Bitcoin Forum
February 19, 2020, 05:44:06 PM *
News: Latest Bitcoin Core release: 0.19.0.1 [Torrent]
 
   Home   Help Search Login Register More  
Pages: « 1 2 3 4 5 6 7 8 9 10 11 12 [13] 14 15 16 17 18 19 »  All
  Print  
Author Topic: Bitcoin mining is costly...  (Read 1497 times)
cryptoaro
Newbie
*
Offline Offline

Activity: 82
Merit: 0


View Profile WWW
July 16, 2018, 08:16:37 AM
 #241

Fundstrat’s model for calculating mining costs takes a few factors into account. The first is the cost of the computers themselves as the mathematical problems get progressively harder over time, miners need to keep upgrading their rigs. The second issue is energy. Making loads of incorrect guesses uses a lot of it. And then there’s cooling; all that energy use throws off a lot of heat.  Embarrassed Embarrassed Embarrassed
1582134246
Hero Member
*
Offline Offline

Posts: 1582134246

View Profile Personal Message (Offline)

Ignore
1582134246
Reply with quote  #2

1582134246
Report to moderator
1582134246
Hero Member
*
Offline Offline

Posts: 1582134246

View Profile Personal Message (Offline)

Ignore
1582134246
Reply with quote  #2

1582134246
Report to moderator
1582134246
Hero Member
*
Offline Offline

Posts: 1582134246

View Profile Personal Message (Offline)

Ignore
1582134246
Reply with quote  #2

1582134246
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
InvestICO2L
Full Member
***
Offline Offline

Activity: 420
Merit: 102



View Profile
July 17, 2018, 11:52:16 PM
 #242

Yes, now bitcoin mining is costly. The fee in mining bitcoin now became high and not only the fees, the price of electricity now became high and the equipments in starting up a mining machines also high. And in addition theres so many mining sites now. So you will gain income a little nowadays in mining not just like before.
Mining consumes a large amount of energy, electricity, so it goes without saying that it costs a big amount of money too. In my country, from the beginning of 2018, the government  claims that the price of electricity would increase to those who use tools, machines for mining. Indeed, mining is pretty hard and tough job, but if you’re a profession, you are able to get significant profitable. I prefer trading and investing to mining, because I reckon that I’m more interested in trading than mining.
Bitcoinnumberone
Member
**
Offline Offline

Activity: 336
Merit: 10

HELLO ! IM BACK!


View Profile
July 18, 2018, 12:21:06 AM
 #243

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's true that if you mine bitcoin it consumes a lot of electricity and if you have not a high a large processors you mine a little so you need a lot of effort to mine bitcoin, High technology laptops, computet upgrades so a lot of money but if you mine it your investment to buy equipments will return.
Chaelbrin
Newbie
*
Offline Offline

Activity: 140
Merit: 0


View Profile
July 18, 2018, 12:25:57 AM
 #244

Mining is assessed distinctively in various nations. It relies upon the cost of power from the cost and nature of hardware. In any case, I believe that the cost of the digital money isn't influenced by This exclusive influences the quantity of bitcoins mined. The cost of digital currencies relies upon different elements. One of which is free market activity.
DoublerHunter
Hero Member
*****
Offline Offline

Activity: 1260
Merit: 578


PlayYourBet.com - 100% Deposit Bonus Up to €2000


View Profile
July 18, 2018, 01:25:48 AM
 #245

It is true that if you want to mine bitcoin then you need a lot of money because the equipments or the mining rigs for bitcoin is not that cheap and you need to invest a lot of money and you need to wait for a medium to long term if you want a good return because it is not like the other investment that you will be gaining a lot of money in your first month.

