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Author Topic: does it worth to start mining now ?  (Read 174 times)
alastantiger
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May 20, 2023, 08:50:30 PM
 #21

what do you guys think does it worth to start mining now ?
It is a great question that the OP has asked and I have gone through the responses looking for them to comment but they haven't. I am assuming that they  have already gotten the right response and by now they should have been able to make a decision. What I want to add is this you, do not need to start big you can start small with what you have and if it goes well for you within the next 3 - 6 months and you think it's something that you can do, then you can go ahead to expand and buy bigger equipment that would serve you well in the long-run.
safar1980
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May 20, 2023, 08:52:57 PM
 #22

I think its still worth to mine bitcoin since you can mine if you buy some cheap materials and also have a good apartment for space of your mining.
One ASIC miner isn't cheap lol and someone need to have many ASIC miners to mine Bitcoin for earn good amount of money. However he have a choice to mine a low cap coin, but of course the survivability and the price in the future is still a big question.

I would say mining Bitcoin isn't profitable anymore if you're a solo miner, only a big company are making money through Bitcoin mining.
Any asic has a daily profit, if the cost of electricity is adequate for mining. So why are you saying that a single miner does not make a profit? If you mine bitcoin in solo mode on one ASIC, then you will not earn, and if you are connected to the pool, then you will receive payments.
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May 20, 2023, 09:22:25 PM
 #23

What I want to add is this you, do not need to start big you can start small with what you have and if it goes well for you within the next 3 - 6 months and you think it's something that you can do, then you can go ahead to expand and buy bigger equipment that would serve you well in the long-run.
Saying you can start small with mining almost connotes that you can just start mining with your laptop and if it's profitable, you take it a step further and buy Asics, but that is completely erroneous; you still have to start by buying Asic miners that isn't cheap, you still need shelter for your machines, you need to keep them cool and you also need cheap electricity, mind you that you are also competing with quite a lot of mining rigs that have so much computational power, thus "starting small" is somewhat futile.

Having said that, if you do not have too much computational power, you might want to merge with big mining pools, rather than mining just by yourself, because you definitely wouldn't make any profit.

.
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rby
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May 20, 2023, 09:47:36 PM
 #24

Mate!
Check the following;
  • The relationship between bitcoin and government in your country
  • The costof electricity in your area
  • The cost of setting up and sheltering your mining equipments
  • The right mining pool you will join or do you want ba a solo miner?

After checking the above things I listed out, you also consider these other ways of earning in bitcoin;
  • Mining (your option)
  • Buying and holding
  • Trading
You can be successful doing the last two at this time if you ask me.

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