Mining: yes or no?

[WhiskeyHoney]

I'm getting more and more sceptical towards mining. Surely there are other ways for a person to obtain crypto, so why waste so much money and effort on it? What do you think of it, is mining viable these days?

[mnixxo.crypto]

You didn't write which coin (token) you want to mine. So, please specify and we can answer you. 

[sampoerna]

Mining Bitcoin is okay but others may not be profitable. Altcoin prices are not really good nowadays, while Bitcoin looks quite good.

[Belacam]

Mining Bitcoin is okay but others may not be profitable. Altcoin prices are not really good nowadays, while Bitcoin looks quite good.

I agree, If you are looking to mine, currently Bitcoin is the way to go. However, one other way I like to obtain crypto is by Staking proof-of-stake tokens.

[PurpleImp]

Mining is over for us. Only the very wealthy or bulk buyers or those living in China (or wherever the miner comes from) have a chance. If a miner is made in china people can buy it the day of release. Other countries must wait for it to be shipped first and that means they will not be mining anything whilst the Chinese miners get at least an extra week of mining at lower difficulty. They also do not have to pay much for shipping since they live there. Electricity is cheap there as well. They get the best prices on miners as well so they can afford to buy more.

In short, you are competing with people who will buy more then you do for less and mine ahead of time before you do. It makes me sad since bitcoin was meant to be able to be mined by anyone. Then people tale advantage and make miners and ll these other things. I do not understand why mining is not more profitable and to me it makes no sense. Mining is risk and it takes long, it is expensive to get even one miner. What if the miner breaks or something? To me, anyone should be able to mine and make a small trickle of income. I mean you are runnnig expensive and very powerful hardware 24/7 to strengthen the network after all.

Mining Bitcoin is okay but others may not be profitable. Altcoin prices are not really good nowadays, while Bitcoin looks quite good.

I agree, If you are looking to mine, currently Bitcoin is the way to go. However, one other way I like to obtain crypto is by Staking proof-of-stake tokens.

I like POS because then at least you can get in with greater ease as the entry-level investment is much less. The problem is you are mining a coin that most of the time has no value and cannot be spent anywhere and only dumped on the exchange and since there is no demand for it and people generate it through staking there is little need to buy it and it just slowly dies. Go look at the graphs they all just slope down with a few bumps and that is it.

[zombieroadie]

I don't really understand the point of mining. As fas as I've heard, it demands a lot of resources, time and money. I think it's better to get cryptocurrency in a different way

[dewod_]

Well, just be patient and learn from your mistakes. Trading is okay, it's difficult (I know) but your experience is just a matter of time. Find a proper exchange and try trading again. I recommen you to check CoinDeal, it's a reliable, user-friendly platform.

[Bestzee]

Right now, just into buying cryptos, have no intention to mine. Yeah, but can’t say anything about the future.

[bits98]

Its not that bad though, if you feel comfortable with it go for it. Otherwise there are others to make money from cryptos as well like you can trade or invest in them , develop smart contracts or even launch an ICO.

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[PurpleImp]

Don't even bother with mining unless you already have a GPU rig and are supporting some altcoins, or you know contacts in china and have a sizeable amount of money to invest. You are competing with mining farms after all. That is why I say your best bet is with GPU rigs mining new currencies before anyone else can point their hashrate towards them.

[dewod_]

In my opinion NO. Trading isn't profitable this times because of high electricity cost. Better just buy, you can do it on a cryptocurrency exchange or on an online cantor (like for example BuyCoinNow). There is no point mining anymore.

[Pififop]

I recently exclusively engaged in mining. I bought a couple of contracts from cloud mining companies, now I only withdraw profits.

[Krezus]

Digging Proof of Work will be 99% unprofitable, because this is its construction.

Of course, if you have access to powerful equipment few months earlier than it goes to masses then is chance to earn something.

For average person with several excavators it will be unprofitable. Certainly.

The most reasonable method mining is proof of stake. You don't take much risk. You can resell Coins. Unlike an excavator, which after year is not suitable for anything.

[Bestzee]

Not so sure about mining right now. Can anyone give me more clarity about how to proceed with it?