Is mining bitcoins not a waste of energy?

[rafatu 26]

in mining what matters allot is where you live. if you live in an area where electricity is cheap then mining wont be a waste of energy for you' but if you live in my country where it is even difficult to have electricity  is highly expensive then mining becomes an absolute waste of energy for you.

[rocki 319]

On 10/8/2019 at 6:34 PM, starwill said:

Spending energy on securing and operating a payment system is no waste of time. Like any other payment system, the use of Bitcoin entails processing costs. Services necessary for the proper functioning of the world's most widespread currencies such as banks, credit cards and armored vehicles also need a lot of energy. Unlike Bitcoin, that energy consumption is not transparent and cannot be measured.

Bitcoin mining was designed to become more optimized over time due to specialized hardware that consumes less energy, and thus the mining's operating costs should continue to be proportional to demand. When Bitcoin mining becomes too competitive and less profitable, some miners decide to stop their activities. In addition, all the energy spent on mining is eventually transformed into heat, and the miners with the greatest benefits will be those who take advantage of that heat. An efficient mining network is one that is not consuming extra energy. Although this is ideal, mining expenses are such that miners strive to achieve it.

I think you are right. Nowadays, bitcoin mining is non-profitable. I recommend mining altcoins. I am mining Monero. You can also try too.

[Dormilon 2183]

On 10/8/2019 at 3:24 PM, Stoffy said:

I depends. I have a couple of low-power mining programs running on my computer where I earn around 1000-1500 sats. a day. One of them have a referral program so the amount of crypto mined will increase over time

You are killing your PC for a few Satos, I do not recommend that type of applications friend, although you are free to choose what you want, but I have enough time in cryptocurrencies and the necessary experience to tell you that you are going to damage it and you will not have covered the cost To repair it or buy another one from you, the only mid-level scale mining that I can see are GPUs that can give you some good coins so you can invest them and make good profits.

[valiozzi 4957]

the cost of electricity needed for 1 bitcoin production (of course, it depends on the region) is already huge, and yes, that's insane but that insanity will go on for as long as ppl are ready to pay for that insanity. but al least it's better than war or an arms race

[ALJABALI89 1]

I consider mining to be the best way for beginners to obtain digital currencies, even if it is less compared to other things

[loot30 1]

nowdays mining BTC using the best option that's an ASIC miner, is not that profitable according to websites like whatttomine.com cryptominer.deals etc ...the best you can get for now with a good BTC ASIC miner with hashrate around 80-110 TH/s is 0.5-1.5 $/€ pure profit per day

 

the trend now is to mine ETH(till the next forks which after it will be only PoS), ETC, ZEC, XMR and so on...

[Prt Btc 78]

Although it may seem complicated, the truth is that it is incredibly simple. I personally opted for NiceHash Miner, a program with a simple interface and configuration options that are also not at all complete. The program makes a benchmark on the CPU and GPU

[Gabriels100 157]

Well, it is variable, relatively no, the cost of energy is recovered if one sells them expensive because cryptocurrencies are voting. However, there is always an average that is mined per day and there are currencies that over time increase in value such as BTC and ETH and others that go to zero, so it is always good to mine. Also because it is necessary to mine since it is a job that must be done so that the crypto world, the economy and finance are strengthened in this sector.

[JanBomCrypto 494]

Mining bitcoin do consume energy, we all know that, but mining bitcoin produce energy because you will pay for the electricity and still gain to buy more miners and pay more for electricity. Bitcoin is generating electricity. 

[SuperCrypto 7193]

The process of mining or mining bitcoin or cryptocurrencies is not easy, as it relies on advanced devices that consume a lot of energy, and the world's electricity consumption during Bitcoin mining is about seven gigawatts of electricity. Therefore, the energy use of the Bitcoin network is very important, which is affected by the constantly increasing computing capabilities of the Competing prospectors.

[Viscount 1357]

I don't think that mining Bitcoin is a waste of energy. It is because there is a lot at stake for every miner of Bitcoin. I mean Bitcoin's life might as well depend on Bitcoin miners. It is because  Bitcoin transactions are made being processed by those who mine. So without miners, there wouldn't be any Bitcoin transaction that will happen.

[Ramz99737 1196]

Yes, I think it wastes energy, mining needs high energy consumption, it wastes time and electricity, and you don't gain anything from mining.

[Dany2 0]

On 11/18/2019 at 8:13 PM, corrao25 said:

Production in any case is a waste of energy. No equipment works without energy. In some countries, it is not profitable to own them because there is a very high price for electricity. It should be remembered that the equipment costs a lot of money. And this money needs to be worked out. And as you work them out, the difficulty of mining will increase, the equipment will age. So it is better to hold Bitcoin and wait for higher prices

 the only way you can get people to give it some value. It's worth however much electricity it costs to mine. But of course they change the difficulty to match the price so it always costs the same to mine. It's totally pointless really. But was designed by the old cypher punks so what can we expect. It all could just shut down itself the moment the last peice of the puzzle is sold. Could all be a trick. 

