Are Bitcoin miners still good to go?

[aditya6997]

Because it costs so much electricity, several countries have imposed restriction on mining activity?

[tonylewisverdu]

thats why theres a consensus using PoS its much cost effective.. and also other consensus is being used.

[bigmaster23]

Lot of distress you need to battle with when it comes to mining. People, family , friends
These people will eventually contradict your decision in life and it's hard to make which path to take. Not mentioning a good current of electric you might going to need also.

[mahilchii]

Because it costs so much electricity, several countries have imposed restriction on mining activity?

Correct. Mining has been regulated in many countries due to high electricity consumption and there is no other reason for restriction. I think Bitcoin mining will take some more time and consumption of electricity is more compared to Ethereum or other altcoins. If you don't have a cheap electricity then all your earnings will be paid for electricity I suppose.

[virendarnagpal]

Renewable energy is the best reply to all electricity related issues.  Why not adopt Solar, wind or thermal sources of electricity generation and use the electricity produced.
Solar energy equipment are now becoming cheaper.  In days to come these will become more cheap.  I think within two three years cost wise solar energy equipment will be available at very low prices and then there will be no problem of electricity. 
Still if it is used, it is not so expensive.
So higher electricity bills is the problem of the past.

[Roidz92]

there are still many countries where electricity costs are so low, and by the way no one can ban effectively mining.. i mean, ok they could check the ones that mining hard and use a lot of energy, but if me and you put some hardware in our houses, no one will check if we are mining or not

[qq555]

bitcoin is one of the world's juiciest prizes for hackers. there must be thousands or tens of thousands who've tried to break it, let alone governments and banks, and they all went away with their heads bowed.

this forum would not still exist if bitcoin had been cracked. if it is we'll sure as hell know about it.

[babycute123]

Minning bitcoin is only good for countries with low electricity prices. The difficulty in minning bitcoins is increasing, bitcoin prices are no longer good for the miner from countries with high electricity prices.

[rajuahmed763]

Because it costs so much electricity, several countries have imposed restriction on mining activity?

Maybe some of users closed their mining but not all miners. Now overall cost is more than profit, but they still working/mining. As a result, they believe one day they will get profit by their bitcoin.

[Chrisjay29]

Because it costs so much electricity, several countries have imposed restriction on mining activity?

 i think it still good because my friend still doing it. and he still get profit on that. maybe you just pick a bad bitcoin mining. and maybe theres a mining activity that has low cost electricity

[ethereumhunter]

Because it costs so much electricity, several countries have imposed restriction on mining activity?

Correct. Mining has been regulated in many countries due to high electricity consumption and there is no other reason for restriction. I think Bitcoin mining will take some more time and consumption of electricity is more compared to Ethereum or other altcoins. If you don't have a cheap electricity then all your earnings will be paid for electricity I suppose.

we still have many option coin for mining although the price now is not too good and if we can hold it for a long time then I am sure that the price will increase. but before we decide to mine, it is better than we have another job so we can pay the electricity fee and we can fill our daily needs. I considered mining as another way to earn more coins and hold for the future.

[Pursuer]

Because it costs so much electricity, several countries have imposed restriction on mining activity?

no you are mistaken because of a lot of FUD in the media. there were no several countries ever! what happened was that a tiny place in New York State started planning for some restrictions on usage of electricity and that news was exaggerated in less than a day into a big FUD.

you don't have to worry about miners they are making their profit (with or without your worrying!) thanks to the way bitcoin is designed (difficulty and all that) and also not to mention the potential of growth that bitcoin has.

[maulana rifai]

Because it costs so much electricity, several countries have imposed restriction on mining activity?

indeed mining machinery requires electricity as a driver. so you are required to buy electricity or tax in every machine operate. so think well and calculate the exact income from mining and maintenance on the mining machine, so you get a profit and not in vain the machine is operating. real miners will survive and continue to mine.

[Just John]

I would say so because a lot of people are still very much into mining, although the amount of power which mining requires might be a problem as a lot of countries are starting to get worried but as long as there is still bitcoins to be mined, there will still be miners.

[BrentMack]

I think there are still a lot of very active miners who are still working and mining coins because the amount of bitcoins to be mined has not being exhausted yet so there will always be people mining coins.

[bobo012]

I would like to know how much of electricity is consumed currently to produce 1 bitcoin, not including extremely cheap electricity, so countries like sweden, canada, island where the biggest miners are. I dont see it as a big problem. A lot of electricity is spent every day but people dont know and dont talk about it.

[Danstan]

Yes it is.

Mining using a regular computer or a bunch of computer with gaming graphics is really electricity consuming that is why appropriate software is needed to save energy as much as you can, try to learn about ASIC (Application Specific Integrated Circuit Chips) [Power saving and reducing heat from any technology is also one key in preserving planer earth], this may help you with your plan entering Bitcoin Mining.

[brampower]

Because it costs so much electricity, several countries have imposed restriction on mining activity?

Right now you cannot imagine to mine bitcoin without a huge capital investment, we need to break the monopoly of bitmain and i hope we will see some big manufacturing firms developing more energy efficient and power machines in the future and that too at an affordable rate, which is highly unlikely  but which will allow users to mine at the comfort of their home .

[mOgliE]

Hi,

Actually, I guess that in most countries, governments do not have to impose any regulation... Just because the cost of electricity (and the amount of power consumed for mining) is way higher than what you can expect to earn, at best, when you mine.

So the calculus is quite simple: in most (western) countries, mining costs money. You pay more in electricity charges than what you earn. So... well, no one wants to mine!

That may become a problem, though, if governments implement regulation to prevent companies from mining (because for them, mining can still be profitable)...

[EugeneJanet]

Because it costs so much electricity, several countries have imposed restriction on mining activity?

Yes, because mining bitcoin requires a lot of electricity, some people think that mining bitcoin is a waste of energy, so it's against bitcoin. I think it's very, very, very important, so I think it's very important to develop new sources of energy to explore bitcoin.