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Author Topic: Bitcoin Mining , Is it worth it?  (Read 1821 times)
cryptothief
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February 21, 2018, 02:56:01 PM
 #21

(-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?

It is possible that I misunderstood what he was saying regarding the regions, I'll have to check with him again. Like I say, I don't do mining at all, so not really too knowledgeable on the subject. The fraud thing I don't think is an issue, he gets an unlimited amount of electricity included in his monthly rent. Maybe depends on location around the world, but it's not an issue here, as it's clearly written in the rental agreement that electricity is included. That's one of the main reasons he started mining, it's a big saving over time.

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ace9989
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February 21, 2018, 03:05:15 PM
 #22

I think it's not worth it for small capital traders and investor to have a bitcoin mining because of the increasing electricity charge and the value of the GPU's in the current market is extremely high for the moment. But if you can have a hundred of mining of rigs and a nice and cool place to start your mining it definitely worth if you can mine ETH or other altcoins because mining bitcoin is not advisable because of its block are harder to obtain.

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February 21, 2018, 03:06:39 PM
 #23

(-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?

It is possible that I misunderstood what he was saying regarding the regions, I'll have to check with him again. Like I say, I don't do mining at all, so not really too knowledgeable on the subject. The fraud thing I don't think is an issue, he gets an unlimited amount of electricity included in his monthly rent. Maybe depends on location around the world, but it's not an issue here, as it's clearly written in the rental agreement that electricity is included. That's one of the main reasons he started mining, it's a big saving over time.
You know, if he comes from a region where electricity is as cheap as you say, to the point that it is given for free, then it makes sense that he can earn more profit compared to some other country (with more expensive electricity). Maybe this is what he ment.  Electricity cost is the major factor to consider in setting up the mining operation.

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cyptosnakebtc
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February 21, 2018, 03:15:40 PM
 #24

Yes, Mining bitcoin is worth it.it really does not look profitable and effective. it need huge  electricity but you can't get profit at least for your electricity bill.
so i am not going to do it. Roll Eyes
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February 21, 2018, 03:17:45 PM
 #25

Hi! We both from the same place and as I can see there's a difficulty now in buying mining equipment especially videocards because I heard it from my friend that the supplier is limiting people that every households should only have a maximum of two videocards or maybe this is only applicable where I am living. I myself mining a btc right now with just 1 videocard and I pay less in our electricity so my advice is when you don't pay for electricity or the equipment you bought was cheap then you'll get back your capital in a short period of time.

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February 21, 2018, 03:20:28 PM
 #26

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
It is worth it if you can afford to buy multiple mining hardwares that can produce a lot of hashrate to compete with other people that mines Bitcoin. I'm also from that country but I think it is not a good idea because of the weather, it is a tropical country so the temperature is high so if you will setup a mining farm you will need to have a place with very good ventilation or an air conditioner to keep your hardwares cool and also electricity is more expensive compared to other country. There are some that do altcoin mining here, maybe you can try that instead of Bitcoin mining because there are lots of competition.
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February 21, 2018, 03:21:20 PM
 #27

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
I think you need a good equipment to do this mining work.
Whether it worth or not all count on your fortune as the price today of bitcoin can assure your profit as you get one or more.

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February 21, 2018, 03:24:08 PM
 #28

yes bitcoin mining is worth it if you can handle it will and if you have wide knowledge regarding mining. yes you are right mining consume too much electricity in the phillipines and doing mining also need huge capital to assemble mining hardware. so if you are planning to invest besure that you are ready to all expenses which you will spend.

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February 21, 2018, 03:29:19 PM
 #29

You should calculate the cost of mining one BTC with the price of electricity in your country. The profit of mining changes from country to country and time to time. It may be profitable in your state.
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February 21, 2018, 04:22:01 PM
 #30

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 really hard now a days and your miner would need to really have a lot of computing power to efficiently mine bitcoin though I suggest that you mine altcoins instead of bitcoin. They are easier to mine though much lower in value they could prove to have more potential to grow compared to btc.

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February 21, 2018, 04:23:52 PM
 #31

Hello There! I'm also from PH. Mining bitcoins is really worth it. However, you need to take risk first for the investment on the equipments you will be using, it costs a lot of money. If you have just enough funds, don't go mining. I suggest you'll go trading bitcoins you can make fortune out of it.
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February 21, 2018, 04:24:32 PM
 #32

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
I think it might be right for you to dig up bitcoin. First you need to invest a lot of money to buy equipment, and then you need to look for cheap power sources so that you can maximize your profits. It takes a long time to earn back the principal.
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February 21, 2018, 04:28:04 PM
 #33

This is a simple question with a complex answer. There are a few different factors that influence whether or not Bitcoin mining will be worth it for you. Even with the rising Bitcoin price, the set-up fees and electricity costs may outweigh the revenue that you’d earn through mining.

