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Author Topic: What to answer when asked "Can I make money mining bitcoin?"  (Read 604 times)
Sterbens
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November 07, 2020, 03:03:24 PM
 #61

regardless of where you mine, for what amount of money, and using what kind of heavy equipment. mining also depends on the quality and quantity produced. if the tools are good you'll know how much you're getting in a day, then count up all your expenses. requires an objective calculation. many points that must be considered. whether you will open your own mine, or join other miners who are already running.
everything should be detailed in its entirety. if it's what you expect, then you invest there.

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November 07, 2020, 07:47:17 PM
 #62

You can answer smth like "Yeah you can! Just like gold miners could!"

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November 07, 2020, 09:02:24 PM
 #63

I think that its note anymore a possible think but people who mine
and hold bitcoin in its begennings are the lucky people
In the curent situation its very hard to get some money using mining

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November 08, 2020, 03:23:11 PM
 #64

They can actually make money mining bitcoin but it depends on your site because there is some site that is paying electricity bills which is not good when you are mining since the mining site is running 24/7, so you are consuming electricity every day. If you have some solar panel that might help you to decrease or not to pay for the electricity bills. It actually depends on the equipment that you are using especially the video card which mines bitcoin.

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November 09, 2020, 01:51:52 AM
 #65

The explanation is correct, but you need to tell me that mining Bitcoin is not as easy as hoeing in the fields. many things to consider such as internet fees, withdrawal fees, block that continue to increase, and the price of building a mining engine is very expensive. and the most important consideration is not to depend on income from mining, many unexpected things can happen, and try to have another income.


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November 09, 2020, 02:58:54 AM
 #66

You can answer smth like "Yeah you can! Just like gold miners could!"

Some of them did make money. Gold mining was not just a cool story. It's just that most miners barely made enough to sustain themselves. They'd sell whatever gold they got, buy supplies and go back to work. For some of them the thought of finding the gold was as thrilling as any hobby for other people. Let's face it, most people don't make a lot of money doing simple jobs.

You can make money mining but you need very cheap power for it to make sense or be able to use the heat somehow. One guy in Russia who had greenhouses in cold climate and cheap power used miners as a source of heat. He was heating the greenhouses anyway and already had high power electric connection. This gave him a high profit compared to an average person who wastes all the heat from miners and doesn't have to use electricity as a source of heat every day.
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November 09, 2020, 03:05:06 AM
 #67

What do you even answer when someone asks "can I make money mining bitcoin?" I mean the answer for me is a clear "maybe". There's just too much things to consider imo, electricity costs, initial investment, maintenance (not very much but still has to be factored in), I guess what I want to ask is for some insight from someone that mines bitcoin, is there any bitcoin mining who can shed some light what is needed to make even marginal profit off of bitcoin mining assuming you don't live in places like China or Venezuela where electricity is cheap?

I ask just so that I can be prepared when I get asked this again, I keep hearing it and I hate it that I'm not prepared enough in this side of bitcoin as I've never personally mined crypto.
It depends on who's asking if he is a newbie coming in then I will be honest to answer no not anymore, you must be brutally honest and discourage newbies because there are a lot of trap and a lot of studies that need to undergo before someone can make a profit from mining the first time, it's better to just buy Bitcoin and do trading it saves you a lot of fo time and costing as mining now is not profitable anymore.
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November 09, 2020, 03:11:42 AM
 #68

Bitcoin mining is not just what I can advise anyone to run into, a lot of people believe that's probably there they can make hit big, ofcourse you can also also loose it big in mining especially when it's not a corporate body, you need some devices that will be needed to run the mining steadily and this will also require steady power supply. Using just your personal computer in your room cannot handle it.
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November 09, 2020, 03:51:34 AM
 #69

You need give correct answer and tell them all do you know what advantage and disadvantage when mining bitcoin to earn money, I think many people imagine is easy when mining could earn bitcoin every day without think risk and how much budget needed for mining. Many people only care with mining earn but never think how much out come when mining, how much mining tool have to buy and how much electric have to pay every month, if have an option I think better to buy coin than have to mining, because mining is very hard and always stand bye and ready to check our mining tool is working or not, in my country have any time for electric is not working and our mining reward will be reduce if not enough electric.

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November 09, 2020, 06:13:00 AM
 #70

I have been in this field for more than 8 years. I would say that Bitcoin mining is economical only for large-players. For small and medium sized players, it is more profitable to purchase Bitcoins from the open market and keep invested. Hash power is going up with every passing day and you constantly need to upgrade your hardware. I don't think this is possible unless you are having huge capital.