 

[Jandancoin 482]

Mining bitcoin is not a waste of time, nor energy nor electricity, mining bitcoin can even create more energy and electricity for min in because it is profitable. Mining bitcoin require miners that have good hashrates. The more hash rates the more the profit. 

[Dany2 0]

On 11/19/2019 at 9:40 PM, aika said:

It is a waste of energy, since tehre are more profitable coins to mine. Unless you have your own power plant (biodiesel, solar panels, geothermal, eolic or tidal power) it can be profitable because you cut the electricity expenses (but replace it with maintenance expenses).

 there is a very high price for electricity. It should be remembered that the equipment costs a lot of money. And this money needs to be worked out. And as you work them out, the difficulty of mining will increase, the equipment will age. So it is better to hold Bitcoin and wait for higher prices

[Dany9 0]

On 10/22/2019 at 6:12 PM, aqua said:

Actually, I don't know if that is a waste of time or not because I don't mine bitcoin by myself. Maybe that will be not a waste of time if you have a large hashrate to mining, so your reward will be bigger. I heard that to make a nice profit, and you need to have more than 30THS so that you can get the profit after reducing the fee.
And to have 30THS, that is a lot of money to invest. You need to have high-end hardware of S17, and that is not cheap. Besides that, you need to calculate how much electricity fee you should pay monthly.

 Bitcoin mining becomes too competitive and less profitable, some miners decide to stop their activities. In addition, all the energy spent on mining is eventually transformed into heat, and the miners with the greatest benefits will be those who take advantage of that hea

[Yomose 3704]

Mining bitcoin is not a wat if time, that is why people still mine bitcoin, that is why bitcoin still has highest number of miners and also generating highest mining hash rates. We can still mine bitcoin and make profit. 

[minisrt_black 1112]

I have not tried to mine bitcoin but I think it is a waste because I have heard from friends who created an Ethereum farm that bitcoin is not profitable in this business

[Rakib408 135]

Yes there are no waste of energy with mining your income. You can earn money with same energy everyday and you can earn easily with mining income.

[OVIROY21 499]

CPU computation was perfect for creating a decentralized global crypto currency. But people went on making dedicated device to outperform CPU and the crypto mining has been a whole new industry. No longer can a person mine any bitcoin in his home. POW is not decentralized anymore. And it's too late for bitcoin to make a change.

[joemcgwa 3227]

Sometimes mining become waste of energy if your country electricity costs is too high, but in some country that's has low cost of energy, mining cannot be the waste of energy.

[OVIROY21 499]

Yes nowdays in 2020 bitcoin mining is not wast of energy. In 2020 bitcoin mining is the most profitable in crypto world. Recently bitcoin price are going higher and stable.you can mine bitcoin.

[jappy 1129]

On 10/8/2019 at 12:34 PM, starwill said:

Spending energy on securing and operating a payment system is no waste of time. Like any other payment system, the use of Bitcoin entails processing costs. Services necessary for the proper functioning of the world's most widespread currencies such as banks, credit cards and armored vehicles also need a lot of energy. Unlike Bitcoin, that energy consumption is not transparent and cannot be measured.

Bitcoin mining was designed to become more optimized over time due to specialized hardware that consumes less energy, and thus the mining's operating costs should continue to be proportional to demand. When Bitcoin mining becomes too competitive and less profitable, some miners decide to stop their activities. In addition, all the energy spent on mining is eventually transformed into heat, and the miners with the greatest benefits will be those who take advantage of that heat. An efficient mining network is one that is not consuming extra energy. Although this is ideal, mining expenses are such that miners strive to achieve it.

The components that are needed in addition to electricity are a lot of expense, it is only for people as much capital and who wish to invest and thus generate many profits.

[yulitzacalvete 1366]

On 8/10/2019 at 12:34, starwill said:

Gastar energía en asegurar y operar un sistema de pago no es una pérdida de tiempo. Como cualquier otro sistema de pago, el uso de Bitcoin conlleva costos de procesamiento. Los servicios necesarios para el correcto funcionamiento de las monedas más extendidas del mundo como bancos, tarjetas de crédito y vehículos blindados también necesitan mucha energía. A diferencia de Bitcoin, ese consumo de energía no es transparente y no se puede medir.

La minería de Bitcoin se diseñó para optimizarse más con el tiempo debido al hardware especializado que consume menos energía y, por lo tanto, los costos operativos de la minería deberían seguir siendo proporcionales a la demanda. Cuando la minería de Bitcoin se vuelve demasiado competitiva y menos rentable, algunos mineros deciden detener sus actividades. Además, toda la energía gastada en la minería eventualmente se transforma en calor, y los mineros con mayores beneficios serán los que aprovechen ese calor. Una red minera eficiente es aquella que no consume energía extra. Aunque esto es ideal, los gastos de minería son tales que los mineros se esfuerzan por lograrlo.

I understand that this is convenient, of course it is, but I think that you could try cloud mining that has been working for many years without problems and this at slightly lower costs and is very useful such as cryptocurrency mining by software, but this will depend on the country and what type of mining does someone want to implement.

[cryptorios 455]

Mining Bitcoin has become very difficult  ,needs hardweare with high power ,lone people are unable to afford the high cost of mining , this field has become the preserve of companies and major poles.