Bitcoin mining is costly...

[Betty10]

This is why I have chosen bounty campains and ICO investment over bitcoin mining. The difficulty level is now very high, and it greatly consumes electricity.

[1715244590]

1715244590

[allycn]

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.

If you live in a country were electricity is very expensive then of course it is not cost efficient, but if the electricity cost is extremely low then it is a good opportunity, and if you feel you are not getting the profit you want, you can always mine other coins and then re-invest them to purchase BTC.

[allthingsluxury]

Incredibly and unless you are doing it on a large scale, not even profitable.

[blockaid.net]

the small miner is almost gone... only altcoins are semi profitable to a small miner

[jayveerastrullo]

Mining today is not recommended to do bt this time where bitcoin is falling because even though yoy mined about 1 bitcoin it is not enough to pay all the bills and equipment you bought. Bitcoin mining is not a good move now, it is better to invest in an ICO that will surely give you a good future.

[Smarty14392]

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.

Yes, it is surely costly in most of the areas in the world as the cost of electricity is very high in many places,  But you can earn huge profits from it if you build a mining plant in the places where electricity is cheap and doing bitcoin mining on large scale can give anyone a huge profit from it.

[ballerin and giroud]

If you are a miner you should know something like this before. Mining bitcoin should have a lot of capital besides the cost of electricity should be considered, so you will know the profit you get when you start. And the risk that is always an important concern is from the bitcoin price movement, a miner will complain when the bitcoin price decreases as it is today.

[Tomborneque_1102]

Yes, it's true. I studied and learned more about Mining. it will cost you a lot of money to build a good mining rig. not only that, you need to have a place. a Big empty place for you Mining Rig because it needs to have a proper ventilation. you also have to consider your electric consumption and your Internet Connection.

[Marlo Stanfield]

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.

It's about security. There's a real cost involved so that if someone wants to attack the network, they have to have massive resources. This is one of the fundamental pillars of what makes Bitcoin work. Along with the cryptography it forms the basis of Bitcoin's security model.

[darkangel11]

This is why I have chosen bounty campains and ICO investment over bitcoin mining. The difficulty level is now very high, and it greatly consumes electricity.

Somebody had to mine the coins that you're being paid by your campaign managers and such, so for some people it had to be worth it. Mining ended up being a hobby for bored nerds long ago. I guess somewhere in 2014 when you had to hire an electrician to upgrade your connection, because your typical household could no longer handle the load.

the small miner is almost gone... only altcoins are semi profitable to a small miner

As long as they don't die and allow you to convert at decent rates.

[banbu11]

I do not think it's expensive !!!, on the contrary it must be active, dedicate time to mine

[iwasneverhere]

That's why I'm not even mining until now since it cost too much and also we need to take care properly of the machine in each an hour to make it run with full power (no damage). I'd have to pay the electricity cost with my profit from the mining machine for about 30-40% of my total profit too (I know this from genesismining company).

[BelieveInBTC]

Bitcoin mining difficulty is constatly increasing despite low price. It is because people understand that the current price is only temporary. It is good for Bitcoin to stop for a moment, now it's a good time to buy and wait for what will happen in the next few months. Bitmain might release a new ASIC, it would cause a lot of mess and mining would be even more costly.

[Skieleton]

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.

The less it is, the more computing power is needed to extract. This can not be improved. There is a reason why farms are being moved to countries that are active on green energy.

[Shenzou]

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.

The problem with doing that is that it will make bitcoin mining a very accessible thing, i mean it costs a lot because of the high mining bitcoin difficulty and if we want to lower the cost of mining we need to lower the difficulty and that will cause bitcoin's supply to ware of faster and that is sure to cause some problems, you see that having a high coast has a purpose. but the only bad thging is that it causes places where power costs less to have more mining machines which can lead to centralization.

[crptotrader007]

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.

Yes it is costly and main expense of mining is it's equipment. Other thing that largely influence the budget is the electricity which is being used to run this machine as these machines consume a lot of electricity and need good maintenance which increases the overall cost of mining.

[Ailmand]

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.

I think what makes it very costly apart from the electricity it consumes is the amount that you can mine or harvest these days. Before, when the market cap of many coins are not that filled because only a few coins have been mined yet, mining is profitable because you can still get a lot of coins using one or two rigs. However now, it's so difficult because all of the market caps have been mostly reached or near its limit, and so, it has become more and more difficult to mine, and even though you set up multiple rights, the amount of coins you can mine is now way lesser than the running cost you paid to keep the rigs running.

[Mix_Fix]

Bitcoin mining price will decrease, what will be with price? I think that PoW and current conditions are good for everyone. I live in county with cheap electricity, so I can mine it with profit.

[snipie]

I do not think it's expensive !!!, on the contrary it must be active, dedicate time to mine

Are you comparing fishing with your bare hands in a river with fishing using a big boat in the ocean?
Mining Bitcoin requires a decent and expensive equipments, if you seek profitability you need to have a mining farm with free or very low electricity price. Mining using cpu or gpu is still profitable for some altcoins only  

[cizatext]

To run a well and effective bitcoin mining farm is very costly because the kind of equipment you use determine the amount of bitcoin that you can harsh within a given period and as you have said we need more advance equipment in other to cut the cost of mining bitcoin. Because at the present level bitcoin mining requires a lot of electricity supply and other mining material.