Mining Bitcoin

[Fara Chan]

i heard a lot over the years about bitcoin mining and i never really considered diving into it, many people talked about it being profitable tho
so what do you guys think about it ? does anyone here have a successful mining story ?? and do you think it's still worth trying on 2022 ??

Bitcoin mining did exist far from now, many people have taken part in mining. But did you know that bitcoin mining requires sophisticated tools, because the computers we have, are not yet able to accommodate bitcoin mining, and that's why many people don't do mining, if the equipment needed is not complete and sophisticated.
So actually mining has been around for a long time, but the need for tools that may be constrained for people to do.

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[Lanatsa]

i heard a lot over the years about bitcoin mining and i never really considered diving into it, many people talked about it being profitable tho
so what do you guys think about it ? does anyone here have a successful mining story ?? and do you think it's still worth trying on 2022 ??

Bitcoin mining did exist far from now, many people have taken part in mining. But did you know that bitcoin mining requires sophisticated tools, because the computers we have, are not yet able to accommodate bitcoin mining, and that's why many people don't do mining, if the equipment needed is not complete and sophisticated.
So actually mining has been around for a long time, but the need for tools that may be constrained for people to do.

It does need;

.ASIC miners (not cheap)
Electricity cost ( vary on each place)
Mining knowledge(Of course)
Countries legal stance towards mining bitcoin

If you could really that able to have these checklist then you could mine.
You wont really be that dumb to proceed if you do see that you arent gaining or benefiting at all.Right?

[Bazzu]

in my opinion it depends on conditions such as electricity and so on, but in 2022, I think you can still mine as long as the facilities are adequate. but now in various countries the price of electricity is starting to rise and this causes some people to stop mining because of the high cost of electricity, so I think it all depends on the situation.

[lizarder]

ASIC miners (not cheap)

For now, ASIC prices vary quite a bit, depending on the year of production and the quality of the mining products, but the problem is that it is not enough to only use one, for this reason it seems that not everyone can achieve it.
After all, there are several important factors to consider before buying an ASIC.

1. Hash rate
2. Efficiency
3. Price

How many hashes a Bitcoin miner can generate per second, to get the most out of mining done with ASICs. This efficiency is important to ensure the hardware can run as efficiently as possible in mining, while the price determines the equipment used and can generate maximum profit.
The cheaper the device purchased, the lower the bitcoin mining generated and if the mining hardware is expensive and quality, the more bitcoins will be generated.
Don't try to buy miners based on price or hash rate alone. The best ASIC miners are the most efficient bitcoin miners.

Electricity cost ( vary on each place)

Some Countries have differences or vary for the cost of electricity required to carry out mining, the electricity available by the government will not be able to offset the income generated by ordinary bitcoin mining.
this will not be optimal, because expenditures and income costs will never be balanced if we use the electrical engineering provided by the government, unless we can build our own environmentally friendly electricity system.

Mining knowledge(Of course)

Regarding the quality of knowledge related to mining, it may not be a big problem, because nowadays there are many sources that can be easily learned, so it's not a big problem in my opinion.
Of course we need to learn before starting mining, so that the basic mining needs are known and can be implemented perfectly.

Countries legal stance towards mining bitcoin

We can avoid the state's legal attitude towards bitcoin mining and not violate any rules, by buying or building a self-contained electrical system that is environmentally friendly and does not have an impact on environmental damage, so that none of these are violated in regulatory procedures.

Such as companies that use independent and environmentally friendly electrical systems. However, the problem is that the costs incurred are quite large and not everyone is able to fulfill them.

If you could really that able to have these checklist then you could mine.
You wont really be that dumb to proceed if you do see that you arent gaining or benefiting at all.Right?

Based on the above considerations, very few people want to mine using this method, if the quality of support is not adequate in carrying out the process, this will have no impact if the required tools are not available and are still quite complicated to fulfill.
Therefore, the cost of expenditure will not be offset by the mining results obtained, thus we are wasting time in the wrong place.

