Bitcoin Mining , Is it worth it?

[sasinghal]

It depends from country to country because the hardware and electricity can be of different rates. In my country the cost of resources is more than what i will get from mining. So its not worth it for me.

[1714052610]

1714052610

[flower1024]

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 !  

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.

This reason is enough for you to tell bitcoin mining is not worth for you. my suggestion is better to stay away from this plan and now Mining machines are too costly. Invest that money in different crypto currencies wait for few months you can make a double profit.

[AntonDrobot]

If you decide to do bitcoins mining for investment and profit, you are likely to face one serious problem: most sites on this topic are created for advanced users. If you are not a professional programmer, you have no experience working with Ubuntu and Linux, and there is only a little experience of using a Mac or PC, this text will help you start with the basics.

[batang_bitcoin]

I'm not even familiar with it

If you're not familiar then you should start investing with knowledge and giving time for it.

Electricity here in PH is so expensive.

If you are so worried about the electricity, then don't push it. You can migrate in some countries that does have low a very low rate for electricity consumption and mine there like Venezuela.

Do you have some tips and tricks?

You can also invest to solar panel. I'm not a bitcoin miner as I can't avail it but that's what I read in some miners group.

[czhy20]

Well, If you have a big amount of extra money, you can go for it. The price of the equipments are really high but you will get a stable amount of bitcoins everyday. It's just take time for you to get your ROI and dont expects early payouts especially if you don't have a very powerful hardware.

[coinminerdotcom]

Mining requires a larger initial investment than day trading, but you are in it for the long term. Doing a little research before purchasing a miner can pay in dividends. I recommend using a coin calculator website such as whattomine, this allows you to gauge what is currently profitable. Beginning with Altcoins then eventually getting into BTC mining is a great way to get started. With a little patience, the return on investment will come!

[joms123]

Thanks for your ideas , I've really appreciaciated it. Maybe , I should invest or trade my remaining btc in order to grow my financial needs. I'm totally agree most of those feedbacks. Thanks again

[Risktaker31]

I think it is not worth it for those whose country has high electricity charge like in your country Philippines, But if you got a high capital and can make atleast 50/100 mining rigs you can overcome the elecricity fee but the problem will arise on the temperature of it you need a well ventilated place just to be sure not to catch a fire or overheating in the mining rigs. It is worth it for the country that has a low electricity charge.

[Granslam]

Bitcoin mining is still a viable method of earning bitcoin credits only if you have the proper equipment, has a good background knowledge, connected to a stable internet connection, and is knowledgeable with troubleshooting in case something undesirable happens. All this conditions must be met to ensure a quality bitcoin mining experience.

[RobertNykanen]

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 ! 

Instead of mining bitcoins go for other coins for example radium or strat etc etc, Go for those coins which are using proof of stake or poof of capacity

[inanilujimi]

if PH power in your place is expensive not good to do mining.
tips from me better buy alt coin when ICO takes place because most of them now is very profitable than to do mining that must have big capital.
and other tips you can also invest in bitcoin after that exchanged with alt coin.
Good luck.

[Sithara007]

I have tried it, and I would say that Bitcoin mining is by no means profitable for small-scale and medium-term players, even if you are getting the electricity for free. It will take many years for you to recover the expenses which you incurred to purchase the mining rigs.

[Hanablue]

I tried it in past and it wasn't profitable while bitcoin price was under 2000$ that time and electricity costs was way more than that, so I stopped it, but I think with current rates it can get changed.

[bhnetwork]

Depends how much you pay for miners and whether the price of btc goes up. if you buy Antminers S9 now with money earned from BTC you will not profit.

[Amilhussin24]

If you have a  money to start a bicoin mining. Its worth it, it  is because bitcoin mining has a stable income it can give you income every month. You can manage your electeic bill after you will earn and manage your bitcoin mining.

[Perseusallen]

Bitcoin Mining is a peer-to-peer computer process used to secure and verify bitcoin transactions—payments from one user to another on a decentralized network. Mining involves adding bitcoin transaction data to Bitcoin's global public ledger of past transactions. Each group of transactions is called a block. Blocks are secured by Bitcoin miners and build on top of each other forming a chain. This ledger of past transactions is called the blockchain. The blockchain serves to confirm transactions to the rest of the network as having taken place. Bitcoin nodes use the blockchain to distinguish legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere.The primary purpose of mining is to allow Bitcoin nodes to reach a secure, tamper-resistant consensus. Mining is also the mechanism used to introduce bitcoins into the system. Miners are paid transaction fees as well as a subsidy of newly created coins, called block rewards. This both serves the purpose of disseminating new coins in a decentralized manner as well as motivating people to provide security for the system through mining.

[Ranly123]

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 ! 

If you have the resources to start mining then yes, mining is worth an investment but remember to study first the methods of extracting cryptocurrency out of mining process. It would definitely take you some dollars to fully maximize your assets and have a bigger gain than what you expense.

[Haley craft]

In my opinion it is not worth it, because the first,mining machine bitcoin is very expensive, so you need to invest a lot of money, and then if you do not have cheap electricity, so your income may be low.

[Clark05]

Philippines have expensive electrcicity it's not porfitable to mine unless you are in the other location for sure you will start mining .
You can start trading buy a coin and hold it brcause mining and trading is also look like same.

[jona]

If you have the modalities and it is convenient with you it is a good idea but in a situation were you lack the amenities in mining, i think it is useless trying to get into what you can,you will run into loss or not achieve your goals