Advantages and Disadvantages of Mining

[guatazoo 7150]

On 12/5/2019 at 1:27 AM, iloveyobit said:

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 . 

Mining is required for those patients people, because sometimes you can mine whole year but end of the day you calculate the profit and found that's you have profit -6% or 6%.

[scorpiali 5626]

On 1/30/2020 at 6:21 AM, profpank said:

It takes greater than two to a few a long term to gain from mining, in the occasion which you buy ASIC hardware it truly is well worth $20,000.

The ASIC hardware to mine bitcoin is the most used in general and i see in some review that people can make profit with it, but it's cost to much to buy one 

[iloveyobit 6599]

18 hours ago, guatazoo said:

Mining is required for those patients people, because sometimes you can mine whole year but end of the day you calculate the profit and found that's you have profit -6% or 6%.

You are absolutely right, only religion loves mining and ready to take the risk of those who can work on it, for me only I can take the risk in trading .

[scorpiali 5626]

10 hours ago, ChilBran said:

It cost so much, with the calculations I did, if bit coin halve, the mining reword can not pay a single basic in four years. So, this is not a good ideas. 

Yes it's a big problem for the miner with this halving the price will increase and the circulating  supply will be reach in few month so yes it's a really a bad idea for the moment 

[marchal87 2343]

For me, mining is completely harmful to all devices
Firstly if you were mining on a laptop or your computer, it depends on the specifications and capabilities of the computer and after a period of time you will find the computer has been consumed and it is difficult to fix and this matter also applies to the mobile in addition to that the mining applications for the mobile require permissions that you can agree to Without reading it. Advice for everyone to stay away from mining. Finally, if you like the comment, give me a heart

[Brand1 1336]

One of the positives of mining is that it provides us with a lot of profits in exchange for a very simple work, but one of its drawbacks is that the devices for both countries have very high prices and if the currency price falls we will not be able to achieve profits and also that mining needs a lot of electrical energy

[bliznec 22268]

Negative qualities are that mining consumes a lot of energy and thus, you have to pay for electricity. If a lot of money comes out for the energy of mining, then you should not do this at all. 

[Ayush Singh 1175]

The advantages of mining is it give you free crypto coins and this is also a very easy way to earn crypto coins and the disadvantage which i have experienced is the unavailability of the trusted mining sites which could give the service for a long time.

[Magnom 0]

Mining these days isn't like it was in a few years before.. And you didn't mention in your post the most important issue about mining.. Mining requires a good amount of electricity.. So this depends on the price of electricity in your area.. You should calculate it before start mining..

[George10 9932]

@Ayush Singh I will talk about online mining from sites that promises to facilitate this service be careful with them because most of them are scamers and they aren't even connected to any mining farm I felt victim to this kind of mining and I'm talking from experience.

Edited June 4, 2020 by George10
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[Honny143 13612]

In my opinion crypto mining advantage are disadvantage decides their countries electricity prices, if any country provide electricity cheap Price's then its advantage,because in mining energy plays major role and buy expensive equipment need lot of money, if we provide all thinks then its profitable.

[Raqeebzy 6456]

If you are talking about the advantages and disadvantages of mining, you have to be clear if you meant Solo mining or Cloud mining. Solo mining means you set up your own mining farm and mine coin of your preference, while Cloud mining is more of a contract with a mining farm and earn specific coin per your agreement. A simple Google search will clarify both.

Edited June 8, 2020 by Raqeebzy

[Hatred 1388]

Hmm, actually I didn't know if this is correct but I will guess. For me, the advantage or good side of mining is that it helps crypto users to earn bitcoin and other crypto. You can earn bitcoin even you will not invest any money to it. But unfortunately, mining also have the bad side. You must need to have the required specs for your device before you can totally mine. It is because if you don't have those specs, I think it can cause on your device some issues like overheating or worse, it might explode because of too much heat cause by mining.

[Mcd0d0 5882]

Well, the advantage if mining is it fast to get or earned some bitcoin if you have a high specifications of equipments but the disadvantage of this is it cost a high electricity bill because you didn't need it to turn off so that the best place to mine some coin is in china by having an cheap electricity bill.

