Advantages and Disadvantages of Mining

[Cleaner 2549]

On 11/24/2019 at 7:51 PM, 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 

Mining is profitable but it depends on efficiency.  If one is not skilled in mining, he will not be able to make a profit by mining.  Lots of money for mining, lots of electric hardware and lots of equipment.  So if one wants to do mining, one has to consider all its aspects

[teebasas 3018]

Mining has many benefits, the most important of which with little effort is the extraction of cryptocurrency and a rise in revenue, but the negative is the expense of appliances and electrical energy, but by replacing it with solar energy, electricity usage can be minimized.

[Andrea Louis 3]

Mining can damage your pc components as the system runs on hundred percentage usage and a lot of heat is produced , if you can cool it properly then maybe a five year maximum with your pc ,also get a good gaming graphics Card. At least get 1060.

[David84 1191]

Mining is actually not the best side in cryptocurrency. If you have a lot of vacant time that you want to waste and some device that you are ready to lose then you can use mining, but if you are looking for a good way to make a living and take advantage of all the fluctuations in the cryptocurrencies prices then the best choice is trading.

[KarlJohn1 56]

If people are mining and gain from it, I do not think mining has much disadvantages but these are the few I think would be disadvantages. 

1. It is difficult to mine

2. You can start with low capital

3. It consume electricity

4. Becoming less lrofit

 

[huesca123 946]

I am cloud mining On Genesis Mining & Ecos for the moment. I have mentioned this before & have made Topics about both of these companies. I also post screen shots of my active contracts, to show I am doing what I am selling.

 

Advantages - You dont buy any equipment to run, install, maintain, etc. Mining contracts can be very profitable. Some mining sites offer to mine many different coins. The contracts can run for a certain period of time. You can more or less calculate how much you will earn for money invested.

 

Disadvantages - Many scam cloud mining sites. The mining site can be hacked & all money stolen. You dont get back the money invested in the contracts bought. Down time of your mining equipment. High maintenance fees.

 

Heres a link to help you find decent cloud mining sites. You still have to do your homework & research to see if the site is a scam, will pay back, etc.

 

https://www.cryptocompare.com/mining/#/companies

[JanBomCrypto 494]

On 1/12/2021 at 8:57 AM, Andrea Louis said:

Mining can damage your pc components as the system runs on hundred percentage usage and a lot of heat is produced , if you can cool it properly then maybe a five year maximum with your pc ,also get a good gaming graphics Card. At least get 1060.

Mining can not damage your PC components, it can only make your PC to be hot and need cooler to cool it. Bit PC mining is just a waste of time, it is not good for making profit. 

[Feroz Ahmad 20]

Advantages:
Gaining expertise in mining and having Bitcoin 
If it is costly for the price of Bitcoin, it will profit

Disadvantages
The level of complexity is high enough for new blocks to be discovered. 
We're going to lose if Bitcoin is cheap. 
The cost of getting started with proper equipment is high.

[GanBin 705]

On 1/12/2021 at 10:50 AM, KarlJohn1 said:

If people are mining and gain from it, I do not think mining has much disadvantages but these are the few I think would be disadvantages. 

1. It is difficult to mine

2. You can start with low capital

3. It consume electricity

4. Becoming less lrofit

 

@KarlJohn1 Bitcoin can be difficult to mine but it is profitable for people that mine it Inna cheap electricity areas. All you can not start with low capital. I think talking more of the advantages is better if profit can be made from it. 

 

[KarlJohn1 56]

11 hours ago, GanBin said:

@KarlJohn1 Bitcoin can be difficult to mine but it is profitable for people that mine it Inna cheap electricity areas. All you can not start with low capital. I think talking more of the advantages is better if profit can be made from it. 

 

You are not wrong, mining can be good and good to talk of the profit but there are many circumstances that can make mining not profitable as well. Like you can have cheap electricity but not so cheap to the extent it will make mining profitable in a hot countries, in a way that mining cooing machine are also needed and consume more electricity. Also weather matters while talking about mining. 

