How well people here in india knows about Mining

[Ravichnadra]

I'm pretty sure most crypto holders aren't much aware of mining.

Let's see how many know! Hurrah

[1714855078]

1714855078

[TheUltraElite]

To be honest, my knowledge on mining is low but I know what stuff is involved, how it works and how one can start mining on their own. Its just that I never wish to do that because in my calculation the cost exceeds the returns at least in this country.

Here electricity costs are big and the average temperature is hot and humid meaning a higher cooling cost too. Plus getting ASICs here means they need to come from foreign - no company makes them here from scratch.

[Bureau]

To be honest, my knowledge on mining is low but I know what stuff is involved, how it works and how one can start mining on their own. Its just that I never wish to do that because in my calculation the cost exceeds the returns at least in this country.

Here electricity costs are big and the average temperature is hot and humid meaning a higher cooling cost too. Plus getting ASICs here means they need to come from foreign - no company makes them here from scratch.

You are correct single mining is costly due to the cost of electricity and you need to be technically sound in case of any issues. One of my friends used to mine Ethereum earlier in 2017 when ETH was not that big, the problem he always faced was continuous load shedding and he had to buy an invertor to keep the mining equipment always running. After mining for about six months he stopped because it was not profitable, he kept a few Ethereum in a cold wallet in case the price pumps which it did in December 2017. He sold everything that he had in his wallet then sold all the equipment and moved on with his life. 

[TheUltraElite]

After mining for about six months he stopped because it was not profitable, he kept a few Ethereum in a cold wallet in case the price pumps which it did in December 2017. He sold everything that he had in his wallet then sold all the equipment and moved on with his life. 

My opinion is that they did the right thing. In a country were power cuts become common as you move from the Tier 1 to Tier 2 cities and rampant in Tier 3 cities, its better to just have access to internet and be able to read about crypto than ever think about mining it.

I would not suggest people here to mine, unless they have prepared such a setup of their own to cover all these hassles. Cooling costs and maintenance costs are going to be huge here.

Altcoin mining itself is a gambling race. You mine one coin that pumps and dump that and move to another one. You would lose sleep just to figure out which coin to mine and need to automate that based on data. Too much work for too little profit.

[Bureau]

Altcoin mining itself is a gambling race. You mine one coin that pumps and dump that and move to another one. You would lose sleep just to figure out which coin to mine and need to automate that based on data. Too much work for too little profit.

That is true Altcoin mining is a gamble, when you go to https://whattomine.com/ you will find those coins easy to mine that have less liquidity. Whereas those that have large liquidity are not that easy because of competition. I was reading an article about mining of Bitcoin and it said before 2015 Bitcoin mining was not that hard. Now, it is impossible to think about mining Bitcoin using a solo miner. You would require mega infrastructure and pump in lot of money to start Bitcoin mining.

[God bless u]

I'm pretty sure most crypto holders aren't much aware of mining.

Let's see how many know! Hurrah

I think sooner or later anyone involved in Bitcoin and Cryptocurrency in general will know about mining.
new comers may not know about mining.  or those who really don't care about information and where cryptocurrency coming from. because if anyone learns a little bit about Bitcoin, he'll know mining is the key to generating more bitcoins as well as confirming transactions.
Honestly, I think that should be the first thing for anyone coming into the Bitcoin world, to learn about Bitcoin and crypto little bit first and then start his journey into it.

[TheUltraElite]

Honestly, I think that should be the first thing for anyone coming into the Bitcoin world, to learn about Bitcoin and crypto little bit first and then start his journey into it.

You cant go into too much depth in mining without actually doing it yourself. Besides, most bitcoin users have a basic understanding of how mining works and that is enough for them to get through with daily necessities of bitcoin. Unless they are willing to start mining themselves, that much is enough.

The situation in India is not miner-friendly. I dont think things will change much here, because the natual temp is on higher side and cost of importing miners is also there and so is the cost of electricity.

[Bureau]

Honestly, I think that should be the first thing for anyone coming into the Bitcoin world, to learn about Bitcoin and crypto little bit first and then start his journey into it.