[Calvinpriva 17296]

I don't do mining, but i think mining is profitable when you will have mining tools and mine for yourself by using solar power mining system, but mining can give you a big loss when you will get a scam company to support your mining process.

[CryptoMaxim 3829]

At the same time, the advantage of mining and its disadvantage in my opinion is the payback period of the equipment. In one case, after the full return on investment in equipment, mining will begin to bring profit. In another case (negative), the price of the coin for the payback period will fall and the investment will not pay off due to equipment failure. Since the price of the coin will fall and the payback period will only increase.

[Almass93 28]

There is only one way to mine properly with profit, and that is to buy your own physical mining machine and don't spend any other money to anyone who claim to mine cloud base.

[Mcd0d0 5882]

On 6/19/2020 at 11:33 PM, CryptoMaxim said:

At the same time, the advantage of mining and its disadvantage in my opinion is the payback period of the equipment. In one case, after the full return on investment in equipment, mining will begin to bring profit. In another case (negative), the price of the coin for the payback period will fall and the investment will not pay off due to equipment failure. Since the price of the coin will fall and the payback period will only increase.

It's hard to be getting back the capital that you used to invest some equipments for mining because you need to pay some electricity bill, expecting that it has a huge amount of payment because you're using it 24/7.

[Whited35 15285]

On 7/18/2020 at 9:53 AM, JohanDonne said:

There are no disadvantages of mining as far as it is profitable,  but you can't make money if you are not doing it professionally, you have to buy miners and set up complete system by investing a good amount.

Well, there are so many advantages of cryptocurrency mining but you said there are no disadvantages of mining, have a look at this. Newcomers may face difficulties while getting started cryptocurrency mining, the most of the mining equipment are not cheap and they consume electricity to run mining operations, and in general,you need to have good quality hardware components at the mining setup if you use average/low class mining components, in the most of the cases,it causes the irreversible hardware damage. 

[Tunuu 2235]

There are many advantages and disadvantages of mining, i will list few of them;

 

Advantages;

• We earn money
• We earn without working, just our capital
• We choose contracts as we want

Disadvantages;

• There are many scammers in mining
• Sometimes mining sites can stop suddenly and we miss our money
• A lot of money for electric when you mining yourself

There are more, i have list only few!

[Mcd0d0 5882]

On 7/18/2020 at 12:08 PM, JohanDonne said:

There are no disadvantages of mining as far as it is profitable

Well, there's a lot of disadvantage of doing mining mate, one of the example of disadvantage is the cost of electricity, you need to have a good supply of electricity to be able to run your mining rig 24/7 and it cost a huge amount of money, there is a tendency that your profit will just used to pay your electricity bill, this will be not a disadvantage for you if you're doing mining in china because it has a cheap price of electricity therem

[Sajjad noori 53]

Now miners have increased, mining machines no longer mine bitcoins like in the past and only use electricity and electricity money goes up.

[heatdz 53]

mining is the to earn money bur there is many scammers

[mohammedshrief1554 41]

On 11/24/2019 at 3:42 PM, ASDFGHJKL17 said:

 

Right now mining Bitcoin in your home with just a PC and GPU isn't beneficial on the grounds that the cost of Bitcoin is down. So to mine Bitcoin we need enormous assets to purchase Bitcoin Mining Hardware, for example, Antminer S9 14.0 TH/s cost about $ 3,200, Antminer R4 8.6 TH/s cost about $ 1,300. Cooling gear, and power expenses and others. So it would be decent on the off chance that we can ascertain the BEP (Break Even Point) to decide the benefit and misfortune. 

Focal points: 

Picking up Mining Experience and Getting Bitcoin 

On the off chance that the cost of Bitcoin is costly, it will profit 

Impediments 

Trouble level sufficiently high to discover new squares. 

In the event that Bitcoin is modest we will lose. 

Income is determined from the mining quality of Bitcoin Mining Hardware, estimated regarding has every second and trouble level.

[CamilaSoto 20]

The adventages of mining will be mostly reflected if you live in a country where the cost of energy and your internet is not greater than the benefit you are getting from working as a miner.
I am particularly dedicated to virtual mining since I do not have enough money to do it in the conventional way.