The primary factors that affect your Bitcoin mining profitable are:

Mining difficulty and rewards
Hash rate
Operational costs
Mining difficulty and rewards

The mining difficulty determines the complexity of the algorithm you need to solve when creating a new block of transactions. As more miners join the network, the difficulty increases making Bitcoin harder to mine.

Bitcoin mining difficulty

The reward for mining a block is currently 12.5 Bitcoin. This reward is cut in half every 210,000 blocks with the next “halving” set to occur in 2020. Ideally, the price of Bitcoin will increase enough to outweigh the continuing decline of the mining reward.

You should also factor in the conversion rate of Bitcoin to fiat if you plan on cashing out at any time. With the volatility of Bitcoin’s price, this could greatly affect your profitability.

The biggest unknown when calculating your projected Bitcoin mining profitable is the amount of yearly profitability decline. No one knows how many miners will continue to join the network, so it’s nearly impossible to calculate just how much your revenue will decrease each year.

Hash rate

The hash rate is the speed at which your mining rig can solve the algorithm needed to mine new blocks. Although a mining rig with a high hash rate may seem nice, they usually cost significantly more to purchase and operate.

When choosing a miner, you should first figure out how long you’d like to mine for. If you’re only planning on mining Bitcoin for a short amount of time, it could be advantageous to pick up a less expensive miner. Even though the hash rate may be lower, you may be able to pay off the initial purchase cost at a faster rate.

Operational costs

There are a few different costs you need to consider when calculating your Bitcoin mining profitability.

The electrical costs differ based on your electricity rate and the power consumption of your mining rig. Mining rigs are usually listed with their typical power consumption, and you can find your electricity rate on your power bills.

Bitcoin miners

To mine effectively, you’ll need to join a mining pool and pay the associated pool fees. A mining pool is a group of miners that work together to mine blocks at an increased rate. The reward of each block is then split amongst the miners enabling you to get paid more regularly. These fees range anywhere from 0% – 5%.

You should also include the upfront cost of buying a mining rig when calculating your potential profitability.
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February 21, 2018, 04:30:17 PM
 #34

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

I personally am not a miner, but personally, my opinion is that it is better to invest this money in some coins including BTC. And part of them even for daily trading, which would lead to more profits. BTC
This is my opinion. Good luck  Smiley

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February 21, 2018, 04:33:26 PM
 #35

I think if they are mining ETH using graphics cards then they may have a fighting chance. Mining in a country with high cost of electricity is not advisable as the bill will consume most of your income, not to mention the maintenance of your rigs. Mining bitcoin is out of the question with these countries I think.
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February 21, 2018, 04:34:12 PM
 #36

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
If electricity is expensive, don't bother.

The lowest electricity rates around the world are around 3 USD cents and less per KWH, so that's your target when performing a cost analysis and will determine your profitability.

There's also further discounts for large industry scale operations on the hardware itself.

So unless you have very cheap access to electricity you won't be competitive in the long run and will eventually, not immediately, go out of business.

Unless you have a lot of Bitcoins already and want to hedge by mining I wouldn't personally bother with it. And even then, you would have to make sure to either have cheap electricity or otherwise find a cheap colocation (which carries some counterparety risks that need to be considered).
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February 21, 2018, 04:34:21 PM
 #37

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

I think home mining is not effective especially if electricity is expensive. It will be profitable if you have 100+ miners and separate building for this purpose with cheap electricity

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bit-freedom
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February 21, 2018, 04:36:38 PM
 #38

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

If your electricity cost is expensive, it is not feasible to mine bitcoin. You should try to calculate your mining profits using website like whattomine.


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February 21, 2018, 04:43:09 PM
 #39

Bitcoin mining is a serious business now and we should leave it for those who treat it in that way so if you don't have any idea about mining then I would recommend you to do your own research without relying on the others opinion or projected profit amount. Spend some time in reading the previous posts about mining and then take any decision.

Bonus tip: Stay away from cloud mining kind of concept because it is something that either turns into a scam or loss-making entities so it does it doesn't make any sense, in my opinion, to go with that way.

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February 21, 2018, 04:57:17 PM
 #40

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

I think things are no longer so pink for BTC's diggers.
This will cost you a lot of electricity, finances for equipment , and so on. If you think you will be profitable, I do not know. This is a tough choice. I personally count on investing and holding.

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