Advantages and Disadvantages of Mining

[Muphin 16]

I created this topic so that each and everyone of you can have knowledge on how does mining work and the effects of it. 

 

Please list all the positive and negative sides of it. Thank you very much! Hope this thread would help many and give them enough knowledge and what they could get from mining and also to know its shortcomings.

 

This is for those who have few knowledge about mining like me, I have like 0 knowledge about it. 

[bobjoemega 62]

1 hour ago, Muphin said:

I created this topic so that each and everyone of you can have knowledge on how does mining work and the effects of it. 

 

Please list all the positive and negative sides of it. Thank you very much! Hope this thread would help many and give them enough knowledge and what they could get from mining and also to know its shortcomings.

 

This is for those who have few knowledge about mining like me, I have like 0 knowledge about it. 

Hi my friend and good evening, I think mining depends first on where you live, how much it costs electricity and internet in your country, and also the video card that you can easily get or will need to buy from the site, because if so, you will pay for the transfer and this, will cost you more money. 

so answer me first about your situation and i will let you know how can you make some good profits.

[Dragon slayer 4]

5 minutes ago, bobjoemega said:

Hi my friend and good evening, I think mining depends first on where you live, how much it costs electricity and internet in your country, and also the video card that you can easily get or will need to buy from the site, because if so, you will pay for the transfer and this, will cost you more money. 

so answer me first about your situation and i will let you know how can you make some good profits.

I agree about that

I think if your situation is good and you can do mining with good tols you can get higher profits and if you do mining with primitive tools you will not get good profits

[Digicoin 38]

47 minutes ago, bobjoemega said:

Hi my friend and good evening, I think mining depends first on where you live, how much it costs electricity and internet in your country, and also the video card that you can easily get or will need to buy from the site, because if so, you will pay for the transfer and this, will cost you more money. 

so answer me first about your situation and i will let you know how can you make some good profits.

I totally agree with you. Especially cost of electricity, mining require electricity a lot and if the cost of it is high in your area, that means mining is not a good option.

[Agios 15]

Currently mining Bitcoin in your house with only a computer and GPU is not profitable because the price of Bitcoin is down. So to mine Bitcoin we need large funds to buy Bitcoin Mining Hardware such as Antminer S9 14.0 TH / s price about $ 3,200, Antminer R4 8.6 TH / s price about $ 1,300. Cooling equipment, and electricity costs and others. So it would be nice if we can calculate the BEP (Break Even Point) to determine the profit and loss.

Advantages:
Gaining Mining Experience and Getting Bitcoin
If the price of Bitcoin is expensive, it will benefit

Disadvantages
Difficulty level high enough to find new blocks.
If Bitcoin is cheap we will lose.
Revenue is calculated from the mining strength of Bitcoin Mining Hardware, measured in terms of has per second and difficulty level.

[Muphin 16]

7 hours ago, bobjoemega said:

Hi my friend and good evening, I think mining depends first on where you live, how much it costs electricity and internet in your country, and also the video card that you can easily get or will need to buy from the site, because if so, you will pay for the transfer and this, will cost you more money. 

so answer me first about your situation and i will let you know how can you make some good profits.

Thank you for answering my questions. But why do they always say that it will cost electricity and internet? How do you, guys, do mining? I'm still confused about it.

5 hours ago, Agios said:

Currently mining Bitcoin in your house with only a computer and GPU is not profitable because the price of Bitcoin is down. So to mine Bitcoin we need large funds to buy Bitcoin Mining Hardware such as Antminer S9 14.0 TH / s price about $ 3,200, Antminer R4 8.6 TH / s price about $ 1,300. Cooling equipment, and electricity costs and others. So it would be nice if we can calculate the BEP (Break Even Point) to determine the profit and loss.

Advantages:
Gaining Mining Experience and Getting Bitcoin
If the price of Bitcoin is expensive, it will benefit

Disadvantages
Difficulty level high enough to find new blocks.
If Bitcoin is cheap we will lose.
Revenue is calculated from the mining strength of Bitcoin Mining Hardware, measured in terms of has per second and difficulty level.

Do I need to pay if I mine? Or the only thing I will pay is for the equipment? Does it mean that when you do mining, you need equipment other than a whole computer?  

[Gclaw06 2]

For me the advantage of mining is you are making a less effort to earn you are just waiting hashing to the mining sites and earn but it also  have a disadvantage specially for the tools you might need in mining was very expensive and also for the resources you will use specially electricity and the devices you need to invest big before you can mine so for me mining is only for the people who has a big fund to  make some minings.

[Agios 15]

1 hour ago, Muphin said:

Thank you for answering my questions. But why do they always say that it will cost electricity and internet? How do you, guys, do mining? I'm still confused about it.

Do I need to pay if I mine? Or the only thing I will pay is for the equipment? Does it mean that when you do mining, you need equipment other than a whole computer?  

Yes, you also need other equipment such as USB Redfurry Miner, which costs around $ 40, if you want to know more deeply, you can search on Google Search.

