Advantages and Disadvantages of Mining

[Ssking93 51]

Among the advantages is that it is cheaper, can recover more sources (usually up to 100% in excavation excavation), while surface mines provide advantages and disadvantages compared to safe ground miningThe benefits may include using larger mining equipment, offering higher production rates.

[feitiodist 5]

On 15.02.2020 at 23:14, sacergand said:

For advantages the mining end result are very engaging with huge blessings.

The best thing to do these days is mine modern coins in trusts that one will take off and you'll be able make a benefit.

[Zisan95 71]

For mining cryptocurrency, you need to invest a lot of money. You have to build a super computer with higher configuration. You also need a faster internet connection and graphics card. But the problem is the waste of power.

 

[Imran23 0]

I realise that every thing has a advantage and disadvantage. It depends on the user.  They can enjoy the advantage.

[Rickso 768]

On 11/23/2019 at 10:48 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. 

mining it is profitable but this depend from different factors.

i start by saying that pc or phone mining are not worth at all, the only mining worth is with a real mining equipment made specifically mining.

but even with good equipment you need to consider your electricity fee (because on some countries it is really high and so the mining will not profitable), which coin to mine based on their global hashrate and a lot of more things.

 

so mining is really not for everyone 

[Soaib khan 1035]

I don't have much idea about crypto mining my some friends doing mining and telled me mining disadvantage is you need powerful gpu advantage is  earn some money.

[Nakamoto 279]

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. 

You are not required to mine if you do not have interests and abilities. Mining is a liability in the bitcoin network and is not about advantages or disadvantages.

[AmjadBydn 0]

For Bitcoin mining it was in the past very easy and it doesn't need capital or energy! Because you can set up your personal computer or mobile device to make two Bitcoin numbers! Now the process is very difficult and needs specialized machines and enormous energy!

[Zaino34 0]

Mining has many advantages, the most important of which is the extraction of cryptocurrencies and an increase in income with little effort, but the negatives are the cost of appliances and electrical energy, and electricity consumption can be reduced by replacing it with solar energy.

[MuhammadSh 3067]

making profits from mining depends on the price of electricity in your country or where you live.. mining today requires strong and extremely expensive devices..

[Nakamoto 279]

On 2/27/2020 at 2:22 PM, quasymodo said:

The biggest advantage of mining is that you have everything under control, no one can take your equipment except the burglars. You decide what currencies to mine when and for how long. This is an extremely good thing when it comes to investing in some cryptocurrency.
 

You are right. You can get daily profits that can increase your resources for trading. This is like endless capital. Try to imagine.

[Jhadhasan 872]

From my point of view, mining will be profitable if bitcoin re-rises to high price levels, but at the present time it cannot be profitable due to the large costs.

[duncun007 3577]

On 1/4/2020 at 10:46 AM, juos1s said:

One of the advantages of mining is that even if you do nothing you can still exploit it, it is fully automated, but can start to exploit very expensive equipment.

isn't that the point  for those who wants to do mining? its really easy because you dont do anything and you just let the device work on its own and you collect the money.

[iloveyobit 6599]

Mining is not what it was before to be in the picture
Mining enables you to earn good amounts of money if you have a large mining potential and the downside is that you consume a large amount of electricity.

[Omar Ommeish 4872]

In the field of digital currency, the word mining or mining is used to describe the process of producing a currency, but it is in fact a false name and is widely used and has become the official name in circulation.

[Irungu 4299]

Advantages and disadvantages are many and so people should be able to understand what best to do with it, the best is how easy it e]is to work with it in international transfers there is a lot to gain from them and its going to be big and to it there are different levels to understand it well

[Shahud 1319]

to best of my knowledge mining is profitable onmy ehrn we start mining a high amount of bitcoin.in that case it will bbe very easy .just we have to do some process at the initial and after we let our device to work on mining

[Munkhatun 7]

The purpose I prefer is economic earnings, bankruptcy opening and cryptocurrency extraction.  On the other hand, the expense and outgoing cost of mining type gears dissolves a lot

[magd 5231]

There are many negative aspects and positive aspects of mining, as mining offers a lot of diverse currencies, but it needs special devices that are high in cost and it needs continuous electrical current and mining may lead to damage important parts in computer equipment.

[teminalibug 309]

I'm not sure if it is a negative thing, but the negativity of mining  is when a coin is all mined and your machines becomes useless, unless they can be used for other purpose.

[jacker 1095]

I will assess the pros and cons of mining based on my experience with each.
  Pros: having your favorite currency doesn't need to buy it.
  Cons: (for bitcoin)
- difficult to exploit. complex
- invest a lot of time, tools and equipment ...
- Great difficulty level

[Brushless4500KV 4214]

On 2/27/2020 at 2:06 AM, MuhammadSh said:

making profits from mining depends on the price of electricity in your country or where you live.. mining today requires strong and extremely expensive devices..

Cost of electricity can be easily calculated before starting mining activities because it is a fixed cost. Every miner takes this cost + costs of mining hardware into consideration. The only problem which makes mining profit hard to calculate is the fast changing values of the coins you want to mine. A trader and a miner both need to predict prices. If the price of coins drop, a miner will lose more than a trader because he has invested much more than a trader. This is the main disadvantage of mining.

[BTC Future 3946]

If we are talking about Bitcoin mining the main disadvantage is the amount of required capitol which an interested party would need to invest. There is need for many ASIC's miners, a space with sound reduction and with cooling systems installed for the high temperatures ASIC's are producing, and also cheap electricity. If there is enough funds involved though and the investors can negotiate extremely cheap electricity, then they should begin mining as soon as possible. They should take into consideration the halvening too though, which will cut in half the miners rewards.

[Dark_Sky 8489]

On 11/24/2019 at 4:26 PM, Aceventura said:

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.

That's right there's a lot of advantages especially good opportunity a waits while the disadvantages are you cannot win most of the time and you can lost what you invest. 

[Nezar 7169]

For me, I think the positive advantages of mining are that we can get great profits without doing anything As for the negative advantages, is that mining requires equipment at high prices and requires a very large energy source It could become unprofitable if the currency rates fell