[ethereumhunter]

in my opinion it depends on conditions such as electricity and so on, but in 2022, I think you can still mine as long as the facilities are adequate. but now in various countries the price of electricity is starting to rise and this causes some people to stop mining because of the high cost of electricity, so I think it all depends on the situation.

People in countries with low electricity costs can still mine because it doesn't really matter to them. But they also have to consider how to cover operational costs because electricity costs are costs they must pay every month. And that's right. It all depends on the situation of each country. If we can get renewable energy or can use solar, wind, or even water to generate electricity, it will reduce the electricity costs we have to pay.

[rendravolt]

i heard a lot over the years about bitcoin mining and i never really considered diving into it, many people talked about it being profitable tho
so what do you guys think about it ? does anyone here have a successful mining story ?? and do you think it's still worth trying on 2022 ??

Mining bitcoin in 2022 is no longer feasible. This cycle has often happened after bitcoin touched the ATH price last year. Now there are also many graphic cards that are sold used to mine either from nvidia or radeon, as a result they are sold at cheap prices and it is very risky to damage if someone still buys it.

[Quidat]

in my opinion it depends on conditions such as electricity and so on, but in 2022, I think you can still mine as long as the facilities are adequate. but now in various countries the price of electricity is starting to rise and this causes some people to stop mining because of the high cost of electricity, so I think it all depends on the situation.

People in countries with low electricity costs can still mine because it doesn't really matter to them. But they also have to consider how to cover operational costs because electricity costs are costs they must pay every month. And that's right. It all depends on the situation of each country. If we can get renewable energy or can use solar, wind, or even water to generate electricity, it will reduce the electricity costs we have to pay.

The only factor that would really be important is electricity/energy cost which would always be the main consideration whenever you decide mining whether focused on bitcoin or
other coins which could be mined.Even the miners are expensive but the cost of electricity is cheap then it would really at least cover up the expenses which it would really be
that just fine if you do proceed on mining because it would eventually just patch up the cost and ending up on making profits in the end of the day.
So if you are interested on mining and you do live on a country which does have cheap electricity then i dont have any questions to bother up myself
if im interested on doing mining.

[ethereumhunter]

in my opinion it depends on conditions such as electricity and so on, but in 2022, I think you can still mine as long as the facilities are adequate. but now in various countries the price of electricity is starting to rise and this causes some people to stop mining because of the high cost of electricity, so I think it all depends on the situation.

People in countries with low electricity costs can still mine because it doesn't really matter to them. But they also have to consider how to cover operational costs because electricity costs are costs they must pay every month. And that's right. It all depends on the situation of each country. If we can get renewable energy or can use solar, wind, or even water to generate electricity, it will reduce the electricity costs we have to pay.

The only factor that would really be important is electricity/energy cost which would always be the main consideration whenever you decide mining whether focused on bitcoin or
other coins which could be mined.Even the miners are expensive but the cost of electricity is cheap then it would really at least cover up the expenses which it would really be
that just fine if you do proceed on mining because it would eventually just patch up the cost and ending up on making profits in the end of the day.
So if you are interested on mining and you do live on a country which does have cheap electricity then i dont have any questions to bother up myself
if im interested on doing mining.

But not many of us live in a country with cheap electricity and even if we live in that country, we also have to think about how much initial capital we must prepare before starting mining. The hardware that needs to be prepared must also have good specifications so that you can get a lot of rewards in a month and the price is not cheap, especially if you want to mine bitcoin. If I were him, I'd better use the money to learn to trade because, after all, the money must be very large to use for trading.

[Iranus]

i heard a lot over the years about bitcoin mining and i never really considered diving into it, many people talked about it being profitable tho
so what do you guys think about it ? does anyone here have a successful mining story ?? and do you think it's still worth trying on 2022 ??

Mining bitcoin in 2022 is no longer feasible. This cycle has often happened after bitcoin touched the ATH price last year. Now there are also many graphic cards that are sold used to mine either from nvidia or radeon, as a result they are sold at cheap prices and it is very risky to damage if someone still buys it.

