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Author Topic: Start mining.. Is it a good idea??  (Read 188 times)
bitterguy28
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June 02, 2018, 11:42:18 PM
 #21

To begin mining bitcoins, you'll need to acquire bitcoin mining hardware. Bitcoin mining with anything less will consume more in electricity than you are likely to earn. It's essential to mine bitcoins with the best bitcoin mining hardware built specifically for that purpose. So is it really a good idea to start mining?


your have point and great idea's, mining are profitable ways to earn bitcoin or any altcoins without in risk in your investment because the capital investment which is the machine are in your own custody.

Electricity consumption are depend in the location or country you can stay because some country electricity is too expensive.

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June 02, 2018, 11:53:25 PM
 #22

Yes ofcourse because mining is other way to earn btc as long as you can afford to buy bitcoin mining rig, can afford to have a high end computer.that can sustain 24/7 online and can afford to pay for you big electicity comsumption if yes then you can start mining.

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June 03, 2018, 01:11:26 AM
 #23

I dont think start  bitcoin mining is a good idea.First to know to mine the bitcoin u must have a high regulation pc.what is already very expensive.and at the same time u have to spend  a lot of time..bcz after some time u have to.recieve the satoshi..so at the same time u r inveating money and giving a huge time. and also getting a short amount of btc.but if you do others like trading and bounty campaign in a very short time and almoat no monet you can cut a good figure of bitcoin.
Thirio
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June 03, 2018, 02:50:57 AM
 #24

your location would  be a good indicator of you should start mining. the cost of living in your area and the temperature would help too. Since the bills you'd have to pay whilst doing mining would be computed for your profit and the temperature would also help your mining rig to not overheat, so it's also preferable you'd be mining in a cold area. If you've computed all the factors and still have a good profit then it's a good idea.

meowskie
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June 04, 2018, 04:04:55 AM
 #25

To begin mining bitcoins, you'll need to acquire bitcoin mining hardware. Bitcoin mining with anything less will consume more in electricity than you are likely to earn. It's essential to mine bitcoins with the best bitcoin mining hardware built specifically for that purpose. So is it really a good idea to start mining?

For me mining is a not good idea for earning bit coin. You can try to read how to earn bit coin in many ways. Investment is the best way to earn bitcoin. But if you don't want to invest, the best way is by joining signature campaign.
koicrypto225
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June 04, 2018, 06:46:10 AM
 #26

To begin mining bitcoins, you'll need to acquire bitcoin mining hardware. Bitcoin mining with anything less will consume more in electricity than you are likely to earn. It's essential to mine bitcoins with the best bitcoin mining hardware built specifically for that purpose. So is it really a good idea to start mining?


Bitcoin mining would be much profitable but the risk that it entails because of expensive capital needed should be considered beforehand.
crypt0vest
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June 04, 2018, 07:05:03 AM
 #27

From my personal experience, mining is profitable but risky since which coin to mine is difficult in the 'long term play'... I started mining REP / ETH on genesis mining platform, invested around 1k and 1 year later (now) have made 1 k only in total... If I had invested in Bitcoin a year ago, I would have made 8x easily by now...

So, is mining good ? Depends on what you mine
neo444
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June 04, 2018, 12:06:35 PM
 #28

Start mining now is not a good idea because the bitcoin price is high so the profit income from it will be very low because of the high price of mining maintenance

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June 04, 2018, 12:08:16 PM
 #29

It's always a good idea to start mining.
Salvodor1982
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June 04, 2018, 12:40:31 PM
 #30

I would not suggest Mining Bitcoin is something you invest into now. Maybe Altcoins will be worthwhile but otherwise its going to be risky. You will not make a decent profit. Estimated global mining costs is at $3,504,984,284 annually. 34.19 US households can be powered for 1 day by the electricity consumed for a single transaction. 495.77KG of CO2 per transaction.https://digiconomist.net/bitcoin-energy-consumption
 Its not environmentally friendly. PoW is just not a sustainable consensus. We need to look to other alternative like Bitcoin Origin for example. I read about their Eco friendly approach to a new consensus algorithem (Proof of Ambassador). This is an Project worth looking at in my opinion.
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June 04, 2018, 12:42:59 PM
 #31

