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Author Topic: Bitcoin mining and electricity  (Read 11063 times)

Offline labonikhatun

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Re: Bitcoin mining and electricity
« Reply #15 on: March 14, 2021, 06:06:15 AM »
If you can't dig bitcoin you can't get electricity before making anything it has to be dug and then the power connection is required. This is why bitcoin mining will double its value by increasing its demand which will improve the future of bitcoin investors.

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Re: Bitcoin mining and electricity
« Reply #15 on: March 14, 2021, 06:06:15 AM »

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Offline zilzylian

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Re: Bitcoin mining and electricity
« Reply #16 on: March 14, 2021, 08:22:53 AM »
Every hardware connected to the internet will always need electrical power, I don't know how much electricity is needed in each Bitcoin mining device, but to save mining costs, miners need to have solar power plants, this will be more environmentally friendly and can save electricity cost for miners

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Offline Angel jara

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Re: Bitcoin mining and electricity
« Reply #17 on: March 14, 2021, 03:41:14 PM »
Bitcoin mining is very popular nowadays. Everyone is worried about Bitcoin because of the rising price of Bitcoin. Bitcoin mining is required to earn bitcoin.
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Offline NANCY

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Re: Bitcoin mining and electricity
« Reply #18 on: March 16, 2021, 03:13:20 PM »
You have created a very beautiful and valuable post. I hope you have learned a lot from this valuable post, senior members and junior members and as many new members as you have. I hope you have learned a lot from this valuable post. You have understood a lot about bitcoin mining and electricity.

Offline Chita76

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Re: Bitcoin mining and electricity
« Reply #19 on: March 16, 2021, 06:17:50 PM »
The way the price of bitcoin goes up is actually like electricity.  The price of this bitcoin is increasing and the price of bitcoin is decreasing.  So it is not possible to predict when the price of Bitcoin will rise and fall.  So Bitcoin has been compared to ElectricCity.
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Offline ustcoin

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Re: Bitcoin mining and electricity
« Reply #20 on: March 16, 2021, 07:28:37 PM »
As long as there is a halving in Bitcoin, electricity use does not cover the amount of bitcoin obtained. It has been seen that some countries even ban bitcoin mining due to excessive use of electricity. However, because the price of bitcoin is good now, the return of mining may be good, but if bitcoin is withdrawn to 15-20 thousand dollars again, there may be a situation of not meeting the electricity fee.

Offline mlawson71

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Re: Bitcoin mining and electricity
« Reply #21 on: March 16, 2021, 08:24:37 PM »
What does the halving have to do with it? Can someone explain that to me? I'm not snarking or anything, I genuinely don't get it.

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Re: Bitcoin mining and electricity
« Reply #21 on: March 16, 2021, 08:24:37 PM »


Offline damsix

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Re: Bitcoin mining and electricity
« Reply #22 on: March 17, 2021, 03:56:32 AM »
Bitcoin mining requires a big capital because electricity, hardware and the internet must be in line and in tune, because if neither of them exists, the result will end in sadness or failure.
For example, the cost of electricity in my country is expensive and it allows Bitcoin mining in my country not supported. This is only my opinion . Cheerssss !

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Offline pacar_tiri

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Re: Bitcoin mining and electricity
« Reply #23 on: March 17, 2021, 09:49:26 AM »
Bitcoin mining is always a costly business and the main issue for mining is the electricity because as per the mining formula you can't earn a good profit until you have a free electricity.

Yes, I think bitcoin mining is very expensive and need high cost. I personally don't agree to mine bitcoin now. You need to buy equipment and pay the electricity cost. I think It is not profitable. Trading is better to do now.

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Re: Bitcoin mining and electricity
« Reply #24 on: March 17, 2021, 10:19:52 AM »
It seems Bitcoin mining has always been an expensive business and the main problem with mining is electricity because according to the mining formula we cannot make a good profit until we have free electricity.

Offline Mj joy

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Re: Bitcoin mining and electricity
« Reply #25 on: March 17, 2021, 07:27:13 PM »
Internet banking systems or ATMs usually transfer money with the help of an intermediary, which causes expenses twice as much trouble, that’s how bitcoin chooses to save the day with simple and fast transactions. To make bitcoin this much fast and convenient, a huge amount of electric power is being employed. The efficiency depends on hashes, which the mining hardware uses.
Bitcoin, according to bitcoin’s power usage tracker by Digiconomist, mines at a rate of 77.78 terawatt-hours per year, at the moment which is equal to the entire electricity usage in the Netherlands and the Czech Republic. CoinShares has reported from their research that most of their energy comes from wind, hydroelectric and photovoltaic sources; these are all sustainable and renewable sources.
Many might be concerned with bitcoin’s mining substantiate in China. However, only 60% of it is being mined in China, while the 40% remaining take place in varying areas across Washington, New York, British Columbia, Iran, Sweden, Newfoundland, and a few more places.
Internet systems and ATMs do more than just deal with third parties.  But Bitcoin transactions do not involve any third party, it is a peer-to-peer transaction.  This saves a lot of cost and time.  The tip would be a huge benefit to the world if the steps taken by other countries, including China, to implement the huge amount of electricity required to make Bitcoin were implemented.

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Re: Bitcoin mining and electricity
« Reply #26 on: March 17, 2021, 11:31:14 PM »
One of the major reasons why mining is always hard to do is because of the use of electricity. Although there are some techniques of mining that require less electricity, the result is also not too much. It is different from those who mine the Bitcoin using the high power.

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Re: Bitcoin mining and electricity
« Reply #27 on: March 18, 2021, 06:02:26 AM »
Bitcoin mining is the best way to make money in the market and we know that we need electricity to start the mining and if we do that then we can make good money through this easily and just 1 time investment we need ad then we earn good money through mining regularly.

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Re: Bitcoin mining and electricity
« Reply #28 on: March 18, 2021, 06:09:31 AM »
Bitcoin mining is the best way to make money in the market and we know that we need electricity to start the mining and if we do that then we can make good money through this easily and just 1 time investment we need ad then we earn good money through mining regularly.

Everything sounds very beautiful and cloudless from your lips, dear, but the reality is that in reality mining is a very complex, expensive and dangerous way to make money. With each new day, the complexity of bitcoin mining increases, and the cost of mining costs increases accordingly. I believe that only large mining giants can engage in mining now, and only the rest will only lose!

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Re: Bitcoin mining and electricity
« Reply #29 on: March 18, 2021, 04:04:52 PM »
The major problems of bitcoin mining is the the losses of energy specially loses if electrical and fuel energizes. Most of the countries are opposited Bitcoin mining so that it already cost it's energy / electric power.

 

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