Why is it no longer feasible? Big companies and farms are still not stopping bitcoin mining. A drop in bitcoin prices or an unexpected increase in energy costs may affect mining operations but not to the extent of shutting down or selling off their miners. This is only for those who don't have much knowledge and experience in bitcoin mining. Bitcoin mining requires a lot of factors, not as simple as holding, so as long as you carefully prepare the necessary things, you will not have any difficulty in the mining process or you can handle it if unexpected events such as recent high energy prices are quite unexpected.

[gunhell16]

If electricity is cheap where you are or you don't have problems with electricity, I can say that it is advisable to do Bitcoin mining, and if you can afford to buy a mining rig, I don't see any problem with that.

But if your electricity consumption is expensive there, well, of course, it's not good to do mining in your area because that will only add to the burden on your bills, especially since currently the price of bitcoin is low.

[worle1bm]

At this time when prices are low then mining would not be that much profitable to the extent I know as you would need mining setup and above it electricity cost running 24/7and depending on what charges you will incur for it but if you are interested in it you can try it and joining any mining pool.In the long run when prices will rise your profits will also go the way up and covering your expenses as well.

[TheUltraElite]

At this time when prices are low then mining would not be that much profitable to the extent I know as you would need mining setup and above it electricity cost running 24/7and depending on what charges you will incur for it but if you are interested in it you can try it and joining any mining pool.In the long run when prices will rise your profits will also go the way up and covering your expenses as well.

Mining is not profitable at anytime, price be low or high. There are a lot of primary investments to start a mining infrastructure and being an Indie miner is a waste of time and money. So if you are not into the get a plot- build a farm- start the Asics type person then you will never be able to ROI the investment.

Besides miners will always be at hashwars, the cunning one either changes their type of investment to buying Bitcoin or sells the Asics to get hard cash at hand.

[justdimin]

At this time when prices are low then mining would not be that much profitable to the extent I know as you would need mining setup and above it electricity cost running 24/7and depending on what charges you will incur for it but if you are interested in it you can try it and joining any mining pool.In the long run when prices will rise your profits will also go the way up and covering your expenses as well.

Mining is not profitable at anytime, price be low or high. There are a lot of primary investments to start a mining infrastructure and being an Indie miner is a waste of time and money. So if you are not into the get a plot- build a farm- start the Asics type person then you will never be able to ROI the investment.

Besides miners will always be at hashwars, the cunning one either changes their type of investment to buying Bitcoin or sells the Asics to get hard cash at hand.

That is a great understanding of how mining is working and people who are working towards making money from the small investments that they are making, they should realize that they are not going to make money much. I understand that there is a good chance that you could have made the money back with some GPU investments on ETH mining back in the day but since merger that's not going to be that easy neither.

This is why I agree that there isn't really anything major about bitcoin mining right now for anyone who would invest under 100k. If you want to be a profitable bitcoin miner, you need to have a factory size place and at least 100+ asic miners to make it profitable.

[Fatunad]

At this time when prices are low then mining would not be that much profitable to the extent I know as you would need mining setup and above it electricity cost running 24/7and depending on what charges you will incur for it but if you are interested in it you can try it and joining any mining pool.In the long run when prices will rise your profits will also go the way up and covering your expenses as well.

Prices are low but if you do decide to hold up the coins which you've been mining and doesnt care about the current expenses then its your choice whether you would continue or not.
Majority of people would be saying that mining isnt profitable but it is really impossible to ignore and consider that you wont be making money if the electricity is cheap.
Problem here is that not all does have the capacity on buying expensive GPU or miners for them to mine.Lots of expenses and maintenance which you do
need up to consider before you do able to have that mining operation.

[Fara Chan]

It does need;
ASIC miners (not cheap)
Electricity cost ( vary on each place)
Mining knowledge(Of course)
Countries legal stance towards mining bitcoin

Miners using ASICs cannot be reached by ordinary people, so mining using this method costs a lot of money. While electricity can vary for the required cost, it is still in the normal category if using a lot of tools, while mining science can be learned easily for now.