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Rainbot
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November 09, 2020, 11:15:33 AM
 #71

What do you even answer when someone asks "can I make money mining bitcoin?" I mean the answer for me is a clear "maybe". There's just too much things to consider imo, electricity costs, initial investment, maintenance (not very much but still has to be factored in), I guess what I want to ask is for some insight from someone that mines bitcoin, is there any bitcoin mining who can shed some light what is needed to make even marginal profit off of bitcoin mining assuming you don't live in places like China or Venezuela where electricity is cheap?

I ask just so that I can be prepared when I get asked this again, I keep hearing it and I hate it that I'm not prepared enough in this side of bitcoin as I've never personally mined crypto.

I am afraid that this question is a bit late, because mining was profitable, but it was not so profitable just for everyone. Nowadays even in case you find such places in the countries you mentioned like China or Venezuela where you will be able to use cheap electricity, it will be hard to use them, because it may be hard to find free spaces, too many are occupied by different mining BTC' monsters. Comparing with early years nowadays it is not so profitable to mine BTC, too many nuances may become problematic.

AMEPAY
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Fredomago
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November 09, 2020, 05:07:39 PM
 #72

I have been in this field for more than 8 years. I would say that Bitcoin mining is economical only for large-players. For small and medium sized players, it is more profitable to purchase Bitcoins from the open market and keep invested. Hash power is going up with every passing day and you constantly need to upgrade your hardware. I don't think this is possible unless you are having huge capital.

You can make it simple as it is, you should always provide information and the possibilities. This statement is more simple but yet
clear enough to understand.

Back then when bitcoin still can be mine inside your personal laptop or personal computer, but nowadays it's been conquered by
big established businesses.

And competing with them needs a huge amount of capital, before you can accumulate and
gain back the amount of your spend money from mining rig to your electricity bills, better
to use that money to start your trade.


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November 09, 2020, 05:09:37 PM
 #73

I have been in this field for more than 8 years. I would say that Bitcoin mining is economical only for large-players. For small and medium sized players, it is more profitable to purchase Bitcoins from the open market and keep invested. Hash power is going up with every passing day and you constantly need to upgrade your hardware. I don't think this is possible unless you are having huge capital.
Instead of having to wait for large capital, it is better to execute trades when the capital is large or small, the most important thing is from now on. because there is no deadlock when waiting for a long time to mine, it is not clear when, and the preparation is not necessarily with adequate tools, special places, members, large electricity. will take a very long time.

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November 09, 2020, 06:22:09 PM
 #74

Bitcoin mining is monopolized by a few large mining farms and it is out of reach for the vast majority of users. This was one of the reasons why Bitcoin Gold (BTG) forked out of the main chain, but that coin failed to survive in the market. IMO, for normal users it is always better to mine altcoins which are having a lower hash rate, and then they can convert these alts to BTC or ETH.

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November 18, 2020, 07:39:28 AM
 #75

What do you even answer when someone asks "can I make money mining bitcoin?" I mean the answer for me is a clear "maybe". There's just too much things to consider imo, electricity costs, initial investment, maintenance (not very much but still has to be factored in), I guess what I want to ask is for some insight from someone that mines bitcoin, is there any bitcoin mining who can shed some light what is needed to make even marginal profit off of bitcoin mining assuming you don't live in places like China or Venezuela where electricity is cheap?

I ask just so that I can be prepared when I get asked this again, I keep hearing it and I hate it that I'm not prepared enough in this side of bitcoin as I've never personally mined crypto.

Mining takes loads of energy and it relies on your power bills. On the off chance that your electric rates are modest then you can go into mining otherwise no compelling to include on it.
The fact is you need to turn your PC on for 24 hours which devour your power and GPU energy.
For me, it's a hazardous method to make money since the contentiously running of GPU can make it harm additionally its work on 100%. The cost of the GPU is higher than expected.
So toward the end, its all depends on where you live, and your power charges rate

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November 18, 2020, 01:59:01 PM
 #76

My answer will be different  and  in the positive. Noticeable thing is I need to be proper at the information I mean we should know the enough details about the thing what are we going to  do.I have the knowledge and will then 100% I have the ability to do this.

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November 23, 2020, 05:58:11 PM
 #77

Bitcoin mining is essential in the bitcoin system. Actually, it's the backbone of the bitcoin network. Bitcoin mining is the processing of transactions in the digital currency system. These transactions provide security for the bitcoin network.

But it's unfortunate that recently bitcoin mining profits have been at the lowest possible level. In recent years, the cryptocurrency has been less profitable to mine than ever. If you don't live in a place where electricity is cheap, then it will be difficult for you to make profits mining bitcoin. And also you have to put a decent amount of investment to buy mining hardware. They are also not that cheap.

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