Bitcoin mining is costly...

[solarisexodus]

One thing to say mining bitcoin consumes a large amount of electricity and it would take lots of equipment to manned the mining. There should be a development in making the cost of bitcoin lower; given that lower mining cost could yield a higher profit. However, it matters on trading and exchanges.

[wilburwilbur]

Surely mining is costly but worth a shot, if you ever plan on mining a bitcoin then better do a bsckground check and feasibility study of your proposed project
For sure that if the electricity fees and rigs are cheaper than other nearby countries then it is really worth a shot and you might get back your capital/investment as soon as possible. Mining is not for everybody but for those who want to do it then better start doing your own research now

[da7a1oad3r]

I don't think it's any point of starting BTC mining nowadays unless you doesn't have a billions of $$ and a cryptofarm

[BrewMaster]

There should be a development in making the cost of bitcoin lower; given that lower mining cost could yield a higher profit.

no it won't, as long as the equipment is available to everyone. unless you find a way to create a more efficient ASIC and only use it yourself and not give it to anyone else. which is not going to happen, the companies will mass produce it and when they do the hashrate will increase, difficulty will go up with it and the profit will be the same as always.

[amacar2]

If you will start mining at current difficulty and price of bitcoin you will only loss unless you have free or very cheap electricity. Mining with cloud contracts these days is just like doing suicide your contract will end after being unprofitable like most of the viabtc contracts will be.

So in both way yes mining is costly and not profitable right now but if you will keep all bitcoin you will mine now for next few months you might make huge profit so its like gambling.

[dothebeats]

There should be a development in making the cost of bitcoin lower; given that lower mining cost could yield a higher profit.

If anything, it actually doesn't help the miners at all. Lower bitcoin prices = lower yield for miners. At the end of the day, the ones with better machines and hash rate would win, keeping up with the difficulty in the network. There isn't a need for any sort of development in terms of the price; the market takes care of that.  As for the mining side of things, PoW ensures the network's credibility and integrity, so yeah, survival of the fittest it is for the miners. I'm pretty sure they still profit despite the costs since they already figured the math out.

[fiulpro]

What if you live in a country where you don't have to pay for the electricity?
what if you install solar panels as a one time investment and then use that electricity generated for the mining.
these are some normal things that I could think of which could lower the mining rate.
Besides this there are some people who illegally go to cyber cafes and do Minning there, it's very difficult for the government to track such people. What I want to say is that my name is not costly the way that we are doing it is.
Sooner or later we will be able to cut this cost to a significant amount .

[mk4]

It can definitely be costly depending on what your country's electricity rates are, but if you know what you're doing(doing all the research and the calculations and all that), you can definitely make good profit off mining(though mining other coins are more profitable).

[ImHash]

For sure if mining was easy and cheap, No sane person would've bought a single satoshi and they could just mine it without ever buying from others. Cost of mining is one of the factors of the price to be high. There are so many sh*tcoins using the same algo as bitcoin but their mining difficulty is very low, You could try mining them to see what happens.

[monkeydominicorobin]

One thing to say mining bitcoin consumes a large amount of electricity and it would take lots of equipment to manned the mining. There should be a development in making the cost of bitcoin lower; given that lower mining cost could yield a higher profit. However, it matters on trading and exchanges.

This is about the old propaganda about electricity consumption. Everything that you can plug on a wall socket specifically ASIC miners are not consuming extra amounts of electricity. They are just computers with cooling fans. On the contrary gaming consoles are a problem. You spend too much from the gaming media to the console to the LCD screens to the electricity consumption but you can't earn while doing it. Mining Bitcoins is different. It will consume electricity but there will be rewards. Which would you rather choose. Gaming or mining?

[Futurm]

I think the cost of bitcoin mining is the key, it supports the price of bitcoin.
If the cost of mining is lower than the price of bitcoin, people will buy BTC.

[bajarang8668]

Bitcoin mining consumed a lot of electricity and now bitcoin price down so automatically profit down so bitcoin mining is costly. Also, bitcoin mining competition is more so difficulty increases.

[Supremacy2]

Mining of Bitcoin is never a good start for beginners, it consume more electricity, big equipments and lots more... Making Bitcoin mining profitable is never a good way because in no time, everything will be mine.

[JerryJam]

Mining is evaluated differently in different countries. It depends on the price of electricity from the cost and quality of equipment. But I think that the price of the cryptocurrency is not affected by This only affects the number of bitcoins mined. The price of cryptocurrencies depends on other factors. One of which is supply and demand.

[Mind Control]

One thing to say mining bitcoin consumes a large amount of electricity and it would take lots of equipment to manned the mining. There should be a development in making the cost of bitcoin lower; given that lower mining cost could yield a higher profit. However, it matters on trading and exchanges.

As of this moment and the following years hereafter, we just have to deal with the high cost of Bitcoin mining. Bitcoin has a proof-of-work concept or algorithm and as time goes by, the difficulty of the work increases. Along with it is the consumption of electricity and its other resources. Thus, making the mining even more costly.

There should be a development in making the cost of bitcoin lower; given that lower mining cost could yield a higher profit.

no it won't, as long as the equipment is available to everyone. unless you find a way to create a more efficient ASIC and only use it yourself and not give it to anyone else. which is not going to happen, the companies will mass produce it and when they do the hashrate will increase, difficulty will go up with it and the profit will be the same as always.

Or, if you found a way to create more efficient ASIC and sell them to companies who manufactures ASICs then you'll have instant huge profit without even mining.

[elygil2022]

That's why a feasibility study is a must before going into bitcoin mining. There are lots of things to consider like the hardware requirement and electricity cost. Do the math properly.

[Ghondronk]

Over the years the Bitcoin mining has been considered as an attractive and beneficial way of earning but nowadays I don't think it is like the same as what it used to be. There are a huge number of miners at the field and it has become highly competitive than ever before. A proper cost analysis should be done to figure out the ROI considering all your expenses including the initial cost which will incur when acquiring a high-performance computer, cost of maintenance, electricity usage, etc. and the possible gains you will get.

[spain cool]

I think the cost of bitcoin mining is the key, it supports the price of bitcoin.
If the cost of mining is lower than the price of bitcoin, people will buy BTC.

The cost of bitcoin mining doesn't support the price of bitcoin in any way, though, both are a different thing and it is not related to. But no, I wouldn't agree if people will buy btc if the cost of btc mining is lower than the price because people can easily buy btc without mining, that's why mining machine is pretty cheap nowadays.

[stompix]

One thing to say mining bitcoin consumes a large amount of electricity and it would take lots of equipment to manned the mining. There should be a development in making the cost of bitcoin lower; given that lower mining cost could yield a higher profit. However, it matters on trading and exchanges.

There is no such thing as the cost of Bitcoin.
There is a fixed number of coins that can be mined each day (with slight variations), no matter how efficient your mining gets the reward is the same, if mining gets more efficient and you earn more in $ terms per kwh, then more miners will add more equipment and in the end, the power usage will be the same

Mining is limited only by the price of a kWh, in the end, no matter what equipment will be used, the daily reward can't be smaller than the price of energy consumed in mining those coins.

With a price of 2 cents per kwh, and BTC at 100 000$ the miners could end up burning 1800Twh a year.

[b1marlin]

COST OF MINING BITCOIN or any other coins/tokens

1 ELECTRICITY - there are countries that has cheap electricity but mostly it is expensive.
2. maintenance - mining is very maintaining deed in, you also need to keep the miner in a cool place.
3. noise - you need to be in a very private place to keep the noise out of the public.
4. PRICE - bitcoin price is not good to mine now.