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Bitcoin Mining: Is It Really Worth It?

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I have to admit that cryptocurrency mining completely confuses me. I don't even understand the term "mining" if there's no physical action here, and everything is digital. Apparently, after reading a little about it, there are many pieces of data that really make sense.

https://all-stocks.net/featured-is-crypto-mining-worth-it/

What do you think about crypto mining? Do you think it's worth it for you? At which cost?
 

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Well it really depends on your equipment if you have a good graphics card and a good ram and system and a huge bulk of those then yeah it would be profitable if you are an investor but if you are seeking it for covering of expenses then this isn't the right time. 

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Posted (edited)

https://tinyurl.com/cryptocoinwarz <<< mining profitability and hashing algorithms 

 

Bitcoin mining itself is not currently profitable unless you have thousands of dollars in hardware. GPUs and CPUs are currently used to mine "alt coins" or alternative cryptocurrency.

 

https://www.coinmarketcap.com <<< market capitalization of each crypto 

 

"Mining" is a fancy way to say that you run computer hardware that helps solve the algorithmic "blocks" of data that contain each group of transactions on the network as it processes. The "blockchain" is a network of open ledgers kept on each "node" which consists of miners contributing their computer power to the network so that the transactions can continue. Without the massive computing power the encryption of the network would not be "solved" for each transaction allowing the network to secure itself.  

Edited by peonminer

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8 hours ago, FotisNt said:

in my opinion it isnt worth at all.

like the faucet stuff shit

well... everything is relative..... ffaucet on stake is not worth it no... but faucet on other sites.... sure as hell is worth it... on one specific one i have in my mind...... gold mine... a gold mine...

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8 hours ago, Shaniqua said:

well... everything is relative..... ffaucet on stake is not worth it no... but faucet on other sites.... sure as hell is worth it... on one specific one i have in my mind...... gold mine... a gold mine...

Where is it?! share it with meeeeee even on PM haha

Anyway, mining is not as profitable as it used to be. You can buy high end miners at very high costs for minimal returns and will pay up after years of mining. Most of the time it doesn't manage to pay the electricity used and malfunctions if not taken care of properly. Even mining on laptops are not that good since it will use your pc memory and will some day damage it if you use continually let it mine at 100%.

The money you may get from this won't be enough to pay for your electricity and may be used for repairs, so don't bother. Unless of course you have solar panels that can power up miners.. But buying one will add more expenses that you want to recover on.

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Not in the slightest, I disagree with mining as it affects the environment and causes a huge debt in electricity. I'd rather avoid anything like this as it's just not a healthy thing at all. Enough said :)

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1 hour ago, DarkBlood069 said:

Not in the slightest, I disagree with mining as it affects the environment and causes a huge debt in electricity. I'd rather avoid anything like this as it's just not a healthy thing at all. Enough said :)

To be honest though, each time you make a withdrawal on Stake, or a deposit for that matter, a miner needs to complete a "mine", so technically each time any of us transacts, we damage the environment.

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On 6/1/2019 at 8:56 PM, heisa said:

it used to be profitable but not anymore unfortunately

its the truth. mining was worth it a few yrs ago but not anymore except u r mining with 20pcs for mining only

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Bitcoin mining is not profitable unless you have free electricity because you will be in negative after everyday with the amount of power it takes to mine even a very tiny amount of bitcoin.

There is some who are mining altcoins which are profitable but they still need to consider the amount of electricity they are burning to make their coins per day and put this amount into the equation of the total amount they make per day mining those alt coins.

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mining isnt as profitable as it used to be. However I still have some equipment up and running with a friend in Iceland. He rents power from a Hydra power plant that is not used to provide energy for households and factories. the plant was running on a 50% capacity and he is now renting 30% of the remaining 50%. He also has some space where he has all the equipment set up. Together with him we have about 250,000$ in equipment running and rest of the space we rent out to people that want to have their equipment running there at a cheap maintenance fee.

But this doesnt change the fact that mining isnt that profitable anymore. but well as long as we keep having acces to cheap energy source we keep mining. Every profit is profit

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Mining is already defending itself from factories, but so far it is spontaneous. As inflation and strong market volatility. You should think about the fact that in the future such processes will self-organize and start to occur more centrally. Cryptocurrencies themselves arose as a decision against the usurpation of the financial market by large capitals, in the interests of a narrow circle of people.

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It is really worth it if you started when it barely made head linez.. but if you start now then best of luck too many competition is all over that.. getting a bit by yourself is a really long shot. So as of now is not worth it 

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Bitcoin mining in particular is not profitable or worth it. I think mining alt coins is definitely worth it, not really to make money but to HODL incase the alt coin you mine is gonna go up in the future.

For example I mine ravencoin and hodl quite a bit of it, now sure every now and then I do convert some and deposit to stake. But my main goal is just hodling it until it rises to a point where i've made a decent profit. I don't care about the ROI because my mining rig has already paid for itself after mining other alt coins that shot up. I mined a lot of Dash, Doge, and LTC a while back.

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There’s a Mining Profitability calculator at whattomine that shows you which are the most productive currencies for your existing rig!

Unless you have specific equipment and investments in Mining equipment, it hasn’t been profitable to mine BTC for quite some time. 

Alt-coins and the like are a whole different story though... should have mined RavenCoin when I had the chance lol.

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I would really like to check out mining some day- maybe some new coin will pop up that will be profitable before people realise it, and it can mined all day for $$$$ .. but until then i'll just keep my eye out for a cheap Ant Miner, and hope on a lottery ticket scenario.. which is about all the individual miner has to hope for, somehow solving the block on its own. ▄︻̷̿┻̿═━一

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