Advantages and Disadvantages of Mining

[Muphin 26]

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 118]

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.

[Agios 111]

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 26]

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?  

[Agios 111]

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 10]

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 53]

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 11]

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 21]

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 714]

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 10]

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.

[Crypto123 516]

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.

[ibtismanipun 6]

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 137]

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

 

[Muphin 26]

On 11/24/2019 at 3:32 PM, Gclaw06 said:

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.

If that's the case, will the profit be greater than what I am about to spend for the equipment I need to be able to mine? Because if that's the case, then most people wouldn't ever perform mining because they wouldn't get profit if you were to count the costs of your expenses to mine.

[sidik7 88]

On 11/24/2019 at 4:48 AM, 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. 

mining requires a large cost and also requires a fairly long proccess with electricity cost and so many other and also must be diligent to maintenance so that mining runs smoothly

 

for profits the mining result are quite tempting with large profits.

[ASDFGHJKL17 21]

There's a lot of advantages and disadvantages in mining, one of the advantages in mining is its working even though your just sleeping, so you can earn money while you're sleeping, but one of the disadvantages in mining is it's wasting a lot of electricity because it is working 24/7. 

[DORANBU0818 10]

Yes, i agree with you. One of the advantages of mining is even that you are sleeping, you are still earning money because mining is operated 24/7 but one of the disadvantages of this is wasting a lot of electricitym 

[WILDWOLF 0]

On 11/24/2019 at 3:18 AM, 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.

Proof of stake is much better than mining as it does not require costly hardware and electricity to run, plus people need to hold the coins in order to generate more so they cannot dump as soon as they get them

[Zentoly 46]

12 minutes ago, huyasdad08 said:

Bitcoin mining currently requires a large amount of capital, and is difficult to make a profit, accompanied by some long-term damage to the hardware.

Right to say if a person have a large amount of capital then he can start mining and those have less amount of money they can starting their own mining rig.

[alexisfuentes 384]

On 11/23/2019 at 5:48 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. 

Minar BTC does not work today and every day it becomes more complex if you want to make a profit now the situation does not change much with other crypto but you can earn more but not  that a single team is enough.

[iloveyobit 359]

advantage of mining that you will earn sooner or later so its not risky , but the disadvantage is that mining is too slow and not profitable in most of time now . 

[guatazoo 291]

O mobile mining, the one disadvantage you get is risking to completely destroy your device, not to mention t is a waste of time.

[Cryptominded 61]

On 11/24/2019 at 2:40 PM, pangitmo said:

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.

Mining is not necessarily all about the money, the network is maintained by miners and when there are very few of miners, you can imagine the congestion and slow pace at which transactions get confirmed.