[duygumtr 24]

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.

 

 

[AdCoins135 37]

The main disadvantage of cryptocurrencies is that the price can decrease after you buy and the loss can be too much while the advantage is that is easy to send to people and it's price can also increase and you will gain. 

[Samia Fatima 161]

Yes its a good question. I think advantage of mining is you getting bitcoin. It is gaining mining. It is the best for us. And disadvantages is difficulty to find new blocks . And its a wastage of time. Is not easy to use.  

[taimur92747 60]

The disadvantages of mining btc is less than it's benefits. Because btc is growing and every one who has some btc make profit from it. It will never make you loss more money but it will always give you profit. 

[Hasnain Afzal 102]

These are some advantages but the disadvantages are large .we can easily start mining and in home we can easily make work these are some advantages but there are many disadvantages it effect in our mobile phone and wast the energy and time .we can not earn large money for mining.

[Eezabell 339]

Every thing has the positive as well as the negative aspects. Because behinds the good things there are some bad things. Rake an example that where I the angel is present there will he evil must be present. And that's the reasons why the mining has the all things of the advantages as well as the disadvantages. 

[LOOSEPANT 65]

Here are some advantages and dis advantages

 

∆ Advantages:

Higher tax income for governments

Mining is crucial for technology progress

Mining is a mature technology

Processes around mining are quite efficient

--------------------------------------------------------------------------------

∆ Disadvantages:

Habitat destruction

Biodiversity loss

Endangerment of species

Mining can lead to ecological embalance

[Reen 1120]

Nice question, there is one disadvantage of Cryptocurrencies are that the price can decrease after you buy and habitat destruction. On the other side, the advantage of mining are getting bitcoin which is great thing and crucial for technology progress.

[huesca123 946]

The trick is to find a reputable mining company that is legit & pays out. Not one that will scam you or only pay out for a short period of time & then shut down. Ive been mining with Genesis & Ecos now for some time & am very happy with the payouts, support, different coins to mine, cost of contracts, etc.

 

You also have - Nice Hash, where you can rent mining rigs on a daily basis. Nice Hash is a reputable company, that has been around for some yrs. I havent rented any rigs yet but will be doing so in the near future.

[Sunny7391 55]

Hi. I think mining have advantages and also disadvantages at same time. Like if you are connected to a right forum you will get a handsome outcome but if you are connected with a fake one that will be cause to loss your energy and also your time or your personal information. 

[Hala Hala 178]

Frankly, I did not see many advantages to mining, but in my opinion there are many drawbacks, including the high cost of mining that needs special devices and needs great energy, except if the device fails, you will have to buy another device, and if you mine on a mobile phone, the matter will be worse with all regrets.

[habib002 21]

The advantage of bitcoin mining is that blockchain diggers allow blocks to transact bitcoin. However, it does not have huge benefits in advance and it is the cost of electricity.

[Abrar1122 10]

well actually if you buy a proper mining machines there are not disadvantage of mining but you have to do it properly with a professional person

[Whited35 15285]

On 2/28/2021 at 8:35 PM, Reen said:

Nice question, there is one disadvantage of Cryptocurrencies are that the price can decrease after you buy and habitat destruction.

Thread is not about the disadvantages of cryptocurrencies. Check the original post to detect on which matter an entire discussion is based. 

On 2/28/2021 at 8:35 PM, Reen said:

On the other side, the advantage of mining are getting bitcoin which is great thing and crucial for technology progress.

Getting Bitcoin from mining is highly competitive. I wonder how can you link it i.e. getting bitcoin and technology progress ? Can you give some specific elaboration because it is going to be interesting 😀! 

[Adam X 323]

Actually i don't see a great positive things in mining only if you have a good material to mine with if not no, for disavantage it's a lot harm your phone or computers and waste time without any good earning.