Advantages and Disadvantages of Mining

[Kelany78 1]

A Chinese friend told me mining farms are making use of the disused electricity enegry to power miners. That's why they can offer really cheap electricity... If this is true, I think it not only profitable for miners but also good for the economy development.

[kadayakito 765]

In my opinion, mining has the advantage of collecting good profits, just understanding and diligence you can get a decent income. The downside I think is that it consumes energy and can affect computers

[Hendy1 370]

Mining Advantages:

the greater the level of hash power we have, the greater the level of hash to break the block, the higher the income you earn and the income is also influenced by the current cryptoccurence price factor.
Mining loss:

we take some examples of solo mining using ASIC antminer or GPU RIG products not far from energy costs with power levels above 1000 watts and internet data costs, mining income must be higher than the energy costs we use including internet data, before doing mining we must measure the advantages and disadvantages.

There is also contract mining:
Benefits: You don't need to buy hardware, don't charge electricity costs. You only need to buy hardware that is provided in the data center

Contract mining losses:
stay away from mining with cheap hardware with high income sometimes this is a scam !!

[Goody28 259]

Surely everything in this world of ours has disadvantages and advantages I don't have any useful idea about this in particular  I would love to get more ideas from you guys thanks in advance

[Goody28 259]

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.

Not all times it's really possible to lose at some point in time  it's way to risky  for a new bike like me you can lose all your funds easily

[tung12345 30]

As a whole Mankind needs to follow certain rules & regulations in order to balance between productivity & Mining.Ethical aspect taken into consideration while practice Mining.Environmental Aspect must plays a crucial role in Mining which helps Mining to a Greener Mining.

[BitMart 326]

Ultimately mining is a form of gambling because you are not sure about result that can you use these coins in market or can you exchange them into traditionaly currency and you will be able to have some profit from this or no if you able to have some profit then surely you are lucky and try more if not then just give up and try some other way which is profitable for you.

[silvergain 271]

advantages is crypto currency has big volatility. even you can try your luck in crypto trading. when new coin arrive in marketplace you can trade with big volume and then if the price goes up then you can get big profits. disadvantages is, many crypto is not regulated

[Man 741]

30 minutes ago, fardin1 said:

As i utterly accept as true with one. Notably cost you in source of electricity, exploration necessitate source of electricity plenty incase the fee for it will be increased near you, it means exploration is without a doubt wii preference.

What you say is a problem, not profit or loss. Because some mines that have problems are electricity. Because the usual high electricity, so it will not cover your profits.

[Usman Abdulmumin 354]

Except if you have a great deal of cash to contribute, BTC does not merit mining right now. The gear is pricey and is frequently obsolete before it pays for itself. 

Mining different cryptographic forms of money used to be very gainful yet as of late the greater part of my mining rigs are gathering dust. 

The best activity nowadays is mine new coins with the expectation that one will take off and you can make a benefit. 

The benefits of mining digital currencies are that you can have a ton of fun watching the numbers develop. 

You can rake in boatloads of cash. 

You get involvement with another field. 

You generally have the PC gear that you can sell on the off chance that you escape mining while with contributing legitimately, if a coin tanks, you lose everything. 

Disservices. 

Significant expense to begin with nice hardware. 

Low ROI except if a coin goes to the moon. 

Parcel of work and support. 

Frequently exchanging coins and calculations. 

Significant expense of power. I got ignited with a $900 greenback when the electric organization made some sham help charges cause I utilized excessively.

[gambut_24 98]

Bitcoin mining is not an easy thing to do. Required hardware with qualified specifications to solve cryptographic puzzles using a microchip named ASIC or through a series of GPUs combined. The need for high-powered computers is what makes Bitcoin miners consume large amounts of energy, sometimes the results from mining are not enough to pay energy bills.

[agtrib 0]

If it's the case, will the gain be more noteworthy than what I am around to spend for the hardware I ought to be able to mine? Since within the event that it really is the case, at that factor most people would not ever perform mining due to the fact that they would not get gain at the off hazard that you had been to quantity the prices of your prices to mine.

[Luciferludz 1442]

I think that's the mining has advantage to us who we are making the transactions that's the mining helps to confirm out transactions very fast

[Agios 1763]

6 minutes ago, Pik01 said:

I think mining advantage is earn money just opened a account but it disadvantage is it is bad for my computer

Hi bro, maybe you mean open an account on a cloud mining site,
If clocud mining has no effect on your computer, but your capital will be lost because this site is a lot of scammers, and also not profitable.

[Muskan7816 175]

I have not used any mines so far so I cannot say it is a problem if it is a good analysis of the advantages and disadvantages and if there are two benefits, then I will try to use it and keep it.

[Ridam 7455]

If The electricity cost in your area is very costly then the mining is not a good choice and it also depends upon the temperature of your area ,the mining device heats a lotand you have to add special cooling devices that would increase your cost but if you leave in Himalayas or some somewhere the temperature is very low the cost of cooling is decreased significantly reducing the electricity bill, if you have a pool of miner then you could easily start mining

[Edd Westbrooks 1]

I think that it would be more profitable to do your research on mining equipment and also energy cost before you set up your mining rig. I have been doing research now for the past couple of months and I think I got to set up now that I will be able to profit from after initial investment. after that I plan on using free renewable energy for powering my rig and getting a return on my investment and after that make 100% profit.

[dewita 12]

bitcoin mining advantages you don't need a deposit and the loss you have to buy mining tools and pay electricity taxes every month
 

[Robot 93]

Actually I am newbies in this forum. I don't like to work mining site. Because mining site is very risky. For this reason I have no idea about this metter

[Agios 1763]

Advantages of mining, especially if the price of crypto is rising, it will get a greater profit, Disadvantages of Mining if the price of crypto is down, while the miner costs are very expensive, it will get a loss.

[Sharoncott 567]

Well the advantage I see about mining is that it make someone earn without a lot of stress but the disadvantage that's there is that it's hard to differentiate between real mining and fake one after mining for days

[Mwangi 5611]

First of all the advantage of mining is wealth, then when you run and have a disadvantage of it is that its very very expensive, so many computers and when you look at the power bill that is very expensive, its going to be sure that we do something about it, its also good to know the balance of doing things, what your input and if the rewards are higher than the input then do it.

[MuhammadSh 3067]

this is a good thing to do for beginners and experts!

i think that all of us should study the movements of the price before start holding also we have to know when we have to buy and when to sell

[Morganshtern 1774]

The advantage of mining is that it is not risky at all like hodling and trading. But it is becoming less profitable the more.

[doriahailee 643]

Pros = Passive Income, Good profit, Less risk than trading and You can sell hardware that you use for mining later.
Cons = IIf Electricity Cost was high it's not profitable, Profit depends on the market condition, Hardware can easily broke if you didn't maintenance it, etc. 

There too many cons dan pros but still it's profitable on some condition.