Altcoins Talks - Cryptocurrency Forum
Archive => Sorting Box => Topic started by: WhiskeyHoney on November 01, 2019, 04:09:36 PM
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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?
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You didn't write which coin (token) you want to mine. So, please specify and we can answer you. ;)
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Mining Bitcoin is okay but others may not be profitable. Altcoin prices are not really good nowadays, while Bitcoin looks quite good.
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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.
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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.
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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
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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.
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Right now, just into buying cryptos, have no intention to mine. Yeah, but can’t say anything about the future.
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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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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.
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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.
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I recently exclusively engaged in mining. I bought a couple of contracts from cloud mining companies, now I only withdraw profits.
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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.
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Not so sure about mining right now. Can anyone give me more clarity about how to proceed with it?
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It seems to me that now mining does not look profitable :-\
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No because I don't get any benifits from mining or digging programs. Firstly I participated in mining programs but nowadays I don't believe mining.
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In my opinion mining for regular people like us is a waste of time and money, I better buy some POS crypto and get a piece of the pie.
Since not many coins are still profitable and many are mining and holding with the hope that the price will increase, in my opinion is better to invest money to buy a certain crypto and hold it until the price is going up. Is better than mining at this moment, unless you already have the equipment and free electricity.
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Mine or buy , two choices really. mining can be very profitable if you put the time into researching good coins.
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Mining is a very easy way of earning but it is hard to find a legit site for mining, Also you have to be very patient if you are going to join mining as it takes a lot of time.
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Hi,
The mining for the Proof of Work cryptocurrency is needed but in many countries prohibitive for electricity cost.
Regards,
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If we talk about mining on a computer without a graphics card - it is useless. I conducted an experiment, tried to mine Monero. According to my calculations, I would have one coin per month. But I was still trying to work on this computer. you must have a device that is always on but you are not using it
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The thing about mining for cryptocurrencies is it's a matter of competing in a highly competitive race against other miners. In fact, if you're planning to mine Bitcoin, GPU farms typically outweighs the value of the currency itself. That's why I prefer mining newer coins. I've been mining Wien coins for a few months now, just using a GPU but some of my friends are able to mine a little with a CPU.
It's a hobby for me, but I'd say give it a try. They have an article on how to set up a rig and everything here: medium.com/@wienchain/mining-on-wienchain-the-full-breakdown-c9a8a63837e0
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I've heard that is not that profitable as before to mining bitcoins. Because how expensive are the machines (Before it wasn't necessary a great machine), electricity costs, the space and those stuff...
Plus, BTC is getting harder and harder to mine, it's reaching its limit, which means there's few BTC left to mine, so it's more difficult to get them even having the good equipments.
Think about it
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Mining is really a well and amazing Way of earning , but if we used minner for it . Miming through mobile and pc isnot profitable they kill our device internally .
I Will plan to buy a minner for mining purpose .
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Right now, cryptos for me are most profitable, have no intention to mine
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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?
You never mention what coin you are talking about, so how can we give our best tips for your concern.
But if you are talking about Bitcoin, my answer is yes! bitcoin is the only safest things to mine, for now, I don't know
to other altcoins out there I never try that.
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No. Save electricity and planet for future generation....
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It seems to me that now mining does not look profitable :-\
yes because a lot of capital to be issued to mining electric power more expensive tool mining too expensive I actually see a lot of the miners they sell mining equipment them for their loss of coin which is in mine prices drop dramatically this makes them sell means of their mines.
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There is no more way for regular people to earn easy from mining crypto.
Only big farms and pools are able to do this now, or you can do it if your electricity is free or very cheap.
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No. Save electricity and planet for future generation....
Yes. because mining requires huge costs such as mining equipment, electricity, computers. I prefer masternode to mining
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An essential app for work
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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?
All the other ways to get cryptocurrency are way cheaper than mining because mining is the most costly process of getting crypto coins, even if you want to mine the lowest coin, it will cost you more than the coin price and you will be always in -ive balance.
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Mining not cheap, need big space and electricity supply that very expensive. I'm not recommended mining but will try trading, more profitable and need less time than mining. All depend on the resources, have all just go and mining eth not others, this coin have potential possibility to grow up bigger in future.
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I also like mining but I am a beginner in this field and I am not having much information about mining. I am learning about it and I am doing trading and investment and I am also trying to make a good amount in mining.