Now, mining is beneficial only to those who have a large number of good equipment and low-cost method of extracting energy. If you want to earn money, you need to invest 100 thousand dollars, special conditions for mining and a license and wait another year until you pay off
bitgov
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June 04, 2018, 01:34:18 PM
 #32

To begin mining bitcoins, you'll need to acquire bitcoin mining hardware. Bitcoin mining with anything less will consume more in electricity than you are likely to earn. It's essential to mine bitcoins with the best bitcoin mining hardware built specifically for that purpose. So is it really a good idea to start mining?
I think that mining right now is not as good idea as it was some time ago, for me nowadays it is better to invest or to trade cause solo you are not able to make that big profits from mining that you were able in past.
alexjacks771
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June 10, 2018, 08:25:16 PM
 #33

Unfortunately, mining is very difficult nowadays. It is only profitable if you have your own power station, or you are a resident of a cheap energy country (like Kazakhstan for example). I've heard a story about a guy who hooked up a farm in a truck in a hydroelectric power plant in Georgia. This is a good option if you are a corrupt official in the third world countries... Sadly, even specialized hardware for mining, pays off only on a large scale. Why it's not 2012 any more  Sad
cryptoproLK
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June 11, 2018, 07:00:17 AM
 #34

In my county, bitcoin mining power cost is greater than profitability. My country has huge electricity cost when compared to other countries.
CryptoDamon
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June 11, 2018, 07:27:58 AM
 #35

Mining bitcoin is not an easy thing to do. There are so many things and factors that you need to consider like electricity cost, mining rig cost, ROI, mining knowledge, mining difficulty, and etc. If you are mining merely for profit you better not do it. You need to have passion to mining if your gonna involve yourself with it. It takes a lot of patience and determination to become a successful bitcoin miner. There are lot of frustrations along the way aside from mining difficulty and hardware problems in the future, bitcoin value is very volatile and as of today bloodbath is really killing the crypto market.

It really depends on you, if your in it for short term profit don't pursue mining. If you find mining as passion and you do believe in the technology then do it! It really depends on how much you are willing to invest financially and emotionally.
aamicryptoIND
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June 11, 2018, 07:35:04 AM
 #36

Considering the electricity charges, is it profitable to mine in India?
zhang53516
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June 11, 2018, 09:28:26 AM
 #37

I'm sure that starting a mining session at the moment is a bad idea! Firstly, the price of coins is very small, you will work in negative. In addition, a very long payback period.
Jundax
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June 11, 2018, 12:03:24 PM
 #38

BTC is not the best crypto at home now, due to complexity.
If you really want to get a mining rig, try GPU mining of altcoins, like ETH or ETC
Also you will be able to sell your GPUs in case if mining wont be profitable anymore
And with ASICs you can only through them away
iWGC
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June 11, 2018, 12:07:17 PM
 #39

Considering the sideways market movement and the centralized mining pools I would say it is a bad idea to get started. I would rather invest that money into good projects and wait.
llvroyxd
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June 11, 2018, 04:41:45 PM
 #40

To begin mining bitcoins, you'll need to acquire bitcoin mining hardware. Bitcoin mining with anything less will consume more in electricity than you are likely to earn. It's essential to mine bitcoins with the best bitcoin mining hardware built specifically for that purpose. So is it really a good idea to start mining?

It depends on how much you’re willing to spend like  the cost of your hardware. and electricity cost also profitability depends on many factor like hash rate ,block difficulty and pool fees. if your budget is tight and you want to stick in mining then you can choose altcoins to mine then convert it to BTC.
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