or loss my capital.

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February 21, 2018, 01:48:41 PM
 #8

Hello guys, I have a friend who told me about BITCOIN MINING.
What do you think? Is it worth it ? Buying Hardwares / Mining Rigs and plus the TIME to be consume.
No. If you want to try mining, you should try altcoin mining
pick a potential new altcoin, mine as much as you can, hodl awhile and keep watching the market
when the price soar high, sell all your coins and continue mining only if it is still profitable
otherwise just find another potential altcoin and repeat

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February 21, 2018, 01:51:55 PM
 #9

Hello guys, I have a friend who told me about BITCOIN MINING.

What do you think? Is it worth it ? Buying Hardwares / Mining Rigs and plus the TIME to be consume.
I'm not even familiar with it , so I'm probably asking for advice on for those old miners.

Electricity here in PH is so expensive. Do you have some tips and tricks?

Thanks in advance guys !  Wink
Bitcoin mining is good profitable platform but your country is not suit for the mining so don't invest in now. If you want to invest in mining you should try solar power it is reduce the electricity but it is little difficult because some countries are always cloudy season it is affect everything. The only trick is invest Bitcoin or altcoin it is the best way to protect your investment and it is huge profitable platform.

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Pan Troglodytes
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February 21, 2018, 02:05:00 PM
 #10

Hello guys, I have a friend who told me about BITCOIN MINING.

What do you think? Is it worth it ? Buying Hardwares / Mining Rigs and plus the TIME to be consume.
I'm not even familiar with it , so I'm probably asking for advice on for those old miners.

Electricity here in PH is so expensive. Do you have some tips and tricks?

Thanks in advance guys !  Wink
Bitcoin mining is good profitable platform but your country is not suit for the mining so don't invest in now. If you want to invest in mining you should try solar power it is reduce the electricity but it is little difficult because some countries are always cloudy season it is affect everything. The only trick is invest Bitcoin or altcoin it is the best way to protect your investment and it is huge profitable platform.
Definitely it is worth considering solar energy but also natural cold is a plus (you do not have to pay extra for cooling your equipment). Probably they are exclusive, either you have lots of sun or you live in a cold climate.

Anyway, mining may be worth undertaking, but first you need to do your research, select the target coin(s), figure out equipment needed (mining & cooling), find a space to set it all up (it is awfully hot and loud), calculate in the energy bill and your time, both to set things up and later to monitor the whole operation (keeping stuff up and running and cool).
And you need to somehow factor in future prices of your coins and the future difficulty as well. It requires a lot of research and hard work before you even start to set things up.

It is good you start here by asking your question, but you will not find all the answers here, you will need to do a lot of research mate.

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February 21, 2018, 02:07:35 PM
 #11

if you are planning to build bitcoin mining you need a huge capital amount to buy hardware. mining is profitable specially if you have wide knowledge on how to care and maintain your hardware and how to choose good alts to mine. and then if you really want to try mining in the philippines expect the high cost of your electric bill per month.

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February 21, 2018, 02:19:13 PM
 #12

Bitcoin mining is very valuable and requires little capital.

If you want to try mining, you should try altcoin.

Actually building a mining rig is not for the simple investor because you really need a high investment and patience too.

Remember to invest only what you can lose and do not take risks if you are afraid of losing your money / investment.

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February 21, 2018, 02:22:11 PM
 #13

I personally haven't and don't plan to do any mining, but a friend of mine has been mining in the Middle East for the past couple of months. He doesn't mine Bitcoin, but various altcoins, switching depending on return. Electricity cost by region is obviously a factor, but one factor I hadn't considered is that the increased benefits of mining a particular coin in different regions. He told me that he was mining Smartcash and was getting 4-5 times the returns daily that he would be getting in the Americas. I haven't seen his results, but I believed him. Does anyone else have any experience regarding this?

P.S. Plus he is also in rented accommodation with electricity included, so that's an added bonus...
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February 21, 2018, 02:39:39 PM
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(-snip-) the increased benefits of mining a particular coin in different regions. He told me that he was mining Smartcash and was getting 4-5 times the returns daily that he would be getting in the Americas. I haven't seen his results, but I believed him. Does anyone else have any experience regarding this?
I can't think of any reason it may be possible. He connects via some ISP and from that moment the process is location-agnostic from what I know. Maybe he means that his electricity bill is lower than in Americas ?
P.S. Plus he is also in rented accommodation with electricity included, so that's an added bonus...
you know that it is a kind of a freud and he can be held responsible for it?

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February 21, 2018, 02:42:53 PM
 #15

With the high price of electricity in my country, mining is not worth it. And just the technical skills and the setting up part can killed me, so i am not giving it a go.

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February 21, 2018, 02:45:28 PM
 #16

it is better not to do bitcoin mining right now, because now the level of difficulty and competition between miners is getting higher.
and most importantly about mining, the negative impact is: mining spends too much fossil fuel power
You know? it will cause damage to the environment due to the consumption of electricity on a large scale, while coal, natural gas, petroleum as electricity decreases.
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February 21, 2018, 02:47:07 PM
 #17

Bitcoin mining currently won't be quite profitable I think as there are already many miners there and also the equipment they use are very expensive and also very powerful when compared to any graphics card. If you wanna go for mining try some other coin like Ethereum or any other coin maybe there you can get some profit out of it.
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February 21, 2018, 02:50:28 PM
 #18

it is better not to do bitcoin mining right now, because now the level of difficulty and competition between miners is getting higher.
and most importantly about mining, the negative impact is: mining spends too much fossil fuel power
You know? it will cause damage to the environment due to the consumption of electricity on a large scale, while coal, natural gas, petroleum as electricity decreases.
Ordinary poople get more and more concerned about protecting environment and it is good. I would be only happier if as much attention as some people devote to it, were devoted to protecting our environment by governments, large corporations (Exon, Volksvagen etc) and other polluters blinded by money and profits.

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February 21, 2018, 02:51:21 PM
 #19

With the high price of electricity in my country, mining is not worth it. And just the technical skills and the setting up part can killed me, so i am not giving it a go.

Expect high prices of electrician, mining equipment is very expensive, setting up that equipment comes later, and I heard that can be hard too. You need to have some technical knowledge.
One of my acquaintance started to mine ethereum month ago, he paid more then 3000 dollars for rig, and now he is a eth miner. That is sure cheaper option, that's is why many people are turning to other alts. Bitcoin is just to expensive to start, I'm sure that if you have enough money it can be good, later you can earn and upgrade your mining rigs, but that a lot is really a lot for start. Probably its best to check other options, mining other alts can be profitable, match your rig with good alt to give you best mining results.


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Saimoon
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February 21, 2018, 02:55:36 PM
 #20

For the people who have the money to invest and also have the rig could mine. But at this moment I don't think mining would be worth it. A few years back there were a few number of the miner and it was profitable for them. But now there were many miners and it's very costly and takes a huge amount of time to mine. So as my opinion, I don't think its worth it.

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