Advantages and Disadvantages of Mining

[Akbor 1042]

I only see advantages no disadvantage of mining. some one says that mining waste power supply but I am not agree with it. mining is a good process for making money without any investment.

[Hatred 1388]

On 11/24/2019 at 5:48 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. 

One disadvantage of mining bitcoin is that it can have technical problems in terms of bitcoins value while mining it. The miners can experience suddenly change of bitcoin's value while they'll mining because bitcoin can fluctuate anytime.

[Zentoly 419]

12 hours ago, Digicoin said:

Even, there are also many people that have gotten scammed through cloud mining. Scammers will offer them too good to be real profit and scammed them if the fall victim.

Right to say I have also heard about the cloud mining sites that this site is not giving them profits and many peoples are got scammed from cloud mining.

[nykas 2812]

Today mining is very expensive to start and it`s inconvenient, because you need a lot of equipment, electricity and big room for keeping it. But mining can still give a passive profit if you have already paid back your mining farm 

[Stoffy 51]

Positives are minimal effort to get some crypto for yourself. You don't really have to do anything active and with some miners you can get referrals to maximize profit.

 

Negatives are how much you get out of it. If you have some good hardware and get referrals of course that can change. But without profits are low.

 

Good luck 🙂

[scorpiali 5626]

I really don't see any positive things in mining only if you have a material to mine with if not no, for désavantage it's a lot harm your phone or computers and wast time without any earning

[Md San 0]

If you have all the equipment and a real site you will sure earn a lot. But the disadvantage is you have to invest some money to earn.

[vynz 540]

I think the advantage of mining is that it can help the security of the cryptocurrency to verify it in a transaction process. It ensures fairness to the network and keeping it safe, secure and stable. The disadvantage of mining is that you may lose the value of the cryptocurrency you invested, instead of growing, and drops over a certain amount of time.

[Zentoly 419]

14 hours ago, Gepe said:

There are many advantages and disadvantages  of mining, but one of the advantages in mining is you will earn money, and also one of the disadvantages in mining is you that the cost of electricity, because you will be using with 24hrs everyday.

Right to say when you using the mining machine on electricity 24 hours everyday then you will afford the large amount of electricity bills.

[febriyana 934]

For now

Positive

1. You can know how to mining and hardware thing also the cost

2. You can get experience about the coin

3. You can get the coin you mine

 

Negative

1. The cost is really high

2. Profit is unknown and maybe you can get small reward

3. You need long time to get ROI

[pakjobhelp 1585]

On 11/24/2019 at 2:48 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. 

Your topic is had more powerful knowledge about crypto currency mining work. It is necessary that everyone who trade and invest in crypto currency that he have information about how mining for generating the new crypto coins. This is very heavy and powerful computer and devices used for this process.

[Zentoly 419]

3 hours ago, Alis said:

I want to agree with your comments and I think mining is very good and it is profitable most people use mining and earning money very easily so I am use mining and earn money easily

But I think it is not more easy for middle and lower class of peoples to mine bitcoin because it need alot of investment.

[AlexGreyCryptoman 73]

From the advantages: you can independently produce cryptocurrency and sell it (this can bring huge income). Among the shortcomings: you need to have the necessary technical knowledge base, there is a high risk of unprofitability of the project, a large starting capital is required.

[Brushless4500KV 4214]

I will mention some pros and cons of mining cryptocurrencies.

 

Advantages:

 

1 - Security of the cryptocurrencies - It is quite hard to steal cryptocurrencies so you are sure that the currency you mine is safer than fiat.

2 - Having potential to become your main source of income - If you progress and become a skilled miner, you can look at it as your primary money making method and you can work independently for yourself without having any boss!

3 - Mining is a kind of investment - If you choose to mine well-established coins like BTC and ETH, their value may increase in long term and your mining rewards can be multiplied even more.

 

Disadvantages:

 

1 - Electricity consumption - Running mining equipment consumes a lot of electricity and you need to calculate your electricity bills before starting mining business.

 

2 - Risk of losing value - Cryptocurrencies are extremely unstable and the value of the coins you mine might go down at any moment.

 

3 - Mining hardware is expensive - If you want to do mining in large scale, you have to invest high in mining tools and maintaining them which is expensive.

[tienda 8776]

Advantages and disadvantages of mining. Are between a good machine to mine and a bad machine to earn, so all depend about the money you invest on the machine to mine, if you invest more you get more.

[NordisLofer 77]

Mining is a very expensive form of earnings, since you will need large investments and time in order to start making a net profit.

[duncun007 3577]

19 minutes ago, Zahra001 said:

I suppose the blessings are financial earnings, task possibilities and extraction of cryptocurrency. then again, the negative aspects are massive waste of electricity and massive prices of the mining equipments.

i think its not a waste of electricity if we are producing bitcoin which is something that is sold for money, and the mining rigs are not too expensive , it just depends on your income.

[NordisLofer 77]

I think the benefits are economic earnings, job opportunities, and cryptocurrency extraction.

[Akasshh 234]

Well there are advantage and disadvantage of mining ,advantage is like earn money or coins through mining and disadvantage is like your battery is used rapidly causing your phone to get heated sometimes which may leave to some sorry of damages to your phone and other damages it could do

[Sapdrx 469]

The advantage is in a growth market that the money that you put in will be multiplied. The disadvantage is that in a declining market you cannot get out easily.

[Hatred 1388]

On 11/24/2019 at 5:48 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. 

Well, for me the advantage of mining bitcoin is that you can surely earn high profit by mining. But in the other hand, disadvantage of mining is that it requires a high end pc so that you can mine easily. Its because if you mine with poor or not mining compatible pc, it will cause to your pc to be broken and you can't use it anymore.

[Man 741]

3 hours ago, rifukal said:

The one and as it were advantage of mining is having a incredible sum of advantage from one time assignment. And the disadvantage is it may properly be hurtful for you device.

That is why it is highly recommended when mining. The equipment must be good, so mining will be optimal. If you use an ordinary device, of course what is encountered is damage.

[Luciferludz 1442]

The advantages of mining they are helping to confirm our transactions that's we have made, but the disadvantages is that's they are not profitable

[Usman Abdulmumin 354]

Presently mining Bitcoin in your home with just a PC and GPU isn't beneficial in light of the fact that the cost of Bitcoin is down. So to mine Bitcoin we need huge 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 in the event 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 

Weaknesses 

Trouble level sufficiently high to discover new squares. 

On the off chance that Bitcoin is modest we will lose. 

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

[Investors Blog 385]

On 11/24/2019 at 5:48 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. 

Some simple basic facts

 

SHA256 - bitcoin = Need ASIC

Equihash - Zcash = GPU Mining

Dagger hashimoto - Ethereum - GPU Mining

Scrypt - Doges, Litecoin = ASIC Mining

POS = Peercoin = Proof of Stake Mining