CryptoSmile
Full Member
***
Offline Offline

Activity: 770
Merit: 102



View Profile
July 18, 2018, 01:39:41 AM
 #246

Bitcoin mining does require a very high cost, so that only certain people who can do the mining. But indeed the results obtained are also very high so that although the mining costs are large but still done some people to produce far greater profits. But I think investment will also be able to generate huge profits and we can do with the cost adjusted to our ability, for that if not yet able to do the mining because it collided with the cost, then the best way is to invest, and I have bought some bitcoin and already feel the benefits that I think big enough through bitcoin investment.
banoi
Newbie
*
Offline Offline

Activity: 560
Merit: 0


View Profile
July 18, 2018, 02:29:33 AM
 #247

If there is no charge what does not dig. However, it may be difficult to invest in equipment and costs
AlexAtom
Member
**
Offline Offline

Activity: 504
Merit: 10


View Profile
July 18, 2018, 06:26:56 AM
 #248

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 is costly because to mining bitcoin now, you need the latest asic miners to earn max profit. The latest = the most advanced and most expensive.
The electricity cost of asic is more than GPU mining i think. So, no wonder that bitcoin price is very expensive than any other altcoins.

SATURN
Liquidity providerfor crypto markets Cross-chain Exchange & OTC trading Platform
✦ ────────  Facebook Twitter ♦  Telegram ♦  Blog ♦  Bitcointalk   ──────── ✦
JeramiParan
Jr. Member
*
Offline Offline

Activity: 111
Merit: 1


View Profile
July 18, 2018, 06:40:25 AM
 #249

If you really want to engage mining you really have to prepare real amount of money just to set-up a mining rig for better performance you have to use the most sophisticated and advance mining tech for high chance of mining success, getting up mining tools really expensive and it really cost electricity.
cammie16
Full Member
***
Offline Offline

Activity: 448
Merit: 100


BitHostCoin.io


View Profile
July 18, 2018, 06:49:42 AM
 #250

If you really want to engage mining you really have to prepare real amount of money just to set-up a mining rig for better performance you have to use the most sophisticated and advance mining tech for high chance of mining success, getting up mining tools really expensive and it really cost electricity.

Yes, it is really difficult to get good profit in bitcoin mining so it really need a very high specs of mining rigs. For me it is better to mine altcoins compared to bitcoin but this is still depends how you will build the mining rigs.

│      Whitepaper      │              BITHOST                          The Coin With Implemented Project            │      Announce      │
―――――            COMPLETE SOLUTION FOR HOSTING WITH CRYPTOCURRENCY            ―――――
│     Telegram     │     Twitter     │     Facebook     │     Github     │     Discord     │
nydiacaskey01
Legendary
*
Offline Offline

Activity: 1792
Merit: 1035


WOLF.BET - Provably Fair Dice Game


View Profile
July 18, 2018, 07:24:37 AM
 #251

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.
Bitcoin mining is costly specially if you live in a country where electricity don't come cheap. Add the weather condition, if you live in a tropical country, that's another extra cost for you since you need to have a good ventilation to keep the rigs cool and that's another cost to add to your electricity cost. Plus man power, you can't man your rigs alone, you need someone to look after your rigs 24/7 and that's not free as well.

.WOLF.BET.▄███████████▄
███████    ████████████▄
███████    ███████   ▀██
██████████████████    ██
██    ██████████████████
██    ███████    ███████
█████████████    ███████
███████    █████████████
███████    ███████    ██
██████████████████   ▄██
██        ▀███████████▀
██
██

█████
  ███
  ███
  ███
  ███
  ███
  ███
  ███
  ███
  ███
  ███
█████


iamike
Jr. Member
*
Offline Offline

Activity: 314
Merit: 1


View Profile
July 18, 2018, 07:30:31 AM
 #252

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.

Bitcoin mining is indeed very expensive especially the cost of electricity consumption. The machines require a high voltage and constant electricity supply. I really like the idea behind the 4NEW project. It aims at cutting the cost of electricity used in mining.

You can read more about their project at https://4new.io
pocketfullofpoke
Full Member
***
Offline Offline

Activity: 476
Merit: 101


www.daxico.com


View Profile
July 18, 2018, 08:21:18 AM
 #253

Making mining rig is really costly as it requires a very good specifications of your hardware and a heavy duty piece of machine be it an ASIC miner or GPU miner. Although it is costly, but it can give you profit while you're just sitting back and doing nothing.

almaroof
Newbie
*
Offline Offline

Activity: 89
Merit: 0


View Profile
July 18, 2018, 08:27:01 AM
 #254

Mining is too cost most especially for those of us in less developed countries facing poor economy and lack of eley
Peter Bailey
Newbie
*
Offline Offline