The situation in India is not miner-friendly. I dont think things will change much here, because the natual temp is on higher side and cost of importing miners is also there and so is the cost of electricity.

The situation in India is not at all crypto-friendly, forget about mining cryptocurrency and that to Bitcoin. It is getting worse whenever the parliament session starts, with 30 percent as tax, the high cost of electricity, and regular load shedding it is too costly to start mining. It is better to invest money in coins that a good for staking and enjoy the benefits. Some of my friends are busy staking ETH and BNB and are getting good returns, they invested once with a lump sum amount and they are getting better returns than mutual funds. Although both are different and good depending on the situation, I am only using it as a reference for comparison.

[pakhitheboss]

^^
I felt that the conversation is not going the right way as asked by OP. Unless you are into mining you won't know how it works. There are ways to counter the electricity issue and use those subsidized government projects like the one promoted by by them which uses Solar energy. Think before you both are replying as it is not that bad the way you guys have described.

[TheUltraElite]

There are ways to counter the electricity issue and use those subsidized government projects like the one promoted by by them which uses Solar energy.

Solar power is indeed something new and has been subsidized in many states by the government like UP. But such states are few in number and I would be biased to be speaking from the one I reside in. Here solar power is something people read about in news but has never been applied in reality.

I myself was looking at the projects that common residents in UP have done and posted on youtube and was getting pretty excited about it but sadly its not feasible here.

Cooling costs is something that is the natural downside here.

[Bureau]

There are ways to counter the electricity issue and use those subsidized government projects like the one promoted by by them which uses Solar energy.

By your reply, it looks like you are into mining. Assuming I go ahead and install those solar panels on the premises where I would be installing my mining device. I would like to ask a few questions from you, how much would the initial cost be? Which coin would be profitable to mine? What miner would you need to buy? What will be the cost-to-profit ratio?

[pakhitheboss]

By your reply, it looks like you are into mining. Assuming I go ahead and install those solar panels on the premises where I would be installing my mining device. I would like to ask a few questions from you, how much would the initial cost be? Which coin would be profitable to mine? What miner would you need to buy? What will be the cost-to-profit ratio?

Visit this website https://solarrooftop.gov.in/rooftop_calculator select your state check the subsidy amount and then apply. You can pay with EMI you do not need to pay anything upfront if I remember. Check which miner you want to use depending on the coin you will mine, the recommended is ASIC miner 7, go to IndiaMART to check the price otherwise visit Delhi to buy one, Palika Bazar if I am correct is where you would find mining equipment. You would still need a stabilizer and inverter when using a solar panel as it is connected to the normal supply grid. Find out which coins would you want to mine with your ASIC miner, the recommended one, for now, is Kaspa or you can check https://whattomine.com/asic for more information.

BTW, I am not into mining but I have friends who are into it and they make a decent profit. If you take the cost-to-profit ratio to determine the outcome then you will be able to recover your investment in six months if you are running your miner 24/7. Please remember you would need to know the mining hardware in case if you need to work on it if it breaks down. There are several walkthrough articles and videos on the internet that can guide you and solve the problem. I would still say it is better to connect with someone within the forum if you are facing any such problem with the miner.

[Bureau]

^ Very detailed explanation and still you want me to think you are not into mining. I will go through everything and ever details as you have shown me the path before thinking about starting my own mining business. There are certain things that would need me to physically go and check, it will take time and as soon as it is done and if I feel positive to go ahead then I will reply to my reply.

[pakhitheboss]

^ Very detailed explanation and still you want me to think you are not into mining. I will go through everything and ever details as you have shown me the path before thinking about starting my own mining business. There are certain things that would need me to physically go and check, it will take time and as soon as it is done and if I feel positive to go ahead then I will reply to my reply.

Trust me I am not into mining, I did had some plans last year. I then went ahead and checked and searched everywhere until I found one my friend into mining. I got all the information that I can get from him to start my mining journey. What went negative for me was my plan to set up the miners on my terrace as the heat generated by miners can affect my terrace and also the sound of mining equipment is not that pleasent. If you live in ground floor and have a seperate room then do think about it.

