Are Bitcoin miners still good to go?

[pawanjain]

I had the same doubt in my mind. Bitcoin mining has become so costly these days. It requires a lot of computation power which is why there are ASICs and Antminers specially designed to mine BTC. Despite that it consumes more electricity which is why many countries have regularized mining.
Apart from that the difficulty keeps increasing every few years which makes me wonder why would anybody want  to mine BTC if it is so difficult to mine it. Wouldn't it's future be in danger then ?

[wanimulyo]

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.

agree, it is only good for countries with low electricity prices. not in my country, it is very high cost.

[Kingofbitcoin12345]

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

Restrictions is needed to address abuses and to maximise the responsibility of a miners for the development of one country.. Cryptocurrency mining in majority of country around the world still hanging in thread for any further policies that still need any more regulation..

In a small miner perspective like me,, everything completely fine even the price of mining coin is decreasing.. As long as I’m HODLing it this concern won’t be a big problem.. Money for those who wait like most holders does in the past..

[campica]

I was really interested for buying mining rig few month ago , when bitcoin price hitting $18 000. I already had $15 000 ready for buying , then I spoke with my friend and he said that if price stay around $20 000 then I should go for mining rig. But after week price already start dropping. I'm really happy that I didn't invest because, this month my country rise price of electricity and bitcoin drop to $7 000.. So I will need few years to get invested money back.

[franky1]

coal, oil, gas generation of electric has costs. and the more that is used the more it costs. plus its not environmentally friendly or sustainable

solar generation of electric has cost and time limits. where it can only generate for an average 12 hours a day. but is limited to the amount of panels set up on land. its ok for low use, but when large peaks of usage occur quickly solar cannot cope

wind generation of electric has costs and weather limits, where it can only generate acertain amount at low wind and certain amount at high wind. aswell as the limits of how many turbines are set up on land. its ok for low use, but when large peaks of usage occur quickly wind cannot cope


where as geothermal is more stable 24/7 generation of energy. infact it costs geothermal companies more to switch off some of its gnerators when demand is low. so they prefer to have them all running. and thus offer a constant supply. this is why some miners love iceland. they can calculate how many ASICS they will manage month by month and set a contract to buy electric by the month/year. knowing the electric supply will be constant and stable (unlike solar/wind which can fluctuate) and is environmenally friendly(unlike coal/oil/gas)

[arjunmujay]

it's really true that bitcoin activity requires a lot of electricity, that's why it has started to regulate the consumption of electricity every home. consideration is also the cost of electricity used when mining if the result is slightly not recommended to not do mining.

[bitadviser]

 i read several stories about ppl, they involved work station pc at their job lol, and had an illegal mining station for free lol, but then they were cathced

[zenrol28]

As long as the miners can pay his bills. Those power producers should not complain how will the consumers use their electricity. Instead, they should make more researches on how to produce efficient energy.

[carlisle1]

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

who told you that?countries dont care about how much electricity has been spended thru mining,whats important is they pay for what they used,isnt it favorable to any countries in which the volume of elevtricy ed is rising this means the country is more developing..and besides its the miners problem who, he spends more costly electricity .eithr if he can gain or loss its hes prerogative

[Kprawn]

Do not believe everything you read in the media. They will blow the smallest thing out of proportion to get some views or

clicks on their site or to sell more newspapers. Most of the electricity that are used for mining is, renewable energy. They

will conveniently leave that little factoid out of their calculations to make things worst than it is. The electricity wasted on

people playing games and watching TV is much worst. At least Bitcoin is creating new jobs and generating income and also

stimulating the global economy.  

[wuvdoll]

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

Yep, there are still bitcoin miners, cause if there ain’t any miners there would be no way for your transactions to be confirmed. If you’re a single bitcoin miner I don’t know if you’re really going to make anything out of it as of now, cause it consumes a lot of power, so by the end of every month you might end up using everything you mined from bitcoin to pay your electricity bills. Best is to just to have a mining farm, but an individual can’t do that, it’s only companies I know that does such. But as for whether there are still miners? Yes there are lots of them.

[steveabrahams]

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

It's one of the reason electricity but also it's become more harder nowdays to mining bitcoin and also the price of bitcoin that not big anymore. It seems bitcoin mining still profit but not that big again, only a little profit but i think you can still earn big profits by mining altcoins.

[pekcoin01]

Bitcoin prices are important in this business. If prices are high everyone will win.
The investor also wins. The man who sells it also wins. Mining is also the winner.
The miners are investing in digging. The products are expensive, the electricity costs more. If the coins they earn are higher than their investments, they continue to win.

[wanimulyo]

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

I prefer to buy bitcoin than minner, because in my country electricity is very expensive. I have to pay alot cost.

[Denies]

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

I do not really understand about mining, but there are many people who still do mining.
the possibility is still profitable, it's just that you have to find a method to get around the cost of using a large electric power

[sadwage]

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

mining for now is really profitable they continuous mining bitcoin until now.   yeah your right mining  cause to much electricity but they had a equipment and the price of it is too high to stop  mine. so they continue mining.

[warning_btc]

While mining bitcoin still profitable, dead end price 5-6k usd and i think bitcoin never dump lower this price

[belousov]

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

Even if your country has banned mining, you can carry put this in another country. Choose a country where mining is economical because of cheap electricity.

[OrangeSeller]

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

Mining of Bitcoin needs electricity and some countries like China first made restrictions in the electricity field that we only use enough electricity and not more because it consumes a lot of electricity as in this way it takes huge costs.

However China is also known by its solar energy system so they are not using that electricity in order to provide for mining but they did not handle that and failed. Many other countries are taking benefit from it and boosted their economies.

[jonruhoax]

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

I think until now bitcoin mining still exists. and on the ground there are many who do bitcoin mining. of course if we do not have certain methods and techniques are always constrained by the cost of electric power. but for some people still can find a solution. I think mining is still good to get bitcoin without investment