Activity: 26
Merit: 0


View Profile
July 18, 2018, 08:29:28 AM
 #255

Currently bitcoin mining uses specialized computers called ASICs which are specifically designed to solve the puzzles requires to mine bitcoin. Due to their specific nature, the machines are custom designed and manufactured. As they are not mass produced, they cost more to buy.
Afnan_faizah
Full Member
***
Offline Offline

Activity: 546
Merit: 100


QUUBE — First&Only Quantum Resistant Ecosystem


View Profile
July 18, 2018, 08:38:46 AM
 #256

The minning tools it self is very expensive and the infrastructures that must be prepared also expensive. I give up with bitcoin minning at this time, now I more focus on masternode coin like CAZ and etc. I heard that mine altcoin like ETH or etc is more profitable.

..QUUBE..
First & Only Quantum Resistant Ecosystem
..MEDIUMTWITTERTELEGRAM..
Funeral Wreaths
Full Member
***
Offline Offline

Activity: 176
Merit: 100



View Profile
July 18, 2018, 08:59:48 AM
 #257

The minning tools it self is very expensive and the infrastructures that must be prepared also expensive. I give up with bitcoin minning at this time, now I more focus on masternode coin like CAZ and etc. I heard that mine altcoin like ETH or etc is more profitable.
indeed it is really costy and if you don't have enough money to support or sustain that business you cannot really keep on going. that also depends if you have your resources available already for work so you can use that up and try to make money for it.

ıllıllı Facebook ıllıllı ANN ıllıllı Whitepaper ıllıllı Bounty ıllıllı Telegram ıllıllı Twitter ıllıllı
JASON@BTC
Newbie
*
Offline Offline

Activity: 5
Merit: 0


View Profile
July 18, 2018, 09:15:00 AM
 #258

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, one of the factor that makes bitcoin`s price so mad is because of its high cost in the electricity. Other factors may be specified such as equipment, computing power and etc; not mentioning the manpower used to operate this rigs. However, it is not advisable to engage mining of bitcoin right now, it would potentially result to loss due to fixed amount of mined coins. Thus, ICO will be better than mining.
asus09
Sr. Member
****
Offline Offline

Activity: 770
Merit: 250


CryptoTalk.Org - Get Paid for every Post!


View Profile
July 18, 2018, 09:26:34 AM
 #259

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.


that's true, but I think you have less knowledge about mining and its techniques.
I think if you are interested I suggest you should discuss more at the mine board, there are many who share knowledge for easier in mining.

 
                                . ██████████.
                              .████████████████.
                           .██████████████████████.
                        -█████████████████████████████
                     .██████████████████████████████████.
                  -█████████████████████████████████████████
               -███████████████████████████████████████████████
           .-█████████████████████████████████████████████████████.
        .████████████████████████████████████████████████████████████
       .██████████████████████████████████████████████████████████████.
       .██████████████████████████████████████████████████████████████.
       ..████████████████████████████████████████████████████████████..
       .   .██████████████████████████████████████████████████████.
       .      .████████████████████████████████████████████████.

       .       .██████████████████████████████████████████████
       .    ██████████████████████████████████████████████████████
       .█████████████████████████████████████████████████████████████.
        .███████████████████████████████████████████████████████████
           .█████████████████████████████████████████████████████
              .████████████████████████████████████████████████
                   ████████████████████████████████████████
                      ██████████████████████████████████
                          ██████████████████████████
                             ████████████████████
                               ████████████████
                                   █████████
YoBit AirDrop $|
Get 700 YoDollars for Free!
🏆
Giles Goodman
Newbie
*
Offline Offline

Activity: 84
Merit: 0


View Profile
July 18, 2018, 09:28:42 AM
 #260

It is the law of supply and demand.

At the moment, there is a mining rush going on with fewer hardware available to fulfill the demand of the requests to buy more. Hence, the ASICs are sold at the premium.

Another indication is when sellers are taking advantage of this situation and they are offering the old models almost at the same price of the new ones.
Pages: « 1 2 3 4 5 6 7 8 9 10 11 12 [13] 14 15 16 17 18 19 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!