[Bitcoin Smith]

I know people/friends who set up GPU mining rigs to mine Ethereum in 2018 but it's not really gave returns as they expected, and the main reason is the electricity cost and nature of environment needs AC to keep the temperature optimal to achieve the best possible experience from the miner which will exceeds the actual asset we mine.

[TheUltraElite]

I know people/friends who set up GPU mining rigs to mine Ethereum in 2018 but it's not really gave returns as they expected, and the main reason is the electricity cost and nature of environment needs AC to keep the temperature optimal to achieve the best possible experience from the miner which will exceeds the actual asset we mine.

The era of GPU or CPU mining is long gone. Now you need nothing but ASICs to mine, no nature of powerful gaming laptop will be able to mine coins.

Again altcoin mining is a different ball game - a type of rat race where you mine one coin for an instant and then switch to a new one depending on profitability by selling on market and difficulty. Personally I am not a fan of that, I would have rather mined bitcoin if things were better in our country.

Most of altcoin miners I talked to on different crypto sites, left after a few years and sold off their equipment.

[Bitcoin Smith]

Again altcoin mining is a different ball game - a type of rat race where you mine one coin for an instant and then switch to a new one depending on profitability by selling on market and difficulty. Personally I am not a fan of that, I would have rather mined bitcoin if things were better in our country.

Most of altcoin miners I talked to on different crypto sites, left after a few years and sold off their equipment.

The incident I remember is they only concentrated on mining Ethereum not just any altcoins and invested heavily too for standard of middle class but later they sold the pieces of hardware for good price and understand buying cryptos and holding is more profitable for a retail investor than try to mine it.

Also I remember, one of my friend also got scammed to the cloud mining even when everyone advised him to stay away from cloud mining concept.

[TheUltraElite]

The incident I remember is they only concentrated on mining Ethereum not just any altcoins and invested heavily too for standard of middle class but later they sold the pieces of hardware for good price and understand buying cryptos and holding is more profitable for a retail investor than try to mine it.

It would be interesting to see if any miner from India, if they still exist share their views on this. It is way easier to hold bitcoin then mine from our standpoint, but we do want to mine - the ambient temperature in our country is the biggest downside.

Also I remember, one of my friend also got scammed to the cloud mining even when everyone advised him to stay away from cloud mining concept.

Cloud mining is not classifiable under mining, in my opinion. It is always a scam, always. Unless you are investing in a mining corp that actually mines, you are only being a part of a large scale MLM/Ponzi.

[Neo Blockchain Bank]

The incident I remember is they only concentrated on mining Ethereum not just any altcoins and invested heavily too for standard of middle class but later they sold the pieces of hardware for good price and understand buying cryptos and holding is more profitable for a retail investor than try to mine it.

It would be interesting to see if any miner from India, if they still exist share their views on this. It is way easier to hold bitcoin then mine from our standpoint, but we do want to mine - the ambient temperature in our country is the biggest downside.

Also I remember, one of my friend also got scammed to the cloud mining even when everyone advised him to stay away from cloud mining concept.

Cloud mining is not classifiable under mining, in my opinion. It is always a scam, always. Unless you are investing in a mining corp that actually mines, you are only being a part of a large scale MLM/Ponzi.

[/quote] As far as  I had interactions with various technology people who are involved in trading and dealing in cryptocurrencies; there are no serious mining operations on Indian soil. But mining is used to lure people who are not aware of cryptocurrency potential to make them invest in projects which are not serious.
[/quote]

[Bitcoin Smith]

Also I remember, one of my friend also got scammed to the cloud mining even when everyone advised him to stay away from cloud mining concept.

Cloud mining is not classifiable under mining, in my opinion. It is always a scam, always. Unless you are investing in a mining corp that actually mines, you are only being a part of a large scale MLM/Ponzi.

The concept of cloud mining is real but it is never came from any legitimate mining farms/pools and the cloud mining scammers usually start their package for very low capital and guarantee returns that is not even possible if we mine our own still some are too blind to see that and fell for it. If I am not wrong still people are falling for cloud mining scam even after all these years.