The problem that arises in the use of ASICs is only the cost of purchasing and maintaining equipment, so it cannot be reached by many people. On the basis of these considerations, mining carried out using ASICs cannot be carried out by many people.

[btc78]

i heard a lot over the years about bitcoin mining and i never really considered diving into it, many people talked about it being profitable tho
so what do you guys think about it ? does anyone here have a successful mining story ?? and do you think it's still worth trying on 2022 ??

this same question popping for years now and the answer is still the same , that it will always depend in your location in which the cost of electricity , because the more it costing is the lower profit you may get.

and besides why need to Mine when you can just simply purchase and hold? isn't this is much appreciated to keep on?

[Despairo]

and besides why need to Mine when you can just simply purchase and hold? isn't this is much appreciated to keep on?

Because he think purchasing Bitcoin is depends on how big of your money, if you only have small money, of course you will only get very small portion of Bitcoin and vice versa. While mining Bitcoin, he think if he bought ASIC miner at huge cost, he can collect each satoshi time by time and it would suppress his cost in the future. But it doesn't simple as that since ASIC miner need a good place where you have fan and ventilation, maintenance cost and make sure robbery wouldn't rob your miner.

[Questat]

i heard a lot over the years about bitcoin mining and i never really considered diving into it, many people talked about it being profitable tho
so what do you guys think about it ? does anyone here have a successful mining story ?? and do you think it's still worth trying on 2022 ??

Don't fall into such earning imagination because I tell you OP that mining is costly, though you can earn profit from it but never expect that you can earn much due to huge mining competition. In fact, many miners didn't survive and quit. And thinking of you as a starter, I hope I was wrong but might this will be your biggest regret in life in your crypto journey?

If you are now currently investing or trading, make it sustainable rather than diving into mining. It was friendly advice that needs your attention before making a final decision.

[worldofcoins]

It depends on the cost of electricity that you are using, if the cost is high, do not just go into bitcoin mining. But if electricity is cheap in your country, you can make further research if it is profitable.

You will need to buy mining equipments like application-specific integrated circuit (ASIC). They are costly but would worth it. Bitcoin mining might not be profitable, but you can hold the coins mined and wait for the price to increase is good so that you can sell at high price too, but making sure that at least, you earn profitable amount after you join a mining pool.

Bitcoin mining is profitable, but you have to calculate the electricity you will spend on miners and other mining equipments before you should start buying and setting up mining equipments. If you do not make right calculation, you could end up losing.

The loss can be from the cost of running mining equipments to be more than the reward given you from the mining pool you joined. The reward is based on the hashrates your miners are adding up in the total mining hashrates the pool is producing.

I agree with you!
These days it's not profitable compared to when it was back in 2013 and 2016. there's too much competition and joining a pool is the best thing one can do if they want to go into bitcoin mining.
Electricity is one thing but mining hardware and place required to mine is as important, good equipment like nvidia gtx 1080 or rtx 3080, 3090 are best to invest into.

[stompix]

Mining bitcoin in 2022 is no longer feasible.

If bitcoin mining wouldn't be feasible anymore you wouldn't have 220Exahah of gear mining now, you wouldn't have blocks coming actually faster than 10 minutes since the hashrate for the last 24 hours is bigger than the last two weeks' average and you wouldn't have any transactions getting confined at all. But since you have them, well, bitcoin mining is still feasible!

Miners using ASICs cannot be reached by ordinary people, so mining using this method costs a lot of money.

Oh god, just stop with this thing.
You have cheap electricity you can mine, you might be a citizen in a wealthy country making 10k a month but with higher electricity prices and you couldn't mine while somebody making 300$ in a third world country could have 3cents per kWh rates and could mine the shit out of it. Bitmain was selling the S19 Pro for $1900, the RTX 3090 Ti was going for 20% more back in March and we still had tons of people GPU mining without being part of the elite.

Electricity is one thing but mining hardware and place required to mine is as important, good equipment like nvidia gtx 1080 or rtx 3080, 3090 are best to invest into.

Again, seriously? Have you read the news in the last month or so?