[Aceventura 7]

I think the advantages are economic earnings, job opportunities and extraction of cryptocurrency. On the other hand, the disadvantages are huge waste of energy and large expenses of the mining equipments.

[DIY Tube Video 37]

Unless you have a lot of money to invest, BTC is not worth mining at this time. The equipment is very expensive and is often outdated before it pays for itself.

 

Mining various cryptocurrencies used to be quite profitable but recently most of my mining rigs are collecting dust.

 

The best thing to do these days is mine new coins in hopes that one will take off and you can make a profit.

 

The advantages of mining cryptocurrencies are that you can have fun watching the numbers grow.

You can possibly make a lot of money.

You get experience in a new field.

You always have the computer equipment that you can sell if you get out of mining whereas with investing directly, if a coin tanks, you lose it all.

 

Disadvantages.

High cost to get started with decent equipment.

Low ROI unless a coin goes to the moon.

Lot of work and maintenance.

Often switching coins and algorithms.

High cost of electricity. I got burnt with a $900 bill when the electric company made some bogus service charges cause I used too much.

[pangitmo 6]

I see that the disadvantage here in mining is that is takes too much energy to work better. The advantage is that you can earn big.

[ASDFGHJKL17 15]

There are a lot of advantages and disadvantages  in mining, one of the advantages in mining is you will earn money, and also one of the disadvantages in mining is you are spending a lot of electricity in mining its working 24/7. 

[GIOGIO 1]

In mining there is a lot of disadvantages and advantages. The main disadvantage is the electricity cost. There are a lot of rich miners who find a country where the cost of electricity is low. The advantage is you earn coins much faster in mining resulting in profit.

[Migo 35]

I can say that mining is profitable but if you provide his requirements and some of disadvantages is the mining so expensive this days, you need a lot of energy and powerful equipments, as a general idea you have to spend a lot of money to start mining 

[Aceventura 7]

The biggest disadvantage of mining is: it generates so much heat in the hardware. You may be able to reduce the cost of your electricity bill by using nature as your computer’s natural cooling system. And of course, the cost of the electricity used by mining computers far exceeds the cost of heating or cooling the house.

[Hashimi 59]

3 hours ago, Migo said:

I can say that mining is profitable but if you provide his requirements and some of disadvantages is the mining so expensive this days, you need a lot of energy and powerful equipments, as a general idea you have to spend a lot of money to start mining 

The only reason you'd want a higher payout is to lower the transaction fees. If (for example) it's set to 1.2 once you actually get there you'll have only paid 1 tx fee as oppose to 4, netting you slightly more XMR. Depends on how soon you want the currency and how long you're willing to hold off with the pool owing you without actually having it in your wallet.

[Crypto123 35]

The negative aspects of mining are the high component costs you need for mining, whether GPU or ASIC, as well as the electricity bill and the Internet, the high difficulty of mining for most types of coins, the large price decline in the market at the moment.
Positive aspects: At the moment nothing, but if you have a mining device that is forced to continue and if you do not have it I would not advise anyone to buy right now. Perhaps later if the difficulty and prices change the situation may be different.

[ako lng toh 0]

Mining is profitable. You can easily earn money by mining but it wastes your electricity, data and your cellphones battery life because it needs to operate 24 hours.  

[ibtismanipun 3]

The one and only advantage of mining is having a huge amount of profit from one time investment. And the disadvantage is it might be harmful for you hardware.

[Lubruselu 31]

The advantage of bitcoin mining it is allow the blockchain mined blocks to be allowing transsctions of bitcoin. But the advsntage it is not have huge profit and it is cost of electricity

 

[hmind 3]

The good is that mining can get coins without buying and if the price is good it is very profitable.  And the bad think form mining is, cost of equipment capital, setting up and maintenance, and the cost of consuming electricity from power used 24/7 is a problem when the price of coins falls, the level of difficulty is high and the hashrate is small.

[ColdEye101 39]

It will costs more in electricity and hardware to you.Than you are going to make unless you throw a lot of your  money at purpose.So built hardware in a place with very cheap electricity. If you are throwing that sort of money at mining, You are now subject to the risks of the market's massive instability.

[Goodcoin 7]

Mining is not much risky because if done properly, you will earn back tour capital in almost 16 months and after you will continue to earn.

[fardin1 0]

When i fully go along with people. In particular price tag connected with power, mining involve power lots in case the money necessary for it truly is excessive close to you, actually mining is usually season solution.

[Goodcoin 7]

On 11/23/2019 at 10:48 PM, Muphin said:

I created this topic so that each and everyone of you can have knowledge on how does mining work and the effects of it. 

 

Please list all the positive and negative sides of it. Thank you very much! Hope this thread would help many and give them enough knowledge and what they could get from mining and also to know its shortcomings.

 

This is for those who have few knowledge about mining like me, I have like 0 knowledge about it. 

It takes more than two to three years to profit from mining, if you buy ASIC equipment that is worth $20,000.

 

The starting capital is huge with little reward.